Investments (Tables)

3 Months Ended

Mar. 31, 2019

Text Block [Abstract]

Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios

			March 31, 2019
					Gross		Gross				Other-Than-
			Amortized		Unrealized		Unrealized		Fair		Temporary
In millions			Cost		Gains		Losses		Value		Impairments(1)
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency		$	927	$	33	$	(5)	$	955	$	-
	State and municipal bonds			509		77		(4)		582		54
	Foreign governments			13		-		-		13		-
	Corporate obligations			1,673		14		(63)		1,624		(41)
	Mortgage-backed securities:
		Residential mortgage-backed agency		223		1		(3)		221		-
		Residential mortgage-backed non-agency		29		1		(5)		25		-
		Commercial mortgage-backed		54		-		(1)		53		-
	Asset-backed securities:
		Collateralized debt obligations		113		-		(3)		110		-
		Other asset-backed		193		-		-		193		-
Total AFS investments			$	3,734	$	126	$	(84)	$	3,776	$	13
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations		$	890	$	58	$	-	$	948	$	-
Total HTM investments			$	890	$	58	$	-	$	948	$	-
_______________
(1) - Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.

			December 31, 2018
					Gross		Gross				Other-Than-
			Amortized		Unrealized		Unrealized		Fair		Temporary
In millions			Cost		Gains		Losses		Value		Impairments(1)
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency		$	1,093	$	26	$	(10)	$	1,109	$	-
	State and municipal bonds			641		97		(11)		727		42
	Foreign governments			9		-		-		9		-
	Corporate obligations			1,473		6		(131)		1,348		(68)
	Mortgage-backed securities:
		Residential mortgage-backed agency		218		1		(5)		214		-
		Residential mortgage-backed non-agency		30		1		(4)		27		-
		Commercial mortgage-backed		53		-		(2)		51		-
	Asset-backed securities:
		Collateralized debt obligations		122		-		(3)		119		-
		Other asset-backed		178		-		(1)		177		-
Total AFS investments			$	3,817	$	131	$	(167)	$	3,781	$	(26)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations		$	890	$	35	$	-	$	925	$	-
Total HTM investments			$	890	$	35	$	-	$	925	$	-
_______________
(1) - Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.

Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments

	AFS Securities				HTM Securities
					Consolidated VIEs
	Amortized				Amortized
In millions	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	846	$	863	$	-	$	-
Due after one year through five years		631		669		-		-
Due after five years through ten years		658		623		-		-
Due after ten years		987		1,019		890		948
Mortgage-backed and asset-backed		612		602		-		-
Total fixed-maturity investments	$	3,734	$	3,776	$	890	$	948

Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments

			March 31, 2019
			Less than 12 Months				12 Months or Longer				Total
			Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
In millions			Value		Losses		Value		Losses		Value		Losses
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency		$	71	$	-	$	319	$	(5)	$	390	$	(5)
	State and municipal bonds			4		-		149		(4)		153		(4)
	Foreign governments			5		-		2		-		7		-
	Corporate obligations			280		(2)		776		(61)		1,056		(63)
	Mortgage-backed securities:
		Residential mortgage-backed agency		-		-		142		(3)		142		(3)
		Residential mortgage-backed non-agency		-		-		12		(5)		12		(5)
		Commercial mortgage-backed		15		-		27		(1)		42		(1)
	Asset-backed securities:
		Collateralized debt obligations		88		(2)		9		(1)		97		(3)
		Other asset-backed		38		-		84		-		122		-
Total AFS investments			$	501	$	(4)	$	1,520	$	(80)	$	2,021	$	(84)

			December 31, 2018
			Less than 12 Months				12 Months or Longer				Total
			Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
In millions			Value		Losses		Value		Losses		Value		Losses
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency		$	231	$	(1)	$	278	$	(9)	$	509	$	(10)
	State and municipal bonds			60		(1)		135		(10)		195		(11)
	Foreign governments			5		-		2		-		7		-
	Corporate obligations			900		(41)		335		(90)		1,235		(131)
	Mortgage-backed securities:
		Residential mortgage-backed agency		29		(1)		118		(4)		147		(5)
		Residential mortgage-backed non-agency		2		-		13		(4)		15		(4)
		Commercial mortgage-backed		24		-		21		(2)		45		(2)
	Asset-backed securities:
		Collateralized debt obligations		98		(3)		7		-		105		(3)
		Other asset-backed		127		-		35		(1)		162		(1)
Total AFS investments			$	1,476	$	(47)	$	944	$	(120)	$	2,420	$	(167)

Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5%

	AFS Securities
Percentage of Fair Value	Number of	Book Value		Fair Value
Below Book Value	Securities	(in millions)		(in millions)
> 5% to 15%	41	$	212	$	195
> 15% to 25%	5		2		2
> 25% to 50%	2		14		10
> 50%	3		71		30
Total	51	$	299	$	237

Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss)

In millions		Three Months Ended March 31,
Credit Losses Recognized in Earnings Related to Other-Than-Temporary Impairments		2019			2018
Beginning balance		$	37	$	32
Additions for credit loss impairments recognized in the current period on securities
	previously impaired		28		1
Ending balance		$	65	$	33
(1) - Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it
will be required to sell the security before recovery of the security's amortized cost.

Securities Held In Unrealized Loss Position And Insured By Financial Guarantor and The Related Insurance Loss Reserve On Company Insured Investments

				Unrealized		Insurance Loss
In millions		Fair Value		Loss		Reserve (2)
Mortgage-backed:
	MBIA(1)	$	12	$	(5)	$	16
Corporate obligations:
	MBIA(1)		53		(3)		-
Total		$	65	$	(8)	$	16
_______________
(1) - Includes investments insured by MBIA Corp. and National.
(2) - Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured.

Gross Realized Gains and Losses From Sales Of Available-For-Sale Securities

	Three Months Ended March 31,
In millions	2019		2018
Proceeds from sales	$	683	$	651
Gross realized gains	$	5	$	2
Gross realized losses	$	(1)	$	(6)

Portion Of Unrealized Gains Losses Recognized On Equity Investments [Table Text Block]

	Three Months Ended March 31,
In millions	2019		2018
Net gains and (losses) recognized during the period on equity securities	$	5	$	-
Less:
Net gains and (losses) recognized during the period on equity securities sold during the period		1		-
Unrealized gains and (losses) recognized during the period on equity securities still held at the reporting date	$	4	$	-