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Investments (Tables)
 6 Months Ended
Jun. 30, 2019
Text Block [Abstract]  
Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios
                                         
 
June 30, 2019
 
In millions
 
Amortized

Cost
   
Gross

Unrealized

Gains
   
Gross

Unrealized

Losses
   
Fair

Value
   
Other-Than-

Temporary

Impairments
(1)
  
AFS Investments
   
     
     
     
     
 
Fixed-maturity investments:
   
     
     
     
     
 
U.S. Treasury and government agency
 
$
1,081
   
$
46
   
$
(2
)
  
$    
1,125
   
$
-
 
State and municipal bonds
   
289
     
96
     
(1
)
    
384
     
74
 
Foreign governments
   
9
     
-
     
-
     
9
     
-
 
Corporate obligations
   
1,244
     
34
     
(37
)
    
1,241
     
(33
)
Mortgage-backed securities:
   
     
     
     
     
 
Residential mortgage-backed agency
   
304
     
2
     
(1
)
    
305
     
-
 
Residential mortgage-backed
non-agency
   
27
     
1
     
(4
)
    
24
     
-
 
Commercial mortgage-backed
   
29
     
-
     
-
     
29
     
-
 
Asset-backed securities:
   
     
     
     
     
 
Collateralized debt obligations
   
112
     
-
     
(2
)
    
110
     
-
 
Other asset-backed
   
231
     
1
     
-
     
232
     
-
 
                                         
Total AFS investments
 
$
3,326
   
$
180
   
$
(47
)
  
$
3,459
   
$
41
 
                                         
HTM Investments
   
     
     
     
     
 
Assets of consolidated VIEs:
   
     
     
     
     
 
Corporate obligations
 
$
890
   
$
77
   
$
-
   
$
967
   
$
-
 
                                         
Total HTM investments
 
$
890
   
$
77
   
$
-
   
$
967
   
$
-
 
                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
 
In millions
 
Amortized

Cost
   
Gross

Unrealized

Gains
   
Gross

Unrealized

Losses
   
Fair

Value
   
Other-Than-

Temporary

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
 
In millions
 
Amortized

Cost
   
Fair

Value
   
Amortized

Cost
   
Fair

Value
 
Due in one year or less
 
$
726
   
$
749
   
$
-
   
$
-
 
Due after one year through five years
   
705
     
764
     
-
     
-
 
Due after five years through ten years
   
448
     
431
     
-
     
-
 
Due after ten years
   
744
     
815
     
890
     
967
 
Mortgage-backed and asset-backed
   
703
     
700
     
-
     
-
 
                                 
Total fixed-maturity investments
 
$
3,326
   
$    
3,459
   
$      
890
   
$       
967
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments
                                                 
 
June 30, 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
 
$    
118
   
$    
-
    
$     
153
   
$
(2
)
  
$    
271
   
$       
(2
)
State and municipal bonds
   
-
     
-
      
57
     
(1
) 
    
57
     
(1
)
Foreign governments
   
3
     
-
      
-
      
-
      
3
     
-
  
Corporate obligations
   
52
     
(1
)
    
212
     
(36
)
    
264
     
(37
)
Mortgage-backed securities:
   
     
     
     
     
     
 
Residential mortgage-backed agency
   
26
     
-
      
94
     
(1
)
    
120
     
(1
)
Residential mortgage-backed
non-agency
   
-
     
-
      
12
     
(4
)
    
12
     
(4
)
Commercial mortgage-backed
   
1
     
-
      
-
      
-
      
1
     
-
  
Asset-backed securities:
   
     
     
     
     
     
 
Collateralized debt obligations
   
68
     
(1
)
    
22
     
(1
)
    
90
     
(2
)
Other asset-backed
   
28
     
-
      
29
     
-
      
57
     
-
  
                                                 
Total AFS investments
 
$
296
   
$
(2
)
  
$
579
   
$
(45
)
  
$
875
   
$
(47
)
                                                 
 
 
 
 
 
 
 
                                                 
 
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 Below Book Value
  
Number 
of

Securities
   
Book Value

(in millions)
   
Fair Value

(in millions)
 
> 5% to 15%
   
10
   
$
14
   
$
13
 
> 15% to 25%
   
2
     
1
     
1
 
> 25% to 50%
   
2
     
14
     
10
 
> 50%
   
3
     
63
     
30
 
                         
Total
   
17
   
$
92
   
$
54
 
                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss)
                                 
In millions
 
Three Months Ended June 30,
   
Six Months Ended June 30,
 
Credit Losses Recognized in Earnings Related to
Other-Than-Temporary Impairments
 
2019
   
2018
   
2019
   
2018
 
Beginning balance
   $
65 
     $
33 
     $
37 
     $
32 
  
Additions for credit loss impairments recognized in the current
period on securities previously impaired
    
9 
      
1 
      
37 
      
2 
  
                                 
Ending balance
   $           
74 
     $           
34 
     $            
74 
     $           
34 
  
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Held In Unrealized Loss Position And Insured By Financial Guarantor and The Related Insurance Loss Reserve On Company Insured Investments
                         
In millions
 
Fair
Value
   
Unrealized
Loss
   
Insurance Loss
Reserve 
(2)
  
Mortgage-backed:
   
     
     
 
MBIA
(1)
   $      
12
    $         
(4
)  
$     
18
 
                         
                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  (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
June 
30,
   
Six Months 
Ended
June 
30,
 
In millions
 
2019
   
2018
   
2019
   
2018
 
Proceeds from sales
  $
684
    $
413
    $
1,367
    $
1,064
 
Gross realized gains
 
$
16
   
$
1
   
$
21
   
$
3
 
Gross realized losses
 
$
(2
)  
$
(7
)
  
$
(3
)  
$
(13
)
 
 
 
 
 
 
Portion Of Unrealized Gains Losses Recognized On Equity Investments [Table Text Block]
                                 
 
Three Months Ended 
June 30,
   
Six Months Ended 
June 30,
 
In millions
 
2019
   
2018
   
2019
   
2018
 
Net gains (losses) recognized during the period on equity securities
   $
2
     $
- 
     $
7
     $
- 
  
Less:
    
     
     
     
 
Net gains (losses) recognized during the period on equity securities sold
during the period
    
-
      
1 
      
1
      
1 
  
                                 
Unrealized gains (losses) recognized during the period on equity securities
still held at the reporting date
   $
2
     $
(1)
     $
6
     $
(1)