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Business Segments (Tables)
 6 Months Ended
Jun. 30, 2019
Text Block [Abstract]  
Summary of company's segment results
                                         
 
Three Months Ended June 30, 2019
 
In millions
 
U.S. Public
Finance
Insurance
       
Corporate
      
International
and Structured
Finance
Insurance
   
Eliminations
   
Consolidated
 
Revenues
(1)
  
$
38
   
$
8
   
$
7
   
$
-
    
$
53
 
Net change in fair value of insured derivatives
    
-
      
-
      
(1)
      
-
      
(1)
  
Net gains (losses) on financial instruments at fair value and foreign exchange
    
17
     
(33)
      
(10)
      
-
      
(26)
  
Net investment losses related to other-than-temporary impairments
    
(9)
      
-
      
-
      
-
      
(9)
  
Other net realized gains (losses)
    
-
     
-
      
1
     
-
      
1
 
Revenues of consolidated VIEs
    
20
     
-
      
(9)
      
1
     
12
 
Inter-segment revenues
(2)
    
8
     
14
     
6
     
(28)
      
-
  
                                         
Total revenues
    
74
     
(11)
      
(6)
      
(27)
      
30
 
Losses and loss adjustment
    
106
     
-
      
34
     
-
      
140
 
Operating
    
2
     
16
     
3
     
-
      
21
 
Interest
    
-
      
20
     
32
     
-
      
52
 
Expenses of consolidated VIEs
    
-
      
-
      
24
     
-
      
24
 
Inter-segment expenses
(2)
    
12
     
5
     
10
     
(27)
      
-
  
                                         
Total expenses
    
120
     
41
     
103
     
(27)
      
237
 
                                         
Income (loss) before income taxes
  
$
(46)
    
$
(52)
    
$
(109)
    
$
-
   
$
(207)
  
                                         
Identifiable assets
  
$
5,011
   
$
1,123
   
$
4,678
   
$
(2,165)
(3)
  
$
8,647
 
                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3) - Consists primarily of intercompany reinsurance balances and repurchase agreements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                         
 
Three Months Ended June 30, 2018
 
In millions
  
U.S. Public
Finance
Insurance
   
Corporate
   
International
and Structured
Finance
Insurance
   
Eliminations
   
Consolidated
 
Revenues
(1)
  
$
41
   
$
7
   
$
22
   
$
-
   
$
70
 
Net change in fair value of insured derivatives
   
-
     
-
     
(7)
      
-
     
(7)
  
Net gains (losses) on financial instruments at fair value and foreign exchange
   
(8)
      
28
     
2
     
-
     
22
 
Net investment losses related to other-than-temporary impairments
   
(1)
      
-
     
-
     
-
     
(1)
  
Revenues of consolidated VIEs
    
-
     
-
     
(72)
     
-
     
(72)
 
Inter-segment revenues
(2)
    
6
     
11
     
6
     
(23)
      
-
 
                                         
Total revenues
   
38
     
46
     
(49)
     
(23)
      
12
 
Losses and loss adjustment
   
59
     
-
     
-
     
-
     
59
 
Operating
   
6
     
13
     
4
     
-
     
23
 
Interest
   
-
     
20
     
32
     
-
     
52
 
Expenses of consolidated VIEs
   
-
     
-
     
24
     
-
     
24
 
Inter-segment expenses
(2)
    
9
     
3
     
12
     
(24)
      
-
 
                                         
Total expenses
   
74
     
36
     
72
     
(24)
      
158
 
                                         
Income (loss) before income taxes
 
$
(36)
    
$
10
   
$
(121)
    
$
1
   
$
(146)
  
                                         
Identifiable assets
 
$
4,412
   
$
1,100
   
$
5,248
   
$
(2,030)
(3)
 		  
$
8,730
 
                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3) - Consists primarily of intercompany reinsurance balances and repurchase agreements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following tables provide the Company’s segment results for the six months ended June 30, 2019 and 2018:
 
 
 
                                         
 
Six Months Ended June 30, 2019
 
In millions
 
U.S. Public
Finance
Insurance
   
Corporate
   
International
and Structured
Finance
Insurance
   
Eliminations
   
Consolidated
 
Revenues
(1)
  
$
76
   
$
15
   
$
17
   
$
-
   
$
108
 
Net change in fair value of insured derivatives
   
-
     
-
     
13
     
-
     
13
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
57
     
(51)
     
(10)
      
-
     
(4
)
Net investment losses related to other-than-temporary impairments
   
(37)
      
-
     
-
     
-
     
(37
)
Other net realized gains (losses)
   
1
     
(1)
      
2
     
-
     
2
 
Revenues of consolidated VIEs
   
6
     
-
     
(9)
      
1
     
(2
)
Inter-segment revenues
(2)
    
15
     
33
     
9
     
(57)
      
-
 
                                         
Total revenues
   
118
     
(4)
     
22
     
(56)
      
80
 
Losses and loss adjustment
   
56
     
-
     
46
     
-
     
102
 
Operating
   
4
     
38
     
9
     
-
     
51
 
Interest
   
-
     
39
     
65
     
-
     
104
 
Expenses of consolidated VIEs
   
-
     
-
     
49
     
-
     
49
 
Inter-segment expenses
(2)
    
27
     
11
     
18
     
(56)
     
-
 
                                         
Total expenses
   
87
     
88
     
187
     
(56)
     
306
 
                                         
Income (loss) before income taxes
 
$
31
   
$
(92)
    
$
(165)
    
$
-
   
$
(226
)
                                         
Identifiable assets
 
$
5,011
    
$
1,123
    
$
4,678
    
$
(2,165)
(3)
 
  
$
8,647
  
                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3) - Consists primarily of intercompany reinsurance balances and repurchase agreements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                         
 
Six Months Ended June 30, 2018
 
In millions
 
U.S. Public
Finance
Insurance
       
Corporate
       
International
and Structured
Finance
Insurance
   
Eliminations
   
Consolidated
 
Revenues
(1)
  
$
94 
   
$
14 
   
$
39 
   
$
- 
   
$
147 
 
Net change in fair value of insured derivatives
   
- 
     
- 
     
(12)
      
- 
     
(12)
  
Net gains (losses) on financial instruments at fair value and foreign exchange
   
(14)
     
31 
     
(4)
      
- 
      
13 
 
Net investment losses related to other-than-temporary impairments
   
(2)
      
- 
     
- 
     
- 
     
(2)
  
Other net realized gains (losses)
   
- 
     
(2)
      
1 
     
- 
     
(1)
 
Revenues of consolidated VIEs
   
- 
     
- 
     
(60)
     
- 
     
(60)
 
Inter-segment revenues
(2)
    
13 
     
24 
     
13 
     
(50)
      
-
 
                                         
Total revenues
   
91 
     
67 
     
(23)
     
(50)
      
85 
 
Losses and loss adjustment
   
136 
     
- 
     
(5)
     
- 
     
131 
 
Operating
   
9 
     
26 
     
12 
     
- 
     
47 
 
Interest
   
- 
     
40 
     
63 
     
- 
     
103 
 
Expenses of consolidated VIEs
   
- 
     
- 
     
46 
     
- 
     
46 
 
Inter-segment expenses
(2)
    
24 
     
9 
     
18 
     
(51)
      
- 
 
                                         
Total expenses
   
169 
     
75 
     
134 
     
(51)
      
327 
 
                                         
Income (loss) before income taxes
 
$
(78)
    
$
(8)
    
$
(157)
    
$
1 
   
$
(242)
  
                                         
Identifiable assets
 
$
4,412 
    
$
1,100 
    
$
5,248 
    
$
(2,030)
(3)
 
  
$
8,730 
  
                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3) - Consists primarily of intercompany reinsurance balances and repurchase agreements.