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Investments (Tables)
 9 Months Ended
Sep. 30, 2019
Text Block [Abstract]  
Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios
                                                                                                               
 
  
September 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
   $
807
     $
59
     $
(1
 )   $
865
     $
-
  
State and municipal bonds
    
205
      
24
      
-
      
229
      
-
  
Foreign governments
    
8
      
-
      
-
      
8
      
-
  
Corporate obligations
    
1,239
      
58
      
(34
 )    
1,263
      
(33
 )
Mortgage-backed securities:
    
 
      
 
      
 
      
 
      
 
  
Residential mortgage-backed agency
    
297
      
4
      
(1
 )    
300
      
-
  
Residential mortgage-backed
non-agency
   
25
      
1
      
(5
 )    
21
      
-
  
Commercial mortgage-backed
    
23
      
1
      
-
      
24
      
-
  
Asset-backed securities:
    
 
      
 
      
 
      
 
      
 
  
Collateralized debt obligations
    
129
      
-
      
(2
 )    
127
      
-
  
Other asset-backed
    
275
      
1
      
-
      
276
      
-
  
                                         
Total AFS investments
   $
3,008
     $
148
     $
(43
 )   $
3,113
     $
(33
 )
                                         
HTM Investments
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Assets of consolidated VIEs:
    
 
      
 
      
 
      
 
      
 
  
Corporate obligations
   $
890
     $
87
     $
-
     $
977
     $
-
  
                                         
Total HTM investments
   $
890
     $
87
     $
-
     $
977
     $
-
  
                                         
 
(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
   $
598
     $
599
     $
-
     $
-
  
Due after one year through five years
    
496
      
503
      
-
      
-
  
Due after five years through ten years
    
436
      
423
      
-
      
-
  
Due after ten years
    
729
      
840
      
890
      
977
  
Mortgage-backed and asset-backed
    
749
      
748
      
-
      
-
  
                                 
Total fixed-maturity investments
   $
3,008
     $
3,113
     $
890
     $
977
  
                                 
 
 
 
 
 
 
 
Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments
                                                                                                                                     
 
  
September 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
   $
102
     $
-
 
   $
84
     $
(1
)
   $
186
     $
(1
)
State and municipal bonds
    
5
      
-
 
    
26
      
-
 
    
31
      
-
 
Foreign governments
    
5
      
-
 
    
-
      
-
 
    
5
      
-
 
Corporate obligations
    
182
      
(1
)
    
55
      
(33
)
    
237
      
(34
)
Mortgage-backed securities:
    
 
      
 
 
    
 
      
 
 
    
 
      
 
 
Residential mortgage-backed agency
    
35
      
(1
)
    
32
      
-
 
    
67
      
(1
)
Residential mortgage-backed
non-agency
   
-
      
-
 
    
11
      
(5
)
    
11
      
(5
)
Commercial mortgage-backed
    
6
      
-
 
    
-
      
-
 
    
6
      
-
 
Asset-backed securities:
    
 
      
 
 
    
 
      
 
 
    
 
      
 
 
Collateralized debt obligations
    
43
      
-
 
    
68
      
(2
)
    
111
      
(2
)
Other asset-backed
    
16
      
-
 
    
9
      
-
 
    
25
      
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total AFS investments
   $
394
     $
(2
)
   $
285
     $
(41
)
   $
679
     $
(43
)
               
 
                                
 
 
 
 
 
 
 
                                                                                                                                   
 
  
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%
    
9
     $
19
     $
19
  
> 15% to 25%
    
1
      
1
      
-
  
> 25% to 50%
    
2
      
14
      
10
  
> 50%
    
3
      
63
      
30
  
                         
Total
    
15
     $
97
     $
59
  
                         
 
 
 
 
 
 
 
Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss)
                                                                                       
In millions
  
Three Months Ended September 30,
    
Nine Months Ended September 30,
Credit Losses Recognized in Earnings Related to

Other-Than-
Temporary Impairments
  
2019
    
2018
    
2019
    
2018
Beginning balance
   $
74 
     $
34 
     $
37 
     $
32 
Additions for credit loss impairments recognized in the current period on securities previously impaired
    
- 
      
1 
      
37 
      
3 
                               
Ending balance
   $
74 
     $
35 
     $
74 
     $
35 
                               
 
 
 
 
 
 
 
 
 
 
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)
   $
11
     $
(5)
   $
19
                     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  (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
September 30,
    
Nine Months Ended
September 30,
  
In millions
  
2019
  
2018
  
2019
  
2018
Proceeds from sales
   $
508
     $
583
     $
1,875
     $
1,647
  
Gross realized gains
   $
79
     $
1
     $
100
     $
4
  
Gross realized losses
   $
- 
     $
(2
 )   $
(3
 )   $
(15
 )
 
 
 
 
 
 
 
 
 
 
Portion Of Unrealized Gains Losses Recognized On Equity Investments [Table Text Block]
                                                                                         
 
  
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
In millions
  
2019
  
2018
  
2019
  
2018
Net gains (losses) recognized during the period on equity securities
   $
2
     $
3
     $
9
     $
3
  
Less:
    
 
      
 
      
 
      
 
  
Net gains (losses) recognized during the period on equity securities sold during the period
    
-
      
-
      
1
      
1
  
                                 
Unrealized gains (losses) recognized during the period on equity securities still held at the reporting date
   $
2
     $
3
     $
8
     $
2