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Business Segments (Tables)
 9 Months Ended
Sep. 30, 2022
Text Block [Abstract]  
Summary of company's segment results
The following tables provide the Company’s segment results for the three months ended September 30, 2022 and 2021:
 
                                                                                      
    
Three Months Ended September 30, 2022
    
U.S.
Public
      
International
        
       
and
Structured
        
    
Finance
      
Finance
        
In millions
   
Insurance
  
Corporate
  
Insurance
  
Eliminations
  
Consolidated
Revenues
(1)
   
$
17
 
  
$
(3
) 
  
$
9
 
  
$
-
 
  
$
23
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
(6
) 
  
 
35
 
  
 
(4
) 
  
 
-
 
  
 
25
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
  
 
(31
) 
  
 
-
 
  
 
(31
) 
Inter-segment revenues
(2)
   
 
6
 
  
 
12
 
  
 
2
 
  
 
(20
) 
  
 
-
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
17
 
  
 
44
 
  
 
(24
) 
  
 
(20
) 
  
 
17
 
Losses and loss adjustment
   
 
16
 
  
 
-
 
  
 
(28
) 
  
 
-
 
  
 
(12
) 
Amortization of deferred acquisition costs and operating
   
 
2
 
  
 
12
 
  
 
2
 
  
 
-
 
  
 
16
 
Interest
   
 
-
 
  
 
14
 
  
 
32
 
  
 
-
 
  
 
46
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
  
 
2
 
  
 
-
 
  
 
2
 
Inter-segment expenses
(2)
   
 
10
 
  
 
5
 
  
 
6
 
  
 
(21
) 
  
 
-
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
28
 
  
 
31
 
  
 
14
 
  
 
(21
) 
  
 
52
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income (loss) from continuing operations before income taxes
   
$
(11
) 
  
$
13
 
  
$
(38
) 
  
$
1
 
  
$
(35
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Identifiable assets per segment
   
$
3,061
 
  
$
622
 
  
$
1,708
 
  
$
(1,508
)
(3)
 
  
$
3,883
 
Assets held for sale
   
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
132
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total identifiable assets
   
$
3,061
 
  
$
622
 
  
$
1,708
 
  
$
(1,508
) 
  
$
4,015
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1) - 
Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).
(2) - 
Primarily represents intercompany service charges and intercompany net investment income and expenses.
(3) - 
Consists principally of intercompany reinsurance balances.
 
                                                                                      
    
Three Months Ended September 30, 2021
    
U.S.
Public
       
International
        
        
and
Structured
        
    
Finance
       
Finance
        
In millions
   
Insurance
  
Corporate
   
Insurance
  
Eliminations
  
Consolidated
Revenues
(1)
   
$
21
 
  
$
7
 
   
$
24
 
  
$
-
 
  
$
52
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
-
 
  
 
12
 
   
 
(3
) 
  
 
-
 
  
 
9
 
Net gains (losses) on extinguishment of debt
   
 
-
 
  
 
16
 
   
 
-
 
  
 
-
 
  
 
16
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
(5
) 
  
 
-
 
  
 
(5
) 
Inter-segment revenues
(2)
   
 
8
 
  
 
14
 
   
 
2
 
  
 
(24
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
29
 
  
 
49
 
   
 
18
 
  
 
(24
) 
  
 
72
 
Losses and loss adjustment
   
 
68
 
  
 
-
 
   
 
57
 
  
 
-
 
  
 
125
 
Amortization of deferred acquisition costs and operating
   
 
6
 
  
 
16
 
   
 
1
 
  
 
-
 
  
 
23
 
Interest
   
 
-
 
  
 
14
 
   
 
26
 
  
 
-
 
  
 
40
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
7
 
  
 
-
 
  
 
7
 
Inter-segment expenses
(2)
   
 
11
 
  
 
4
 
   
 
9
 
  
 
(24
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
85
 
  
 
34
 
   
 
100
 
  
 
(24
) 
  
 
195
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Income (loss) from continuing operations before income taxes
   
$
(56
) 
  
$
15
 
   
$
(82
) 
  
$
-
 
  
$
(123
) 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).
(2) -
 Primarily represents intercompany service charges and intercompany net investment income and expenses.
The following tables provide the Company’s segment results for the nine months ended September 30, 2022 and 2021:
 
                                                                                      
    
Nine Months Ended September 30, 2022
    
U.S.
Public
       
International
        
        
and
Structured
        
    
Finance
       
Finance
        
In millions
   
Insurance
  
Corporate
   
Insurance
  
Eliminations
  
Consolidated
Revenues
(1)
   
$
24
 
  
$
3
 
   
$
26
 
  
$
-
 
  
$
53
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
(43
) 
  
 
111
 
   
 
(17
) 
  
 
-
 
  
 
51
 
Net gains (losses) on extinguishment of debt
   
 
-
 
  
 
5
 
   
 
-
 
  
 
(1
) 
  
 
4
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
(11
) 
  
 
-
 
  
 
(11
) 
Inter-segment revenues
(2)
   
 
20
 
  
 
43
 
   
 
7
 
  
 
(70
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
1
 
  
 
162
 
   
 
5
 
  
 
(71
) 
  
 
97
 
Losses and loss adjustment
   
 
152
 
  
 
-
 
   
 
(95
) 
  
 
-
 
  
 
57
 
Amortization of deferred acquisition costs and operating
   
 
6
 
  
 
35
 
   
 
8
 
  
 
-
 
  
 
49
 
Interest
   
 
-
 
  
 
42
 
   
 
88
 
  
 
-
 
  
 
130
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
5
 
  
 
-
 
  
 
5
 
Inter-segment expenses
(2)
   
 
33
 
  
 
17
 
   
 
20
 
  
 
(70
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
191
 
  
 
94
 
   
 
26
 
  
 
(70
) 
  
 
241
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Income (loss) from continuing operations before income taxes
   
$
(190
) 
  
$
68
 
   
$
(21
) 
  
$
(1
) 
  
$
(144
) 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Identifiable assets per segment
   
$
3,061
 
  
$
622
 
   
$
1,708
 
  
$
(1,508
)
(3)
 
  
$
3,883
 
Assets held for sale
   
 
-
 
  
 
-
 
   
 
-
 
  
 
-
 
  
 
132
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total identifiable assets
   
$
3,061
 
  
$
622
 
   
$
1,708
 
  
$
(1,508
) 
  
$
4,015
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).
(2) -
 Primarily represents intercompany service charges and intercompany net investment income and expenses.
(3) -
 Consists principally of intercompany reinsurance balances.
 
                                                                                      
    
Nine Months Ended September 30, 2021
    
U.S.
Public
       
International
        
        
and
Structured
        
    
Finance
       
Finance
        
In millions
   
Insurance
  
Corporate
   
Insurance
  
Eliminations
  
Consolidated
Revenues
(1)
   
$
65
 
  
$
13
 
   
$
37
 
  
$
-
 
  
$
115
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
-
 
  
 
50
 
   
 
(9
) 
  
 
-
 
  
 
41
 
Net gains (losses) on extinguishment of debt
   
 
-
 
  
 
30
 
   
 
-
 
  
 
-
 
  
 
30
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
(24
) 
  
 
-
 
  
 
(24
) 
Inter-segment revenues
(2)
   
 
22
 
  
 
50
 
   
 
10
 
  
 
(82
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
87
 
  
 
143
 
   
 
14
 
  
 
(82
) 
  
 
162
 
Losses and loss adjustment
   
 
135
 
  
 
-
 
   
 
97
 
  
 
-
 
  
 
232
 
Amortization of deferred acquisition costs and operating
   
 
14
 
  
 
54
 
   
 
7
 
  
 
-
 
  
 
75
 
Interest
   
 
-
 
  
 
42
 
   
 
80
 
  
 
-
 
  
 
122
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
23
 
  
 
-
 
  
 
23
 
Inter-segment expenses
(2)
   
 
36
 
  
 
14
 
   
 
30
 
  
 
(80
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
185
 
  
 
110
 
   
 
237
 
  
 
(80
) 
  
 
452
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Income (loss) from continuing operations before income taxes
   
$
(98
) 
  
$
33
 
   
$
(223
) 
  
$
(2
) 
  
$
(290
) 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).
(2) -
 Primarily represents intercompany service charges and intercompany net investment income and expenses.