Business Segments (Tables)

12 Months Ended

Dec. 31, 2022

Text Block [Abstract]

Summary of company's segment results

The following tables provide the Company’s segment results for the years ended December 31, 2022, 2021, and 2020:

	Year Ended December 31, 2022
In millions	U.S. Public Finance Insurance		Corporate		International and Structured Finance Insurance		Eliminations			Consolidated
Revenues(1)	$	53	$	8	$	39	$	—		$	100
Net gains (losses) on financial instruments at fair value and foreign exchange		(47)		99		(7)		—			45
Net gains (losses) on extinguishment of debt		—		5		—		(1)			4
Revenues of consolidated VIEs		—		—		5		—			5
Inter-segment revenues(2)		29		55		9		(93)			—
Total revenues		35		167		46		(94)			154
Losses and loss adjustment		143		—		(105)		—			38
Amortization of deferred acquisition costs and operating		8		55		12		1			76
Interest		—		56		124		(1)			179
Expenses of consolidated VIEs		—		—		9		—			9
Inter-segment expenses(2)		44		23		27		(94)			—
Total expenses		195		134		67		(94)			302
Income (loss) from continuing operations before income taxes	$	(160)	$	33	$	(21)	$	—		$	(148)
Identifiable assets per segment	$	2,491	$	645	$	1,132	$	(973)	(3)	$	3,295
Assets held for sale		—		—		—		—			80
Total identifiable assets	$	2,491	$	645	$	1,132	$	(973)		$	3,375

(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.

	Year Ended December 31, 2021
In millions	U.S. Public Finance Insurance		Corporate		International and Structured Finance Insurance		Eliminations			Consolidated
Revenues(1)	$	85	$	13	$	44	$	—		$	142
Net gains (losses) on financial instruments at fair value and
foreign exchange		(2)		56		(14)		—			40
Net gains (losses) on extinguishment of debt		—		30		—		—			30
Revenues of consolidated VIEs		—		—		(23)		—			(23)
Inter-segment revenues(2)		27		67		12		(106)			—
Total revenues		110		166		19		(106)			189
Losses and loss adjustment		227		—		123		—			350
Amortization of deferred acquisition costs and operating		17		71		9		—			97
Interest		—		56		107		—			163
Expenses of consolidated VIEs		—		—		24		—			24
Inter-segment expenses(2)		45		22		38		(105)			—
Total expenses		289		149		301		(105)			634
Income (loss) from continuing operations before income taxes	$	(179)	$	17	$	(282)	$	(1)		$	(445)
Identifiable assets	$	3,313	$	873	$	2,800	$	(2,290)	(3)	$	4,696

(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.

	Year Ended December 31, 2020
In millions	U.S. Public Finance Insurance		Corporate		International and Structured Finance Insurance		Eliminations		Consolidated
Revenues(1)	$	138	$	31	$	30	$	—	$	199
Net gains (losses) on financial instruments at fair value and foreign exchange		2		(74)		(8)		—		(80)
Revenues of consolidated VIEs		—		—		163		—		163
Inter-segment revenues(2)		28		66		12		(106)		—
Total revenues		168		23		197		(106)		282
Losses and loss adjustment		163		—		367		—		530
Amortization of deferred acquisition costs and operating		14		69		14		—		97
Interest		—		65		113		—		178
Expenses of consolidated VIEs		—		—		55		—		55
Inter-segment expenses(2)		45		22		39		(106)		—
Total expenses		222		156		588		(106)		860
Income (loss) from continuing operations before income taxes	$	(54)	$	(133)	$	(391)	$	—	$	(578)

(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 expense.

Summary Of premiums earned on financial guarantees and insured derivatives by geographic location of risk

The following table summarizes premiums earned on financial guarantees and insured derivatives by geographic location of risk for the years ended December 31, 2022, 2021 and 2020:

	Years Ended December 31,
In millions	2022		2021		2020
Total premiums earned:
United States	$	45	$	45	$	55
Other Americas		8		29		16
Other		—		1		2
Total	$	53	$	75	$	73