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Business Segments (Tables)
 6 Months Ended
Jun. 30, 2023
Text Block [Abstract]  
Summary of company's segment results
The following tables provide the Company’s segment results for the three months ended June 30, 2023 and 2022:
 
          
          
          
          
          
 
  
Three Months Ended June 30, 2023
 
  
U.S.
Public
 
 
 
International
 
 
 
 
 
 
 
 
and
Structured
 
 
 
 
 
  
Finance
 
 
 
Finance
 
 
 
 
In millions
  
Insurance
 
Corporate
 
Insurance
 
Eliminations
 
Consolidated
Revenues
(1)
   
$
19
 
  
$
3
 
  
$
17
 
  
$
1
 
  
$
40
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
-
 
  
 
13
 
  
 
(2
) 
  
 
-
 
  
 
11
 
Net gains (losses) on extinguishment of debt
   
 
-
 
  
 
1
 
  
 
-
 
  
 
-
 
  
 
1
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
  
 
(24
) 
  
 
-
 
  
 
(24
) 
Inter-segment revenues
(2)
   
 
7
 
  
 
14
 
  
 
1
 
  
 
(22
) 
  
 
-
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
26
 
  
 
31
 
  
 
(8
) 
  
 
(21
) 
  
 
28
 
Losses and loss adjustment
   
 
26
 
  
 
-
 
  
 
2
 
  
 
-
 
  
 
28
 
Amortization of deferred acquisition costs and operating
   
 
2
 
  
 
18
 
  
 
2
 
  
 
(1
) 
  
 
21
 
Interest
   
 
-
 
  
 
14
 
  
 
40
 
  
 
(1
) 
  
 
53
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
  
 
4
 
  
 
-
 
  
 
4
 
Inter-segment expenses
(2)
   
 
9
 
  
 
5
 
  
 
5
 
  
 
(19
) 
  
 
-
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
37
 
  
 
37
 
  
 
53
 
  
 
(21
) 
  
 
106
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income (loss) from continuing operations before income taxes
   
$
(11
) 
  
$
(6
) 
  
$
(61
) 
  
$
-
 
  
$
(78
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Identifiable assets per segment
   
$
2,453
 
  
$
611
 
  
$
1,038
 
  
$
(933
)
(3)
 
  
$
3,169
 
Assets held for sale
   
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
88
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total identifiable assets
   
$
2,453
 
  
$
611
 
  
$
1,038
 
  
$
(933
) 
  
$
3,257
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(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 June 30, 2022
 
  
U.S.
Public
 
 
  
International
 
 
 
 
 
 
 
  
and
Structured
 
 
 
 
 
  
Finance
 
 
  
Finance
 
 
 
 
In millions
  
Insurance
 
Corporate
  
Insurance
 
Eliminations
 
Consolidated
Revenues
(1)
   
$
(13
) 
  
$
4
 
   
$
12
 
  
$
-
 
  
$
3
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
(21
) 
  
 
37
 
   
 
(7
) 
  
 
-
 
  
 
9
 
Net gains (losses) on extinguishment of debt
   
 
-
 
  
 
4
 
   
 
-
 
  
 
-
 
  
 
4
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
24
 
  
 
-
 
  
 
24
 
Inter-segment revenues
(2)
   
 
6
 
  
 
14
 
   
 
2
 
  
 
(22
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
(28
) 
  
 
59
 
   
 
31
 
  
 
(22
) 
  
 
40
 
Losses and loss adjustment
   
 
49
 
  
 
-
 
   
 
(29
) 
  
 
-
 
  
 
20
 
Amortization of deferred acquisition costs and operating
   
 
1
 
  
 
8
 
   
 
3
 
  
 
-
 
  
 
12
 
Interest
   
 
-
 
  
 
14
 
   
 
29
 
  
 
-
 
  
 
43
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
1
 
  
 
-
 
  
 
1
 
Inter-segment expenses
(2)
   
 
10
 
  
 
6
 
   
 
5
 
  
 
(21
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
60
 
  
 
28
 
   
 
9
 
  
 
(21
) 
  
 
76
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Income (loss) from continuing operations before income taxes
   
$
(88
) 
  
$
31
 
   
$
22
 
  
$
(1
) 
  
$
(36
) 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
 
(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 six months ended June 30, 2023 and 2022:
 
          
          
          
          
          
 
  
Six Months Ended June 30, 2023
 
  
U.S.
Public
  
 
 
International
 
 
 
 
 
  
 
 
and
Structured
 
 
 
 
 
  
Finance
  
 
 
Finance
 
 
 
 
In millions
  
Insurance
  
Corporate
 
Insurance
 
Eliminations
 
Consolidated
Revenues
(1)
   
$
41
 
   
$
7
 
  
$
24
 
  
$
-
 
  
$
72
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
2
 
   
 
2
 
  
 
(5
) 
  
 
-
 
  
 
(1
) 
Net gains (losses) on extinguishment of debt
   
 
-
 
   
 
1
 
  
 
-
 
  
 
-
 
  
 
1
 
Revenues of consolidated VIEs
   
 
-
 
   
 
-
 
  
 
(42
) 
  
 
-
 
  
 
(42
) 
Inter-segment revenues
(2)
   
 
14
 
   
 
28
 
  
 
3
 
  
 
(45
) 
  
 
-
 
    
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
57
 
   
 
38
 
  
 
(20
) 
  
 
(45
) 
  
 
30
 
Losses and loss adjustment
   
 
26
 
   
 
-
 
  
 
9
 
  
 
-
 
  
 
35
 
Amortization of deferred acquisition costs and operating
   
 
4
 
   
 
36
 
  
 
5
 
  
 
(1
) 
  
 
44
 
Interest
   
 
-
 
   
 
28
 
  
 
76
 
  
 
-
 
  
 
104
 
Expenses of consolidated VIEs
   
 
-
 
   
 
-
 
  
 
8
 
  
 
-
 
  
 
8
 
Inter-segment expenses
(2)
   
 
21
 
   
 
11
 
  
 
12
 
  
 
(44
) 
  
 
-
 
    
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
51
 
   
 
75
 
  
 
110
 
  
 
(45
) 
  
 
191
 
    
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income (loss) from continuing operations before income taxes
   
$
6
 
   
$
(37
) 
  
$
(130
) 
  
$
-
 
  
$
(161
) 
    
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Identifiable assets per segment
   
$
2,453
 
   
$
611
 
  
$
1,038
 
  
$
(933
)
(3)
 
  
$
3,169
 
Assets held for sale
   
 
-
 
   
 
-
 
  
 
-
 
  
 
-
 
  
 
88
 
    
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total identifiable assets
   
$
2,453
 
   
$
611
 
  
$
1,038
 
  
$
(933
) 
  
$
3,257
 
    
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(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.
 
          
          
          
          
          
 
  
Six Months Ended June 30, 2022
 
  
U.S.
Public
 
 
  
International
 
 
 
 
 
 
 
  
and
Structured
 
 
 
 
 
  
Finance
 
 
  
Finance
 
 
 
 
In millions
  
Insurance
 
Corporate
  
Insurance
 
Eliminations
 
Consolidated
Revenues
(1)
   
$
7
 
  
$
6
 
   
$
17
 
  
$
-
 
  
$
30
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
(37
) 
  
 
76
 
   
 
(13
) 
  
 
-
 
  
 
26
 
Net gains (losses) on extinguishment of debt
   
 
-
 
  
 
4
 
   
 
-
 
  
 
-
 
  
 
4
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
20
 
  
 
-
 
  
 
20
 
Inter-segment revenues
(2)
   
 
14
 
  
 
31
 
   
 
5
 
  
 
(50
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
(16
) 
  
 
117
 
   
 
29
 
  
 
(50
) 
  
 
80
 
Losses and loss adjustment
   
 
136
 
  
 
-
 
   
 
(67
) 
  
 
-
 
  
 
69
 
Amortization of deferred acquisition costs and operating
   
 
4
 
  
 
23
 
   
 
6
 
  
 
-
 
  
 
33
 
Interest
   
 
-
 
  
 
28
 
   
 
56
 
  
 
-
 
  
 
84
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
3
 
  
 
-
 
  
 
3
 
Inter-segment expenses
(2)
   
 
23
 
  
 
12
 
   
 
14
 
  
 
(49
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
163
 
  
 
63
 
   
 
12
 
  
 
(49
) 
  
 
189
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Income (loss) from continuing operations before income
taxes
   
$
(179
) 
  
$
54
 
   
$
17
 
  
$
(1
) 
  
$
(109
) 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
 
(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.