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Financial Guarantees in Force (Notes) | 12 Months Ended
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Dec. 31, 2023
Guarantees [Abstract] |
Financial Guarantees in Force | 6. FINANCIAL GUARANTEES IN FORCE Legacy financial guarantees outstanding includes the exposures of policies that insure variable interest entities (“VIEs”) consolidated in accordance with ASC Topic 810, Consolidation. Financial guarantees outstanding include the exposure of policies that insure capital appreciation bonds which are reported at the par amount at the time of issuance of the insurance policy as opposed to the current accreted value of the bonds. Financial guarantees outstanding exclude the exposures of policies that insure bonds which have been refunded, pre-refunded or synthetically commuted. The gross par amount of financial guarantees outstanding was $26,005 and $27,551 at December 31, 2023 and 2022, respectively. The par amount of financial guarantees outstanding, net of reinsurance, was $19,541 and $22,613 at December 31, 2023 and 2022, respectively. As of December 31, 2023, the aggregate amount of financial guarantee insured par ceded to reinsurers under reinsurance agreements was $6,464 with the largest reinsurer accounting for $2,766 or 10.6% of gross par outstanding at December 31, 2023. As of December 31, 2023 and 2022, the legacy financial guarantee portfolio consisted of the types of guaranteed bonds as shown in the following table:
Net Par Outstanding December 31, (1) | 2023 |  | 2022
Public Finance: |  |  |
Housing revenue (2) | $ | 3,443 |  |  | $ | 5,491 |
Lease and tax-backed revenue | 1,542 |  |  | 1,979 |
General obligation | 1,051 |  |  | 1,301 |
Other | 1,526 |  |  | 1,776 |
Total Public Finance | 7,562 |  |  | 10,547 |
Structured Finance: |  |  |
Mortgage-backed and home equity | 1,712 |  |  | 1,930 |
Investor-owned utilities | 1,077 |  |  | 1,103 |
Other | 526 |  |  | 579 |
Total Structured Finance | 3,315 |  |  | 3,612 |
International Finance: |  |  |
Sovereign/sub-sovereign | 4,221 |  |  | 4,077 |
Investor-owned and public utilities | 2,855 |  |  | 2,583 |
Asset-backed and other | 862 |  |  | 1,083 |
Transportation | 726 |  |  | 711 |
Total International Finance | 8,664 |  |  | 8,454 |
Total | $ | 19,541 |  |  | $ | 22,613 |
(1)Net Par Outstanding includes capital appreciation bonds, which are reported at the par amount at the time of issuance of the insurance policy as opposed to the current accreted value of the bond. (2)Includes $3,371 and $5,400 of Military Housing net par at December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, the financial guaranteed portfolio by location of risk was as outlined in the table below:
Net Par Outstanding December 31, | 2023 |  | 2022
United States | $ | 10,877 |  |  | $ | 14,159 |
United Kingdom | 7,502 |  |  | 7,223 |
Italy | 576 |  |  | 644 |
Austria | 307 |  |  | 310 |
Australia | 266 |  |  | 259 |
France | 12 |  |  | 14 |
Other international | 1 |  |  | 4 |
Total | $ | 19,541 |  |  | $ | 22,613 |
Gross financial guarantees in force (principal and interest) were $41,733 and $44,734 at December 31, 2023 and 2022, respectively. Net financial guarantees in force (after giving effect to reinsurance) were $29,121 and $34,975 as of December 31, 2023 and 2022, respectively. In the United States, no state accounted for more than 6% of the total net par outstanding at December 31, 2023. The highest single insured risk represented 4.6% of the total net par amount guaranteed.

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- Definition The entire disclosure related to the insured financial guarantees in force. Includes information regarding principal and interest insured. Additionally provides further details as to the type guaranteed bonds and geographic concentrations of risk. + References No definition available. + Details
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