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Investments (Tables)

6 Months Ended

Jun. 30, 2011

Available For Sale In Consolidated Investment Portfolio

		June 30, 2011
In millions		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value				Other-Than- Temporary Impairments(1)
Fixed-maturity investments:
Taxable bonds:
U.S. Treasury and government agency		$	914			$	16			$	(1)			$	929			$	-
Foreign governments			377				17				-				394				-
Corporate obligations			2,183				49				(73)				2,159				-
Mortgage-backed securities:
Residential mortgage-backed agency			1,363				43				(5)				1,401				-
Residential mortgage-backed non-agency			552				54				(114)				492				(136)
Commercial mortgage-backed			87				1				(7)				81				-
Asset-backed securities:
Collateralized debt obligations			413				-				(130)				283				(49)
Other asset-backed			673				6				(121)				558				-
State and municipal bonds			812				14				(32)				794				-
Total taxable bonds			7,374				200				(483)				7,091				(185)
Tax-exempt bonds:
State and municipal bonds			2,640				23				(40)				2,623				-
Total tax-exempt bonds			2,640				23				(40)				2,623				-
Total fixed-maturity investments			10,014				223				(523)				9,714				(185)
Other investments:
Perpetual preferred securities			176				2				(8)				170				-
Other investments			30				2				-				32				-
Money market securities			750				-				-				750				-
Total other investments			956				4				(8)				952				-
Assets of consolidated VIEs:
Asset-backed securities:
Collateralized debt obligations			82				1				(1)				82				-
Other asset-backed			52				1				-				53				-
Other investments:
Money market securities			145				-				-				145				-
Total available-for-sale investments		$	11,249			$	229			$	(532)			$	10,946			$	(185)
(1) - Represents the amount of other-than-temporary losses recognized in accumulated other comprehensive income (loss) since the adoption of the accounting guidance for other-than-temporary impairments.

		December 31, 2010
In millions		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value				Other-Than- Temporary Impairments(1)
Fixed-maturity investments:
Taxable bonds:
U.S. Treasury and government agency		$	1,055			$	12			$	(3)			$	1,064			$	-
Foreign governments			451				19				(1)				469				-
Corporate obligations			2,922				49				(127)				2,844				-
Mortgage-backed securities:
Residential mortgage-backed agency			1,537				39				(13)				1,563				-
Residential mortgage-backed non-agency			627				36				(180)				483				(155)
Commercial mortgage-backed			199				24				(19)				204				-
Asset-backed securities:
Collateralized debt obligations			472				1				(180)				293				(86)
Other asset-backed			732				1				(112)				621				-
State and municipal bonds			797				7				(52)				752				-
Total taxable bonds			8,792				188				(687)				8,293				(241)
Tax-exempt bonds:
State and municipal bonds			2,907				19				(104)				2,822				-
Total tax-exempt bonds			2,907				19				(104)				2,822				-
Total fixed-maturity investments			11,699				207				(791)				11,115				(241)
Other investments:
Perpetual preferred securities			195				8				(12)				191				-
Other investments			38				3				-				41				-
Money market securities			552				-				-				552				-
Total other investments			785				11				(12)				784				-
Assets of consolidated VIEs:
Asset-backed securities:
Collateralized debt obligations			91				-				(1)				90				-
Other asset-backed			98				2				-				100				-
Other investments:
Money market securities			149				-				-				149				-
Total available-for-sale investments		$	12,822			$	220			$	(804)			$	12,238			$	(241)
(1) - Represents the amount of other-than-temporary losses recognized in accumulated other comprehensive income (loss) since the adoption of the accounting guidance for other-than-temporary impairments.

Available For Sale Securities In Continuous Unrealized Loss Position

		June 30, 2011
		Less than 12 Months								12 Months or Longer								Total
In millions		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
Fixed-maturity investments:
Taxable bonds:
U.S. Treasury and government agency		$	30			$	(1)			$	-			$	-			$	30			$	(1)
Foreign governments			17				-				-				-				17				-
Corporate obligations			320				(6)				539				(67)				859				(73)
Mortgage-backed securities:
Residential mortgage-backed agency			391				(4)				54				(1)				445				(5)
Residential mortgage-backed non-agency			51				(3)				293				(111)				344				(114)
Commercial mortgage-backed			9				(1)				51				(6)				60				(7)
Asset-backed securities:
Collateralized debt obligations			6				(2)				252				(128)				258				(130)
Other asset-backed			36				(1)				387				(120)				423				(121)
State and municipal bonds			308				(9)				138				(23)				446				(32)
Total taxable bonds			1,168				(27)				1,714				(456)				2,882				(483)
Tax-exempt bonds:
State and municipal bonds			1,190				(25)				190				(16)				1,380				(41)
Total tax-exempt bonds			1,190				(25)				190				(16)				1,380				(41)
Total fixed-maturity investments			2,358				(52)				1,904				(472)				4,262				(524)
Other investments:
Perpetual preferred securities			44				(1)				89				(7)				133				(8)
Total other investments			44				(1)				89				(7)				133				(8)
Assets of consolidated VIEs:
Asset-backed securities:
Collateralized debt obligations			5				-				12				-				17				-
Total		$	2,407			$	(53)			$	2,005			$	(479)			$	4,412			$	(532)

		December 31, 2010
		Less than 12 Months								12 Months or Longer								Total
In millions		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
Fixed-maturity investments:
Taxable bonds:
U.S. Treasury and government agency		$	370			$	(3)			$	-			$	-			$	370			$	(3)
Foreign governments			33				(1)				-				-				33				(1)
Corporate obligations			685				(13)				725				(114)				1,410				(127)
Mortgage-backed securities:
Residential mortgage-backed agency			785				(11)				59				(2)				844				(13)
Residential mortgage-backed non-agency			51				(2)				336				(178)				387				(180)
Commercial mortgage-backed			11				-				85				(19)				96				(19)
Asset-backed securities:
Collateralized debt obligations			3				-				278				(180)				281				(180)
Other asset-backed			61				(2)				480				(110)				541				(112)
State and municipal bonds			437				(26)				135				(26)				572				(52)
Total taxable bonds			2,436				(58)				2,098				(629)				4,534				(687)
Tax-exempt bonds:
State and municipal bonds			2,002				(83)				181				(21)				2,183				(104)
Total tax-exempt bonds			2,002				(83)				181				(21)				2,183				(104)
Total fixed-maturity investments			4,438				(141)				2,279				(650)				6,717				(791)
Other investments:
Perpetual preferred securities			20				-				140				(12)				160				(12)
Other investments			3				-				-				-				3				-
Total other investments			23				-				140				(12)				163				(12)
Assets of consolidated VIEs:
Asset-backed securities:
Collateralized debt obligations			62				(1)				5				-				67				(1)
Other asset-backed			7				-				-				-				7				-
Total		$	4,530			$	(142)			$	2,424			$	(662)			$	6,954			$	(804)

Fair Values And Gross Unrealized Losses By Credit Rating Category Of Asset Backed Securities

In millions		Aaa								Aa								A								Baa								Below Investment Grade								Not Rated								Total
Asset-backed Sector		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
ABS CDO		$	2			$	-			$	16			$	(4)			$	7			$	(2)			$	-			$	-			$	56			$	(92)			$	-			$	-			$	81			$	(98)
Corporate CDO			59				(6)				17				(4)				68				(11)				22				(7)				44				(15)				26				(3)				236				(46)
Auto loans			-				-				2				-				-				-				-				-				13				-				-				-				15				-
Credit cards			42				-				5				-				-				-				-				-				-				-				1				-				48				-
Equipment leases			1				-				-				-				-				-				31				(2)				-				-				-				-				32				(2)
Small business/ student loans			19				(2)				-				-				-				-				-				-				12				(1)				-				-				31				(3)
Other ABS			11				-				20				(3)				33				(6)				131				(10)				23				(6)				37				(77)				255				(102)
Total		$	134			$	(8)			$	60			$	(11)			$	108			$	(19)			$	184			$	(19)			$	148			$	(114)			$	64			$	(80)			$	698			$	(251)

Fair Values And Gross Unrealized Losses By Credit Rating Category Of Mortgage Backed Securities

In millions		Aaa								Aa								A								Baa								Below Investment Grade								Not Rated								Total
Mortgage-backed Securities		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
RMBS:
Collateralized		$	63			$	-			$	50			$	(15)			$	11			$	(1)			$	-			$	-			$	36			$	(21)			$	1			$	(3)			$	161			$	(40)
Home equity			27				-				90				(22)				2				-				1				-				99				(45)				-				-				219				(67)
Pass-through securities			391				(5)				-				-				-				-				-				-				-				-				-				-				391				(5)
Other			-				-				18				(4)				-				-				-				-				9				(4)				-				-				27				(8)
CMBS			1				-				17				(1)				1				-				27				(5)				1				-				4				-				51				(6)
Total		$	482			$	(5)			$	175			$	(42)			$	14			$	(1)			$	28			$	(5)			$	145			$	(70)			$	5			$	(3)			$	849			$	(126)

Fair Values And Gross Unrealized Losses By Credit Rating Category Of Corporate Obligations

In millions		Aaa								Aa								A								Baa								Below Investment Grade								Not Rated								Total
		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Corporate Obligations		$	83			$	-			$	174			$	(16)			$	295			$	(23)			$	227			$	(30)			$	79			$	(2)			$	1			$	(2)			$	859			$	(73)

Held To Maturity Securities In Continuous Unrealized Loss Position

			0000000000				0000000000				0000000000				0000000000				0000000000				0000000000
		June 30, 2011
		Less than 12 Months								12 Months or Longer								Total
In millions		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
Assets of consolidated VIEs:
Other asset-backed securities		$	-			$	-			$	3,383			$	(235)			$	3,383			$	(235)
Total		$	-			$	-			$	3,383			$	(235)			$	3,383			$	(235)
		December 31, 2010
		Less than 12 Months								12 Months or Longer								Total
In millions		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
Assets of consolidated VIEs:
Other asset-backed securities		$	-			$	-			$	3,760			$	(279)			$	3,760			$	(279)
Total		$	-			$	-			$	3,760			$	(279)			$	3,760			$	(279)

Investment Securities, Unrealized Loss Position For Longer Than 12 Months Whose Book Value Exceeded Market Value by More Than 5%

			000000000000				000000000000				000000000000
Percentage Book Value Exceeded Market Value		Number of Securities				Book Value (in millions)				Fair Value (in millions)
5% to 15%			96			$	2,124			$	1,959
16% to 25%			50				444				357
26% to 50%			66				292				187
Greater than 50%			42				248				71
Total			254			$	3,108			$	2,574

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)
Asset-backed:
MBIA(1)		$	332			$	(78	)		$	16
Other			93				(20	)			-
Total asset-backed			425				(98	)			16
Mortgage-backed:
MBIA(1)			15				(5	)			5
Other			292				(107	)			-
Total mortgage-backed			307				(112	)			5
Corporate obligations:
MBIA(1)			173				(13	)			-
Other			56				(11	)			-
Total corporate obligations			229				(24	)			-
Other:
MBIA(1)			280				(32	)			-
Other			302				(12	)			-
Total other			582				(44	)			-
Total		$	1,543			$	(278	)		$	21
(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.

Held To Maturity [Member]

Distribution Of Investments By Contractual Maturity

										Consolidated VIEs
In millions		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Due in one year or less		$	-			$	-			$	-			$	-
Due after one year through five years(1)			1				1				-				-
Due after five years through ten years			-				-				-				-
Due after ten years through fifteen years			-				-				-				-
Due after fifteen years			-				-				-				-
Mortgage-backed			-				-				-				-
Asset-backed			-				-				3,934				3,703
Total held-to-maturity investments		$	1			$	1			$	3,934			$	3,703
(1) - Relates to tax credit investments reported in "Other investments" on the Company's consolidated balance sheet.

Available For Sale [Member]

Distribution Of Investments By Contractual Maturity

										Consolidated VIEs
In millions		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Due in one year or less		$	960			$	962			$	-			$	-
Due after one year through five years			1,086				1,126				-				-
Due after five years through ten years			1,123				1,133				-				-
Due after ten years through fifteen years			777				779				-				-
Due after fifteen years			2,980				2,899				-				-
Mortgage-backed			2,002				1,974				-				-
Asset-backed			1,086				841				134				135
Total fixed-maturity investments		$	10,014			$	9,714			$	134			$	135

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 19, 20, 21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
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-Publisher FASB
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-Paragraph 21
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 320
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-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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