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Investment Income and Gains and Losses (Tables) | 6 Months Ended
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Jun. 30, 2012
Total Investment Income From All Operations |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
In millions |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Net investment income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity |  | $ | 54 |  |  | $ | 87 |  |  | $ | 113 |  |  | $ | 194 |
Held-to-maturity |  |  | - |  |  |  | 1 |  |  |  | 1 |  |  |  | 3 |
Short-term investments |  |  | 3 |  |  |  | 4 |  |  |  | 3 |  |  |  | 4 |
Other investments |  |  | 3 |  |  |  | 3 |  |  |  | 5 |  |  |  | 8 |
Consolidated VIEs |  |  | 17 |  |  |  | 16 |  |  |  | 34 |  |  |  | 34 |
Net investment income |  |  | 77 |  |  |  | 111 |  |  |  | 156 |  |  |  | 243 |
Realized gains and losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains |  |  | 27 |  |  |  | 18 |  |  |  | 66 |  |  |  | 72 |
Losses |  |  | (19) |  |  |  | (37) |  |  |  | (176) |  |  |  | (77) |
Net |  |  | 8 |  |  |  | (19) |  |  |  | (110) |  |  |  | (5) |
Other investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains |  |  | 5 |  |  |  | - |  |  |  | 6 |  |  |  | 9 |
Losses |  |  | (1) |  |  |  | - |  |  |  | (15) |  |  |  | - |
Net |  |  | 4 |  |  |  | - |  |  |  | (9) |  |  |  | 9 |
Total net realized gains (losses)(1) |  |  | 12 |  |  |  | (19) |  |  |  | (119) |  |  |  | 4 |
Total investment income |  | $ | 89 |  |  | $ | 92 |  |  | $ | 37 |  |  | $ | 247 |
(1) - These balances are included in the “Net gains (losses) on financial instruments at fair value and foreign exchange” and “Net investment losses related to other-than-temporary impairments” line items on MBIA’s consolidated statements of operations.
Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss) |
In millions |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Credit Losses Recognized in Earnings Related to Other-Than- Temporary Impairments |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Beginning balance |  | $ | 277 |  |  | $ | 266 |  |  | $ | 341 |  |  | $ | 262 |
Additions for credit loss impairments recognized in the current period on securities previously impaired |  |  | 1 |  |  |  | 20 |  |  |  | 3 |  |  |  | 27 |
Reductions for credit loss impairments previously recognized on securities sold during the period |  |  | (9) |  |  |  | (3) |  |  |  | (16) |  |  |  | (6) |
Reductions for credit loss impairments previously recognized on securities impaired to fair value during the period(1) |  |  | - |  |  |  | - |  |  |  | (59) |  |  |  | - |
Ending balance |  | $ | 269 |  |  | $ | 283 |  |  | $ | 269 |  |  | $ | 283 |
(1) - Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.
Significant Inputs Used In Schedule Of Measurement Of Credit Loss Component Recognized In Earnings For Each Significant Class Of ABS |
|  | Six Months Ended June 30, |
Asset-backed Securities |  | 2012 |  |  | 2011 |
Expected size of losses(1): |  |  |  |  |  |  |  |
Range(2) |  |  | 9.73% to 100% |  |  |  | 0.00% to 100.00% |
Weighted average(3) |  |  | 92.10% |  |  |  | 67.10% |
Current subordination levels(4): |  |  |  |  |  |  |  |
Range(2) |  |  | 0.00% to 0.00% |  |  |  | 0.00% to 14.19% |
Weighted average(3) |  |  | 0.00% |  |  |  | 0.29% |
Prepayment speed (annual CPR)(5): |  |  |  |  |  |  |  |
Range(2) |  |  | 0.00 to 49.60 |  |  |  | 0.00 to 100.00 |
Weighted average(3) |  |  | 11.59 |  |  |  | 19.40 |
(1) - Represents future expected credit losses on impaired assets expressed as a percentage of total outstanding balance. (2) - Represents the range of inputs/assumptions based upon the individual securities within each category. (3) - Calculated by weighting the relevant input/assumption for each individual security by the outstanding notional of the security. (4) - Represents current level of credit protection (subordination) for the securities, expressed as a percentage of the balance of the collateral group backing the bond. (5) - Values represent high and low points of lifetime vectors of constant prepayment rates.
Net Unrealized Gains (Losses), Including Portion Of Other-Than-Temporary Impairments Included In Accumulated Other Comprehensive Income (Loss) |
In millions |  | As of June 30, 2012 |  |  | As of December 31, 2011 |
Fixed-maturity: |  |  |  |  |  |  |  |
Gains |  | $ | 314 |  |  | $ | 262 |
Losses |  |  | (225) |  |  |  | (459) |
Foreign exchange |  |  | 3 |  |  |  | (5) |
Net |  |  | 92 |  |  |  | (202) |
Other investments: |  |  |  |  |  |  |  |
Gains |  |  | - |  |  |  | 1 |
Losses |  |  | (1) |  |  |  | (19) |
Net |  |  | (1) |  |  |  | (18) |
Total |  |  | 91 |  |  |  | (220) |
Deferred income tax provision (benefit) |  |  | 18 |  |  |  | (86) |
Unrealized gains (losses), net |  | $ | 73 |  |  | $ | (134) |
Change In Net Unrealized Gains/Losses |
In millions |  | As of June 30, 2012 |  |  | As of December 31, 2011 |
Fixed-maturity |  | $ | 294 |  |  | $ | 386 |
Other investments |  |  | 17 |  |  |  | (6) |
Total |  |  | 311 |  |  |  | 380 |
Deferred income tax charged (credited) |  |  | 104 |  |  |  | 122 |
Change in unrealized gains (losses), net |  | $ | 207 |  |  | $ | 258 |

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