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Business Segments (Tables)

9 Months Ended

Sep. 30, 2012

Summary Of Company's Segment Results

		Three Months Ended September 30, 2012
In millions		U.S. Public Finance Insurance				Structured Finance and International Insurance				Advisory Services				Corporate				Wind-down Operations				Eliminations				Consolidated
Revenues(1)		$	149			$	59			$	5			$	3			$	9			$	-			$	225
Realized gains (losses) and other settlements on insured derivatives			-				12				-				-				-				-				12
Unrealized gains (losses) on insured derivatives			-				(33)				-				-				-				-				(33)
Net gains (losses) on financial instruments at fair value and foreign exchange			22				14				-				11				(40)				-				7
Net investment losses related to other-than-temporary impairments			-				(4)				-				(4)				-				-				(8)
Other net realized gains (losses)			-				-				-				1				-				-				1
Revenues of consolidated VIEs			-				57				-				-				20				-				77
Inter-segment revenues(2)			43				29				8				53				(1)				(132)				-
Total revenues			214				134				13				64				(12)				(132)				281
Losses and loss adjustment			4				167				-				-				-				-				171
Operating			14				29				12				24				1				-				80
Interest			-				33				-				14				22				-				69
Expenses of consolidated VIEs			-				15				-				-				3				-				18
Inter-segment expenses(2)			32				54				3				4				39				(132)				-
Total expenses			50				298				15				42				65				(132)				338
Income (loss) before income taxes		$	164			$	(164)			$	(2)			$	22			$	(77)			$	-			$	(57)
Identifiable assets		$	7,134			$	17,399			$	53			$	843			$	2,861			$	(6,158)	(3)		$	22,132

(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and other fees.

(2) - Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivables and payables.

(3) - Consists of intercompany reinsurance balances, repurchase agreements and loans.

		Three Months Ended September 30, 2011
In millions		U.S. Public Finance Insurance				Structured Finance and International Insurance				Advisory Services				Corporate				Wind-down Operations				Eliminations				Consolidated
Revenues(1)		$	181			$	72			$	9			$	1			$	21			$	-			$	284
Realized gains (losses) and other settlements on insured derivatives			-				(53)				-				-				-				-				(53)
Unrealized gains (losses) on insured derivatives			-				776				-				-				-				-				776
Net gains (losses) on financial instruments at fair value and foreign exchange			6				(12)				-				8				11				-				13
Net investment losses related to other-than-temporary impairments			-				-				-				(10)				(1)				-				(11)
Other net realized gains (losses)			-				1				-				-				-				-				1
Revenues of consolidated VIEs			-				105				-				-				5				-				110
Inter-segment revenues(2)			21				25				5				22				(4)				(69)				-
Total revenues			208				914				14				21				32				(69)				1,120
Losses and loss adjustment			10				180				-				-				-				-				190
Operating			10				38				14				24				2				-				88
Interest			-				33				-				14				28				-				75
Expenses of consolidated VIEs			-				17				-				-				5				-				22
Inter-segment expenses(2)			31				33				1				4				6				(75)				-
Total expenses			51				301				15				42				41				(75)				375
Income (loss) before income taxes		$	157			$	613			$	(1)			$	(21)			$	(9)			$	6			$	745
Identifiable assets		$	8,015			$	21,251			$	53			$	652			$	5,556			$	(6,157)	(3)		$	29,370

(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and other fees.

(2) - Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivables and payables.

(3) - Consists of intercompany reinsurance balances, repurchase agreements and loans.

		Nine Months Ended September 30, 2012
In millions		U.S. Public Finance Insurance				Structured Finance and International Insurance				Advisory Services				Corporate				Wind-down Operations				Eliminations				Consolidated
Revenues(1)		$	419			$	194			$	16			$	10			$	44			$	-			$	683
Realized gains (losses) and other settlements on insured derivatives			-				(420)				-				-				-				-				(420)
Unrealized gains (losses) on insured derivatives			-				1,473				-				-				-				-				1,473
Net gains (losses) on financial instruments at fair value and foreign exchange			43				80				-				19				(160)				-				(18)
Net investment losses related to other-than-temporary impairments			-				(45)				-				(4)				(56)				-				(105)
Net gains (losses) on
Other net realized gains (losses)			-				1				-				6				-				-				7
Revenues of consolidated VIEs			-				23				-				-				60				-				83
Inter-segment revenues(2)			123				10				26				132				(19)				(272)				-
Total revenues			585				1,316				42				163				(131)				(272)				1,703
Losses and loss adjustment			15				315				-				-				-				-				330
Operating			112				120				38				69				4				-				343
Interest			-				99				-				43				72				-				214
Expenses of consolidated VIEs			-				46				-				-				11				-				57
Inter-segment expenses(2)			91				154				10				10				87				(352)				-
Total expenses			218				734				48				122				174				(352)				944
Income (loss) before income taxes		$	367			$	582			$	(6)			$	41			$	(305)			$	80			$	759
Identifiable assets		$	7,134			$	17,399			$	53			$	843			$	2,861			$	(6,158)	(3)		$	22,132

(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and other fees.

(2) - Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivables and payables.

(3) - Consists of intercompany reinsurance balances, repurchase agreements and loans.

		Nine Months Ended September 30, 2011
In millions		U.S. Public Finance Insurance				Structured Finance and International Insurance				Advisory Services				Corporate				Wind-down Operations				Eliminations				Consolidated
Revenues(1)		$	455			$	253			$	22			$	2			$	70			$	-			$	802
Realized gains (losses) and other settlements on insured derivatives			2				(601)				-				-				-				-				(599)
Unrealized gains (losses) on insured derivatives			-				(531)				-				-				-				-				(531)
Net gains (losses) on financial instruments at fair value and foreign exchange			24				21				-				47				(206)				-				(114)
Net investment losses related to other-than-temporary impairments			-				(4)				-				(10)				(30)				-				(44)
Net gains (losses) on extinguishment of debt			-				-				-				-				24				2				26
Other net realized gains (losses)			-				2				-				-				4				-				6
Revenues of consolidated VIEs			-				39				-				-				25				-				64
Inter-segment revenues(2)			56				55				24				66				(12)				(189)				-
Total revenues			537				(766)				46				105				(125)				(187)				(390)
Losses and loss adjustment			4				200				-				-				-				-				204
Operating			36				124				48				67				2				-				277
Interest			-				99				-				44				82				-				225
Expenses of consolidated VIEs			-				54				-				-				15				-				69
Inter-segment expenses(2)			84				91				4				11				24				(214)				-
Total expenses			124				568				52				122				123				(214)				775
Income (loss) before income taxes		$	413			$	(1,334)			$	(6)			$	(17)			$	(248)			$	27			$	(1,165)
Identifiable assets		$	8,015			$	21,251			$	53			$	652			$	5,556			$	(6,157)	(3)		$	29,370

(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and other fees.

(2) - Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivables and payables.

(3) - Consists of intercompany reinsurance balances, repurchase agreements and loans.

Summary Of Premiums Earned On Financial Guarantees And Insured Derivatives By Geographic Location Of Risk

		Three Months Ended September 30,								Nine Months Ended September 30,
In millions		2012				2011				2012				2011
Total premiums earned:
United States		$	141			$	161			$	402			$	413
United Kingdom			9				10				27				27
Europe (excluding United Kingdom)			3				4				12				25
Internationally diversified			3				9				13				27
Central and South America			8				9				40				28
Asia			2				2				4				14
Other			2				4				8				10
Total		$	168			$	199			$	506			$	544

Summary Of Segments Within Wind-Down Operations

		Three Months Ended September 30, 2012
In millions		Asset / Liability Products				Conduits				Eliminations				Total Wind- down Operations
Revenues(1)		$	9			$	-			$	-			$	9
Net gains (losses) on financial instruments at fair value and foreign exchange			(40)				-				-				(40)
Revenues of consolidated VIEs			-				20				-				20
Inter-segment revenues(2)			(1)				-				-				(1)
Total revenues			(32)				20				-				(12)
Operating			1				-				-				1
Interest			22				-				-				22
Expenses of consolidated VIEs			-				3				-				3
Inter-segment expenses(2)			3				36				-				39
Total expenses			26				39				-				65
Income (loss) before income taxes		$	(58)			$	(19)			$	-			$	(77)
Identifiable assets		$	2,219			$	693			$	(51)			$	2,861

(1) - Represents the sum of third-party interest income, investment management services fees and other fees.

(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.

		Three Months Ended September 30, 2011
In millions		Asset / Liability Products				Conduits				Eliminations				Total Wind- down Operations
Revenues(1)		$	23			$	(2)			$	-			$	21
Net gains (losses) on financial instruments at fair value and foreign exchange			11				-				-				11
Net investment losses related to other-than-temporary impairments			(1)				-				-				(1)
Revenues of consolidated VIEs			(2)				7				-				5
Inter-segment revenues(2)			(3)				(1)				-				(4)
Total revenues			28				4				-				32
Operating			-				2				-				2
Interest			27				1				-				28
Expenses of consolidated VIEs			-				5				-				5
Inter-segment expenses(2)			9				(3)				-				6
Total expenses			36				5				-				41
Income (loss) before income taxes		$	(8)			$	(1)			$	-			$	(9)
Identifiable assets		$	3,982			$	1,574			$	-			$	5,556

(1) - Represents the sum of third-party interest income, investment management services fees and other fees.

(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.

		Nine Months Ended September 30, 2012
In millions		Asset / Liability Products				Conduits				Eliminations				Total Wind- down Operations
Revenues(1)		$	44			$	-			$	-			$	44
Net gains (losses) on financial instruments at fair value and foreign exchange			(160)				-				-				(160)
Net investment losses related to other-than-temporary impairments			(56)				-				-				(56)
Revenues of consolidated VIEs			-				60				-				60
Inter-segment revenues(2)			(15)				(2)				(2)				(19)
Total revenues			(187)				58				(2)				(131)
Operating			4				-				-				4
Interest			72				-				-				72
Expenses of consolidated VIEs			-				11				-				11
Inter-segment expenses(2)			16				71				-				87
Total expenses			92				82				-				174
Income (loss) before income taxes		$	(279)			$	(24)			$	(2)			$	(305)
Identifiable assets		$	2,219			$	693			$	(51)			$	2,861

(1) - Represents the sum of third-party interest income, investment management services fees and other fees.

(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.

		Nine Months Ended September 30, 2011
In millions		Asset / Liability Products				Conduits				Eliminations				Total Wind- down Operations
Revenues(1)		$	70			$	-			$	-			$	70
Net gains (losses) on financial instruments at fair value and foreign exchange			(206)				-				-				(206)
Net investment losses related to other-than-temporary impairments			(30)				-				-				(30)
Net gains (losses) on extinguishment of debt			24				-				-				24
Other net realized gains (losses)			4				-				-				4
Revenues of consolidated VIEs			10				15				-				25
Inter-segment revenues(2)			(9)				(3)				-				(12)
Total revenues			(137)				12				-				(125)
Operating			2				-				-				2
Interest			82				-				-				82
Expenses of consolidated VIEs			-				15				-				15
Inter-segment expenses(2)			25				(1)				-				24
Total expenses			109				14				-				123
Income (loss) before income taxes		$	(246)			$	(2)			$	-			$	(248)
Identifiable assets		$	3,982			$	1,574			$	-			$	5,556

(1) - Represents the sum of third-party interest income, investment management services fees and other fees.

(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.

X

- Definition

This element shows Premiums earned on financial guarantees and insured derivatives within the company's insurance segments by geographic location of risk.

+ References

No definition available.

+ Details

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X

- Definition

This element may be used to capture the complete disclosure for the identification, description and amounts of all significant reconciling items in the reconciliation of total profit or loss from the segments within the wind-down operations to the total of all wind-down operations income before income taxes, extraordinary items, discontinued operations and the cumulative effect of changes in accounting principles.

+ References

No definition available.

+ Details

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X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-Paragraph 32

-Subparagraph 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.

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