<SEC-DOCUMENT>0001157523-12-004396.txt : 20120808
<SEC-HEADER>0001157523-12-004396.hdr.sgml : 20120808
<ACCEPTANCE-DATETIME>20120808170550
ACCESSION NUMBER:		0001157523-12-004396
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120808
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120808
DATE AS OF CHANGE:		20120808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MBIA INC
		CENTRAL INDEX KEY:			0000814585
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				061185706
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09583
		FILM NUMBER:		121017549

	BUSINESS ADDRESS:	
		STREET 1:		113 KING ST
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
		BUSINESS PHONE:		914-273-4545

	MAIL ADDRESS:	
		STREET 1:		113 KING ST
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50370568.htm
<DESCRIPTION>MBIA INC. 8K
<TEXT>
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      <br>
      <font style="font-size: 18pt; font-family: Times New Roman"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 14pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><font style="font-size: 14pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Pursuant
      to Section 13 or 15(d) of</font><br><font style="font-size: 10pt; font-family: Times New Roman">
      the Securities Exchange Act of 1934</font><br><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported): August 8, 2012&#160;(August 8,
      2012)</font><br><br><font style="font-size: 18pt"><b>MBIA INC.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Connecticut</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-9583</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>06-1185706</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>113 King Street,<br>Armonk, New York</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 50%; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>10504</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="bottom">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">Registrant&#8217;s
      telephone number, including area code:</font><br><b>914-273-4545</b><br><br><br><b>Not
      Applicable</b><br><font style="font-size: 10pt; font-family: Times New Roman">(Former
      name or former address, if changed since last report)</font><br><br><br>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <hr style="height: 1.0 pt; width: 100%; color: #000000; text-align: center">


    <p>

    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 10%; text-align: left" valign="top">
          Item 2.02.
        </td>
        <td style="padding-left: 0.0px; width: 90%; text-align: left" valign="top">
          RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
        </td>
      </tr>
    </table>
    </div>
    <p>
      The following information, including Exhibit 99.1 to this Form 8-K, is
      being furnished, not filed, pursuant to Item 2.02 - Results of
      Operations and Financial Condition of Form 8-K.
    </p>
    <p>
      On August 8, 2012, MBIA Inc. (&#8220;MBIA&#8221;) issued a press release announcing
      its results of operations for the quarter ended June 30, 2012.&#160;&#160;A copy
      of the press release is attached as Exhibit 99.1 to this Form 8-K and is
      incorporated by reference to this Item 2.02 as if fully set forth herein.
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 10%; text-align: left" valign="top">
          Item 7.01.
        </td>
        <td style="padding-left: 0.0px; width: 90%; text-align: left" valign="top">
          REGULATION FD DISCLOSURE.
        </td>
      </tr>
    </table>
    </div>
    <p>
      On August 8, 2012, MBIA will post on its Web site, www.mbia.com, under
      the section &#8220;Selected Exposures,&#8221; certain information on MBIA Insurance
      Corporation&#8217;s structured finance insured portfolio and non-U.S. public
      finance insured portfolio as of June 30, 2012.&#160;&#160;The information will be
      posted as &#8220;MBIA Insurance Corp.&#8217;s Structured Finance Insured Portfolio&#8221;
      and &#8220;MBIA Insurance Corp.&#8217;s Non-U.S. Public Finance Insured Portfolio.&#8221;
      In addition, on National Public Finance Guarantee Corporation&#8217;s Web
      site, www.nationalpfg.com, under the section &#8220;Insured Portfolio,&#8221;
      certain information on its insured portfolio will be posted as &#8220;National
      Public Finance Guarantee Corporation&#8217;s Insured Portfolio&#8221; as of June 30,
      2012.&#160;&#160;
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 10%; text-align: left" valign="top">
          Item 9.01.
        </td>
        <td style="padding-left: 0.0px; width: 90%; text-align: left" valign="top">
          FINANCIAL STATEMENTS AND EXHIBITS.
        </td>
      </tr>
    </table>
    </div>
    <p>
      99.1&#160;&#160;&#160;&#160;&#160;&#160;Press Release issued by MBIA Inc. dated August 8, 2012.
    </p>
    <p>

    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            MBIA INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 5%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 3%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>By</b>:
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 47%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ Ram D. Wertheim</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 47%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Ram D. Wertheim
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 47%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Legal Officer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 47%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 5%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            August 8, 2012
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K<br>Dated <font style="font-size: 10pt; font-family: Times New Roman">August
      8, 2012</font><br><br><br>
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 20%; text-align: left" valign="top">
          Exhibit 99.1
        </td>
        <td style="padding-left: 0.0px; width: 80%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release issued by MBIA Inc. dated August 8, 2012.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50370568ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <u><font style="font-size: 12pt; font-family: Times New Roman"><b>MBIA
      Inc. Reports Second Quarter 2012 Financial Results</b></font></u>
    </p>
    <p>
      <u><font style="font-size: 12pt; font-family: Times New Roman"><b>Highlights</b></font></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>MBIA
        Inc.&#8217;s (the Company&#8217;s) Adjusted Book Value (ABV), a non-GAAP measure,
        was $31.23 per share at June 30, 2012 compared with $32.00 per share
        at March 31, 2012.</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>MBIA
        Inc.&#8217;s adjusted pre-tax loss, a non-GAAP measure, was $152 million for
        the second quarter of 2012 compared with adjusted pre-tax income of
        $161 million for the second quarter of 2011.</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>MBIA
        Inc. recorded net income available to common shareholders of $581
        million, or $2.98 per share, for the second quarter of 2012, compared
        with net income of $137 million, or $0.68 per share, for the second
        quarter of 2011.</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>During
        the second quarter of 2012, MBIA Insurance Corporation (MBIA Corp.)
        commuted $8.5 billion of insured exposure, all of which had been
        previously agreed to and disclosed. The commutations primarily
        comprised CMBS, CRE CDO, ABS CDO and subprime RMBS transactions.
        Commutations and agreements to commute insured exposures have totaled
        $67.6 billion since the beginning of the fourth quarter of 2008.</b></font>
      </li>
    </ul>
    <p>
      ARMONK, N.Y.--(BUSINESS WIRE)--August 8, 2012--MBIA Inc. (NYSE: MBI)
      today reported Adjusted Book Value (ABV) per share (a non-GAAP measure
      defined in the attached Explanation of Non-GAAP Financial Measures) of
      $31.23 per share at June 30, 2012 compared with $32.00 per share at
      March 31, 2012. Book value per share was $12.92 as of June 30, 2012.
    </p>
    <p>
      MBIA Inc.&#8217;s adjusted pre-tax loss (a non-GAAP measure defined in the
      attached Explanation of Non-GAAP Financial Measures) for the second
      quarter of 2012 was $152 million compared with adjusted pre-tax income
      of $161 million for the second quarter of 2011. The reduction in ABV and
      the adjusted pre-tax loss for the three months ended June 30, 2012 were
      driven primarily by losses on insured exposures. ABV and adjusted
      pre-tax income provide investors with additional views of the Company&#8217;s
      operating results that management finds useful in measuring financial
      performance.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Net income available to common shareholders for the second quarter of
      2012 was $581 million, or $2.98 per share, compared with net income of
      $137 million, or $0.68 per share, for the second quarter of 2011. The
      Company&#8217;s results for the second quarter of 2012 were driven by $1.2
      billion in pre-tax unrealized gains on insured credit derivatives. The
      unrealized gains on insured credit derivatives resulted from a
      combination of gains associated with commutations of insured exposures
      and the impact of a worsened market perception of MBIA Corp.&#8217;s credit
      quality. The Company is required to adjust the values of its derivative
      liabilities for the market's perception of its non-performance risk. The
      decrease in the value of the derivative liabilities attributable to the
      change in non-performance risk is reflected as a pre-tax unrealized gain
      on the income statement.
    </p>
    <p>
      &#8220;In the second quarter, we continued to see reductions in potential
      risks and sources of volatility in our business,&#8221; said MBIA Inc.
      President and Chief Financial Officer Chuck Chaplin. &#8220;As a result of
      commutation activity, our exposures to the riskiest CMBS pools and ABS
      CDOs have been reduced substantially. At this point, the CMBS exposures
      with the most significant potential future claims are with a single
      counterparty &#8211; a Bank of America subsidiary &#8211; whose affiliate,
      Countrywide, is currently in default of its contractual obligations to
      repurchase billions of dollars of ineligible mortgages from
      securitizations insured by MBIA Corp.
    </p>
    <p>
      &#8220;Beyond these issues, the insured portfolio in MBIA Corp. is approaching
      stability and National&#8217;s is performing in line with our expectations.
      The most significant litigation over the formation of National, the
      Article 78 proceeding, concluded in June and we are awaiting a decision
      from the Court. In the meantime, our fraud and breach of contract case
      against Bank of America and Countrywide is moving towards a 2013 trial,&#8221;
      Mr. Chaplin continued. &#8220;Insured claims on second- lien RMBS resumed
      their decline in the quarter, and an asset sale initiative at the
      holding company level bolstered its liquidity position.&#8221;
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Year-to-Date Results</b>
    </p>
    <p>
      Net income available to common shareholders for the six months ended
      June 30, 2012 was $591 million, or $3.03 per share, compared with a net
      loss of $1.1 billion, or $5.70 per share, for the six months ended June
      30, 2011. Net income for the six months ended June 30, 2012 and the net
      loss for the six months ended June 30, 2011 were, in each case, driven
      primarily by pre-tax unrealized changes to the fair value of insured
      derivatives. In the first six months of 2012, the Company recorded a
      $1.5 billion unrealized gain on insured credit derivatives compared with
      an unrealized loss of $1.3 billion in the first half of 2011.
    </p>
    <p>
      The adjusted pre-tax loss for the six months ended June 30, 2012 was
      $700 million compared with adjusted pre-tax income of $185 million in
      the comparable period of 2011. The unfavorable change for the six months
      ended June 30, 2012 was primarily due to increased reserves and
      impairments on insured exposures, an increase in operating expenses due
      to a significant increase in legal and litigation-related costs, lower
      net investment income and an increase in net investment losses related
      to other-than-temporary impairments.
    </p>
    <p>
      <b>Second Quarter 2012 Segment Results</b>
    </p>
    <p>
      The following is a summary of pre-tax results by segment for the second
      quarter of 2012:
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          $ in millions
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: center" valign="bottom">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>Structured</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <b>U.S. Public</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          <b>Finance and</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>Advisory</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>Finance</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>International</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>Services</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>Corporate</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>Wind-down</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2Q 2012 Pre-tax Income (Loss)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          148
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          645
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (81
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          795
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          2Q 2011 Pre-tax Income (Loss)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          144
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (125
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (3
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (167
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (147
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Second Quarter 2012 Adjusted Pre-Tax Income</b>
    </p>
    <p>
      The following is a summary of adjusted pre-tax income for the second
      quarter of 2012 where such results differ from pre-tax income calculated
      in accordance with GAAP. Adjusted pre-tax income is equal to GAAP
      pre-tax income for the U.S. Public Finance, Advisory Services, Corporate
      and Wind-down segments.
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          $ in millions
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="text-align: center" valign="bottom">
          <b>Structured</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center" valign="bottom">
          <b>Finance and</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>International</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          2Q 2012 Adj. Pre-tax Income (Loss)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (300
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (152
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          2Q 2011 Adj. Pre-tax Income (Loss)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          188
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          161
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>U.S. Public Finance Insurance Results</b>
    </p>
    <p>
      The Company&#8217;s U.S. public finance insurance business is primarily
      conducted through its National Public Finance Guarantee Corp. (National)
      subsidiary.
    </p>
    <p>
      The U.S. public finance insurance segment recorded $148 million of
      pre-tax income in the second quarter of 2012 compared with $144 million
      of pre-tax income in the second quarter of 2011. The modest improvement
      in pre-tax income in the second quarter of 2012 resulted from an
      increase in total premiums earned driven by higher refunding volume,
      partially offset by an increase in legal and litigation-related costs
      and expenses and a reduced benefit from loss and loss adjustment
      expenses.
    </p>
    <p>
      Total premiums earned in the U.S. public finance insurance segment were
      $130 million in the second quarter of 2012, up 23 percent from $106
      million of total premiums earned in the second quarter of 2011, as a
      decrease in scheduled premiums earned was more than offset by an
      increase in refunding premiums earned.
    </p>
    <p>
      Net investment income for the U.S. public finance insurance segment
      increased 4 percent to $56 million in the second quarter of 2012 from
      $54 million in the comparable period of 2011, primarily due to a higher
      yield on the $1.6 billion secured loan with MBIA Corp. relative to the
      previously invested assets.
    </p>
    <p>
      The U.S. public finance insurance segment&#8217;s loss and loss adjustment
      expenses were a benefit of $3 million in the second quarter of 2012
      compared with a benefit of $9 million in the second quarter of 2011.
    </p>
    <p>
      Expenses associated with the amortization of deferred acquisition costs
      totaled $26 million in the second quarter of 2012, up 13 percent from
      $23 million in the second quarter of 2011 and in line with insured
      portfolio amortization.
    </p>
    <p>
      Operating expenses were $28 million in the second quarter of 2012,
      compared with $19 million in the comparable period of 2011. The increase
      in operating expenses was driven by higher legal and litigation-related
      costs and expenses.
    </p>
    <p>
      As of June 30, 2012, National&#8217;s statutory capital was $3.0 billion and
      its claims-paying resources (as described in the attached Explanation of
      Non-GAAP Financial Measures) totaled $5.7 billion.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Structured Finance and International Insurance Results</b>
    </p>
    <p>
      The structured finance and international insurance business is primarily
      conducted through MBIA Corp. and its subsidiaries.
    </p>
    <p>
      The structured finance and international insurance segment had an
      adjusted pre-tax loss of $300 million for the second quarter of 2012
      compared with adjusted pre-tax income of $188 million for the second
      quarter of 2011. Premiums earned, net investment income, fees and
      reimbursements, and premiums and fees on insured derivatives totaled
      $138 million in the second quarter of 2012. All other line items in the
      aggregate, except losses and credit impairments (a non-GAAP measure
      defined in the attached Explanation of Non-GAAP Financial Measures), had
      a net $132 million negative impact on the adjusted pre-tax loss. Losses,
      credit impairments and loss-related expenses on insured exposures
      totaled $306 million in the second quarter of 2012, compared with a
      benefit of $150 million in the second quarter of 2011.
    </p>
    <p>
      The following is a summary of MBIA Corp.&#8217;s insured portfolio economic
      loss activity in the second quarter. Economic losses for a reporting
      period represent the change in the Company&#8217;s estimate of the present
      value of expected net future claims payments without regard to the
      manner in which they are presented in the Company&#8217;s financial statements.
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>2Q 2012 Economic Loss (Benefit)</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Activity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>Second-Lien</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          ($ in millions)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>RMBS</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>ABS CDOs</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>&#160;CMBS&#160;</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>&#160;Other*&#160;</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>&#160;Total&#160;</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Change in Expected Payments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $175
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $66
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $284
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          Change in Expected Salvage
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          26
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (2)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (4)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          22
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          <b>Total Economic Losses (Benefit)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>$67</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>$0</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>$171</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>$68</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>$306</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            * includes first-lien RMBS
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      In the second quarter, the Company increased its expectations of future
      payments on second-lien RMBS exposures by $41 million reflecting slower
      than expected declines in early stage delinquencies within these
      transactions. Expected salvage declined by $26 million reflecting a
      reduction in anticipated recoveries on certain insured transactions
      sponsored by GMAC Mortgage, LLC and Residential Funding Company, LLC
      following their bankruptcy filings and a decrease in expected recoveries
      from excess spread due to faster principal repayment on the underlying
      loans, partially offset by an increase in expected recoveries from
      contractual claims related to ineligible mortgage loans improperly
      included in the insured securitizations. The Company&#8217;s estimates for
      expected recoveries related to &#8220;put-backs&#8221; of ineligible mortgage loans
      totaled $3.2 billion as of June 30, 2012. However, based on its
      assessment of the strength of its contract claims, the Company continues
      to believe it is entitled to collect the full amount of its cumulative
      incurred losses on these transactions, which totaled $4.9 billion as of
      June 30, 2012.
    </p>
    <p>
      In the second quarter of 2012, the Company estimated $171 million of
      incremental economic losses on certain insured transactions backed by
      pools of CMBS. The increase reflects additional deterioration within
      some insured transactions.
    </p>
    <p>
      Included in the $68 million of &#8220;Other&#8221; economic loss activity was
      approximately $57 million of losses on insured first-lien mortgage loan
      securitizations where recoveries of advances by the servicers of the
      underlying loans led to higher than expected loss severities.
    </p>
    <p>
      Portions of the $306 million of total economic losses are on policies
      subject to insurance accounting while other amounts relate to losses on
      insured VIEs or insured credit derivatives for which GAAP specifies
      different accounting. The following is a summary of second quarter
      economic losses based on those categories:
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2Q 2012 Economic Losses (Benefit)</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          $ in millions
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Change in Expected Payments
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $86
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Change in Insurance Recoveries
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (21)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Loss &amp; LAE Expense on Policies Subject to Insurance Accounting
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $65
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Credit Impairments on Insured VIEs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $81
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Credit Impairments on Insured Credit Derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $160
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          LAE on Insured Credit Derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Credit Impairments and LAE on Insured Credit Derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $160
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Total Economic Losses (Benefit)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>&#160;&#160;&#160;$306</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Net payment activity on second-lien RMBS exposures consisted of the
      following:
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          $ in millions
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>&#160;&#160;Q2 2011</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>&#160;&#160;Q1 2012</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>&#160;&#160;Q2 2012</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Paid Claims
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $213
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $169
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $139
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Collections on Paid Claims
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (9)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (7)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (6)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          Paid LAE (net of collections)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          22
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          14
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          35
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          <b>Net Payments</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>$226</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>$176</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>$168</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Claims payments on insured second-lien RMBS exposures totaled $139
      million in the second quarter of 2012 compared with $169 million in the
      first quarter of 2012 and $213 million in the second quarter of 2011.
    </p>
    <p>
      As of June 30, 2012, MBIA Corp.&#8217;s statutory balance sheet reflected $1.3
      billion in cash and invested assets including $534 million of cash,
      short-term investments and other highly liquid investments available to
      meet liquidity demands, and excluding amounts held by subsidiaries. The
      payments made to counterparties in connection with commutations of
      insured exposures since the end of 2011 were primarily funded through
      increases to the outstanding balance of a secured loan from National to
      MBIA Corp., which currently totals $1.6 billion. The Company believes
      that MBIA Corp.&#8217;s liquidity resources, including expected cash inflows,
      will adequately provide for anticipated cash outflows.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      MBIA Corp. had statutory capital of $1.7 billion and claims-paying
      resources totaling $5.2 billion at June 30, 2012.
    </p>
    <p>
      <b>Advisory Services</b>
    </p>
    <p>
      The Company&#8217;s Advisory Services business is primarily conducted in its
      Cutwater Asset Management subsidiaries. Cutwater recorded pre-tax income
      of $299 thousand in the second quarter of 2012 compared with a pre-tax
      loss of $3 million in the second quarter of 2011. The improvement in
      pre-tax income in the second quarter of 2012 compared with the second
      quarter of 2011 was primarily the result of a $4 million non-recurring
      fee from a non-insurance affiliate.
    </p>
    <p>
      Cutwater&#8217;s third-party average assets under management in the second
      quarter totaled $20.0 billion, down 5 percent from $21.0 billion in the
      first quarter of 2012.
    </p>
    <p>
      <b>Corporate Segment</b>
    </p>
    <p>
      The Corporate segment comprises MBIA Inc.&#8217;s holding company activities
      and certain subsidiaries, including Optinuity Alliance Resources
      Corporation. The Corporate segment recorded pre-tax income of $28
      million in the second quarter of 2012 compared with a pre-tax loss of $1
      million in the second quarter of 2011. The improvement in the Corporate
      segment's pre-tax income was driven by a $35 million fee paid by the
      Company&#8217;s conduit segment in the second quarter of 2012 for
      administrative and other services. The fees for these services may vary
      significantly from period to period.
    </p>
    <p>
      As of June 30, 2012, the corporate activities of MBIA Inc. had $290
      million of cash and highly liquid assets available for general corporate
      liquidity purposes.
    </p>
    <p>
      <b>Wind-down Operations</b>
    </p>
    <p>
      The Company&#8217;s wind-down operations comprise its ALM and Conduit
      businesses, both of which are in run-off.
    </p>
    <p>
      The Company&#8217;s wind-down operations recorded a pre-tax loss of $81
      million in the second quarter of 2012 compared with a pre-tax loss of
      $167 million in the second quarter of 2011. The pre-tax loss in the
      second quarter of 2012 was driven by a $59 million net loss on financial
      instruments at fair value and foreign exchange resulting primarily from
      losses on asset sales to the Corporate segment and $35 million in VIE
      operating expenses resulting from a fee paid to a non-insurance
      affiliate for administrative and other services, partially offset by $33
      million in net gains on the extinguishment of debt. The losses on asset
      sales to the Corporate segment are not reflected in the Company&#8217;s
      consolidated financial statements due to intercompany eliminations. The
      pre-tax loss in the second quarter of 2011 was driven by a $133 million
      net loss on financial instruments at fair value and foreign exchange,
      primarily from mark-to-market losses resulting from a combination of an
      improved market perception of MBIA Corp.'s credit quality as well as
      adverse movements in interest rates and currency exchange rates.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Ongoing negative net interest spread in the ALM business, a portion of
      which is included in the $59 million net loss on financial instruments
      at fair value and foreign exchange, totaled approximately $32 million in
      the quarter.
    </p>
    <p>
      As of June 30, 2012, the ALM business had cash and short-term
      investments of $330 million, of which $46 million was not pledged
      directly as collateral. An additional $327 million of cash and
      short-term investments as of June 30, 2012 was pledged to a swap
      counterparty and netted against the derivative liability in the
      Company&#8217;s financial statements.
    </p>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      The Company will host a webcast and conference call for investors
      tomorrow, Thursday, August 9, 2012 at 8:00 AM (EDT) to discuss its
      second quarter financial results and other matters relating to the
      Company. The webcast and conference call will consist of brief remarks
      followed by a question and answer session.
    </p>
    <p>
      The dial-in number for the call is (877) 694-4769 in the U.S. and (404)
      665-9935 from outside the U.S. The conference call code is 10806207. A
      live webcast of the conference call will also be accessible on <u>www.mbia.com</u>.
    </p>
    <p>
      A replay of the call will be available approximately two hours after the
      completion of the call on August 9 until 11:59 p.m. on August 23 by
      dialing (800) 585-8367 in the U.S. or (404) 537-3406 from outside the
      U.S. The replay call code is also 10806207. In addition, a recording of
      the call will be available on the Company's website approximately two
      hours after the completion of the call.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      The information contained in this press release should be read in
      conjunction with our filings made with the Securities and Exchange
      Commission. This release includes statements that are not historical or
      current facts and are &#8220;forward-looking statements&#8221; made pursuant to the
      safe harbor provisions of the Private Securities Litigation Reform Act
      of 1995. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221;
      &#8220;intend,&#8221; &#8220;will likely result,&#8221; &#8220;looking forward&#8221; or &#8220;will continue,&#8221;
      and similar expressions identify forward-looking statements. These
      statements are subject to certain risks and uncertainties that could
      cause actual results to differ materially from historical earnings and
      those presently anticipated or projected, including, among other risks
      and uncertainties, whether the Company will realize, or will be delayed
      in realizing, insurance loss recoveries expected in disputes with
      sellers/servicers of RMBS transactions at the levels recorded in its
      financial statements, the possibility that the Company will experience
      severe losses or liquidity needs due to increased deterioration in its
      insurance portfolios and in particular, due to the performance of CDOs
      including multi-sector, CMBS and CRE CDOs and RMBS, the failure to
      obtain regulatory approval to implement our risk reduction and liquidity
      strategies, the possibility that loss reserve estimates are not adequate
      to cover potential claims, the Company&#8217;s ability to access capital and
      the Company&#8217;s exposure to significant fluctuations in liquidity and
      asset values within the global credit markets, in particular in the ALM
      business, the Company&#8217;s ability to fully implement its strategic plan,
      including its ability to achieve high stable ratings for National or any
      other insurance subsidiaries, and the Company&#8217;s ability to commute
      certain of its insured exposures, including as a result of limited
      available liquidity, the Company&#8217;s ability to favorably resolve
      litigation claims against the Company, and changes in general economic
      and competitive conditions. These and other factors that could affect
      financial performance or could cause actual results to differ materially
      from estimates contained in or underlying the Company&#8217;s forward-looking
      statements are discussed under the &#8220;Risk Factors&#8221; section in MBIA Inc.&#8217;s
      most recent Annual Report on Form 10-K and Quarterly Report on Form
      10-Q, which may be updated or amended in the Company&#8217;s subsequent
      filings with the Securities and Exchange Commission. The Company
      cautions readers not to place undue reliance on any such forward-looking
      statements, which speak only to their respective dates. The Company
      undertakes no obligation to publicly correct or update any
      forward-looking statement if it later becomes aware that such result is
      not likely to be achieved.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      MBIA Inc., headquartered in Armonk, New York is a holding company whose
      subsidiaries provide financial guarantee insurance, as well as related
      reinsurance, advisory and portfolio services, for the public and
      structured finance markets, and asset management advisory services. The
      Company services its clients around the globe with offices in New York,
      Denver, San Francisco, Paris, London, Madrid and Mexico City. Please
      visit MBIA's website at <u>www.mbia.com</u>.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Explanation of Non-GAAP Financial Measures</b>
    </p>
    <p>
      The following are explanations of why MBIA believes that the non-GAAP
      financial measures used in this press release, which serve to supplement
      GAAP information, are meaningful to investors.
    </p>
    <p>
      <b>Adjusted Book Value:</b> Adjusted Book Value (ABV), a non-GAAP
      measure, is used by the Company to supplement its analysis of GAAP book
      value. The Company uses ABV as a measure of fundamental value and
      considers the change in ABV an important measure of periodic financial
      performance. ABV adjusts GAAP book value to remove the impact of certain
      items which the Company believes will reverse over time, as well as to
      add in the impact of certain items which the Company believes will be
      realized in GAAP book value in future periods. The Company has limited
      such adjustments to those items that it deems to be important to
      fundamental value and performance and which the likelihood and amount
      can be reasonably estimated. ABV assumes no new business activity. The
      Company has presented ABV to allow investors and analysts to evaluate
      the Company using the same measure that MBIA&#8217;s management regularly uses
      to measure financial performance. ABV is not a substitute for and should
      not be viewed in isolation from GAAP book value.
    </p>
    <p>
      ABV is calculated on a consolidated basis and a segment basis. ABV by
      segment provides information about each segment&#8217;s contribution to
      consolidated ABV and is calculated using the same formula. ABV per share
      represents that amount of ABV allocated to each common share outstanding
      at the measurement date.
    </p>
    <p>
      <b>Adjusted Pre-tax Income</b>: Adjusted pre-tax income, a non-GAAP
      measure, is used by the Company to supplement its analysis of GAAP
      pre-tax income. The Company uses adjusted pre-tax income as a measure of
      fundamental periodic financial performance. Adjusted pre-tax income
      adjusts GAAP pre-tax income to remove the effects of consolidating
      insured VIEs and gains and losses related to fair valuing insured credit
      derivatives, which the Company believes will reverse over time, and adds
      in changes in the present value of insurance claims the Company expects
      to pay on insured credit derivatives based on its ongoing insurance loss
      monitoring and loss adjustment expenses. Adjusted pre-tax income is not
      a substitute for and should not be viewed in isolation from GAAP pre-tax
      income and the Company&#8217;s definition of adjusted pre-tax income may
      differ from that used by other companies.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Claims-paying Resources (CPR)</b>: CPR is a key measure of the
      resources available to National and MBIA Corp. to pay claims under their
      respective insurance policies. CPR consists of total financial resources
      and reserves calculated on a statutory basis. CPR has been a common
      measure used by financial guarantee insurance companies to report and
      compare resources and continues to be used by MBIA&#8217;s management to
      evaluate changes in such resources. The Company has provided CPR to
      allow investors and analysts to evaluate National and MBIA Corp. using
      the same measure that MBIA&#8217;s management uses to evaluate their resources
      to pay claims under their respective insurance policies. There is no
      directly comparable GAAP measure.
    </p>
    <p>
      <b>Credit Impairments on Insured Derivatives</b>: Credit impairments on
      insured derivatives represent actual payments for the period plus the
      present value of the Company&#8217;s estimate of expected future claim
      payments for such transactions, using a discount rate required by
      statutory accounting principles, plus loss adjustment expenses.<b> </b>Since
      the Company&#8217;s insured credit derivatives have similar terms, conditions,
      risks, and economic profiles to its financial guarantee insurance
      policies, the Company evaluates them for impairment periodically in the
      same way that it estimates loss and LAE for its financial guarantee
      insurance policies. Credit impairments on insured derivatives are equal
      to the Company&#8217;s statutory losses and loss adjustment expenses for such
      contracts.
    </p>
    <p>
      Credit impairments on insured derivatives may differ from the fair
      values recorded in the Company&#8217;s financial statements. The Company
      expects that the majority of its exposure written in derivative form
      will not be settled at fair value. The fair value of an insured
      derivative contract will be influenced by a variety of market and
      transaction-specific factors that may be unrelated to potential future
      claim payments. In the absence of credit impairments or the termination
      of derivatives at losses, the cumulative unrealized losses recorded from
      fair valuing insured derivatives should reverse before or at the
      maturity of the contracts. Contracts also may be settled prior to
      maturity at amounts that may be more or less than their recorded fair
      values. Those settlements can result in realized gains or losses, and
      the reversal of unrealized losses. For these reasons, the Company
      believes its disclosure of credit impairments on insured derivatives
      provides additional meaningful information to investors about potential
      realized losses on these contracts.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="15" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="15" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>CONSOLIDATED BALANCE SHEETS (Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="15" style="padding-left: 0.0px; text-align: center" valign="top">
          (dollars in millions except per share amounts)
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>&#160;&#160;June 30, 2012&#160;&#160;</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="4" style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="top">
          <b>December 31, 2011</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Investments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Fixed-maturity securities held as available-for-sale, at fair value
          (amortized cost
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 40.0px; text-align: left" valign="top">
          $4,724 and $6,259)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4,912
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,177
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Fixed-maturity securities at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          227
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          295
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Investments pledged as collateral, at fair value (amortized cost
          $397 and $642)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          308
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          543
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Short-term investments held as available-for-sale, at fair value
          (amortized
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 40.0px; text-align: left" valign="top">
          cost $1,591 and $1,577)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,596
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,571
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Other investments (includes investments at fair value of $50 and $96)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          61
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          107
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 60.0px; text-align: left" valign="top">
          Total investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7,104
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8,693
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          269
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          473
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Premiums receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,262
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,360
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          324
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          351
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Insurance loss recoverable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,212
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,046
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Property and equipment, at cost (less accumulated depreciation of
          $142 and $139)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          70
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          69
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,396
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,745
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          254
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          243
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Assets of consolidated variable interest entities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Cash
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          145
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          160
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Investments held-to-maturity, at amortized cost
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 40.0px; text-align: left" valign="top">
          (fair value $2,896 and $3,489)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,843
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Fixed-maturity securities held as available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 40.0px; text-align: left" valign="top">
          (amortized cost $567 and $473)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          537
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          432
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Fixed-maturity securities at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,733
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,884
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Loans receivable at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,903
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,046
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Loan repurchase commitments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,032
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,077
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Derivative assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          450
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 4.0px; padding-left: 60.0px; text-align: left" valign="top">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>22,295</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>26,873</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Liabilities and Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Unearned premium revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,208
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,515
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Loss and loss adjustment expense reserves
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          835
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          836
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Investment agreements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,171
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,578
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Medium-term notes (includes financial instruments carried at
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 40.0px; text-align: left" valign="top">
          fair value $151 and $165)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,566
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,656
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Securities sold under agreements to repurchase
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          287
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,837
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,840
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Derivative liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,329
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,164
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          407
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          391
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Liabilities of consolidated variable interest entities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 40.0px; text-align: left" valign="top">
          Variable interest entity notes (includes financial instruments
          carried
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 60.0px; text-align: left" valign="top">
          at fair value $3,638 and $4,754)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7,227
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8,697
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 40.0px; text-align: left" valign="top">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          360
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 40.0px; text-align: left" valign="top">
          Derivative liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          186
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          825
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left" valign="top">
          Other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 60.0px; text-align: left" valign="top">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>19,770</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>25,150</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Equity:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Preferred stock, par value $1 per share; authorized
            shares&#8211;10,000,000;
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 40.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            issued and outstanding &#8211; none
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, par value $1 per share; authorized
            shares&#8211;400,000,000;
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 40.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            issued shares &#8211; 275,479,642 and 274,896,162
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          275
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          275
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,071
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,072
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,396
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          805
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 20.0px; text-align: left" valign="top">
          Accumulated other comprehensive income (loss), net of deferred
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 40.0px; text-align: left" valign="top">
          tax of $9 and $105
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (176
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Treasury stock, at cost &#8211; 81,732,274 and 81,752,966 shares
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (2,275
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (2,276
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 60.0px; text-align: left" valign="top">
          Total shareholders' equity of MBIA Inc.
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,503
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,700
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Preferred stock of subsidiary and noncontrolling interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          22
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          23
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 60.0px; text-align: left" valign="top">
          <b>Total equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>2,525</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>1,723</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 4.0px; padding-left: 60.0px; text-align: left" valign="top">
          <b>Total liabilities and equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>22,295</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          <b>26,873</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="33" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="33" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>STATEMENTS OF OPERATIONS (Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="33" style="padding-left: 0.0px; text-align: center" valign="top">
          (in millions)
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Structured</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>U.S.</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>Finance and</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>Public Finance</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>International</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Advisory</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          <b>Three months ended June 30, 2012</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Insurance</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Insurance</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Services</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>Wind-down</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>(National)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>(MBIA Corp.)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>(Cutwater)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Corporate</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Operations</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Subtotal</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Eliminations</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Premiums earned:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Scheduled premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          57
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          59
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          116
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (6
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          110
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Refunding premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          73
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          73
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (12
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          61
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 60.0px; text-align: left" valign="top">
          Total premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          130
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          59
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          189
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (18
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          171
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          56
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          81
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (21
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          60
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          56
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          115
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (95
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Change in fair value of insured derivatives:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Realized gains (losses) and other settlements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 45.0px; text-align: left" valign="top">
          on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (428
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (428
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (428
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 30.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Unrealized gains (losses) on insured derivatives
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1,203
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1,203
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1,203
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 45.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Net change in fair value of insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          775
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          775
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          775
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Net gains (losses) on financial instruments at
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          fair value and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (14
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (59
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (59
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          53
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (6
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Investment losses related to
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          other-than-temporary impairments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Investment losses related to
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 45.0px; text-align: left" valign="top">
          other-than-temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Other-than-temporary impairments recognized
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 45.0px; text-align: left" valign="top">
          in accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 60.0px; text-align: left" valign="top">
          Net investment losses related to
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 75.0px; text-align: left" valign="top">
          other-than-temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Revenues of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          17
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Net gains (losses) on financial instruments at
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 45.0px; text-align: left" valign="top">
          fair value and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (36
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (36
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (34
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          199
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          843
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          70
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (11
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (78
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,039
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          65
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          62
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          26
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          31
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          57
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (42
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          15
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          105
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (27
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          78
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          59
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          26
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          99
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (28
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          71
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Expenses of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          35
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          39
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (36
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          15
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          51
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          198
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          16
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          42
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          70
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          377
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (133
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          244
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          <b>Pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          148
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          645
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          28
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (81
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          740
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          55
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          795
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          Provision (benefit) for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          214
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          <b>Net income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          581
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="35" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="35" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>STATEMENTS OF OPERATIONS (Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="35" style="padding-left: 0.0px; text-align: center" valign="top">
          (in millions)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Structured</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>U.S.</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Finance and</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>Public Finance</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>International</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Advisory</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          <b>Three months ended June 30, 2011</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Insurance</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Insurance</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Services</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>Wind-down</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>(National)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>(MBIA Corp.)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>(Cutwater)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Corporate</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Operations</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Subtotal</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Eliminations</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Premiums earned:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Scheduled premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          75
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          55
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          130
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (14
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          116
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Refunding premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          31
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          39
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (6
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 60.0px; text-align: left" valign="top">
          Total premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          106
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          63
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          169
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (20
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          149
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          54
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          17
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          90
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          95
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          26
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          17
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          23
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          68
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (57
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Change in fair value of insured derivatives:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Realized gains (losses) and other settlements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 45.0px; text-align: left" valign="top">
          on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (192
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (191
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (191
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 30.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Unrealized gains (losses) on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          116
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          116
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          116
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 45.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Net change in fair value of insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (76
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (75
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (75
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Net gains (losses) on financial instruments at
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          fair value and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (133
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (103
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (103
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Investment losses related to
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          other-than-temporary impairments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Investment losses related to
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 45.0px; text-align: left" valign="top">
          other-than-temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (6
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (6
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Other-than-temporary impairments recognized
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 45.0px; text-align: left" valign="top">
          in accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (14
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (14
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (14
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 60.0px; text-align: left" valign="top">
          Net investment losses related to
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 75.0px; text-align: left" valign="top">
          other-than-temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (18
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (20
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (20
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Revenues of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          16
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Net gains (losses) on financial instruments at
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 45.0px; text-align: left" valign="top">
          fair value and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          22
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 30.0px; text-align: left" valign="top">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          177
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          59
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          17
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (126
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          165
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (67
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          98
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (9
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          59
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          50
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          50
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          23
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          40
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          63
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (40
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          23
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          99
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (24
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          75
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          81
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (6
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          75
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Expenses of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          15
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          184
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          20
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          39
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          41
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          317
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (72
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          245
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          <b>Pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          144
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (125
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (3
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (167
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (152
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          5
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (147
        </td>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          Provision (benefit) for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (284
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          <b>Net income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          137
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="36" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="36" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>STATEMENTS OF OPERATIONS (Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="36" style="padding-left: 0.0px; text-align: center" valign="top">
          (in millions)
        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Structured</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>U.S.</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Finance and</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>Public Finance</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>International</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Advisory</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          <b>Six months ended June 30, 2012</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Insurance</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Insurance</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Services</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>Wind-down</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>(National)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>(MBIA Corp.)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>(Cutwater)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Corporate</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Operations</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Subtotal</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Eliminations</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; text-align: left" valign="top">
          Premiums earned:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 30.0px; text-align: left" valign="top">
          Scheduled premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          116
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          105
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          221
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (15
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          206
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Refunding premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          120
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          120
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (17
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          103
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 60.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Total premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          236
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          105
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          341
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (32
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          309
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; text-align: left" valign="top">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          161
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (39
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          122
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; text-align: left" valign="top">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          66
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          29
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          79
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          177
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (150
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          27
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; text-align: left" valign="top">
          Change in fair value of insured derivatives:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 30.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Realized gains (losses) and other settlements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 45.0px; text-align: left" valign="top">
          on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (432
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (432
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (432
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-bottom: 2.0px; padding-left: 30.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Unrealized gains (losses) on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1,506
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1,506
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1,506
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 45.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Net change in fair value of insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,074
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,074
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,074
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Net gains (losses) on financial instruments at
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 30.0px; text-align: left" valign="top">
          fair value and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          21
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (132
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (100
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          75
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (25
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; text-align: left" valign="top">
          Investment losses related to
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 30.0px; text-align: left" valign="top">
          other-than-temporary impairments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 30.0px; text-align: left" valign="top">
          Investment losses related to
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 45.0px; text-align: left" valign="top">
          other-than-temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (52
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (55
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (55
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 30.0px; text-align: left" valign="top">
          Other-than-temporary impairments recognized
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-bottom: 2.0px; padding-left: 45.0px; text-align: left" valign="top">
          in accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (38
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (42
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (42
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 60.0px; text-align: left" valign="top">
          Net investment losses related to
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 75.0px; text-align: left" valign="top">
          other-than-temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (41
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (56
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (97
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (97
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; text-align: left" valign="top">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; text-align: left" valign="top">
          Revenues of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 30.0px; text-align: left" valign="top">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          34
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 30.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Net gains (losses) on financial instruments at
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 45.0px; text-align: left" valign="top">
          fair value and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (67
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (67
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (61
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 30.0px; text-align: left" valign="top">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          370
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,182
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          29
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          99
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (120
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,560
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (138
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,422
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; text-align: left" valign="top">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          148
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          159
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          159
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; text-align: left" valign="top">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          49
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          57
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          106
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (78
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          28
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; text-align: left" valign="top">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          85
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          52
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (52
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          235
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; text-align: left" valign="top">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          113
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          29
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          56
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          198
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (53
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          145
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 15.0px; text-align: left" valign="top">
          Expenses of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 30.0px; text-align: left" valign="top">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          35
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          46
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (37
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 30.0px; text-align: left" valign="top">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          22
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          168
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          436
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          81
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          108
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          826
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (220
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          606
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          <b>Pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          202
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          746
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          18
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (228
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          734
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          82
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          816
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          Provision (benefit) for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          225
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          <b>Net income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          591
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="33">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="33" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="33" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>STATEMENTS OF OPERATIONS (Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="33" style="padding-left: 0.0px; text-align: center" valign="top">
          (in millions)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Structured</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>U.S.</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>Finance and</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>Public Finance</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>International</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Advisory</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          <b>Six months ended June 30, 2011</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Insurance</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Insurance</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Services</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>Wind-down</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>(National)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="top">
          <b>(MBIA Corp.)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>(Cutwater)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Corporate</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Operations</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Subtotal</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Eliminations</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Premiums earned:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Scheduled premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          152
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          122
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          274
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (31
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          243
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Refunding premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          43
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          51
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (8
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          43
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 60.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Total premiums earned
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          195
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          130
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          325
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (39
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          286
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          112
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          48
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          201
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          209
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          53
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          45
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          134
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (109
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Change in fair value of insured derivatives:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Realized gains (losses) and other settlements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 45.0px; text-align: left" valign="top">
          on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (547
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (546
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (546
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 30.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Unrealized gains (losses) on insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (1,307
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (1,307
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (1,307
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 45.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Net change in fair value of insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,854
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,853
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,853
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Net gains (losses) on financial instruments at
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          fair value and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          17
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          39
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (216
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (127
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (127
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Investment losses related to
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          other-than-temporary impairments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Investment losses related to
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 45.0px; text-align: left" valign="top">
          other-than-temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (11
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (13
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (13
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Other-than-temporary impairments recognized
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 45.0px; text-align: left" valign="top">
          in accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (18
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (20
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (20
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 60.0px; text-align: left" valign="top">
          Net investment losses related to
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; text-align: left" valign="top">
          other-than-temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (29
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (33
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (33
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          24
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          24
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          26
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Revenues of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          34
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Net gains (losses) on financial instruments at
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 45.0px; text-align: left" valign="top">
          fair value and foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (113
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (101
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (85
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          329
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,679
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          84
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (157
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,391
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (119
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,510
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (5
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          73
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          114
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (75
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          39
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          69
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          50
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          199
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (49
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          150
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          67
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          66
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          163
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (13
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          150
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Expenses of consolidated VIEs:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          17
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          21
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          74
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          267
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          36
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          80
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          83
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          540
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (140
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          400
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          <b>Pre-tax income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          255
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (1,946
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          4
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (240
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (1,931
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          21
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,910
        </td>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          Provision (benefit) for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (772
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          <b>Net income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (1,138
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="21" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>MBIA INC. AND SUBSIDIARIES</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="21" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>ADJUSTED PRE-TAX INCOME (LOSS) RECONCILIATION </b></u><b><u><sup>(1)</sup></u></b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="21" style="padding-left: 0.0px; text-align: center" valign="top">
          (in millions)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2011</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2011</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Adjusted total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          317
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          178
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          432
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          509
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Adjusted total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          469
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          17
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1,132
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          324
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Adjusted pre-tax income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (152
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          161
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (700
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          185
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Additions to adjusted pre-tax income (loss):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Impact of consolidating certain VIEs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          29
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          43
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          58
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Mark-to-market gain (loss) on insured credit derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,203
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          88
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,506
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,503
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Subtractions from adjusted pre-tax income (loss):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          Impairments on insured credit derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          285
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          439
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          23
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          650
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          Pre-tax income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          795
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (147
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          816
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (1,910
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="21" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>STRUCTURED FINANCE &amp; INTERNATIONAL INSURANCE (MBIA CORP.)</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="21" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>ADJUSTED PRE-TAX INCOME (LOSS) RECONCILIATION </b></u><b><u><sup>(1)</sup></u></b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="21" style="padding-left: 0.0px; text-align: center" valign="top">
          (in millions)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2011</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2011</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Adjusted total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          122
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          143
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          214
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          357
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Adjusted total expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          422
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          (45
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          960
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          189
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Adjusted pre-tax income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (300
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          188
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (746
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          168
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Additions to adjusted pre-tax income (loss):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Impact of consolidating certain VIEs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          39
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 15.0px; text-align: left" valign="top">
          Mark-to-market gain (loss) on insured credit derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,203
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          88
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,506
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,503
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Subtractions from adjusted pre-tax income (loss):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          Impairments on insured credit derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          285
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          439
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          23
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          650
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          Pre-tax income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          645
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (125
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          746
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          (1,946
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="19" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(1)</sup> A non-GAAP measure; please see Explanation of
            Non-GAAP Financial Measures.
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="10" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Components of Adjusted Book Value per Share:</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">

        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="top">

        </td>
        <td colspan="2" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>&#160;&#160;June 30,&#160;&#160;</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">

        </td>
        <td colspan="2" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: right" valign="top">

        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: right" valign="top">

        </td>
        <td colspan="2" style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2012</b>
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center" valign="top">

        </td>
        <td colspan="2" style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2011</b>
          </p>
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center" valign="top">

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>&#160;&#160;Change&#160;&#160;</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Reported Book Value</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $12.92
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $8.80
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $4.12
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Adjustments for items included in book value per share (after-tax):
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Cumulative net loss from consolidating certain VIEs<sup> (1)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.78
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.82
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          ($0.04
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Cumulative unrealized loss on insured credit derivatives
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11.02
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          16.12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          ($5.10
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Net unrealized (gains) losses included in OCI
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (0.39
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.85
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          ($1.24
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Adjustments for items not included in book value per share
          (after-tax):
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Net unearned premium revenue<sup> (2) (3)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          10.49
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11.65
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          ($1.16
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Cumulative impairments on insured credit derivatives
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3.59
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3.74
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.15
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          <b>Adjusted Book Value</b> <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $31.23
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $34.50
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          ($3.27
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="top">
          <sup>(1)</sup>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Represents the impact on consolidated total equity of VIEs that are
          not considered business enterprises of the Company.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="top">
          <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            The discount rate on financial guarantee installment premiums was
            the risk free rate as defined by accounting principles for
            financial guarantee insurance contracts and the discount rate on
            insured derivative installment revenue and impairments was 5.0%.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="top">
          <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            The amounts consist of installment and upfront financial guarantee
            premiums, insured derivative revenue and deferred
            commitment/structuring fees, net of deferred acquisition costs.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="top">
          <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          A non-GAAP measure; please see Explanation of Non-GAAP Financial
          Measures.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Net Income (Loss) per Common Share:</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="top">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2012</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2011</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2012</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap" valign="bottom">
          <b>2011</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $2.99
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.69
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $3.05
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          ($5.70)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $2.98
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.68
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $3.03
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          ($5.70)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="6" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Weighted-Average Number of Common Shares Outstanding:</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          193,926,953
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          199,295,797
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          193,700,328
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          199,602,865
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          194,941,233
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          200,064,679
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          194,763,617
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          199,602,865
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="12" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>INSURANCE OPERATIONS</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Selected Financial Data Computed on a Statutory Basis</b>
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="11" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (dollars in millions)
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 10.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>National Public Finance Guarantee Corporation</b></u>
          </p>
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>&#160;<u>June 30, 2012</u></b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>December 31, 2011</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Policyholders' surplus
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,643.2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,423.7
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="top">
          Contingency reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1,328.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1,385.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Statutory capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,972.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,809.0
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Unearned premium reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,284.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,484.9
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="top">
          Present value of installment premiums <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          230.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          239.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Premium resources<sup> (2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,514.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,723.9
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Net loss and loss adjustment expense reserves <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (13.8
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3.4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="top">
          Salvage reserves
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          182.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          161.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Gross loss and loss adjustment expense reserves
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          168.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          157.8
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 25.0px; text-align: left" valign="top">
          Total claims-paying resources
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          5,655.0
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          5,690.7
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Net debt service outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          579,404.2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          635,653.0
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Capital ratio<sup> (3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          195:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          226:1
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Claims-paying ratio<sup> (4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          121:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          134:1
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>MBIA Insurance Corporation</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>June 30, 2012</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>December 31, 2011</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Policyholders' surplus
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,239.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,596.6
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="top">
          Contingency reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          463.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          706.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Statutory capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,702.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,303.0
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Unearned premium reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          594.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          607.1
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="top">
          Present value of installment premiums <sup>(5)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1,085.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          1,225.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Premium resources<sup> (2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,679.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,832.9
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="top">
          Net loss and loss adjustment expense reserves <sup>(5)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2,474.7
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2,266.4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="top">
          Salvage reserves <sup>(6)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          4,319.8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap" valign="bottom">
          4,249.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Gross loss and loss adjustment expense reserves
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,845.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,982.6
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 25.0px; text-align: left" valign="top">
          Total claims-paying resources
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          5,227.2
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap" valign="bottom">
          6,118.5
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Net debt service outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          152,830.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          180,805.3
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Capital ratio<sup> (3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          90:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          79:1
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Claims-paying ratio<sup> (4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          33:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          33:1
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="top">
          <sup>(1)</sup>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          At June 30, 2012 and December 31, 2011 the discount rate was 4.77%.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="top">
          <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          The amounts consist of Financial Guarantee premiums and Insured
          Derivative premiums.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="top">
          <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net debt service outstanding divided by statutory capital.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="top">
          <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net debt service outstanding divided by the sum of statutory
            capital, unearned premium reserve (after-tax), present value of
            installment premiums (after-tax), net loss and loss adjustment
            expense reserves and salvage reserves.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="top">
          <sup>(5)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          At June 30, 2012 and December 31, 2011 the discount rate was 5.59%.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="top">
          <sup>(6)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            The amount primarily consists of expected recoveries related to
            the Company's put-back claims of ineligible mortgage loans.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>MBIA Inc.</b><br><b>Media:</b><br>Kevin Brown<b>,</b>
      +1-914-765-3648<br>or<br><b>Investor Relations:</b><br>Greg Diamond<b>,</b>
      +1-914-765-3190
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
