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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2013
Text Block [Abstract] |
Summary Of Company's Segment Results |
|  |  |  | Three Months Ended June 30, 2013
|  |  |  | U.S. |  | Structured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  | Finance and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  | International |  | Advisory |  |  |  |  | Wind-down |  |  |  |  |  |  |
In millions |  | Insurance |  | Insurance |  | Services |  | Corporate |  | Operations |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 113 |  | $ | 39 |  | $ | 6 |  | $ | 4 |  | $ | 6 |  | $ | - |  |  | $ | 168
Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | - |  |  | (182) |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | (182)
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| and foreign exchange |  |  | (2) |  |  | 12 |  |  | - |  |  | (4) |  |  | (12) |  |  | - |  |  |  | (6)
Net investment losses related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| to other-than-temporary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| extinguishment of debt |  |  | 22 |  |  | 17 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 39
Revenues of consolidated VIEs |  |  | - |  |  | 97 |  |  | - |  |  | (9) |  |  | 5 |  |  | - |  |  |  | 93
Inter-segment revenues(2) |  |  | 3 |  |  | (5) |  |  | 5 |  |  | (5) |  |  | - |  |  | 2 |  |  |  | -
|  | Total revenues |  |  | 136 |  |  | (22) |  |  | 11 |  |  | (14) |  |  | (1) |  |  | 2 |  |  |  | 112
Losses and loss adjustment |  |  | 66 |  |  | 122 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 188
Operating |  |  | 30 |  |  | 35 |  |  | 16 |  |  | 32 |  |  | 1 |  |  | - |  |  |  | 114
Interest |  |  | - |  |  | 29 |  |  | - |  |  | 11 |  |  | 20 |  |  | - |  |  |  | 60
Expenses of consolidated VIEs |  |  | - |  |  | 12 |  |  | - |  |  | - |  |  | 2 |  |  | - |  |  |  | 14
Inter-segment expenses(2) |  |  | 26 |  |  | 36 |  |  | 1 |  |  | 2 |  |  | 2 |  |  | (67) |  |  |  | -
|  | Total expenses |  |  | 122 |  |  | 234 |  |  | 17 |  |  | 45 |  |  | 25 |  |  | (67) |  |  |  | 376
Income (loss) before income taxes |  | $ | 14 |  | $ | (256) |  | $ | (6) |  | $ | (59) |  | $ | (26) |  | $ | 69 |  |  | $ | (264)
Identifiable assets |  | $ | 6,651 |  | $ | 12,669 |  | $ | 46 |  | $ | 931 |  | $ | 2,009 |  | $ | (4,184) | (3) |  | $ | 18,122
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and
other fees.
(2) - Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to
intercompany receivables and payables.
(3) - Consists of intercompany reinsurance balances, repurchase agreements and deferred income taxes.
|  |  |  | Three Months Ended June 30, 2012
|  |  |  | U.S. |  | Structured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  | Finance and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  | International |  | Advisory |  |  |  |  | Wind-down |  |  |  |  |  |  |
In millions |  | Insurance |  | Insurance |  | Services |  | Corporate |  | Operations |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 145 |  | $ | 80 |  | $ | 5 |  | $ | 5 |  | $ | 16 |  | $ | - |  |  | $ | 251
Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | - |  |  | 775 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 775
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| foreign exchange |  |  | 11 |  |  | 20 |  |  | - |  |  | 3 |  |  | (40) |  |  | - |  |  |  | (6)
Net investment losses related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| to other-than-temporary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| impairments |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | (2) |  |  | - |  |  |  | (3)
Net gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other net realized gains (losses) |  |  | - |  |  | - |  |  | - |  |  | 6 |  |  | - |  |  | - |  |  |  | 6
Revenues of consolidated VIEs |  |  | - |  |  | (20) |  |  | - |  |  | - |  |  | 36 |  |  | - |  |  |  | 16
Inter-segment revenues(2) |  |  | 43 |  |  | (11) |  |  | 11 |  |  | 56 |  |  | (21) |  |  | (78) |  |  |  | -
|  | Total revenues |  |  | 199 |  |  | 843 |  |  | 16 |  |  | 70 |  |  | (11) |  |  | (78) |  |  |  | 1,039
Losses and loss adjustment |  |  | (3) |  |  | 65 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 62
Operating |  |  | 23 |  |  | 32 |  |  | 11 |  |  | 24 |  |  | 3 |  |  | - |  |  |  | 93
Interest |  |  | - |  |  | 33 |  |  | - |  |  | 15 |  |  | 23 |  |  | - |  |  |  | 71
Expenses of consolidated VIEs |  |  | - |  |  | 14 |  |  | - |  |  | - |  |  | 4 |  |  | - |  |  |  | 18
Inter-segment expenses(2) |  |  | 31 |  |  | 54 |  |  | 5 |  |  | 3 |  |  | 40 |  |  | (133) |  |  |  | -
|  | Total expenses |  |  | 51 |  |  | 198 |  |  | 16 |  |  | 42 |  |  | 70 |  |  | (133) |  |  |  | 244
Income (loss) before income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| taxes |  | $ | 148 |  | $ | 645 |  | $ | - |  | $ | 28 |  | $ | (81) |  | $ | 55 |  |  | $ | 795
Identifiable assets |  | $ | 7,120 |  | $ | 17,395 |  | $ | 46 |  | $ | 759 |  | $ | 3,205 |  | $ | (6,230) | (3) |  | $ | 22,295
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and
other fees.
(2) - Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to
intercompany receivables and payables.
(3) - Consists of intercompany reinsurance balances, repurchase agreements and loans.
|  |  |  | Six Months Ended June 30, 2013
|  |  |  | U.S. |  | Structured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  | Finance and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  | International |  | Advisory |  |  |  |  | Wind-down |  |  |  |  |  |  |
In millions |  | Insurance |  | Insurance |  | Services |  | Corporate |  | Operations |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 221 |  | $ | 81 |  | $ | 10 |  | $ | 5 |  | $ | 15 |  | $ | - |  |  | $ | 332
Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | - |  |  | (243) |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | (243)
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| foreign exchange |  |  | 30 |  |  | 34 |  |  | - |  |  | 2 |  |  | (9) |  |  | - |  |  |  | 57
Net investment losses related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| to other-than-temporary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| extinguishment of debt |  |  | 22 |  |  | 17 |  |  | - |  |  | - |  |  | 4 |  |  | - |  |  |  | 43
Revenues of consolidated VIEs |  |  | - |  |  | 144 |  |  | - |  |  | (9) |  |  | 7 |  |  | - |  |  |  | 142
Inter-segment revenues(2) |  |  | 49 |  |  | 15 |  |  | 12 |  |  | 21 |  |  | (2) |  |  | (95) |  |  |  | -
|  | Total revenues |  |  | 322 |  |  | 48 |  |  | 22 |  |  | 19 |  |  | 15 |  |  | (95) |  |  |  | 331
Losses and loss adjustment |  |  | 70 |  |  | (76) |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | (6)
Operating |  |  | 44 |  |  | 69 |  |  | 26 |  |  | 96 |  |  | 1 |  |  | - |  |  |  | 236
Interest |  |  | - |  |  | 57 |  |  | - |  |  | 23 |  |  | 40 |  |  | - |  |  |  | 120
Expenses of consolidated VIEs |  |  | - |  |  | 26 |  |  | - |  |  | - |  |  | 4 |  |  | - |  |  |  | 30
Inter-segment expenses(2) |  |  | 52 |  |  | 92 |  |  | 3 |  |  | 5 |  |  | 15 |  |  | (167) |  |  |  | -
|  | Total expenses |  |  | 166 |  |  | 168 |  |  | 29 |  |  | 124 |  |  | 60 |  |  | (167) |  |  |  | 380
Income (loss) before income taxes |  | $ | 156 |  | $ | (120) |  | $ | (7) |  | $ | (105) |  | $ | (45) |  | $ | 72 |  |  | $ | (49)
Identifiable assets |  | $ | 6,651 |  | $ | 12,669 |  | $ | 46 |  | $ | 931 |  | $ | 2,009 |  | $ | (4,184) | (3) |  | $ | 18,122
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and
other fees.
(2) - Represents intercompany premium income and expense, intercompany asset management fees and expenses, intercompany interest income, expenses pertaining to
intercompany receivables and payables and intercompany loans.
(3) - Consists of intercompany reinsurance balances, repurchase agreements and deferred income taxes.
|  |  |  | Six Months Ended June 30, 2012
|  |  |  | U.S. |  | Structured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  | Finance and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  | International |  | Advisory |  |  |  |  | Wind-down |  |  |  |  |  |  |
In millions |  | Insurance |  | Insurance |  | Services |  | Corporate |  | Operations |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 270 |  | $ | 135 |  | $ | 11 |  | $ | 7 |  | $ | 35 |  | $ | - |  |  | $ | 458
Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | - |  |  | 1,074 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 1,074
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| foreign exchange |  |  | 21 |  |  | 66 |  |  | - |  |  | 8 |  |  | (120) |  |  | - |  |  |  | (25)
Net investment losses related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| to other-than-temporary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| impairments |  |  | - |  |  | (41) |  |  | - |  |  | - |  |  | (56) |  |  | - |  |  |  | (97)
Net gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other net realized gains (losses) |  |  | - |  |  | 1 |  |  | - |  |  | 5 |  |  | - |  |  | - |  |  |  | 6
Revenues of consolidated VIEs |  |  | - |  |  | (34) |  |  | - |  |  | - |  |  | 40 |  |  | - |  |  |  | 6
Inter-segment revenues(2) |  |  | 79 |  |  | (19) |  |  | 18 |  |  | 79 |  |  | (19) |  |  | (138) |  |  |  | -
|  | Total revenues |  |  | 370 |  |  | 1,182 |  |  | 29 |  |  | 99 |  |  | (120) |  |  | (138) |  |  |  | 1,422
Losses and loss adjustment |  |  | 11 |  |  | 148 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 159
Operating |  |  | 98 |  |  | 91 |  |  | 26 |  |  | 45 |  |  | 3 |  |  | - |  |  |  | 263
Interest |  |  | - |  |  | 66 |  |  | - |  |  | 29 |  |  | 50 |  |  | - |  |  |  | 145
Expenses of consolidated VIEs |  |  | - |  |  | 31 |  |  | - |  |  | - |  |  | 8 |  |  | - |  |  |  | 39
Inter-segment expenses(2) |  |  | 59 |  |  | 100 |  |  | 7 |  |  | 7 |  |  | 47 |  |  | (220) |  |  |  | -
|  | Total expenses |  |  | 168 |  |  | 436 |  |  | 33 |  |  | 81 |  |  | 108 |  |  | (220) |  |  |  | 606
Income (loss) before income taxes |  | $ | 202 |  | $ | 746 |  | $ | (4) |  | $ | 18 |  | $ | (228) |  | $ | 82 |  |  | $ | 816
Identifiable assets |  | $ | 7,120 |  | $ | 17,395 |  | $ | 46 |  | $ | 759 |  | $ | 3,205 |  | $ | (6,230) | (3) |  | $ | 22,295
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and
other fees.
(2) - Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to
intercompany receivables and payables.
(3) - Consists of intercompany reinsurance balances, repurchase agreements and loans.
Summary Of Premiums Earned On Financial Guarantees And Insured Derivatives By Geographic Location Of Risk |
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30, |
| In millions |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
| Total premiums earned: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | United States |  | $ | 109 |  | $ | 142 |  | $ | 215 |  | $ | 261 |
|  | United Kingdom |  |  | 9 |  |  | 10 |  |  | 17 |  |  | 18 |
|  | Europe (excluding United Kingdom) |  |  | 3 |  |  | 4 |  |  | 6 |  |  | 9 |
|  | Internationally diversified |  |  | 3 |  |  | 5 |  |  | 6 |  |  | 10 |
|  | Central and South America |  |  | 7 |  |  | 21 |  |  | 15 |  |  | 32 |
|  | Asia |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
|  | Other |  |  | 2 |  |  | 3 |  |  | 4 |  |  | 6 |
| Total |  | $ | 134 |  | $ | 186 |  | $ | 265 |  | $ | 338 |
Summary Of Segments Within Wind-Down Operations |
|  |  |  | Three Months Ended June 30, 2013
|  |  |  | Asset / |  |  |  |  |  |  |  | Total Wind-
|  |  |  | Liability |  |  |  |  |  |  |  | down
In millions |  | Products |  | Conduits |  | Eliminations |  | Operations
Revenues(1) |  | $ | 6 |  | $ | - |  | $ | - |  | $ | 6
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and foreign |  |  |  |  |  |  |  |  |  |  |  |
| exchange |  |  | (12) |  |  | - |  |  | - |  |  | (12)
Net investment losses related to other- |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on extinguishment |  |  |  |  |  |  |  |  |  |  |  |
Revenues of consolidated VIEs |  |  | - |  |  | 5 |  |  | - |  |  | 5
Inter-segment revenues(2) |  |  | 0 |  |  | (7) |  |  | 7 |  |  | 0
|  | Total revenues |  |  | (6) |  |  | (2) |  |  | 7 |  |  | (1)
Operating |  |  | 1 |  |  | - |  |  | - |  |  | 1
Interest |  |  | 20 |  |  | - |  |  | - |  |  | 20
Expenses of consolidated VIEs |  |  | - |  |  | 2 |  |  | - |  |  | 2
Inter-segment expenses(2) |  |  | 2 |  |  | - |  |  | - |  |  | 2
|  | Total expenses |  |  | 23 |  |  | 2 |  |  | - |  |  | 25
Income (loss) before income taxes |  | $ | (29) |  | $ | (4) |  | $ | 7 |  | $ | (26)
Identifiable assets |  | $ | 1,638 |  | $ | 359 |  | $ | 12 |  | $ | 2,009
_______________ |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees.
(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  |  |  | Three Months Ended June 30, 2012
|  |  |  | Asset / |  |  |  |  |  |  |  | Total Wind-
|  |  |  | Liability |  |  |  |  |  |  |  | down
In millions |  | Products |  | Conduits |  | Eliminations |  | Operations
Revenues(1) |  | $ | 16 |  | $ | - |  | $ | - |  | $ | 16
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and foreign |  |  |  |  |  |  |  |  |  |  |  |
| exchange |  |  | (40) |  |  | - |  |  | - |  |  | (40)
Net investment losses related to other- |  |  |  |  |  |  |  |  |  |  |  |
| than-temporary impairments |  |  | (2) |  |  | - |  |  | - |  |  | (2)
Net gains (losses) on extinguishment |  |  |  |  |  |  |  |  |  |  |  |
Revenues of consolidated VIEs |  |  | - |  |  | 36 |  |  | - |  |  | 36
Inter-segment revenues(2) |  |  | (18) |  |  | (1) |  |  | (2) |  |  | (21)
|  | Total revenues |  |  | (44) |  |  | 35 |  |  | (2) |  |  | (11)
Operating |  |  | 3 |  |  | - |  |  | - |  |  | 3
Interest |  |  | 23 |  |  | - |  |  | - |  |  | 23
Expenses of consolidated VIEs |  |  | - |  |  | 4 |  |  | - |  |  | 4
Inter-segment expenses(2) |  |  | 6 |  |  | 34 |  |  | - |  |  | 40
|  | Total expenses |  |  | 32 |  |  | 38 |  |  | - |  |  | 70
Income (loss) before income taxes |  | $ | (76) |  | $ | (3) |  | $ | (2) |  | $ | (81)
Identifiable assets |  | $ | 2,439 |  | $ | 819 |  | $ | (53) |  | $ | 3,205
_______________ |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees.
(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  |  |  | Six Months Ended June 30, 2013
|  |  |  | Asset / |  |  |  |  |  |  |  | Total Wind-
|  |  |  | Liability |  |  |  |  |  |  |  | down
In millions |  | Products |  | Conduits |  | Eliminations |  | Operations
Revenues(1) |  | $ | 15 |  | $ | - |  | $ | - |  | $ | 15
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and foreign |  |  |  |  |  |  |  |  |  |  |  |
| exchange |  |  | (9) |  |  | - |  |  | - |  |  | (9)
Net investment losses related to other- |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on extinguishment |  |  |  |  |  |  |  |  |  |  |  |
| of debt |  |  | 4 |  |  | - |  |  | - |  |  | 4
Revenues of consolidated VIEs |  |  | - |  |  | 7 |  |  | - |  |  | 7
Inter-segment revenues(2) |  |  | (2) |  |  | (7) |  |  | 7 |  |  | (2)
|  | Total revenues |  |  | 8 |  |  | - |  |  | 7 |  |  | 15
Operating |  |  | 1 |  |  | - |  |  | - |  |  | 1
Interest |  |  | 40 |  |  | - |  |  | - |  |  | 40
Expenses of consolidated VIEs |  |  | - |  |  | 4 |  |  | - |  |  | 4
Inter-segment expenses(2) |  |  | 4 |  |  | 11 |  |  | - |  |  | 15
|  | Total expenses |  |  | 45 |  |  | 15 |  |  | - |  |  | 60
Income (loss) before income taxes |  | $ | (37) |  | $ | (15) |  | $ | 7 |  | $ | (45)
Identifiable assets |  | $ | 1,638 |  | $ | 359 |  | $ | 12 |  | $ | 2,009
_______________ |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees.
(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  |  |  | Six Months Ended June 30, 2012
|  |  |  | Asset / |  |  |  |  |  |  |  | Total Wind-
|  |  |  | Liability |  |  |  |  |  |  |  | down
In millions |  | Products |  | Conduits |  | Eliminations |  | Operations
Revenues(1) |  | $ | 35 |  | $ | - |  | $ | - |  | $ | 35
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and foreign |  |  |  |  |  |  |  |  |  |  |  |
| exchange |  |  | (120) |  |  | - |  |  | - |  |  | (120)
Net investment losses related to other- |  |  |  |  |  |  |  |  |  |  |  |
| than-temporary impairments |  |  | (56) |  |  | - |  |  | - |  |  | (56)
Net gains (losses) on extinguishment |  |  |  |  |  |  |  |  |  |  |  |
Revenues of consolidated VIEs |  |  | - |  |  | 40 |  |  | - |  |  | 40
Inter-segment revenues(2) |  |  | (15) |  |  | (2) |  |  | (2) |  |  | (19)
|  | Total revenues |  |  | (156) |  |  | 38 |  |  | (2) |  |  | (120)
Operating |  |  | 3 |  |  | - |  |  | - |  |  | 3
Interest |  |  | 50 |  |  | - |  |  | - |  |  | 50
Expenses of consolidated VIEs |  |  | - |  |  | 8 |  |  | - |  |  | 8
Inter-segment expenses(2) |  |  | 12 |  |  | 35 |  |  | - |  |  | 47
|  | Total expenses |  |  | 65 |  |  | 43 |  |  | - |  |  | 108
Income (loss) before income taxes |  | $ | (221) |  | $ | (5) |  | $ | (2) |  | $ | (228)
Identifiable assets |  | $ | 2,439 |  | $ | 819 |  | $ | (53) |  | $ | 3,205
_______________ |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees.
(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.

X
- Definition This element shows Premiums earned on financial guarantees and insured derivatives within the company's insurance segments by geographic location of risk. + References No definition available. + Details
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- Definition This element may be used to capture the complete disclosure for the identification, description and amounts of all significant reconciling items in the reconciliation of total profit or loss from the segments within the wind-down operations to the total of all wind-down operations income before income taxes, extraordinary items, discontinued operations and the cumulative effect of changes in accounting principles. + References No definition available. + Details
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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -Paragraph 32 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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