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Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2014
Text Block [Abstract] |
Summary of company's segment results |
|  |  |  | Three Months Ended September 30, 2014
|  |  |  | U.S. |  | Structured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  | Finance and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  | International |  | Advisory |  |  |  |  | Wind-down |  |  |  |  |  |  |
In millions |  | Insurance |  | Insurance |  | Services |  | Corporate |  | Operations |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 100 |  | $ | 67 |  | $ | 3 |  | $ | (2) |  | $ | 9 |  | $ | - |  |  | $ | 177
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | - |  |  | 24 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 24
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| and foreign exchange |  |  | 2 |  |  | (13) |  |  | - |  |  | 18 |  |  | 50 |  |  | - |  |  |  | 57
Net investment losses related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| to other-than-temporary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| impairments |  |  | (14) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | (14)
Other net realized gains (losses) |  |  | 18 |  |  | 11 |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  |  | 30
Revenues of consolidated VIEs |  |  | - |  |  | 21 |  |  | (4) |  |  | - |  |  | - |  |  | - |  |  |  | 17
Inter-segment revenues(2) |  |  | 7 |  |  | 13 |  |  | 5 |  |  | 17 |  |  | (2) |  |  | (40) |  |  |  | -
|  | Total revenues |  |  | 113 |  |  | 123 |  |  | 4 |  |  | 34 |  |  | 57 |  |  | (40) |  |  |  | 291
Losses and loss adjustment |  |  | (8) |  |  | 28 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 20
Operating |  |  | 9 |  |  | 19 |  |  | 8 |  |  | 22 |  |  | 1 |  |  | - |  |  |  | 59
Interest |  |  | - |  |  | 26 |  |  | - |  |  | 11 |  |  | 15 |  |  | - |  |  |  | 52
Expenses of consolidated VIEs |  |  | - |  |  | 12 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 12
Inter-segment expenses(2) |  |  | 18 |  |  | 14 |  |  | 2 |  |  | 4 |  |  | 2 |  |  | (40) |  |  |  | -
|  | Total expenses |  |  | 19 |  |  | 99 |  |  | 10 |  |  | 37 |  |  | 18 |  |  | (40) |  |  |  | 143
Income (loss) before income taxes |  | $ | 94 |  | $ | 24 |  | $ | (6) |  | $ | (3) |  | $ | 39 |  | $ | - |  |  | $ | 148
Identifiable assets |  | $ | 6,132 |  | $ | 10,450 |  | $ | 481 |  | $ | 1,239 |  | $ | 1,497 |  | $ | (3,598) | (3) |  | $ | 16,201
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 September 30, 2013
|  |  |  | U.S. |  | Structured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  | Finance and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  | International |  | Advisory |  |  |  |  | Wind-down |  |  |  |  |  |  |
In millions |  | Insurance |  | Insurance |  | Services |  | Corporate |  | Operations |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 93 |  | $ | 39 |  | $ | 3 |  | $ | 10 |  | $ | 6 |  | $ | - |  |  | $ | 151
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | - |  |  | 257 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 257
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| foreign exchange |  |  | - |  |  | (3) |  |  | - |  |  | 37 |  |  | (29) |  |  | - |  |  |  | 5
Net gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| extinguishment of debt |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 7 |  |  | (1) |  |  |  | 6
Other net realized gains (losses) |  |  | (29) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | (29)
Revenues of consolidated VIEs |  |  | - |  |  | 30 |  |  | - |  |  | (1) |  |  | 1 |  |  | - |  |  |  | 30
Inter-segment revenues(2) |  |  | 10 |  |  | 20 |  |  | 8 |  |  | 35 |  |  | (3) |  |  | (70) |  |  |  | -
|  | Total revenues |  |  | 74 |  |  | 343 |  |  | 11 |  |  | 81 |  |  | (18) |  |  | (71) |  |  |  | 420
Losses and loss adjustment |  |  | 35 |  |  | 63 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 98
Operating |  |  | 13 |  |  | 22 |  |  | 16 |  |  | 29 |  |  | - |  |  | - |  |  |  | 80
Interest |  |  | - |  |  | 27 |  |  | - |  |  | 13 |  |  | 19 |  |  | - |  |  |  | 59
Expenses of consolidated VIEs |  |  | - |  |  | 12 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 12
Inter-segment expenses(2) |  |  | 20 |  |  | 23 |  |  | 3 |  |  | 3 |  |  | 17 |  |  | (66) |  |  |  | -
|  | Total expenses |  |  | 68 |  |  | 147 |  |  | 19 |  |  | 45 |  |  | 36 |  |  | (66) |  |  |  | 249
Income (loss) before income taxes |  | $ | 6 |  | $ | 196 |  | $ | (8) |  | $ | 36 |  | $ | (54) |  | $ | (5) |  |  | $ | 171
Identifiable assets |  | $ | 6,509 |  | $ | 12,096 |  | $ | 47 |  | $ | 910 |  | $ | 1,785 |  | $ | (3,714) | (3) |  | $ | 17,633
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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.
|  |  |  | Nine Months Ended September 30, 2014
|  |  |  | U.S. |  | Structured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  | Finance and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  | International |  | Advisory |  |  |  |  | Wind-down |  |  |  |  |  |  |
In millions |  | Insurance |  | Insurance |  | Services |  | Corporate |  | Operations |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 272 |  | $ | 144 |  | $ | 10 |  | $ | 4 |  | $ | 24 |  | $ | - |  |  | $ | 454
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | 1 |  |  | 445 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 446
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| foreign exchange |  |  | 21 |  |  | (3) |  |  | (3) |  |  | 56 |  |  | (8) |  |  | - |  |  |  | 63
Net investment losses related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| to other-than-temporary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| impairments |  |  | (14) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | (14)
Net gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| extinguishment of debt |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | - |  |  |  | 3
Other net realized gains (losses) |  |  | 18 |  |  | 11 |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  |  | 31
Revenues of consolidated VIEs |  |  | - |  |  | 72 |  |  | (4) |  |  | - |  |  | 4 |  |  | - |  |  |  | 72
Inter-segment revenues(2) |  |  | 30 |  |  | 37 |  |  | 17 |  |  | 100 |  |  | (8) |  |  | (176) |  |  |  | -
|  | Total revenues |  |  | 328 |  |  | 706 |  |  | 20 |  |  | 162 |  |  | 15 |  |  | (176) |  |  |  | 1,055
Losses and loss adjustment |  |  | (5) |  |  | 87 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 82
Operating |  |  | 29 |  |  | 51 |  |  | 30 |  |  | 60 |  |  | 2 |  |  | - |  |  |  | 172
Interest |  |  | - |  |  | 80 |  |  | - |  |  | 31 |  |  | 47 |  |  | - |  |  |  | 158
Expenses of consolidated VIEs |  |  | - |  |  | 36 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 36
Inter-segment expenses(2) |  |  | 56 |  |  | 49 |  |  | 5 |  |  | 14 |  |  | 15 |  |  | (139) |  |  |  | -
|  | Total expenses |  |  | 80 |  |  | 303 |  |  | 35 |  |  | 105 |  |  | 64 |  |  | (139) |  |  |  | 448
Income (loss) before income taxes |  | $ | 248 |  | $ | 403 |  | $ | (15) |  | $ | 57 |  | $ | (49) |  | $ | (37) |  |  | $ | 607
Identifiable assets |  | $ | 6,132 |  | $ | 10,450 |  | $ | 481 |  | $ | 1,239 |  | $ | 1,497 |  | $ | (3,598) | (3) |  | $ | 16,201
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 and expense pertaining to intercompany
receivables and payables and intercompany loans.
(3) - Consists of intercompany reinsurance balances, repurchase agreements and deferred income taxes.
|  |  |  | Nine Months Ended September 30, 2013
|  |  |  | U.S. |  | Structured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  | Finance and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  | International |  | Advisory |  |  |  |  | Wind-down |  |  |  |  |  |  |
In millions |  | Insurance |  | Insurance |  | Services |  | Corporate |  | Operations |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 314 |  | $ | 120 |  | $ | 13 |  | $ | 15 |  | $ | 21 |  | $ | - |  |  | $ | 483
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | - |  |  | 14 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 14
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| foreign exchange |  |  | 30 |  |  | 31 |  |  | - |  |  | 39 |  |  | (38) |  |  | - |  |  |  | 62
Net gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| extinguishment of debt |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 11 |  |  | 38 | (3) |  |  | 49
Other net realized gains (losses) |  |  | (29) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | (29)
Revenues of consolidated VIEs |  |  | - |  |  | 174 |  |  | - |  |  | (10) |  |  | 8 |  |  | - |  |  |  | 172
Inter-segment revenues(2) |  |  | 81 |  |  | 52 |  |  | 20 |  |  | 56 |  |  | (5) |  |  | (204) |  |  |  | -
|  | Total revenues |  |  | 396 |  |  | 391 |  |  | 33 |  |  | 100 |  |  | (3) |  |  | (166) |  |  |  | 751
Losses and loss adjustment |  |  | 105 |  |  | (13) |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 92
Operating |  |  | 57 |  |  | 91 |  |  | 42 |  |  | 125 |  |  | 1 |  |  | - |  |  |  | 316
Interest |  |  | - |  |  | 84 |  |  | - |  |  | 36 |  |  | 59 |  |  | - |  |  |  | 179
Expenses of consolidated VIEs |  |  | - |  |  | 38 |  |  | - |  |  | - |  |  | 4 |  |  | - |  |  |  | 42
Inter-segment expenses(2) |  |  | 72 |  |  | 115 |  |  | 6 |  |  | 8 |  |  | 32 |  |  | (233) |  |  |  | -
|  | Total expenses |  |  | 234 |  |  | 315 |  |  | 48 |  |  | 169 |  |  | 96 |  |  | (233) |  |  |  | 629
Income (loss) before income taxes |  | $ | 162 |  | $ | 76 |  | $ | (15) |  | $ | (69) |  | $ | (99) |  | $ | 67 |  |  | $ | 122
Identifiable assets |  | $ | 6,509 |  | $ | 12,096 |  | $ | 47 |  | $ | 910 |  | $ | 1,785 |  | $ | (3,714) | (4) |  | $ | 17,633
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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) - Represents the gain on the debt received as consideration in connection with the settlement with Bank of America.
(4) - Consists of intercompany reinsurance balances, repurchase agreements and deferred income taxes.
Summary Of premiums earned on financial guarantees and insured derivatives by geographic location of risk |
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
| In millions |  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
| Total premiums earned: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | United States |  | $ | 78 |  | $ | 82 |  | $ | 216 |  | $ | 297 |
|  | United Kingdom |  |  | 9 |  |  | 9 |  |  | 28 |  |  | 26 |
|  | Europe (excluding United Kingdom) |  |  | 2 |  |  | 3 |  |  | 6 |  |  | 9 |
|  | Internationally diversified |  |  | 4 |  |  | 2 |  |  | 7 |  |  | 8 |
|  | Central and South America |  |  | 26 |  |  | 13 |  |  | 42 |  |  | 28 |
|  | Asia |  |  | 1 |  |  | 1 |  |  | 3 |  |  | 3 |
|  | Other |  |  | 2 |  |  | 2 |  |  | 6 |  |  | 6 |
| Total |  | $ | 122 |  | $ | 112 |  | $ | 308 |  | $ | 377 |
Summary Of Segments Within Wind-Down Operations |
|  |  |  | Three Months Ended September 30, 2014
|  |  |  | Asset / |  |  |  |  |  |  |  | Total Wind-
|  |  |  | Liability |  |  |  |  |  |  |  | down
In millions |  | Products |  | Conduits |  | Eliminations |  | Operations
Revenues(1) |  | $ | 9 |  | $ | - |  | $ | - |  | $ | 9
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and foreign |  |  |  |  |  |  |  |  |  |  |  |
| exchange |  |  | 50 |  |  | - |  |  | - |  |  | 50
Inter-segment revenues(2) |  |  | (2) |  |  | - |  |  | - |  |  | (2)
|  | Total revenues |  |  | 57 |  |  | - |  |  | - |  |  | 57
Operating |  |  | 1 |  |  | - |  |  | - |  |  | 1
Interest |  |  | 15 |  |  | - |  |  | - |  |  | 15
Inter-segment expenses(2) |  |  | 2 |  |  | - |  |  | - |  |  | 2
|  | Total expenses |  |  | 18 |  |  | - |  |  | - |  |  | 18
Income (loss) before income taxes |  | $ | 39 |  | $ | - |  | $ | - |  | $ | 39
Identifiable assets |  | $ | 1,497 |  | $ | - |  | $ | - |  | $ | 1,497
_______________ |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees.
(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  |  |  | Three Months Ended September 30, 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 |  |  | (29) |  |  | - |  |  | - |  |  | (29)
Net gains (losses) on extinguishment |  |  |  |  |  |  |  |  |  |  |  |
| of debt |  |  | 7 |  |  | - |  |  | - |  |  | 7
Revenues of consolidated VIEs |  |  | - |  |  | 1 |  |  | - |  |  | 1
Inter-segment revenues(2) |  |  | (1) |  |  | (2) |  |  | - |  |  | (3)
|  | Total revenues |  |  | (17) |  |  | (1) |  |  | - |  |  | (18)
Interest |  |  | 19 |  |  | - |  |  | - |  |  | 19
Inter-segment expenses(2) |  |  | 2 |  |  | 15 |  |  | - |  |  | 17
|  | Total expenses |  |  | 21 |  |  | 15 |  |  | - |  |  | 36
Income (loss) before income taxes |  | $ | (38) |  | $ | (16) |  | $ | - |  | $ | (54)
Identifiable assets |  | $ | 1,586 |  | $ | 198 |  | $ | 1 |  | $ | 1,785
_______________ |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees.
(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  |  |  | Nine Months Ended September 30, 2014
|  |  |  | Asset / |  |  |  |  |  |  |  | Total Wind-
|  |  |  | Liability |  |  |  |  |  |  |  | down
In millions |  | Products |  | Conduits |  | Eliminations |  | Operations
Revenues(1) |  | $ | 24 |  | $ | - |  | $ | - |  | $ | 24
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and foreign |  |  |  |  |  |  |  |  |  |  |  |
| exchange |  |  | (8) |  |  | - |  |  | - |  |  | (8)
Net gains (losses) on extinguishment |  |  |  |  |  |  |  |  |  |  |  |
| of debt |  |  | 3 |  |  | - |  |  | - |  |  | 3
Revenues of consolidated VIEs |  |  | - |  |  | 4 |  |  | - |  |  | 4
Inter-segment revenues(2) |  |  | (7) |  |  | (1) |  |  | - |  |  | (8)
|  | Total revenues |  |  | 12 |  |  | 3 |  |  | - |  |  | 15
Operating |  |  | 2 |  |  | - |  |  | - |  |  | 2
Interest |  |  | 47 |  |  | - |  |  | - |  |  | 47
Inter-segment expenses(2) |  |  | 6 |  |  | 9 |  |  | - |  |  | 15
|  | Total expenses |  |  | 55 |  |  | 9 |  |  | - |  |  | 64
Income (loss) before income taxes |  | $ | (43) |  | $ | (6) |  | $ | - |  | $ | (49)
Identifiable assets |  | $ | 1,497 |  | $ | - |  | $ | - |  | $ | 1,497
_______________ |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees.
(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  |  |  | Nine Months Ended September 30, 2013
|  |  |  | Asset / |  |  |  |  |  |  |  | Total Wind-
|  |  |  | Liability |  |  |  |  |  |  |  | down
In millions |  | Products |  | Conduits |  | Eliminations |  | Operations
Revenues(1) |  | $ | 21 |  | $ | - |  | $ | - |  | $ | 21
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and foreign |  |  |  |  |  |  |  |  |  |  |  |
| exchange |  |  | (38) |  |  | - |  |  | - |  |  | (38)
Net gains (losses) on extinguishment |  |  |  |  |  |  |  |  |  |  |  |
| of debt |  |  | 11 |  |  | - |  |  | - |  |  | 11
Revenues of consolidated VIEs |  |  | - |  |  | 8 |  |  | - |  |  | 8
Inter-segment revenues(2) |  |  | (3) |  |  | (8) |  |  | 6 |  |  | (5)
|  | Total revenues |  |  | (9) |  |  | - |  |  | 6 |  |  | (3)
Operating |  |  | 1 |  |  | - |  |  | - |  |  | 1
Interest |  |  | 59 |  |  | - |  |  | - |  |  | 59
Expenses of consolidated VIEs |  |  | - |  |  | 4 |  |  | - |  |  | 4
Inter-segment expenses(2) |  |  | 6 |  |  | 26 |  |  | - |  |  | 32
|  | Total expenses |  |  | 66 |  |  | 30 |  |  | - |  |  | 96
Income (loss) before income taxes |  | $ | (75) |  | $ | (30) |  | $ | 6 |  | $ | (99)
Identifiable assets |  | $ | 1,586 |  | $ | 198 |  | $ | 1 |  | $ | 1,785
_______________ |  |  |  |  |  |  |  |  |  |  |  |
(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
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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 + Details
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