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Investments (Tables)

9 Months Ended

Sep. 30, 2014

Text Block [Abstract]

Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios

						September 30, 2014
									Gross			Gross						Other-Than-
						Amortized			Unrealized			Unrealized			Fair			Temporary
In millions						Cost			Gains			Losses			Value			Impairments(1)
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	582		$	31		$	(5)		$	608		$	-
	State and municipal bonds						1,668			69			(15)			1,722			-
	Foreign governments						273			6			-			279			-
	Corporate obligations						2,066			36			(91)			2,011			(79)
	Mortgage-backed securities:
		Residential mortgage-backed agency					1,125			13			(13)			1,125			-
		Residential mortgage-backed non-agency					53			4			(4)			53			(4)
		Commercial mortgage-backed					25			1			(1)			25			-
	Asset-backed securities:
		Collateralized debt obligations					120			-			(22)			98			-
		Other asset-backed					221			3			(13)			211			-
			Total fixed-maturity investments				6,133			163			(164)			6,132			(83)
Money market securities							603			-			-			603			-
Perpetual debt and equity securities							12			1			-			13			-
Total AFS investments						$	6,748		$	164		$	(164)		$	6,748		$	(83)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	2,772		$	102		$	(144)		$	2,730		$	-
Total HTM investments						$	2,772		$	102		$	(144)		$	2,730		$	-
_______________
(1) - Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.

						December 31, 2013
									Gross			Gross						Other-Than-
						Amortized			Unrealized			Unrealized			Fair			Temporary
In millions						Cost			Gains			Losses			Value			Impairments(1)
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	528		$	16		$	(9)		$	535		$	-
	State and municipal bonds						1,831			22			(73)			1,780			-
	Foreign governments						184			5			-			189			-
	Corporate obligations						1,682			24			(38)			1,668			-
	Mortgage-backed securities:
		Residential mortgage-backed agency					1,167			10			(31)			1,146			-
		Residential mortgage-backed non-agency					79			13			(5)			87			4
		Commercial mortgage-backed					34			1			(1)			34			-
	Asset-backed securities:
		Collateralized debt obligations					205			3			(57)			151			(14)
		Other asset-backed					187			2			(15)			174			-
			Total fixed-maturity investments				5,897			96			(229)			5,764			(10)
Money market securities							781			-			-			781			-
Perpetual debt and equity securities							10			1			-			11			-
Assets of consolidated VIEs:
	Money market securities						136			-			-			136			-
Total AFS investments						$	6,824		$	97		$	(229)		$	6,692		$	(10)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	2,801		$	31		$	(181)		$	2,651		$	-
Total HTM investments						$	2,801		$	31		$	(181)		$	2,651		$	-
_______________
(1) - Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.

Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments

		AFS Securities						HTM Securities
								Consolidated VIEs
		Amortized						Amortized
In millions		Cost			Fair Value			Cost			Fair Value
Due in one year or less		$	634		$	635		$	-		$	-
Due after one year through five years			1,509			1,528			-			-
Due after five years through ten years			963			979			-			-
Due after ten years			1,483			1,478			2,772			2,730
Mortgage-backed and asset-backed			1,544			1,512			-			-
Total fixed-maturity investments		$	6,133		$	6,132		$	2,772		$	2,730

Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments

						September 30, 2014
						Less than 12 Months						12 Months or Longer						Total
						Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
In millions						Value			Losses			Value			Losses			Value			Losses
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	60		$	(1)		$	175		$	(4)		$	235		$	(5)
	State and municipal bonds						146			(2)			351			(13)			497			(15)
	Foreign governments						62			-			-			-			62			-
	Corporate obligations						581			(81)			275			(10)			856			(91)
	Mortgage-backed securities:
		Residential mortgage-backed agency					79			-			415			(13)			494			(13)
		Residential mortgage-backed non-agency					2			-			20			(4)			22			(4)
		Commercial mortgage-backed					7			-			7			(1)			14			(1)
	Asset-backed securities:
		Collateralized debt obligations					1			-			86			(22)			87			(22)
		Other asset-backed					61			-			44			(13)			105			(13)
Perpetual debt and equity securities							7			-			-			-			7			-
Total AFS investments						$	1,006		$	(84)		$	1,373		$	(80)		$	2,379		$	(164)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	-		$	-		$	431		$	(144)		$	431		$	(144)
Total HTM investments						$	-		$	-		$	431		$	(144)		$	431		$	(144)

						December 31, 2013
						Less than 12 Months						12 Months or Longer						Total
						Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
In millions						Value			Losses			Value			Losses			Value			Losses
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	269		$	(9)		$	1		$	-		$	270		$	(9)
	State and municipal bonds						1,112			(65)			49			(8)			1,161			(73)
	Foreign governments						36			-			-			-			36			-
	Corporate obligations						788			(30)			82			(8)			870			(38)
	Mortgage-backed securities:
		Residential mortgage-backed agency					713			(23)			144			(8)			857			(31)
		Residential mortgage-backed non-agency					17			-			22			(5)			39			(5)
		Commercial mortgage-backed					11			(1)			-			-			11			(1)
	Asset-backed securities:
		Collateralized debt obligations					6			-			124			(57)			130			(57)
		Other asset-backed					21			-			57			(15)			78			(15)
			Total fixed-maturity investments				2,973			(128)			479			(101)			3,452			(229)
Perpetual debt and equity securities							5			-			-			-			5			-
Total AFS investments						$	2,978		$	(128)		$	479		$	(101)		$	3,457		$	(229)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	-		$	-		$	1,244		$	(181)		$	1,244		$	(181)
Total HTM investments						$	-		$	-		$	1,244		$	(181)		$	1,244		$	(181)

Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5%

			AFS Securities								HTM Securities
	Percentage of Fair Value		Number of		Book Value			Fair Value			Number of		Book Value			Fair Value
	Below Book Value		Securities		(in millions)			(in millions)			Securities		(in millions)			(in millions)
	> 5% to 15%		18		$	112		$	104		-		$	-		$	-
	> 15% to 25%		9			98			76		-			-			-
	> 25% to 50%		-			-			-		1			575			431
	> 50%		4			20			3		-			-			-
	Total		31		$	230		$	183		1		$	575		$	431

Fair Values And Gross Unrealized Losses By Credit Rating Category Of ABS, MBS and Corporate Obligations

																											Below
In millions			Aaa						Aa						A						Baa						Investment Grade						Not Rated						Total
			Fair			Unrealized			Fair			Unrealized			Fair			Unrealized			Fair			Unrealized			Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
Asset Type			Value			Loss			Value			Loss			Value			Loss			Value			Loss			Value			Loss			Value			Loss			Value			Loss
ABS			$	58		$	-		$	60		$	(3)		$	2		$	-		$	2		$	-		$	70		$	(32)		$	-		$	-		$	192		$	(35)
MBS				496			(13)			6			-			2			-			3			-			9			(1)			14			(4)			530			(18)
Corporate obligations				256			-			218			(4)			295			(6)			55			(2)			3			-			29			(79)			856			(91)
	Total		$	810		$	(13)		$	284		$	(7)		$	299		$	(6)		$	60		$	(2)		$	82		$	(33)		$	43		$	(83)		$	1,578		$	(144)

Average Credit Ratings and Fair Value and Percentage Of Guaranteed ABS MBS and Corporate Obligations Below Investment Grade

						Insured Securities Rated Below
						Investment Grade without the
						Effect of Guarantee
		Average Credit Rating with the		Average Credit Rating without the		(in millions)
Asset Type		Effect of Guarantee		Effect of Guarantee		Fair Value			Percentage
ABS		Baa		Below Investment Grade		$	67		54	%
MBS		Below Investment Grade		Below Investment Grade			6		100	%
Corporate obligations		Baa		Baa			-		-	%

Securities Held In Unrealized Loss Position And Insured By Financial Guarantor and The Related Insurance Loss Reserve On Company Insured Investments

								Unrealized			Insurance Loss
	In millions				Fair Value			Loss			Reserve (2)
	Asset-backed:
		MBIA(1)			$	117		$	(33)		$	16
		Other				8			(2)			-
			Total asset-backed			125			(35)			16
	Mortgage-backed:
		MBIA(1)				4			-			-
		Other				1			-			-
			Total mortgage-backed			5			-			-
	Corporate obligations:
		Other				6			(1)			-
			Total corporate obligations			6			(1)			-
	Other:
		MBIA(1)				21			(4)			-
			Total other			21			(4)			-
	Total				$	157		$	(40)		$	16
	_______________
	(1) - Includes investments insured by MBIA Corp. and National.
	(2) - Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured.

Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss)

In millions			Three Months Ended September 30,						Nine Months Ended September 30,
Credit Losses Recognized in Earnings Related to Other-Than-Temporary Impairments			2014				2013		2014				2013
Beginning balance			$	-		$	186		$	175		$	197
Additions for credit loss impairments recognized in the current period on securities not
	previously impaired			14			-			14			-
Reductions for credit loss impairments previously recognized on securities sold during
	the period			-			(4)			(174)			(14)
Reductions for increases in cash flows expected to be collected over the remaining
	life of the security			-			(4)			(1)			(5)
Ending balance			$	14		$	178		$	14		$	178

Gross Realized Gains and Losses From Sales Of Available-For-Sale Securities

				Three Months Ended September 30,						Nine Months Ended September 30,
	In millions			2014			2013			2014			2013
	Proceeds from sales			$	131		$	196		$	594		$	1,497
	Gross realized gains			$	4		$	4		$	61		$	52
	Gross realized losses			$	-		$	(15)		$	(13)		$	(25)

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