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Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2015
Text Block [Abstract] |
Summary of company's segment results |
|  |  |  | Three Months Ended September 30, 2015
|  |  |  | U.S. |  |  |  | International |  |  |  |  |  |
|  |  |  | Public |  |  |  | and Structured |  |  |  |  |  |
|  |  |  | Finance |  |  |  | Finance |  |  |  |  |  |
In millions |  | Insurance |  | Corporate |  | Insurance |  | Eliminations |  | Consolidated
Revenues(1) |  | $ | 90 |  | $ | 5 |  | $ | 28 |  | $ | - |  | $ | 123
Net change in fair value of insured derivatives |  |  | - |  |  | - |  |  | 3 |  |  | - |  |  | 3
Net gains (losses) on financial instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| foreign exchange |  |  | 1 |  |  | (45) |  |  | (11) |  |  | - |  |  | (55)
Net investment losses related to other-than-temporary impairments |  |  | (3) |  |  | - |  |  | - |  |  | - |  |  | (3)
Other net realized gains (losses) |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | (1)
Revenues of consolidated VIEs |  |  | - |  |  | - |  |  | 25 |  |  | - |  |  | 25
Inter-segment revenues(2) |  |  | 8 |  |  | 16 |  |  | 15 |  |  | (39) |  |  | -
|  | Total revenues |  |  | 96 |  |  | (25) |  |  | 60 |  |  | (39) |  |  | 92
Losses and loss adjustment |  |  | (7) |  |  | - |  |  | 46 |  |  | - |  |  | 39
Operating |  |  | 11 |  |  | 18 |  |  | 17 |  |  | - |  |  | 46
Interest |  |  | - |  |  | 24 |  |  | 25 |  |  | - |  |  | 49
Expenses of consolidated VIEs |  |  | - |  |  | - |  |  | 13 |  |  | - |  |  | 13
Inter-segment expenses(2) |  |  | 21 |  |  | 1 |  |  | 17 |  |  | (39) |  |  | -
|  | Total expenses |  |  | 25 |  |  | 43 |  |  | 118 |  |  | (39) |  |  | 147
Income (loss) before income taxes |  |  | 71 |  |  | (68) |  |  | (58) |  |  | - |  |  | (55)
Provision (benefit) for income taxes |  |  | 25 |  |  | (25) |  |  | (20) |  |  | - |  |  | (20)
Net income (loss) |  | $ | 46 |  | $ | (43) |  | $ | (38) |  | $ | - |  | $ | (35)
Identifiable assets |  | $ | 5,432 |  | $ | 2,514 |  | $ | 10,084 |  | $ | (2,979) | (3) | $ | 15,051
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) - Represents intercompany premium income and expense 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, 2014
|  |  |  | U.S. |  |  |  | International |  |  |  |  |  |  |  |  |
|  |  |  | Public |  |  |  | and Structured |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  |  |  | Finance |  | Advisory |  |  |  |  |  |
In millions |  | Insurance |  | Corporate |  | Insurance |  | Services |  | Eliminations |  | Consolidated
Revenues(1) |  | $ | 100 |  | $ | 7 |  | $ | 67 |  | $ | 3 |  | $ | - |  | $ | 177
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | - |  |  | - |  |  | 24 |  |  | - |  |  | - |  |  | 24
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| foreign exchange |  |  | 2 |  |  | 68 |  |  | (13) |  |  | - |  |  | - |  |  | 57
Net investment losses related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| to other-than-temporary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| impairments |  |  | (14) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (14)
Net gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other net realized gains (losses) |  |  | 18 |  |  | 1 |  |  | 11 |  |  | - |  |  | - |  |  | 30
Revenues of consolidated VIEs |  |  | - |  |  | - |  |  | 21 |  |  | (4) |  |  | - |  |  | 17
Inter-segment revenues(2) |  |  | 7 |  |  | 12 |  |  | 12 |  |  | 5 |  |  | (36) |  |  | -
|  | Total revenues |  |  | 113 |  |  | 88 |  |  | 122 |  |  | 4 |  |  | (36) |  |  | 291
Losses and loss adjustment |  |  | (8) |  |  | - |  |  | 28 |  |  | - |  |  | - |  |  | 20
Operating |  |  | 9 |  |  | 25 |  |  | 17 |  |  | 8 |  |  | - |  |  | 59
Interest |  |  | - |  |  | 26 |  |  | 26 |  |  | - |  |  | - |  |  | 52
Expenses of consolidated VIEs |  |  | - |  |  | - |  |  | 12 |  |  | - |  |  | - |  |  | 12
Inter-segment expenses(2) |  |  | 18 |  |  | - |  |  | 16 |  |  | 2 |  |  | (36) |  |  | -
|  | Total expenses |  |  | 19 |  |  | 51 |  |  | 99 |  |  | 10 |  |  | (36) |  |  | 143
Income (loss) before income taxes |  |  | 94 |  |  | 37 |  |  | 23 |  |  | (6) |  |  | - |  |  | 148
Provision (benefit) for income taxes |  |  | 38 |  |  | (70) |  |  | 9 |  |  | (2) |  |  | - |  |  | (25)
Net income (loss) |  | $ | 56 |  | $ | 107 |  | $ | 14 |  | $ | (4) |  | $ | - |  | $ | 173
Identifiable assets |  | $ | 6,132 |  | $ | 2,735 |  | $ | 10,373 |  | $ | 481 |  | $ | (3,520) | (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.
|  |  |  | Nine Months Ended September 30, 2015
|  |  |  | U.S. |  |  |  | International |  |  |  |  |  |
|  |  |  | Public |  |  |  | and Structured |  |  |  |  |  |
|  |  |  | Finance |  |  |  | Finance |  |  |  |  |  |
In millions |  | Insurance |  | Corporate |  | Insurance |  | Eliminations |  | Consolidated
Revenues(1) |  | $ | 288 |  | $ | 18 |  | $ | 86 |  | $ | - |  | $ | 392
Net change in fair value of insured derivatives |  |  | - |  |  | - |  |  | 91 |  |  | - |  |  | 91
Net gains (losses) on financial instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| foreign exchange |  |  | 4 |  |  | 35 |  |  | (19) |  |  | - |  |  | 20
Net investment losses related to other-than-temporary impairments |  |  | (9) |  |  | (1) |  |  | - |  |  | - |  |  | (10)
Net gains (losses) on extinguishment of debt |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | (1)
Other net realized gains (losses) |  |  | (4) |  |  | 22 |  |  | - |  |  | - |  |  | 18
Revenues of consolidated VIEs |  |  | - |  |  | - |  |  | 46 |  |  | - |  |  | 46
Inter-segment revenues(2) |  |  | 26 |  |  | 53 |  |  | 48 |  |  | (127) |  |  | -
|  | Total revenues |  |  | 305 |  |  | 126 |  |  | 252 |  |  | (127) |  |  | 556
Losses and loss adjustment |  |  | (5) |  |  | - |  |  | 84 |  |  | - |  |  | 79
Operating |  |  | 29 |  |  | 56 |  |  | 54 |  |  | - |  |  | 139
Interest |  |  | - |  |  | 73 |  |  | 76 |  |  | - |  |  | 149
Expenses of consolidated VIEs |  |  | - |  |  | - |  |  | 39 |  |  | - |  |  | 39
Inter-segment expenses(2) |  |  | 67 |  |  | 3 |  |  | 50 |  |  | (120) |  |  | -
|  | Total expenses |  |  | 91 |  |  | 132 |  |  | 303 |  |  | (120) |  |  | 406
Income (loss) before income taxes |  |  | 214 |  |  | (6) |  |  | (51) |  |  | (7) |  |  | 150
Provision (benefit) for income taxes |  |  | 74 |  |  | - |  |  | (19) |  |  | (3) |  |  | 52
Net income (loss) |  | $ | 140 |  | $ | (6) |  | $ | (32) |  | $ | (4) |  | $ | 98
Identifiable assets |  | $ | 5,432 |  | $ | 2,514 |  | $ | 10,084 |  | $ | (2,979) | (3) | $ | 15,051
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) - Represents intercompany premium income and expense 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. |  |  |  | International |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  |  |  | and Structured |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  |  |  | Finance |  | Advisory |  |  |  |  |  |  |  |  |
In millions |  | Insurance |  | Corporate |  | Insurance |  | Services |  | Conduit |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 272 |  | $ | 30 |  | $ | 142 |  | $ | 10 |  | $ | - |  | $ | - |  |  | $ | 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 |  |  | 56 |  |  | (11) |  |  | (3) |  |  | - |  |  | - |  |  |  | 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 |  |  | 2 |  |  | 11 |  |  | - |  |  | - |  |  | - |  |  |  | 31
Revenues of consolidated VIEs |  |  | - |  |  | - |  |  | 72 |  |  | (4) |  |  | 4 |  |  | - |  |  |  | 72
Inter-segment revenues(2) |  |  | 30 |  |  | 38 |  |  | 36 |  |  | 17 |  |  | (1) |  |  | (120) |  |  |  | -
|  | Total revenues |  |  | 328 |  |  | 129 |  |  | 695 |  |  | 20 |  |  | 3 |  |  | (120) |  |  |  | 1,055
Losses and loss adjustment |  |  | (5) |  |  | - |  |  | 87 |  |  | - |  |  | - |  |  | - |  |  |  | 82
Operating |  |  | 29 |  |  | 64 |  |  | 49 |  |  | 30 |  |  | - |  |  | - |  |  |  | 172
Interest |  |  | - |  |  | 78 |  |  | 80 |  |  | - |  |  | - |  |  | - |  |  |  | 158
Expenses of consolidated VIEs |  |  | - |  |  | - |  |  | 36 |  |  | - |  |  | - |  |  | - |  |  |  | 36
Inter-segment expenses(2) |  |  | 56 |  |  | 7 |  |  | 51 |  |  | 5 |  |  | 9 |  |  | (128) |  |  |  | -
|  | Total expenses |  |  | 80 |  |  | 149 |  |  | 303 |  |  | 35 |  |  | 9 |  |  | (128) |  |  |  | 448
Income (loss) before income taxes |  |  | 248 |  |  | (20) |  |  | 392 |  |  | (15) |  |  | (6) |  |  | 8 |  |  |  | 607
Provision (benefit) for income taxes |  |  | 90 |  |  | (167) |  |  | 137 |  |  | (3) |  |  | (2) |  |  | 3 |  |  |  | 58
Net income (loss) |  | $ | 158 |  | $ | 147 |  | $ | 255 |  | $ | (12) |  | $ | (4) |  | $ | 5 |  |  | $ | 549
Identifiable assets |  | $ | 6,132 |  | $ | 2,735 |  | $ | 10,373 |  | $ | 481 |  | $ | - |  | $ | (3,520) | (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.
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 |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
| Total premiums earned: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | United States |  | $ | 71 |  | $ | 78 |  | $ | 232 |  | $ | 216 |
|  | United Kingdom |  |  | 8 |  |  | 9 |  |  | 23 |  |  | 28 |
|  | Europe (excluding United Kingdom) |  |  | 2 |  |  | 2 |  |  | 4 |  |  | 6 |
|  | Internationally diversified |  |  | 1 |  |  | 4 |  |  | 3 |  |  | 7 |
|  | Central and South America |  |  | 7 |  |  | 26 |  |  | 20 |  |  | 42 |
|  | Asia |  |  | - |  |  | 1 |  |  | 2 |  |  | 3 |
|  | Other |  |  | 1 |  |  | 2 |  |  | 4 |  |  | 6 |
| Total |  | $ | 90 |  | $ | 122 |  | $ | 288 |  | $ | 308 |

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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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