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Investments (Tables)

6 Months Ended

Jun. 30, 2016

Text Block [Abstract]

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

						June 30, 2016
									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					$	996		$	69		$	-		$	1,065		$	-
	State and municipal bonds						1,607			134			(2)			1,739			-
	Foreign governments						187			4			(1)			190			-
	Corporate obligations						1,607			63			(79)			1,591			(77)
	Mortgage-backed securities:
		Residential mortgage-backed agency					946			12			(1)			957			-
		Residential mortgage-backed non-agency					51			1			(7)			45			(4)
		Commercial mortgage-backed					33			-			-			33			-
	Asset-backed securities:
		Collateralized debt obligations					27			-			-			27			-
		Other asset-backed					405			1			(9)			397			-
			Total fixed-maturity investments				5,859			284			(99)			6,044			(81)
Money market securities							82			-			-			82			-
Perpetual debt and equity securities							6			1			-			7			-
Total AFS investments						$	5,947		$	285		$	(99)		$	6,133		$	(81)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	890		$	-		$	(381)		$	509		$	-
Total HTM investments						$	890		$	-		$	(381)		$	509		$	-
_______________
(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, 2015
									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					$	947		$	32		$	(3)		$	976		$	-
	State and municipal bonds						1,674			65			(14)			1,725			-
	Foreign governments						197			3			(2)			198			-
	Corporate obligations						1,516			21			(103)			1,434			(85)
	Mortgage-backed securities:
		Residential mortgage-backed agency					995			7			(9)			993			-
		Residential mortgage-backed non-agency					55			2			(6)			51			(4)
		Commercial mortgage-backed					31			-			-			31			-
	Asset-backed securities:
		Collateralized debt obligations					51			-			(18)			33			-
		Other asset-backed					331			1			(17)			315			-
			Total fixed-maturity investments				5,797			131			(172)			5,756			(89)
Money market securities							351			-			-			351			-
Perpetual debt and equity securities							12			1			-			13			-
Total AFS investments						$	6,160		$	132		$	(172)		$	6,120		$	(89)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	2,689		$	24		$	(312)		$	2,401		$	-
Total HTM investments						$	2,689		$	24		$	(312)		$	2,401		$	-
_______________
(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		$	447		$	447		$	-		$	-
Due after one year through five years			1,642			1,677			-			-
Due after five years through ten years			844			903			-			-
Due after ten years			1,464			1,558			890			509
Mortgage-backed and asset-backed			1,462			1,459			-			-
Total fixed-maturity investments		$	5,859		$	6,044		$	890		$	509

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

						June 30, 2016
						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					$	27		$	-		$	-		$	-		$	27		$	-
	State and municipal bonds						7			-			17			(2)			24			(2)
	Foreign governments						3			-			2			(1)			5			(1)
	Corporate obligations						152			-			62			(79)			214			(79)
	Mortgage-backed securities:
		Residential mortgage-backed agency					61			-			144			(1)			205			(1)
		Residential mortgage-backed non-agency					9			(1)			29			(6)			38			(7)
		Commercial mortgage-backed					21			-			4			-			25			-
	Asset-backed securities:
		Collateralized debt obligations					4			-			20			-			24			-
		Other asset-backed					133			(1)			81			(8)			214			(9)
			Total fixed-maturity investments				417			(2)			359			(97)			776			(99)
Perpetual debt and equity securities							-			-			1			-			1			-
Total AFS investments						$	417		$	(2)		$	360		$	(97)		$	777		$	(99)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	297		$	(18)		$	212		$	(363)		$	509		$	(381)
Total HTM investments						$	297		$	(18)		$	212		$	(363)		$	509		$	(381)

						December 31, 2015
						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					$	434		$	(2)		$	50		$	(1)		$	484		$	(3)
	State and municipal bonds						536			(11)			42			(3)			578			(14)
	Foreign governments						32			(2)			-			-			32			(2)
	Corporate obligations						693			(14)			78			(89)			771			(103)
	Mortgage-backed securities:
		Residential mortgage-backed agency					399			(4)			159			(5)			558			(9)
		Residential mortgage-backed non-agency					24			(2)			17			(4)			41			(6)
		Commercial mortgage-backed					25			-			1			-			26			-
	Asset-backed securities:
		Collateralized debt obligations					2			-			29			(18)			31			(18)
		Other asset-backed					242			(1)			34			(16)			276			(17)
			Total fixed-maturity investments				2,387			(36)			410			(136)			2,797			(172)
Perpetual debt and equity securities							2			-			3			-			5			-
Total AFS investments						$	2,389		$	(36)		$	413		$	(136)		$	2,802		$	(172)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	1,093		$	(17)		$	280		$	(295)		$	1,373		$	(312)
Total HTM investments						$	1,093		$	(17)		$	280		$	(295)		$	1,373		$	(312)

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%		13		$	12		$	11		-		$	-		$	-
	> 15% to 25%		9			79			64		-			-			-
	> 25% to 50%		5			3			2		-			-			-
	> 50%		1			104			26		1			575			211
	Total		28		$	198		$	103		1		$	575		$	211

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			$	126		$	(1)		$	73		$	(1)		$	2		$	-		$	5		$	-		$	32		$	(7)		$	-		$	-		$	238		$	(9)
MBS				220			(1)			3			-			2			-			5			-			24			(3)			14			(4)			268			(8)
Corporate obligations				88			-			50			-			16			-			26			(1)			8			(1)			26			(77)			214			(79)
	Total		$	434		$	(2)		$	126		$	(1)		$	20		$	-		$	36		$	(1)		$	64		$	(11)		$	40		$	(81)		$	720		$	(96)

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		Below Investment Grade		Below Investment Grade		$	31		61	%
MBS		Below Investment Grade		Below Investment Grade		$	17		100	%

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

In millions			Three Months Ended June 30,						Six Months Ended June 30,
Credit Losses Recognized in Earnings Related to Other-Than-Temporary Impairments			2016				2015		2016				2015
Beginning balance			$	26		$	16		$	26		$	16
Additions for credit loss impairments recognized in the current period on securities not
	previously impaired			-			6			-			6
Ending balance			$	26		$	22		$	26		$	22

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)			$	51		$	(7)		$	17
	Mortgage-backed:
		MBIA(1)				17			(3)			4
	Other:
		MBIA(1)				8			(1)			-
		Other				2			-			-
			Total other			10			(1)			-
	Total				$	78		$	(11)		$	21
	_______________
	(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.

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

				Three Months Ended June 30,						Six Months Ended June 30,
	In millions			2016			2015			2016			2015
	Proceeds from sales			$	656		$	187		$	937		$	379
	Gross realized gains			$	26		$	3		$	37		$	8
	Gross realized losses			$	(13)		$	(2)		$	(18)		$	(9)

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 6
-Section 10
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