<SEC-DOCUMENT>0001157523-16-006481.txt : 20160808
<SEC-HEADER>0001157523-16-006481.hdr.sgml : 20160808
<ACCEPTANCE-DATETIME>20160808165152
ACCESSION NUMBER:		0001157523-16-006481
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160804
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160808
DATE AS OF CHANGE:		20160808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MBIA INC
		CENTRAL INDEX KEY:			0000814585
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				061185706
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09583
		FILM NUMBER:		161814850

	BUSINESS ADDRESS:	
		STREET 1:		1 MANHATTANVILLE ROAD
		STREET 2:		SUITE 301
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		914-273-4545

	MAIL ADDRESS:	
		STREET 1:		1 MANHATTANVILLE ROAD
		STREET 2:		SUITE 301
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51398272.htm
<DESCRIPTION>MBIA INC.
<TEXT>
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      <font style="font-size: 18pt"><b>UNITED STATES</b></font><br><font style="font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 14pt"><b>Washington,
      D.C. 20549</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt"><b>CURRENT REPORT</b></font>
    </p>
    <p style="text-align: center">
      Pursuant to Section 13 or 15(d) of<br>the Securities Exchange Act of 1934
    </p>
    <p style="text-align: center">
      Date of Report (Date of earliest event reported): August 8, 2016 (August
      4, 2016)<br><br><font style="font-size: 18pt"><b>MBIA INC.</b></font><br>(Exact
      name of registrant as specified in its charter)
    </p>
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      <tr>
        <td style="padding-left: 0.0px; width: 31%; text-align: center" valign="top">
          <b>Connecticut</b>
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        <td style="width: 4%">
          &#160;
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        <td style="padding-left: 0.0px; width: 30%; white-space: nowrap; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>1-9583</b>
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          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 31%; white-space: nowrap; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>06-1185706</b>
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        <td style="padding-left: 0.0px; width: 31%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of<br>incorporation)
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; width: 30%; text-align: center" valign="top">
          (Commission File Number)
        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; width: 31%; text-align: center" valign="top">
          (IRS Employer Identification No.)
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    </div>
    <p style="text-align: center">
      <br>
      <b><br>
      </b>
    </p>
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      <tr>
        <td style="padding-left: 0.0px; width: 35%; text-align: center" valign="top">
          <b>1 Manhattanville Road, Suite 301 </b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Purchase, New York</b>
          </p>
        </td>
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          &#160;
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        <td style="padding-left: 0.0px; width: 35%; white-space: nowrap; text-align: center; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>10577</b>
          </p>
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            (Address of principal executive offices)
          </p>
        </td>
        <td style="width: 30%">

        </td>
        <td style="padding-left: 0.0px; width: 35%; text-align: center" valign="bottom">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      Registrant's telephone number, including area code:<br><b>914-273-4545</b><br><br><b>Not
      Applicable<br></b>(Former name or former address, if changed since last
      report)
    </p>
    <p style="text-align: center">

    </p>
    <p>
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
    </p>
    <p>

    </p>
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        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">
      <br>
      <b>Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.</b>
    </p>
    <p>
      The following information, including Exhibit 99.1 to this Form 8-K, is
      being furnished, not filed, pursuant to Item 2.02 - Results of
      Operations and Financial Condition of Form 8-K.
    </p>
    <p>
      On August 8, 2016, MBIA Inc. (&#8220;MBIA&#8221;) issued a press release announcing
      its results of operations for the quarter ended June 30, 2016.&#160;&#160;A copy
      of the press release is attached as Exhibit 99.1 to this Form 8-K and is
      incorporated by reference to this Item 2.02 as if fully set forth herein.
    </p>
    <p>
      <b>Item 5.02.&#160;&#160;DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF
      DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.</b>
    </p>
    <p style="text-align: justify">
      (d) Election of Director.
    </p>
    <p>
      On August 4, 2016, the Board of Directors of MBIA Inc. (&#8220;MBIA&#8221;) elected
      Francis (&#8220;Frank&#8221;) Y. Chin as a member of MBIA's Board of Directors.&#160;&#160;In
      connection with Mr. Chin&#8217;s election, the Board of Directors increased
      its size from eight to nine directors.&#160;&#160;
    </p>
    <p>
      MBIA&#8217;s Board of Directors has determined that Mr. Chin is an Independent
      Director under the independence standards set forth in the New York
      Stock Exchange Corporate Governance Listing Standards and in the MBIA
      Inc. Board Corporate Governance Practices.
    </p>
    <p>
      Mr. Chin will participate in the compensation and benefit program for
      independent directors as described under the heading &#8220;Independent
      Directors&#8217; compensation&#8221; in MBIA&#8217;s Proxy Statement for its Annual
      Meeting of Shareholders held on May 3, 2016 (filed with the Securities
      and Exchange Commission on March 22, 2016).
    </p>
    <p style="white-space: nowrap">
      <b>Item 7.01.&#160;&#160;&#160;&#160;&#160;REGULATION FD DISCLOSURE.</b>
    </p>
    <p>
      The following information is being furnished, not filed, pursuant to
      Item 7.01 - Regulation FD Disclosure of Form 8-K.&#160;&#160;Information contained
      on MBIA&#8217;s Web sites is not incorporated by reference into this Current
      Report on Form 8-K.
    </p>
    <p>
      On August 8, 2016, MBIA will post on its Web site, www.mbia.com, under
      the section &#8220;Investor Relations &#8211; Financial Information &#8211; Operating
      Supplements,&#8221; a Quarterly Operating Supplement for the second quarter of
      2016 and under the section &#8220;Investor Relations &#8211; Financial Information &#8211;
      Statutory Statements,&#8221; 2016 Quarterly Statements for each of MBIA
      Insurance Corporation and National Public Finance Guarantee
      Corporation.&#160;&#160;&#160;MBIA will also post on its Web site, under the section
      &#8220;Selected Exposures,&#8221; certain information on the Company&#8217;s insured
      portfolios as of June 30, 2016.&#160;&#160;The information will be posted as &#8220;MBIA
      Corp.&#8217;s Structured Finance Insured Portfolio,&#8221; &#8220;MBIA Corp.&#8217;s Non-U.S.
      Public Finance Insured Portfolio&#8221; and &#8220;National Public Finance Guarantee
      Corporation&#8217;s Insured Portfolio.&#8221;&#160;&#160;Information on National Public
      Finance Guarantee Corporation&#8217;s insured portfolio as of June 30, 2016
      will also be posted on National Public Finance Guarantee Corporation&#8217;s
      Web site, www.nationalpfg.com, under the selection &#8220;Insured
      Portfolio.&#8221;&#160;&#160;Additional exposure information on certain credits insured
      by National Public Finance Guarantee Corporation will be posted on
      National Public Finance Guarantee Corporation&#8217;s Web site,
      www.nationalpfg.com, under the selection &#8220;Selected Exposures.&#8221;&#160;&#160;&#160;&#160;&#160;
    </p>
    <p>
      On or about August 9, 2016, MBIA will also post on its Web site,
      www.mbia.com, under the section &#8220;Investor Relations &#8211; Investor
      Inquiries/FAQs,&#8221; updated Frequently Asked Questions.
    </p>
    <p style="text-align: justify">
      A copy of MBIA&#8217;s press release dated August 8, 2016 regarding the
      election of Mr. Chin as a director is furnished as part of this Current
      Report as Exhibit 99.2.&#160;&#160;The information in the press release is being
      furnished, not filed, pursuant to Item 7.01 of Form 8-K. Accordingly,
      the information in Exhibit 99.2 will not be incorporated by reference
      into any registration statement filed by MBIA under the Securities Act
      of 1933, as amended, unless specifically identified therein as being
      incorporated by reference.
    </p>
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    </div>
    <p>
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS.</b>
    </p>
    <p>
      99.1 Press Release issued by MBIA Inc., dated August 8, 2016, announcing
      its results of operations for the quarter ended June 30, 2016.&#160;&#160;
    </p>
    <p>
      99.2 Press Release issued by MBIA Inc., dated August 8, 2016, announcing
      the election of Mr. Francis Y. Chin to the Board of Directors.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt">
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        </div>
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    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.
    </p>
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          &#160;
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            MBIA INC.
          </p>
        </td>
        <td style="width: 10%">

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        </td>
        <td style="width: 3%">

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        <td style="width: 30%">

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          &#160;
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        <td style="width: 3%">

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        <td style="width: 30%">

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          &#160;
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            &#160;
          </p>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Ram D. Wertheim
          </p>
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
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        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 30%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Ram D. Wertheim
          </p>
        </td>
        <td style="width: 10%">

        </td>
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        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 30%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Legal Officer
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
    </table>
    </div>
    <p>
      Date: August 8, 2016
    </p>
    <p>

    </p>
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    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K</b><br>Dated <font style="font-size: 10pt; font-family: Times New Roman">August
      8, 2016</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      99.1&#160;&#160;Press Release issued by MBIA Inc., dated August 8, 2016,
      announcing its results of operations for the quarter ended June 30,
      2016.&#160;&#160;
    </p>
    <p>
      99.2 Press Release issued by MBIA Inc., dated August 8, 2016, announcing
      the election of Mr. Francis Y. Chin to the Board of Directors.
    </p>
    <p>

    </p>
    <p style="text-align: center">

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51398272ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <u><font style="font-size: 12pt; font-family: Times New Roman"><b>MBIA
      Inc. Reports Second Quarter 2016 Financial Results</b></font></u>
    </p>
    <p>
      PURCHASE, N.Y.--(BUSINESS WIRE)--August 8, 2016--MBIA Inc. (NYSE:MBI)
      (the Company) today reported a consolidated GAAP net loss of $27
      million, or $0.20 per diluted share, for the second quarter of 2016
      compared with consolidated net income of $64 million, or $0.36 per
      diluted share, for the second quarter of 2015. The $91 million adverse
      change in the financial result versus the year-ago quarter was primarily
      due to adverse variances on certain fair value effects and an increase
      in loss and loss adjustment expenses (LAE), partially offset by
      favorable tax effects.
    </p>
    <p>
      Book Value (BV) per share was $26.88 as of June 30, 2016 compared with
      $24.61 as of December 31, 2015. The increases in BV per share since
      year-end 2015 was primarily due to share repurchases that decreased
      common shares outstanding. During the first half of 2016, the Company
      repurchased 16.6 million shares of its common stock.
    </p>
    <p>
      The Company also reported Combined Operating Income (a non-GAAP measure
      defined in the attached Explanation of Non-GAAP Financial Measures) of
      $15 million or $0.12 per diluted share for the second quarter of 2016
      compared with Combined Operating Income of $19 million or $0.11 per
      diluted share for the second quarter of 2015. The decline in Combined
      Operating Income for the second quarter of 2016 compared to the same
      period of 2015 was primarily driven by lower premiums earned. The
      Company&#8217;s share repurchases was the primary driver for the increase in
      Combined Operating Income per share.
    </p>
    <p>
      Adjusted Book Value (ABV) per share (a non-GAAP measure defined in the
      attached Explanation of Non-GAAP Financial Measures) was $32.42 as of
      June 30, 2016 compared with $29.69 as of December 31, 2015. The increase
      in ABV per share since year-end 2015 was primarily driven by the
      repurchase of 16.6 million shares during the first six months of 2016.
    </p>
    <p>
      Operating Income and ABV per share provide investors with two
      perspectives of the Company&#8217;s financial results that management uses in
      measuring financial performance. Reconciliations of ABV per share to
      book value per share, and Operating Income to net income, calculated in
      accordance with GAAP, are attached.
    </p>
    <p>
      <b>Statements from Company Representative</b>
    </p>
    <p>
      Bill Fallon, MBIA&#8217;s President and Chief Operating Officer notes, &#8220;Focus
      inside and outside the Company remains on National&#8217;s Puerto Rico&#8217;s
      exposures. Since last quarter, PROMESA has become law and the PREPA
      Restructuring Support Agreement was extended into December of this year.
      On July 1, Puerto Rico defaulted on some of its debt service obligations
      and National paid $173 million of claims &#8211; primarily on the General
      Obligation bonds. Despite Puerto Rico&#8217;s misguided decision to violate
      its constitution and the seniority of payments on its debts, we are
      pleased by the positive reactions of our insured bondholders and
      analysts who are increasingly recognizing the value bond insurance
      provides, and we remain confident that insurance penetration in the
      market will benefit as a result.&#8221;
    </p>
    <p>
      Mr. Fallon added, &#8220;Further, now that PROMESA has become law, we
      anticipate better progress in reaching resolutions on each of our
      insured Puerto Rico credits. In the meantime, National&#8217;s new business
      efforts continue to make headway, despite the ongoing challenges of the
      low interest rate environment.&#8221;
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt">
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        </div>
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          <hr style="height: 1.5pt; color: black">

        </div>
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        </div>
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    </div>
    <p>
      <b>Year-to-Date Results</b>
    </p>
    <p>
      The Company recorded a consolidated GAAP net loss of $105 million, or
      $0.78 per diluted common share for the six months ended June 30, 2016,
      compared with consolidated net income of $133 million, or $0.72 per
      diluted common share, for the first six months of 2015. The $238 million
      adverse variance was primarily driven by a $130 million unfavorable
      variance on net gains (losses) on financial instruments at fair value
      and foreign exchange and a $124 million unfavorable net change in the
      fair value of insured derivatives.
    </p>
    <p>
      The Company&#8217;s Combined Operating Income for the six months ended June
      30, 2016 was $31 million or $0.24 per diluted share compared with
      Combined Operating Income of $53 million or $0.30 per diluted share for
      the first six months of 2015. The $22 million decrease in the Combined
      Operating Income for the first six months of 2016 was primarily due to a
      $29 million decrease in premiums earned from refunded exposures.
    </p>
    <p>
      <b>U.S. Public Finance Insurance Results</b>
    </p>
    <p>
      The Company&#8217;s U.S. public finance insurance business is primarily
      conducted through National Public Finance Guarantee Corporation
      (&#8220;National&#8221;), its primary operating subsidiary. The U.S. Public Finance
      Insurance segment recorded GAAP net income of $50 million for the second
      quarter of 2016 versus $37 million for the second quarter of 2015. The
      $13 million increase in net income was primarily driven by a $25 million
      increase in net gains (losses) on financial instruments due to the sale
      of investments.
    </p>
    <p>
      National also recorded $34 million of Operating Income in the second
      quarter of 2016 compared with $40 million of Operating Income for the
      second quarter of 2015. The $6 million decrease in Operating Income was
      primarily due to an $11 million decrease in premiums earned from
      refunded exposures.
    </p>
    <p>
      Net premiums earned in the U.S. Public Finance Insurance segment were
      $56 million in the second quarter of 2016, down 23 percent from $73
      million of net premiums earned in the second quarter of 2015, which
      comprised a 28 percent decrease in refunded premiums earned and a 17
      percent decrease in scheduled premiums earned.
    </p>
    <p>
      National insured $209 million of new business gross par exposure during
      the second quarter of 2016, up from $158 million during the first
      quarter of 2016. The expansion of our new business activity continues to
      be constrained by low interest rates and competitive insurance pricing,
      which limit the opportunities to achieve attractive returns on our new
      business production.
    </p>
    <p>
      Net investment income for the U.S. Public Finance Insurance segment was
      $30 million for the second quarter of 2016 compared with $28 million for
      the prior year&#8217;s second quarter.
    </p>
    <p>
      The U.S. Public Finance Insurance segment&#8217;s losses and LAE were $9
      million in the second quarter of 2016 compared with $8 million in the
      second quarter of 2015. In addition, National paid $173 million of
      insurance claims on the Puerto Rico bonds it insures with respect to
      their July 1, 2016 debt service amounts. Also, during the second
      quarter, certain PREPA creditors, including National, purchased new
      bonds issued by PREPA to replenish PREPA&#8217;s working capital and to
      enhance its liquidity.
    </p>
    <p>
      For the second quarter of 2016, the amortization of deferred acquisition
      costs totaled $12 million versus $16 million for the second quarter of
      2015, reflecting the reduction in premiums earned. Operating expenses
      were $15 million and $14 million for the second quarters of 2016 and
      2015, respectively.
    </p>
    <p>
      National had statutory capital of $3.5 billion and claims-paying
      resources totaling $4.7 billion as of June 30, 2016. National&#8217;s insured
      portfolio declined by $12 billion during the quarter, ending the quarter
      with $138 billion of gross par outstanding. National ended the quarter
      with a leverage ratio of gross par to statutory capital of 40 to 1, down
      from 48 to 1 at year-end 2015.
    </p>
    <p>
      During the second quarter of 2016, Kroll Bond Rating Agency, Moody&#8217;s
      Investors Service and Standard and Poor&#8217;s Corporation each affirmed the
      credit ratings and outlooks assigned to National, which are AA+, stable;
      A3, negative; and AA-, stable, respectively.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Corporate Results</b>
    </p>
    <p>
      The corporate segment includes general corporate activities, as well as
      the support services provided to the Company&#8217;s other operating
      businesses and asset and capital management activities. The corporate
      segment recorded a GAAP net loss of $20 million for the second quarter
      of 2016 versus net income of $23 million for the second quarter of 2015.
      The $43 million adverse variance was primarily driven by a $75 million
      negative variance on the fair value of interest rate swaps. The $23
      million net income for the second quarter of 2015 included $48 million
      of positive change in the fair value of interest rate swaps.
    </p>
    <p>
      The corporate segment recorded an Operating Loss of $19 million in the
      second quarter of 2016 compared with an Operating Loss of $21 million in
      the second quarter of 2015. The improvement in the corporate segment's
      Operating Loss was primarily driven by a reduction in operating expenses.
    </p>
    <p>
      As of June 30, 2016, MBIA Inc. held cash and liquid assets of $295
      million, which excludes assets in its tax escrow account that totaled
      $273 million at quarter-end.
    </p>
    <p>
      The Company&#8217;s consolidated net operating loss carryforward for income
      tax purposes as of June 30, 2016 was approximately $2.7 billion.
    </p>
    <p>
      During the second quarter of 2016, the Company and its subsidiaries
      repurchased 1.7 million of its common shares at an average price of
      $7.02 per share. As of June 30, 2016, there was $88 million remaining
      under the Company&#8217;s current share repurchase authorization. As of August
      2, 2016, 136 million of the Company&#8217;s common shares were outstanding.
    </p>
    <p>
      <b>International and Structured Finance Insurance Results</b>
    </p>
    <p>
      The Company&#8217;s international and structured finance insurance business is
      primarily conducted through MBIA Corp. Unless otherwise indicated or the
      context otherwise requires, references to &#8220;MBIA Corp.&#8221; are to MBIA
      Insurance Corporation, together with its subsidiaries, MBIA UK Insurance
      Limited and MBIA Mexico S.A. de C.V.
    </p>
    <p>
      MBIA Insurance Corporation&#8217;s statutory net loss was $49 million in the
      second quarter of 2016, compared with a net loss of $47 million in the
      second quarter of 2015. Statutory net losses and LAE incurred for the
      second quarter of 2016 were $60 million compared with net losses and LAE
      incurred of $69 million in the comparable quarter of the prior year. The
      statutory capital of MBIA Insurance Corporation as of June 30, 2016 was
      $755 million and claims-paying resources totaled $2.2 billion.
    </p>
    <p>
      As of June 30, 2016, MBIA Insurance Corporation&#8217;s liquidity position
      (excluding resources from its subsidiaries and branches) totaled $288
      million consisting of cash and liquid invested assets.
    </p>
    <p>
      During the second quarter of 2016, Moody&#8217;s Investors Service and
      Standard and Poor&#8217;s Corporation downgraded the credit rating assigned to
      MBIA Insurance Corp.; Moody's downgraded it from B3 to Caa1 and S&amp;P
      downgraded it from B to CCC. Both Moody&#8217;s and S&amp;P maintained a negative
      outlook on MBIA Insurance Corp.
    </p>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      The Company will host a webcast and conference call for investors
      tomorrow, Tuesday, August 9, 2016 at 8:00 AM (ET) to discuss its second
      quarter 2016 financial results and other matters relating to the
      Company. The webcast and conference call will consist of brief remarks
      followed by a question and answer session.
    </p>
    <p>
      The dial-in number for the call is (877) 694-4769 in the U.S. and (404)
      665-9935 from outside the U.S. The conference call code is 48759834. A
      live webcast of the conference call will also be accessible on <u>www.mbia.com</u>.
    </p>
    <p>
      A replay of the conference call will become available approximately two
      hours after the end of the call on August 9 and will remain available
      until 11:59 p.m. on August 23 by dialing (800) 585-8367 in the U.S. or
      (404) 537-3406 from outside the U.S. The code for the replay of the call
      is also 48759834. In addition, a recorded replay of the call will become
      available on the Company's website approximately two hours after the
      completion of the call.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      The information contained in this press release should be read in
      conjunction with our filings made with the Securities and Exchange
      Commission. This release includes statements that are not historical or
      current facts and are &#8220;forward-looking statements&#8221; made pursuant to the
      safe harbor provisions of the Private Securities Litigation Reform Act
      of 1995. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221;
      &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;will likely result,&#8221; &#8220;looking forward&#8221; or &#8220;will
      continue,&#8221; and similar expressions identify forward-looking statements.
      These statements are subject to certain risks and uncertainties that
      could cause actual results to differ materially from historical earnings
      and those presently anticipated or projected, including, among other
      risks and uncertainties, the possibility that the Company will
      experience increased credit losses or impairments on public finance
      obligations we insure issued by state, local and territorial governments
      and finance authorities that are experiencing fiscal stress, the
      possibility that MBIA Corp. will have inadequate liquidity to pay claims
      as a result of increased losses on certain structured finance
      transactions, in particular residential mortgage-backed securities
      transactions that include a substantial number of ineligible mortgage
      loans, or a delay or failure in collecting expected recoveries, the
      possibility that loss reserve estimates are not adequate to cover
      potential claims, a disruption in the cash flow from our subsidiaries or
      an inability to access capital and our exposure to significant
      fluctuations in liquidity and asset values within the global credit
      markets as a result of collateral posting requirements, our ability to
      fully implement our strategic plan, including our ability to maintain
      high stable ratings for National and generate investor demand for our
      financial guarantees, deterioration in the economic environment and
      financial markets in the United States or abroad, and adverse
      developments in European sovereign credit performance, real estate
      market performance, credit spreads, interest rates and foreign currency
      levels, the effects of governmental regulation, including insurance
      laws, securities laws, tax laws, legal precedents and accounting rules;
      and uncertainties that have not been identified at this time. These and
      other factors that could affect financial performance or could cause
      actual results to differ materially from estimates contained in or
      underlying the Company&#8217;s forward-looking statements are discussed under
      the &#8220;Risk Factors&#8221; section in MBIA Inc.&#8217;s most recent Annual Report on
      Form 10-K and Quarterly Report on Form 10-Q, which may be updated or
      amended in the Company&#8217;s subsequent filings with the Securities and
      Exchange Commission. The Company cautions readers not to place undue
      reliance on any such forward-looking statements, which speak only to
      their respective dates. The Company undertakes no obligation to publicly
      correct or update any forward-looking statement if it later becomes
      aware that such result is not likely to be achieved.
    </p>
    <p>
      MBIA Inc., headquartered in Purchase, New York is a holding company
      whose subsidiaries provide financial guarantee insurance for the public
      and structured finance markets. Please visit MBIA's website at <u>www.mbia.com</u>.
    </p>
    <p>
      <b>Explanation of Non-GAAP Financial Measures</b>
    </p>
    <p>
      The following are explanations of why the Company believes that the
      non-GAAP financial measures used in this press release, which serve to
      supplement GAAP information, are meaningful to investors.
    </p>
    <p>
      <b>Adjusted Book Value:</b> Adjusted Book Value (&#8220;ABV&#8221;), a non-GAAP
      measure, is used by the Company to supplement its analysis of GAAP book
      value. The Company uses ABV as a measure of fundamental value and
      considers the change in ABV an important measure of periodic financial
      performance. ABV adjusts GAAP book value by removing the GAAP book value
      amounts for items that are not expected to impact shareholder value and
      to add in the impact of certain items which the Company believes will be
      realized in GAAP book value in future periods. The Company has limited
      such adjustments to those items that it deems to be important to
      fundamental value and performance and which the likelihood and amount
      can be reasonably estimated. ABV assumes no new business activity. The
      Company has presented ABV to allow investors and analysts to evaluate
      the Company using the same measure that MBIA&#8217;s management regularly uses
      to measure financial performance. ABV is not a substitute for and should
      not be viewed in isolation from GAAP book value.
    </p>
    <p>
      ABV per share represents that amount of ABV allocated to each common
      share outstanding at the measurement date.
    </p>
    <p>
      <b>Claims-paying Resources (CPR)</b>: CPR is a key measure of the
      resources available to National and MBIA Corp. to pay claims under their
      respective insurance policies. CPR consists of total financial resources
      and reserves calculated on a statutory basis. CPR has been a common
      measure used by financial guarantee insurance companies to report and
      compare resources and continues to be used by MBIA&#8217;s management to
      evaluate changes in such resources. The Company has provided CPR to
      allow investors and analysts to evaluate National and MBIA Corp. using
      the same measure that MBIA&#8217;s management uses to evaluate their resources
      to pay claims under their respective insurance policies. There is no
      directly comparable GAAP measure.
    </p>
    <p>
      <b>Combined Operating Income:</b> The sum of Operating Income of the
      U.S. public finance insurance (National) and corporate segments net of
      eliminations. See &#8220;Operating Income&#8221; definition.
    </p>
    <p>
      <b>Operating Income/Loss:</b> Operating Income/Loss is a useful
      measurement of performance because it measures income/loss from the
      Company&#8217;s core operating segments, unaffected by investment portfolio
      realized gains and losses, gains and losses on financial instruments at
      fair value and foreign exchange, and realized gains and losses on
      extinguishment of debt. Operating Income/Loss also excludes net
      income/loss of the Company&#8217;s non-core operating segments. The Company&#8217;s
      non-core segment includes the activities of its international and
      structured finance insurance segment. Trends in the underlying
      profitability of the Company&#8217;s businesses can be more clearly identified
      without the fluctuating effects of the excluded items noted above.
      Operating Income/loss is disclosed on an after-tax basis and adjustments
      to net income/loss are typically tax-effected at 35% unless a specific
      adjustment, or component thereof, is not taxable. Operating Income/Loss
      as defined by the Company does not include all revenues and expenses
      required by GAAP. Operating Income/Loss is not a substitute for and
      should not be viewed in isolation from GAAP net income/loss.
    </p>
    <p>
      Operating Income/Loss per share represents that amount of Operating
      Income/Loss allocated to each fully diluted weighted-average common
      share outstanding for the measurement period.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt">
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        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="8" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="8" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>CONSOLIDATED BALANCE SHEETS (Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="8" style="padding-left: 0.0px; text-align: center" valign="bottom">
          (In millions except share and per share amounts)
        </td>
      </tr>
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>June 30, 2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31, 2015</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Investments:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Fixed-maturity securities held as available-for-sale, at fair value
          (amortized cost $5,145 and $5,155)
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          5,334
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          5,145
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Investments carried at fair value
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          68
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          177
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Investments pledged as collateral, at fair value (amortized cost
          $216 and $322)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          210
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          291
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Short-term investments held as available-for-sale, at fair value
          (amortized cost $632 and $720)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          632
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          721
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Other investments (includes investments at fair value of $6 and $13)
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          10
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          16
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Total investments
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          6,254
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          6,350
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          568
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          464
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Premiums receivable
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          716
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          792
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred acquisition costs
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          147
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          168
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Insurance loss recoverable
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          365
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          577
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          966
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          951
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          231
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          156
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Assets of consolidated variable interest entities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Cash
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          58
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Investments held-to-maturity, at amortized cost (fair value $509 and
          $2,401)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          890
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,689
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Fixed-maturity securities at fair value
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          281
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          932
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Loans receivable at fair value
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,192
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,292
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Loan repurchase commitments
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          401
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          396
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          16
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          11
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 30.0px; text-align: left" valign="bottom">
          <b>Total assets</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          <b>12,064</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          <b>14,836</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Liabilities and Equity</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Liabilities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Unearned premium revenue
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,418
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,591
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Loss and loss adjustment expense reserves
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          546
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          516
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Long-term debt
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,945
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,889
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Medium-term notes (includes financial instruments carried at fair
          value of $161 and $161)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          991
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,016
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Investment agreements
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          424
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          462
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Derivative liabilities
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          378
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          314
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Other liabilities
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          211
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Liabilities of consolidated variable interest entities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Variable interest entity notes (includes financial instruments
          carried at fair value of $1,503 and $2,362)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,393
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          5,051
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          Derivative liabilities
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          45
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="bottom">
          <b>Total liabilities</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>8,406</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>11,095</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Equity:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Preferred stock, par value $1 per share; authorized
          shares--10,000,000; issued and outstanding--none
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Common stock, par value $1 per share; authorized
          shares--400,000,000; issued shares--283,487,936
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          and 281,833,618
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          284
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          282
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,138
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,933
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,038
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accumulated other comprehensive income (loss), net of tax of $15 and
          $51
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          58
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (61
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Treasury stock, at cost--147,844,413 and 130,303,241 shares
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (2,779
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (2,668
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Total shareholders' equity of MBIA Inc.
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,729
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Preferred stock of subsidiary
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          12
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          12
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="bottom">
          <b>Total equity</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>3,658</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>3,741</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 30.0px; text-align: left" valign="bottom">
          <b>Total liabilities and equity</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          <b>12,064</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          <b>14,836</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="bottom">
          (In millions except share and per share amounts)
        </td>
      </tr>
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Three Months Ended June 30,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Six Months Ended June 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Premiums earned:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Scheduled premiums earned
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          44
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          51
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          89
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          106
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Refunding premiums earned
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          29
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          40
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          59
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          86
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Premiums earned (net of ceded premiums
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 40.0px; text-align: left" valign="bottom">
          of $2, $2, $3 and $5)
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          73
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          91
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          148
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          192
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          76
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          74
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Change in fair value of insured derivatives:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Realized gains (losses) and other settlements on insured
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (3
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (16
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (12
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Unrealized gains (losses) on insured derivatives
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (6
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          63
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (20
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          100
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Net change in fair value of insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (8
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          60
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (36
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          88
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net gains (losses) on financial instruments at fair value and
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          foreign exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          45
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (55
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          75
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Investment losses related to other-than-temporary impairments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Investment losses related to other-than-temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (9
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (9
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Other-than-temporary impairments recognized in accumulated
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="bottom">
          other comprehensive income (loss)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          2
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          2
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="bottom">
          Net investment losses related to other-than-temporary
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (7
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (7
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          19
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Revenues of consolidated variable interest entities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          25
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Net gains (losses) on financial instruments at fair value and
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="bottom">
          foreign exchange
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (7
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          6
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (8
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (4
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          118
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          245
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          464
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          77
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          46
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          99
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          40
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          26
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          65
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          67
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          49
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          50
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          99
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          100
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Expenses of consolidated variable interest entities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          7
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Interest
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          4
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          9
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          16
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          19
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left" valign="bottom">
          Total expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          173
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          153
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          306
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          259
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income (loss) before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (55
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          92
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (156
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          205
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Provision (benefit) for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (28
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          28
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (51
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          72
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Net income (loss)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          <b>(27</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          <b>64</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          <b>(105</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          <b>133</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Net income (loss) per common share:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (0.20
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          0.36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (0.78
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          0.73
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (0.20
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          0.36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (0.78
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          0.72
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Weighted average number of common shares outstanding:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          132,677,066
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          172,146,651
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          134,245,952
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          176,914,777
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          132,677,066
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          173,154,319
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          134,245,952
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          177,918,958
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>COMBINED</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>OPERATING INCOME (LOSS) RECONCILIATION</b></u><b><u><sup>(4)</sup></u></b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="bottom">
          (In millions)
        </td>
      </tr>
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <b>Three Months Ended June 30,</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <b>Six Months Ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net income (loss)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (27
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          64
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (105
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          133
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Less: operating income adjustments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income (loss) before income taxes of the international and structured
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          finance insurance segment and eliminations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (92
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (148
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Adjustments to income before income taxes of the U.S. public finance
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          insurance and corporate segments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Mark-to-market gains (losses) on financial instruments<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (11
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          79
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (59
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          55
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Foreign exchange gains (losses)<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (21
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (18
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          44
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Net gains (losses) on sales of investments<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          7
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Net investment losses related to OTTI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (7
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (7
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Other net realized gains (losses)<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          23
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Operating income adjustment to the (provision) benefit for income tax<sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          36
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (17
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          68
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (41
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          15
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          19
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          31
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          53
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>U.S. PUBLIC FINANCE INSURANCE (NATIONAL)</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>OPERATING INCOME (LOSS) RECONCILIATION</b></u><b><u><sup>(4)</sup></u></b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="bottom">
          (In millions)
        </td>
      </tr>
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <b>Three Months Ended June 30,</b>
        </td>
        <td>

        </td>
        <td colspan="7" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <b>Six Months Ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net income (loss)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          50
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          91
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          94
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Less: operating income adjustments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net gains (losses) on sales of investments<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          24
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net investment losses related to OTTI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (6
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (6
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Operating income adjustment to the (provision) benefit for income tax<sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (8
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          1
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (10
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          1
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          34
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          40
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          71
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          96
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>CORPORATE</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>OPERATING INCOME (LOSS) RECONCILIATION</b></u><b><u><sup>(4)</sup></u></b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="bottom">
          (In millions)
        </td>
      </tr>
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <b>Three Months Ended June 30,</b>
        </td>
        <td>

        </td>
        <td colspan="7" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <b>Six Months Ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net income (loss)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (20
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          23
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (104
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          37
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Less: operating income adjustments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Mark-to-market gains (losses) on financial instruments<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (11
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          79
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (59
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          55
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Foreign exchange gains (losses)<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (21
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (18
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          44
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net gains (losses) on sales of investments<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (11
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (11
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          4
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net investment losses related to OTTI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Other net realized gains (losses)<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          23
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Operating income adjustment to the (provision) benefit for income tax<sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          9
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (17
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          22
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (44
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          (19
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          (21
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          (40
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          (43
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="top">
          <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Gross amounts are reported within &quot;Net gains (losses) on financial
            instruments at fair value and foreign exchange&quot; on the Company's
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            consolidated statements of operations.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="top">
          <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Primarily relates to the sale of Cutwater.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="top">
          <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Reported within &quot;Provision (benefit) for income taxes&quot; on the
          Company's consolidated statements of operations.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="top">
          <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          A non-GAAP measure; please see Explanation of Non-GAAP Financial
          Measures.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Components of Adjusted Book Value per Share:</b></u><sup> (3)</sup>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" rowspan="2" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As of</b><br><b>June 30, 2016</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3" rowspan="2" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As of</b><br><b>December 31, 2015</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Reported Book Value per Share</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          26.88
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          24.61
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Reverse book value of international and structured finance insurance
          segment<sup> (1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3.12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1.61
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Reverse net unrealized (gains) losses included in other
          comprehensive income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1.21
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          0.34
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Add net unearned premium revenue<sup> (2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          4.97
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          5.02
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Add tax impact effect on unrealized (gains) losses and unearned
          premium revenue
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (1.34
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (1.89
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Total adjustments per share
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          5.54
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          5.08
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Adjusted Book Value per Share</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          32.42
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          29.69
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="top">
          <sup>(1)</sup>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          The book value for the international and structured finance
          insurance segment does not provide significant economic or
          shareholder value to MBIA Inc. Amounts are net of any deferred taxes
          available to MBIA Inc.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="top">
          <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Consists of financial guarantee premiums, net of deferred
          acquisition costs. The discount rate on financial guarantee
          installment premiums was the risk-free rate as defined by the
          accounting principles for financial guarantee insurance contracts.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="top">
          <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          A non-GAAP measure; please see Explanation of Non-GAAP Financial
          Measures.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>INSURANCE OPERATIONS</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Selected Financial Data Computed on a Statutory Basis</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          (Dollars in millions)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>National Public Finance Guarantee Corporation</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <b>June 30, 2016</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <b>December 31, 2015</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Policyholders' surplus
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,652
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,478
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Contingency reserves
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          845
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          910
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Statutory capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,497
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,388
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Unearned premium reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,042
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Present value of installment premiums<sup> (1)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          194
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          197
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Premium resources<sup> (2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,118
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,239
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net loss and loss adjustment expense reserves<sup> (1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          21
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (30
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Salvage reserves
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          101
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          102
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Gross loss and loss adjustment expense reserves
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          122
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          72
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Total claims-paying resources
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          4,737
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          4,699
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net debt service outstanding
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          225,511
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          259,436
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Capital ratio<sup> (3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          64:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          77:1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Claims-paying ratio<sup> (4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          52:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          61:1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>MBIA Insurance Corporation</b><sup> (5)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <b>June 30, 2016</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          <b>December 31, 2015</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Policyholders&#8217; surplus
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          490
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          609
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Contingency reserves
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          265
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          276
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Statutory capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          755
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          885
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Unearned premium reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          347
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          356
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Present value of installment premiums<sup> (6) (8)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          461
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          520
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Premium resources<sup> (2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          808
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          876
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net loss and loss adjustment expense reserves<sup> (6)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (246
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (332
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Salvage reserves<sup> (7)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          930
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          994
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Gross loss and loss adjustment expense reserves
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          684
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          662
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Total claims-paying resources
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          2,247
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          2,423
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net debt service outstanding
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          48,899
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          57,682
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Capital ratio<sup> (3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          65:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          65:1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Claims-paying ratio<sup> (4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          25:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          27:1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="top">
          <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Calculated using a discount rate of 3.04% as of June 30, 2016 and
          December 31, 2015.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="top">
          <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Includes financial guarantee and insured credit derivative related
          premiums.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="top">
          <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net debt service outstanding divided by statutory capital.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="top">
          <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net debt service outstanding divided by the sum of statutory
          capital, unearned premium reserve (after-tax), present
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          value of installment premiums (after-tax), net loss and loss
          adjustment expense reserves and salvage reserves.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="top">
          <sup>(5)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          The table reflects MBIA Insurance Corporation including its
          subsidiary MBIA UK Limited.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="top">
          <sup>(6)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Calculated using a discount rate of 5.18% as of June 30, 2016 and
          December 31, 2015.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="top">
          <sup>(7)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          This amount primarily consists of expected recoveries related to the
          Company's excess spread and put-backs.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="top">
          <sup>(8)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Based on the Company's estimate of the remaining life for its
          insured exposures.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>MBIA Inc.</b><br>Greg Diamond, 914-765-3190<br>Investor
      and Media Relations<br><u>greg.diamond@mbia.com</u>
    </p>
    <p>

    </p>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a51398272ex99_2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.2</b>
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Francis
      Y. Chin Elected to MBIA Inc.'s Board of Directors</b></font>
    </p>
    <p>
      PURCHASE, N.Y.--(BUSINESS WIRE)--August 8, 2016--MBIA Inc. (NYSE:MBI)
      (the Company) today announced that Francis Y. &#8220;Frank&#8221; Chin (66) was
      elected to the Company&#8217;s Board of Directors, in accordance with the
      Board&#8217;s power under the Company&#8217;s by-laws to fill interim vacancies.
      Since September 2015, Mr. Chin has been a Managing Director and
      Co-Founder of American Public Infrastructure, LLC, where he advises
      clients on infrastructure projects.
    </p>
    <p>
      From May of 1993 until August 2015, Mr. Chin held several positions at
      Citigroup, including Chairman of the Public Finance Department, Co-Head
      of the Public Finance Department, and Head of the Public Finance
      Department. Mr. Chin was a member of the Board of Directors of The Bond
      Markets Association, including serving as Chairman of the Municipal
      Division in 2002, and as Vice Chairman in 2001. From 2005 - 2008, Mr.
      Chin served as a member of the Municipal Securities Rulemaking Board,
      including as its Chairman in 2008, and during which time he presided
      over the launch of its Electronic Municipal Market Access (EMMA) online
      application.
    </p>
    <p>
      &#8220;We are very pleased that Frank has joined the Board, bringing
      additional public finance knowledge,&#8221; said Charles Rinehart, Chairman of
      the MBIA Inc. Board of Directors. &#8220;He is a recognized and accomplished
      leader in the U.S. public finance market and his knowledge and
      experience will significantly benefit National Public Finance Guarantee
      Corporation, our U.S. public finance insurance subsidiary.&#8221;
    </p>
    <p>
      Mr. Chin earned his MBA degree from Harvard Graduate School of Business
      Administration in 1978. He earned an M.S. degree in Civil Engineering
      from the Massachusetts Institute of Technology in 1973 and a B.S. degree
      from the Cooper Union for the Advancement of Science and Art in 1971.
    </p>
    <p>
      In 2013, The Municipal Forum of New York honored Mr. Chin with its
      Lifetime Achievement Award. In 2014, he was selected to serve on
      Governor Cuomo&#8217;s MTA Transportation Reinvention Commission.
    </p>
    <p>
      Forward-Looking Statements
    </p>
    <p>
      The information contained in this press release should be read in
      conjunction with our filings made with the Securities and Exchange
      Commission (&#8220;SEC Filings&#8221;) . This release includes statements that are
      not historical or current facts and are &#8220;forward-looking statements&#8221;
      made pursuant to the safe harbor provisions of the Private Securities
      Litigation Reform Act of 1995. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221;
      &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;will likely result,&#8221;
      &#8220;looking forward&#8221; or &#8220;will continue,&#8221; and similar expressions identify
      forward-looking statements. These statements are subject to certain
      risks and uncertainties that could cause actual results to differ
      materially from historical earnings and those presently anticipated or
      projected, which are described in detail in our SEC Filings. The factors
      that could affect financial performance or could cause actual results to
      differ materially from estimates contained in or underlying the
      Company&#8217;s forward-looking statements are discussed under the &#8220;Risk
      Factors&#8221; section in MBIA Inc.&#8217;s most recent Annual Report on Form 10-K
      and Quarterly Report on Form 10-Q, which may be updated or amended in
      the Company&#8217;s subsequent filings with the Securities and Exchange
      Commission. The Company cautions readers not to place undue reliance on
      any such forward-looking statements, which speak only to their
      respective dates. The Company undertakes no obligation to publicly
      correct or update any forward-looking statement if it later becomes
      aware that such result is not likely to be achieved.
    </p>
    <p>
      MBIA Inc., headquartered in Purchase, New York is a holding company
      whose subsidiaries provide financial guarantee insurance for the public
      and structured finance markets. Please visit MBIA's website at <u>www.mbia.com</u>.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br>MBIA Inc.<br>Greg Diamond, 914-765-3190<br>Investor and
      Media Relations<br><u>greg.diamond@mbia.com</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
