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Investments (Tables)

3 Months Ended

Mar. 31, 2017

Text Block [Abstract]

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

						March 31, 2017
									Gross			Gross						Other-Than-
						Amortized			Unrealized			Unrealized			Fair			Temporary
In millions						Cost			Gains			Losses			Value			Impairments(1)
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	865		$	31		$	(8)		$	888		$	-
	State and municipal bonds						1,364			60			(20)			1,404			-
	Foreign governments						10			1			(1)			10			-
	Corporate obligations						1,495			20			(90)			1,425			(63)
	Mortgage-backed securities:
		Residential mortgage-backed agency					796			2			(13)			785			-
		Residential mortgage-backed non-agency					59			1			(6)			54			(2)
		Commercial mortgage-backed					38			-			-			38			-
	Asset-backed securities:
		Collateralized debt obligations					52			-			-			52			-
		Other asset-backed					257			2			(1)			258			1
			Total fixed-maturity investments				4,936			117			(139)			4,914			(64)
Money market securities							267			-			-			267			-
Perpetual debt and equity securities							3			1			-			4			-
Total AFS investments						$	5,206		$	118		$	(139)		$	5,185		$	(64)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	890		$	-		$	(11)		$	879		$	-
Total HTM investments						$	890		$	-		$	(11)		$	879		$	-
_______________
(1) - Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.

						December 31, 2016
									Gross			Gross						Other-Than-
						Amortized			Unrealized			Unrealized			Fair			Temporary
In millions						Cost			Gains			Losses			Value			Impairments(1)
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	909		$	30		$	(10)		$	929		$	-
	State and municipal bonds						1,382			72			(15)			1,439			-
	Foreign governments						8			-			-			8			-
	Corporate obligations						1,352			20			(102)			1,270			(73)
	Mortgage-backed securities:
		Residential mortgage-backed agency					871			3			(12)			862			-
		Residential mortgage-backed non-agency					50			1			(6)			45			(3)
		Commercial mortgage-backed					41			-			-			41			-
	Asset-backed securities:
		Collateralized debt obligations					22			-			-			22			-
		Other asset-backed					294			2			(3)			293			1
			Total fixed-maturity investments				4,929			128			(148)			4,909			(75)
Money market securities							517			-			-			517			-
Perpetual debt and equity securities							4			1			-			5			-
Total AFS investments						$	5,450		$	129		$	(148)		$	5,431		$	(75)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	890		$	-		$	(14)		$	876		$	-
Total HTM investments						$	890		$	-		$	(14)		$	876		$	-
_______________
(1) - Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.

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

		AFS Securities						HTM Securities
								Consolidated VIEs
		Amortized						Amortized
In millions		Cost			Fair Value			Cost			Fair Value
Due in one year or less		$	400		$	399		$	-		$	-
Due after one year through five years			1,209			1,215			-			-
Due after five years through ten years			773			727			-			-
Due after ten years			1,352			1,386			890			879
Mortgage-backed and asset-backed			1,202			1,187			-			-
Total fixed-maturity investments		$	4,936		$	4,914		$	890		$	879

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

						March 31, 2017
						Less than 12 Months						12 Months or Longer						Total
						Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
In millions						Value			Losses			Value			Losses			Value			Losses
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	479		$	(8)		$	-		$	-		$	479		$	(8)
	State and municipal bonds						441			(20)			8			-			449			(20)
	Foreign governments						3			(1)			-			-			3			(1)
	Corporate obligations						549			(26)			68			(64)			617			(90)
	Mortgage-backed securities:
		Residential mortgage-backed agency					464			(10)			104			(3)			568			(13)
		Residential mortgage-backed non-agency					11			-			28			(6)			39			(6)
		Commercial mortgage-backed					12			-			12			-			24			-
	Asset-backed securities:
		Collateralized debt obligations					4			-			13			-			17			-
		Other asset-backed					125			(1)			2			-			127			(1)
Total AFS investments						$	2,088		$	(66)		$	235		$	(73)		$	2,323		$	(139)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	-		$	-		$	879		$	(11)		$	879		$	(11)
Total HTM investments						$	-		$	-		$	879		$	(11)		$	879		$	(11)

						December 31, 2016
						Less than 12 Months						12 Months or Longer						Total
						Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
In millions						Value			Losses			Value			Losses			Value			Losses
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency					$	432		$	(10)		$	-		$	-		$	432		$	(10)
	State and municipal bonds						339			(13)			18			(2)			357			(15)
	Foreign governments						5			-			-			-			5			-
	Corporate obligations						534			(29)			52			(73)			586			(102)
	Mortgage-backed securities:
		Residential mortgage-backed agency					436			(9)			122			(3)			558			(12)
		Residential mortgage-backed non-agency					1			-			29			(6)			30			(6)
		Commercial mortgage-backed					6			-			15			-			21			-
	Asset-backed securities:
		Collateralized debt obligations					7			-			15			-			22			-
		Other asset-backed					112			(1)			49			(2)			161			(3)
Total AFS investments						$	1,872		$	(62)		$	300		$	(86)		$	2,172		$	(148)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	-		$	-		$	876		$	(14)		$	876		$	(14)
Total HTM investments						$	-		$	-		$	876		$	(14)		$	876		$	(14)

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

			AFS Securities								HTM Securities
	Percentage of Fair Value		Number of		Book Value			Fair Value			Number of		Book Value			Fair Value
	Below Book Value		Securities		(in millions)			(in millions)			Securities		(in millions)			(in millions)
	> 5% to 15%		7		$	15		$	14		-		$	-		$	-
	> 15% to 25%		4			31			25		-			-			-
	> 25% to 50%		1			1			-		-			-			-
	> 50%		1			101			38		-			-			-
	Total		13		$	148		$	77		-		$	-		$	-

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

In millions			Three Months Ended March 31,
Credit Losses Recognized in Earnings Related to Other-Than-Temporary Impairments			2017				2016
Beginning balance			$	29		$	26
Additions for credit loss impairments recognized in the current period on securities
	previously impaired			2			-
Ending balance			$	31		$	26
(1) - Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it
will be required to sell the security before recovery of the security's amortized cost.

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

								Unrealized			Insurance Loss
	In millions				Fair Value			Loss			Reserve (2)
	Asset-backed:
		MBIA(1)			$	13		$	-		$	-
	Mortgage-backed:
		MBIA(1)				16			(3)			16
	Corporate obligations:
		MBIA(1)				41			(2)			-
	Other:
		MBIA(1)				6			-			-
		Other				2			-			-
	Total				$	78		$	(5)		$	16
	_______________
	(1) - Includes investments insured by MBIA Corp. and National.
	(2) - Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured.

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

				Three Months Ended March 31,
	In millions			2017			2016
	Proceeds from sales			$	271		$	281
	Gross realized gains				4			10
	Gross realized losses				(1)			(4)

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-Number 210
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