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Investments (Tables)

12 Months Ended

Dec. 31, 2017

Text Block [Abstract]

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

						December 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					$	1,317		$	34		$	(6)		$	1,345		$	-
	State and municipal bonds						840			29			(12)			857			-
	Foreign governments						10			-			-			10			-
	Corporate obligations						1,332			25			(80)			1,277			(72)
	Mortgage-backed securities:
		Residential mortgage-backed agency					365			1			(4)			362			-
		Residential mortgage-backed non-agency					35			1			(4)			32			-
		Commercial mortgage-backed					66			-			-			66			-
	Asset-backed securities:
		Collateralized debt obligations					116			-			-			116			-
		Other asset-backed					175			-			-			175			1
			Total fixed-maturity investments				4,256			90			(106)			4,240			(71)
Money market securities							179			-			-			179			-
Perpetual debt and equity securities							3			1			-			4			-
Total AFS investments						$	4,438		$	91		$	(106)		$	4,423		$	(71)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations					$	890		$	26		$	-		$	916		$	-
Total HTM investments						$	890		$	26		$	-		$	916		$	-
_______________
(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		$	674		$	674		$	-		$	-
Due after one year through five years			1,157			1,159			-			-
Due after five years through ten years			601			540			-			-
Due after ten years			1,067			1,116			890			916
Mortgage-backed and asset-backed			757			751			-			-
Total fixed-maturity investments		$	4,256		$	4,240		$	890		$	916

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

						December 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					$	353		$	(1)		$	124		$	(5)		$	477		$	(6)
	State and municipal bonds						203			(8)			116			(4)			319			(12)
	Foreign governments						8			-			-			-			8			-
	Corporate obligations						425			(3)			163			(77)			588			(80)
	Mortgage-backed securities:
		Residential mortgage-backed agency					105			(1)			156			(3)			261			(4)
		Residential mortgage-backed non-agency					-			-			14			(4)			14			(4)
		Commercial mortgage-backed					27			-			5			-			32			-
	Asset-backed securities:																					-
		Collateralized debt obligations					12			-			-			-			12			-
		Other asset-backed					71			-			39			-			110			-
Total AFS investments						$	1,204		$	(13)		$	617		$	(93)		$	1,821		$	(106)

						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%		17		$	76		$	71		-		$	-		$	-
	> 15% to 25%		1			3			2		-			-			-
	> 25% to 50%		2			12			9		-			-			-
	> 50%		4			101			29		-			-			-
	Total		24		$	192		$	111		-		$	-		$	-

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)
	Mortgage-backed:
		MBIA(1)			$	14		$	(4)		$	15
	Corporate obligations:
		MBIA(1)				14			-			-
	Other:
		MBIA(1)				93			(7)			34
		Other				3			-			-
			Total other			96			(7)			34
	Total				$	124		$	(11)		$	49
	_______________
	(1) - Includes investments insured by MBIA Corp. and National.
	(2) - Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured.

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

In millions			Years Ended December 31,
Credit Losses Recognized in Earnings Related to OTTI			2017			2016			2015
Beginning balance			$	29		$	26		$	16
Additions for credit loss impairments recognized in the
	current period on securities not previously impaired			11			-			-
Additions for credit loss impairments recognized in the
	current period on securities previously impaired			5			4			10
Reductions for credit loss impairments previously recognized
	on securities sold during the period			(2)			(1)			-
Reductions for credit loss impairments previously recognized on securities
	impaired to fair value during the period			(11)			-			-
Ending balance			$	32		$	29		$	26

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

				Years Ended December 31,
	In millions			2017			2016			2015
	Proceeds from sales			$	2,256		$	2,412		$	1,145
	Gross realized gains			$	40		$	84		$	32
	Gross realized losses			$	(22)		$	(23)		$	(16)

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-Number 210
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