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Investments (Tables) | 3 Months Ended
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Mar. 31, 2018
Text Block [Abstract] |
Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios |
|  |  |  |  |  | March 31, 2018
|  |  |  |  |  |  |  |  | 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 |  | $ | 971 |  | $ | 27 |  | $ | (13) |  | $ | 985 |  | $ | -
| State and municipal bonds |  |  | 808 |  |  | 44 |  |  | (9) |  |  | 843 |  |  | 9
| Foreign governments |  |  | 10 |  |  | - |  |  | - |  |  | 10 |  |  | -
| Corporate obligations |  |  | 1,677 |  |  | 11 |  |  | (104) |  |  | 1,584 |  |  | (74)
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | 306 |  |  | - |  |  | (7) |  |  | 299 |  |  | -
|  | Residential mortgage-backed non-agency |  |  | 32 |  |  | 1 |  |  | (3) |  |  | 30 |  |  | -
|  | Commercial mortgage-backed |  |  | 64 |  |  | - |  |  | (1) |  |  | 63 |  |  | -
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | 113 |  |  | 1 |  |  | - |  |  | 114 |  |  | -
|  | Other asset-backed |  |  | 216 |  |  | 1 |  |  | (1) |  |  | 216 |  |  | 1
Total AFS investments |  | $ | 4,197 |  | $ | 85 |  | $ | (138) |  | $ | 4,144 |  | $ | (64)
HTM Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate obligations |  | $ | 890 |  | $ | 11 |  | $ | - |  | $ | 901 |  | $ | -
Total HTM investments |  | $ | 890 |  | $ | 11 |  | $ | - |  | $ | 901 |  | $ | -
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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, 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.
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 |  | $ | 667 |  | $ | 671 |  | $ | - |  | $ | -
Due after one year through five years |  |  | 1,038 |  |  | 1,038 |  |  | - |  |  | -
Due after five years through ten years |  |  | 641 |  |  | 562 |  |  | - |  |  | -
Due after ten years |  |  | 1,120 |  |  | 1,151 |  |  | 890 |  |  | 901
Mortgage-backed and asset-backed |  |  | 731 |  |  | 722 |  |  | - |  |  | -
Total fixed-maturity investments |  | $ | 4,197 |  | $ | 4,144 |  | $ | 890 |  | $ | 901
Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments |
|  |  |  |  |  | March 31, 2018
|  |  |  |  |  | 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 |  | $ | 456 |  | $ | (6) |  | $ | 165 |  | $ | (7) |  | $ | 621 |  | $ | (13)
| State and municipal bonds |  |  | 190 |  |  | (3) |  |  | 99 |  |  | (6) |  |  | 289 |  |  | (9)
| Foreign governments |  |  | 4 |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | -
| Corporate obligations |  |  | 1,139 |  |  | (20) |  |  | 156 |  |  | (84) |  |  | 1,295 |  |  | (104)
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | 144 |  |  | (2) |  |  | 117 |  |  | (5) |  |  | 261 |  |  | (7)
|  | Residential mortgage-backed non-agency |  |  | - |  |  | - |  |  | 16 |  |  | (3) |  |  | 16 |  |  | (3)
|  | Commercial mortgage-backed |  |  | 30 |  |  | (1) |  |  | 4 |  |  | - |  |  | 34 |  |  | (1)
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | 9 |  |  | - |  |  | - |  |  | - |  |  | 9 |  |  | -
|  | Other asset-backed |  |  | 136 |  |  | (1) |  |  | 23 |  |  | - |  |  | 159 |  |  | (1)
Total AFS investments |  | $ | 2,108 |  | $ | (33) |  | $ | 580 |  | $ | (105) |  | $ | 2,688 |  | $ | (138)
|  |  |  |  |  | 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)
Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5% |
|  |  | AFS Securities
| Percentage of Fair Value |  | Number of |  | Book Value |  | Fair Value
| Below Book Value |  | Securities |  | (in millions) |  | (in millions)
| > 5% to 15% |  | 37 |  | $ | 225 |  | $ | 206
| > 15% to 25% |  | 2 |  |  | 12 |  |  | 10
| > 25% to 50% |  | 1 |  |  | 1 |  |  | -
| > 50% |  | 3 |  |  | 101 |  |  | 27
| Total |  | 43 |  | $ | 339 |  | $ | 243
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 |  | 2018 |  |  | 2017 |
Beginning balance |  | $ | 32 |  | $ | 29 |
Additions for credit loss impairments recognized in the current period on securities |  |  |  |  |  |  |
| previously impaired |  |  | 1 |  |  | 2 |
Ending balance |  | $ | 33 |  | $ | 31 |
(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) |
| Mortgage-backed: |  |  |  |  |  |  |  |  |  |
|  | MBIA(1) |  | $ | 16 |  | $ | (3) |  | $ | 14 |
| Corporate obligations: |  |  |  |  |  |  |  |  |  |
|  | MBIA(1) |  |  | 51 |  |  | (1) |  |  | - |
| Other: |  |  |  |  |  |  |  |  |  |
|  | MBIA(1) |  |  | 6 |  |  | - |  |  | - |
|  | Other |  |  | 1 |  |  | - |  |  | - |
|  |  | Total other |  |  | 7 |  |  | - |  |  | - |
| Total |  | $ | 74 |  | $ | (4) |  | $ | 14 |
| _______________ |  |  |  |  |  |  |  |  |  |
| (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 | 2018 |  | 2017
| Proceeds from sales | $ | 651 |  | $ | 271
| Gross realized gains | $ | 2 |  | $ | 4
| Gross realized losses | $ | (6) |  | $ | (1)

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