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Investments (Tables)

3 Months Ended

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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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 6
-Section 10
-Paragraph (c)
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-Section 50
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