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Investments | 12 Months Ended
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Dec. 31, 2018
Text Block [Abstract] |
Investments | Note 8: Investments Investments, excluding those elected under the fair value option, include debt and equity securities classified as either AFS or HTM. T h e f o l l o w i n g t a b l e s p r e s en t t h e a m o r t i z e d c o st, f a i r v a l u e, corresponding gross unrealized gains and losses and OTTI for AFS and HTM investments in the Company’s c o n s o l i d a te d i n v es t m en t p o r tf o l i o a s o f December 31, 2018 a nd 2017:
|  |  |  |  |  | December 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 |  | $ | 1,093 |  | $ | 26 |  | $ | (10) |  | $ | 1,109 |  | $ | -
| State and municipal bonds |  |  | 641 |  |  | 97 |  |  | (11) |  |  | 727 |  |  | 42
| Foreign governments |  |  | 9 |  |  | - |  |  | - |  |  | 9 |  |  | -
| Corporate obligations |  |  | 1,473 |  |  | 6 |  |  | (131) |  |  | 1,348 |  |  | (68)
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | 218 |  |  | 1 |  |  | (5) |  |  | 214 |  |  | -
|  | Residential mortgage-backed non-agency |  |  | 30 |  |  | 1 |  |  | (4) |  |  | 27 |  |  | -
|  | Commercial mortgage-backed |  |  | 53 |  |  | - |  |  | (2) |  |  | 51 |  |  | -
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | 122 |  |  | - |  |  | (3) |  |  | 119 |  |  | -
|  | Other asset-backed |  |  | 178 |  |  | - |  |  | (1) |  |  | 177 |  |  | -
Total AFS investments |  | $ | 3,817 |  | $ | 131 |  | $ | (167) |  | $ | 3,781 |  | $ | (26)
HTM Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate obligations |  | $ | 890 |  | $ | 35 |  | $ | - |  | $ | 925 |  | $ | -
Total HTM investments |  | $ | 890 |  | $ | 35 |  | $ | - |  | $ | 925 |  | $ | -
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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.
T h e f ol l owin g t abl e p r e s en t s t h e di s t r i bu t io n b y c on t r a c t u a l m a t u r i t y o f AFS and HTM f i x ed-m a t u r i t y securities at a m o r t i z e d c o st a n d f ai r v alu e a s o f December 31, 2018. Con t r a c t ua l m a t u r i t y m a y d i f f e r f r o m e x pe c t e d m a t u r i t y a s bo rr ow e r s m a y h a v e t h e r igh t t o c a l l o r p r e p a y ob l iga t ion s.
|  | AFS Securities |  | HTM Securities
|  |  |  |  |  |  |  | Consolidated VIEs
|  | Amortized |  |  |  |  | Amortized |  |  |
In millions |  | Cost |  | Fair Value |  | Cost |  | Fair Value
Due in one year or less |  | $ | 820 |  | $ | 831 |  | $ | - |  | $ | -
Due after one year through five years |  |  | 715 |  |  | 741 |  |  | - |  |  | -
Due after five years through ten years |  |  | 651 |  |  | 568 |  |  | - |  |  | -
Due after ten years |  |  | 1,030 |  |  | 1,053 |  |  | 890 |  |  | 925
Mortgage-backed and asset-backed |  |  | 601 |  |  | 588 |  |  | - |  |  | -
Total fixed-maturity investments |  | $ | 3,817 |  | $ | 3,781 |  | $ | 890 |  | $ | 925
Deposited and Pledged Securities T h e f ai r v alu e o f s e c u r i t ie s o n depo s i t wi t h v a r io u s r egu l a t o r y au t ho r i t ie s a s o f December 31, 2018 and 2017 wa s $11 million and $10 million, respectively. T h e se d epo s i t s a re r equi r e d t o c o m p l y wi t h s t a t e in s u r an ce law s. Pursuant to the Company’s tax sharing agreement, securities held by MBIA Inc. in the Tax Escrow Account are included as “Investments pledged as collateral, at fair value” on the Company’s consolidated balance sheets. I n v e s t m en t ag r ee m en t obligations r equ i re t h e Co m pan y t o ple d g e s e c u r i t i e s a s c o lla t e r al. Securities pledged in connection with investment agreement s may not be repled ged by the investment agreement counterparty. As o f December 31, 2018 a nd 2017, t h e f ai r v a l u e o f s e c u r i t ie s p ledge d a s c olla t e r a l for these in v e s t m en t ag r e e m e n t s app r o x i m a t e d $314 m i llio n an d $353 m i l lion, r e s p e c t i v e l y. T h e Co m pan y’s c olla t e r a l a s o f December 31, 2018 c on s i s t e d p r i n c ipal l y o f U.S. T r ea s u ry a n d go v e r n m en t ag e n cy and state and municipal bonds, and wa s p r i m a r il y hel d wi t h m a j o r U.S. ban ks. Refer to “Note 9: Derivative Instruments” for information about securities posted to derivative counterparties. Impaired Investments The following tables present the gross unrealized losses related to AFS and HTM investments as of December 31, 2018 and 2017:
|  |  |  |  |  | December 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 |  | $ | 231 |  | $ | (1) |  | $ | 278 |  | $ | (9) |  | $ | 509 |  | $ | (10)
| State and municipal bonds |  |  | 60 |  |  | (1) |  |  | 135 |  |  | (10) |  |  | 195 |  |  | (11)
| Foreign governments |  |  | 5 |  |  | - |  |  | 2 |  |  | - |  |  | 7 |  |  | -
| Corporate obligations |  |  | 900 |  |  | (41) |  |  | 335 |  |  | (90) |  |  | 1,235 |  |  | (131)
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | 29 |  |  | (1) |  |  | 118 |  |  | (4) |  |  | 147 |  |  | (5)
|  | Residential mortgage-backed non-agency |  |  | 2 |  |  | - |  |  | 13 |  |  | (4) |  |  | 15 |  |  | (4)
|  | Commercial mortgage-backed |  |  | 24 |  |  | - |  |  | 21 |  |  | (2) |  |  | 45 |  |  | (2)
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | 98 |  |  | (3) |  |  | 7 |  |  | - |  |  | 105 |  |  | (3)
|  | Other asset-backed |  |  | 127 |  |  | - |  |  | 35 |  |  | (1) |  |  | 162 |  |  | (1)
Total AFS investments |  | $ | 1,476 |  | $ | (47) |  | $ | 944 |  | $ | (120) |  | $ | 2,420 |  | $ | (167)
|  |  |  |  |  | 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)
Gross unrealized losses on AFS investments increased as of December 31, 2018 compared with December 31, 2017 primarily due to higher interest rates and wider credit spreads. With the weighting applied on the fair value of each security relative to the total fair value, the weighted average contractual maturity of securities in an unrealized loss position as of December 31, 2018 and 2017 was 11 and 12 years, respectively. As of December 31, 2018 and 2017, there were 182 and 133 securities, respectively, that were in an unrealized loss position for a conti nuous twelve-month period or longer, of which, fair value s of 64 and 24 securities, respectively, were below book value by more than 5%. The following table presents the distribution of securities in an unrealized loss position for a continuous twelve-month period or longer where fair value was below book value by more than 5% as of December 31, 2018:
|  |  | AFS Securities
| Percentage of Fair Value |  | Number of |  | Book Value |  | Fair Value
| Below Book Value |  | Securities |  | (in millions) |  | (in millions)
| > 5% to 15% |  | 47 |  | $ | 299 |  | $ | 273
| > 15% to 25% |  | 11 |  |  | 35 |  |  | 29
| > 25% to 50% |  | 3 |  |  | 12 |  |  | 9
| > 50% |  | 3 |  |  | 99 |  |  | 30
| Total |  | 64 |  | $ | 445 |  | $ | 341
The Company concluded that it does not have the intent to sell securities in an unrealized loss position and it is more likely than not, that it w ould not have to sell these securities before recovery of their cost basis. In making this conclusion, the Company examined the cash flow projections for its investment portfolios, the potential sources and uses of cash in its businesses, and the cash resources available to its business other than sales of securities. It also considered the existence of any risk management or other plans as of December 31, 2018 that would require the sale of impaired securities. Impaired securities tha t the Company intends to sell before the expected recovery of such securities’ fair values have been written down to fair value. Other-Than-Temporary Impairments Evaluating AFS Securities for OTTI The Company has an ongoing review process for all securities in its investment portfolio, including a quarterly assessment of OTTI. This evaluation includes both qualitative and quantitative considerations. In assessing whether a decline in value is related to a credit loss, the Company considers several factors, including but not limited to (i) the magnitude and duration of declines in fair value; (ii) the reasons for the decline s in fair value, such as general credit spread movements in each asset-backed sector, transaction-specific changes in credit spreads, credit rating downgrades, modeled defaults, and principal and interest payment priorities within each investment structure; and (iii) any guarantees associated with a security such as those provided by financial guarantee insurance companies, including MBIA Corp. and National. In calculating credit-related losses, the Company u se s cash flow modeling based on the type of secur ity. The Company’s cash flow analysis considers all sources of cash, including credit enhancement, that support the payment of amounts owed by an issuer of a security. This includes the consideration of cash expected to be provided by financial guarantors, including MBIA Corp. and National, resulting from an actual or potential insurance policy claim. In general, any change in the amount and/or timing of cash flows received or expected to be received, whether or not such cash flows are contractually defined, is reflected in the Company’s cash flow analysis for purposes of assessing an OTTI loss on an impaired security. Each quarter, an internal committee, comprising staff that is independent of the Company’s evaluation process for determining OTTI of securit ies, reviews and approves the valuation of investments. Among other responsibilities, this committee ensures that the Company’s process for identifying and calculating OTTI, including the use of models and assumptions, is reasonable and complies with the C ompany’s internal policy. Determination of Credit Loss on ABS, MBS and Corporate Obligations ABS investments are evaluated for OTTI using historical collateral performance, deal waterfall and structural protections, credit ratings, and forward looking proj ections of collateral performance based on business and economic conditions specific to each collateral type and risk. The underlying collateral is evaluated to identify any specific performance concerns, and stress scenarios are considered in forecasting ultimate returns of principal. Based on this evaluation, if a principal default is projected for a security, estimated future cash flows are discounted at the security’s effective interest rate used to recognize interest income on the security. For CDO inv estments, the Company uses the same tools as its RMBS investments discussed below, aggregating the bond level cash flows to the CDO investment level. If the present value of cash flows is less than the Company’s amortized cost for the security, the differe nce is recorded as an OTTI loss. RMBS investments are evaluated for OTTI using several quantitative tools. Loan level data is obtained and analyzed in a model that produces prepayment, default, and severity vectors. The model u s es macro inputs, including h ousing price assumptions and interest rates. The vector outputs are used as inputs to a third-party cash flow model, which considers deal waterfall dynamics and structural features, to generate cash flows for an RMBS investment. The expected cash flows of the security are then discounted at the interest rate used to recognize interest income of the security to arrive at a present value amount. If the present value of the cash flows is less than the Company’s amortized cost for the investment, the difference is recorded as an OTTI loss. Corporate obligation investments are evaluated for OTTI using credit analysis techniques. The Company’s analysis includes a detailed review of a number of quantitative and qualitative factors impacting the value of an individu al security. These factors include the interest rate of the security (fixed or floating), the security’s current market spread, any collateral supporting the security, the security’s position in the issuer’s capital structure, and credit rating upgrades or downgrades. Additionally, these factors include an assessment of various issuer-related credit metrics including market capitalization, earnings, cash flow, capitalization, interes t coverage, leverage, liquidity and management. The Company’s analysis is augmented by comparing market prices for similar securities of other issuers in the same sector, as well as any recent corporate or government actions that may impact the ultimate return of principal. If the Company determines that a principal default is projected, a recovery analysis is performed using the above data. If the Company’s estimated recovery value for the security is less than its amortized cost, the difference is recorded as an OTTI loss. Du ring 2017, certain municipal bonds had liquidity concerns, recent credit downgrades and other adverse financial conditions. As a result, the Company placed these bonds on a non-accrual basis and recognized an OTTI loss for the difference between its amorti zed cost and fair value. This OTTI loss was included in “Investment losses related to other-than-temporary impairments” on the Company’s consolidated statement of operations. Determination of Credit Loss Guaranteed by the Company on Other Third-Party Guarantors The Company does not recognize OTTI on securities insured by MBIA Corp. and National since those securities, whether or not owned by the Company, are evaluated for impairments in accordance with its loss reserving policy. Refer to “Note 2: Significant Accounting Policies” included herein for information about the Company’s loss reserving policy and “Note 6: Loss and Loss Adjustment Expenses Reserves” for information a bout loss reserves. The following table provides information about securities held by the Company as of December 31, 2018 that were in an unrealized loss position and insured by a financial guarantor, along with the amount of insurance loss reserves c orresponding to the par amount owned by the Company:
|  |  |  |  |  |  | Unrealized |  | Insurance Loss |
| In millions |  | Fair Value |  | Loss |  | Reserve (2) |
| Mortgage-backed: |  |  |  |  |  |  |  |  |  |
|  | MBIA(1) |  | $ | 13 |  | $ | (4) |  | $ | 15 |
| Corporate obligations: |  |  |  |  |  |  |  |  |  |
|  | MBIA(1) |  |  | 81 |  |  | (8) |  |  | - |
| Other: |  |  |  |  |  |  |  |  |  |
|  | Other |  |  | 1 |  |  | - |  |  | - |
| Total |  | $ | 95 |  | $ | (12) |  | $ | 15 |
| _______________ |  |  |  |  |  |  |  |  |  |
| (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 Loss Rollforward T h e p o r t i o n o f c e r t ai n OTTI lo ss e s o n f i x ed-m a t u r i t y s e c u r i t i e s t ha t d o e s no t r ep r e s en t cr edit lo ss e s i s r e c o g ni z e d i n AOCI. F o r t h e se i m p a i r m e n t s, t h e ne t a m ou n t r e c ogn i z e d i n e a r ning s r ep r e s en t s t h e di f f e r en ce be t wee n t h e a m o r t i z e d c o st o f t h e s e c u r i t y an d t h e n e t p r e s en t v a l u e of i t s p r o j e c t e d f u t u re d i s c o u n t e d c a sh f l ow s p r i o r t o i m p ai rm en t. A n y r e m ain i n g d i f f e r en ce be t wee n t h e f ai r v alu e and a m o r t i z e d c o st i s r e c ogn i z e d i n AOCI. The following table presents the amount of credit loss impairments recognized in earnings on fixed-maturity securities held by MBIA as of the dates indicated, for which a portion of the OTTI losses was recognized in AOCI, and the corresponding changes in such amounts. The additional credit loss imp airments on securities previously impaired for the years ended December 31, 2018, 2017 and 2016, primarily related to a corporate obligation that incurred liquidity concerns, ongoing credit risk and other adverse financial conditions. Also, during 2017, the credit loss impairment on securities not previously impaired related to municipal bonds that were impaired to their recover y value which were further impaired to their fair value, resulting in reductions of such credit loss impairment in the same year.
In millions |  | Years Ended December 31,
Credit Losses Recognized in Earnings Related to OTTI |  | 2018 |  | 2017 |  | 2016
Beginning balance |  | $ | 32 |  | $ | 29 |  | $ | 26
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 |  |  | 5 |  |  | 4
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 |  | $ | 37 |  | $ | 32 |  | $ | 29
Sales of Available-for-Sale Investments Gross r eali z e d ga i n s and l o s s e s are recorded within “Net gains (losses) on financial instruments at fair value and foreign exchange” on the Company’s consolidated statements of operations. The proceeds and the gross realized gains and losses from sales of fixed-maturity securities held as AFS for the years ended December 31, 2018, 2017 and 2016 are as follows:
|  |  |  | Years Ended December 31, |
| In millions |  | 2018 |  | 2017 |  | 2016 |
| Proceeds from sales |  | $ | 2,117 |  | $ | 2,256 |  | $ | 2,412 |
| Gross realized gains |  | $ | 6 |  | $ | 40 |  | $ | 84 |
| Gross realized losses |  | $ | (19) |  | $ | (22) |  | $ | (23) |
Equity Investments Unrealized gains and losses recognized on equity investments held as of December 31, 2018 for the year ended December 31, 2018 are as follows:
|  |  | Year Ended
In millions |  | December 31, 2018
Net gains and (losses) recognized during the period on equity securities |  | $ | (4)
Less: |  |  |
Net gains and (losses) recognized during the period on equity securities sold during the period |  |  | 1
Unrealized gains and (losses) recognized during the period on equity securities still held |  |  |
as of December 31, 2018 |  | $ | (5)

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