XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.19.2

Investments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2019
Text Block [Abstract] |
Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios |
|  | June 30, 2019 |
In millions |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Other-Than- Temporary Impairments (1) |
AFS Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 1,081 |  |  | $ | 46 |  |  | $ | (2 | ) |  | $ | 1,125 |  |  | $ | - |
State and municipal bonds |  |  | 289 |  |  |  | 96 |  |  |  | (1 | ) |  |  | 384 |  |  |  | 74 |
Foreign governments |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | 9 |  |  |  | - |
Corporate obligations |  |  | 1,244 |  |  |  | 34 |  |  |  | (37 | ) |  |  | 1,241 |  |  |  | (33 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | 304 |  |  |  | 2 |  |  |  | (1 | ) |  |  | 305 |  |  |  | - |
Residential mortgage-backed non-agency |  |  | 27 |  |  |  | 1 |  |  |  | (4 | ) |  |  | 24 |  |  |  | - |
Commercial mortgage-backed |  |  | 29 |  |  |  | - |  |  |  | - |  |  |  | 29 |  |  |  | - |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | 112 |  |  |  | - |  |  |  | (2 | ) |  |  | 110 |  |  |  | - |
Other asset-backed |  |  | 231 |  |  |  | 1 |  |  |  | - |  |  |  | 232 |  |  |  | - |
Total AFS investments |  | $ | 3,326 |  |  | $ | 180 |  |  | $ | (47 | ) |  | $ | 3,459 |  |  | $ | 41 |
HTM Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  | $ | 890 |  |  | $ | 77 |  |  | $ | - |  |  | $ | 967 |  |  | $ | - |
Total HTM investments |  | $ | 890 |  |  | $ | 77 |  |  | $ | - |  |  | $ | 967 |  |  | $ | - |
(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, 2018 |
In millions |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Other-Than- Temporary 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.
Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments |
|  | AFS Securities |  |  | HTM Securities |
|  |  |  |  |  |  |  | Consolidated VIEs |
In millions |  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 726 |  |  | $ | 749 |  |  | $ | - |  |  | $ | - |
Due after one year through five years |  |  | 705 |  |  |  | 764 |  |  |  | - |  |  |  | - |
Due after five years through ten years |  |  | 448 |  |  |  | 431 |  |  |  | - |  |  |  | - |
Due after ten years |  |  | 744 |  |  |  | 815 |  |  |  | 890 |  |  |  | 967 |
Mortgage-backed and asset-backed |  |  | 703 |  |  |  | 700 |  |  |  | - |  |  |  | - |
Total fixed-maturity investments |  | $ | 3,326 |  |  | $ | 3,459 |  |  | $ | 890 |  |  | $ | 967 |
Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments |
|  | June 30, 2019 |
|  | 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 |  | $ | 118 |  |  | $ | - |  |  | $ | 153 |  |  | $ | (2 | ) |  | $ | 271 |  |  | $ | (2 | )
State and municipal bonds |  |  | - |  |  |  | - |  |  |  | 57 |  |  |  | (1 | ) |  |  | 57 |  |  |  | (1 | )
Foreign governments |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | - |
Corporate obligations |  |  | 52 |  |  |  | (1 | ) |  |  | 212 |  |  |  | (36 | ) |  |  | 264 |  |  |  | (37 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | 26 |  |  |  | - |  |  |  | 94 |  |  |  | (1 | ) |  |  | 120 |  |  |  | (1 | )
Residential mortgage-backed non-agency |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | (4 | ) |  |  | 12 |  |  |  | (4 | )
Commercial mortgage-backed |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | 68 |  |  |  | (1 | ) |  |  | 22 |  |  |  | (1 | ) |  |  | 90 |  |  |  | (2 | )
Other asset-backed |  |  | 28 |  |  |  | - |  |  |  | 29 |  |  |  | - |  |  |  | 57 |  |  |  | - |
Total AFS investments |  | $ | 296 |  |  | $ | (2 | ) |  | $ | 579 |  |  | $ | (45 | ) |  | $ | 875 |  |  | $ | (47 | )
|  | 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 | )
Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5% |
|  | AFS Securities |
Percentage of Fair Value Below Book Value |  | Number of Securities |  |  | Book Value (in millions) |  |  | Fair Value (in millions) |
> 5% to 15% |  |  | 10 |  |  | $ | 14 |  |  | $ | 13 |
> 15% to 25% |  |  | 2 |  |  |  | 1 |  |  |  | 1 |
> 25% to 50% |  |  | 2 |  |  |  | 14 |  |  |  | 10 |
> 50% |  |  | 3 |  |  |  | 63 |  |  |  | 30 |
Total |  |  | 17 |  |  | $ | 92 |  |  | $ | 54 |
Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss) |
In millions |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Credit Losses Recognized in Earnings Related to Other-Than-Temporary Impairments |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Beginning balance |  | $ | 65 |  |  | $ | 33 |  |  | $ | 37 |  |  | $ | 32 |
Additions for credit loss impairments recognized in the current period on securities previously impaired |  |  | 9 |  |  |  | 1 |  |  |  | 37 |  |  |  | 2 |
Ending balance |  | $ | 74 |  |  | $ | 34 |  |  | $ | 74 |  |  | $ | 34 |
Securities Held In Unrealized Loss Position And Insured By Financial Guarantor and The Related Insurance Loss Reserve On Company Insured Investments |
In millions |  | Fair Value |  |  | Unrealized Loss |  |  | Insurance Loss Reserve (2) |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |
MBIA (1) |  | $ | 12 |  |  | $ | (4 | ) |  | $ | 18 |
| (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 June 30, |  |  | Six Months Ended June 30, |
In millions |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Proceeds from sales |  | $ | 684 |  |  | $ | 413 |  |  | $ | 1,367 |  |  | $ | 1,064 |
Gross realized gains |  | $ | 16 |  |  | $ | 1 |  |  | $ | 21 |  |  | $ | 3 |
Gross realized losses |  | $ | (2 | ) |  | $ | (7 | ) |  | $ | (3 | ) |  | $ | (13 | )
Portion Of Unrealized Gains Losses Recognized On Equity Investments [Table Text Block] |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
In millions |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Net gains (losses) recognized during the period on equity securities |  | $ | 2 |  |  | $ | - |  |  | $ | 7 |  |  | $ | - |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) recognized during the period on equity securities sold during the period |  |  | - |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Unrealized gains (losses) recognized during the period on equity securities still held at the reporting date |  | $ | 2 |  |  | $ | (1) |  |  | $ | 6 |  |  | $ | (1) |

X
- Definition A table of investments, shown as a text block. + 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) -Subparagraph (1) + Details
Name: | invest_InvestmentTableTextBlock
Namespace Prefix: | invest_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5%. + References No definition available. + Details
Name: | mbi_InvestmentsDistributionOfSecuritiesByPercentageOfFairValueBelowBookValueByMoreThanFivePercentTableTextBlock
Namespace Prefix: | mbi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Securities held in unrealized loss position and insured by financial guarantor and the related insurance loss reserve on company insured investments. + References No definition available. + Details
Name: | mbi_SecuritiesHeldInUnrealizedLossPositionAndInsuredByFinancialGuarantorAndRelatedInsuranceLossReserveOnCompanyInsuredInvestmentsTableTextBlock
Namespace Prefix: | mbi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27340-111563 + Details
Name: | us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27357-111563 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration