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Investments (Tables) | 9 Months Ended
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Sep. 30, 2019
Text Block [Abstract] |
Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios |
|  | September 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 |  | $ | 807 |  |  | $ | 59 |  |  | $ | (1 | ) |  | $ | 865 |  |  | $ | - |
State and municipal bonds |  |  | 205 |  |  |  | 24 |  |  |  | - |  |  |  | 229 |  |  |  | - |
Foreign governments |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | 8 |  |  |  | - |
Corporate obligations |  |  | 1,239 |  |  |  | 58 |  |  |  | (34 | ) |  |  | 1,263 |  |  |  | (33 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | 297 |  |  |  | 4 |  |  |  | (1 | ) |  |  | 300 |  |  |  | - |
Residential mortgage-backed non-agency |  |  | 25 |  |  |  | 1 |  |  |  | (5 | ) |  |  | 21 |  |  |  | - |
Commercial mortgage-backed |  |  | 23 |  |  |  | 1 |  |  |  | - |  |  |  | 24 |  |  |  | - |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | 129 |  |  |  | - |  |  |  | (2 | ) |  |  | 127 |  |  |  | - |
Other asset-backed |  |  | 275 |  |  |  | 1 |  |  |  | - |  |  |  | 276 |  |  |  | - |
Total AFS investments |  | $ | 3,008 |  |  | $ | 148 |  |  | $ | (43 | ) |  | $ | 3,113 |  |  | $ | (33 | )
HTM Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  | $ | 890 |  |  | $ | 87 |  |  | $ | - |  |  | $ | 977 |  |  | $ | - |
Total HTM investments |  | $ | 890 |  |  | $ | 87 |  |  | $ | - |  |  | $ | 977 |  |  | $ | - |
(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 |  | $ | 598 |  |  | $ | 599 |  |  | $ | - |  |  | $ | - |
Due after one year through five years |  |  | 496 |  |  |  | 503 |  |  |  | - |  |  |  | - |
Due after five years through ten years |  |  | 436 |  |  |  | 423 |  |  |  | - |  |  |  | - |
Due after ten years |  |  | 729 |  |  |  | 840 |  |  |  | 890 |  |  |  | 977 |
Mortgage-backed and asset-backed |  |  | 749 |  |  |  | 748 |  |  |  | - |  |  |  | - |
Total fixed-maturity investments |  | $ | 3,008 |  |  | $ | 3,113 |  |  | $ | 890 |  |  | $ | 977 |
Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments |
|  | September 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 |  | $ | 102 |  |  | $ | - |  |  | $ | 84 |  |  | $ | (1 | ) |  | $ | 186 |  |  | $ | (1 | )
State and municipal bonds |  |  | 5 |  |  |  | - |  |  |  | 26 |  |  |  | - |  |  |  | 31 |  |  |  | - |
Foreign governments |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | - |
Corporate obligations |  |  | 182 |  |  |  | (1 | ) |  |  | 55 |  |  |  | (33 | ) |  |  | 237 |  |  |  | (34 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | 35 |  |  |  | (1 | ) |  |  | 32 |  |  |  | - |  |  |  | 67 |  |  |  | (1 | )
Residential mortgage-backed non-agency |  |  | - |  |  |  | - |  |  |  | 11 |  |  |  | (5 | ) |  |  | 11 |  |  |  | (5 | )
Commercial mortgage-backed |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6 |  |  |  | - |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | 43 |  |  |  | - |  |  |  | 68 |  |  |  | (2 | ) |  |  | 111 |  |  |  | (2 | )
Other asset-backed |  |  | 16 |  |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | 25 |  |  |  | - |
Total AFS investments |  | $ | 394 |  |  | $ | (2 | ) |  | $ | 285 |  |  | $ | (41 | ) |  | $ | 679 |  |  | $ | (43 | )
|  | 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% |  |  | 9 |  |  | $ | 19 |  |  | $ | 19 |
> 15% to 25% |  |  | 1 |  |  |  | 1 |  |  |  | - |
> 25% to 50% |  |  | 2 |  |  |  | 14 |  |  |  | 10 |
> 50% |  |  | 3 |  |  |  | 63 |  |  |  | 30 |
Total |  |  | 15 |  |  | $ | 97 |  |  | $ | 59 |
Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss) |
In millions |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30,
Credit Losses Recognized in Earnings Related to Other-Than- Temporary Impairments |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018
Beginning balance |  | $ | 74 |  |  | $ | 34 |  |  | $ | 37 |  |  | $ | 32
Additions for credit loss impairments recognized in the current period on securities previously impaired |  |  | - |  |  |  | 1 |  |  |  | 37 |  |  |  | 3
Ending balance |  | $ | 74 |  |  | $ | 35 |  |  | $ | 74 |  |  | $ | 35
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) |  | $ | 11 |  |  | $ | (5) |  | $ | 19
| (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 September 30, |  |  | Nine Months Ended September 30, |
In millions |  | 2019 |  | 2018 |  | 2019 |  | 2018
Proceeds from sales |  | $ | 508 |  |  | $ | 583 |  |  | $ | 1,875 |  |  | $ | 1,647 |
Gross realized gains |  | $ | 79 |  |  | $ | 1 |  |  | $ | 100 |  |  | $ | 4 |
Gross realized losses |  | $ | - |  |  | $ | (2 | ) |  | $ | (3 | ) |  | $ | (15 | )
Portion Of Unrealized Gains Losses Recognized On Equity Investments [Table Text Block] |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
In millions |  | 2019 |  | 2018 |  | 2019 |  | 2018
Net gains (losses) recognized during the period on equity securities |  | $ | 2 |  |  | $ | 3 |  |  | $ | 9 |  |  | $ | 3 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) recognized during the period on equity securities sold during the period |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 1 |
Unrealized gains (losses) recognized during the period on equity securities still held at the reporting date |  | $ | 2 |  |  | $ | 3 |  |  | $ | 8 |  |  | $ | 2 |

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