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Insurance Premiums (Tables) | 12 Months Ended
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Dec. 31, 2020
Text Block [Abstract] |
Rollforward of Premiums Receivable | The following tables present a roll forward of the Company’s premiums receivable for the years ended December 31, 2020 and 2019.
In millions |  |  |  |  |  |  |  | Adjustments |  |  |  |
Premiums Receivable as of December 31, 2019 |  | Premium Payments Received |  |  | Premiums from New Business Written |  |  | Changes in Expected Term of Policies |  |  | Accretion of Premiums Receivable Discount (1) |  |  | Other (2) |  |  | Premiums Receivable as of December 31, 2020 |
$ 249 |  | $ | (30) |  |  | $ | — |  |  | $ | (1) |  |  | $ | 6 |  |  | $ | (8) |  |  | $ | 216 |
(1)—Recorded within premiums earned on MBIA’s consolidated statement of operations. (2)—The change primarily relates to a reduction in installment premiums due to refunding activity and the recording of an allowance for credit losses under Financial Instruments-Credit Losses, partially offset by changes in foreign exchange currency rates.
In millions |  |  |  |  |  |  |  | Adjustments |  |  |  |
Premiums Receivable as of December 31, 2018 |  | Premium Payments Received |  |  | Premiums from New Business Written |  |  | Changes in Expected Term of Policies |  |  | Accretion of Premiums Receivable Discount (1) |  |  | Other (2) |  |  | Premiums Receivable as of December 31, 2019 |
$ 296 |  | $ | (43) |  |  | $ | — |  |  | $ | (4) |  |  | $ | 7 |  |  | $ | (7) |  |  | $ | 249 |
(1)—Recorded within premiums earned on MBIA’s consolidated statement of operations. (2)—Primarily relates to the write off of uncollectible premiums and to a lesser extent realized gains due to changes in foreign currency exchange rates.
Undiscounted Future Premiums By Period | The following table presents the undiscounted future amount of premiums expected to be collected and the period in which those collections are expected to occur:
In millions |  | Expected Collection of Premiums |
Three months ending: |  |  |  |
March 31, 2021 |  | $ | 3 |
June 30, 2021 |  |  | 10 |
September 30, 2021 |  |  | 5 |
December 31, 2021 |  |  | 10 |
Twelve months ending: |  |  |  |
December 31, 2022 |  |  | 24 |
December 31, 2023 |  |  | 22 |
December 31, 2024 |  |  | 20 |
December 31, 2025 |  |  | 18 |
Five years ending: |  |  |  |
December 31, 2030 |  |  | 64 |
December 31, 2035 |  |  | 45 |
December 31, 2040 and thereafter |  |  | 54 |
Total |  | $ | 275 |
Unearned Premium Reserve And Future Premium Earnings | The following table presents the unearned premium revenue balance and future expected premium earnings as of and for the periods presented:
In millions |  | Unearned Premium Revenue |  |  | Expected Future Premium Earnings |  |  | Accretion |  |  | Total Expected Future Premium Earnings |
| Upfront |  |  | Installments |
December 31, 2020 |  | $ | 405 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three months ending: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2021 |  |  | 392 |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | 14 |
June 30, 2021 |  |  | 379 |  |  |  | 6 |  |  |  | 7 |  |  |  | 1 |  |  |  | 14 |
September 30, 2021 |  |  | 367 |  |  |  | 6 |  |  |  | 6 |  |  |  | 2 |  |  |  | 14 |
December 31, 2021 |  |  | 355 |  |  |  | 6 |  |  |  | 6 |  |  |  | 1 |  |  |  | 13 |
Twelve months ending: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2022 |  |  | 310 |  |  |  | 21 |  |  |  | 24 |  |  |  | 5 |  |  |  | 50 |
December 31, 2023 |  |  | 271 |  |  |  | 19 |  |  |  | 20 |  |  |  | 4 |  |  |  | 43 |
December 31, 2024 |  |  | 235 |  |  |  | 17 |  |  |  | 19 |  |  |  | 4 |  |  |  | 40 |
December 31, 2025 |  |  | 204 |  |  |  | 15 |  |  |  | 16 |  |  |  | 4 |  |  |  | 35 |
Five years ending: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2030 |  |  | 104 |  |  |  | 50 |  |  |  | 50 |  |  |  | 15 |  |  |  | 115 |
December 31, 2035 |  |  | 50 |  |  |  | 24 |  |  |  | 30 |  |  |  | 9 |  |  |  | 63 |
December 31, 2040 and thereafter |  |  | — |  |  |  | 16 |  |  |  | 34 |  |  |  | 9 |  |  |  | 59 |
Total |  |  |  |  |  | $ | 186 |  |  | $ | 219 |  |  | $ | 55 |  |  | $ | 460 |

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