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Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2022
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Summary of company's segment results | The following tables provide the Company’s segment results for the three months ended September 30, 2022 and 2021:
|  | Three Months Ended September 30, 2022
|  | U.S. Public |  |  |  | International |  |  |  |
|  |  |  | and Structured |  |  |  |
|  | Finance |  |  |  | Finance |  |  |  |
In millions |  | Insurance |  | Corporate |  | Insurance |  | Eliminations |  | Consolidated
Revenues (1) |  | $ | 17 |  |  | $ | (3 | ) |  | $ | 9 |  |  | $ | - |  |  | $ | 23 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (6 | ) |  |  | 35 |  |  |  | (4 | ) |  |  | - |  |  |  | 25 |
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (31 | ) |  |  | - |  |  |  | (31 | )
Inter-segment revenues (2) |  |  | 6 |  |  |  | 12 |  |  |  | 2 |  |  |  | (20 | ) |  |  | - |
Total revenues |  |  | 17 |  |  |  | 44 |  |  |  | (24 | ) |  |  | (20 | ) |  |  | 17 |
Losses and loss adjustment |  |  | 16 |  |  |  | - |  |  |  | (28 | ) |  |  | - |  |  |  | (12 | )
Amortization of deferred acquisition costs and operating |  |  | 2 |  |  |  | 12 |  |  |  | 2 |  |  |  | - |  |  |  | 16 |
Interest |  |  | - |  |  |  | 14 |  |  |  | 32 |  |  |  | - |  |  |  | 46 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | 2 |
Inter-segment expenses (2) |  |  | 10 |  |  |  | 5 |  |  |  | 6 |  |  |  | (21 | ) |  |  | - |
Total expenses |  |  | 28 |  |  |  | 31 |  |  |  | 14 |  |  |  | (21 | ) |  |  | 52 |
Income (loss) from continuing operations before income taxes |  | $ | (11 | ) |  | $ | 13 |  |  | $ | (38 | ) |  | $ | 1 |  |  | $ | (35 | )
Identifiable assets per segment |  | $ | 3,061 |  |  | $ | 622 |  |  | $ | 1,708 |  |  | $ | (1,508 | ) (3) |  | $ | 3,883 |
Assets held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 132 |
Total identifiable assets |  | $ | 3,061 |  |  | $ | 622 |  |  | $ | 1,708 |  |  | $ | (1,508 | ) |  | $ | 4,015 |
(1) - | Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).
(2) - | Primarily represents intercompany service charges and intercompany net investment income and expenses.
(3) - | Consists principally of intercompany reinsurance balances.
|  | Three Months Ended September 30, 2021
|  | U.S. Public |  |  |  | International |  |  |  |
|  |  |  | and Structured |  |  |  |
|  | Finance |  |  |  | Finance |  |  |  |
In millions |  | Insurance |  | Corporate |  | Insurance |  | Eliminations |  | Consolidated
Revenues (1) |  | $ | 21 |  |  | $ | 7 |  |  | $ | 24 |  |  | $ | - |  |  | $ | 52 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | - |  |  |  | 12 |  |  |  | (3 | ) |  |  | - |  |  |  | 9 |
Net gains (losses) on extinguishment of debt |  |  | - |  |  |  | 16 |  |  |  | - |  |  |  | - |  |  |  | 16 |
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (5 | ) |  |  | - |  |  |  | (5 | )
Inter-segment revenues (2) |  |  | 8 |  |  |  | 14 |  |  |  | 2 |  |  |  | (24 | ) |  |  | - |
Total revenues |  |  | 29 |  |  |  | 49 |  |  |  | 18 |  |  |  | (24 | ) |  |  | 72 |
Losses and loss adjustment |  |  | 68 |  |  |  | - |  |  |  | 57 |  |  |  | - |  |  |  | 125 |
Amortization of deferred acquisition costs and operating |  |  | 6 |  |  |  | 16 |  |  |  | 1 |  |  |  | - |  |  |  | 23 |
Interest |  |  | - |  |  |  | 14 |  |  |  | 26 |  |  |  | - |  |  |  | 40 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 7 |
Inter-segment expenses (2) |  |  | 11 |  |  |  | 4 |  |  |  | 9 |  |  |  | (24 | ) |  |  | - |
Total expenses |  |  | 85 |  |  |  | 34 |  |  |  | 100 |  |  |  | (24 | ) |  |  | 195 |
Income (loss) from continuing operations before income taxes |  | $ | (56 | ) |  | $ | 15 |  |  | $ | (82 | ) |  | $ | - |  |  | $ | (123 | )
(1) - | Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).
(2) - | Primarily represents intercompany service charges and intercompany net investment income and expenses.
The following tables provide the Company’s segment results for the nine months ended September 30, 2022 and 2021:
|  | Nine Months Ended September 30, 2022
|  | U.S. Public |  |  |  | International |  |  |  |
|  |  |  | and Structured |  |  |  |
|  | Finance |  |  |  | Finance |  |  |  |
In millions |  | Insurance |  | Corporate |  | Insurance |  | Eliminations |  | Consolidated
Revenues (1) |  | $ | 24 |  |  | $ | 3 |  |  | $ | 26 |  |  | $ | - |  |  | $ | 53 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (43 | ) |  |  | 111 |  |  |  | (17 | ) |  |  | - |  |  |  | 51 |
Net gains (losses) on extinguishment of debt |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | (1 | ) |  |  | 4 |
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (11 | ) |  |  | - |  |  |  | (11 | )
Inter-segment revenues (2) |  |  | 20 |  |  |  | 43 |  |  |  | 7 |  |  |  | (70 | ) |  |  | - |
Total revenues |  |  | 1 |  |  |  | 162 |  |  |  | 5 |  |  |  | (71 | ) |  |  | 97 |
Losses and loss adjustment |  |  | 152 |  |  |  | - |  |  |  | (95 | ) |  |  | - |  |  |  | 57 |
Amortization of deferred acquisition costs and operating |  |  | 6 |  |  |  | 35 |  |  |  | 8 |  |  |  | - |  |  |  | 49 |
Interest |  |  | - |  |  |  | 42 |  |  |  | 88 |  |  |  | - |  |  |  | 130 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | 5 |
Inter-segment expenses (2) |  |  | 33 |  |  |  | 17 |  |  |  | 20 |  |  |  | (70 | ) |  |  | - |
Total expenses |  |  | 191 |  |  |  | 94 |  |  |  | 26 |  |  |  | (70 | ) |  |  | 241 |
Income (loss) from continuing operations before income taxes |  | $ | (190 | ) |  | $ | 68 |  |  | $ | (21 | ) |  | $ | (1 | ) |  | $ | (144 | )
Identifiable assets per segment |  | $ | 3,061 |  |  | $ | 622 |  |  | $ | 1,708 |  |  | $ | (1,508 | ) (3) |  | $ | 3,883 |
Assets held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 132 |
Total identifiable assets |  | $ | 3,061 |  |  | $ | 622 |  |  | $ | 1,708 |  |  | $ | (1,508 | ) |  | $ | 4,015 |
(1) - | Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).
(2) - | Primarily represents intercompany service charges and intercompany net investment income and expenses.
(3) - | Consists principally of intercompany reinsurance balances.
|  | Nine Months Ended September 30, 2021
|  | U.S. Public |  |  |  | International |  |  |  |
|  |  |  | and Structured |  |  |  |
|  | Finance |  |  |  | Finance |  |  |  |
In millions |  | Insurance |  | Corporate |  | Insurance |  | Eliminations |  | Consolidated
Revenues (1) |  | $ | 65 |  |  | $ | 13 |  |  | $ | 37 |  |  | $ | - |  |  | $ | 115 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | - |  |  |  | 50 |  |  |  | (9 | ) |  |  | - |  |  |  | 41 |
Net gains (losses) on extinguishment of debt |  |  | - |  |  |  | 30 |  |  |  | - |  |  |  | - |  |  |  | 30 |
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (24 | ) |  |  | - |  |  |  | (24 | )
Inter-segment revenues (2) |  |  | 22 |  |  |  | 50 |  |  |  | 10 |  |  |  | (82 | ) |  |  | - |
Total revenues |  |  | 87 |  |  |  | 143 |  |  |  | 14 |  |  |  | (82 | ) |  |  | 162 |
Losses and loss adjustment |  |  | 135 |  |  |  | - |  |  |  | 97 |  |  |  | - |  |  |  | 232 |
Amortization of deferred acquisition costs and operating |  |  | 14 |  |  |  | 54 |  |  |  | 7 |  |  |  | - |  |  |  | 75 |
Interest |  |  | - |  |  |  | 42 |  |  |  | 80 |  |  |  | - |  |  |  | 122 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 23 |  |  |  | - |  |  |  | 23 |
Inter-segment expenses (2) |  |  | 36 |  |  |  | 14 |  |  |  | 30 |  |  |  | (80 | ) |  |  | - |
Total expenses |  |  | 185 |  |  |  | 110 |  |  |  | 237 |  |  |  | (80 | ) |  |  | 452 |
Income (loss) from continuing operations before income taxes |  | $ | (98 | ) |  | $ | 33 |  |  | $ | (223 | ) |  | $ | (2 | ) |  | $ | (290 | )
(1) - | Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).
(2) - | Primarily represents intercompany service charges and intercompany net investment income and expenses.

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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