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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2022
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Summary of company's segment results | The following tables provide the Company’s segment results for the years ended December 31, 2022, 2021, and 2020:
|  | Year Ended December 31, 2022 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 53 |  |  | $ | 8 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 100 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (47) |  |  |  | 99 |  |  |  | (7) |  |  |  | — |  |  |  | 45 |
Net gains (losses) on extinguishment of debt |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | (1) |  |  |  | 4 |
Revenues of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 5 |
Inter-segment revenues (2) |  |  | 29 |  |  |  | 55 |  |  |  | 9 |  |  |  | (93) |  |  |  | — |
Total revenues |  |  | 35 |  |  |  | 167 |  |  |  | 46 |  |  |  | (94) |  |  |  | 154 |
Losses and loss adjustment |  |  | 143 |  |  |  | — |  |  |  | (105) |  |  |  | — |  |  |  | 38 |
Amortization of deferred acquisition costs and operating |  |  | 8 |  |  |  | 55 |  |  |  | 12 |  |  |  | 1 |  |  |  | 76 |
Interest |  |  | — |  |  |  | 56 |  |  |  | 124 |  |  |  | (1) |  |  |  | 179 |
Expenses of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | — |  |  |  | 9 |
Inter-segment expenses (2) |  |  | 44 |  |  |  | 23 |  |  |  | 27 |  |  |  | (94) |  |  |  | — |
Total expenses |  |  | 195 |  |  |  | 134 |  |  |  | 67 |  |  |  | (94) |  |  |  | 302 |
Income (loss) from continuing operations before income taxes |  | $ | (160) |  |  | $ | 33 |  |  | $ | (21) |  |  | $ | — |  |  | $ | (148) |
Identifiable assets per segment |  | $ | 2,491 |  |  | $ | 645 |  |  | $ | 1,132 |  |  | $ | (973) | (3) |  | $ | 3,295 |
Assets held for sale |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 80 |
Total identifiable assets |  | $ | 2,491 |  |  | $ | 645 |  |  | $ | 1,132 |  |  | $ | (973) |  |  | $ | 3,375 |
(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.
|  | Year Ended December 31, 2021 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 85 |  |  | $ | 13 |  |  | $ | 44 |  |  | $ | — |  |  | $ | 142 |
Net gains (losses) on financial instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
foreign exchange |  |  | (2) |  |  |  | 56 |  |  |  | (14) |  |  |  | — |  |  |  | 40 |
Net gains (losses) on extinguishment of debt |  |  | — |  |  |  | 30 |  |  |  | — |  |  |  | — |  |  |  | 30 |
Revenues of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | (23) |  |  |  | — |  |  |  | (23) |
Inter-segment revenues (2) |  |  | 27 |  |  |  | 67 |  |  |  | 12 |  |  |  | (106) |  |  |  | — |
Total revenues |  |  | 110 |  |  |  | 166 |  |  |  | 19 |  |  |  | (106) |  |  |  | 189 |
Losses and loss adjustment |  |  | 227 |  |  |  | — |  |  |  | 123 |  |  |  | — |  |  |  | 350 |
Amortization of deferred acquisition costs and operating |  |  | 17 |  |  |  | 71 |  |  |  | 9 |  |  |  | — |  |  |  | 97 |
Interest |  |  | — |  |  |  | 56 |  |  |  | 107 |  |  |  | — |  |  |  | 163 |
Expenses of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | — |  |  |  | 24 |
Inter-segment expenses (2) |  |  | 45 |  |  |  | 22 |  |  |  | 38 |  |  |  | (105) |  |  |  | — |
Total expenses |  |  | 289 |  |  |  | 149 |  |  |  | 301 |  |  |  | (105) |  |  |  | 634 |
Income (loss) from continuing operations before income taxes |  | $ | (179) |  |  | $ | 17 |  |  | $ | (282) |  |  | $ | (1) |  |  | $ | (445) |
Identifiable assets |  | $ | 3,313 |  |  | $ | 873 |  |  | $ | 2,800 |  |  | $ | (2,290) | (3) |  | $ | 4,696 |
(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.
|  | Year Ended December 31, 2020 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 138 |  |  | $ | 31 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 199 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 2 |  |  |  | (74) |  |  |  | (8) |  |  |  | — |  |  |  | (80) |
Revenues of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | 163 |  |  |  | — |  |  |  | 163 |
Inter-segment revenues (2) |  |  | 28 |  |  |  | 66 |  |  |  | 12 |  |  |  | (106) |  |  |  | — |
Total revenues |  |  | 168 |  |  |  | 23 |  |  |  | 197 |  |  |  | (106) |  |  |  | 282 |
Losses and loss adjustment |  |  | 163 |  |  |  | — |  |  |  | 367 |  |  |  | — |  |  |  | 530 |
Amortization of deferred acquisition costs and operating |  |  | 14 |  |  |  | 69 |  |  |  | 14 |  |  |  | — |  |  |  | 97 |
Interest |  |  | — |  |  |  | 65 |  |  |  | 113 |  |  |  | — |  |  |  | 178 |
Expenses of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | 55 |  |  |  | — |  |  |  | 55 |
Inter-segment expenses (2) |  |  | 45 |  |  |  | 22 |  |  |  | 39 |  |  |  | (106) |  |  |  | — |
Total expenses |  |  | 222 |  |  |  | 156 |  |  |  | 588 |  |  |  | (106) |  |  |  | 860 |
Income (loss) from continuing operations before income taxes |  | $ | (54) |  |  | $ | (133) |  |  | $ | (391) |  |  | $ | — |  |  | $ | (578) |
(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 expense.
Summary Of premiums earned on financial guarantees and insured derivatives by geographic location of risk | The following table summarizes premiums earned on financial guarantees and insured derivatives by geographic location of risk for the years ended December 31, 2022, 2021 and 2020:
|  | Years Ended December 31, |
In millions |  | 2022 |  |  | 2021 |  |  | 2020 |
Total premiums earned: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 45 |  |  | $ | 45 |  |  | $ | 55 |
Other Americas |  |  | 8 |  |  |  | 29 |  |  |  | 16 |
Other |  |  | — |  |  |  | 1 |  |  |  | 2 |
Total |  | $ | 53 |  |  | $ | 75 |  |  | $ | 73 |

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