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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2023
Text Block [Abstract] |
Summary of company's segment results | The following tables provide the Company’s segment results for the years ended December 31, 2023, 2022 and 2021:
|  |  |  | Year Ended December 31, 2023 |
|  |  |  | U.S. |  |  |  |  |  | International |  |  |  |  |  |  |
|  |  |  | Public |  |  |  |  |  | and Structured |  |  |  |  |  |  |
|  |  |  | Finance |  |  |  |  |  | Finance |  |  |  |  |  |  |
In millions |  | Insurance |  |  | Corporate |  |  | Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 51 |  |  | $ | (12 | ) |  | $ | 33 |  |  | $ | - |  |  | $ | 72 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 8 |  |  |  | 8 |  |  |  | (12 | ) |  |  | - |  |  |  | 4 |
Net gains (losses) on extinguishment of debt |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 1 |
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (70 | ) |  |  | - |  |  |  | (70 | )
Inter-segment revenues (2) |  |  | 27 |  |  |  | 54 |  |  |  | 6 |  |  |  | (87 | ) |  |  | - |
|  | Total revenues |  |  | 86 |  |  |  | 51 |  |  |  | (43 | ) |  |  | (87 | ) |  |  | 7 |
Losses and loss adjustment |  |  | 170 |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 177 |
Amortization of deferred acquisition costs and operating |  |  | 7 |  |  |  | 74 |  |  |  | 10 |  |  |  | 1 |  |  |  | 92 |
Interest |  |  | - |  |  |  | 55 |  |  |  | 155 |  |  |  | - |  |  |  | 210 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | - |  |  |  | 12 |
Inter-segment expenses (2) |  |  | 40 |  |  |  | 24 |  |  |  | 23 |  |  |  | (87 | ) |  |  | - |
|  | Total expenses |  |  | 217 |  |  |  | 153 |  |  |  | 207 |  |  |  | (86 | ) |  |  | 491 |
Income (loss) from continuing operations before income taxes |  | $ | (131 | ) |  | $ | (102 | ) |  | $ | (250 | ) |  | $ | (1 | ) |  | $ | (484 | )
Identifiable assets per segment |  | $ | 1,742 |  |  | $ | 755 |  |  | $ | 974 |  |  | $ | (938 | ) | (3) | $ | 2,533 |
Assets held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 73 |
Total identifiable assets |  | $ | 1,742 |  |  | $ | 755 |  |  | $ | 974 |  |  | $ | (938 | ) |  | $ | 2,606 |
(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, 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 |
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 | )
(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.
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, 2023, 2022 and 2021:
|  |  | Years Ended December 31, |
In millions |  | 2023 |  |  | 2022 |  |  | 2021 |
Total premiums earned: |  |  |  |  |  |  |  |  |
| United States |  | $ | 29 |  |  | $ | 45 |  |  | $ | 45 |
| Other Americas |  |  | 8 |  |  |  | 8 |  |  |  | 29 |
| Other |  |  | - |  |  |  | - |  |  |  | 1 |
Total |  | $ | 37 |  |  | $ | 53 |  |  | $ | 75 |

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