Summary of company's segment results |
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|
|
|
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|
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|
|
|
|
|
|
|
|
U.S. Public Finance Insurance |
|
|
|
|
|
International and Structured Finance Insurance |
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
6 |
|
|
$ |
11 |
|
|
$ |
|
|
|
$ |
47 |
|
Net gains (losses) on financial instruments at fair value and foreign exchange |
|
|
78 |
|
|
|
(20) |
|
|
|
(14) |
|
|
|
|
|
|
|
44 |
|
Net gains (losses) on extinguishment of debt |
|
|
|
|
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Other net realized gains (losses) |
|
|
|
|
|
|
(1) |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
Revenues of consolidated VIEs |
|
|
32 |
|
|
|
|
|
|
|
50 |
|
|
|
|
|
|
|
82 |
|
Inter-segment revenues (2) |
|
|
7 |
|
|
|
15 |
|
|
|
6 |
|
|
|
(28) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
147 |
|
|
|
(1) |
|
|
|
54 |
|
|
|
(28) |
|
|
|
172 |
|
Losses and loss adjustment |
|
|
(90) |
|
|
|
|
|
|
|
77 |
|
|
|
|
|
|
|
(13) |
|
Operating |
|
|
4 |
|
|
|
15 |
|
|
|
7 |
|
|
|
|
|
|
|
26 |
|
Interest |
|
|
|
|
|
|
17 |
|
|
|
33 |
|
|
|
|
|
|
|
50 |
|
Expenses of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
20 |
|
Inter-segment expenses (2) |
|
|
14 |
|
|
|
6 |
|
|
|
8 |
|
|
|
(28) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
(72) |
|
|
|
38 |
|
|
|
145 |
|
|
|
(28) |
|
|
|
83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
$ |
219 |
|
|
$ |
(39) |
|
|
$ |
(91) |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identifiable assets |
|
$ |
4,271 |
|
|
$ |
939 |
|
|
$ |
4,678 |
|
|
$ |
(2,282) |
|
|
$ |
7,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - |
Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. |
(2) - |
Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. |
(3) - |
Consists primarily of intercompany reinsurance balances and repurchase agreements. |
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Public Finance Insurance |
|
|
|
|
|
International and Structured Finance Insurance |
|
|
|
|
|
|
|
|
|
$ |
45 |
|
|
$ |
7 |
|
|
$ |
58 |
|
|
$ |
|
|
|
$ |
110 |
|
Net change in fair value of insured derivatives |
|
|
|
|
|
|
- |
|
|
|
(1) |
|
|
|
|
|
|
|
(1) |
|
Net gains (losses) on financial instruments at fair value and foreign exchange |
|
|
1 |
|
|
|
17 |
|
|
|
(13) |
|
|
|
|
|
|
|
5 |
|
Net investment losses related to other-than-temporary impairments |
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Net gains (losses) on extinguishment of debt |
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
3 |
|
Other net realized gains (losses) |
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
1 |
|
Revenues of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
(12) |
|
|
|
|
|
|
|
(12) |
|
Inter-segment revenues (2) |
|
|
7 |
|
|
|
11 |
|
|
|
6 |
|
|
|
(24) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
52 |
|
|
|
38 |
|
|
|
39 |
|
|
|
(24) |
|
|
|
105 |
|
Losses and loss adjustment |
|
|
48 |
|
|
|
|
|
|
|
(2) |
|
|
|
|
|
|
|
46 |
|
Operating |
|
|
5 |
|
|
|
13 |
|
|
|
9 |
|
|
|
|
|
|
|
27 |
|
Interest |
|
|
|
|
|
|
20 |
|
|
|
32 |
|
|
|
|
|
|
|
52 |
|
Expenses of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
25 |
|
|
|
|
|
|
|
25 |
|
Inter-segment expenses (2) |
|
|
10 |
|
|
|
5 |
|
|
|
9 |
|
|
|
(24) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
63 |
|
|
|
38 |
|
|
|
73 |
|
|
|
(24) |
|
|
|
150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
$ |
(11) |
|
|
$ |
|
|
|
$ |
(34) |
|
|
$ |
|
|
|
$ |
(45) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identifiable assets |
|
$ |
4,453 |
|
|
$ |
|
|
|
$ |
5,058 |
|
|
$ |
(2,180) |
(3) |
|
$ |
8,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - |
Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. |
(2) - |
Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. |
(3) - |
Consists primarily of intercompany reinsurance balances and repurchase agreements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Public Finance Insurance |
|
|
|
|
|
International and Structured Finance Insurance |
|
|
|
|
|
|
|
|
|
$ |
106 |
|
|
$ |
21 |
|
|
$ |
28 |
|
|
$ |
|
|
|
$ |
155 |
|
Net change in fair value of insured derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on financial instruments at fair value and foreign exchange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment losses related to other-than-temporary impairments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other net realized gains (losses) |
|
|
1 |
|
|
|
(2) |
|
|
|
3 |
|
|
|
|
|
|
|
2 |
|
Revenues of consolidated VIEs |
|
|
38 |
|
|
|
- |
|
|
|
41 |
|
|
|
1 |
|
|
|
80 |
|
Inter-segment revenues (2) |
|
|
22 |
|
|
|
48 |
|
|
|
15 |
|
|
|
(85) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
265 |
|
|
|
(5) |
|
|
|
76 |
|
|
|
(84) |
|
|
|
|
|
Losses and loss adjustment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
8 |
|
|
|
53 |
|
|
|
16 |
|
|
|
|
|
|
|
77 |
|
Interest |
|
|
|
|
|
|
56 |
|
|
|
98 |
|
|
|
|
|
|
|
154 |
|
Expenses of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
69 |
|
|
|
|
|
|
|
69 |
|
Inter-segment expenses (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
15 |
|
|
|
126 |
|
|
|
332 |
|
|
|
(84) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
$ |
250 |
|
|
$ |
(131) |
|
|
$ |
(256) |
|
|
$ |
|
|
|
$ |
(137) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identifiable assets |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
(3) |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - |
Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. |
(2) - |
Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. |
(3) - |
Consists primarily of intercompany reinsurance balances and repurchase agreements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Public Finance Insurance |
|
|
|
|
|
International and Structured Finance Insurance |
|
|
|
|
|
|
|
|
|
$ |
139 |
|
|
$ |
20 |
|
|
$ |
98 |
|
|
$ |
|
|
|
$ |
257 |
|
Net change in fair value of insured derivatives |
|
|
|
|
|
|
|
|
|
|
(13) |
|
|
|
|
|
|
|
(13) |
|
Net gains (losses) on financial instruments at fair value and foreign exchange |
|
|
(13) |
|
|
|
48 |
|
|
|
(17) |
|
|
|
|
|
|
|
18 |
|
Net investment losses related to other-than-temporary impairments |
|
|
(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
|
Net gains (losses) on extinguishment of debt |
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
3 |
|
Other net realized gains (losses) |
|
|
|
|
|
|
(2) |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
Revenues of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
(72) |
|
|
|
|
|
|
|
(72) |
|
Inter-segment revenues (2) |
|
|
20 |
|
|
|
36 |
|
|
|
18 |
|
|
|
(74) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
143 |
|
|
|
105 |
|
|
|
16 |
|
|
|
(74) |
|
|
|
190 |
|
Losses and loss adjustment |
|
|
184 |
|
|
|
|
|
|
|
(7) |
|
|
|
|
|
|
|
177 |
|
Operating |
|
|
14 |
|
|
|
39 |
|
|
|
21 |
|
|
|
|
|
|
|
74 |
|
Interest |
|
|
|
|
|
|
60 |
|
|
|
95 |
|
|
|
|
|
|
|
155 |
|
Expenses of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
71 |
|
|
|
|
|
|
|
71 |
|
Inter-segment expenses (2) |
|
|
34 |
|
|
|
14 |
|
|
|
27 |
|
|
|
(75) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
232 |
|
|
|
113 |
|
|
|
207 |
|
|
|
(75) |
|
|
|
477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
$ |
(89) |
|
|
$ |
(8) |
|
|
$ |
(191) |
|
|
$ |
1 |
|
|
$ |
(287) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identifiable assets |
|
$ |
4,453 |
|
|
$ |
|
|
|
$ |
5,058 |
|
|
$ |
(2,180) |
|
|
$ |
8,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - |
Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. |
(2) - |
Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. |
(3) - |
Consists primarily of intercompany reinsurance balances and repurchase agreements. |
|