Consolidated Statements of Operations (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Revenues
Net earned premiums	$ 752	[1]	$ 853	[1]	$ 920	[1]
Net investment income	393		404		396
Net realized investment gains (losses):
Other-than-temporary impairment losses	(32)		(58)		(84)
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income	10		(41)		(39)
Other net realized investment gains (losses)	94		18		27
Net realized investment gains (losses)	52		1		(18)
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	(42)		(108)		6
Net unrealized gains (losses)	107	[2]	(477)	[2]	554	[2]
Net change in fair value of credit derivatives	65		(585)		560
Fair value gains (losses) on committed capital securities	10		(18)		35
Fair value gains (losses) on financial guaranty variable interest entities	346		191		(146)
Other income (loss)	(10)		108		58
Total revenues	1,608		954		1,805
Expenses
Loss and loss adjustment expenses	154		504		448
Amortization of deferred acquisition costs	12		14		17
Interest expense	82		92		99
Other operating expenses	218		212		212
Total expenses	466		822		776
Income (loss) before income taxes	1,142		132		1,029
Provision (benefit) for income taxes
Current	157		57		(127)
Deferred	177		(35)		383
Total provision (benefit) for income taxes	334		22		256
Net income (loss)	$ 808		$ 110		$ 773
Earnings per share:
Basic (per share)	$ 4.32	[3]	$ 0.58	[3]	$ 4.21
Diluted (per share)	$ 4.30	[3]	$ 0.57	[3]	$ 4.16
Dividends per share	$ 0.40	[3]	$ 0.36	[3]	$ 0.18

[1] Excludes $60 million, $153 million and $75 million for the year ended December 31, 2013, 2012 and 2011, respectively, related to consolidated FG VIEs.

[2] Except for net estimated credit impairments (i.e., net expected loss to be paid as discussed in Note 6), the unrealized gains and losses on credit derivatives are expected to reduce to zero as the exposure approaches its maturity date. With considerable volatility continuing in the market, unrealized gains (losses) on credit derivatives may fluctuate significantly in future periods.

[3] Per share amounts for the quarters and the full years have each been calculated separately. Accordingly, quarterly amounts may not sum up to the annual amounts because of differences in the average common shares outstanding during each period and, with regard to diluted per share amounts only, because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive.