A summary of selected quarterly information follows:



2013	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
	(dollars in millions, except per share data)
Revenues
Net earned premiums	$	248		$	163		$	159		$	182		$	752
Net investment income	94			93			99			107			393
Net realized investment gains (losses)	28			2			(7		)	29			52
Net change in fair value of credit derivatives	(592		)	74			354			229			65
Fair value gains (losses) on CCS	(10		)	(3		)	9			14			10
Fair value gains (losses) on FG VIEs	70			143			40			93			346
Other income (loss)	(14		)	(7		)	16			(5		)	(10		)
Expenses
Loss and LAE	(48		)	62			55			85			154
Amortization of DAC	3			1			4			4			12
Interest expense	21			21			21			19			82
Other operating expenses	60			52			54			52			218
Income (loss) before provision for income taxes	(212		)	329			536			489			1,142
Provision (benefit) for income taxes	(68		)	110			152			140			334
Net income (loss)	(144		)	219			384			349			808
Earnings (loss) per share(1):
Basic	$	(0.74	)	$	1.17		$	2.10		$	1.91		$	4.32
Diluted	$	(0.74	)	$	1.16		$	2.09		$	1.90		$	4.30
Dividends per share	$	0.10		$	0.10		$	0.10		$	0.10		$	0.40



2012	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
	(dollars in millions, except per share data)
Revenues
Net earned premiums	$	194		$	219		$	222		$	218		$	853
Net investment income	98			101			102			103			404
Net realized investment gains (losses)	1			(3		)	2			1			1
Net change in fair value of credit derivatives	(691		)	261			(36		)	(119		)	(585		)
Fair value gains (losses) on CCS	(14		)	4			(2		)	(6		)	(18		)
Fair value gains (losses) on FG VIEs	(41		)	168			34			30			191
Other income (loss)	91			5			16			(4		)	108
Expenses
Loss and LAE	242			118			86			58			504
Amortization of DAC	5			5			4			0			14
Interest expense	25			25			21			21			92
Other operating expenses	62			53			48			49			212
Income (loss) before provision for income taxes	(696		)	554			179			95			132
Provision (benefit) for income taxes	(213		)	177			37			21			22
Net income (loss)	(483		)	377			142			74			110
Earnings (loss) per share(1):
Basic	$	(2.65	)	$	2.02		$	0.73		$	0.38		$	0.58
Diluted	$	(2.65	)	$	2.01		$	0.73		$	0.38		$	0.57
Dividends per share	$	0.09		$	0.09		$	0.09		$	0.09		$	0.36

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(1)

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.