Consolidated Statements of Operations (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Revenues
Net earned premiums	$ 132		$ 248
Net investment income	103		94
Net realized investment gains (losses):
Other-than-temporary impairment losses	(3)		(1)
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income	2		4
Net impairment loss	(5)		(5)
Other net realized investment gains (losses)	7		33
Net realized investment gains (losses)	2		28
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	19		18
Net unrealized gains (losses)	(230)	[1],[2]	(610)	[1],[2]
Net change in fair value of credit derivatives	(211)		(592)
Fair value gains (losses) on committed capital securities	(9)		(10)
Fair value gains (losses) on financial guaranty variable interest entities	157		70
Other income (loss)	21		(14)
Total revenues	195		(176)
Expenses
Loss and loss adjustment expenses	41		(48)
Amortization of deferred acquisition costs	5		3
Interest expense	20		21
Other operating expenses	60		60
Total expenses	126		36
Income (loss) before income taxes	69		(212)
Provision (benefit) for income taxes
Current	21		55
Deferred	6		(123)
Total provision (benefit) for income taxes	27		(68)
Net income (loss)	$ 42		$ (144)
Earnings per share:
Basic (per share)	$ 0.23		$ (0.74)
Diluted (per share)	$ 0.23		$ (0.74)
Dividends per share	$ 0.11		$ 0.10

[1] Except for net estimated credit impairments (i.e., net expected loss to be paid as discussed in Note 5), 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.

[2] “Other” includes all other U.S. and international asset classes, such as commercial receivables, international infrastructure, international RMBS securities, and pooled infrastructure securities.