Consolidated Statements of Operations (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Revenues
Net earned premiums	$ 144	[1]	$ 159	[1]	$ 412	[1]	$ 570	[1]
Net investment income	102		99		301		286
Net realized investment gains (losses):
Other-than-temporary impairment losses	(17)		(3)		(47)		(20)
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income	4		5		(9)		0
Net impairment loss	(21)		(8)		(38)		(20)
Other net realized investment gains (losses)	2		1		13		43
Net realized investment gains (losses)	(19)		(7)		(25)		23
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	(14)		24		20		(44)
Net unrealized gains (losses)	269	[2]	330	[2]	127	[2]	(120)	[2]
Net change in fair value of credit derivatives	255		354		147		(164)
Fair value gains (losses) on committed capital securities	4		9		(11)		(4)
Fair value gains (losses) on financial guaranty variable interest entities	50		40		232		253
Other income (loss)	(11)		16		17		(5)
Total revenues	525		670		1,073		959
Expenses
Loss and loss adjustment expenses	(44)		55		54		69
Amortization of deferred acquisition costs	4		4		12		8
Interest expense	27		21		67		63
Other operating expenses	50		54		165		166
Total expenses	37		134		298		306
Income (loss) before income taxes	488		536		775		653
Provision (benefit) for income taxes
Current	36		67		75		125
Deferred	97		85		144		69
Total provision (benefit) for income taxes	133		152		219		194
Net income (loss)	$ 355		$ 384		$ 556		$ 459
Earnings per share:
Basic (per share)	$ 2.10		$ 2.10		$ 3.15		$ 2.44
Diluted (per share)	$ 2.09		$ 2.09		$ 3.13		$ 2.43
Dividends, per share (in dollars per share)	$ 0.11		$ 0.1		$ 0.33		$ 0.30

[1] Excludes $5 million and $14 million for Third Quarter 2014 and 2013, respectively, and $27 million and $47 million for Nine Months 2014 and 2013, 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 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.