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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited)

A summary of selected quarterly information follows:

2015
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Full
Year
 
(dollars in millions, except per share data)
Revenues
 
 
 
 
 
 
 
 
 
   Net earned premiums
$
142

 
$
219

 
$
213

 
$
192

 
$
766

   Net investment income
101

 
98

 
112

 
112

 
423

   Net realized investment gains (losses)
16

 
(9
)
 
(27
)
 
(6
)
 
(26
)
   Net change in fair value of credit derivatives
124

 
90

 
86

 
428

 
728

   Fair value gains (losses) on CCS
2

 
23

 
(15
)
 
17

 
27

   Fair value gains (losses) on FG VIEs
(7
)
 
5

 
2

 
38

 
38

Bargain purchase gain and settlement of pre-existing relationships
—

 
214

 
—

 
—

 
214

   Other income (loss)
(9
)
 
55

 
(3
)
 
(6
)
 
37

Expenses
 
 
 
 
 
 
 
 
 
   Loss and LAE
18

 
188

 
112

 
106

 
424

   Amortization of DAC
4

 
6

 
5

 
5

 
20

   Interest expense
25

 
26

 
25

 
25

 
101

   Other operating expenses
56

 
66

 
54

 
55

 
231

Income (loss) before provision for income taxes
266

 
409

 
172

 
584

 
1,431

Provision (benefit) for income taxes
65

 
112

 
43

 
155

 
375

Net income (loss)
201

 
297

 
129

 
429

 
1,056

Earnings (loss) per share(1):
 
 
 
 
 
 
 
 
 
   Basic
$
1.29

 
$
1.97

 
$
0.88

 
$
3.05

 
$
7.12

   Diluted
$
1.28

 
$
1.96

 
$
0.88

 
$
3.03

 
$
7.08

Dividends per share
$
0.12

 
$
0.12

 
$
0.12

 
$
0.12

 
$
0.48


2014
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Full
Year
 
(dollars in millions, except per share data)
Revenues
 
 
 
 
 
 
 
 
 
   Net earned premiums
$
132

 
$
136

 
$
144

 
$
158

 
$
570

   Net investment income
103

 
96

 
102

 
102

 
403

   Net realized investment gains (losses)
2

 
(8
)
 
(19
)
 
(35
)
 
(60
)
   Net change in fair value of credit derivatives
(211
)
 
103

 
255

 
676

 
823

   Fair value gains (losses) on CCS
(9
)
 
(6
)
 
4

 
—

 
(11
)
   Fair value gains (losses) on FG VIEs
157

 
25

 
50

 
23

 
255

Bargain purchase gain and settlement of pre-existing relationships
—

 
—

 
—

 
—

 
—

   Other income (loss)
21

 
7

 
(11
)
 
(3
)
 
14

Expenses
 
 
 
 
 
 
 
 
 
   Loss and LAE
41

 
57

 
(44
)
 
72

 
126

   Amortization of DAC
5

 
3

 
4

 
13

 
25

   Interest expense
20

 
20

 
27

 
25

 
92

   Other operating expenses
60

 
55

 
50

 
55

 
220

Income (loss) before provision for income taxes
69

 
218

 
488

 
756

 
1,531

Provision (benefit) for income taxes
27

 
59

 
133

 
224

 
443

Net income (loss)
42

 
159

 
355

 
532

 
1,088

Earnings (loss) per share(1):
 
 
 
 
 
 
 
 
 
   Basic
$
0.23

 
$
0.89

 
$
2.10

 
$
3.30

 
$
6.30

   Diluted
$
0.23

 
$
0.89

 
$
2.09

 
$
3.28

 
$
6.26

Dividends per share
$
0.11

 
$
0.11

 
$
0.11

 
$
0.11

 
$
0.44

____________________
(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.