Consolidated Statements of Operations - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Revenues
Net earned premiums	[1]	$ 766		$ 570		$ 752
Net investment income		423		403		393
Net realized investment gains (losses):
Other-than-temporary impairment losses		(47)		(76)		(32)
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income		0		(1)		10
Net impairment loss		(47)		(75)		(42)
Other net realized investment gains (losses)		21		15		94
Net realized investment gains (losses)		(26)		(60)		52
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements		(18)		23		(42)
Net unrealized gains (losses)		746		800		107
Net change in fair value of credit derivatives		728		823		65
Fair value gains (losses) on committed capital securities		27		(11)		10
Fair value gains (losses) on financial guaranty variable interest entities		38		255		346
Bargain purchase gain and settlement of pre-existing relationships		214		0		0
Other income (loss)		37		14		(10)
Total revenues		2,207		1,994		1,608
Expenses
Loss and loss adjustment expenses		424		126		154
Amortization of deferred acquisition costs		20		25		12
Interest expense		101		92		82
Other operating expenses		231		220		218
Total expenses		776		463		466
Income (loss) before income taxes		1,431		1,531		1,142
Provision (benefit) for income taxes
Current		75		96		157
Deferred		300		347		177
Total provision (benefit) for income taxes		375		443		334
Net income (loss)		$ 1,056		$ 1,088		$ 808
Earnings per share:
Basic (in dollars per share)		$ 7.12	[2]	$ 6.30	[2]	$ 4.32
Diluted (in dollars per share)		7.08	[2]	6.26	[2]	4.30
Dividends (in dollars per share)		$ 0.48	[2]	$ 0.44	[2]	$ 0.40

[1] Excludes $21 million, $32 million and $60 million for the year ended December 31, 2015, 2014 and 2013, respectively, related to consolidated FG VIEs.

[2] 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.