Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Investment portfolio:
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $9,401 and $10,275)	$ 9,960	$ 10,627
Short-term investments, at fair value	585	396
Other invested assets	170	169
Total investment portfolio	10,715	11,192
Cash	190	166
Premiums receivable, net of commissions payable	623	693
Ceded unearned premium reserve	228	232
Deferred acquisition costs	110	114
Reinsurance recoverable on unpaid losses	82	69
Salvage and subrogation recoverable	323	126
Credit derivative assets	36	81
Deferred tax asset, net	235	276
Current income tax receivable	0	40
Financial guaranty variable interest entities’ assets, at fair value	814	1,261
Funds restricted for CIFG acquisition	451	0
Other assets	285	294
Total assets	14,092	14,544
Liabilities and shareholders’ equity
Unearned premium reserve	3,617	3,996
Loss and loss adjustment expense reserve	1,268	1,067
Reinsurance balances payable, net	56	51
Long-term debt	1,303	1,300
Credit derivative liabilities	432	446
Current income tax payable	19	0
Financial guaranty variable interest entities’ liabilities with recourse, at fair value	790	1,225
Financial guaranty variable interest entities’ liabilities without recourse, at fair value	115	124
Other liabilities	242	272
Total liabilities	7,842	8,481
Commitments and contingencies
Common stock ($0.01 par value, 500,000,000 shares authorized; 132,814,422 and 137,928,552 shares issued and outstanding)	1	1
Additional paid-in capital	1,213	1,342
Retained earnings	4,648	4,478
Accumulated other comprehensive income, net of tax of $147 and $104	383	237
Deferred equity compensation (320,193 and 320,193 shares)	5	5
Total shareholders’ equity	6,250	6,063
Total liabilities and shareholders’ equity	$ 14,092	$ 14,544