Consolidated Statements of Operations (unaudited) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Net earned premiums	[1]	$ 214	$ 219	$ 397	$ 361
Net investment income		98	98	197	199
Net realized investment gains (losses):
Other-than-temporary impairment losses		(8)	(11)	(28)	(16)
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income		(3)	1	(7)	3
Net impairment loss		(5)	(12)	(21)	(19)
Other net realized investment gains (losses)		15	3	18	26
Net realized investment gains (losses)		10	(9)	(3)	7
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements		24	8	32	29
Net unrealized gains (losses)		39	82	(29)	185
Net change in fair value of credit derivatives		63	90	3	214
Fair value gains (losses) on committed capital securities		(11)	23	(27)	25
Fair value gains (losses) on financial guaranty variable interest entities		4	5	22	(2)
Bargain purchase gain and settlement of pre-existing relationships		0	214	0	214
Other income (loss)		18	55	52	46
Total revenues		396	695	641	1,064
Expenses
Loss and loss adjustment expenses		102	188	192	206
Amortization of deferred acquisition costs		5	6	9	10
Interest expense		25	26	51	51
Other operating expenses		63	66	123	122
Total expenses		195	286	375	389
Income (loss) before income taxes		201	409	266	675
Provision (benefit) for income taxes
Current		32	24	62	37
Deferred		23	88	(1)	140
Total provision (benefit) for income taxes		55	112	61	177
Net income (loss)		$ 146	$ 297	$ 205	$ 498
Earnings per share:
Basic (in dollars per share)		$ 1.09	$ 1.97	$ 1.52	$ 3.25
Diluted (in dollars per share)		1.09	1.96	1.51	3.23
Dividends (in dollars per share)		$ 0.13	$ 0.12	$ 0.26	$ 0.24

[1] Excludes $3 million and $5 million for Second Quarter 2016 and 2015, respectively, and $8 million and $10 million for Six Months 2016 and 2015, respectively, related to consolidated FG VIEs.