Consolidated Statements of Operations (unaudited) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Net earned premiums	[1]	$ 231	$ 213	$ 628	$ 574
Net investment income		94	112	291	311
Net realized investment gains (losses):
Other-than-temporary impairment losses		(4)	(18)	(32)	(34)
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income		1	0	(6)	3
Net impairment loss		(5)	(18)	(26)	(37)
Other net realized investment gains (losses)		3	(9)	21	17
Net realized investment gains (losses)		(2)	(27)	(5)	(20)
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements		15	6	47	35
Net unrealized gains (losses)		6	80	(23)	265
Net change in fair value of credit derivatives		21	86	24	300
Fair value gains (losses) on committed capital securities		(23)	(15)	(50)	10
Fair value gains (losses) on financial guaranty variable interest entities		(11)	2	11	0
Bargain purchase gain and settlement of pre-existing relationships		259	0	259	214
Other income (loss)		(3)	(3)	49	43
Total revenues		566	368	1,207	1,432
Expenses
Loss and loss adjustment expenses		(9)	112	183	318
Amortization of deferred acquisition costs		4	5	13	15
Interest expense		26	25	77	76
Other operating expenses		65	54	188	176
Total expenses		86	196	461	585
Income (loss) before income taxes		480	172	746	847
Provision (benefit) for income taxes
Current		18	41	80	78
Deferred		(17)	2	(18)	142
Total provision (benefit) for income taxes		1	43	62	220
Net income (loss)		$ 479	$ 129	$ 684	$ 627
Earnings per share:
Basic (in dollars per share)		$ 3.63	$ 0.88	$ 5.10	$ 4.16
Diluted (in dollars per share)		3.60	0.88	5.06	4.13
Dividends (in dollars per share)		$ 0.13	$ 0.12	$ 0.39	$ 0.36

[1] Excludes $4 million and $6 million for Third Quarter 2016 and 2015, respectively, and $12 million and $16 million for Nine Months 2016 and 2015, respectively, related to consolidated FG VIEs.