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Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues      
Net earned premiums [1] $ 864 $ 766 $ 570
Net investment income 408 423 403
Net realized investment gains (losses):      
Other-than-temporary impairment losses (47) (47) (76)
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income 4 0 (1)
Net impairment loss (51) (47) (75)
Other net realized investment gains (losses) 22 21 15
Net realized investment gains (losses) (29) (26) (60)
Net change in fair value of credit derivatives:      
Realized gains (losses) and other settlements 29 (18) 23
Net unrealized gains (losses) 69 746 800
Net change in fair value of credit derivatives 98 728 823
Fair value gains (losses) on committed capital securities 0 27 (11)
Fair value gains (losses) on financial guaranty variable interest entities 38 38 255
Bargain purchase gain and settlement of pre-existing relationships 259 214 0
Other income (loss) 39 37 14
Total revenues 1,677 2,207 1,994
Expenses      
Loss and loss adjustment expenses 295 424 126
Amortization of deferred acquisition costs 18 20 25
Interest expense 102 101 92
Other operating expenses 245 231 220
Total expenses 660 776 463
Income (loss) before income taxes 1,017 1,431 1,531
Provision (benefit) for income taxes      
Current 117 75 96
Deferred 19 300 347
Total provision (benefit) for income taxes 136 375 443
Net income (loss) $ 881 $ 1,056 $ 1,088
Earnings per share:      
Basic (in dollars per share) $ 6.61 [2] $ 7.12 [2] $ 6.30
Diluted (in dollars per share) 6.56 [2] 7.08 [2] 6.26
Dividends (in dollars per share) $ 0.52 [2] $ 0.48 [2] $ 0.44
[1] Excludes $16 million, $21 million and $32 million for the year ended December 31, 2016, 2015 and 2014, 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.