Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Summary of Financial Information by Reportable Segment

The following table is a summary of financial information by reportable business segment for the affected periods:



	Financial Guarantee			Financial Services			Corporate and Other			Inter-segment Eliminations			Consolidated
Three Months Ended March 31, 2015:
Revenues:
Unaffiliated customers ⁽¹⁾	$	191,814		$	(37,708	)	$	357		$	—		$	154,463
Equity in net income of investees accounted for by equity method	—			—			1,028			—			1,028
Inter-segment	257			(230		)	(27		)	—			—
Total revenues before expenses and reorganization items	192,071			(37,938		)	1,358			—			155,491
Pre-tax income (loss) from continuing operations:
Unaffiliated customers ^(1)(2)(3)	256,005			(38,580		)	(1,873		)	—			215,552
Equity in net income of investees accounted for by equity method	—			—			1,028			—			1,028
Inter-segment	(539		)	(312		)	851			—			—
Pre-tax income (loss) from continuing operations	255,466			(38,892		)	6			—			216,580
Total assets as of March 31, 2015	24,672,977			431,445			282,188			—			25,386,610
Net investment income	71,470			128			1,385			—			72,983
Insurance intangible amortization	37,432			—			—			—			37,432
Interest expense	27,585			323			—			—			27,908

Three Months Ended March 31, 2014:
Revenues:
Unaffiliated customers ⁽¹⁾	$	162,553		$	(53,438	)	$	23		$	—		$	109,138
Equity in net income of investees accounted for by equity method	—			—			—			—			—
Inter-segment	375			(75		)	8,635			(8,935		)	—
Total revenues before expenses and reorganization items	162,928			(53,513		)	8,658			(8,935		)	109,138
Pre-tax income (loss) from continuing operations:
Unaffiliated customers ^{(1) (2) (3)}	217,158			(54,450		)	(3,410		)	—			159,298
Equity in net income of investees accounted for by equity method	—			—			—			$	—		—
Inter-segment	(9,157		)	(454		)	9,611			—			—
Pre-tax income (loss) from continuing operations	208,001			(54,904		)	6,201			—			159,298
Total assets as of March 31, 2014	26,535,119			534,256			44,873			—			27,114,248
Net investment income	70,384			394			23			—			70,801
Insurance intangible amortization	31,714			—			—			—			31,714
Interest expense	31,881			447			—			—			32,328


(1)	Included in both revenues from unaffiliated customers and in pre-tax income (loss) from continuing operations from unaffiliated customers is net investment income.


(2)	Included in pre-tax income (loss) from continuing operations from unaffiliated customers is interest expense.


(3)	Included in pre-tax income (loss) from continuing operations from unaffiliated customers is amortization of intangible asset arising from financial guarantee contracts that were set to fair value upon adoption of Fresh Start on April 30, 2013.

Schedule of Gross Premiums Written, Net Premiums Earned and Net Change in Fair Value of Credit Derivatives

The following table summarizes gross premiums written, net premiums earned and the net change in fair value of credit derivatives included in the Financial Guarantee segment by location of risk for the affected periods:



	Three Months Ended March 31, 2015								Three Months Ended March 31, 2014
	Gross Premiums Written			Net Premiums Earned		Net Change in Fair Value of Credit Derivatives			Gross Premiums Written			Net Premiums Earned		Net Change in Fair Value of Credit Derivatives
United States	$	(2,366	)	$	52,739	$	3,958		$	(699	)	$	56,758	$	6,581
United Kingdom	9,174			7,582		—			(6,166		)	20,635		—
Other international	(5,746		)	5,397		(6,457		)	1,099			5,154		801
Total	$	1,062		$	65,718	$	(2,499	)	$	(5,766	)	$	82,547	$	7,382

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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