XML 41 R29.htm IDEA: XBRL DOCUMENT v3.4.0.3
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
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, 2016:
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)
 
$
97,374

 
$
(83,214
)
 
$
1,610

 
$
—

 
$
15,770

Equity in net income of investees accounted for by equity method
 
—

 
—

 
1,132

 
—

 
1,132

Inter-segment
 
(772
)
 
(338
)
 
1,148

 
(38
)
 
—

Total revenues before expenses and reorganization items
 
96,602

 
(83,552
)
 
3,890

 
(38
)
 
16,902

Pre-tax income (loss):
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers (1)(2)(3)
 
98,417

 
(83,847
)
 
(2,848
)
 
—

 
11,722

Equity in net income of investees accounted for by equity method
 
—

 
—

 
1,132

 
—

 
1,132

Inter-segment
 
(1,623
)
 
(454
)
 
2,077

 
—

 
—

Pre-tax income (loss)
 
96,794

 
(84,301
)
 
361

 
—

 
12,854

Total assets as of March 31, 2016
 
23,045,239

 
390,661

 
276,885

 
5,806

 
23,718,591

Net investment income
 
57,713

 
203

 
2,905

 
—

 
60,821

Insurance intangible amortization
 
50,890

 
—

 
—

 
—

 
50,890

Interest expense
 
30,284

 
146

 
—

 
—

 
30,430

 
 
 
 
 
 
 
 
 
 
 
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):
 
 
 
 
 
 
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)
 
255,466

 
(38,892
)
 
6

 
—

 
216,580

Total assets as of March 31, 2015
 
24,676,608

 
408,090

 
283,438

 
18,474

 
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

(1)
Included in both revenues from unaffiliated customers and in pre-tax income (loss) from unaffiliated customers is net investment income.
(2)
Included in pre-tax income (loss) from unaffiliated customers is interest expense.
(3)
Included in pre-tax income (loss) from unaffiliated customers is amortization of insurance intangible asset. Such assets were established upon the 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, 2016
 
Three Months Ended March 31, 2015
 
 
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
 
$
(13,759
)
 
$
46,115

 
$
855

 
$
(2,239
)
 
$
52,982

 
$
3,958

United Kingdom
 
9,352

 
6,388

 
—

 
9,174

 
7,582

 
—

Other international
 
(20,373
)
 
297

 
12,011

 
(5,873
)
 
5,154

 
(6,457
)
Total
 
$
(24,780
)
 
$
52,800

 
$
12,866

 
$
1,062

 
$
65,718

 
$
(2,499
)