MBIA (MBI) 10-K 28 Feb 19 2018 Q4 Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 21, 2019	Jun. 30, 2018
Document Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q4
Trading Symbol	MBI
Entity Registrant Name	MBIA INC
Entity Central Index Key	814,585
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		89,622,622
Entity Well-Known Seasoned Issuer	Yes
Entity Public Float			$ 794,245,161
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 280	$ 146
Premiums receivable	296	369
Deferred income taxes, net	0	0
Total assets	8,076	9,095
Liabilities:
Long-term debt	2,249	2,121
Total liabilities	6,944	7,670
Commitments and contingencies (Refer to Note 20)
Equity:
Preferred stock, par value $1 per share; authorized shares--10,000,000; issued and outstanding--none	0	0
Common stock, par value $1 per share; authorized shares--400,000,000; issued shares-- 283,625,689 and 283,717,973	284	284
Additional paid-in capital	3,025	3,171
Retained earnings	966	1,095
Accumulated other comprehensive income (loss), net of tax of $8 and $16	(156)	(19)
Treasury stock, at cost-- 193,803,976 and 192,233,526 shares	(3,000)	(3,118)
Total shareholders' equity of MBIA Inc.	1,119	1,413
Preferred stock of subsidiary	13	12
Total equity	1,132	1,425
Total liabilities and equity	8,076	9,095
Non Variable Interest Entity [Member]
Assets
Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $3,601 and $3,728)	3,565	3,712
Investments carried at fair value	222	200
Investments pledged as collateral, at fair value (amortized cost $46 and $147)	43	148
Short-term investments held as available-for-sale, at fair value (amortized cost $241 and $589)	241	589
Other investments (includes investments at fair value of $0 and $4)	1	6
Total investments	4,072	4,655
Cash and cash equivalents	222	122
Premiums receivable	296	369
Deferred acquisition costs	74	95
Insurance loss recoverable	1,564	511
Other assets	122	128
Liabilities:
Unearned premium revenue	587	752
Loss and loss adjustment expense reserves	934	979
Long-term debt	2,249	2,121
Medium-term notes (includes financial instruments carried at fair value of $102 and $115)	722	765
Investment agreements	311	337
Derivative liabilities	199	262
Other liabilities	198	165
Variable Interest Entity Primary Beneficiary [Member]
Assets
Investments carried at fair value	157	182
Other assets	31	33
Cash	58	24
Investments held-to-maturity, at amortized cost (fair value $925 and $916)	890	890
Loans receivable and other instruments at fair value	172	1,679
Loan repurchase commitments	418	407
Liabilities:
Variable interest entity notes (includes financial instruments carried at fair value of $480 and $1,069)	$ 1,744	$ 2,289

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Fixed-maturity securities held as available-for-sale, amortized cost	$ 3,817	$ 4,438
Preferred stock, par value	$ 1	$ 1
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized shares	400,000,000	400,000,000
Common stock, issued shares	283,625,689	283,717,973
Accumulated other comprehensive income (loss), taxes	$ 0	$ 0
Accumulated other comprehensive income (loss), taxes	$ 8	$ 16
Treasury stock, shares	193,803,976	192,233,526
Non Variable Interest Entity [Member]
Fixed-maturity securities held as available-for-sale, amortized cost	$ 3,601	$ 3,728
Investments pledged as collateral, amortized cost	46	147
Short-term investments, amortized cost	241	589
Other investments, fair value	0	4
Medium-term notes, financial instruments carried at fair value	102	115
Variable Interest Entity Primary Beneficiary [Member]
Investments held-to-maturity, fair value	925	916
Variable interest entity notes, financial instruments carried at fair value	$ 480	$ 1,069

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Change in fair value of insured derivatives:
Unrealized gains (losses) on insured derivatives	$ 31	$ 0	$ 21
Net change in fair value of insured derivatives	(25)	(51)	(19)
Net gains (losses) on financial instruments at fair value and foreign exchange	(17)	(24)	84
Net investment losses related to other-than-temporary impairments:
Net investment losses related to other-than-temporary impairments	(5)	(106)	(5)
Net gains (losses) on extinguishment of debt	3	28	5
Other net realized gains (losses)	0	31	(282)
Total revenues	162	433	294
Expenses:
Losses and loss adjustment	63	683	220
Interest	206	197	197
Total expenses	458	1,094	633
Income (loss) before income taxes	(296)	(661)	(339)
Provision (benefit) for income taxes	0	944	(1)
Net income (loss)	$ (296)	$ (1,605)	$ (338)
Net income (loss) per common share:
Basic	$ (3.33)	$ (13.5)	$ (2.54)
Diluted	$ (3.33)	$ (13.5)	$ (2.54)
Weighted average number of common shares outstanding:
Basic	89,013,711	118,930,282	133,001,088
Diluted	89,013,711	118,930,282	133,001,088
Non Variable Interest Entity [Member]
Premiums earned:
Scheduled premiums earned	$ 114	$ 107	$ 168
Refunding premiums earned	48	94	132
Premiums earned (net of ceded premiums of $5, $6 and $7)	162	201	300
Net investment income	130	154	152
Fees and reimbursements	25	15	28
Change in fair value of insured derivatives:
Realized gains (losses) and other settlements on insured derivatives	(56)	(51)	(40)
Unrealized gains (losses) on insured derivatives	31	0	21
Net change in fair value of insured derivatives	(25)	(51)	(19)
Net gains (losses) on financial instruments at fair value and foreign exchange	(17)	(24)	84
Net investment losses related to other-than-temporary impairments:
Investment losses related to other-than-temporary impairments	0	(101)	(1)
Other-than-temporary impairments recognized in accumulated other comprehensive income (loss)	(5)	(5)	(4)
Net investment losses related to other-than-temporary impairments	(5)	(106)	(5)
Net gains (losses) on extinguishment of debt	3	28	5
Other net realized gains (losses)	0	31	(282)
Expenses:
Losses and loss adjustment	63	683	220
Amortization of deferred acquisition costs	20	23	40
Operating	71	106	137
Interest	206	197	197
Variable Interest Entity Primary Beneficiary [Member]
Premiums earned:
Net investment income	35	27	31
Change in fair value of insured derivatives:
Net gains (losses) on financial instruments at fair value and foreign exchange	25	130	0
Net investment losses related to other-than-temporary impairments:
Other net realized gains (losses)	(171)	28	0
Expenses:
Operating	11	10	14
Interest	$ 87	$ 75	$ 25

Consolidated Statements Of Op_2

Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non Variable Interest Entity [Member] | Financial Guarantee Insurance Segment [Member]
Ceded premiums earned	$ 5	$ 6	$ 7

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statements of Comprehensive Income (Loss)
Net income (loss)	$ (296)	$ (1,605)	$ (338)
Unrealized gains (losses) on available-for-sale securities: [Abstract]
Unrealized gains (losses) arising during the period	(60)	(22)	28
Provision (benefit) for income taxes	5	(1)	7
Total	(65)	(21)	21
Reclassification adjustments for (gains) losses included in net income (loss)	(5)	2	(1)
Provision (benefit) for income taxes	0	0	1
Total	(5)	2	(2)
Available-for-sale securities with other-than-temporary impairments: [Abstract]
Other-than-temporary impairments and unrealized gains (losses) arising during the period	41	(3)	10
Provision (benefit) for income taxes	0	0	4
Total	41	(3)	6
Reclassification adjustments for (gains) losses included in net income (loss)	5	7	4
Provision (benefit) for income taxes	0	1	1
Total	5	6	3
Foreign currency translation: [Abstract]
Foreign currency translation gains (losses)	2	146	(94)
Provision (benefit) for income taxes	0	21	1
Total	2	125	(95)
Instrument-specific credit risk of liabilities measured at fair value: [Abstract]
Total	52	0	0
Total other comprehensive income (loss)	30	109	(67)
Comprehensive income (loss)	$ (266)	$ (1,496)	$ (405)

Consolidated Statement Of Chang

Consolidated Statement Of Changes In Shareholders' Equity - USD ($) $ in Millions	Total	Preferred Stock [Member]	Total Shareholders' Equity Of MBIA Inc. [Member]	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]
Total equity balance at Dec. 31, 2015	$ 3,741	$ 12	$ 3,729	$ 282	$ 3,138	$ 3,038	$ (61)	$ (2,668)
Balance (in common stock shares) at Dec. 31, 2015				281,833,618
Balance (in treasury stock shares) at Dec. 31, 2015								(130,303,241)
Balance (in preferred stock shares) at Dec. 31, 2015		1,315
Net income (loss)	(338)		(338)			(338)
Total other comprehensive income (loss)	(67)		(67)				(67)
Share-based compensation, net of tax	8		8	$ 2	22			$ (16)
Share-based compensation (in shares)				2,156,381				(1,925,990)
Treasury shares acquired	(105)		(105)					$ (105)
Treasury shares acquired (in shares)								(16,559,937)
Total equity balance at Dec. 31, 2016	3,239	$ 12	3,227	$ 284	3,160	2,700	(128)	$ (2,789)
Balance (in common stock shares) at Dec. 31, 2016				283,989,999
Balance (in treasury stock shares) at Dec. 31, 2016								(148,789,168)
Balance (in preferred stock shares) at Dec. 31, 2016		1,315
Net income (loss)	(1,605)		(1,605)			(1,605)
Total other comprehensive income (loss)	109		109				109
Share-based compensation, net of tax	7		7	$ 0	11			$ (4)
Share-based compensation (in shares)				(272,026)				(402,707)
Treasury shares acquired	$ (325)		(325)					$ (325)
Treasury shares acquired (in shares)	(43,000,000)							(43,041,651)
Total equity balance at Dec. 31, 2017	$ 1,425	$ 12	1,413	$ 284	3,171	1,095	(19)	$ (3,118)
Balance (in common stock shares) at Dec. 31, 2017	283,717,973			283,717,973
Balance (in treasury stock shares) at Dec. 31, 2017	(192,233,526)							(192,233,526)
Balance (in preferred stock shares) at Dec. 31, 2017	0	1,315
Cumulative effect of prospective application of new accounting principle | ASU 2016-01 [Member]						164	(164)
Cumulative effect of prospective application of new accounting principle | ASU 2018-02 [Member]	$ 3					3	(3)
Net income (loss)	(296)		(296)			(296)
Total other comprehensive income (loss)	30		30				30
Share-based compensation, net of tax	7		7	$ 0	(125)			$ 132
Share-based compensation (in shares)				(92,284)				2,994,497
Treasury shares issued	$ 13		13		(21)			$ 34
Treasury shares issued (in shares)	1,300,000							1,277,620
Treasury shares acquired	$ (48)		(48)					$ (48)
Treasury shares acquired (in shares)	(5,800,000)							(5,842,567)
Other	$ 1	$ 1
Total equity balance at Dec. 31, 2018	$ 1,132	$ 13	$ 1,119	$ 284	$ 3,025	$ 966	$ (156)	$ (3,000)
Balance (in common stock shares) at Dec. 31, 2018	283,625,689			283,625,689
Balance (in treasury stock shares) at Dec. 31, 2018	(193,803,976)							(193,803,976)
Balance (in preferred stock shares) at Dec. 31, 2018	0	1,315

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Premiums, fees and reimbursements received	$ 86	$ 61	$ 115
Investment income received	205	248	318
Insured derivative commutations and losses paid	(56)	(52)	(43)
Financial guarantee losses and loss adjustment expenses paid	(385)	(768)	(351)
Proceeds from recoveries and reinsurance	61	170	99
Operating and employee related expenses paid	(83)	(130)	(134)
Interest paid, net of interest converted to principal	(146)	(177)	(148)
Income taxes (paid) received	(1)	(4)	(5)
Net cash provided (used) by operating activities	(319)	(652)	(149)
Cash flows from investing activities:
Purchases of available-for-sale investments	(2,265)	(1,811)	(2,661)
Sales of available-for-sale investments	2,117	2,256	2,412
Paydowns and maturities of available-for-sale investments	329	568	680
Purchases of investments at fair value	(189)	(263)	(199)
Sales, paydowns and maturities of investments at fair value	212	326	260
Sales, paydowns and maturities (purchases) of short-term investments, net	420	(67)	(125)
Sales, paydowns and maturities of held-to-maturity investments	0	0	1,799
Paydowns and maturities of loans receivable and other instruments at fair value	614	259	261
Consolidation of variable interest entities	0	18	9
Deconsolidation of variable interest entities	(7)	0	(8)
(Payments) proceeds for derivative settlements	(24)	(64)	(44)
Collateral (to) from counterparties	0	4	49
Capital expenditures	(1)	(1)	(1)
Other investing	0	(23)	(8)
Net cash provided (used) by investing activities	1,206	1,202	2,424
Cash flows from financing activities:
Proceeds from investment agreements	12	17	19
Principal paydowns of investment agreements	(37)	(75)	(85)
Principal paydowns of medium-term notes	(85)	(157)	(120)
Proceeds from the MBIA Corp. Financing Facility	0	328	0
Principal paydowns of variable interest entity notes	(598)	(368)	(2,234)
Purchases of treasury stock	(44)	(330)	(110)
Other financing	0	(4)	(5)
Net cash provided (used) by financing activities	(752)	(589)	(2,535)
Effect of exchange rate changes on cash and cash equivalents	(1)	(2)	(2)
Net increase (decrease) in cash and cash equivalents	134	(41)	(262)
Cash and cash equivalents - beginning of period	146	187	522
Reclassification to assets held for sale	0	0	(73)
Cash and cash equivalents - end of period	280	146	187
Reconciliation of net income (loss) to net cash provided (used) by operating activities: [Abstract]
Net income (loss)	(296)	(1,605)	(338)
Change in: [Abstract]
Premiums receivable	60	49	75
Deferred acquisition costs	21	22	41
Unearned premium revenue	(165)	(206)	(263)
Loss and loss adjustment expense reserves	(46)	778	29
Insurance loss recoverable	(213)	(681)	(74)
Accrued interest payable	157	116	102
Accrued expenses	(9)	(29)	7
Net investment losses related to other-than-temporary impairments	5	106	5
Unrealized (gains) losses on insured derivatives	(31)	0	(21)
Net (gains) losses on financial instruments at fair value and foreign exchange	(8)	(106)	(84)
Other net realized (gains) losses	171	(59)	282
Deferred income tax provision (benefit)	0	940	(5)
Interest on variable interest entities, net	17	35	57
Other operating	18	(12)	38
Total adjustments to net income (loss)	(23)	953	189
Net cash provided (used) by operating activities	(319)	(652)	(149)
Supplementary Disclosure of Consolidated Cash Flow Information
Non-cash consideration received from the sale of MBIA UK Insurance Limited	$ 0	$ 332	$ 0

Business Developments and Risks

Business Developments and Risks and Uncertainties	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Business Developments and Risks and Uncertainties	Note 1: Business Developments and Risks and Uncertainties Summary MBIA Inc., together with its consolidated subsidiaries, (collectively, “MBIA” or the “Company”) operates within the financial guarantee insurance industry. MBIA manages three operating segments: 1) United States (“U.S.”) public finance insurance; 2) corporate; and 3) international and structured finance insurance. The Company’s U.S. public finance insurance business is managed through National Public Finance Guarantee Corporation (“National”), the corporate segment is operated through MBIA Inc. and several of its subsidiaries, including our service company, MBIA Services Corporation (“MBIA Services”) and its international and structu red finance insurance business is primarily operated through MBIA Insurance Corporation and its subsidiaries (“MBIA Corp.”). Effective on January 10, 2017, MBIA Corp.’s wholly-owned subsidiar y, MBIA UK (Holdings) Limited (“MBIA UK Holdings”), sold its oper ating subsidiary, MBIA UK Insurance Limited (“MBIA UK”) , to Assured Guaranty Corp. (“Assured”), a subsidiary of Assured Guaranty Ltd. Refer below for a further discussion of the sale of MBIA UK. Unless otherwise indicated or the context otherwise requires, references to “MBIA Corp.” are (i) for any references relating to the period ended January 10, 2017, to MBIA Insurance Corporation, together with its subsidiaries, MBIA UK, and MBIA Mexico S.A. de C.V. (“MBIA Mexico”) and (ii) for any references relating to the period after January 10, 2017, to MBIA Insurance Corporation together with MBIA Mexico. Refer to “ Note 12: Business Segments ” for further information about the Company’s operating segments. Business Developments Financial Strength Ratings In June of 2017, Standar d & Poor’s Financial Services LLC (“S&P”) downgraded the financial strength rating of National which made it difficult for National to compete with higher-rated competitors . Theref ore, at that time, National ceased its efforts to w rit e new financial guaran tee business. The Company then terminated its agreements with S&P, Kroll Bond Rating Agency (“Kroll”) and Moody’s Investors Services (“Moody’s”) to provide financial strength ratings to MBIA Inc. and certain of its subsidiaries. S&P and Kroll subsequently withdrew all of their ratings. On January 17, 2018, Moody’s downgraded the financial strength rating of National to Baa2 from A3 with a stable outlook, affirmed the financial strength rating of MBIA Corp. at Caa1 with a developing outlook, downgraded MBIA Inc.’s rating to Ba3 with a stable outlook from Ba1 with a negative outlook, and affirmed the financial strength rating of MBIA Mexico at Caa1/B3.mx with a developing outlook. Moody’s, at its discretion and in the absence of a contract with the Company, co ntinues to maintain ratings on MBIA Inc. and its subsidiaries. Stock Warrants In April and June of 2018, the holder of certain MBIA Inc. warrants exercised its right to purchase, in total, 11.85 million shares of MBIA Inc. common stock at an exercise price of $9.59 per share. As a result, the Company issued a total of 1.3 million shares of MBIA Inc. common stock to the holder in accordance with the cashless settlement provision of the warrants. As of December 31, 2018 , there were no warrants outstanding. Sale of MBIA UK On January 10, 2017, MBIA UK Holdings sold its operating subsidiary, MBIA UK, and made a cash payment of $ 23 million, to Assured in exchange for the receipt by MBIA UK Holdings of certain notes owned by Assured that were issued by Zohar II 2005-1, Limited (“Zohar II”) with an aggregate outstanding principal amount of $ 347 million as of January 10, 2017 (the “Sale Transaction”). During 2017, the Company recorded a gain of $ 5 million to adjust the carrying value of MBIA UK to its fair value less costs to sell as of the sale date. These results were reflected in the Company’s international and structured finance insurance segment and included in “Other net realized gains (losses)” on the Company’s consolidated statement of operations. Risks a nd Uncertainties The Company’s financial statements include estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The outcome of certain significant risks and uncertainties could cause the Company to revi se its estimates and assumptions or could cause actual results to differ from the Company’s estimates. The discussion below highlights the significant risks and uncertainties that could have a material effect on the Company’s financial statements and busin ess objectives in future periods. U.S. Public Finance Market Conditions National continues to surveil and remediate its existing insured portfolio and will seek opportunities to enhance shareholder value using its substantial financial resources, while p rotecting the interests of all policyholders. Certain state and local governments and territory obligors that National insures are under financial and budgetary stress. This could lead to an increase in defaults by such entities on the payment of their obl igations and losses or impairments on a greater number of National’s insured transactions. National monitors and analyzes these situations and other stressed credits closely, and the overall extent and duration of this stress is uncertain. The Commonweal th of Puerto Rico and certain of its instrumentalities (“Puerto Rico”) are experiencing significant fiscal stress and constrained liquidity due to, among other things, Puerto Rico’s structural budget imbalance, the lack of access to the capital markets, a stagnating local economy, net migration of people out of Puerto Rico and a high debt burden . Puerto Rico continues in its efforts to rebuild its infrastructure and to otherwise recover from the impact of Hurricane Maria in 2017, aided in part by Federal Em ergency Management Agency and other federal agencies. As part of the Title III proceedings under Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA”), Puerto Rico submitted several draft fiscal plans and an independent Financial Oversig ht and Management Board for Puerto Rico (“Oversight Board”) voted to certify the most recent fiscal plan. The current plan, or any revisions thereto, can provide no assurance that National will fully recover past amounts paid or future amounts that may be covered under its insurance policies. In addition, th e extent and duration of such aid is inherently uncertain, and the necessary and greater involvement of the federal government, through its actions to deliver disaster relief and other support services, in addition to the role of the Oversight Board and the role of Puerto Rico in its own recovery, heightens political risk in connection with the restructuring of legacy debt. This risk could lead the Oversight Board, Puerto Rico or the federal government to seek to extract greater concessions from creditors based on the uncertainty of Puerto Rico’s long term recovery prospects. In this event, losses at National on select Puerto Rico exposures could increase materially. Puerto Rico defaulted on scheduled debt service for National insured bonds and National paid gross claims in the aggregate of $ 276 million during 2018. On January 1, 2019, Puerto Rico also defaulted on scheduled debt service for National insured bonds and National paid gross claims in the aggre gate of $ 65 million. MBIA Corp. Insured Portfolio MBIA Corp.’s primary objectives are to satisfy all claims by its policyholders and to maximize future recoveries, if any, for its senior lending and surplus note holders, and then its preferred stock holders. MBIA Corp. is executing this strategy by, among other things, pursuing various actions focused on maximizing the collection of recoveries and by reducing potential losses on its insurance exposures. MBIA Corp.’s insured portfolio performance could deteriorate and result in additional significant loss reserves and claim payments. MBIA Corp.’s ability to meet its obligations is limited by available liquidity and its ability to secure additional liquidity through financing and other transactions. Ther e can be no assurance that MBIA Corp. will be successful in generating sufficient resources to meet its obligations. Zohar and RMBS Recoveries Payment of claims totaling $ 919 million in November of 2015 and January of 2017, on MBIA Corp.’s policies insuri ng the C lass A-1 and A-2 notes issued by Zohar CDO 2003-1, Limited (“Zohar I”) and insuring certain notes issued by Zohar II, entitles MBIA Corp. to reimbursement of such amounts plus interest and expenses and/or to exercise certain rights and remedies to seek recovery of such amounts. MBIA Corp. anticipates that the primary source of the recoveries will come from the monetization of the assets of Zohar I and Zohar II, which include, among other things, loans made to, and equity interests in, companies purp ortedly controlled by the sponsor and former collateral manager of Zohar I and Zohar II (the “Zohar Sponsor”) (all the assets of Zohar I and Zohar II, the “Zohar Assets”). On March 11, 2018, the then-director of Zohar I and Zohar II placed those funds into voluntary bankruptcy proceedings in federal bankruptcy court in the District of Delaware (the “Zohar Funds Bankruptcy Cases”). On May 21, 2018, the Court granted the Zohar funds’ motion to approve a settlement (the “Zohar Bankruptcy Settlement”) which est ablished a process by which the debtor funds, through an independent director and a chief restructuring officer, will work with the original sponsor of the funds to monetize the Zohar Assets and repay creditors, including MBIA Corp. In addition, the Zohar Bankruptcy Settlement provides for a stay of all pending litigation between the parties for a minimum of fifteen months. Subsequent to the Zohar Bankruptcy Settlement, the Company deconsolidated Zohar I and Zohar II as variable interest entities (“VIEs” or “VIE”) and, as of December 31, 2018 , salvage and subrogation recoveries related to Zohar I and Zohar II are reported within “Insurance loss recoverable” on the Company’s consolidated balance sheet. Refer to “Note 4: Variable Interest Entities” for addi tional information about the deconsolidation of the Zohar funds. Notwithstanding the Zohar Bankruptcy Settlement, there can be no assurance that the value of the Zohar Assets will be sufficient to permit MBIA Corp. to recover all or substantially all of th e payments it made on Zohar I and Zohar II. MBIA Corp. also projects to collect excess spread from insured residential mortgage-backed securities (“RMBS”), and to recover proceeds from Credit Suisse Securities (USA) LLC, DLJ Mortgage Capital, Inc. and Se lect Portfolio Servicing Inc. (collectively, “Credit Suisse”) arising from its failure to repurchase ineligible loans that were included in a Credit Suisse sponsored RMBS transaction. However, the amount and timing of these collections and recoveries are u ncertain. Failure to collect a substantial amount of its expected recoveries could impede MBIA Corp.’s ability to make payments when due on other policies. MBIA Corp. believes that if the New York State Department of Financial Services (“NYSDFS”) conclude s at any time that MBIA Insurance Corporation will not be able to pay its policyholder claims, the NYSDFS would likely put MBIA Insurance Corporation into a rehabilitation or liquidation proceeding under Article 74 of the New York Insurance Law (“NYIL”) an d/or take such other actions as the NYSDFS may deem necessary to protect the interests of MBIA Insurance Corporation’s policyholders. The determination to commence such a proceeding or take other such actions is within the exclusive control of the NYSDFS. Given the separation of MBIA Inc. and MBIA Corp. as distinct legal entities, the absence of any cross defaults between the entities and the lack of reliance by MBIA Inc. on MBIA Corp. for the receipt of dividends, the Company does not believe that a rehab ilitation or liquidation proceeding with respect to MBIA Insurance Corporation would have any significant liquidity impact on MBIA Inc. Such a proceeding could have material adverse consequen ces for MBIA Corp., including the termination of insured credit default swaps (“CDS”) and other derivative contracts for which counterparties may assert market-based claims, the acceleration of debt obligations issued by affiliates and insured by MBIA Corp ., the loss of control of MBIA Insurance Corporation to a rehabilitator or liquidator, and unplanned costs. Refer to “ Note 6: Loss and Loss Adjustment Expense Reserves ” for additional information about MBIA Corp.’s r ecoveries . Corporate Liquidity Based on the Company’s projections of National’s dividends, additional anticipated releases under its tax sharing agreement and related tax escrow account (“ Tax Escrow Account ”) , and other cash inflows, the Company expects that MBIA Inc. will have sufficie nt cash to satisfy its debt service and general corporate needs. However, MBIA Inc. continues to have liquidity risk that could be triggered by deterioration in the performance of invested assets, interruption of or reduction in dividends or tax payments r eceived from operating subsidiaries, impaired access to the capital markets, as well as other factors, which are not anticipated at this time. Furthermore, failure by MBIA Inc. to settle liabilities that are insured by MBIA Corp. could result in claims on MBIA Corp.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Significant Accounting Policies	Note 2: Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“ GAAP ”) . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and exp enses during the reporting period. Actual results could differ from those estimates. As additional information becomes available or actual amounts become determinable, the recorded estimates are revised and reflected in operating results. Certain amounts h ave been reclassified in prior years’ financial statements to conform to the current presentation. This includes a change in the classification of certain cash receipts and cash payments on the Company’s consolidated statements of cash flows as resulting fr om the adoption of Accounting Standards Update (“ASU”) 2016-15, “Statement of Cash Flows (Topic 230)”. This classification change affected “Interest paid, net of interest converted to principal”, in operating cash flows, and “Principal paydowns of investme nt agreements” and “Principal paydowns of medium-term notes”, in financing cash flows, on the Company’s consolidated statements of cash flows for the prior period. Such reclassifications did not materially impact total revenues, expenses, assets, liabilitie s, shareholders’ equity, operating cash flows, investing cash flows, or financing cash flows for all periods presented. Refer to “Note 3: Recent Accounting Pronouncements” for additional recent accounting standards that impact the Company. Consolidation Th e consolidated financial statements include the accounts of MBIA Inc., its wholly-owned subsidiaries and all other entities in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated. The Comp any determines whether it has a controlling financial interest in an entity by first evaluating whether an entity is a voting interest entity or a VIE. Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable an entity to finance its activities independently and (ii) the equity holders have the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. Voting interest entities are con solidated when the Company has a majority voting interest. VIEs are entities that lack one or more of the characteristics of a voting interest entity. The consolidation of a VIE is required if an entity has a variable interest (such as an equity or debt in vestment, a beneficial interest, a guarantee, a written put option or a similar obligation) and that variable interest or interests give it a controlling financial interest in the VIE. A controlling financial interest is present when an enterprise has both (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The ente rprise with the controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. The Company consolidates all VIEs in which it is the primary beneficiary. T he Company elected to apply the fair value option to all financ ial assets and financial liabilities of certain consolidated VIEs on a VIE-by-VIE basis. Refer to “ Note 4: Variable Interest Entities ” for additional information. Investments The Company classifies its investments as available-for-sale (“ AFS”) , held-to-maturity (“HTM”) , or trading. A FS investments are reported in the consolidated balance sheets at fair value with unrealized gains and losses, net of applicable deferred income taxes, reflected in accumulated other comprehensive income (loss) (“AOCI”) in shareholders’ equity. Investmen ts carried at fair value are reported in the consolidated balance sheets at fair value and changes in fair value and realized gains and losses from the sale of these securities are reflected in earnings as part of “Net gains (losses) on financial instrumen ts at fair value and foreign exchange .” Investments carried at fair value consist of certain investments elected under the fair value option. Short-term investments held as AFS include all fixed-maturity securities with a remaining maturity of less than on e year at the date of purchase, commercial paper and money market securities. HTM investments are reported in the consolidated balance sheets at amortized cost. D ebt securities are classified as HTM investments when the Company has the ability and intent to hold such investments to maturity. Investment income is recorded as earned. Bond discounts and premiums are amortized using the effective yield method over the remaining term of the securities and reported in “Net investment income.” For mortgage-backed securities (“ MBS ”) and asset-backed securities (“A BS ”), discounts and premiums are amortized using the retrospective method . Realized gains and losses represent the difference between the amortized cost value and the sale proceeds. Other-Than-Temporary I mpairments on Investment s The Company’s consolidated statements of operations reflect the full impairment (the difference between a security’s amortized cost basis and fair value) on debt securities that the Company intends to sell or would more likely tha n not be required to sell before the expected recovery of the amortized cost basis. For AFS and HTM debt securities that management has no intent to sell and believes that it is more likely than not such securities will not be required to be sold prior to recovery, only the credit loss component of the impairment is recognized in earnings. For AFS securities, the remaining fair value loss is recognized in AOCI , net of applicable deferred income taxes. The Company’s AFS and HTM securities for which the fair value is less than amortized cost are reviewed no less than quarterly in order to determine whether a credit loss exists. This evaluation includes both qualitative and quantitative considerations. In assessing whether a decline in value is related to a cre dit loss, the Company considers several factors, including but not limited to (a) the magnitude and duration of the decline, (b) credit indicators and the reasons for the decline, such as general interest rate or credit spread movements, credit rating down grades, issuer-specific changes in credit spreads, and the financial condition of the issuer, and (c) any guarantees associated with a security such as those provided by financial guarantee insurance companies. Credit loss expectations for ABS and collater alized debt obligations (“ CDOs ”) are assessed using discounted cash flow modeling, and the recoverability of amortized cost for corporate obligations is generally assessed using issuer-specific credit analyses. Cash and Cash Equivalents Cash and cash equi valents include cash on hand , demand deposits , and deposits with banks with original maturities of less than three months . Deferred Acquisition Costs The Company capitalized and deferred acquisition costs that were directly related to new or renewal insurance business. A cquisition costs are costs to acquire an insurance contract which result directly from and are essential to the insurance contracts transaction and would not have been incurred by the Company had the contract transaction not occurred. Acquisition costs include compensation of employees involved in underwriting, certain rating agency fees, state premium taxes and certain other underwriting expenses, reduced by ceding commission income on premiums ceded to reinsurers. A cquisition costs al so include d ceding commissions paid by the Company in connection with assuming business from other financial guarantors. A cquisition costs, net of ceding commissions received, related to non-derivative insured financial guarantee transactions are deferred and amortized over the period in which the related premiums are earned. Derivatives D erivative instruments are reported at fair value on the consolidated balance sheets as either assets or liabilities depending on the rights or obligations under the contract, and changes in fair value are reported in the consolidated statements of operations as “Net gains (losses) on financial instruments at fair value and foreign exchange” or “Unrealized gains (losses) on insured derivatives” depending on the nature of the derivative. The net change in the fair value of the Company’s insured derivatives has two primary components: (i) realized gains (losses) and other settlements on insured derivatives and (ii) unrealized gains (losses) on insured derivatives. “Realized gains (losses) and other settlements on insured derivatives” inclu de (i) premiums received and receivable on sold CDS contracts, (ii) premiums paid and payable to reinsurers in respect to CDS contracts, (iii) net amounts received or paid on reinsurance commutations, (iv) losses paid and payable to CDS contract counterpar ties due to the occurrence of a credit event or settlement agreement, (v) losses recovered and recoverable on purchased CDS contracts due to the occurrence of a credit event or settlement agreement and (vi) fees relating to CDS contracts. “Unrealized gains (losses) on insured derivatives” includes all other changes in fair value of the insured derivative contracts. In certain instances, the Company purchased or issued securities that contain embedded derivatives that were separated from the host contract an d accounted for as derivative instruments . In addition, t he Company elected to record at fair value certain financial instruments that contained an embedded derivative that required bifurcation from the host contract and to be accounted for separately as a derivative instrument. These hybrid financial instruments included certain medium-term notes (“MTNs”) and certain AFS securities. The Company elected to fair value these hybrid financial instruments given the complexity of bifurcating the embedded derivat ives. Refer to “ Note 9: Derivative Instruments ” for a further discussion of the Company’s use of derivatives and their impact on the Company’s consolidated financial statements and “ Note 7: Fair Value of Financial Instruments ” for derivative valuation techniques and fair value disclosures. Fair Value Measurements—Definition and Hierarchy The Company carries certain financial instruments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market part icipants at the measurement date. The fair value measurement of financial instruments held or issued by the Company are determined through the use of observable market data when available. Market data is obtained from a variety of third-party sources, incl uding dealer quotes. If dealer quotes are not available for an instrument that is infrequently traded, the Company uses alternate valuation methods, including either dealer quotes for similar instruments or pricing models that use market data inputs. The u se of alternate valuation methods generally requires considerable judgment in the application of estimates and assumptions and changes to such estimates and assumptions may produce materially different fair values. The Company considers its own nonperforma nce risk and the nonperformance risk of its counterparties when measuring fair value. The accounting guidance establishes a fair value hierarchy that categorizes into three levels, the inputs used to measur e fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available and reliable. Observable inputs are those the Company believes that market participants would use in pricing the asset or liability base d on available market data. Unobservable inputs are those that reflect the Company’s beliefs about the assumptions market participants would use in pricing the asset or liability based on the best information available. The three levels of the fair value h ierarchy are defined as follows: Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company can access. Valuations are based on quoted prices that are readily and regularly available in an active market , with significant trading volumes. Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 2 assets include debt securities with quoted prices that are traded less frequently than exchange-traded instruments, securities which are priced using observable inputs and derivative contracts whose values are determined using a pricing model with inputs that are observable in the market or can be derived prin cipally from or corroborated by observable market data. Level 3—Valuations based on inputs that are unobservable or supported by little or no market activity, and that are significant to the overall fair value measurement. Level 3 assets and liabilities i nclude financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques where significant inputs are unobservable, as well as instruments for which the determination of fair value requires sign ificant management judgment or estimation. The availability of observable inputs can vary from financial instrument to financial instrument and period to period depending on the type of instrument, market activity, the approach used to measure fair value, and other factors. The Company categorizes a financial instrument within the fair value hierarchy based on the least observable input that is significant to the fair value measurement. When the inputs used to measure fair value of an asset or a liability are categorized within different levels based on the definition of the fair value hierarchy, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. Refer to “ Note 7: Fair Value of Financial Instruments ” for additional fair value disclosures. Loss and Loss Adjustment Expenses The Company recognizes loss reserves on a contract-by-contract basis when the present value of expected net cash outflows to be paid under the contract discounted using a risk-free rate as of the measurement date exceeds the unearned premium revenue. A loss re serve is subsequently remeasured each reporting period for expected increases or decreases due to changes in the likelihood of default and potential recoveries. Subsequent changes to the measurement of the loss reserves are recognized as loss expense in th e period of change. Measurement and recognition of loss reserve s are reported gross of any reinsurance. The Company estimates the likelihood of possible claim payments and possible recoveries using probability-weighted expected cash flows based on informat ion available as of the measurement date, including market information. Accretion of the discount on a loss reserve is included in loss expense. The Company recognizes potential recoveries on paid claims based on probability-weighted net cash inflows prese nt valued at applicable risk-free rates as of the measurement date. Such amounts are reported within “Insurance loss recoverable” on the Company’s consolidated balance sheets. To the extent the Company had recorded potential recoveries in its loss reserves previous to a claim payment, such recoveries are reclassified to “Insurance loss recoverable” upon payment of the related claim and remeasured each reporting period. The Company’s loss reserve , insurance loss recoverable, and accruals for loss adjustment expense (“ LAE ”) incurred are disclosed in “ Note 6: Loss and Loss Adjustment Expense Reserves .” Long-term Debt Long-term debt is carried at the principal amount outstanding plus accrued interest and net of unamortized debt issuance costs and discounts. Interest expense is accrued at the contrac tual interest rate. Debt issuance costs and d iscounts are amortized and reported as interest expense . Medium-Term Notes and Investment Agreements MTNs and i nvestment agreements are carried at the principal amount outstanding plus accrued interest and net o f unamortized discounts or at fair value for certain MTNs . Interest expense is accrued at the contractual interest rate. D iscounts are amortized and reported as interest expense . Financial Guarantee Insurance Premiums Unearned Premium Revenue and Receivabl e for Future Premiums The Company recognizes a liability for unearned premium revenue at the inception of financial guarantee insurance and reinsurance contracts on a contract-by-contract basis. Unearned premium revenue recognized at inception of a contrac t is measured at the present value of the premium due. For most financial guarantee insurance contracts, the Company receives the entire premium due at the inception of the contract, and recognizes unearned premium revenue liability at that time. For certa in other financial guarantee contracts, the Company receives premiums in installments over the term of the contract. Unearned premium revenue and a receivable for future premiums are recognized at the inception of an installment contract, and measured at t he present value of premiums expected to be collected over the contract period or expected period using a risk-free discount rate. The expected period is used in the present value determination of unearned premium revenue and receivable for future premiums for contracts where (a) the insured obligation is contractually prepayable, (b) prepayments are probable, (c) the amount and timing of prepayments are reasonably estimable, and (d) a homogenous pool of assets is the underlying collateral for the insured o bligation. The Company has determined that substantially all of its installment contracts meet the conditions required to be treated as expected period contracts. The receivable for future premiums is reduced as installment premiums are collected. The Comp any reports the accretion of the discount on installment premiums receivable as premium revenue and discloses the amount recognized in “ Note 5: Insurance Premiums .” The Company assesses the receivable for future premiums for collectability each reporting period, adj usts the receivable for uncollectible amounts and recognizes any write-off as operating expense, and discloses the amount recognized in “ Note 5: Insurance Premiums .” As premium revenue is recognized, the unearned premium revenue liability is reduced. Premium Revenue Recognition The Company recognizes and measures premium revenue over the period of the contract in proportion to the amount of insurance protection provided. Premium revenue is measured by applying a constant rate to the insured principal amount outstandi ng in a given period to recognize a proportionate share of the premium received or expected to be received on a financial guarantee insurance contract. A constant rate for each respective financial guarantee insurance contract is calculated as the ratio of (a) the present value of premium received or expected to be received over the period of the contract to (b) the sum of all insured principal amounts outstanding during each period over the term of the contract. An issuer of an insured financial obligation may retire the obligation prior to its scheduled maturity through refinancing or legal defeasance in satisfaction of the obligation according to its indenture, which results in the Company’s obligation being extinguished under the financial guarantee cont ract. The Company recognizes any remaining unearned premium revenue on the insured obligation as refunding premiums earned in the period the contract is extinguished to the extent the unearned premium revenue has been collected. Non-refundable commitment f ees are considered insurance premiums and are initially recorded under unearned premium revenue in the consolidated balance sheets when received. Once the related financial guarantee insurance policy is issued, the commitment fees are recognized as premium written and earned using the constant rate method. If the commitment agreement expires before the related financial guarantee is issued, the non-refundable commitment fee is immediately recognized as premium written and earned at that time. Fee and Reimbursement Revenue Recognition The Company collects insurance related fees for services performed in connection with certain transactions. Depending upon the type of fee received and whether it is related to an insurance policy, the fee is earned when the related services are completed and the fee is received. Types of fees include w ork, waiver and consent, and termination fees . The Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) in the first quarter of 2018 that amends the accounting guidance for recognizing revenue related to fees and reimbursements based on the completion of the performance obligatio n. The adoption of ASU 2014-09 did not affect the time of recognition or the measurement of fee and reimbursements revenue. Stock-Based Compensation The Company recognizes in earnings all stock-based payment transactions at the fair value of the stock-base d compensation provided. Refer to “ Note 16: Long-term Incentive Plans ” for a further discussion regarding the methodology utilized in recognizing employee stock compensation expense. Foreign Currency Translation Financial statement assets and liabilities denominated in foreign cur rencies are reported in U.S. dollars generally using rates of exchange prevailing as of the balance sheet date and any related translation adjustments resulting from the translation of the financial statements of the Company’s non-U.S. operation s from its functional currency into U.S. dollars are included in “A ccumulated other comprehensive income (loss) ” in shareholders’ equity. Operating results of the Company’s non-U.S. operations are translated at average rates of exchange prevailing during the year. Fo reign currency remeasurement gains and losses resulting from transactions in non-functional currencies are recorded in earnings. The Company derecognizes the cumulative translation adjustment reported in “A ccumulated other comprehensive income (loss) ” and includes the amount as part of the gain or loss on the sale or liquidation of its investment in a foreign entity in the period in which the sale or liquidation occurs. Income Taxes Deferred income taxes are recorded with respect to loss carryforwards and t emporary differences between the tax bases of assets and liabilities and the reported amounts in the Company’s financial statements that will result in deductible or taxable amounts in future years when the reported amounts of assets and liabilities are re covered or settled. Such temporary differences relate principally to net operating losses (“NOL s” ) , accrued surplus note interest, loss reserve deductions, premium revenue recognition, deferred acquisition costs, asset impairments and foreign tax credits. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates in the period in which changes are approved by the relevant authority. MBIA Inc. and its eligible U.S. subsidiaries file a consolidated federal income tax return. The U.S. income taxes are allocated based on the provisions of the Company’s tax sharing agreement which governs the intercompa ny settlement of tax obligations and benefits. The method of allocation between the members is based upon calculations as if each member filed a separate tax return on its own. Under the Company’s tax sharing agreement, each member with a N OL wil l receive the benefits of its tax losses and credits as it is able to earn them out in the future. In establishing a liability for an unrecognized tax benefit (“UTB”), assumptions may be made in determining whether a tax position is more likely than not to be sustained upon examination by the taxing authority and also in determining the ultimate amount that is likely to be realized. A tax position is recognized only when, based on management’s judgment regarding the application of income tax laws, it is m ore likely than not that the tax position will be sustained upon examination. The amount of tax benefit recognized is based on the Company’s assessment of the largest amount of benefit that is more likely than not to be realized on ultimate settlement with the taxing authority. This measurement is based on many factors, including whether a tax dispute may be settled through negotiation with the taxing authority or is only subject to review in the courts. As new information becomes available, the Company eva luates its tax positions, and adjusts its UTB, as appropriate. If the tax benefit ultimately realized differs from the amount previously recognized , the Company recognizes an adjustment of the UTB. Refer to “ Note 11: Income Taxes ” for additional information about the Company’s income taxes.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2018
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Recent Accounting Pronouncements	Note 3: Recent Accounting Pronouncements Recently Adopted Accounting Standards Revenue from Contracts with Customers (Topic 606) (ASU 2014-09) and Deferral of the Effective Date (ASU 201 5 - 14 ) In May of 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09. ASU 2014-09 amends the accounting guidance for recognizing revenue for the transfer of goods or services from contracts with customers unless those contracts are within the scope of other accounting standards. ASU 2014-09 does not apply to financial guara ntee insurance contracts within the scope of Topic 944, “Financial Services — Insurance.” In August of 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) — Deferral of the Effective Date. ” ASU 2015-14 defers the effective date of ASU 2014-09 to interim and annual periods beginning January 1, 2018, and is applied on a retrospective or modified retrospective basis. The Company adopted ASU 2014-09 in the first quarter of 2018 and the adoption of ASU 2014-09 did not affect the Company’s consolidated financial statements. Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01) In January of 2016, the FASB issued ASU 2016-01, “Financial Instruments-O verall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires certain equity investments other than those accounted for under the equity method of accounting or result in consolidation of the inv estee to be measured at fair value with changes in fair value recognized in net income, and permits an entity to measure equity investments that do not have readily determinable fair values at cost less any impairment plus or minus adjustments for certain changes in observable prices. An entity is also required to evaluate the need for a valuation allowance on a deferred tax asset related to AFS debt securities in combination with the entity’s other deferred tax assets. ASU 2016-01 requires an entity to pre sent separately in other comprehensive income the portion of the total change in the fair value of a liability that results from a change in the instrument-specific credit risk for financial liabilities that the entity has elected to measure at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 wa s effective for interim and annual periods beginning January 1, 2018 . As such, the Company reclassed a loss of $ 162 million from retained earnings to AOCI related to the inst rument-specific credit risk portion of financial liabilities measured at fair value in accordance with the fair value option. In addition, the Company reclassed net unrealized gains of $ 2 million from AOCI to retained earnings related to equity investments . As of December 31, 2018 and 2017 , the Company had a full valuation allowance against its deferred tax asset. Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02) In February of 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” ASU 2018-02 permits, but does not require, the reclassification of the income tax effects of the Tax Cuts and Jobs Act (the “Act”) from AOCI to retained earnings. ASU 2018-02 is effective for interim and annual periods beginning after December 15, 2018. Early adoption of ASU 2 018-02 is permitted and is applied in the period of adoption or retroactively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Act is recognized. The Company adopted ASU 2018-02 in the first quarter of 2 018. As such, the Company reclassed income taxes of $ 3 million from AOCI to retained earnings. The Company’s accounting policy related to releasing income tax effects that are lodged in AOCI is on a portfolio approach basis. The Company has not adopted an y other new accounting pronouncements that had a material impact on its consolidated financial statements. Recent Accounting Developments Leases (Topic 842) (ASU 2016-02) In February of 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” , that amends the accounting guidance for leasing transactions. ASU 2016-02 requires a lessee to classify lease contracts as finance or operating leases, and to recognize assets and liabilities for the rights and obligations created by leasing transactions with lease te rms more than twelve months. ASU 2016-02 substantially retains the criteria for classifying leasing transactions as finance or operating leases. For finance leases, a lessee recognizes a right-of-use asset and a lease liability initially measured at the pr esent value of the lease payments, and recognizes interest expense on the lease liability separately from the amortization of the right-of-use asset. For operating leases, a lessee recognizes a right-of-use asset and a lease liability initially measured at the present value of the lease payments, and recognizes lease expense on a straight-line basis. ASU 2016-02 is effective for interim and annual periods beginning January 1, 2019 with early adoption permitted, and is applied on a modified retrospective bas is. The Company plans to adopt ASU 2016-02 in its entirety in the first quarter of 2019, using an additional (and optional) modified retrospective transition approach and will recognize and measure all leases that exist at the adoption date. Comparative p eriods will be presented in accordance with Topic 840, Leases, and do not include any retrospective adjustments to comparative periods to reflect the adoption of ASU 2016-02. Based on the Company’s leases as of January 1, 2019, the Company expects to recor d a right-of-use asset and lease liability of $ 23 million. The gross up of the assets and liabilities does not have a cumulative effect adjustment to the opening balance of retained earnings and does not impact the Company’s statement of operations. Refer to “Note 20: Commitments and Contingencies” for information about the Company’s lease commitments. Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13) In June of 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires financing receivables and other financial assets measured at amortized cost to be presented at the net amount expected t o be collected by recording an allowance for credit losses with changes in the allowance recorded as credit loss expense or reversal of credit loss expense based on management’s current estimate of expected credit losses each period. ASU 2016-13 does not a pply to credit losses on financial guarantee insurance contracts within the scope of Topic 944, “Financial Services-Insurance.” ASU 2016-13 also requires impairment relating to credit losses on AFS debt securities to be presented through an allowance for c redit losses with changes in the allowance recorded in the period of the change as credit loss expense or reversal of credit loss expense. Any impairment amount not recorded through an allowance for credit losses on AFS debt securities is recorded through other comprehensive income. ASU 2016-13 is effective for interim and annual periods beginning January 1, 2020 with early adoption permitted beginning January 1, 2019. ASU 2016-13 is applied on a modified retrospective basis except that prospective applicat ion is applied to AFS debt securities with other-than-temporary impairments (“OTTI”) recognized before the date of adoption. The Company is evaluating the impact of adopting ASU 2016-13 . Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13) In August of 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 m odifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for interim and annual periods beginning January 1, 2020 with early adoption permitted to remove or modify disclosures upon issuance of the standard and delay adoption of the additional disclosures until the effective date. Upon the effective date, certain amendments should be applied prospectively, while others are to be applied retrospectively to all periods presented. The Company is evaluating the impact of adopting ASU 2018-13. Since the amendments of ASU 2018-13 only impact disclosure requirements, the Company does not expect the adoption of ASU 2018-13 to have an impact on its consolidated financial statements.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2018
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Variable Interest Entities	Note 4: Variable Interest Entities Through MBIA’s international and structured finance insurance segment, the Company provides credit protection to issuers of obligations that may involve issuer-sponsored special purpose entities (“SPEs”). An SPE may be considered a VIE to the extent the SPE’s total equity at risk is not sufficient to permit the SPE to finance its activities without additional subordinated financial support or its equity investors lack any one of the following characteristics : (i) the power to direct the activities of the SPE that most significantly impact the entity’s economic performance or (ii) the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity. A holder of a variable interest or interests in a VIE is required to assess whether it has a controlling financial interest, and thus is required to consolidate the entity as primary beneficiary. An assessment of a controlling financial interest identifies the prim ary beneficiary as the variable interest holder that has both of the following characteristics : (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of t he entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The primary beneficiary is required to consolidate the VIE. An ongoing reassessment of controlling financial interest is required to be performed b ased on any substantive changes in facts and circumstances involving the VIE and its variable interests. The Company evaluates issuer-sponsored SPEs initially to determine if an entity is a VIE, and is required to reconsider its initial determination if ce rtain events occur. For all entities determined to be VIEs, MBIA performs an ongoing reassessment to determine whether its guarantee to provide credit protection on obligations issued by VIEs provides the Company with a controlling financial interest. Base d on its ongoing reassessment of controlling financial interest, the Company determines whether a VIE is required to be consolidated or deconsolidated. The Company makes its determination for consolidation based on a qualitative assessment of the purpose a nd design of a VIE, the terms and characteristics of variable interests of an entity, and the risks a VIE is designed to create and pass through to holders of variable interests. The Company generally provides credit protection on obligations issued by VIE s, and holds certain contractual rights according to the purpose and design of a VIE. The Company may have the ability to direct certain activities of a VIE depending on facts and circumstances, including the occurrence of certain contingent events, and th ese activities may be considered the activities of a VIE that most significantly impact the entity’s economic performance. The Company generally considers its guarantee of principal and interest payments of insured obligations, given nonperformance by a VI E, to be an obligation to absorb losses of the entity that could potentially be significant to the VIE. At the time the Company determines it has the ability to direct the activities of a VIE that most significantly impact the economic performance of the e ntity based on facts and circumstances, MBIA is deemed to have a controlling financial interest in the VIE and is required to consolidate the entity as primary beneficiary. The Company performs an ongoing reassessment of controlling financial interest that may result in consolidation or deconsolidation of any VIE. Consolidated VIEs The carrying amounts of assets and liabilities of consolidated VIEs were $ 1.7 billion as of December 31, 2018 , and $ 3.2 billion and $ 2.3 billion, respectively , as of December 31, 2017 . The carrying amounts of assets and liabilities are presented separately in “Assets of consolidated variable interest entities” and “Liabilities of consolidated variable interest entities” on the Co mpany’s consolidated balance sheets. VIEs are consolidated or deconsolidated based on an ongoing reassessment of controlling financial interest, when events occur or circumstances arise, and whether the ability to exercise rights that constitute power to d irect activities of any VIEs are present according to the design and characteristics of these entities. In 2018, the Court overseeing the Zohar Funds Bankruptcy Cases approved the Zohar Bankruptcy Settlement, which concerned two entities that the Company h ad consolidated as VIEs. As a result, the Company deconsolidated these two VIEs and recorded a $93 million loss within “Other net realized gains (losses)” under “Revenues of consolidated variable interest entities” on the Company’s consolidated statement o f operations. The loss resulted from the difference between the fair value of the VIE assets that were deconsolidated and the Company’s current estimate of salvage and subrogation recoveries from those VIEs under insurance accounting. Refer to “Note 1: Bus iness Developments and Risks and Uncertainties” for further information about the Zohar Bankruptcy Settlement. In 2018, eight other VIEs were deconsolidated. No additional VIEs were consolidated during the year ended December 31, 2018 . Holders of in sured obligations of issuer-sponsored VIEs related to the Company’s international and structured finance insurance segment do not have recourse to the general assets of MBIA. In the event of nonpayment of an insured obligation issued by a consolidated VIE, the Company is obligated to pay principal and interest, when due, on the respective insured obligation only. The Company’s exposure to consolidated VIEs is limited to the credit protection provided on insured obligations and any additional variable intere sts held by MBIA. N o n c o n s o l i d a t e d V I Es T h e f ol l owin g t able s p r e s en t t h e Co m pan y ’ s m a x i m u m e x po s u re t o l o ss f o r n o n c on s olid a t e d V I Es and carrying v a lu e s o f t h e a s s e t s a n d liab i li t ie s f o r i t s in t e r e st s in t he se V I Es in its insurance operations a s o f December 31, 2018 an d 2017 . The maximum exposure to loss as a result of MBIA’s variable interests in VIEs is represented by insurance in force. Insurance in force is the maximum future payments of principal and interest which may be required under commitments to make payments on ins ured obligations issued by nonconsolidated VIEs. T h e Co m pa n y ha s agg r eg a t e d non c o n s o lida t e d V I Es b a s e d o n t he und e r l y in g c r e di t e x p o s u r e o f t h e in s u r e d ob l iga t ion . T h e na t u re o f t h e C o m p a n y ’ s v a r i a bl e in t e r e s t s i n non c on s o l ida t ed V I Es i s r el a t e d t o f in a n c ia l gua r an t ee s an d an y i n v e s t m en t s i n o b liga t io n s i ss ue d by non c o n s o lida t e d V I Es. December 31, 2018 Carrying Value of Assets Carrying Value of Liabilities Loss and Loss Maximum Unearned Adjustment Exposure Premiums Insurance Loss Premium Expense In millions to Loss Investments (1) Receivable (2) Recoverable (3) Revenue (4) Reserves (5) Insurance: Global structured finance: Mortgage-backed residential $ 3,103 $ 17 $ 19 $ 128 $ 17 $ 345 Mortgage-backed commercial 52 - - - - - Consumer asset-backed 560 - 3 1 2 12 Corporate asset-backed 1,338 - 9 858 10 - Total global structured finance 5,053 17 31 987 29 357 Global public finance 2,231 - 9 - 12 - Total insurance $ 7,284 $ 17 $ 40 $ 987 $ 41 $ 357 __________ (1) - Reported within "Investments" on MBIA's consolidated balance sheets. (2) - Reported within "Premiums receivable" on MBIA's consolidated balance sheets. (3) - Reported within "Insurance loss recoverable" on MBIA's consolidated balance sheets. (4) - Reported within "Unearned premium revenue" on MBIA's consolidated balance sheets. (5) - Reported within "Loss and loss adjustment expense reserves" on MBIA's consolidated balance sheets. December 31, 2017 Carrying Value of Assets Carrying Value of Liabilities Loss and Loss Maximum Unearned Adjustment Exposure Premiums Insurance Loss Premium Expense In millions to Loss Investments (1) Receivable (2) Recoverable (3) Revenue (4) Reserves (5) Insurance: Global structured finance: Mortgage-backed residential $ 3,741 $ 19 $ 22 $ 172 $ 20 $ 396 Mortgage-backed commercial 94 - - - - - Consumer asset-backed 981 - 4 1 3 10 Corporate asset-backed 1,645 - 13 - 14 - Total global structured finance 6,461 19 39 173 37 406 Global public finance 2,524 - 10 - 14 - Total insurance $ 8,985 $ 19 $ 49 $ 173 $ 51 $ 406 __________ (1) - Reported within "Investments" on MBIA's consolidated balance sheets. (2) - Reported within "Premiums receivable" on MBIA's consolidated balance sheets. (3) - Reported within "Insurance loss recoverable" on MBIA's consolidated balance sheets. (4) - Reported within "Unearned premium revenue" on MBIA's consolidated balance sheets. (5) - Reported within "Loss and loss adjustment expense reserves" on MBIA's consolidated balance sheets.

Insurance Premiums

Insurance Premiums	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Insurance Premiums	Note 5: Insurance Premiums The Company recognizes and measures premiums related to financial guarantee (non-derivative) insurance and reinsurance contracts in accordance with the accounting principles for financial guarantee insurance contracts. As of December 31, 2018 and 2017 , premiums receivable were $ 296 million and $ 369 m illion, respectively, primarily related to installment policies for which premiums will be collected over the e stimated term of the contracts. Premiums r eceivable for an installment policy is initially measured at the present value of premiums expected to be collected over the expected period or contract period of the policy using a risk-free discount rate. Premiums receivable for policies that use the exp ected period of risk due to expected prepayments are adjusted in subsequent measurement periods when prepayment assumptions change using the risk-free discount rate as of the remeasurement date . Premiums receivable also includes the current amount of premi ums due from installment policies insuring consolidated VIEs when the premiums are payable by third-parties on behalf of the consolidated VIEs. The Company evaluates whether any premiums receivable are uncollectible at each balance sheet date. If the Compa ny determines that premiums are uncollectible, it records a write-off of such amounts in current earnings. The majority of the Company’s premiums receivable consist s of the present values of future installment premiums that are not yet billed or due , prima rily from structured finance transactions. Given that premiums due to MBIA typically have priority over most other payment obligations of structured finance transactions, the Company determined that the amount of uncollectible premiums as of December 31, 2018 and 2017 was insignificant . As of December 31, 2018 and 2017 , the weighted average risk- free rate s used to discount future installment premiums were 3 % and 2.8%, respectively , and the weighted average expected collect ion term of the premiums receivable was 9.59 years and 9.45 years , respectively . As of December 31, 2018 and 2017 , reinsurance premiums payable was $ 20 million and $ 25 million, respectively, and is included in “Other liabilities” in the Company’s consolidated balance sheets. The reinsurance premiums payable is accreted and paid to reinsurers as premiums due to MBIA are accreted and collected. The following tables present a roll forward of the Company’s premiums receivable for the years ended December 31, 2018 and 2017 . In millions Adjustments Premiums Premiums Changes in Accretion of Premiums Receivable as of Premium from New Expected Premiums Receivable as of December 31, Payments Business Term of Receivable December 31, 2017 Received Written Policies Discount (1) Other (2) 2018 $ 369 $ (74) $ - $ 2 $ 9 $ (10) $ 296 __________ (1) - Recorded within premiums earned on MBIA's consolidated statement of operations. (2) - Primarily consists of realized gains due to changes in foreign currency exchange rates. In millions Adjustments Premiums Premiums Changes in Accretion of Premiums Receivable as of Premium from New Expected Premiums Receivable as of December 31, Payments Business Term of Receivable December 31, 2016 Received Written Policies Discount (1) Other (2) 2017 $ 409 $ (50) $ 3 $ (15) $ 10 $ 12 $ 369 __________ (1) - Recorded within premiums earned on MBIA's consolidated statement of operations. (2) - Primarily consists of realized gains due to changes in foreign currency exchange rates. The following table presents the undiscounted future amount of premiums expected to be collected and the period in which those collections are expected to occur: Expected Collection of In millions Premiums Three months ending: March 31, 2019 $ 4 June 30, 2019 12 September 30, 2019 6 December 31, 2019 12 Twelve months ending: December 31, 2020 32 December 31, 2021 30 December 31, 2022 26 December 31, 2023 23 Five years ending: December 31, 2028 86 December 31, 2033 54 December 31, 2038 and thereafter 72 Total $ 357 The following table presents the unearned premium revenue balance and future expected premium earnings as of and for the periods presented : Total Expected Unearned Expected Future Future Premium Premium Earnings Premium In millions Revenue Upfront Installments Accretion Earnings December 31, 2018 $ 587 Three months ending: March 31, 2019 569 $ 9 $ 9 $ 2 $ 20 June 30, 2019 552 9 8 2 19 September 30, 2019 535 9 8 2 19 December 31, 2019 518 9 8 2 19 Twelve months ending: December 31, 2020 456 32 30 7 69 December 31, 2021 401 28 27 6 61 December 31, 2022 352 25 24 6 55 December 31, 2023 309 22 21 5 48 Five years ending: December 31, 2028 158 81 70 20 171 December 31, 2033 79 42 37 12 91 December 31, 2038 and thereafter - 33 46 11 90 Total $ 299 $ 288 $ 75 $ 662

Loss and Loss Adjustment Expens

Loss and Loss Adjustment Expense Reserves	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Loss and Loss Adjustment Expense Reserves	Note 6: Loss and Loss Adjustment Expense Reserves The Company’s insured portfolio management groups within its U.S. public finance insurance and international and structured finance insurance businesses (collectively, “IPM”) monitor the Company ’s outstanding insured obligations with the objective of minimizing losses. IPM meets this objective by identifying issuers that, because of deterioration in credit quality or changes in the economic, regulatory or political environment, are at a heightened risk of defaulting on debt service of obligations insured by the Company . In such cases, IPM works with the issuer, trustee, bond counsel, servicer, underwriter and other interested parties in an attempt to alleviate or remedy the problem and avoid default s on debt service payments. T he Company typically requires the issuer, servicer (if applicable) and the trustee o f insured obligations to furnish periodic financial and asset-related information, including audited financial statements, to IPM for review. IPM also monitors publicly available information related to insured obligations. Potential problems uncovered through this review, such as poor financial results, low fund balances, covenant or trigger violations and trustee or servicer problems, or other events that could have an adverse impact on the insured obligation, could result in an immediate surveillance review and an evaluation of possible remedial actions. IPM also monitors and evaluates the impact on issuers of gen eral economic conditions, current and proposed legislation and regulations, political developments, as well as sovereign, state and municipal finances and budget developments. The frequency and extent of IPM’s monitoring is based on the criteria and catego ries described below. Insured obligations that are judged to merit more frequent and extensive monitoring or remediation activities due to a deterioration in the underlying credit quality of the insured obligation or the occurrence of adverse events relate d to the underlying credit of the issuer are assigned to a surveillance category (“Caution List—Low,” “Caution List—Medium,” “Caution List—High” or “Classified List”) depending on the extent of credit deterioration or the nature of the adverse events. IPM monitors insured obligations assigned to a surveillance category more frequently and, if needed, develops a remediation plan to address any credit deterioration. Re m ed i a t i o n a c t io n s m a y i n v o l v e , a m on g o t he r t hi n g s, wai v e rs o r r en e go t i a t i on s o f f i nan c ia l c o v ena n t s o r t r igge rs, wai v e rs o f c on t r a c t u a l p r o v i s ion s, t h e g r an t in g o f c on s en t s, t r a n s f e r o f s e rv i c ing , c o n s i de r a t io n o f r e s t r u c t u r in g p l an s, a cc ele r a t io n , s e c u r i t y o r c o l la t e r a l en f o r c e m e n t , a c t io n s i n ban kr up t cy o r r e c ei v e rs hip , li t iga t io n an d s i m ila r a c t ion s. T he t y p e s o f r e m e d ia l a c t i on s p u r s u e d a r e b a s e d o n t h e in s u r e d obl i ga t ion’ s r i sk t y p e a n d t h e na t u re an d s c o p e o f t h e e v e n t gi v i n g r i s e t o t h e r e m edia t ion . A s pa rt o f a n y s u ch r e m edia l a c t ion s, the Company s e e ks t o i m p r o ve i t s s e c u r i t y p o s i t i o n an d t o ob t ai n c on c e ss ion s f r o m t h e i ss ue r o f t h e in s u r e d obl i ga t ion . F r o m t i me t o t i m e , t h e i ss ue r o f an insured obl i ga t i on by the Company m a y, wi t h t h e c on s en t o f the Company , r e s t r u c t u re t h e in s u r e d ob l iga t io n b y e x t en d in g t h e t e r m , in cr ea s in g o r de cr ea s in g t h e p a r a m oun t o r de cr ea s i n g t h e r ela t e d in t e r e st r a t e , wi t h the Company in s u r i n g t h e r e s t r u c t u r e d obl i ga t i on. The Company does not establish any case basis reserves for insured obligations that are assigned to “Caution List—Low,” “Caution List—Medium” or “Caution List—High.” In the event MBIA expects to pay a claim with respect to an insured transaction, it places the insured transaction on its “Classified List” and establishes a case basis reserve. The following provides a description of each surveillance category: “Caution List—Low” —Includes issuers where debt service protection is adequate under current and anticipated circumstances. However, debt service protection and other measures of credit support and stability may have declined since the transaction was underwritten and the issuer is less able to withstand further adverse events. Transactions in this ca tegory generally require more frequent monitoring than transactions that do not appear within a surveillance category. IPM subjects issuers in this category to heightened scrutiny. “Caution List—Medium” —Includes issuers where debt service protection is ad equate under current and anticipated circumstances, although adverse trends have developed and are more pronounced than for “Caution List – Low.” Issuers in this category may have breached one or more covenants or triggers. These issuers are more closely m onitored by IPM but generally take remedial action on their own. “Caution List—High” —Includes issuers where more proactive remedial action is needed but where no defaults on debt service payments are expected. Issuers in this category exhibit more signifi cant weaknesses, such as low debt service coverage, reduced or insufficient collateral protection or inadequate liquidity, which could lead to debt service defaults in the future. Issuers in this category may have breached one or more covenants or triggers and have not taken conclusive remedial action. Therefore, IPM adopts a remediation plan and takes more proactive remedial actions. “Classified List” —Includes all insured obligations where the Company has paid a claim or where a claim payment is expected. It also includes insured obligations where a significant LAE payment has been made, or is expected to be made, to mitigate a claim payment. This may include property improvements, bond purchases and commutation payments. Generally, IPM is actively remedia ting these credits where possible, including restructurings through legal proceedings, usually with the assistance of specialist counsel and advisors. In establishing case basis loss reserves, the Company calculates the present value of probability-weight ed estimated loss payments, net of estimated recoveries, using a discount rate equal to the risk-free rate applicable to the currency and the weighted average remaining life of the insurance contract as required by accounting principles for financial guara ntee contracts. Yields on U.S. Treasury offerings are used to discount loss reserves denominated in U.S. dollars, which represent the majority of the loss reserves. Similarly, yields on foreign government offerings are used to discount loss reserves denomi nated in currencies other than the U.S. dollar. If the Company were to apply different discount rates, its case basis reserves may have been higher or lower than those established as of December 31, 2018 . For example, a higher discount rate applied to e xpected future payments would have decreased the amount of a case basis reserve established by the Company and a lower rate would have increased the amount of a reserve established by the Company. Similarly, a higher discount rate applied to the potential future recoveries would have decreased the amount of a loss recoverable established by the Company and a lower rate would have increased the amount of a loss recoverable established by the Company. U.S. Public Finance Insurance U.S. public finance insur ed transactions consist of municipal bonds, including tax-exempt and taxable indebtedness of U.S. political subdivisions, as well as utilities, airports, health care institutions, higher educational facilities, student loan issuers, housing authorities and other similar agencies and obligations issued by private entities that finance projects that serve a substantial public purpose. The Company estimates future losses by using probability-weighted cas h flow scenarios that are customized to each insured transaction. Future loss estimates consider debt service due for each insured transaction, which includes par outstanding and interest due, as well as recoveries for such payments, if any. Gross par outs tanding for c apital appreciation bonds represents the par amount at the time of issuance of the insurance policy . Certain local governments remain under financial and budgetary stress and a few have filed for protection under Title 11 of the United States Code (the “Bankruptcy Code”) , or have entered into state statutory proceedings established to assist municipalities in managing through periods of severe fiscal stress. In the case of Puerto Rico, certain credits that the Company insures have filed petitio ns for covered instrumentalities under Title III of the Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA”), which incorporates by reference provisions from the Bankruptcy Code. This could lead to an increase in defaults by such entiti es on the payment of their obligations and losses or impairments i n greater amounts on the Company’s insured transactions. The filing for protection under the Bankruptcy Code or entering state statutory proceedings does not necessarily result in a default or indicate that an ultimate loss will occur . Refer to “Note 1: Business Development and Risk and Uncertainties”, for further information on the Company’s Puerto Rico exposures. International and Structured Finance Insurance T he international and structur ed finance insurance segment’s case basis reserves and insurance loss recoveries recorded in accordance with GAAP do not include estimates for a polic y insuring a credit derivative or on financial guarantee VIEs that are eliminated in consolidation . The p o lic y insuring a credit derivative contract is accounted for as a derivative and is carried at fair value in the Company’s consolidated financial statements under GAAP. The fair value of an insured credit derivative contract is influenced by a variety of market and transaction-specific factors that may be unrelated to potential future claim payments under the Company’s insurance policies. Refer to “ Note 9: Derivative Instruments ” for a further discussion of the Company’s use of derivatives and their impact on the Company’s consolidated financial statements. RMBS Case Basis Reserves (Financial Guarantees) The Company’s RMBS reserves and recoveries relate to financial guarantee insurance policies , excluding those on consolidated VIEs . The Compan y’s first-lien RMBS case basis reserves primarily relate to RMBS backed by alternative A-paper and subprime mortgage loans. The Company’s second-lien RMBS case basis reserves relate to RMBS backed by home equity lines of credit and closed-end second mortga ges. The Company calculated RMBS case basis reserves as of December 31, 2018 for both first and second-lien RMBS transactions using a process called the “Roll Rate Methodology .” The Roll Rate Methodology is a multi-step process using databases of loan l evel information, proprietary internal cash flow models, and commercially available models to estimate potential losses and recoveries on insured bonds. “Roll Rate” is defined as the probability that current loans become delinquent and subsequently default and loans in the delinquent pipeline are charged-off or liquidated. Generally, Roll Rates are calculated for the previous twelve months and averaged. The loss reserve estimates are based on a probability-weighted average of three scenarios of loan losses. Additional data used for both second and first-liens include historic averages of deal specific voluntary prepayment rates, forward projections of the London Interbank Offered Rate (“LIBOR”) interest rates, and historic averages of deal-specific loss seve rities. In addition, for second-lien RMBS backed by home equity lines of credit, the Company assumes a constant basis spread between Prime and LIBOR interest rates. In calculating ultimate cumulative losses for RMBS, the Company estimates the amount of second-lien loans that are expected to be charged-off (deemed uncollectible by servicers of the transactions) or first-lien loans liquidated in the future. For first-lien RMBS, the Company estimates the amount of loans that are expected to be liquidated through foreclosure or short sale. The time to liquidation for a defaulted loan is specific to the loan’s delinquency bucket. For all transactions, cash flow models consider allocations and other structural aspects and claims against MBIA Corp.’s insurance policy consistent with such policy’s terms and conditions. The estimated net claims from the procedure above are then discounted using a risk-free rate to a net present value reflecting MBIA’s general obligation to pay claims over time and not on an accel erated basis. The Company monitors portfolio performance on a monthly basis against projected performance, reviewing delinquencies, r oll r ates, and prepayment rates (including voluntary and involuntary). However, loan performance remains difficult to pr edict and losses may exceed expectations. In the event of a material deviation in actual performance from projected performance, the Company would increase or decrease the case basis reserves accordingly. RMBS Recoveries The Company primarily records two types of recoveries related to insured RMBS exposures: excess spread that is generated from the trust structures in the insured transactions; and second-lien “put-back” claims related to those mortgage loans whose inclusion in an insured securitization fai led to comply with representations and warranties (“ineligible loans”). Once a claim payment has been made, the claim liability has been satisfied and the Company’s right to recovery is no longer considered an offset to future expected claim payments, the right to recovery is recorded as a salvage asset. The amount of recoveries recorded by the Company is limited to paid claims plus the present value of projected estimated future claim payments. As claim payments are made, the recorded amount of potential r ecoveries may exceed the remaining amount of the claim liability for a given policy. The gross claim liability and gross potential recoveries reflect the elimination of claim liabilities and potential recoveries related to VIEs consolidated by the Company. Excess Spread Excess spread within insured RMBS securitizations is the difference between interest inflows on mortgage loan collateral and interest outflows on the insured RMBS notes. The aggregate amount of excess spread depends on the future loss trends, which include future delinquency trends, average time to charge-off/liquidate delinquent loans, the future spread between Prime and the LIBOR interest rates, and borrower refinancing behavior (which may be affected by changes in the interest rate environment) that results in voluntary prepayments. Minor deviations in loss trends and voluntary prepayments may substantially impact the amounts collected from excess spread. Excess spread a lso includes subsequent recoveries on previously charged-off loans associated with insured second-lien RMBS securitizations. Second-lien Put-Back Claims Related to Ineligible Loans The Company has settled the majority of the Company’s put-back claims relat ing to the inclusion of ineligible loans in securitizations it insured . Only its claims against Credit Suisse remain outstanding. Credit Suisse has challenged the Company’s assessment of the ineligibility of individual mortgage loans and the dispute is the subject of litigation for which there is no assurance that the Company will prevail. The Company’s settlement amounts on its prior put-back claims have been consistent with the put-back recoveries that had been included in the Company’s financial statemen ts at the times preceding the settlements . Based on the Company’s assessment of the strength of its contractual put-back rights against Credit Suisse, as well as on its prior settlements with other sellers/servicers and success of other monolines’ put-back settlements, the Company believes it will prevail in enforcing its contractual rights and that it is entitled to collect the full amount of its incurred losses. The Company is also entitled to collect interest on amounts paid; it believes that in the cont ext of its put-back litigation, the appropriate interest rate should be the New York State statutory rate. However, the Company currently calculates its put-back recoveries using the contractual interest rate, which is lower than the New York State statuto ry rate. Notwithstanding the foregoing, uncertainty remains with respect to the ultimate outcome of the litigation with Credit Suisse, which is contemplated in the probability-weighted cash flow scenario based-modeling the Company uses. The Credit Suisse r ecovery scenarios are based on the amount of incurred losses measured against certain probabilities of ultimate resolution of the dispute with Credit Suisse. Most of the probability weight is assigned to partial recovery scenarios and are discounted using the current risk-free discount rates associated against the underlying transaction’s cash flows. The Company continues to consider relevant facts and circumstances in developing its assumptions on expected cash inflows, probability of potential recoveries (including the outcome of litigation) and recovery period. The estimated amount and likelihood of potential recoveries are expected to be revised and supplemented to the extent there are developments in the pending litigation and/or changes to the financi al condition of Credit Suisse. While the Company believes it will be successful in realizing its recoveries from its put-back contract claims against Credit Suisse, the ultimate amount recovered may be materially different from that recorded by the Company given the inherent uncertainty of the manner of resolving the claims (i.e., litigation and/or negotiated out-of-court settlement) and the assumptions used in the required estimation process for accounting purposes which are based, in part, on judgments an d other information that are not easily corroborated by historical data or other relevant benchmarks. Refer to “Note 20: Commitments and Contingencies” for further information about the Company’s litigation with Credit Suisse. CDO Reserves and Recoveries T he Company also has loss and LAE reserves on certain transactions within its CDO portfolio, primarily its multi-sector CDO asset class that was insured in the form of financial guarantee policies. MBIA’s insured multi-sector CDOs are transactions that incl ude a variety of collateral ranging from corporate bonds to structured finance assets (which includes , but are not limited to , RMBS-related collateral, multi-sector and corporate CDOs). The following discussion provides information about the Company’s proc ess for estimating reserves and credit impairments on these policies, determined as the present value of the probability-weighted potential future losses, net of estimated recoveries, across multiple scenarios. The Company considers several factors when de veloping the range of potential outcomes and their impact on MBIA. The following approaches require substantial judgments about the future performance of each transaction: Each transaction is evaluated for its commutation potential, which is customized by counterparty and considers historical commutation prices, the level of dialogue with the counterparty and the credit quality and payment profile of the underlying exposure. A range of loss scenarios is considered under different default and severity rates for each transaction’s collateral. Zohar Recoveries MBIA Corp. will seek to recover the payment s it made (plus interest and expenses) with respect to Zohar I and Zohar II . MBIA Corp. anticipates that the primary source of the recover ies w ill come from the monetization of the Zohar A ssets as anticipated in the Zohar Bankruptcy Settlement . Since the second quarter of 2018, th e Company no longer consolidates the Zohar funds as VIEs and estimated recoveries from Zohar I and Zohar II are includ ed in “Insurance loss recoverable” on the Company’s consolidated balance sheets. As of December 31, 2017 , the fair value of the assets of Zohar I and Zohar II are included in “Loans receivable and other instruments at fair value” under “Assets of consolidated variable interest entities” on the Company’s consolidated balance sheets. Refer to “Note 1: Business Developments and Risks and Uncertainties” for additional information about the estimated Zohar recoveries. Notwithstanding the procedures agreed to in the Zohar Bankruptcy S ettlement, there can be no assurance that the value of the Zohar Assets will be sufficient to permit MBIA Corp. to recover all or substantially all of the payments it made on Zohar I and Zohar II. Failure to recover a substantial amount of such payments co uld impede MBIA Corp.’s ability to make payments when due on other policies. MBIA Corp. believes that if the NYSDFS concludes at any time that MBIA Insurance Corporation will not be able to pay its policyholder claims, the NYSDFS would likely put MBIA Insu rance Corporation into a rehabilitation or liquidation proceeding under Article 74 of the NYIL and/or take such other actions as the NYSDFS may deem necessary to protect the interests of MBIA Insurance Corporation’s policyholders. The determination to comm ence such a proceeding or take other such actions is within the exclusive control of the NYSDFS. Summary of Loss and LAE Reserves and Recoveries The Company’s loss and LAE reserves and recoveries before consolidated VIE eliminations, along with amounts that were eliminated as a result of consolidat ed VIEs, which are included in the Company’s consolidated balance sheets as of December 31, 2018 and 2017 are presented in the following table: As of December 31, 2018 As of December 31, 2017 In millions Balance Sheet Line Item Balance Sheet Line Item Insurance loss recoverable Loss and LAE reserves Insurance loss recoverable Loss and LAE reserves U.S. Public Finance Insurance $ 571 $ 551 $ 333 $ 512 International and Structured Finance Insurance: Before VIE eliminations (1) 1,430 637 1,478 710 VIE eliminations (1) (437) (254) (1,300) (243) Total international and structured finance insurance 993 383 178 467 Total $ 1,564 $ 934 $ 511 $ 979 _________________ (1) - Includes loan repurchase commitments of $418 million and $407 million as of December 31, 2018 and 2017, respectively. Changes in Loss and LAE Reserves The following table present s changes in the Company’s loss and LAE reserves for the years ended December 31, 2018 and 2017 . Changes in loss reserves attributable to the accretion of the claim liability discount, changes in discount rates, changes in amount and timing of estimated claim payments and recoveries, changes in assumptions and changes in LAE reserves are recorded in “Losses and loss adjustment” expenses in the Company’s consolidated statements of operations. As of December 31, 2018 , the weighted average risk- free rate used to discount the Company’s loss reserves (claim liability) was 2.79 %. LAE reserves are generally expected to be settled within a one-year period and are not discounted . As of December 31, 2018 and 2017 , the Company’s gross loss a nd LAE reserves included $ 60 million and $ 66 million, respectively, related to LAE. In millions Changes in Loss and LAE Reserves for the Year Ended December 31, 2018 Gross Loss Gross Loss and LAE Accretion Changes in and LAE Reserves as of of Claim Changes in Unearned Changes in Reserves as of December 31, Loss Liability Discount Changes in Premium LAE December 31, 2017 Payments Discount Rates Assumptions Revenue Reserves 2018 $ 979 $ (354) $ 26 $ 13 $ 261 $ 15 $ (6) $ 934 In millions Changes in Loss and LAE Reserves for the Year Ended December 31, 2017 Gross Loss Gross Loss and LAE Accretion Changes in and LAE Reserves as of of Claim Changes in Unearned Changes in Reserves as of December 31, Loss Liability Discount Changes in Premium LAE December 31, 2016 Payments (1) Discount Rates Assumptions Revenue Reserves Other (2) 2017 $ 541 $ (1,069) $ 12 $ 15 $ 661 $ (30) $ 6 $ 843 $ 979 ____________ (1) - Includes payments made to satisfy the Zohar II Claim. (2) - Primarily changes in the amount to satisfy the Zohar II Claim. The decrease in the Company’s gross loss and LAE reserves during 2018 was primarily related to insured RMBS and other insured financial guarantee transactions , partially offset by additional net incurred losses on cer tain Puerto Rico exposures . The increase in the Company’s gross loss and LAE reserves during 2017 was primarily related to increases due to changes in assumptions on certain Puerto Rico exposures. Changes in Insurance Loss Recoverable and Recoveries on Unpaid Losses C u rr en t pe r io d ch a nge s i n th e C o m pan y ’ s est i mat e o f p o tent i a l r e c o v e r i e s ma y be r e c o r de d a s a n in s u r an c e l oss r e c ove r a bl e as s et , net t e d a g ain s t th e g r os s l o s s an d L A E r e se r v e l i abi l i t y , or bo t h . The following table present s changes in the Company’s insurance loss recoverable and changes in recoveries on unpaid losses reported within the Company’s claim liability for the years ended December 31, 2018 and 2017 . Changes in insur ance loss recoverable attributable to the accretion of the discount on the recoverable, changes in discount rates, changes in amount and timing of estimated collections, changes in assumptions and changes in LAE recoveries are recorded in “Losses and loss adjustment” expenses in the Company’s consolidated statements of operations. Changes in Insurance Loss Recoverable and Recoveries on Unpaid Losses for the Year Ended December 31, 2018 Gross Gross Reserve Reserve as of Accretion Changes in Changes in as of December 31, Collections of Discount Changes in LAE December 31, In millions 2017 for Cases Recoveries Rates Assumptions Recoveries Other (1) 2018 Insurance loss recoverable $ 511 $ (56) $ 25 $ (13) $ 1,099 (2) $ - $ (2) $ 1,564 Recoveries on unpaid losses (3) 35 - 1 (1) (8) (8) - 19 Total $ 546 $ (56) $ 26 $ (14) $ 1,091 $ (8) $ (2) $ 1,583 ____________ (1) - Primarily changes in amount and timing of collections. (2) - Includes amounts which have been paid and are expected to be recovered in the future. (3) - Excludes certain Puerto Rico recoveries which have been netted against reserves. Changes in Insurance Loss Recoverable and Recoveries on Unpaid Losses for the Year Ended December 31, 2017 Gross Gross Reserve Reserve as of Accretion Changes in Changes in as of December 31, Collections of Discount Changes in LAE December 31, In millions 2016 for Cases Recoveries Rates Assumptions Recoveries Other (1) 2017 Insurance loss recoverable $ 504 $ (124) $ 10 $ 2 $ 113 $ - $ 6 $ 511 Recoveries on unpaid losses (2) 79 - 1 1 (45) (1) - 35 Total $ 583 $ (124) $ 11 $ 3 $ 68 $ (1) $ 6 $ 546 ____________ (1) - Primarily changes in amount and timing of collections. (2) - Excludes certain Puerto Rico recoveries which have been netted against reserves. The increase in the Company’s insurance loss recoverable during 2018 was primarily due to the re-establishment of recoveries for Zohar I and Zohar II upon deconsolidation during 2018 and anticipated recover ies of claims paid o n certain Puerto Rico credits. The increase in t h e C ompan y’s i n s uran ce l o ss re c overabl e durin g 2017 was pr i mar ily du e to losses paid on certain Puerto Rico credits offset by a decrease in insured RMBS transactio ns. The decrease in the RMBS insurance loss recoverable was primarily related to the collection of mortgage insurance from the settlement of litigation involving Old Republic Insurance Corporation and a decrease in expected recoveries from first-lien RMBS transactions. The decrease in the Company’s recoveries on unpaid losses is primarily related to insured RMBS transactions. Loss and LAE Activity For 2018 , losses and LAE incurred primarily related to increases in expected payments on Puerto Rico exposures, partially offset by a decrease in expected payments on second-lien RMBS transactions and an increase in expected collections from CDOs . For 2017 , losses and LAE primarily related to increases in actual and expected payments on certain Puerto Rico exposures, insured first-lien RMBS transactions and a decrease in actual and projected collections from mortgage insurance included in the Company’s exces s spread within its second-lien RMBS transactions from the settlement of litigation regarding insurance coverage involving Old Republic Insurance Co rporation, Bank of America, N.A. and the Bank of New York Mellon. For 2016 , loss and LAE primarily relat ed to increases in actual and expected payments on certain Puerto Rico exposures and insured first and second-lien RMBS transactions and decreases in projected collections from excess spread within insured second-lien RMBS transactions. These were partiall y offset by increases in recoveries of actual and expected payments on certain Puerto Rico exposures and decreases in actual and expected payments on CDOs . Costs associated with remediating insured obligations assigned to the Company’s surveillance categor ies are recorded as LAE and are included in “Losses and loss adjustment” expenses on the Company’s consolidated statements of operations. For the years ended 2018 , 2017 and 2016 , gross LAE related to remediating insured obligations were $ 23 million, $ 42 million and $ 48 million, respectively. Surveillance Categories T h e f ol l owin g t abl e p r o v ide s in f o rm a t i o n a bou t t h e f i nan c ia l gu a r a n t e e s an d r el a t e d c la i m li a bili t y i n c lude d i n ea ch of M B I A ’ s s u rv e i llan ce c a t ego r ie s a s o f December 31, 2018 : Surveillance Categories Caution Caution Caution List List List Classified $ in millions Low Medium High List Total Number of policies 50 18 - 232 300 Number of issues (1) 16 4 - 101 121 Remaining weighted average contract period (in years) 6.7 8.0 - 9.7 8.9 Gross insured contractual payments outstanding: (2) Principal $ 1,604 $ 249 $ - $ 5,353 $ 7,206 Interest 2,118 123 - 5,414 7,655 Total $ 3,722 $ 372 $ - $ 10,767 $ 14,861 Gross Claim Liability (3) $ - $ - $ - $ 977 $ 977 Less: Gross Potential Recoveries (4) - - - 2,255 2,255 Discount, net (5) - - - (670) (670) Net claim liability (recoverable) $ - $ - $ - $ (608) $ (608) Unearned premium revenue $ 5 $ 4 $ - $ 63 $ 72 Reinsurance recoverable on paid and unpaid losses (6) $ 21 __________ (1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt. (2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA. (3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position. (4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position. (5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries. (6) - Included in "Other assets" on the Company's consolidated balance sheets. T h e f ol l owin g t abl e p r o v ide s in f o rm a t i o n a bou t t h e f i nan c ia l gu a r a n t e e s an d r el a t e d c la i m li a bili t y i n c lude d i n ea ch of M B I A ’ s s u rv e i llan ce c a t ego r ie s a s o f December 31, 2017 : Surveillance Categories Caution Caution Caution List List List Classified $ in millions Low Medium High List Total Number of policies 89 5 1 280 375 Number of issues (1) 20 4 1 119 144 Remaining weighted average contract period (in years) 7.4 4.3 8.7 9.7 8.9 Gross insured contractual payments outstanding: (2) Principal $ 2,764 $ 13 $ 104 $ 6,083 $ 8,964 Interest 2,676 3 46 5,756 8,481 Total $ 5,440 $ 16 $ 150 $ 11,839 $ 17,445 Gross Claim Liability (3) $ - $ - $ - $ 1,082 $ 1,082 Less: Gross Potential Recoveries (4) - - - 782 782 Discount, net (5) - - - (178) (178) Net claim liability (recoverable) $ - $ - $ - $ 478 $ 478 Unearned premium revenue $ 9 $ - $ 4 $ 77 $ 90 Reinsurance recoverable on paid and unpaid losses (6) $ 17 __________ (1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Fair Value Measurement	Note 7: Fair Value of Financial Instruments Fair Value Measurement Financial Assets Financial assets held by the Company primarily consist of investments in debt securities. Substantially all of the Company’s investments are priced by independent third parties, including pricing services and brokers. Typically, the Company receives one pricing service v alue or broker quote for each instrument, which represents a non-binding indication of value. The Company, along with its third-party portfolio manager, reviews the assumptions, inp uts and methodologies used by pricing services and brokers to obtain reason able assurance that the prices used in its valuations reflect fair value. When the Company and its third-party portfolio manager believe a third-party quotation differs significantl y from its internally developed expectation of fair value, whether higher or lower, the Company reviews its data or assumptions with the provider. This review includes comparing significant assumptions such as prepayment speeds, default ratios, forward yie ld curves, credit spreads and other significant quantitative inputs to internal assumptions, and working with the price provider to reconcile the differences. The price provider may subsequently provide an updated price. In the event that the price provide r does not update its price, and the Company still does not agree with the price provided, its third-party portfolio manager will obtain a price from another third-party provider or use an internally developed price which it believes represents the fair va lue of the investment. The fair values of investments for which internal prices were used were not significant to the aggregate fair value of the Company’s investment portfolio as of December 31, 2018 or 2017 . All challenges to third-party prices are reviewed by staff of the Company as well as its third-party portfolio manager with relevant expertise to ensure reasonableness of assumptions. A pricing analysis is reviewed and approved by the Company’s v aluation c ommittee. Financial Liabilities (excludi ng derivative liabilities) Financial liabilities, excluding derivative liabilities, issued by the Company primarily consist of debt issued for general corporate purposes within its corporate segment, MTNs , investment agreements and debt issued by consolida ted VIEs. The majority of the financial liabilities that the Company has elected to fair value or that require fair value reporting or disclosures are valued based on the estimated value of the underlying collateral, the Company’s or a third-party’s estima te of discounted cash flow model estimates, or quoted market values for similar products. These valuations include adjustments for expected nonperformance risk of the Company. Derivative Liabilities The Company’s derivative liabilities are primarily intere st rate swaps and an insured credit derivative. The Company’s insured credit derivative contract is a non-traded structured credit derivative transaction and since it is highly customized , there is generally no observable market for th is derivative . T he Company estimates its fair value in a hypothetical market based on an internal model that incorporates market or estimated prices of similar securities that are obtained for all collateral within a transaction, the present value of the market-implied po tential loss and nonperformance risk. The Company reviews its valuation model results on a quarterly basis to assess the appropriateness of the assumptions and results in light of current market activity and conditions. This review is performed by internal staff with relevant expertise. Internal Review Process All significant financial assets and liabilities are reviewed by the valuation committee to ensure compliance with the Company’s policies and risk procedures in the development of fair values of fina ncial assets and liabilities. The valuation committee reviews, among other things, key assumptions used for internally developed prices, significant changes in sources and uses of inputs, including changes in model approaches, and any adjustments from thir d-party inputs or prices to internally developed inputs or prices. The committee also reviews any significant impairment or improvements in fair values of the financial instruments from prior periods. The committee is comprised of senior finance and other team members with relevant experience in the financial instruments the committee is responsible for. The committee documents its agreement with the fair value measurements reported in the Company’s consolidated financial statements. Valuation Techniques Va luation techniques for financial instruments measured at fair value are described below. Fixed-Maturity Securities Held as Available-For-Sale, Investments Carried at Fair Value , Investments Pledged as Collateral and S hort-term I nvestments These investments include investments in U.S. Treasury and government agencies, state and municipal bonds, foreign governments, corporate obligations, MB S, ABS , money market securities, and perpetual debt and equity securities. These investments are generally valued bas ed on recently executed transaction prices or quoted market prices. When quoted market prices are not available, fair value is generally determined using quoted prices of similar investments or a valuation model based on observable and unobservable inputs. Inputs vary depending on the type of investment. Observable inputs include contractual cash flows, interest rate yield curves, CDS spreads, prepayment and volatility scores, diversity scores, cross-currency basis index spreads, and credit spreads for stru ctures similar to the financial instrument in terms of issuer, maturity and seniority. Unobservable inputs include cash flow projections and the value of any credit enhancement. The investment in the fixed - income fund was measured at fair value by applying the net asset value per share practical expedient. The investment in the fixed - income fund may be redeemed on a quarterly basis with prior redemption notification of ninety days subject to withdrawal limitations. The investment is required to be held for a minimum of twelve months, and any subsequent quarterly redemption is limited to 25% of the investment or a complete redemption over four consecutive quarters in the amounts of 25%, 33%, 50%, and 100% of the remaining investment balance as of the first, s econd, third and fourth consecutive quarters, respectively. The investment in money market securities was also measured at fair value by applying the net asset value per share practical expedient. These funds are backed by high quality, very liquid short-term instruments and the probability is remote that the funds would be sold for a value other than net asset value. Investments based on quoted market prices of identical investments in active marke ts are classified as Level 1 of the fair value hierarchy. Level 1 investments generally consist of U.S. Treasury and government agency and perpetual debt and equity securities . Quoted market prices of investments in less active markets, as well as investme nts which are valued based on other than quoted prices for which the inputs are observable, such as interest rate yield curves, are categorized in Level 2 of the fair value hierarchy. Investments that contain significant inputs that are not observable are categorized as Level 3. Cash and Cash Equivalents The carrying amounts of cash and cash equivalents approximate fair value due to the short-term nature and credit worthiness of these instruments and are categorized in Level 1 of the fair value hierarchy. L oans Receivable and Other Instruments at Fair Value Loans receivable and other instruments at fair value are comprised of loans and other instruments held by consolidated VIEs consisting of residential mortgage and corporate loans and other instruments . Fair values of residential mortgage loans are determined using quoted prices for MBS issue d by the respective VIE and adjusted for the fair values of the financial guarantees provided by MBIA Corp. on the related MBS. The fair values of the financial guarantees consider expected claim payments, net of recoveries, under MBIA Corp.’s policies. Fa ir values of corporate l oans and other instruments , which are to privately held companies, are based on methodologies that generally use comparable EBITDA multiples and the most current available EBITDAs . Loan Repurchase Commitments Loan repurchase commitments are obligations owed by the sellers/servicers of mortgage loans to MBIA as reimbursement of paid claims. Loan repurchase commitments are assets of the consolidated VIEs. This asset represents the rights of MBIA against the sellers/servicers for breaches of representations and warranties that the securitized residential mortgage loans sold to the trust to comply with stated underwriting guidelines and for the sellers/servicers to cure, replace, or repurchase mortgage loans. Fair value measurements of loan repurchase commitm ents represent the amounts owed by the sellers/servicers to MBIA as reimbursement of paid claims. Loan repurchase commitments are not securities and no quoted prices or comparable market transaction information are observable or available. Fair values of l oan repurchase commitments are determined using discounted cash flow techniques and are categorized in Level 3 of the fair value hierarchy . Other Assets A VIE consolidated by the Company ha s entered into a derivative instrument consisting of a cross currency swap. The c ross currency swap is entered into to manage the variability in cash flows resulting from fluctuations in foreign currency rates. The fair value of the VIE derivative is determined based on inputs from unobservable cash flows proj ection of the derivative, discounted using observable discount rates. As the significant inputs are unobservable, the derivative contract is categorized in Level 3 of the fair value hierarchy. Other assets also include receivables representing the right to receive reimbursement payments on claim payments expected to be made on certain insured VIE liabilities due to risk mitigating transactions with third parties executed to effectively defease, or, in-substance commute the Company’s exposure on its financia l guarantee policies. The right to receive reimbursement payments is based on the value of the Company’s financial guarantee determined using the cash flow model. The fair value of the financial guarantee primarily contains unobservable inputs and is categ orized in Level 3 of the fair value hierarchy. Medium- t erm Notes at Fair Value The Company has elected to measure certain MTNs at fair value on a recurring basis . The fair values of certain MTNs are based on quoted market prices provided by third-party so urces, where available. When quoted market prices are not available, the Company applies a matrix pricing grid to determine fair value based on the quoted market prices received for similar instruments and considering the MTNs’ stated maturity and interest rate. Nonperformance risk is included in the quoted market prices and the matrix pricing grid. MTNs are categorized in Level 3 of the fair value hierarchy. Variable Interest Entity Notes The fair values of VIE notes are determined based on recently executed transaction prices or quoted prices where observable. When position-specific quoted prices are not observable, fair values are based on quoted prices of similar securities. Fair values based on quoted prices of similar securitie s may be adjusted for factors unique to the securities, including any credit enhancement. Observable inputs include interest rate yield curves and bond spreads of similar securities. Unobservable inputs include the value of any credit enhancement. VIE note s are categorized in Level 2 or Level 3 of the fair value hierarchy based on the lowest level input that is significant to the fair value measurement in its entirety. Derivatives The corporate segment has entered into derivative transactions primarily con sisting of interest rate swaps. Fair values of over-the-counter derivatives are determined using valuation models based on observable inputs, nonperformance risk of the Company and nonperformance risk of the counterparties. Observable and market-based inpu ts include interest rate yields, credit spreads and volatilities. These derivatives are categorized in Level 2 or Level 3 of the fair value hierarchy based on the lowest level input that is significant to the fair value measurement in its entirety. Derivatives—Insurance The derivative contracts insured by the Company cannot be legally traded and generally do not have observable market prices. The Company determines the fair values of insured credit derivatives using valuation models based on observab le inputs and considering nonperformance risk of the Company . Negotiated settlements are also considered to validate the valuation models and to reflect assumptions the Company believes market participant s would use . Valuation Model Overview T he Company us es an internally developed Direct Price Model to value its insured credit derivative that incorporate s market prices or estimated prices of similar securities that are obtained for all collateral within a transaction, the present value of the market-implie d potential losses, and nonperformance risk. The valuation of the insured credit derivative includes the impact of its credit standing. The insured credit derivative is categorized in Level 3 of the fair value hierarchy based on unobservable inputs that ar e significant to the fair value measurement in its entirety. The Company a lso has other derivative liabilities as a result of a commutation that occurred in 2014. The fair value of the derivative is determined using a discounted cash flow model. Key inputs include unobservable cash flows projected over the expected term of the derivative. As the significant inputs are un observable, the derivative contract is categor ized in Level 3 of the fair value hierarchy. Other Liabilities Stock warrants issued by the Company are valued using the Black-Scholes model and are recorded at fair value. Inputs into the warrant valuation include the Company’s stock price, the strike pr ice of the warrant, time to expiration, a volatility parameter, interest rates, and dividend data. As all significant inputs are market-based and observable, warrants are categorized in Level 2 of the fair value hierarchy. As of December 31, 2018 , there were no warrants outstanding. Other payable relates to certain contingent consideration. The fair value of the liability is based on the cash flow methodologies using observable and unobservable inputs. Unobservable inputs include invested asset balances and asset management fees that are significant to the fair value estimate and the liability is categorized in Level 3 of the fair value hierarchy. Significant Unobservable Inputs The following tables provide quantitative information regarding the significa nt unobservable inputs used by the Company for assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017 . Fair Value as of Range December 31, (Weighted In millions 2018 Valuation Techniques Unobservable Input Average) Assets of consolidated VIEs: Loans receivable and other instruments at fair value $ 172 Market prices adjusted for financial Impact of financial guarantee (1) -17% - 75% (7%) guarantees provided to VIE obligations Loan repurchase commitments 418 Discounted cash flow Recovery rates (2) Breach rates (2) Liabilities of consolidated VIEs: Variable interest entity notes 366 Market prices of VIE assets adjusted for Impact of financial guarantee 0% - 63% (39%) financial guarantees provided Credit derivative liabilities: CMBS 33 Direct Price Model Nonperformance risk 54% - 54% (54%) Other derivative liabilities 7 Discounted cash flow Cash flows $0 - $49 ($25) (3) ____________ (1) - Negative percentage represents financial guarantee policies in a receivable position. (2) - Recovery rates and breach rates include estimates about potential variations in the outcome of litigation with a counterparty. (3) - Midpoint of cash flows are used for the weighted average. Fair Value as of Range December 31, (Weighted In millions 2017 Valuation Techniques Unobservable Input Average) Assets of consolidated VIEs: Loans receivable and other instruments at fair value $ 1,679 Market prices adjusted for financial Impact of financial guarantee (1) -25% - 35% (-2%) guarantees provided to VIE obligations Multiples of EBITDA Multiples (2) Loan repurchase commitments 407 Discounted cash flow Recovery rates (3) Breach rates (3) Liabilities of consolidated VIEs: Variable interest entity notes 406 Market prices of VIE assets Impact of financial guarantee 0% - 60% (36%) adjusted for financial guarantees provided Credit derivative liabilities: CMBS 63 Direct Price Model Nonperformance risk 54% - 54% (54%) Other derivative liabilities 4 Discounted cash flow Cash flows $0 - $49 ($25) (4) ____________ (1) - Negative percentage represents financial guarantee policies in a receivable position. (2) - Unobservable inputs are primarily based on comparable companies' EBITDA multiples. (3) - Recovery rates and breach rates include estimates about potential variations in the outcome of litigation with a counterparty. (4) - Midpoint of cash flows are used for the weighted average. Sensitivity of Significant Unobservable Inputs As of December 31, 2018 , t he significant unobservable input used in the fair value measurement of the Company’s residential loans receivable at fair value of consolidated VIEs is the impact of the financial guarantee . The fair value of residential loans receivable is calculated by subtracting the value of the financial guarantee from the market value of VIE liabilities . The value of a financial guarantee is estimated by the Company as the present value of expected cash payments , net of recoveries, under the policy. If there is a lower expected cash flow on the underlying loans receivable of the VIE, the value of the financial guarantee provided by the Company under the insurance policy increases. This results in a lower fair value of the residential loans receivable in relation to the obligations of the VIE. In addition to the impact of the financial guarantee, as of December 31, 2017, t he fair value of corporate loans receivable and other instruments also includes certain methodologies using multiples of EBITDA . Multiples a re external factors that are considered when determining the fair values of corporate loans. These loans are to privately held companies for which the Company has limited information. The significant unobservable inputs used in the fair value measurement of the Company’s loan repurchase commitments of consolidated VIEs are the recovery rates and breach rates. Recovery rates reflect the estimates of future cash flows reduced for litigation delays and risks and/or potential financial distress of the sellers/ servicers. The estimated recoveries of the loan repurchase commitments may differ from the actual recoveries that may be received in the future. Breach rates represent the rate at which mortgages fail to comply with stated representations and warranties of the sellers/servicers. Significant increases or decreases in the recovery rates and the breach rates would result in significantly higher or lower fair values of the loan repurchase commitments, respectively. Additionally, changes in the legal environment and the ability of the counterparties to pay would impact the recovery rate assumptions, which could significantly impact the fair value measurement. Any significant challenges by the counterparties to the Company’s determination of breaches of representa tions and warranties could have a material adverse impact on the fair value measurement. Recovery rates and breach rates are determined independently. Changes in one input will not necessarily have any impact on the other input. The significant unobservabl e input used in the fair value measurement of the Company’s VIE notes of consolidated VIEs is the impact of the financial guarantee. The fair value of VIE notes is calculated by adding the value of the financial guarantee to the market value of VIE assets. The value of a financial guarantee is estimated by the Company as the present value of expected cash payments under the policy. As the value of the guarantee provided by the Company to the obligations issued by the VIE increases, the credit support adds v alue to the liabilities of the VIE. This results in an increase in the fair value of the liabilities of the VIE. The significant unobservable input used in the fair value measurement of MBIA Corp.’s commercial mortgage-backed securities (“CMBS”) credit der ivative, which is valued using the Direct Price Model, is nonperformance risk. The nonperformance risk is an assumption of MBIA Corp.’s own ability to pay and whether MBIA Corp. will have the necessary resources to pay the obligations as they come due. Any significant increase or decrease in MBIA Corp.’s nonperformance risk would result in a decrease or increase in the fair value of the derivative liabilities, respectively. The significant unobservable input used in the fair value measurement of MBIA Corp.’ s other derivatives, which are valued using a discounted cash flow m odel , is the estimates of future cash flows discounted using market rates and CDS spreads. Any significant increase or decrease in future cash flows would result in a n increase or decrease in the fair value of the derivative liabilit y , respectively . Fair Value Measurements The following tables present the fair value of the Company’s assets (including short-term investments) and liabilities measured and reported at fair value on a recurring basis as of December 31, 2018 and 2017 : Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Balance as of Assets Inputs Inputs December 31, In millions (Level 1) (Level 2) (Level 3) 2018 Assets: Fixed-maturity investments: U.S. Treasury and government agency $ 1,028 $ 90 $ - $ 1,118 State and municipal bonds - 728 - 728 Foreign governments - 9 - 9 Corporate obligations - 1,410 - 1,410 Mortgage-backed securities: Residential mortgage-backed agency - 219 - 219 Residential mortgage-backed non-agency - 28 - 28 Commercial mortgage-backed - 47 7 (1) 54 Asset-backed securities: Collateralized debt obligations - 121 - 121 Other asset-backed - 181 3 (1) 184 Total fixed-maturity investments 1,028 2,833 10 3,871 Money market securities - - - 67 (2) Perpetual debt and equity securities 23 35 - 58 Fixed-income fund - - - 75 (2) Cash and cash equivalents 222 - - 222 Derivative assets: Non-insured derivative assets: Interest rate derivatives - 2 - 2 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Balance as of Assets Inputs Inputs December 31, In millions (Level 1) (Level 2) (Level 3) 2018 Assets of consolidated VIEs: Corporate obligations - 9 5 (1) 14 Mortgage-backed securities: Residential mortgage-backed non-agency - 92 - 92 Commercial mortgage-backed - 34 - 34 Asset-backed securities: Collateralized debt obligations - 6 1 (1) 7 Other asset-backed - 10 - 10 Cash 58 - - 58 Loans receivable and other instruments at fair value: Residential loans receivable - - 172 172 Loan repurchase commitments - - 418 418 Other assets: Currency derivatives - - 17 (1) 17 Other - - 14 (1) 14 Total assets $ 1,331 $ 3,021 $ 637 $ 5,131 Liabilities: Medium-term notes $ - $ - $ 102 (1) $ 102 Derivative liabilities: Insured derivatives: Credit derivatives - 2 33 35 Non-insured derivatives: Interest rate derivatives - 157 - 157 Other - - 7 7 Other liabilities: Other payable - - 5 (1) 5 Liabilities of consolidated VIEs: Variable interest entity notes - 114 366 480 Total liabilities $ - $ 273 $ 513 $ 786 ____________ (1) - Unobservable inputs are either not developed by the Company or do not significantly impact the overall fair values of the aggregate financial assets and liabilities. (2) - Investment that was measured at fair value by applying the net asset value per share practical expedient, and was required not to be classified in the fair value hierarchy. Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Balance as of Assets Inputs Inputs December 31, In millions (Level 1) (Level 2) (Level 3) 2017 Assets: Fixed-maturity investments: U.S. Treasury and government agency $ 1,256 $ 96 $ - $ 1,352 State and municipal bonds - 858 - 858 Foreign governments - 10 - 10 Corporate obligations - 1,338 2 (1) 1,340 Mortgage-backed securities: Residential mortgage-backed agency - 368 - 368 Residential mortgage-backed non-agency - 32 - 32 Commercial mortgage-backed - 60 7 (1) 67 Asset-backed securities: Collateralized debt obligations - 118 - 118 Other asset-backed - 178 5 (1) 183 Total fixed-maturity investments 1,256 3,058 14 4,328 Money market securities 180 - - 180 Perpetual debt and equity securities 26 37 - 63 Fixed-income fund - - - 82 (2) Cash and cash equivalents 122 - - 122 Derivative assets: Non-insured derivative assets: Interest rate derivatives - 2 - 2 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Balance as of Assets Inputs Inputs December 31, In millions (Level 1) (Level 2) (Level 3) 2017 Assets of consolidated VIEs: Corporate obligations - 19 - 19 Mortgage-backed securities: Residential mortgage-backed non-agency - 108 - 108 Commercial mortgage-backed - 30 6 (1) 36 Asset-backed securities: Collateralized debt obligations - 8 1 (1) 9 Other asset-backed - 10 - 10 Cash 24 - - 24 Loans receivable and other instruments at fair value: Residential loans receivable - - 759 759 Corporate loans receivable and other instruments - - 920 920 Loan repurchase commitments - - 407 407 Other assets: Currency derivatives - - 19 (1) 19 Other - - 14 (1) 14 Total assets $ 1,608 $ 3,272 $ 2,140 $ 7,102 Liabilities: Medium-term notes $ - $ - $ 115 (1) $ 115 Derivative liabilities: Insured derivatives: Credit derivatives - 2 63 65 Non-insured derivatives: Interest rate derivatives - 193 - 193 Other - - 4 4 Other liabilities: Warrants - 6 - 6 Other payable - - 7 (1) 7 Liabilities of consolidated VIEs: Variable interest entity notes - 663 406 1,069 Total liabilities $ - $ 864 $ 595 $ 1,459 ____________ (1) - Unobservable inputs are either not developed by the Company or do not significantly impact the overall fair values of the aggregate financial assets and liabilities. (2) - Investment that was measured at fair value by applying the net asset value per share practical expedient, and was required not to be classified in the fair value hierarchy. Level 3 assets at fair value as of December 31, 2018 and 2017 represented approximately 12 % and 30 %, respectively, of total assets measured at fair value. Level 3 liabilities at fair value as of December 31, 2018 and 2017 represented approximately 65 % and 41 %, respectively, of total liabilities measured at fair value. The following tables present the fair values and carrying valu es of the Company’s assets and liabilities that are disclosed at fair value but not reported at fair value on the Company’s consolidated balance sheets as of December 31, 2018 and 2017 : Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant Fair Value Carry Value Active Markets for Other Observable Unobservable Balance as of Balance as of Identical Assets Inputs Inputs December 31, December 31, In millions (Level 1) (Level 2) (Level 3) 2018 2018 Assets: Other investments $ - $ 1 $ - $ 1 $ 1 Assets of consolidated VIEs: Investments held-to-maturity - - 925 925 890 Total assets $ - $ 1 $ 925 $ 926 $ 891 Liabilities: Long-term debt $ - $ 1,101 $ - $ 1,101 $ 2,249 Medium-term notes - - 422 422 620 Investment agreements - - 388 388 311 Liabilities of consolidated VIEs: Variable interest entity notes - 378 925 1,303 1,264 Total liabilities $ - $ 1,479 $ 1,735 $ 3,214 $ 4,444 Financial Guarantees: Gross liability (recoverable) $ - $ - $ 993 $ 993 $ (43) Ceded - - 65 65 35 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant Fair Value Carry Value Active Markets for Other Observable Unobservable Balance as of Balance as of Identical Assets Inputs Inputs December 31, December 31, In millions (Level 1) (Level 2) (Level 3) 2017 2017 Assets: Other investments $ - $ 2 $ - $ 2 $ 2 Assets of consolidated VIEs: Investments held-to-maturity - - 916 916 890 Total assets $ - $ 2 $ 916 $ 918 $ 892 Liabilities: Long-term debt $ - $ 1,002 $ - $ 1,002 $ 2,121 Medium-term notes - - 406 406 650 Investment agreements - - 433 433 337 Liabilities of consolidated VIEs: Variable interest entity notes - 352 916 1,268 1,220 Total liabilities $ - $ 1,354 $ 1,755 $ 3,109 $ 4,328 Financial Guarantees: Gross liability $ - $ - $ 1,785 $ 1,785 $ 1,220 Ceded - - 61 61 39 The carrying value of the Company’s gross financial guarantees consists of unearned premium revenue and loss and LAE reserves, net of the insurance loss recoverable as reported on the Company’s consolidated balance sheets. The carrying value of ceded financial guarantees consists of prepaid reinsurance premiums and reinsurance recoverable on paid and unpaid losses as reported within “Other assets”, net of gross salvage payable to reinsurers as reported within “Other l iabilities” on the Company’s consolidated balance sheets. The following tables present information about changes in Level 3 assets (including short-term investments) and liabilities measured at fair value on a recurring basis for the years ended December 31, 2018 and 2017 : Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Year Ended December 31, 2018 Change in Unrealized Gains (Losses) for the Period Included in Unrealized Earnings for Gains / Unrealized Foreign Assets (Losses) Gains / Exchange still held Balance, Realized Included (Losses) Recognized Transfers Transfers as of Beginning Gains / in Included in OCI or into out of Ending December 31, In millions of Year (Losses) Earnings in OCI Earnings Purchases Issuances Settlements Sales Level 3 (1) Level 3 (1) Balance 2018 Assets: Corporate obligations $ 2 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ (2) $ - $ - Commercial mortgage-backed 7 - - - - - - - - 7 (7) 7 - Other asset-backed 5 - - (1) - 5 - (1) (3) - (2) 3 - Assets of consolidated VIEs: Corporate obligations - - - - - - - (1) - 6 - 5 - Commercial mortgage-backed 6 - - - - - - - - - (6) - - Collateralized debt obligations 1 - - - - - - - - - - 1 - Loans receivable- residential 759 - 14 - - - - (114) (487) - - 172 (22) Loans receivable and other instruments- corporate 920 - 11 - - - - (6) (925) - - - - Loan repurchase commitments 407 - 11 - - - - - - - - 418 11 Currency derivatives 19 - (2) - - - - - - - - 17 (2) Other 14 - - - - - - - - - - 14 - Total assets $ 2,140 $ - $ 34 $ (1) $ - $ 5 $ - $ (122) $ (1,415) $ 13 $ (17) $ 637 $ (13) Change in Unrealized (Gains) Losses for the Period Included in Unrealized Unrealized Earnings for (Gains) / (Gains) / Foreign Liabilities Losses Losses Exchange still held Balance, Realized Included Included in Recognized Transfers Transfers as of Beginning (Gains) / in Credit Risk in OCI or into out of Ending December 31, In millions of Year Losses Earnings in OCI Earnings Purchases Issuances Settlements Sales Level 3 (1) Level 3 (1) Balance 2018 Liabilities: Medium-term notes $ 115 $ (9) $ (1) $ 55 $ (10) $ - $ - $ (48) $ - $ - $ - $ 102 $ (11) Credit derivatives 63 56 (30) - - - - (56) - - - 33 (30) Other derivatives 4 - 3 - - - - - - - - 7 3 Other payable 7 - 1 - - - - (3) - - - 5 1 Liabilities of consolidated VIEs: VIE notes 406 39 (30) (20) - - 8 (37) - - - 366 (30) Total liabilities $ 595 $ 86 $ (57) $ 35 $ (10) $ - $ 8 $ (144) $ - $ - $ - $ 513 $ (67) _______________ (1) - Transferred in and out at the end of the period. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Year Ended December 31, 2017 Change in Unrealized Gains (Losses) for the Period Included in Unrealized Earnings for Gains / Unrealized Foreign Assets (Losses) Gains / Exchange still held Balance, Realized Included (Losses) Recognized Transfers Transfers as of Beginning Gains / in Included in

Investments

Investments	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Investments	Note 8: Investments Investments, excluding those elected under the fair value option, include debt and equity securities classified as either AFS or HTM . T h e f o l l o w i n g t a b l e s p r e s en t t h e a m o r t i z e d c o st , f a i r v a l u e , corresponding gross unrealized gains and losses and OTTI for AFS and HTM investments in the Company’s c o n s o l i d a te d i n v es t m en t p o r tf o l i o a s o f December 31, 2018 a nd 2017 : December 31, 2018 Gross Gross Other-Than- Amortized Unrealized Unrealized Fair Temporary In millions Cost Gains Losses Value Impairments (1) AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 1,093 $ 26 $ (10) $ 1,109 $ - State and municipal bonds 641 97 (11) 727 42 Foreign governments 9 - - 9 - Corporate obligations 1,473 6 (131) 1,348 (68) Mortgage-backed securities: Residential mortgage-backed agency 218 1 (5) 214 - Residential mortgage-backed non-agency 30 1 (4) 27 - Commercial mortgage-backed 53 - (2) 51 - Asset-backed securities: Collateralized debt obligations 122 - (3) 119 - Other asset-backed 178 - (1) 177 - Total AFS investments $ 3,817 $ 131 $ (167) $ 3,781 $ (26) HTM Investments Assets of consolidated VIEs: Corporate obligations $ 890 $ 35 $ - $ 925 $ - Total HTM investments $ 890 $ 35 $ - $ 925 $ - _______________ (1) - Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI. December 31, 2017 Gross Gross Other-Than- Amortized Unrealized Unrealized Fair Temporary In millions Cost Gains Losses Value Impairments (1) AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 1,317 $ 34 $ (6) $ 1,345 $ - State and municipal bonds 840 29 (12) 857 - Foreign governments 10 - - 10 - Corporate obligations 1,332 25 (80) 1,277 (72) Mortgage-backed securities: Residential mortgage-backed agency 365 1 (4) 362 - Residential mortgage-backed non-agency 35 1 (4) 32 - Commercial mortgage-backed 66 - - 66 - Asset-backed securities: Collateralized debt obligations 116 - - 116 - Other asset-backed 175 - - 175 1 Total fixed-maturity investments 4,256 90 (106) 4,240 (71) Money market securities 179 - - 179 - Perpetual debt and equity securities 3 1 - 4 - Total AFS investments $ 4,438 $ 91 $ (106) $ 4,423 $ (71) HTM Investments Assets of consolidated VIEs: Corporate obligations $ 890 $ 26 $ - $ 916 $ - Total HTM investments $ 890 $ 26 $ - $ 916 $ - _______________ (1) - Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI. T h e f ol l owin g t abl e p r e s en t s t h e di s t r i bu t io n b y c on t r a c t u a l m a t u r i t y o f AFS and HTM f i x ed -m a t u r i t y securities at a m o r t i z e d c o st a n d f ai r v alu e a s o f December 31, 2018 . Con t r a c t ua l m a t u r i t y m a y d i f f e r f r o m e x pe c t e d m a t u r i t y a s bo rr ow e r s m a y h a v e t h e r igh t t o c a l l o r p r e p a y ob l iga t ion s. AFS Securities HTM Securities Consolidated VIEs Amortized Amortized In millions Cost Fair Value Cost Fair Value Due in one year or less $ 820 $ 831 $ - $ - Due after one year through five years 715 741 - - Due after five years through ten years 651 568 - - Due after ten years 1,030 1,053 890 925 Mortgage-backed and asset-backed 601 588 - - Total fixed-maturity investments $ 3,817 $ 3,781 $ 890 $ 925 Deposited and Pledged Securities T h e f ai r v alu e o f s e c u r i t ie s o n depo s i t wi t h v a r io u s r egu l a t o r y au t ho r i t ie s a s o f December 31, 2018 and 2017 wa s $ 11 million and $ 10 million, respectively . T h e se d epo s i t s a re r equi r e d t o c o m p l y wi t h s t a t e in s u r an ce law s. Pursuant to the Company’s tax sharing agreement, securities held by MBIA Inc. in the Tax Escrow Account are included as “Investments pledged as collateral, at fair value” on the Company’s consolidated balance sheets. I n v e s t m en t ag r ee m en t obligations r equ i re t h e Co m pan y t o ple d g e s e c u r i t i e s a s c o lla t e r al. Securities pledged in connection with investment agreement s may not be repled ged by the investment agreement counterparty. As o f December 31, 2018 a nd 2017 , t h e f ai r v a l u e o f s e c u r i t ie s p ledge d a s c olla t e r a l for these in v e s t m en t ag r e e m e n t s app r o x i m a t e d $ 314 m i llio n an d $ 353 m i l lion , r e s p e c t i v e l y . T h e Co m pan y ’ s c olla t e r a l a s o f December 31, 2018 c on s i s t e d p r i n c ipal l y o f U . S . T r ea s u ry a n d go v e r n m en t ag e n cy and state and municipal bonds , and wa s p r i m a r il y hel d wi t h m a j o r U . S. ban ks. Refer to “Note 9 : Derivative Instruments” for information about securities posted to derivative counterparties . Impaired Investments The following tables present the gross unrealized losses related to AFS and HTM investments as of December 31, 2018 and 2017 : December 31, 2018 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized In millions Value Losses Value Losses Value Losses AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 231 $ (1) $ 278 $ (9) $ 509 $ (10) State and municipal bonds 60 (1) 135 (10) 195 (11) Foreign governments 5 - 2 - 7 - Corporate obligations 900 (41) 335 (90) 1,235 (131) Mortgage-backed securities: Residential mortgage-backed agency 29 (1) 118 (4) 147 (5) Residential mortgage-backed non-agency 2 - 13 (4) 15 (4) Commercial mortgage-backed 24 - 21 (2) 45 (2) Asset-backed securities: Collateralized debt obligations 98 (3) 7 - 105 (3) Other asset-backed 127 - 35 (1) 162 (1) Total AFS investments $ 1,476 $ (47) $ 944 $ (120) $ 2,420 $ (167) December 31, 2017 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized In millions Value Losses Value Losses Value Losses AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 353 $ (1) $ 124 $ (5) $ 477 $ (6) State and municipal bonds 203 (8) 116 (4) 319 (12) Foreign governments 8 - - - 8 - Corporate obligations 425 (3) 163 (77) 588 (80) Mortgage-backed securities: Residential mortgage-backed agency 105 (1) 156 (3) 261 (4) Residential mortgage-backed non-agency - - 14 (4) 14 (4) Commercial mortgage-backed 27 - 5 - 32 - Asset-backed securities: Collateralized debt obligations 12 - - - 12 - Other asset-backed 71 - 39 - 110 - Total AFS investments $ 1,204 $ (13) $ 617 $ (93) $ 1,821 $ (106) Gross unrealized losses on AFS investments increased as of December 31, 2018 compared with December 31, 2017 primarily due to higher interest rates and wider credit spreads . With the weighting applied on the fair value of each security relative to the total fair value, the weighted average contractual maturity of securities in an unrealized loss position as of December 31, 2018 and 2017 was 11 and 12 years , respectively . As of December 31, 2018 and 2017 , there were 182 and 133 securities, respectively, that were in an unrealized loss position for a conti nuous twelve-month period or longer, of which , fair value s of 64 and 24 securities, respectively, were below book value by more than 5 %. The following table presents the distribution of securities in an unrealized loss position for a continuous twelve-month period or longer where fair value was below book value by more than 5% as of December 31, 2018 : AFS Securities Percentage of Fair Value Number of Book Value Fair Value Below Book Value Securities (in millions) (in millions) > 5% to 15% 47 $ 299 $ 273 > 15% to 25% 11 35 29 > 25% to 50% 3 12 9 > 50% 3 99 30 Total 64 $ 445 $ 341 The Company concluded that it does not have the intent to sell securities in an unrealized loss position and it is more likely than not, that it w ould not have to sell these securities before recovery of their cost basis. In making this conclusion, the Company examined the cash flow projections for its investment portfolios, the potential sources and uses of cash in its businesses , and the cash resources available to its business other than sales of securities. It also considered the existence of any risk management or other plans as of December 31, 2018 that would require the sale of impaired securities. Impaired securities tha t the Company intends to sell before the expected recovery of such securities’ fair values have been written down to fair value. Other-Than-Temporary Impairments Evaluating AFS Securities for OTTI The Company has an ongoing review process for all securities in its investment portfolio, including a quarterly assessment of OTTI . This evaluation includes both qualitative and quantitative considerations. In assessing whether a decline in value is related to a credit loss, the Company considers several factors, including but not limited to (i) the magnitude and duration of declines in fair value; (ii) the reasons for the decline s in fair value, such as general credit spread movements in each asset-backed sector, transaction-specific changes in credit spreads, credit rating downgrades, modeled defaults, and principal and interest payment priorities within each investment structure ; and (iii) any guarantees associated with a security such as those provided by financial guarantee insurance companies, including MBIA Corp. and National. In calculating credit-related losses, the Company u se s cash flow modeling based on the type of secur ity. The Company’s cash flow analysis considers all sources of cash, including credit enhancement, that support the payment of amounts owed by an issuer of a security. This includes the consideration of cash expected to be provided by financial guarantors, including MBIA Corp. and National , resulting from an actual or potential insurance policy claim. In general, any change in the amount and/or timing of cash flows received or expected to be received, whether or not such cash flows are contractually defined , is reflected in the Company’s cash flow analysis for purposes of assessing an OTTI loss on an impaired security. Each quarter, an internal committee, comprising staff that is independent of the Company’s evaluation process for determining OTTI of securit ies, reviews and approves the valuation of investments. Among other responsibilities, this committee ensures that the Company’s process for identifying and calculating OTTI , including the use of models and assumptions, is reasonable and complies with the C ompany’s internal policy . Determination of Credit Loss on ABS, MBS and Corporate Obligations ABS investments are evaluated for OTTI using historical collateral performance, deal waterfall and structural protections, credit ratings, and forward looking proj ections of collateral performance based on business and economic conditions specific to each collateral type and risk. The underlying collateral is evaluated to identify any specific performance concerns, and stress scenarios are considered in forecasting ultimate returns of principal. Based on this evaluation, if a principal default is projected for a security, estimated future cash flows are discounted at the security’s effective interest rate used to recognize interest income on the security . For CDO inv estments, the Company uses the same tools as its RMBS investments discussed below, aggregating the bond level cash flows to the CDO investment level. If the present value of cash flows is less than the Company’s amortized cost for the security, the differe nce is recorded as an OTTI loss. RMBS investments are evaluated for OTTI using several quantitative tools. Loan level data is obtained and analyzed in a model that produces prepayment, default, and severity vectors. The model u s es macro inputs, including h ousing price assumptions and interest rates. The vector outputs are used as inputs to a third-party cash flow model, which considers deal waterfall dynamics and structural features, to generate cash flows for an RMBS investment. The expected cash flows of the security are then discounted at the interest rate used to recognize interest income of the security to arrive at a present value amount . If the present value of the cash flows is less than the Company’s amortized cost for the investment, the difference is recorded as an OTTI loss. Corporate obligation investments are evaluated for OTTI using credit analysis techniques. The Company’s analysis includes a detailed review of a number of quantitative and qualitative factors impacting the value of an individu al security. These factors include the interest rate of the security (fixed or floating), the security’s current market spread, any collateral supporting the security, the security’s position in the issuer’s capital structure, and credit rating upgrades or downgrades. Additionally, these factors include an assessment of various issuer-related credit metrics including market capitalization, earnings, cash flow, capitalization, interes t coverage, leverage, liquidity and management . The Company’s analysis is augmented by comparing market prices for similar securities of other issuers in the same sector, as well as any recent corporate or government actions that may impact the ultimate return of principal. If the Company determines that a principal default is projected, a recovery analysis is performed using the above data. If the Company’s estimated recovery value for the security is less than its amortized cost, the difference is recorded as an OTTI loss . Du ring 2017, certain municipal bonds had liquidity concerns, recent credit downgrades and other adverse financial conditions. As a result, the Company placed these bonds on a non-accrual basis and recognized an OTTI loss for the difference between its amorti zed cost and fair value. This OTTI loss was included in “Investment losses related to other-than-temporary impairments” on the Company’s consolidated statement of operations. Determination of Credit Loss Guaranteed by the Company on Other Third-Party Guarantors The Company does not recognize OTTI on securities insured by MBIA Corp. and National since those securities, whether or not owned by the Company, are evaluated for impairments in accordance with its loss reserving policy. Refer to “Note 2: Significant Accounting Policies” included herein for information about the Company’s loss reserving policy and “Note 6: Loss and Loss Adjustment Expenses Reserves” for information a bout loss reserves. The following table provides information about securities held by the Company as of December 31, 2018 that were in an unrealized loss position and insured by a financial guarantor, along with the amount of insurance loss reserves c orresponding to the par amount owned by the Company: Unrealized Insurance Loss In millions Fair Value Loss Reserve (2) Mortgage-backed: MBIA (1) $ 13 $ (4) $ 15 Corporate obligations: MBIA (1) 81 (8) - Other: Other 1 - - Total $ 95 $ (12) $ 15 _______________ (1) - Includes investments insured by MBIA Corp. and National. (2) - Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured. Credit Loss Rollforward T h e p o r t i o n o f c e r t ai n OTTI lo ss e s o n f i x ed -m a t u r i t y s e c u r i t i e s t ha t d o e s no t r ep r e s en t cr edit lo ss e s i s r e c o g ni z e d i n AOCI . F o r t h e se i m p a i r m e n t s, t h e ne t a m ou n t r e c ogn i z e d i n e a r ning s r ep r e s en t s t h e di f f e r en ce be t wee n t h e a m o r t i z e d c o st o f t h e s e c u r i t y an d t h e n e t p r e s en t v a l u e of i t s p r o j e c t e d f u t u re d i s c o u n t e d c a sh f l ow s p r i o r t o i m p ai rm en t . A n y r e m ain i n g d i f f e r en ce be t wee n t h e f ai r v alu e and a m o r t i z e d c o st i s r e c ogn i z e d i n AOCI . The following table presents the amount of credit loss impairments recognized in earnings on fixed-maturity securities held by MBIA as of the dates indicated, for which a portion of the OTTI losses was recognized in AOCI, and the corresponding changes in such amounts. The additional credit loss imp airments on securities previously impaired for the years ended December 31, 2018 , 2017 and 2016 , primarily related to a corporate obligation that incurred liquidity concerns, ongoing credit risk and other adverse financial conditions. Also, during 2017 , the credit loss impairment on securities not previously impaired related to municipal bonds that were impaired to their recover y value which were further impaired to their fair value, resulting in reductions of such credit loss impairment in the same year. In millions Years Ended December 31, Credit Losses Recognized in Earnings Related to OTTI 2018 2017 2016 Beginning balance $ 32 $ 29 $ 26 Additions for credit loss impairments recognized in the current period on securities not previously impaired - 11 - Additions for credit loss impairments recognized in the current period on securities previously impaired 5 5 4 Reductions for credit loss impairments previously recognized on securities sold during the period - (2) (1) Reductions for credit loss impairments previously recognized on securities impaired to fair value during the period - (11) - Ending balance $ 37 $ 32 $ 29 Sales of Available-for-Sale Investments Gross r eali z e d ga i n s and l o s s e s are recorded within “Net gains (losses) on financial instruments at fair value and foreign exchange” on the Company’s consolidated statements of operations . The proceeds and the gross realized gains and losses from sales of fixed-maturity securities held as AFS for the years ended December 31, 2018 , 2017 and 2016 are as follows: Years Ended December 31, In millions 2018 2017 2016 Proceeds from sales $ 2,117 $ 2,256 $ 2,412 Gross realized gains $ 6 $ 40 $ 84 Gross realized losses $ (19) $ (22) $ (23) Equity Investments Unrealized gains and losses recognized on equity investments held as of December 31, 2018 for the year ended December 31, 2018 are as follows: Year Ended In millions December 31, 2018 Net gains and (losses) recognized during the period on equity securities $ (4) Less: Net gains and (losses) recognized during the period on equity securities sold during the period 1 Unrealized gains and (losses) recognized during the period on equity securities still held as of December 31, 2018 $ (5)

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Derivative Instruments	Note 9: Derivative Instruments U.S. Public Finance Insurance The Company’s derivative exposure within its U.S. public finance insurance operations primarily consists of insured interest rate and inflation-linked swaps related to insured U.S. public finance debt issues. These derivatives do not qualify for the financial guarantee scope exception and are accounted for as derivative instruments . Corporate The Company has entered into derivative instrument s primarily consisting of interest rate swaps to manage the risks a ssociated with fluctuations in interest rates affecting the value of certain assets and liabilities . I n t e r na t i on a l and S t r u c t u r e d F i n an c e I n s u r an c e The Company has entered into a derivative instrument to provide financial guarantee insurance to a structured finance transaction that do es not qualify for the financial guarantee scope exception and, therefore, is accounted for as a derivative. The insured CDS contract, referencing CMBS, is intended to be held for the entire term of the contract unles s a settlement with the counterparty is negotiated . The Company no longer insures new CDS contracts except for transactions related to the restructuring or reduction of existing derivative exposure. The Company’s derivative exposure within its international and structured finance insurance segment also includes insured interest rate and inflation-linked swaps related to insured debt issues. The Company has also entered into a derivative contract as a result of a commutation that occurred in 2014 . Changes in the fair value of the Company’s non-insured derivative are included in “Net gains (losses) on financial instruments at fair value and foreign exchange” on the Company’s consolidated statements of operations. Variable Interest Entities A VIE c onsolidated by the Company ha s entered into a cross currency swap, which was entered into to manage the variability in cash flows resulting from fluctuations in foreign currency rates . Credit Derivatives Sold The following table s present information abou t credit derivatives sold by the Company’s insurance operations that were outstanding as of December 31, 2018 and 2017 . Credit ratings represent the lower of underlying ratings assigned to the collateral by Moody’s , S&P or MBIA. $ in millions As of December 31, 2018 Notional Value Credit Derivatives Sold Weighted Average Remaining Expected Maturity AAA AA A BBB Below Investment Grade Total Notional Fair Value Asset (Liability) Insured credit default swaps 1.0 Years $ - $ - $ - $ - $ 70 $ 70 $ (33) Insured swaps 15.7 Years - 74 1,463 896 - 2,433 (2) Total notional $ - $ 74 $ 1,463 $ 896 $ 70 $ 2,503 Total fair value $ - $ - $ (1) $ (1) $ (33) $ (35) $ in millions As of December 31, 2017 Notional Value Credit Derivatives Sold Weighted Average Remaining Expected Maturity AAA AA A BBB Below Investment Grade Total Notional Fair Value Asset (Liability) Insured credit default swaps 1.0 Years $ - $ - $ - $ - $ 127 $ 127 $ (63) Insured swaps 15.5 Years - 117 1,818 846 20 2,801 (2) Total notional $ - $ 117 $ 1,818 $ 846 $ 147 $ 2,928 Total fair value $ - $ - $ (1) $ (1) $ (63) $ (65) Internal credit ratings assigned by MBIA on the underlying collateral are derived b y t h e Co m pan y ’ s s u r v e ill a n ce g r ou p . I n a ss ign i n g a n i n t e r n a l r a t i n g , c u rr en t s t a t u s r epo r t s f r o m i ss ue rs an d t r u s t ee s, a s w el l a s p ubli c l y a v ai l able t r a n s a c t i o n - s p e c i f i c i n f o rm a t ion , a re r e v iew e d . A l s o , whe re ap p r o p r ia t e , c a sh f l o w a n al ys e s an d c ol l a t e r a l v a l ua t ion s a re c on s id e r e d . T h e m a x i m u m po t en t ia l a m ou n t o f f u t u re pa ym en t s ( un d i s c o un t ed ) o n insured CDS and i n s u r e d s w a p s is e s t i m a t e d a s t he no t ion a l v a l u e o f s u ch c o n t r a c t s. M B I A m a y hol d r e c ou rse p r o v i s ion s wi t h t hi rd pa r t ie s i n de r i v a t i ve instrument s t h r o u g h s ub r o ga t i on r igh t s , wh e r e b y i f M B I A m a k e s a c lai m pa ym en t , i t may be en t i t l e d t o an y r i gh t s o f t h e in s u r ed c oun t e r pa r t y, in c lu d in g t h e r ig h t t o an y a ss e t s hel d a s c o lla t e r al. Counterparty Credit Risk The Company manages counterparty credit risk on an individual counterparty basis through master netting agreements covering derivative instruments in the corporate segment. These agreements allow the Company to contractu ally net amounts due from a counterparty with those amounts due to such counterparty when certain triggering events occur. The Company only executes swaps under master netting agreements, which typically contain mutual credit downgrade provisions that gene rally provide the ability to require assignment or termination in the event either MBIA or the counterparty is downgraded below a specified credit rating. Under these agreements, the Company may receive or provide cash, U.S. Treasury or other highly rated securities to secure counterparties’ exposure to the Company or its exposure to counterparties, respectively. Such collateral is available to the holder to pay for replacing the counterparty in the event that the counterparty defaults. As of December 31, 2018 and 2017 , the Company did not hold or post cash collateral to derivative counterparties . As of December 31, 2018 and 2017 , the Company had securities with a fair value of $ 205 million and $ 237 million , respectively, posted to derivative counterparties and th ese amount s are included within “Fixed-maturity securities held as available-for-sale, at fair value” on the Company’s consolidated balance sheets. As of December 31, 2018 and 2017 , the fair value on one Credit Support Annex (“CSA”) was $ 2 million . This CSA governs collateral posting requirements between MBIA and its derivative counterparties . The Company did not receive collateral due to the Compa ny’s credit rating, which was below the CSA minimum credit ratings level for holding counterparty collateral . As of December 31, 2018 and 2017 , the counterpart y was rated A1 by Moody’s and A + by S& P. Financial Statement Presentation The fair value of amounts recognized for eligible derivative contracts executed with the same counterparty under a master netting agreement, including any cash collateral that may have been received or posted by the Company, is presented on a net basis in accordance with accounting guidance for the offsetting of fair value amounts related to derivative instruments. Insured CDS and insured swaps are not subject to master netting agreements. VIE derivative assets and liabilities are not presented net of any m aster netting agreements. Counterparty netting of derivative assets and liabilities offsets balances in “Interest rate swaps” , when applicable. The following table presents the total fair value of the Company’s derivative assets and liabilities by instrume nt and balance sheet location, before counterparty netting , as of December 31, 2018 : In millions Derivative Assets (1) Derivative Liabilities (1) Notional Amount Fair Fair Derivative Instruments Outstanding Balance Sheet Location Value Balance Sheet Location Value Not designated as hedging instruments: Insured credit default swaps $ 70 Other assets $ - Derivative liabilities $ (33) Insured swaps 2,433 Other assets - Derivative liabilities (2) Interest rate swaps 712 Other assets 2 Derivative liabilities (157) Interest rate swaps-embedded 293 Medium-term notes - Medium-term notes (13) Currency swaps-VIE 62 Other assets-VIE 16 Derivative liabilities-VIE - All other 49 Other assets - Derivative liabilities (7) Total non-designated derivatives $ 3,619 $ 18 $ (212) __________ (1) - In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract. The following table presents the total fair value of the Company’s derivative assets and liabilities by instrument and balance sheet location, before counterparty netting , as of December 31, 2017 : In millions Derivative Assets (1) Derivative Liabilities (1) Notional Amount Fair Fair Derivative Instruments Outstanding Balance Sheet Location Value Balance Sheet Location Value Not designated as hedging instruments: Insured credit default swaps $ 127 Other assets $ - Derivative liabilities $ (63) Insured swaps 2,801 Other assets - Derivative liabilities (2) Interest rate swaps 747 Other assets 2 Derivative liabilities (193) Interest rate swaps-embedded 305 Medium-term notes 1 Medium-term notes (6) Currency swaps-VIE 69 Other assets-VIE 19 Derivative liabilities-VIE - All other 49 Other assets - Derivative liabilities (4) All other-embedded 2 Other investments - Other investments (1) Total non-designated derivatives $ 4,100 $ 22 $ (269) __________ (1) - In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract. T h e f ol l owin g t able p r e s en t s t h e e f f e ct o f d e r i v a t i ve i n s t r u m en t s o n t h e c o n s olida t e d s t a t e m en t s o f ope r a t ion s f o r t h e years ended December 31, 2018 , 2017 and 2016 : In millions Derivatives Not Designated as Years Ended December 31, Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative 2018 2017 2016 Insured credit default swaps Unrealized gains (losses) on insured derivatives $ 31 $ - $ 21 Insured credit default swaps Realized gains (losses) and other settlements on insured derivatives (56) (51) (40) Interest rate swaps Net gains (losses) on financial instruments at fair value and foreign exchange 4 3 (11) Interest rate swaps-VIE Net gains (losses) on financial instruments at fair value and foreign exchange-VIE - - 8 Currency swaps-VIE Net gains (losses) on financial instruments at fair value and foreign exchange-VIE (2) (1) 9 All other Net gains (losses) on financial instruments at fair value and foreign exchange (4) (19) (2) Total $ (27) $ (68) $ (15)

Debt

Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	Note 10: Debt Long-Term Debt The Company’s long-term debt consists of notes and debentures including accrued interest as follows: As of December 31, In millions 2018 2017 6.400% Senior Notes due 2022 (1) $ 265 $ 265 7.000% Debentures due 2025 46 46 7.150% Debentures due 2027 100 100 6.625% Debentures due 2028 141 141 5.700% Senior Notes due 2034 (2) 21 21 Surplus Notes due 2033 (3) 940 940 Accrued interest 751 624 Debt issuance costs (15) (16) Total $ 2,249 $ 2,121 ________________ (1) - Callable on or after August 15, 2006 at par. (2) - Callable anytime at the greater of par or the present value of the remaining scheduled payments of principal and interest. (3) - Contractual interest rate is based on three month LIBOR plus 11.26%. D uring 2018 , National purchased the remaining $ 44 million principal amount of MBIA Inc. 5.700 % Senior Notes due 2034 and $ 10 million principal amount of MBIA Inc. 7.00 0 % Debentures due 20 25 that were previously repurchased by MBIA Inc. and had not been retired. A s of December 31, 2018 , National owned $ 308 million principal amount of the 5.70 0 % Senior Notes due 2034 and $ 10 million principal amount of MBIA Inc. 7.00 0% Debentures due 20 25, and MBIA Inc., through its corporate segment, owned $ 13 million of MBIA Corp . surplus notes . These amounts are eliminated on a consolidated basis. Interest and principal payments on the surplus notes are subject to prior approval by the NYSDFS. From the Janu ary 15, 2013 interest payment to the present, MBIA C orp . ’s requests for approval of the note interest payments have not been approved by the NYSDFS . MBIA Corp . provide s notice to the Fiscal Agent when it will not make a scheduled interest paymen t. The deferred interest payment will become due on the first business day on or after which MBIA Corp . obtains approval to make such payment. No interest will accrue on the deferred interest. The surplus notes were callable at par at the option of MBIA Co rp . on the fifth anniversary of the date of issuance , and are callable at par on January 15, 2023 and every fifth anniversary thereafter and are callable on any other date at par plus a make-whole amount, subject to prior approval by the Superintendent and other restrictions. The cash received from the issuance of surplus notes was used for general business purposes and the deferred debt issuance costs are being amortized over the term of the surplus notes. The aggregate maturities of principal payments of long-term debt obligations in each of the next five years ending December 31, and thereafter, are as follows: In millions 2019 2020 2021 2022 2023 Thereafter Total Corporate debt $ - $ - $ - $ 265 $ - $ 308 $ 573 Surplus Notes due 2033 - - - - - 940 940 Total debt obligations due $ - $ - $ - $ 265 $ - $ 1,248 $ 1,513 Investment Agreements C ertain investment agreements provide for early termination , including, in some cases, with make-whole payments, upon certain contingent events including the bankruptcy of MBIA Inc. or t he commencement of an insolvency proceeding with respect to MBIA Corp. Upon the occurrence of certain contractually agreed-upon events, some of these funds may be withdrawn by the investor prior to their contractual maturity dates. All of the investment ag reements have been collateralized in accordance with the contractual terms. Investment agreements have been issued with either fixed or floating interest rates in U.S. dollars. As of December 31, 2018 , the annual interest rates on these agreements range d from 4.78 % to 6.88 % and the weighted average interest rate was 5.83 %. As of December 31, 2017 , the annual interest rates on these agreements ranged from 4.74 % to 6.88 % and the weighted average interest rate was 5.75 %. Expected principal payments due under these investment agreements in each of the next five years ending December 31 and thereafter, based upon contractual maturity dates , are as follows: Principal In millions Amount Maturity date: 2019 $ 7 2020 35 2021 2 2022 2 2023 20 Thereafter (through 2037) 295 Total expected principal payments (1) $ 361 Less discount and other adjustments (2) 50 Total $ 311 ________________ (1)- Amounts reflect principal due at maturity for investment agreements issued at a discount. (2)- Discount is net of carrying amount adjustment of $4 million and accrued interest adjustment of $5 million. Medium-Term Notes MTNs are denominated in U.S. dollars or foreign currencies and accrue interest based on fixed or floating interest rates. Certain MTNs are measured at fair value in accordance with the accounting guidance for hybrid financial instruments. As of December 31, 2018 , the interest ra tes of the MTNs ranged from 0 % to 6.00 % and the weighte d average interest rate was 3.23 %. As of December 31, 2017 , the interest rates of the MT Ns ranged from 0 % to 6.00 % and the weighte d average interest rate was 2.90 %. During 2018 , the Company repurchased $ 78 million par value outstanding at a cost of approximately 89 % of par value of MTNs issued by the Company’s corporate segment. Expected principal payments due under MTN obligations based on their contractual maturity dates are as follows: Principal In millions Amount Maturity date: 2019 $ 58 2020 - 2021 - 2022 58 2023 - Thereafter (through 2036) 835 Total expected principal payments (1) $ 951 Less discount and other adjustments (2) 229 Total $ 722 ________________ (1)- Amounts reflect principal due at maturity for notes issued at a discount. (2)- Discount is net of carrying amount adjustment of $34 million and accrued interest adjustment of $5 million. Variable Interest Entit y Notes VIE notes are variable interest rate debt instruments that were issued primarily in U.S. dollars by consolidated VIEs within the Company’s international and structured finance insurance segment . These VIE notes consist of debt instruments issued by issuer-sponsored consolidated VIEs collateralized by assets held by those consolidated VIEs. As of December 31, 2018 , f or VIE notes not accounted for at fair value, contractual interest rates ranged from 2.81 % to 14.00 % and the weighted average interest rate was 6.91 %. As of December 31, 2017 , f or VIE notes not accounted for at fair value, contractual interest rates ranged from 1.85 % to 14.00 % and the weighted average interest rate was 6.01 %. In connection with the Zohar II Claim in January of 2017, MBIA Corp. entered into the Facility. The initial outstanding principal amount of the Facility was $ 366 million, of which, $ 38 mil lion of subordinated financing was provided by MBIA Inc. and eliminated in consolidation. As of December 31, 2018 and 2017, the consolidated outstanding amount of the Facility was $ 373 million and $ 330 million, respectively. Un der the Facility, MBIA Inc. has agreed to provide an additional $ 50 million subordinated financing to MZ Funding, which MZ Funding would then lend to MBIA Corp., if needed by MBIA Insurance Corporation for liquidity purposes. The Facility is secured by a f irst priority security interest in all of MBIA Corp.’s right, title and interest in the recovery of its claims from the assets of Zohar I and Zohar II which include, among other things, loans made to, and equity interests in, companies purportedly controll ed by the Zohar Sponsor and any claims that the Company may have against the Zohar Sponsor. MBIA Corp. was obligated to pay a commitment fee of $ 10 million for this facility. The Facility matures on January 20, 2020 and bears interest at 14 % per annum. If funds received from MBIA Corp. under the Facility are insufficient to pay interest on interest payment dates, MZ Funding may elect to pay interest in kind, which increases the outstanding principal amount. The maturity of the principal balances of the Comp any’s international and structured finance insurance segment’s VIE notes, as of December 31, 2018 is presented in the following table: Principal In millions Amount Maturity date: 2019 $ 108 2020 396 2021 72 2022 41 2023 13 Thereafter (through 2052) 1,111 Total $ 1,741 (1) _______________ (1) - Includes $480 million of VIE notes accounted for at fair value as of December 31, 2018.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Income Taxes	Note 11: Income Taxes Income (loss) from operations before provision (benefit) for income taxes consisted of : Years Ended December 31, In millions 2018 2017 2016 Domestic $ (287) $ (638) $ (362) Foreign (9) (23) 23 Income (loss) before income taxes $ (296) $ (661) $ (339) The Company files a consolidated tax return that includes all of its U.S. subsidiaries and foreign branches. The Company also files tax returns in Spain, Mexico, and various state and local jurisdictions. Income tax expense (benefit) on income (loss) and shareholders’ equity consisted of: Years Ended December 31, In millions 2018 2017 2016 Current taxes: Federal $ - $ 4 $ 4 State 1 - 1 Deferred taxes: Federal (1) 945 (8) Foreign - (5) 2 Provision (benefit) for income taxes - 944 (1) Income taxes charged (credited) to shareholders' equity related to: Change in unrealized gains (losses) on AFS securities 5 (1) 8 Change in AFS securities with OTTI - 1 5 Change in foreign currency translation - 21 1 Total income taxes charged (credited) to shareholders' equity 5 21 14 Total effect of income taxes $ 5 $ 965 $ 13 A reconciliation of the U.S . federal statutory tax rate to the Company’s effective income tax rate for the years ended December 31, 2018 , 2017 and 2016 is presented in the following table: Years Ended December 31, 2018 2017 2016 Federal income tax computed at the statutory rate 21.0% 35.0% 35.0% Increase (reduction) in taxes resulting from: Tax Reform/Change in Tax Rate 0.0% (71.4)% 0.0% Mark-to-market on warrants (0.7)% 1.4% (1.5)% Change in valuation allowance (20.9)% (116.9)% (2.2)% Nondeductible compensation 0.0% 0.0% (1.4)% Deferred inventory adjustments (1.0)% 0.8% 3.6% Foreign Taxes 0.0% 8.2% 0.0% Basis difference in foreign subsidiary 0.0% 0.0% (33.0)% Other 1.6% 0.1% (0.3)% Effective tax rate 0.0% (142.8)% 0.2% Deferred Tax Asset, Net of Valuation Allowance The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on tax assets and liabilities is recognized in inco me in the period that includes the enactment date. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized. The tax effects of temporary differences that give rise to deferred tax assets a nd liabilities as of December 31, 2018 and 2017 are presented in the following table: As of In millions December 31, 2018 December 31, 2017 Deferred tax liabilities: Unearned premium revenue $ 59 $ 75 Deferral of cancellation of indebtedness income - 14 Deferred acquisition costs 16 21 Partnership basis difference 3 11 Basis difference in foreign subsidiaries - 1 Net deferred taxes on VIEs 55 38 Total gross deferred tax liabilities 133 160 Deferred tax assets: Compensation and employee benefits 7 11 Accrued interest 158 131 Loss and loss adjustment expense reserves 135 87 Net operating loss 512 582 Foreign tax credits 62 62 Other-than-temporary impairments 22 22 Net unrealized losses on insured derivatives 8 14 Net losses on financial instruments at fair value and foreign exchange 30 13 Net unrealized losses in accumulated other comprehensive income 32 5 Other 1 3 Total gross deferred tax assets 967 930 Valuation allowance 834 770 Net deferred tax asset $ - $ - On June 26, 2017, S&P downgraded the financial strength rating of National , which led the Company to cease its efforts to writ e new financial guarantee business. In addition to National’s cessation of new business activity, there was an increase in loss and LAE due to changes in assumptions on certain Puerto Rico credits. As a result of the increase in loss and LAE, the Company has a three-year cumulative loss , which is considered significant negative evidence in the assessment of its ability to use its d eferred tax assets. In addition, the Company considered all available positive and negative evidence as required by GAAP, to estimate if sufficient taxable income will be generated to use its deferred tax assets. After considering all positive and negative evidence, including the Company’s inability to objectively identify and forecast future sources of taxable income, the Company c oncluded in the second quarter of 2017 it did not have sufficient positive evidence to support its ability to use its deferred tax assets before they would expire. Accordingly, the Company has a full valuation allowance against its net deferred tax asset of $834 million and $770 million as of December 31, 2018 and 2017, respectively. The Company will continue to analyze the val uation allowance on a quarterly basis. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Act”) , which among other items reduces the federal corporate tax rate to 21 % effective January 1, 2018. As a res ult, during the fourth quarter of 2017, the Company revalued its net tax deferred tax asset using the newly enacted tax rate of 21% . Under the Act, NOLs of property and casualty insurance companies retain their current two-year carryback and 20-year carryf orward periods and will not be subject to the 80 percent taxable income limitation and indefinite lived carryforward period applicable to general corporate NOLs. Therefore, NOLs generated after 2017 by the Company’s insurance companies and non-insurance co mpanies will be treated differently under the Act. Treatment of Undistributed Earnings of Certain Foreign Subsidiaries—“Accounting for Income Taxes—Special Areas” During 2017, the Company sold MBIA UK and reversed any deferred income taxes with respect to the differences in the book and tax basis in the Company’s carrying value of MBIA UK. The Company’s amount of undistributed earnings of certain foreign subsidiaries was not material as of December 31, 201 8 . A cc o u n t i n g f o r U n c e r t a i n t y i n I n c o m e T ax e s The C o m p a ny ’ s po l i c y is t o r eco r d a n d d i s c l o s e an y c h an g e i n U T B an d r e l a t e d i n t e r es t a n d /or p e n a l t i e s t o i n c o m e t a x i n t h e co n s o l i d a t e d s t a t e m en t s o f o pe r a t i ons . The Company includes interest as a component of income tax expense. As of December 31, 2018 and 2017 , the Company had no UTB. Federal income tax returns through 2011 have been examined or surveyed. As of December 31, 2018 , the Company’s NOL is approximately $ 2.4 billion . The NOL will expire between tax years 20 31 through 203 7 . As of December 31, 2018 , the Company has a foreign tax credit carryforward of $ 62 million, which will expire between tax years 2019 through 2028. As of December 31, 2018 , the Company has an alternative minimum tax (“AMT”) credit carryforward of $ 26 million, which does not expire. As a result of tax reform, AMT credits are now fully refundable no later than 2022. The AMT credit has been reclassed out of the deferred tax asset and into other assets as the AMT credits are now a receivable. Section 382 of the Internal Revenue Code On May 2, 2018, MB IA Inc.’s shareholders ratified an amendment to the Company’s By-Laws, which had been adopted earlier by MBIA Inc.’s Board of Directors. The amendment places restrictions on certain acquisitions of Company stock that otherwise may have increased the likeli hood of an ownership change within the meaning of Section 382 of the Internal Revenue Code. The amendment generally prohibits a person from becoming a “Section 382 five-percent shareholder” by acquiring, directly or by attribution, 5% or more of the outsta nding shares of the Company’s common stock and will generally restrict existing “Section 382 five-percent shareholders” from increasing their ownership interest under Section 382 by more than one percentage point over their percentage stock ownership immed iately prior to the effective date of the amendment or, if lower, their percentage thereafter.

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Business Segments	Note 12: Business Segments As defined by segment reporting, an operating segment is a component of a company (i) that engages in business activities from which it earns revenue and incurs expenses, (ii) whose operating results are regularly reviewed by the Chief Operating Decision Maker to assess the performance of the segment and to make decisions about the allocation of resources to the segment and, (iii) for which discrete financial information is available. The Company manages its businesses across three oper ating segments: 1) U.S. public finance insurance; 2) corporate; and 3) international and structured finance insurance. The Company’s U.S. public finance insurance business is operated through National and its international and structured finance insurance business is operated through MBIA Corp. The following sections provide a description of each of the Company’s reportable operating segments. U.S. Public Finance Insurance The Company’s U.S. public finance insurance portfolio is managed through National. T he financial guarantees issued by National provide unconditional and irrevocable guarantees of the payment of the principal of, and interest or other amounts owing on, U.S. public finance insured obligations when due. The obligations are not subject to acc eleration, except that National may have the right, at its discretion, to accelerate insured obligations upon default or otherwise. National ’s guarantees insure municipal bonds, including tax-exempt and taxable indebtedness of U.S. political subdivisions, as well as utilit ies , airports, health care institutions, higher educational facilities, student loan issuers, housing authorities and other similar agencies and obligations issued by private entities that finance projects that serve a substantial public p urpose. Municipal bonds and privately issued bonds used for the financing of public purpose projects are generally supported by taxes, assessments, fees or tariffs related to the use of these projects, lease payments or other similar types of revenue strea ms. Corporate The Company’s corporate segment consists of general corporate activities, including providing support services to MBIA Inc.’s subsidiaries as well as asset and capital management. Support services are provided by the Company’s service compan y, MBIA Services , and include , among others, management, legal, accounting, treasury, information technology, and insurance portfolio surveillance, on a fee-for-service basis. Capital management includes activities related to servicing obligati ons issued by MBIA Inc. and its subsidiaries, MBIA Global Funding, LLC (“GFL”) and MBIA Investment Management Corp. (“IMC”) . MBIA Inc. issued debt to finance the operations of the MBIA group. GFL raised funds through the issuance of MTNs with varying matur ities, which were in turn guaranteed by MBIA Corp. GFL lent the proceeds of these MTN issuances to MBIA Inc. IMC, along with MBIA Inc., provided customized investment agreements, guaranteed by MBIA Corp., for bond proceeds and other public funds for such p urposes as construction, loan origination, escrow and debt service or other reserve fund requirements. The Company has ceased issuing new MTNs and investment agreements and the outstanding liability balances and corresponding asset balances have declined o ver time as liabilities matured, terminated or were called or repurchased. All of the debt within the corporate segment is managed collectively and is serviced by available liquidity . International and Structured Finance Insurance The Company’s international and structured finance insurance segment is principally conducted through MBIA Corp. The financial guarantees issued by MBIA Corp. generally provide unconditional and irrevocable guarantees of the payment of principal of, and in terest or other amounts owing on, non-U.S. public finance and global structured finance insured obligations when due, or in the event MBIA Corp. has the right, at its discretion, to accelerate insured obligations upon default or otherwise. MBIA Corp. insur es the investment contracts written by MBIA Inc., and if MBIA Inc. were to have insufficient assets to pay amounts due upon maturity or termination, MBIA Corp. would make such payments. MBIA Corp. insures debt obligations of the following affiliates: MBIA Inc.; GFL; IMC; MZ Funding LLC; and LaCrosse Financial Products, LLC, a wholly-owned affiliate, to which MBIA Insurance Corp oration has written insurance policies guaranteeing the obligations under CDS . Certain policies cover payments potentially due under CDS, including termination payments that may become due in certain circumstances, including the occurrence of certain insolvency or payment defaults under the CDS or derivatives contracts by the insured counterparty or by the guarantor. MBIA Corp. insure s non -U.S. public finance and global structured finance obligations, including asset-backed obligations. MBIA Corp. has insured sovereign-related and sub-sovereign bonds, utilities , privately issued bonds used for the financing of projects that inclu de toll roads, bridges, airports, public transportation facilities, and other types of infrastructure projects serving a substantial public purpose. Global structured finance and asset-backed obligations typically are securities repayable from expected cas h flows generated by a specified pool of assets, such as residential and commercial mortgages, insurance policies, consumer loans, corporate loans and bonds, trade and export receivables, and leases for equipment, aircraft and real estate property. MBIA Co rp. has also written policies guaranteeing obligations under certain other derivative contracts, including termination payments that may become due upon certain insolvency or payment defaults of the financial guarantor or the issuer. The Company is no long er insuring new credit derivative contracts except for transactions related to the restructuring or reduction of existing derivative exposure. MBIA Corp. has not written any meaningful amount of business since 2008. Segments Results The following tables provide the Company’s segment results for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 U.S. International Public and Structured Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ 178 $ 31 $ 108 $ - $ 317 Net change in fair value of insured derivatives - - (25) - (25) Net gains (losses) on financial instruments at fair value and foreign exchange (20) 22 (19) - (17) Net investment losses related to other-than-temporary impairments (5) - - - (5) Net gains (losses) on extinguishment of debt - 3 - - 3 Other net realized gains (losses) - (2) 2 - - Revenues of consolidated VIEs - - (111) - (111) Inter-segment revenues (2) 29 45 24 (98) - Total revenues 182 99 (21) (98) 162 Losses and loss adjustment 91 - (28) - 63 Operating 18 47 26 - 91 Interest - 78 128 - 206 Expenses of consolidated VIEs - - 98 - 98 Inter-segment expenses (2) 44 20 33 (97) - Total expenses 153 145 257 (97) 458 Income (loss) before income taxes $ 29 $ (46) $ (278) $ (1) $ (296) Identifiable assets $ 4,203 $ 1,192 $ 4,742 $ (2,061) (3) $ 8,076 ________________ (1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. (2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. (3) - Consists primarily of intercompany reinsurance balances and repurchase agreements. Year Ended December 31, 2017 U.S. International Public and Structured Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ 262 $ 30 $ 78 $ - $ 370 Net change in fair value of insured derivatives - - (51) - (51) Net gains (losses) on financial instruments at fair value and foreign exchange 25 (32) (17) - (24) Net investment losses related to other-than-temporary impairments (106) - - - (106) Net gains (losses) on extinguishment of debt - 28 - - 28 Other net realized gains (losses) (4) (4) 39 - 31 Revenues of consolidated VIEs - - 185 - 185 Inter-segment revenues (2) 23 60 44 (127) - Total revenues 200 82 278 (127) 433 Losses and loss adjustment 499 - 184 - 683 Operating 36 59 34 - 129 Interest - 81 116 - 197 Expenses of consolidated VIEs - - 85 - 85 Inter-segment expenses (2) 72 11 47 (130) - Total expenses 607 151 466 (130) 1,094 Income (loss) before income taxes $ (407) $ (69) $ (188) $ 3 $ (661) Identifiable assets $ 4,582 $ 1,312 $ 5,404 $ (2,203) (3) $ 9,095 ________________ (1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. (2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. (3) - Consists primarily of intercompany reinsurance balances and repurchase agreements. Year Ended December 31, 2016 U.S. International Public and Structured Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ 335 $ 24 $ 121 $ - $ 480 Net change in fair value of insured derivatives - - (19) - (19) Net gains (losses) on financial instruments at fair value and foreign exchange 72 (14) 26 - 84 Net investment losses related to other-than-temporary impairments (4) (1) - - (5) Net gains (losses) on extinguishment of debt - 5 - - 5 Other net realized gains (losses) 2 (5) (279) - (282) Revenues of consolidated VIEs - - 31 - 31 Inter-segment revenues (2) 22 58 51 (131) - Total revenues 427 67 (69) (131) 294 Losses and loss adjustment 74 - 146 - 220 Operating 40 80 57 - 177 Interest - 91 106 - 197 Expenses of consolidated VIEs - - 39 - 39 Inter-segment expenses (2) 69 4 52 (125) - Total expenses 183 175 400 (125) 633 Income (loss) before income taxes $ 244 $ (108) $ (469) $ (6) $ (339) Identifiable assets $ 5,077 $ 2,479 $ 6,486 $ (2,905) (3) $ 11,137 ________________ (1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. (2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. (3) - Consists of intercompany deferred income taxes, reinsurance balances and repurchase agreements. Pr e m iu ms o n f inan c ia l g u a r an t ee s a n d i n s u r e d de r i v a t i v e s r ep o r t e d wi t hi n t h e C o m p an y ’ s i n s u r an ce s e g m e n t s a re gen e r a t e d wi t hi n a n d o u t s id e t h e U . S. T h e f o l lowin g t abl e s u m m a r i z e s p r e m iu ms ea r ne d o n f i nan c ia l gu a r a n t e e s and in s u r e d d e r i v a t i v e s b y g eog r aph i c l o c a t i o n o f r i sk f o r t h e years ended December 31, 2018 , 2017 and 2016 : Years Ended December 31, In millions 2018 2017 2016 Total premiums earned: United States $ 94 $ 169 $ 238 Other Americas 68 25 26 United Kingdom - 2 27 Other - 6 13 Total $ 162 $ 202 $ 304

Insurance in Force

Insurance in Force	12 Months Ended
	Dec. 31, 2018
Insurance in Force [Abstract]
Insurance In Force	Note 13: Insurance in Force The Company guarantees the payment of principal of, and interest or other amounts owing on, municipal, asset-backed, mortgage-backed and other non-municipal securities including CDS contracts. The Company ’s insurance in force represents the aggregate amount of the insured principal of, and interest or other amounts owing on, insured obligations. The Company ’s ultimate exposure to credit loss in the event of nonperformance by the issuer of the insured oblig ation is represented by the insurance in force in the tables that follow. The financial guarantees issued by the Company provide unconditional and irrevocable guarantees of the payment of the principal of, and interest or other amounts owing on, insured ob ligations when due. The obligations are generally not subject to acceleration, except in the event the Company has the right, at its discretion, to accelerate insured obligations upon default or otherwise. P ayments to be made by the issuer on the bonds or notes may be backed by a pledge of revenues, reserve funds, letters of credit, investment contracts or collateral in the form of mortgages or other assets. The right to such funds or collateral would typically become National’s or MBIA Corp.’s upon the pay ment of a claim by either National or MBIA Corp. As of December 31, 2018 , insurance in force, which represents principal and interest or other amounts owing on insured obligations, had a n expected maturity through 2058 . The distribution of MBIA Corp.’s and National’s combined insurance in force by geographic location, excluding financial obligations guaranteed by MBIA Corp. on behalf of affiliated companies, is presented in the following table: As of December 31, $ in billions 2018 2017 % of % of Insurance Insurance Insurance Insurance Geographic Location in Force in Force in Force in Force California $ 25.9 20.2% $ 30.3 19.6% Illinois 11.1 8.7% 13.1 8.5% Puerto Rico 7.9 6.2% 8.2 5.3% New Jersey 6.8 5.3% 7.6 4.9% New York 5.9 4.6% 9.3 6.0% Hawaii 4.3 3.4% 4.5 2.9% Texas 4.3 3.4% 6.1 3.9% Virginia 3.7 2.9% 4.2 2.7% Oregon 3.2 2.5% 3.6 2.3% Florida 3.1 2.4% 3.8 2.5% Subtotal 76.2 59.6% 90.7 58.6% Nationally Diversified 13.5 10.5% 15.7 10.1% Other states 29.1 22.7% 37.0 23.9% Total United States 118.8 92.8% 143.4 92.6% Internationally Diversified 0.4 0.3% 0.4 0.3% Country specific 8.9 6.9% 11.1 7.1% Total non-United States 9.3 7.2% 11.5 7.4% Total $ 128.1 100.0% $ 154.9 100.0% The insurance in force and insured gross par outstanding by type of bond, excluding financial obligations guaranteed by MBIA Corp. on behalf of affiliated companies, are presented in the following table: As of December 31, $ in billions 2018 2017 Insurance Gross Par Insurance Gross Par Bond type in Force Amount in Force Amount Global public finance - United States: General obligation (1) $ 34.2 $ 17.3 $ 42.8 $ 22.9 General obligation - lease 4.0 3.0 5.1 3.8 Municipal utilities 14.2 9.5 17.7 11.8 Tax-backed 24.0 11.2 26.5 12.4 Transportation 12.0 4.8 15.2 6.9 Higher education 2.5 1.7 3.2 2.1 Health care 1.7 1.2 2.6 1.8 Military housing 15.8 7.2 16.3 7.3 Investor-owned utilities (2) 2.0 1.3 3.1 2.0 Municipal housing 0.3 0.2 0.4 0.3 Other (3) 0.9 0.5 1.1 0.6 Total United States 111.6 57.9 134.0 71.9 Global public finance - non-United States: International utilities 1.4 1.2 1.7 1.4 Sovereign-related and sub-sovereign (4) 3.5 2.5 3.8 2.7 Transportation 3.0 2.5 4.5 3.6 Other (5) 0.1 0.1 0.2 0.1 Total non-United States 8.0 6.3 10.2 7.8 Total global public finance 119.6 64.2 144.2 79.7 Global structured finance: Collateralized debt obligations (6) 0.5 0.4 0.5 0.4 Mortgage-backed residential 3.4 2.5 4.7 3.6 Mortgage-backed commercial 0.6 0.3 0.7 0.3 Consumer asset-backed 0.5 0.4 0.9 0.7 Corporate asset-backed (7) 3.5 2.0 3.9 2.3 Total global structured finance 8.5 5.6 10.7 7.3 Total $ 128.1 $ 69.8 $ 154.9 $ 87.0 ___________________ (1) - Includes general obligation unlimited and limited (property) tax bonds, general fund obligation bonds and pension obligation bonds of states, cities, counties, schools and special districts. (2) - Includes investor owned utilities, industrial development and pollution control revenue bonds. (3) - Includes certain non-profit enterprises, stadium related financing and student loans. (4) - Includes regions, departments or their equivalent in each jurisdiction as well as sovereign owned entities that are supported by a sovereign state, region or department. (5) - Includes municipal owned entities backed by sponsoring local government and tax backed transactions. (6) - Includes a transaction (represented by structured pools of CRE assets) that does not include typical CDO structuring characteristics, such as tranched credit risk, cash flow waterfalls, or interest and over-collateralization coverage tests. (7) - As of December 31, 2018, includes structured insurance securitizations of $2.2 billion and $1.0 billion of insurance in force and gross par amount, respectively. As of December 31, 2017, includes structured insurance securitizations of $2.3 billion and $1.1 billion of insurance in force and gross par amount, respectively. Affiliated Financial Obligations Insured by MBIA Corp. Investment agreement contracts and MTNs issued by the Company’s corporate segment and the Facility issued by the Company’s international and structured finance insurance segment are insured by MBIA Corp. and are not included in the previous tables. If MBIA Inc. or these subsidiaries were to have insufficient assets to pay amounts due, MBIA Corp. would be obligated to make such payments under its insurance policies. As of December 31, 2018 , the max imum amount of future payments that MBIA Corp. could be required to make under these guarantees is $ 2.0 billion. These guarantees, which mature through 2037 , were entered into on an arm’s length basis. MBIA Corp. has both direct reco urse provisions and subrogation rights in these transactions. If MBIA Corp. is required to make a payment under any of these affiliate guarantees, it would have the right to seek reimbursement from such affiliate and to liquidate any collateral to recover amounts paid under the guarantee. Reinsured Exposure Reinsurance enables the Company to cede exposure for purposes of syndicating risk . The Company generally retains the right to reassume the business ceded to reinsurers under certain circumstances, including a reinsurer’s rating downgrade below specified thresholds. At this time, t he Company does not intend to utilize reinsurance to decre ase the insured exposure in its portfolio. MBIA requires certain unauthorized reinsurers to maintain bank letters of credit or establish trust accounts to cover liabilities ceded to such reinsurers under reinsurance contracts. The Company remains liable o n a primary basis for all reinsured risk . MBIA believes that its reinsurers remain capable of meeting their obligations, although, there can be no assurance of such in the future. The aggregate amount of insurance in force ceded by MBIA to reinsurers was $ 4.2 billion and $ 5.1 billion as of December 31, 2018 and 2017 , respectively. As of December 31, 2018 , the aggregate amount of insured par outstanding ceded by MBIA to reinsurers under reinsurance agreements was $ 2.2 billion compared with $ 2.7 billion as of December 31, 2017 . As of December 31, 2018 , $ 1.7 billion of the ceded par outstanding was ceded from the Company’s U.S. public finance insurance segment and $ 499 million was ceded from the Company’s international and structured finance insura nce segment. Und er National’s reinsurance agreement with MBIA Corp., if a reinsurer of MBIA Corp. is unable to pay claims ceded by MBIA Corp. on U.S. public finance exposure, National will assume liability for such ceded claim payments. The following table presents information about the Company’s reinsurance agreements as of December 31, 2018 for its U.S. public finance and international and structured finance insurance operations. In millions Standard & Letters of Poor's Rating Moody's Rating Ceded Par Credit/ Trust Reinsurance Reinsurers (Status) (Status) Outstanding Accounts Recoverable (1) Assured Guaranty Re Ltd. AA WR (2) $ 1,009 $ 27 $ 4 (Stable Outlook) Assured Guaranty Corp. AA A3 870 - 2 (Stable Outlook) (Stable Outlook) Overseas Private AA+ Aaa 244 - - Investment Corporation (Stable Outlook) (Stable Outlook) Others A+ or above WR (2) 71 3 - Total $ 2,194 $ 30 $ 6 _______________ (1) - Total reinsurance recoverable is primarily related to recoverables on unpaid losses. (2) - Represents a withdrawal of ratings.

Insurance Regulations and Divid

Insurance Regulations and Dividends	12 Months Ended
	Dec. 31, 2018
Insurance Regulations And Dividends [Abstract]
Insurance Regulations And Dividends	Note 14: Insurance Regulations and Dividends National and MBIA Insurance Corp oration are subject to insurance regulations and supervision of the State of New York (their state of domicile ) and all U.S. and non-U.S. jurisdictions in which they are licensed to conduct insurance business. In order to maintain their New York State financial guarantee insurance license, National and MBIA Insurance Corporation are required to maintain a minimum of $ 65 million of policyholders’ surplus. MBIA Mexico is regulated by the Comisión Nacional de Seguros y Fianzas in Mexico. MBIA Corp.’s Spanish Branch is subject to local regulation in Spain . The extent of insurance regulation and supervision varies by ju risdiction, but New York and most other jurisdictions have laws and regulations prescribing minimum standards of solvency and business conduct, which must be maintained by insurance companies. Among other things, these laws prescribe permitted classes and concentrations of investments and limit both the aggregate and individual securities risks that National and MBIA Insurance Corp oration may insure on a net basis based on the type of obligations insured. In addition, some insurance laws and regulations req uire the approval or filing of policy forms and rates. National and MBIA Insurance Corp oration are required to file detailed annual financial statements with the NYSDFS . The operations and accounts of National and MBIA Insurance Corp oration are subject to examination by regulatory agencies at regular intervals. Statutory Capital and Regulations National For the years ended December 31, 2018 and 2017 , National h ad statutory net loss es of $ 27 million and $ 321 million, respectively. As of December 31, 2018 , Nation al’s statutory capital was $ 2.5 billion, consisting of policyholders’ surplus of $ 2.0 billion a nd contingency r eserves of $ 522 m illion. As of December 31, 2017 , National had statutory capital of $ 2.8 billion . MBIA Insurance Corporation As of December 31, 2018 , MBIA Insurance Corp oration ’s statut ory capital was $ 555 m illion, consisting of policyholders’ surplus of $ 356 m illion and contingency reserve of $ 199 million. As of December 31, 2017 , MBIA Insurance Corp oration had statutory capital of $ 464 m il lion. F or the years ended December 31, 2018 and 2017 , MBIA Insurance Corporation had statutory net income of $ 134 million and $ 107 million, respectively. MBIA Insurance Corporation’s policyholders’ surplus as of December 31, 2018 and 2017 included negative unassigned surplus of $ 1.7 billion and $ 1.8 billion, respectively. MBIA Insurance Corporation’s policyholders’ surplus may be further negatively impacted if future additional insured losses are incurred. As of December 31, 2018 and 2017 , MBIA Insurance Corporation was in compliance with its aggregate risk limits under the NYIL , but was not in compliance with certain of its single risk limits. If new overages occur with respect to its single risk limits, MBIA Insurance Corporation will report them to the NYSDFS. Under NYIL , MBIA Insurance Corporation is also required to establish a contingency reserve to provide protection to policyholders in the event of extreme losses in adverse economic events. The amount of the reserve is based on the percentage of principal insured or premiums earned, depending on the type of obligation (net of collateral, reinsurance, refunding, refinancings and certain i nsured securities). Under NYIL, MBIA Insurance Corporation is required to invest its minimum surplus and contingency reserves, and 50 % of its loss reserves and unearned premium reserves, in certain qualifying assets. As of December 31, 2018 , MBIA Insurance Corporation maintained its minimum requirement of policyholders’ surplus but did not have enough qualifying assets to support its contingency reserves and 50 % of its loss reserves and unearned premium reserves. Not having enough qualifying as sets to support its contingency reserves limits the amount of earned surplus that might otherwise be available for the payment of dividends. R eductions in the contingency reserve may be recognized based on excess reserves and under cert ain stipulated conditions, subject to the approval of the Superintendent of the NYSDFS . If MBIA Insurance Corporation does not compl y with the above mentioned requirements, the NYSDFS may prevent MBIA Insurance Corporation from transacting any new financial guarantee insurance business until it no longer exceeds the limitations. Dividends NYIL regulates the payment of dividends by fina ncial guarantee insurance companies and provides that such companies may not declare or distribute dividends except out of statutory earned surplus. Under N YIL, the sum of (i) the amount of dividends declared or distributed during the preceding 12-month pe riod and (ii) the dividend to be declared may not exceed the lesser of (a) 10 % of policyholders’ surplus, as reported in the latest statutory financial statements or (b) 100 % of adjusted net investment income for such 12 -month period (the net investment income for such 12-month period plus the excess, if any, of net investment income over dividends declared or distributed during the two-year period preceding such 12-month period), unless the Superintendent of the NYSDFS a pproves a greater dividend distribution based upon a finding that the insurer will retain sufficient surplus to support its obligations. In 2018 and 2017 , National declared and paid dividends of $ 108 million and $ 118 mi llion, respectively, to its ultimate parent, MBIA Inc. In 2018 , MBIA Insurance Corp oration did not declare or pay any dividends to MBIA Inc. or the holders of its preferred stock. MBIA Insurance Corp oration is currently unable to pay dividends, including those related to its preferred stock, as a result of its earned surplus deficit as of December 31, 2018 and is not expected to have any statutory capacity to pay any dividends in the near term. In connect ion with MBIA Insurance Corp oration obtaining approval from the NYSDFS to release excess contingency reserves in previous periods , MBIA Insurance Corp oration agreed that it would not pay any dividends without prior approval from the NYSDFS.

Pension and Profit- Sharing Pla

Pension and Profit- Sharing Plans	12 Months Ended
	Dec. 31, 2018
Pension And Profit Sharing Plans [Abstract]
Pension And Profit Sharing Plans	Note 15: Pension and Profit Sharing Plans The Company maintains a qualified non-contributory defined contribution pension plan to which the Company contributes 10 % of each eligible employee’s annual compensation. Annual compensation for determining such contributions consists of base salary and bonus, as applicable , up to a maximum of $ 2 million in 2018 and 2017 . Pension benefits vest over a five-year period with 20 % vested after two years, 60 % vested after three years, 80 % vested after four years and 100 % vested after five years. The Company funds the annual pension contribution by the following February of each applicable year. Pension expense related to the Company’s qualified pension plan for the years ended December 31, 2018 , 2017 and 2016 was $ 1 million, $ 2 million, and $ 1 million , respectively . The Company also maintains a qualified profit sharing/401(k) plan. The plan is a voluntary contributory plan that allows eligible employees to defer compensation for fed eral income tax purposes under Section 401(k) of the Internal Revenue Code of 1986, as amended. Employees may contribute, through payroll deductions, up to 25 % of eligible compensation. The Company matches employee contributions up to the first 5 % of such compensation. The 401(k) matching contributions are made in the form of cash, whereby participants may direct the Company match to an investment of their choice. The 401(k) matching benefit s vest over a five-year period with 20 % vested after two years, 60 % vested after three years, 80 % vested after four years and 100 % vested after five years. Generally, a participating employee is entitled to distributions from the plans upon termination of employment, retirement, death or disability. Participants who quali fy for distribution may receive a single lump sum, transfer the assets to another qualified plan or individual retirement account, or receive a series of specified installment payments. Profit sharing/401(k) expense related to the Company’s qualified plan for each of the years ended December 31, 2018 , 2017 and 2016 was $ 1 million. In addition to the above two plans, the Company maintains a non-qualified deferred compensation plan. Contributions to the above qualified plans that e xceed limitations established by federal regulations are then contributed to the non-qualified deferred compensation plan. The non-qualified pension and profit sharing/401(k) expense for the years ended December 31, 2018 , 2017 and 2016 was $ 1 million, $ 3 million and $ 3 million, respectively .

Long-term Incentive Plans

Long-term Incentive Plans	12 Months Ended
	Dec. 31, 2018
Long-Term Incentive Plans [Abstract]
Long-Term Incentive Plans	Note 16: Long-term Incentive Plans Plan Description The Company maintains the MBIA Inc. 2005 Omnibus Incentive Plan (the “Omnibus Plan”), as amended on May 7, 2009 and May 1, 2012. Under the Omnibus Plan a maximum of 14,000,000 shares of the Company’s common stock can be used for any type of award including stock options, performance shares, performance units, restricted stock, restricted stock units and divide nd equivalents. A ny shares issued under the Omnibus Plan in connection with stock options shall be c ounted against this limit as 1 share covered by such option. For all awards other than stock options, any shares issued shall be counted against this limit as 1.28 shares for every share issued after th e May 1, 2012 amendment and two shares for every share issued prior to the May 1, 2012 amendment . The stock option component of the Omnibus Plan enables key employees of the Company and its subsidiaries to acquire shares of comm on stock of the Company or to benefit from appreciation in the price of the common stock of the Company. The stock option grants, which may be awarded every year, provide the right to purchase shares of common stock at the fair value of the stock on the da te of the grant. Options granted will either be Incentive Stock Options (“ISOs”) that qualify under Section 422(a) of the Internal Revenue Code, or Non-Qualified Stock Options (“NQSOs”). ISOs and NQSOs are granted at a price not less than 100% of the fair value, defined as the closing price on the grant date, of the Company’s common stock. Options are exercisable as specified at the time of grant depending on the level of the recipient (generally five years) and expire either seven or ten years from the date of grant (or shorter if specified or following termination of employment). Under the restricted stock component of the Omnibus Plan, certain employees are granted restricted shares of th e Company’s common stock. These awards have a re striction period lasting between three to seven years depending on the type of award, after which time the awards fully vest. During the vesting period, these shares may not be sold. Restricted stock may be granted to all employees. There were 2,471,234 shares available for future gr ants under the Omnibus Plan as of December 31, 2018 . I n accordance with accounting guidance for share-based payments, the Company expenses the fair value of employee stock options and other forms of stock-based compensation. In addition, the guidance cl assifies share-based payment awards as either liability awards, which are remeasured at fair value at each balance sheet date, or equity awards, which are measured on the grant date and not subsequently remeasured. Generally, awards with cash-based settlem ent repurchase features or that are settled at a fixed dollar amount are classified as liability awards, and changes in fair value will be reported in earnings. Awards with net-settlement features or that permit a cashless exercise with third-party brokers are classified as equity awards and changes in fair value are not reported in earnings. The Company’s long-term incentive plans include features which result in equity awards. In addition, the guidance requires the use of a forfeiture estimate. The Compan y uses historical employee termination information to estimate the forfeiture rate applied to current stock-based awards. The Company maintains voluntary retirement benefits , which provide certain benefits to eligible employees of the Company upon retireme nt. A description of these benefits is included in the Company’s proxy statement. One of the components of the retirement program for those employees that are retirement eligible is to continue to vest all performance-based stock options and restricted sha re awards beyond the retirement date in accordance with the original vesting terms and to immediately vest all outstanding time-based stock options and restricted share grants. The accounting guidance for share-based payment requires compensation costs for those employees to be recognized from the date of grant through the retirement eligible date. Accelerated expense , if any, relating to this retirement benefit for both stock option awards and restricted stock awards has been included in the compensation e xpense amounts. Restricted Stock The fair value of the restricted shares awarded , net of cancellations, determi ned on the grant date was $ 37 million and $ 6 million for 2018 and 2017 , respecti vely. The amount of unearned compensation, net of estimated forfeitures, was $ 36 million as of December 31, 2018 , which is expected to be recognized as expense over a weighted average period of 3.3 years. Unear ned compensation is amortized to expense over the appropriate vesting period . Compensation expense related to the restricted shares, net of estimated forfeitures, was $ 6 million, $ 10 million and $ 16 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. There was no tax charge related to the restricted share awards during 2018 and 2017 after consideration of the Company’s valuation allowance. The tax char ge related to the restricted share awards during 2016 was $ 1 million. A summary of the Company’s restricted shares outstanding as of December 31, 2018 , 2017 and 2016 , and changes during the years ended on those dates, is presented in the following table: Restricted Share Activity 2018 2017 2016 Number of Shares Weighted Average Price Per Share Number of Shares Weighted Average Price Per Share Number of Shares Weighted Average Price Per Share Outstanding at beginning of year 2,392,978 $ 9.6142 3,916,661 $ 9.3553 4,727,319 $ 9.9302 Granted 3,668,801 9.9711 708,529 9.3740 756,381 8.2722 Vested (267,163) 10.0705 (1,051,657) 9.9732 (917,039) 13.6196 Forfeited (750,000) 9.9576 (1,180,555) 8.2912 (650,000) 6.2601 Outstanding at end of year 5,044,616 $ 9.7986 2,392,978 $ 9.6142 3,916,661 $ 9.3553 Stock Options The Company determines the fair value for stock option awards at the date of grant and is estimated using the Black-Scholes option pricing model. This model was developed for use in estimating the fair value of traded options that have no vesting restrictions, are fully transferable , and contain both service and some performance conditions. In addition, option valuation models require the input of highly subjective assumptions including the expected stock pri ce volatility. During 2018 , 2017 and 2016 , there were no stock option award s granted. The Company did not expense deferred tax assets during 2018 and 2017 after consideration of the Company’s valuation allowance. During 2016 , the Company expensed deferred tax assets of $ 1 million related to the stock option awards as a charge through the statements of operations. As of December 31, 2018 , there was no remaining unrecognized compen sation cost and all stock options had vested . There were no stock options outstanding as of December 31, 201 8 . A summary of the Company’s stock options activity as of December 31, 2017 and 2016 , and changes during the years ended on those dates, is presented in the following tables: 2017 2016 Weighted Weighted Average Average Number of Price Number of Price Options Shares Per Share Shares Per Share Outstanding at beginning of year 237,800 $ 14.6689 2,325,300 $ 6.3703 Exercised (200,000) 5.0500 (2,050,000) 4.4722 Expired or forfeited (37,800) 65.5624 (37,500) 57.5100 Outstanding at end of year - $ - 237,800 $ 14.6689 Exercisable at end of year - $ - 237,800 $ 14.6689 Performance Based Awards During 2018 and 2017, the Company granted 247,286 and 65,287 restricted shares to certain key employees which have a vesting schedule dependent on the achievement of certain stock price targets of the Company . During 2017, the Company granted 127,001 restricted shares to certain key employees which have a vesting schedule dependent on the achievement of certain internal performance conditions of the Company. The grants and corresponding compensation expense have been include d in the above restricted stock disclosures. As permitted by the accounting guidance for share-based payment s , the Company estimates the fair value of awards that contain market performance conditions at the date of grant u sing a binomial lattice model wit h a Monte Carlo simulation and recognizes compensation cost over the requisite service period . The binomial lattice model can better incorporate assumptions about a stock price path because the model can accommodate a large number of potential stock prices over the award’s term in comparison to the Black-Scholes model. The Company estimates the fair value of awards that contain internal performance conditions at the date of grant and recognizes compensation cost over the requisite service period if it is pr obable that the internal performance conditions will be achieved. The Company reassesses the probability of vesting at each reporting period and the final compensation cost associated with awards dependent on the achievement of certain internal performance conditions will reflect only those awards that ultimately vest.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Earnings Per Share	Note 17: Earnings Per Share Earnings p e r s h a r e is calculated using the two-class method in which earnings are allocated to common stock and participating securities based on their rights to receive nonforfeitable dividends or dividend equivalents. The Company grants restricted stock and restricted stock units to certain employees and non-employee directors in accordance with the Company’s long-term incentive programs, which entitle the participants to receive nonforfeitable dividends or dividend equivalents during the vesting period on the same basis as those dividends are paid to common shareholders. These unvested stock awards represent participating securities. During periods of net income, the calculation of earnings per share exclude the income attributable to par ticipating securities in the numerator and the dilutive impact of these securities from the denominator. During periods of net loss, no effect is given to participating securities in the numerator and the denominator excludes the dilutive impact of these s ecurities since they do not share in the losses of the Company. Basic earnings per share excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the peri od. Diluted earnings per share reflects the dilutive effect of all stock options, warrants and unvested restricted stock outstanding during the period that could potentially result in the issuance of common stock. The dilution from stock options, warrants and unvested restricted stock are calculated by applying the two-class method and using the treasury stock method. The treasury stock method assumes the proceeds from the exercise of stock options and warrants or the unrecognized compensation expense from unvested restricted stock will be used to purchase shares of the Company’s common stock at the average market price during the period. If the potentially dilutive securities disclosed in the table below are either exercised or vested, the transaction would be net share settled resulting in a significantly lower impact to the outstanding share balance. During periods of net loss, stock options, warrants and unvested restricted stock are excluded from the calculation because they would have an antidilutive af fect. Therefore, in periods of net loss, the calculation of basic and diluted earnings per share would result in the same value. T h e followin g tabl e present s th e computation of basic and diluted earnings per share f o r th e years ended December 31, 2018 , 2017 and 2016 : Years Ended December 31, In millions except per share amounts 2018 2017 2016 Basic earnings per share: Net income (loss) available to common shareholders (296) (1,605) (338) Basic weighted average shares (1) 89.0 118.9 133.0 Net income (loss) per basic common share $ (3.33) $ (13.50) $ (2.54) Diluted earnings per share: Net income (loss) available to common shareholders (296) (1,605) (338) Diluted weighted average shares 89.0 118.9 133.0 Net income (loss) per diluted common share $ (3.33) $ (13.50) $ (2.54) Potentially dilutive securities excluded from the diluted EPS because of antidilutive affect 4.4 14.1 16.5 (1) Includes 0.8 million, 0.3 million and 0.9 million of participating securities that met the service condition and were eligible to receive nonforfeitable dividends or dividend equivalents for the years ended December 31, 2018, 2017 and 2016, respectively.

Common and Preferred Stock

Common and Preferred Stock	12 Months Ended
	Dec. 31, 2018
Common And Preferred Stock [Abstract]
Common And Preferred Stock	Note 18: Common and Preferred Stock Common Stock Share Repurchase s Repurchases of common stock may be made from time to time in the open market or in private transactions as permitted by securities laws and other legal requirements. The Company believes that share repurchases can be an appropriate deployment of capital in excess of amounts needed to support the Company’s liquidity while maintaining the claims-paying resources of MBIA Corp. and National, as well as other business needs. On February 23, 2016, the Company’s Board of Directors authorized the repurchase by the Company or National of up to $ 100 million of its outstanding shares under a new share repurchase authorization. On June 27, 2017, the Company’s Board of Directors approved a new share repurchase authorization f or the Company or National to repurchase up to $ 250 million of the Company’s outstanding common shares. This new program replaced approximately $ 13 million remaining under the Board’s February 23, 2016 authorization. During 2017, the Company exhausted any remaining capacity under the June 27, 2017 authorization. On November 3, 2017, the Company’s Board of Directors approved a new share repurchase authorization for the Company or National to repurchase up to $ 250 million of the Company’s outstanding common s hares. The following table provides information about the Company’s or National’s share repurchases for the years ended December 31, 2018 and 2017 : In millions, except per share amounts 2018 2017 Number of shares repurchased 5.8 43.0 Average price paid per share $ 8.21 $ 7.55 Remaining authorization as of December 31 $ 202 $ 250 Subsequent to December 31, 2018 through February 21 , 2019, the Company repurchased .5 million common shares of MBIA Inc. at an average share price of $8.94 under the November 3, 2017 share repurchase authorization. As of February 21, 2019, $198 million remained available under this new program. During 2018 and 2017 , 62,134 and 490,557 shares, respectively, were purchased by the Company for settling awards under t he Company’s long-term incentive plans. Stock Warrants In April and June of 2018, the holder of certain MBIA Inc. warrants exercised its right to purchase, in total, 11.85 million shares of MBIA Inc. common stock at an exercise price of $9.59 per share. As a result, the Company issued a total of 1.3 million shares of MBIA Inc. common stock to the holder in accordance with the cashless settlement provision of the warrants. As of December 31, 2018, there were no warrants outstanding. As of December 31, 2017 , the fair value of the warrants was $ 6 million and reported within “Other liabilitie s” on the consolidated balance sheet. Preferred Stock As of December 31, 2018 , MBIA Insurance Corporation had 2,759 shares of preferred stock issued and outstanding with a carrying value of $ 28 million , including 1,444 shares held by MBIA Inc. that were purchased at a weighted average price of $10,900 per share or 10.9 % of face value and 1,315 shares held by unaffiliated investors. During 201 8 , MBIA Inc. did not repurchase any additional shares. In accordance with MBIA’s fixed-rate election, the dividen d rate on the preferred stock was determined using a fixed-rate equivalent of LIBOR plus 200 basis points . Each share of preferred stock has a par value of $1,000 with a liquidation preference of $100,000. The holders of the preferred stock are generally n ot entitled to any voting rights. Subject to certain requirements, the preferred stock may be redeemed, in whole or in part, at the option of MBIA Corp. at any time or from time to time for cash at a redemption price equal to the liquidation preference per share plus any accrued and unpaid dividends thereon at the date of redemption for the then current dividend period and any previously accumulated dividends payable without interest on such unpaid dividends. As of December 31, 2018 and 2017 , there we re no dividends declared on the preferred stock. Payment of dividends on MBIA Corp.’s preferred stock is subject to the same restrictions that apply to dividends on common stock under NY IL .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Accumulated Other Comprehensive Income [Text Block]	Note 19: Accumulated Other Comprehensive Income T h e followin g tabl e present s th e changes in the components of AOCI fo r th e years ended December 31, 2018 , 2017 and 2016 : Unrealized Instrument-Specific Gains (Losses) Credit Risk of on AFS Foreign Currency Liabilities Measured In millions Securities, Net Translation, Net at Fair Value, Net Total Balance, January 1, 2016 $ (22) $ (39) $ - $ (61) Other comprehensive income (loss) before reclassifications 27 (95) - (68) Amounts reclassified from AOCI 1 - - 1 Net period other comprehensive income (loss) 28 (95) - (67) Balance, December 31, 2016 6 (134) - (128) Other comprehensive income (loss) before reclassifications (24) 125 - 101 (1) Amounts reclassified from AOCI 8 - - 8 Net period other comprehensive income (loss) (16) 125 - 109 Balance, December 31, 2017 $ (10) $ (9) $ - $ (19) ASU 2016-01 transition adjustment (2) - (162) (164) ASU 2018-02 transition adjustment (3) - - (3) Net period other comprehensive income (loss) (24) 2 52 30 Balance, December 31, 2018 $ (39) $ (7) $ (110) $ (156) ________________ (1) - Includes items included in the Company's loss calculation to adjust the carrying value of MBIA UK to its fair value less costs to sell for the year ended December 31, 2016. The sale was completed in January of 2017 and as such, these amounts included in AOCI were reversed and included in the Sale Transaction. T h e followin g tabl e present s th e details of the reclassifications from AOCI fo r th e years ended December 31, 2018 , 2017 and 2016 : In millions Amounts Reclassified from AOCI Years Ended December 31, Details about AOCI Components 2018 2017 2016 Affected Line Item on the Consolidated Statements of Operations Unrealized gains (losses) on AFS securities: Realized gain (loss) on sale of securities $ 6 $ 3 $ 7 Net gains (losses) on financial instruments at fair value and foreign exchange OTTI (5) (7) (4) Net investment losses related to OTTI Amortization on securities (1) (5) (6) Net investment income - (9) (3) Income (loss) before income taxes - (1) (2) Provision (benefit) for income taxes Total reclassifications for the period $ - $ (8) $ (1) Net income (loss)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Commitments and Contingencies	Note 20: Commitments and Contingencies MBIA has received subpoenas or informal inquiries from a variety of regulators, regarding a variety of subjects. MBIA has cooperated fully with each of these regulators and has or is in the process of satisfying all such requests. MBIA may receive additional inquiries from these or other regulators and expects to provide additional information to such regulators regarding their inquiries in the future. Litigation MBIA Insurance Corp. v. Credit Suisse Securities (USA) LLC, et al. ; Index N o. 603751/2009 (N.Y. Sup. Ct., N.Y. County) On December 14, 2009, MBIA Corp. commenced an action in New York State Supreme Court, New York County, against Credit Suisse. The complaint seeks damages for claims in connection with the procurement of financial guarantee insurance on the Home Equity Mortgage Trust Series 2007-2 securitization. On January 30, 2013, MBIA Corp. filed an amended complaint. MBIA’s claims currently include that Credit Suisse falsely represented : (i) the attributes of the securitized l oans; (ii) that the loans complied with the governing underwriting guidelines; and (iii) that Credit Suisse had conducted extensive due diligence on and quality control reviews of the securitized loans to ensure compliance with the underwriting guidelines and breached its contractual obligations to cure or repurchase loans found to be in breach of the representations and warranties applicable thereto. In May of 2018, Justice Kornreich, who had presided over the above-captioned case since its inception, reti red from the bench. On May 25, 2018, Justice Schecter was assigned to be the new presiding justice. At a pretrial conference on February 7, 2019, the Court scheduled a two-week trial to begin on July 22, 2019. Lynn Tilton and Patriarch Partners XV, LLC v. MBIA Inc. and MBIA Insurance Corp. v. ; Index No.68880/2015 (N.Y. Sup. Ct., County of Westchester) On November 2, 2015, Lynn Tilton and Patriarch Partners XV, LLC filed a complaint in New York State Supreme Court, Westchester County, against MBIA Inc. and M BIA Corp., alleging fraudulent inducement and related claims arising from purported promises made in connection with insurance policies issued by MBIA Corp. on certain collateralized loan obligations managed by Ms. Tilton and affiliated Patriarch entities, and seeking damages. The plaintiffs filed an amended complaint on January 15, 2016. On March 11, 2018, Ms. Tilton commenced the Zohar Funds Bankruptcy Cases. On May 21, 2018, the court approved the Zohar Bankruptcy Settlement. Subsequently, the parties to the above-captioned litigation jointly filed a request to stay the case for, at minimum, fifteen months, which was granted by Justice Walsh on June 11, 2018. Assured Guaranty Corp. et al. v. Commonwealth of Puerto Rico et al. , Case No. 17 BK 3567-LTS (D.P .R. June 3, 2017) (Swain, J.) On May 21, 2017, the Oversight Board filed a petition under Title III of PROMESA to adjust the debts for the Puerto Rico Highways & Transportation Authority (“PRHTA”). On June 3, 2017, National, together with Assured Guaranty Corp. and Assured Guaranty Municipal Corp. and Financial Guaranty Insurance Company, filed an adversary complaint PRHTA Title III case, alleging that the Commonwealth and PRHTA are unlawfully diverting pledged special revenues from the payment of certain P RHTA bonds to the Commonwealth’s General Fund. Motions to dismiss were filed on June 28, 2017, and oral arguments were heard on November 21, 2017. On January 30, 2018, the court granted the Commonwealth defendants’ motion to dismiss the PRHTA-related adver sary complaint. On February 9, 2018, National, together with Assured, Assured Guaranty Municipal Corp. and Financial Guaranty Insurance Company, filed their notice of appeal of the motions to dismiss to the United States Court of Appeals for the First Circ uit. Appellants filed their opening brief on May 9, 2018, and Appellees filed their opposition brief on July 9, 2018. Appellants’ reply brief was filed on August 8, 2018. Oral argument was held on November 5, 2018. The Financial Oversight and Management Bo ard for Puerto Rico, as representative of The Puerto Rico Electric Power Authority, et al. , Case No. 17 BK 4780-LTS (D.P.R. July 19, 2017) (Swain, J.) On July 18, 2017, National, together with other PREPA bondholders, asked the court overseeing PREPA’s Tit le III bankruptcy proceeding to lift the automatic bankruptcy stay, and permit bondholders to seek appointment of a receiver to oversee PREPA. On September 14, 2017, the court held that PROMESA barred relief from the stay because the appointment of a recei ver would (i) interfere with PREPA’s property and governmental powers, and (ii) violate the court’s exclusive jurisdiction over PREPA’s property. The court also held that a comparison of the harms facing both parties pointed towards denying relief from th e stay. The bondholders appealed the decision to the First Circuit. As of April 23, 2018, the appeal was fully briefed. The First Circuit heard oral argument on June 5, 2018. On August 8, 2018, the United State Court of Appeals for the First Circuit issued an order reversing Judge Swain’s decision on jurisdictional grounds and remanding the motion. On October 3, 2018, National, together with Assured Guaranty Corp., Assured Guaranty Municipal Corp., and Syncora Guarantee Inc. (collectively, “Movants”) filed an updated motion for relief from the automatic stay to allow Movants to exercise their statutory right to have a receiver appointed at PREPA. Discovery in connection with Movants’ motion is ongoing. The Court is scheduled to hold a hearing on the stay mot ion on May 8, 2019, and will continue the hearing to May 9, 2019, if necessary. The Official Committee of Unsecured Creditors of the Commonwealth of Puerto Rico, as agent of the Commonwealth of Puerto Rico v. Bettina Whyte, as agent of the Puerto Rico Sale s Tax Financing Corporation , Adv. Proc. No. 17-257-LTS in Case No. 17 BK 3283-LTS (D.P.R. Sept. 8, 2017) On August 10, 2017, the Court approved and entered a Stipulation and Order Approving Procedure to Resolve Commonwealth- COFINA Dispute in the PROMESA Title III proceeding relating to whether sales and use taxes purportedly pledged by COFINA to secure debt are property of the Commonwealth or COFINA under applicable law. On November 16, 2017, National intervened as a Defendant in the adversary proceeding and filed its answer, affirmative defenses, and counterclaims. On December 21, 2017, the Court issued an order, which, inter alia, dismissed without prejudice, certain claims of the intervenors that exceeded the scope of the Commonwealth-COFINA dispute inc luding certain of National's counterclaims. On June 5, 2018, the Commonwealth and COFINA Agents submitted a Joint Urgent Motion, which disclosed their agreement in principle to settle the Commonwealth-COFINA Dispute and related issues under the Agents’ med iation authority. Under the proposed settlement terms, COFINA and the Commonwealth would agree to share the statutory Pledged Sales Tax Base Amount. COFINA would receive (a) 53.65 % of the yearly scheduled Pledged Sales Tax Base Amount (beginning with payme nts made on July 1, 2018), and (b) 100 % of the funds on deposit prior to July 1, 2018 in the debt service accounts held by the Bank of New York Mellon. COFINA’s Title III plan of adjustment would provide that, to the extent permitted under applicable law, all restructured securities issued by reorganized COFINA (or a new entity established pursuant to COFINA’s Title III plan of adjustment) would be tax-exempt. The Title III Court held a hearing to approve the settlement agreement, as amended by the parties, and confirm a plan of adjustment in the COFINA case incorporating the settlement on January 16 and 17, 2019 (the “Confirmation Hearing”). The Court took confirmation of the plan of adjustment and approval of the Commonwealth/COFINA settlement under advise ment and directed the parties to submit supplementation by January 21, 2019 in support of the relief sought at the Confirmation Hearing and supplemental briefing by January 24, 2019 supporting the authority of the court to determine the substantive validit y of the new COFINA bond legislation and resolve constitutional challenges to the COFINA structure, among other things. On February 4, 2019, the District Court for the District of Puerto Rico entered the order confirming the Third Amended Title III Plan of Adjustment for COFINA. The plan effective date was February 12, 2019. For those aforementioned actions in which it is a defendant , the Company is defending against those actions and expects ultimately to prevail on the merits. There is no assurance, however, that the Company will prevail in these actions. Adverse rulings in these actions could have a material adverse effect on the Company’s ability to implement its strategy and on its business, results of operations, cash flows and financial condition. At this stage of the litigation, there has not been a determination as to the amount, if any, of damages. Accordingly, the Company is not able to estimate any amount of loss or range of loss. The Company similarly can provide no assurance that it will be successful in those actions in which it is a plaintiff. There are no other material lawsuits pending or, to the knowledge of the Company, threatened, to which the Company or any of it s subsidiaries is a part y. Lease Commitments The Company has a lease agreement for it s headquarters in Purchase, New York as well as other immaterial leases for offices in New York, New York and San Francisco, California. The Purchase, New York initial lea se term expires in 2030 with the option to terminate the lease in 2025 upon the payment of a termination amount. This lease agreement included an incentive amount to fund certain leasehold improvements, renewal options, escalation clauses and a free rent period. This lease agreement has been classified as an operating lease, and operating rent expense has been recognized on a straight-line basis since the second quarter of 2014. As of December 31, 2018, total future minimum lease payments remaining on this lease were $ 34 million .

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Subsequent Events	Note 21: Subsequent Events Re f e r t o “ Note 20: Commitments and Contingencies ” f o r in f o rm a t i o n a bou t l e ga l p r o c eed i ng s t ha t o cc u rr e d a f t e r December 31, 2018 .

Schedule I- Investments

Schedule I- Investments	12 Months Ended
	Dec. 31, 2018
Summary of Investments, Other than Investments in Related Parties [Abstract]
Schedule I - Summary Of Investments, Other Than Investments In Related Parties	SCHEDULE I MBIA INC. AND SUBSIDIARIES SUMMARY OF INVESTMENTS, OTHER THAN INVESTMENTS IN RELATED PARTIES December 31, 2018 (In millions) December 31, 2018 Amount at which shown in the Type of investment Cost Fair Value balance sheet Available-for-sale: U.S. Treasury and government agency $ 916 $ 932 $ 932 State and municipal bonds 641 727 727 Foreign governments 3 3 3 Corporate obligations 1,457 1,332 1,332 Mortgage-backed securities: Residential mortgage-backed agency 218 214 214 Residential mortgage-backed non-agency 30 27 27 Commercial mortgage-backed 53 51 51 Asset-backed securities: Collateralized debt obligations 122 119 119 Other asset-backed 178 177 177 Total long-term available-for-sale 3,618 3,582 3,582 Short-term available-for-sale 199 199 199 Total available-for-sale 3,817 3,781 3,781 Investments at fair value 300 290 290 Other investments 1 1 1 Total investments $ 4,118 $ 4,072 $ 4,072 Assets of consolidated variable interest entities: Investments at fair value 143 157 157 Held-to-maturity: Corporate obligations 890 925 890 Loans receivable 159 172 172 Total investments of consolidated variable interest entities $ 1,192 $ 1,254 $ 1,219

Schedule II- Parent Company Fin

Schedule II- Parent Company Financials	12 Months Ended
	Dec. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Financial Information of Parent Company Only Disclosure	SCHEDULE II MBIA INC. (PARENT COMPANY) CONDENSED BALANCE SHEETS (In millions except share and per share amounts) December 31, 2018 December 31, 2017 Assets Investments: Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $815 and $590) $ 839 $ 639 Investments carried at fair value 7 8 Investments pledged as collateral, at fair value (amortized cost $49 and $155) 46 148 Short-term investments held as available-for-sale, at fair value (amortized cost $83 and $283) 83 283 Other investments - 1 Total investments 975 1,079 Cash and cash equivalents 40 10 Investment in wholly-owned subsidiaries 1,876 2,290 Other assets 130 144 Total assets $ 3,021 $ 3,523 Liabilities and Shareholders' Equity Liabilities: Investment agreements $ 276 $ 301 Long-term debt 577 576 Affiliate loans payable 729 772 Income taxes payable 138 237 Other liabilities 182 224 Total liabilities 1,902 2,110 Shareholders' Equity: Preferred stock, par value $1 per share; authorized shares--10,000,000; issued and outstanding--none - - Common stock, par value $1 per share; authorized shares--400,000,000; issued shares--283,625,689 and 283,717,973 284 284 Additional paid-in capital 3,025 3,171 Retained earnings 966 1,095 Accumulated other comprehensive income (loss), net of tax (156) (19) Treasury stock, at cost--193,803,976 and 192,233,526 shares (3,000) (3,118) Total shareholders' equity of MBIA Inc. 1,119 1,413 Total liabilities and shareholders' equity $ 3,021 $ 3,523 The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the accompanying notes. SCHEDULE II MBIA INC. (PARENT COMPANY) CONDENSED STATEMENTS OF OPERATIONS (In millions) Years ended December 31, 2018 2017 2016 Revenues: Net investment income $ 35 $ 35 $ 29 Net gains (losses) on financial instruments at fair value and foreign exchange 20 (34) (13) Investment losses related to other-than-temporary impairments: Investment losses related to other-than-temporary impairments - - (1) Other-than-temporary impairments recognized in accumulated other comprehensive income (loss) - - - Net investment losses related to other-than-temporary impairments - - (1) Net gains (losses) on extinguishment of debt 3 28 5 Other net realized gains (losses) (2) (3) (5) Total revenues 56 26 15 Expenses: Operating 11 13 16 Interest 93 87 90 Total expenses 104 100 106 Gain (loss) before income taxes and equity in earnings of subsidiaries (48) (74) (91) Provision (benefit) for income taxes (35) 507 (15) Gain (loss) before equity in earnings of subsidiaries (13) (581) (76) Equity in net income (loss) of subsidiaries (283) (1,024) (262) Net income (loss) $ (296) $ (1,605) $ (338) The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the accompanying notes. SCHEDULE II MBIA INC. (PARENT COMPANY) CONDENSED STATEMENTS OF CASH FLOWS (In millions) Years ended December 31, 2018 2017 2016 Cash flows from operating activities: Fees and reimbursements received $ - $ - $ 4 Investment income received 132 141 144 Operating expenses paid (17) (27) (18) Interest paid, net of interest converted to principal (91) (101) (93) Income taxes (paid) received (16) 26 73 Net cash provided (used) by operating activities 8 39 110 Cash flows from investing activities: Purchases of available-for-sale investments (495) (164) (129) Sales of available-for-sale investments 175 172 165 Paydowns and maturities of available-for-sale investments 101 152 90 Purchases of investments at fair value (9) (70) (57) Sales, paydowns and maturities of investments at fair value 10 71 58 Sales, paydowns and maturities (purchases) of short-term investments, net 262 (34) 1 (Payments) proceeds for derivative settlements (24) (30) (37) Collateral (to) from counterparty - 4 52 Contributions to subsidiaries, net 51 (12) (10) Advances to subsidiaries, net 3 (3) - Net cash provided (used) by investing activities 74 86 133 Cash flows from financing activities: Proceeds from investment agreements 11 15 16 Principal paydowns of investment agreements (35) (72) (71) Proceeds from long-term debt 40 127 - Payments for affiliate loans (71) (142) (111) Purchases of treasury stock - (65) (108) Restricted stock awards settlements 4 11 8 Net cash provided (used) by financing activities (51) (126) (266) Effect of exchange rates on cash and cash equivalents (1) (2) 1 Net increase (decrease) in cash and cash equivalents 30 (3) (22) Cash and cash equivalents - beginning of year 10 13 35 Cash and cash equivalents - end of year $ 40 $ 10 $ 13 Reconciliation of net income (loss) to net cash provided (used) by operating activities: Net income (loss) $ (296) $ (1,605) $ (338) Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: Change in: Intercompany accounts receivable (9) (22) (8) Current income taxes (15) 48 78 Equity in earnings of subsidiaries 283 1,024 262 Dividends from subsidiaries 112 118 118 Net (gains) losses on financial instruments at fair value and foreign exchange (20) 34 13 Deferred income tax provision (benefit) (35) 485 (20) (Gains) losses on extinguishment of debt - (28) (5) Other operating (12) (15) 10 Total adjustments to net income (loss) 304 1,644 448 Net cash provided (used) by operating activities $ 8 $ 39 $ 110 The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the accompanying notes. SCHEDULE II MBIA INC. (PARENT COMPANY) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. Condensed Financial Statements Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. This includes the statements of comprehensive income (loss) which is exactly the same as the Company’s consolidated statements of comprehensive income (loss). It is suggested that these condensed financial statements be read in conjunction with the Company’s consolidated financial statements and the notes thereto. The activities o f MBIA Inc. (the “Parent Company”) consist of general corporate activities and funding activities, which principally include holding and managing investments, servicing outstanding corporate debt, investment agreements issued by the Parent Company and its subsidiaries, and posting collateral under investment agreement and derivative contracts. The Parent Company is subject to the same liquidity risks and uncertainties as described in footnote 1 to the Company’s consolidated financial statements. As of December 31, 2018 , the liquidity position of the Parent Company, which included cash and cash equivalents or short-term investments comprised of highly rated commercial paper, money market funds and municipal, U.S. agency and corporate bonds for general corp orate purposes, excluding the amount held in escrow under its tax sharing agreement, was $ 457 million. During 2018 , National Public Finance Guarantee Corporation (“National”) purchased from the Parent Company, $44 million principal amount of MBIA Inc. 5.700% Senior Notes due 2034 and $10 million principal amount of MBIA Inc. 7.000% Debentures due 2025 that were previously repurchased by the Parent Company and had not been retired. During 2017 , National purchased from the Parent Company, $ 1 29 million principal amount of MBIA Inc. 5.700% Senior Notes due 2034 that were previously repurchased by the Parent Company and had not been retired . The MBIA Inc. 5.700% Senior Notes due 2034 and the MBIA Inc. 7.000% Debentures that were purchased by Nat ional are eliminated from the Parent Company’s condensed balance sheet. 2. Accounting Policies T he Parent Company carries its investments in subsidiaries under the equity method. Certain amounts have been reclassified in prior years’ financial statements t o conform to the current presentation. This includes a change in the classification of certain cash receipts and cash payments on the Company’s consolidated statements of cash flows resulting from the adoption of Accounting Standards Update (“ASU”) 2016-15 , “Statement of Cash Flows (Topic 230)”. This classification change affected “Interest paid, net of interest converted to principal”, in operating cash flows, and “Principal paydowns of investment agreements” and “Payments for affiliate loans”, in financin g cash flows, on the Company’s consolidated statements of cash flows for the prior periods. Such reclassifications did not materially impact total revenues, expenses, assets, liabilities, shareholders’ equity, operating cash flows, investing cash flows, or financing cash flows for all periods presented. For a further discussion of significant accounting policies and recent accounting pronouncements, refer to footnotes 2 and 3 to the Company’s consolidated financial statements. 3. Dividends from Subsidiaries During 2018 , National declared and paid a dividend of $108 million to its ultimate parent, MBIA Inc. In addition, National Public Finance Guarantee Holdings, Inc. declared and paid a dividend of $ 1 million to the Parent Company and MBIA Capital Corp. declared and paid a dividend of $ 3 million to the Parent Company. During 2017 and 2016 , National Public Finance Guarantee Holdings, Inc. declared and paid a dividend of $ 118 million to the Parent Company. 4. Deferred Tax Asset, Net of Valuation Allowance The Parent Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred ta x assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized. The Parent Comp any considered all available positive and negative evidence as required by generally accepted accounting principles , to estimate if sufficient taxable income will be generated to use its net deferred tax asset . After considering all positive and negative e vidence, including the Parent Company’s inability to objectively identify and forecast future sources of taxable income, the Parent Company concluded in the second quarter of 2017 it did not have sufficient positive evidence to support its ability to use i ts net deferred tax asset before it would expire. Acc ordingly, the Parent Company established a full valuation allowance against its net deferred tax asset. For a further discussion of the net deferred tax asset, refer to footnote 11 to the Company’s conso lidated financial statements. 5 . Obligations under Investment Agreements I nvestment agreement s , as described in footnote 10 to the Company’s consolidated financial statements, are conducted by both the Parent Company and its wholly - owned subsidiary, MBIA Investment Management Corp. 6 . Pledged Collateral Substantially all of the obligations under investment agreements require the Parent Company and its subsidiaries to pledge securities as collateral. As of December 31, 2018 and 2017 , the fair value o f securities pledged as collateral with respect to these investment agreements approximated $ 314 million and $ 350 million, respectively. The Parent Company’s collateral as of December 31, 2018 , consisted principally of U.S. Treasury and government agenc y and state and municipal bonds, and was primarily held with major U.S. banks. Under derivative contracts entered into by the Parent Company , collateral postings are required by either the Parent Company or the counterparty when the aggregate market value of derivative contracts entered into with the same counterparty exceeds a predefined threshold. As of December 31, 2018 and 2017 , the Parent Company and its subsidiaries pledged securities with a fair value of $ 2 05 million and $ 237 million, respecti vely, to derivative counterparties . 7 . Affiliate Loans Payable Affiliate loans payable consists of loans payable to MBIA Global Funding, LLC (“GFL”). GFL raise d funds through the issuance of medium-term notes with varying maturities, which were , in turn, guaranteed by MBIA Corp. GFL len t the proceeds of these medium-term note issuances to the Parent Company .

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
	Dec. 31, 2018
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Supplemental Schedule of Reinsurance Premiums for Insurance Companies	SCHEDULE IV MBIA INC. AND SUBSIDIARIES REINSURANCE Years Ended December 31, 2018, 2017 and 2016 (In millions) Column A Column B Column C Column D Column E Column F Assumed Percentage From of Amount Insurance Direct Ceded to Other Net Assumed Premium Written Amount Others Companies Amount to Net 2018 $ 3 $ 1 $ - $ 2 0% 2017 $ (1) $ 1 $ - $ (2) 0% 2016 $ 37 $ 1 $ - $ 36 0%

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“ GAAP ”) . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and exp enses during the reporting period. Actual results could differ from those estimates. As additional information becomes available or actual amounts become determinable, the recorded estimates are revised and reflected in operating results. Certain amounts h ave been reclassified in prior years’ financial statements to conform to the current presentation. This includes a change in the classification of certain cash receipts and cash payments on the Company’s consolidated statements of cash flows as resulting fr om the adoption of Accounting Standards Update (“ASU”) 2016-15, “Statement of Cash Flows (Topic 230)”. This classification change affected “Interest paid, net of interest converted to principal”, in operating cash flows, and “Principal paydowns of investme nt agreements” and “Principal paydowns of medium-term notes”, in financing cash flows, on the Company’s consolidated statements of cash flows for the prior period. Such reclassifications did not materially impact total revenues, expenses, assets, liabilitie s, shareholders’ equity, operating cash flows, investing cash flows, or financing cash flows for all periods presented. Refer to “Note 3: Recent Accounting Pronouncements” for additional recent accounting standards that impact the Company.
Consolidation	Consolidation Th e consolidated financial statements include the accounts of MBIA Inc., its wholly-owned subsidiaries and all other entities in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated. The Comp any determines whether it has a controlling financial interest in an entity by first evaluating whether an entity is a voting interest entity or a VIE. Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable an entity to finance its activities independently and (ii) the equity holders have the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. Voting interest entities are con solidated when the Company has a majority voting interest. VIEs are entities that lack one or more of the characteristics of a voting interest entity. The consolidation of a VIE is required if an entity has a variable interest (such as an equity or debt in vestment, a beneficial interest, a guarantee, a written put option or a similar obligation) and that variable interest or interests give it a controlling financial interest in the VIE. A controlling financial interest is present when an enterprise has both (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The ente rprise with the controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. The Company consolidates all VIEs in which it is the primary beneficiary. T he Company elected to apply the fair value option to all financ ial assets and financial liabilities of certain consolidated VIEs on a VIE-by-VIE basis. Refer to “ Note 4: Variable Interest Entities ” for additional information.
Investments	Investments The Company classifies its investments as available-for-sale (“ AFS”) , held-to-maturity (“HTM”) , or trading. A FS investments are reported in the consolidated balance sheets at fair value with unrealized gains and losses, net of applicable deferred income taxes, reflected in accumulated other comprehensive income (loss) (“AOCI”) in shareholders’ equity. Investmen ts carried at fair value are reported in the consolidated balance sheets at fair value and changes in fair value and realized gains and losses from the sale of these securities are reflected in earnings as part of “Net gains (losses) on financial instrumen ts at fair value and foreign exchange .” Investments carried at fair value consist of certain investments elected under the fair value option. Short-term investments held as AFS include all fixed-maturity securities with a remaining maturity of less than on e year at the date of purchase, commercial paper and money market securities. HTM investments are reported in the consolidated balance sheets at amortized cost. D ebt securities are classified as HTM investments when the Company has the ability and intent to hold such investments to maturity. Investment income is recorded as earned. Bond discounts and premiums are amortized using the effective yield method over the remaining term of the securities and reported in “Net investment income.” For mortgage-backed securities (“ MBS ”) and asset-backed securities (“A BS ”), discounts and premiums are amortized using the retrospective method . Realized gains and losses represent the difference between the amortized cost value and the sale proceeds. Other-Than-Temporary I mpairments on Investment s The Company’s consolidated statements of operations reflect the full impairment (the difference between a security’s amortized cost basis and fair value) on debt securities that the Company intends to sell or would more likely tha n not be required to sell before the expected recovery of the amortized cost basis. For AFS and HTM debt securities that management has no intent to sell and believes that it is more likely than not such securities will not be required to be sold prior to recovery, only the credit loss component of the impairment is recognized in earnings. For AFS securities, the remaining fair value loss is recognized in AOCI , net of applicable deferred income taxes. The Company’s AFS and HTM securities for which the fair value is less than amortized cost are reviewed no less than quarterly in order to determine whether a credit loss exists. This evaluation includes both qualitative and quantitative considerations. In assessing whether a decline in value is related to a cre dit loss, the Company considers several factors, including but not limited to (a) the magnitude and duration of the decline, (b) credit indicators and the reasons for the decline, such as general interest rate or credit spread movements, credit rating down grades, issuer-specific changes in credit spreads, and the financial condition of the issuer, and (c) any guarantees associated with a security such as those provided by financial guarantee insurance companies. Credit loss expectations for ABS and collater alized debt obligations (“ CDOs ”) are assessed using discounted cash flow modeling, and the recoverability of amortized cost for corporate obligations is generally assessed using issuer-specific credit analyses.
Cash, Cash Equivalents and Collateral	Cash and Cash Equivalents Cash and cash equi valents include cash on hand , demand deposits , and deposits with banks with original maturities of less than three months .
Deferred Policy Acquisition Costs	Deferred Acquisition Costs The Company capitalized and deferred acquisition costs that were directly related to new or renewal insurance business. A cquisition costs are costs to acquire an insurance contract which result directly from and are essential to the insurance contracts transaction and would not have been incurred by the Company had the contract transaction not occurred. Acquisition costs include compensation of employees involved in underwriting, certain rating agency fees, state premium taxes and certain other underwriting expenses, reduced by ceding commission income on premiums ceded to reinsurers. A cquisition costs al so include d ceding commissions paid by the Company in connection with assuming business from other financial guarantors. A cquisition costs, net of ceding commissions received, related to non-derivative insured financial guarantee transactions are deferred and amortized over the period in which the related premiums are earned.
Derivatives	Derivatives D erivative instruments are reported at fair value on the consolidated balance sheets as either assets or liabilities depending on the rights or obligations under the contract, and changes in fair value are reported in the consolidated statements of operations as “Net gains (losses) on financial instruments at fair value and foreign exchange” or “Unrealized gains (losses) on insured derivatives” depending on the nature of the derivative. The net change in the fair value of the Company’s insured derivatives has two primary components: (i) realized gains (losses) and other settlements on insured derivatives and (ii) unrealized gains (losses) on insured derivatives. “Realized gains (losses) and other settlements on insured derivatives” inclu de (i) premiums received and receivable on sold CDS contracts, (ii) premiums paid and payable to reinsurers in respect to CDS contracts, (iii) net amounts received or paid on reinsurance commutations, (iv) losses paid and payable to CDS contract counterpar ties due to the occurrence of a credit event or settlement agreement, (v) losses recovered and recoverable on purchased CDS contracts due to the occurrence of a credit event or settlement agreement and (vi) fees relating to CDS contracts. “Unrealized gains (losses) on insured derivatives” includes all other changes in fair value of the insured derivative contracts. In certain instances, the Company purchased or issued securities that contain embedded derivatives that were separated from the host contract an d accounted for as derivative instruments . In addition, t he Company elected to record at fair value certain financial instruments that contained an embedded derivative that required bifurcation from the host contract and to be accounted for separately as a derivative instrument. These hybrid financial instruments included certain medium-term notes (“MTNs”) and certain AFS securities. The Company elected to fair value these hybrid financial instruments given the complexity of bifurcating the embedded derivat ives. Refer to “ Note 9: Derivative Instruments ” for a further discussion of the Company’s use of derivatives and their impact on the Company’s consolidated financial statements and “ Note 7: Fair Value of Financial Instruments ” for derivative valuation techniques and fair value disclosures.
Fair Value Measurements - Definition and Hierarchy	Fair Value Measurements—Definition and Hierarchy The Company carries certain financial instruments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market part icipants at the measurement date. The fair value measurement of financial instruments held or issued by the Company are determined through the use of observable market data when available. Market data is obtained from a variety of third-party sources, incl uding dealer quotes. If dealer quotes are not available for an instrument that is infrequently traded, the Company uses alternate valuation methods, including either dealer quotes for similar instruments or pricing models that use market data inputs. The u se of alternate valuation methods generally requires considerable judgment in the application of estimates and assumptions and changes to such estimates and assumptions may produce materially different fair values. The Company considers its own nonperforma nce risk and the nonperformance risk of its counterparties when measuring fair value. The accounting guidance establishes a fair value hierarchy that categorizes into three levels, the inputs used to measur e fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available and reliable. Observable inputs are those the Company believes that market participants would use in pricing the asset or liability base d on available market data. Unobservable inputs are those that reflect the Company’s beliefs about the assumptions market participants would use in pricing the asset or liability based on the best information available. The three levels of the fair value h ierarchy are defined as follows: Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company can access. Valuations are based on quoted prices that are readily and regularly available in an active market , with significant trading volumes. Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 2 assets include debt securities with quoted prices that are traded less frequently than exchange-traded instruments, securities which are priced using observable inputs and derivative contracts whose values are determined using a pricing model with inputs that are observable in the market or can be derived prin cipally from or corroborated by observable market data. Level 3—Valuations based on inputs that are unobservable or supported by little or no market activity, and that are significant to the overall fair value measurement. Level 3 assets and liabilities i nclude financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques where significant inputs are unobservable, as well as instruments for which the determination of fair value requires sign ificant management judgment or estimation. The availability of observable inputs can vary from financial instrument to financial instrument and period to period depending on the type of instrument, market activity, the approach used to measure fair value, and other factors. The Company categorizes a financial instrument within the fair value hierarchy based on the least observable input that is significant to the fair value measurement. When the inputs used to measure fair value of an asset or a liability are categorized within different levels based on the definition of the fair value hierarchy, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. Refer to “ Note 7: Fair Value of Financial Instruments ” for additional fair value disclosures.
Loss and Loss Adjustment Expenses	Loss and Loss Adjustment Expenses The Company recognizes loss reserves on a contract-by-contract basis when the present value of expected net cash outflows to be paid under the contract discounted using a risk-free rate as of the measurement date exceeds the unearned premium revenue. A loss re serve is subsequently remeasured each reporting period for expected increases or decreases due to changes in the likelihood of default and potential recoveries. Subsequent changes to the measurement of the loss reserves are recognized as loss expense in th e period of change. Measurement and recognition of loss reserve s are reported gross of any reinsurance. The Company estimates the likelihood of possible claim payments and possible recoveries using probability-weighted expected cash flows based on informat ion available as of the measurement date, including market information. Accretion of the discount on a loss reserve is included in loss expense. The Company recognizes potential recoveries on paid claims based on probability-weighted net cash inflows prese nt valued at applicable risk-free rates as of the measurement date. Such amounts are reported within “Insurance loss recoverable” on the Company’s consolidated balance sheets. To the extent the Company had recorded potential recoveries in its loss reserves previous to a claim payment, such recoveries are reclassified to “Insurance loss recoverable” upon payment of the related claim and remeasured each reporting period. The Company’s loss reserve , insurance loss recoverable, and accruals for loss adjustment expense (“ LAE ”) incurred are disclosed in “ Note 6: Loss and Loss Adjustment Expense Reserves .”
Debt	Long-term Debt Long-term debt is carried at the principal amount outstanding plus accrued interest and net of unamortized debt issuance costs and discounts. Interest expense is accrued at the contrac tual interest rate. Debt issuance costs and d iscounts are amortized and reported as interest expense . Medium-Term Notes and Investment Agreements MTNs and i nvestment agreements are carried at the principal amount outstanding plus accrued interest and net o f unamortized discounts or at fair value for certain MTNs . Interest expense is accrued at the contractual interest rate. D iscounts are amortized and reported as interest expense .
Financial Guarantee Insurance Premiums	Financial Guarantee Insurance Premiums Unearned Premium Revenue and Receivabl e for Future Premiums The Company recognizes a liability for unearned premium revenue at the inception of financial guarantee insurance and reinsurance contracts on a contract-by-contract basis. Unearned premium revenue recognized at inception of a contrac t is measured at the present value of the premium due. For most financial guarantee insurance contracts, the Company receives the entire premium due at the inception of the contract, and recognizes unearned premium revenue liability at that time. For certa in other financial guarantee contracts, the Company receives premiums in installments over the term of the contract. Unearned premium revenue and a receivable for future premiums are recognized at the inception of an installment contract, and measured at t he present value of premiums expected to be collected over the contract period or expected period using a risk-free discount rate. The expected period is used in the present value determination of unearned premium revenue and receivable for future premiums for contracts where (a) the insured obligation is contractually prepayable, (b) prepayments are probable, (c) the amount and timing of prepayments are reasonably estimable, and (d) a homogenous pool of assets is the underlying collateral for the insured o bligation. The Company has determined that substantially all of its installment contracts meet the conditions required to be treated as expected period contracts. The receivable for future premiums is reduced as installment premiums are collected. The Comp any reports the accretion of the discount on installment premiums receivable as premium revenue and discloses the amount recognized in “ Note 5: Insurance Premiums .” The Company assesses the receivable for future premiums for collectability each reporting period, adj usts the receivable for uncollectible amounts and recognizes any write-off as operating expense, and discloses the amount recognized in “ Note 5: Insurance Premiums .” As premium revenue is recognized, the unearned premium revenue liability is reduced. Premium Revenue Recognition The Company recognizes and measures premium revenue over the period of the contract in proportion to the amount of insurance protection provided. Premium revenue is measured by applying a constant rate to the insured principal amount outstandi ng in a given period to recognize a proportionate share of the premium received or expected to be received on a financial guarantee insurance contract. A constant rate for each respective financial guarantee insurance contract is calculated as the ratio of (a) the present value of premium received or expected to be received over the period of the contract to (b) the sum of all insured principal amounts outstanding during each period over the term of the contract. An issuer of an insured financial obligation may retire the obligation prior to its scheduled maturity through refinancing or legal defeasance in satisfaction of the obligation according to its indenture, which results in the Company’s obligation being extinguished under the financial guarantee cont ract. The Company recognizes any remaining unearned premium revenue on the insured obligation as refunding premiums earned in the period the contract is extinguished to the extent the unearned premium revenue has been collected. Non-refundable commitment f ees are considered insurance premiums and are initially recorded under unearned premium revenue in the consolidated balance sheets when received. Once the related financial guarantee insurance policy is issued, the commitment fees are recognized as premium written and earned using the constant rate method. If the commitment agreement expires before the related financial guarantee is issued, the non-refundable commitment fee is immediately recognized as premium written and earned at that time.
Fee and Reimbursement Revenue Recognition	Fee and Reimbursement Revenue Recognition The Company collects insurance related fees for services performed in connection with certain transactions. Depending upon the type of fee received and whether it is related to an insurance policy, the fee is earned when the related services are completed and the fee is received. Types of fees include w ork, waiver and consent, and termination fees . The Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) in the first quarter of 2018 that amends the accounting guidance for recognizing revenue related to fees and reimbursements based on the completion of the performance obligatio n. The adoption of ASU 2014-09 did not affect the time of recognition or the measurement of fee and reimbursements revenue.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes in earnings all stock-based payment transactions at the fair value of the stock-base d compensation provided. Refer to “ Note 16: Long-term Incentive Plans ” for a further discussion regarding the methodology utilized in recognizing employee stock compensation expense.
Foreign Currency Translation	Foreign Currency Translation Financial statement assets and liabilities denominated in foreign cur rencies are reported in U.S. dollars generally using rates of exchange prevailing as of the balance sheet date and any related translation adjustments resulting from the translation of the financial statements of the Company’s non-U.S. operation s from its functional currency into U.S. dollars are included in “A ccumulated other comprehensive income (loss) ” in shareholders’ equity. Operating results of the Company’s non-U.S. operations are translated at average rates of exchange prevailing during the year. Fo reign currency remeasurement gains and losses resulting from transactions in non-functional currencies are recorded in earnings. The Company derecognizes the cumulative translation adjustment reported in “A ccumulated other comprehensive income (loss) ” and includes the amount as part of the gain or loss on the sale or liquidation of its investment in a foreign entity in the period in which the sale or liquidation occurs.
Income Taxes	Income Taxes Deferred income taxes are recorded with respect to loss carryforwards and t emporary differences between the tax bases of assets and liabilities and the reported amounts in the Company’s financial statements that will result in deductible or taxable amounts in future years when the reported amounts of assets and liabilities are re covered or settled. Such temporary differences relate principally to net operating losses (“NOL s” ) , accrued surplus note interest, loss reserve deductions, premium revenue recognition, deferred acquisition costs, asset impairments and foreign tax credits. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates in the period in which changes are approved by the relevant authority. MBIA Inc. and its eligible U.S. subsidiaries file a consolidated federal income tax return. The U.S. income taxes are allocated based on the provisions of the Company’s tax sharing agreement which governs the intercompa ny settlement of tax obligations and benefits. The method of allocation between the members is based upon calculations as if each member filed a separate tax return on its own. Under the Company’s tax sharing agreement, each member with a N OL wil l receive the benefits of its tax losses and credits as it is able to earn them out in the future. In establishing a liability for an unrecognized tax benefit (“UTB”), assumptions may be made in determining whether a tax position is more likely than not to be sustained upon examination by the taxing authority and also in determining the ultimate amount that is likely to be realized. A tax position is recognized only when, based on management’s judgment regarding the application of income tax laws, it is m ore likely than not that the tax position will be sustained upon examination. The amount of tax benefit recognized is based on the Company’s assessment of the largest amount of benefit that is more likely than not to be realized on ultimate settlement with the taxing authority. This measurement is based on many factors, including whether a tax dispute may be settled through negotiation with the taxing authority or is only subject to review in the courts. As new information becomes available, the Company eva luates its tax positions, and adjusts its UTB, as appropriate. If the tax benefit ultimately realized differs from the amount previously recognized , the Company recognizes an adjustment of the UTB. Refer to “ Note 11: Income Taxes ” for additional information about the Company’s income taxes.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Revenue from Contracts with Customers (Topic 606) (ASU 2014-09) and Deferral of the Effective Date (ASU 201 5 - 14 ) In May of 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09. ASU 2014-09 amends the accounting guidance for recognizing revenue for the transfer of goods or services from contracts with customers unless those contracts are within the scope of other accounting standards. ASU 2014-09 does not apply to financial guara ntee insurance contracts within the scope of Topic 944, “Financial Services — Insurance.” In August of 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) — Deferral of the Effective Date. ” ASU 2015-14 defers the effective date of ASU 2014-09 to interim and annual periods beginning January 1, 2018, and is applied on a retrospective or modified retrospective basis. The Company adopted ASU 2014-09 in the first quarter of 2018 and the adoption of ASU 2014-09 did not affect the Company’s consolidated financial statements. Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01) In January of 2016, the FASB issued ASU 2016-01, “Financial Instruments-O verall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires certain equity investments other than those accounted for under the equity method of accounting or result in consolidation of the inv estee to be measured at fair value with changes in fair value recognized in net income, and permits an entity to measure equity investments that do not have readily determinable fair values at cost less any impairment plus or minus adjustments for certain changes in observable prices. An entity is also required to evaluate the need for a valuation allowance on a deferred tax asset related to AFS debt securities in combination with the entity’s other deferred tax assets. ASU 2016-01 requires an entity to pre sent separately in other comprehensive income the portion of the total change in the fair value of a liability that results from a change in the instrument-specific credit risk for financial liabilities that the entity has elected to measure at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 wa s effective for interim and annual periods beginning January 1, 2018 . As such, the Company reclassed a loss of $ 162 million from retained earnings to AOCI related to the inst rument-specific credit risk portion of financial liabilities measured at fair value in accordance with the fair value option. In addition, the Company reclassed net unrealized gains of $ 2 million from AOCI to retained earnings related to equity investments . As of December 31, 2018 and 2017 , the Company had a full valuation allowance against its deferred tax asset. Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02) In February of 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” ASU 2018-02 permits, but does not require, the reclassification of the income tax effects of the Tax Cuts and Jobs Act (the “Act”) from AOCI to retained earnings. ASU 2018-02 is effective for interim and annual periods beginning after December 15, 2018. Early adoption of ASU 2 018-02 is permitted and is applied in the period of adoption or retroactively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Act is recognized. The Company adopted ASU 2018-02 in the first quarter of 2 018. As such, the Company reclassed income taxes of $ 3 million from AOCI to retained earnings. The Company’s accounting policy related to releasing income tax effects that are lodged in AOCI is on a portfolio approach basis. The Company has not adopted an y other new accounting pronouncements that had a material impact on its consolidated financial statements.
New Accounting Pronouncements Not Yet Adopted	Recent Accounting Developments Leases (Topic 842) (ASU 2016-02) In February of 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” , that amends the accounting guidance for leasing transactions. ASU 2016-02 requires a lessee to classify lease contracts as finance or operating leases, and to recognize assets and liabilities for the rights and obligations created by leasing transactions with lease te rms more than twelve months. ASU 2016-02 substantially retains the criteria for classifying leasing transactions as finance or operating leases. For finance leases, a lessee recognizes a right-of-use asset and a lease liability initially measured at the pr esent value of the lease payments, and recognizes interest expense on the lease liability separately from the amortization of the right-of-use asset. For operating leases, a lessee recognizes a right-of-use asset and a lease liability initially measured at the present value of the lease payments, and recognizes lease expense on a straight-line basis. ASU 2016-02 is effective for interim and annual periods beginning January 1, 2019 with early adoption permitted, and is applied on a modified retrospective bas is. The Company plans to adopt ASU 2016-02 in its entirety in the first quarter of 2019, using an additional (and optional) modified retrospective transition approach and will recognize and measure all leases that exist at the adoption date. Comparative p eriods will be presented in accordance with Topic 840, Leases, and do not include any retrospective adjustments to comparative periods to reflect the adoption of ASU 2016-02. Based on the Company’s leases as of January 1, 2019, the Company expects to recor d a right-of-use asset and lease liability of $ 23 million. The gross up of the assets and liabilities does not have a cumulative effect adjustment to the opening balance of retained earnings and does not impact the Company’s statement of operations. Refer to “Note 20: Commitments and Contingencies” for information about the Company’s lease commitments. Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13) In June of 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires financing receivables and other financial assets measured at amortized cost to be presented at the net amount expected t o be collected by recording an allowance for credit losses with changes in the allowance recorded as credit loss expense or reversal of credit loss expense based on management’s current estimate of expected credit losses each period. ASU 2016-13 does not a pply to credit losses on financial guarantee insurance contracts within the scope of Topic 944, “Financial Services-Insurance.” ASU 2016-13 also requires impairment relating to credit losses on AFS debt securities to be presented through an allowance for c redit losses with changes in the allowance recorded in the period of the change as credit loss expense or reversal of credit loss expense. Any impairment amount not recorded through an allowance for credit losses on AFS debt securities is recorded through other comprehensive income. ASU 2016-13 is effective for interim and annual periods beginning January 1, 2020 with early adoption permitted beginning January 1, 2019. ASU 2016-13 is applied on a modified retrospective basis except that prospective applicat ion is applied to AFS debt securities with other-than-temporary impairments (“OTTI”) recognized before the date of adoption. The Company is evaluating the impact of adopting ASU 2016-13 . Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13) In August of 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 m odifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for interim and annual periods beginning January 1, 2020 with early adoption permitted to remove or modify disclosures upon issuance of the standard and delay adoption of the additional disclosures until the effective date. Upon the effective date, certain amendments should be applied prospectively, while others are to be applied retrospectively to all periods presented. The Company is evaluating the impact of adopting ASU 2018-13. Since the amendments of ASU 2018-13 only impact disclosure requirements, the Company does not expect the adoption of ASU 2018-13 to have an impact on its consolidated financial statements.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2018
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Summary Of Nonconsolidated VIEs Assets And Liabilities	December 31, 2018 Carrying Value of Assets Carrying Value of Liabilities Loss and Loss Maximum Unearned Adjustment Exposure Premiums Insurance Loss Premium Expense In millions to Loss Investments (1) Receivable (2) Recoverable (3) Revenue (4) Reserves (5) Insurance: Global structured finance: Mortgage-backed residential $ 3,103 $ 17 $ 19 $ 128 $ 17 $ 345 Mortgage-backed commercial 52 - - - - - Consumer asset-backed 560 - 3 1 2 12 Corporate asset-backed 1,338 - 9 858 10 - Total global structured finance 5,053 17 31 987 29 357 Global public finance 2,231 - 9 - 12 - Total insurance $ 7,284 $ 17 $ 40 $ 987 $ 41 $ 357 __________ (1) - Reported within "Investments" on MBIA's consolidated balance sheets. (2) - Reported within "Premiums receivable" on MBIA's consolidated balance sheets. (3) - Reported within "Insurance loss recoverable" on MBIA's consolidated balance sheets. (4) - Reported within "Unearned premium revenue" on MBIA's consolidated balance sheets. (5) - Reported within "Loss and loss adjustment expense reserves" on MBIA's consolidated balance sheets. December 31, 2017 Carrying Value of Assets Carrying Value of Liabilities Loss and Loss Maximum Unearned Adjustment Exposure Premiums Insurance Loss Premium Expense In millions to Loss Investments (1) Receivable (2) Recoverable (3) Revenue (4) Reserves (5) Insurance: Global structured finance: Mortgage-backed residential $ 3,741 $ 19 $ 22 $ 172 $ 20 $ 396 Mortgage-backed commercial 94 - - - - - Consumer asset-backed 981 - 4 1 3 10 Corporate asset-backed 1,645 - 13 - 14 - Total global structured finance 6,461 19 39 173 37 406 Global public finance 2,524 - 10 - 14 - Total insurance $ 8,985 $ 19 $ 49 $ 173 $ 51 $ 406 __________ (1) - Reported within "Investments" on MBIA's consolidated balance sheets. (2) - Reported within "Premiums receivable" on MBIA's consolidated balance sheets. (3) - Reported within "Insurance loss recoverable" on MBIA's consolidated balance sheets. (4) - Reported within "Unearned premium revenue" on MBIA's consolidated balance sheets. (5) - Reported within "Loss and loss adjustment expense reserves" on MBIA's consolidated balance sheets.

Insurance Premiums (Tables)

Insurance Premiums (Tables)	12 Months Ended
	Dec. 31, 2018
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Rollforward of Premiums Receivable	In millions Adjustments Premiums Premiums Changes in Accretion of Premiums Receivable as of Premium from New Expected Premiums Receivable as of December 31, Payments Business Term of Receivable December 31, 2017 Received Written Policies Discount (1) Other (2) 2018 $ 369 $ (74) $ - $ 2 $ 9 $ (10) $ 296 __________ (1) - Recorded within premiums earned on MBIA's consolidated statement of operations. (2) - Primarily consists of realized gains due to changes in foreign currency exchange rates. In millions Adjustments Premiums Premiums Changes in Accretion of Premiums Receivable as of Premium from New Expected Premiums Receivable as of December 31, Payments Business Term of Receivable December 31, 2016 Received Written Policies Discount (1) Other (2) 2017 $ 409 $ (50) $ 3 $ (15) $ 10 $ 12 $ 369 __________ (1) - Recorded within premiums earned on MBIA's consolidated statement of operations. (2) - Primarily consists of realized gains due to changes in foreign currency exchange rates.
Undiscounted Future Premiums By Period	Expected Collection of In millions Premiums Three months ending: March 31, 2019 $ 4 June 30, 2019 12 September 30, 2019 6 December 31, 2019 12 Twelve months ending: December 31, 2020 32 December 31, 2021 30 December 31, 2022 26 December 31, 2023 23 Five years ending: December 31, 2028 86 December 31, 2033 54 December 31, 2038 and thereafter 72 Total $ 357
Unearned Premium Reserve And Future Premium Earnings	Total Expected Unearned Expected Future Future Premium Premium Earnings Premium In millions Revenue Upfront Installments Accretion Earnings December 31, 2018 $ 587 Three months ending: March 31, 2019 569 $ 9 $ 9 $ 2 $ 20 June 30, 2019 552 9 8 2 19 September 30, 2019 535 9 8 2 19 December 31, 2019 518 9 8 2 19 Twelve months ending: December 31, 2020 456 32 30 7 69 December 31, 2021 401 28 27 6 61 December 31, 2022 352 25 24 6 55 December 31, 2023 309 22 21 5 48 Five years ending: December 31, 2028 158 81 70 20 171 December 31, 2033 79 42 37 12 91 December 31, 2038 and thereafter - 33 46 11 90 Total $ 299 $ 288 $ 75 $ 662

Loss and Loss Adjustment Expe_2

Loss and Loss Adjustment Expense Reserves (Tables)	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries	As of December 31, 2018 As of December 31, 2017 In millions Balance Sheet Line Item Balance Sheet Line Item Insurance loss recoverable Loss and LAE reserves Insurance loss recoverable Loss and LAE reserves U.S. Public Finance Insurance $ 571 $ 551 $ 333 $ 512 International and Structured Finance Insurance: Before VIE eliminations (1) 1,430 637 1,478 710 VIE eliminations (1) (437) (254) (1,300) (243) Total international and structured finance insurance 993 383 178 467 Total $ 1,564 $ 934 $ 511 $ 979 _________________ (1) - Includes loan repurchase commitments of $418 million and $407 million as of December 31, 2018 and 2017, respectively.
Schedule Of Loss And Loss Adjustment Expenses Reserves	In millions Changes in Loss and LAE Reserves for the Year Ended December 31, 2018 Gross Loss Gross Loss and LAE Accretion Changes in and LAE Reserves as of of Claim Changes in Unearned Changes in Reserves as of December 31, Loss Liability Discount Changes in Premium LAE December 31, 2017 Payments Discount Rates Assumptions Revenue Reserves 2018 $ 979 $ (354) $ 26 $ 13 $ 261 $ 15 $ (6) $ 934 In millions Changes in Loss and LAE Reserves for the Year Ended December 31, 2017 Gross Loss Gross Loss and LAE Accretion Changes in and LAE Reserves as of of Claim Changes in Unearned Changes in Reserves as of December 31, Loss Liability Discount Changes in Premium LAE December 31, 2016 Payments (1) Discount Rates Assumptions Revenue Reserves Other (2) 2017 $ 541 $ (1,069) $ 12 $ 15 $ 661 $ (30) $ 6 $ 843 $ 979 ____________ (1) - Includes payments made to satisfy the Zohar II Claim. (2) - Primarily changes in the amount to satisfy the Zohar II Claim.
Schedule Of Insurance Loss Recoverable And Changes In Recoveries On Unpaid Losses	Changes in Insurance Loss Recoverable and Recoveries on Unpaid Losses for the Year Ended December 31, 2018 Gross Gross Reserve Reserve as of Accretion Changes in Changes in as of December 31, Collections of Discount Changes in LAE December 31, In millions 2017 for Cases Recoveries Rates Assumptions Recoveries Other (1) 2018 Insurance loss recoverable $ 511 $ (56) $ 25 $ (13) $ 1,099 (2) $ - $ (2) $ 1,564 Recoveries on unpaid losses (3) 35 - 1 (1) (8) (8) - 19 Total $ 546 $ (56) $ 26 $ (14) $ 1,091 $ (8) $ (2) $ 1,583 ____________ (1) - Primarily changes in amount and timing of collections. (2) - Includes amounts which have been paid and are expected to be recovered in the future. (3) - Excludes certain Puerto Rico recoveries which have been netted against reserves. Changes in Insurance Loss Recoverable and Recoveries on Unpaid Losses for the Year Ended December 31, 2017 Gross Gross Reserve Reserve as of Accretion Changes in Changes in as of December 31, Collections of Discount Changes in LAE December 31, In millions 2016 for Cases Recoveries Rates Assumptions Recoveries Other (1) 2017 Insurance loss recoverable $ 504 $ (124) $ 10 $ 2 $ 113 $ - $ 6 $ 511 Recoveries on unpaid losses (2) 79 - 1 1 (45) (1) - 35 Total $ 583 $ (124) $ 11 $ 3 $ 68 $ (1) $ 6 $ 546 ____________ (1) - Primarily changes in amount and timing of collections. (2) - Excludes certain Puerto Rico recoveries which have been netted against reserves.
Schedule Of Financial Guarantees And Related Claim Liability	Surveillance Categories Caution Caution Caution List List List Classified $ in millions Low Medium High List Total Number of policies 50 18 - 232 300 Number of issues (1) 16 4 - 101 121 Remaining weighted average contract period (in years) 6.7 8.0 - 9.7 8.9 Gross insured contractual payments outstanding: (2) Principal $ 1,604 $ 249 $ - $ 5,353 $ 7,206 Interest 2,118 123 - 5,414 7,655 Total $ 3,722 $ 372 $ - $ 10,767 $ 14,861 Gross Claim Liability (3) $ - $ - $ - $ 977 $ 977 Less: Gross Potential Recoveries (4) - - - 2,255 2,255 Discount, net (5) - - - (670) (670) Net claim liability (recoverable) $ - $ - $ - $ (608) $ (608) Unearned premium revenue $ 5 $ 4 $ - $ 63 $ 72 Reinsurance recoverable on paid and unpaid losses (6) $ 21 __________ (1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt. (2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA. (3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position. (4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position. (5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries. (6) - Included in "Other assets" on the Company's consolidated balance sheets. Surveillance Categories Caution Caution Caution List List List Classified $ in millions Low Medium High List Total Number of policies 89 5 1 280 375 Number of issues (1) 20 4 1 119 144 Remaining weighted average contract period (in years) 7.4 4.3 8.7 9.7 8.9 Gross insured contractual payments outstanding: (2) Principal $ 2,764 $ 13 $ 104 $ 6,083 $ 8,964 Interest 2,676 3 46 5,756 8,481 Total $ 5,440 $ 16 $ 150 $ 11,839 $ 17,445 Gross Claim Liability (3) $ - $ - $ - $ 1,082 $ 1,082 Less: Gross Potential Recoveries (4) - - - 782 782 Discount, net (5) - - - (178) (178) Net claim liability (recoverable) $ - $ - $ - $ 478 $ 478 Unearned premium revenue $ 9 $ - $ 4 $ 77 $ 90 Reinsurance recoverable on paid and unpaid losses (6) $ 17 __________ (1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt. (2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA. (3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position. (4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position. (5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries. (6) - Included in "Other assets" on the Company's consolidated balance sheets.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Quantitative Information Regarding The Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On A Recurring Basis	Fair Value as of Range December 31, (Weighted In millions 2018 Valuation Techniques Unobservable Input Average) Assets of consolidated VIEs: Loans receivable and other instruments at fair value $ 172 Market prices adjusted for financial Impact of financial guarantee (1) -17% - 75% (7%) guarantees provided to VIE obligations Loan repurchase commitments 418 Discounted cash flow Recovery rates (2) Breach rates (2) Liabilities of consolidated VIEs: Variable interest entity notes 366 Market prices of VIE assets adjusted for Impact of financial guarantee 0% - 63% (39%) financial guarantees provided Credit derivative liabilities: CMBS 33 Direct Price Model Nonperformance risk 54% - 54% (54%) Other derivative liabilities 7 Discounted cash flow Cash flows $0 - $49 ($25) (3) ____________ (1) - Negative percentage represents financial guarantee policies in a receivable position. (2) - Recovery rates and breach rates include estimates about potential variations in the outcome of litigation with a counterparty. (3) - Midpoint of cash flows are used for the weighted average. Fair Value as of Range December 31, (Weighted In millions 2017 Valuation Techniques Unobservable Input Average) Assets of consolidated VIEs: Loans receivable and other instruments at fair value $ 1,679 Market prices adjusted for financial Impact of financial guarantee (1) -25% - 35% (-2%) guarantees provided to VIE obligations Multiples of EBITDA Multiples (2) Loan repurchase commitments 407 Discounted cash flow Recovery rates (3) Breach rates (3) Liabilities of consolidated VIEs: Variable interest entity notes 406 Market prices of VIE assets Impact of financial guarantee 0% - 60% (36%) adjusted for financial guarantees provided Credit derivative liabilities: CMBS 63 Direct Price Model Nonperformance risk 54% - 54% (54%) Other derivative liabilities 4 Discounted cash flow Cash flows $0 - $49 ($25) (4) ____________ (1) - Negative percentage represents financial guarantee policies in a receivable position. (2) - Unobservable inputs are primarily based on comparable companies' EBITDA multiples. (3) - Recovery rates and breach rates include estimates about potential variations in the outcome of litigation with a counterparty. (4) - Midpoint of cash flows are used for the weighted average.
Company's Assets And Liabilities Measured At Fair Value On Recurring Basis	Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Balance as of Assets Inputs Inputs December 31, In millions (Level 1) (Level 2) (Level 3) 2018 Assets: Fixed-maturity investments: U.S. Treasury and government agency $ 1,028 $ 90 $ - $ 1,118 State and municipal bonds - 728 - 728 Foreign governments - 9 - 9 Corporate obligations - 1,410 - 1,410 Mortgage-backed securities: Residential mortgage-backed agency - 219 - 219 Residential mortgage-backed non-agency - 28 - 28 Commercial mortgage-backed - 47 7 (1) 54 Asset-backed securities: Collateralized debt obligations - 121 - 121 Other asset-backed - 181 3 (1) 184 Total fixed-maturity investments 1,028 2,833 10 3,871 Money market securities - - - 67 (2) Perpetual debt and equity securities 23 35 - 58 Fixed-income fund - - - 75 (2) Cash and cash equivalents 222 - - 222 Derivative assets: Non-insured derivative assets: Interest rate derivatives - 2 - 2 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Balance as of Assets Inputs Inputs December 31, In millions (Level 1) (Level 2) (Level 3) 2018 Assets of consolidated VIEs: Corporate obligations - 9 5 (1) 14 Mortgage-backed securities: Residential mortgage-backed non-agency - 92 - 92 Commercial mortgage-backed - 34 - 34 Asset-backed securities: Collateralized debt obligations - 6 1 (1) 7 Other asset-backed - 10 - 10 Cash 58 - - 58 Loans receivable and other instruments at fair value: Residential loans receivable - - 172 172 Loan repurchase commitments - - 418 418 Other assets: Currency derivatives - - 17 (1) 17 Other - - 14 (1) 14 Total assets $ 1,331 $ 3,021 $ 637 $ 5,131 Liabilities: Medium-term notes $ - $ - $ 102 (1) $ 102 Derivative liabilities: Insured derivatives: Credit derivatives - 2 33 35 Non-insured derivatives: Interest rate derivatives - 157 - 157 Other - - 7 7 Other liabilities: Other payable - - 5 (1) 5 Liabilities of consolidated VIEs: Variable interest entity notes - 114 366 480 Total liabilities $ - $ 273 $ 513 $ 786 ____________ (1) - Unobservable inputs are either not developed by the Company or do not significantly impact the overall fair values of the aggregate financial assets and liabilities. (2) - Investment that was measured at fair value by applying the net asset value per share practical expedient, and was required not to be classified in the fair value hierarchy. Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Balance as of Assets Inputs Inputs December 31, In millions (Level 1) (Level 2) (Level 3) 2017 Assets: Fixed-maturity investments: U.S. Treasury and government agency $ 1,256 $ 96 $ - $ 1,352 State and municipal bonds - 858 - 858 Foreign governments - 10 - 10 Corporate obligations - 1,338 2 (1) 1,340 Mortgage-backed securities: Residential mortgage-backed agency - 368 - 368 Residential mortgage-backed non-agency - 32 - 32 Commercial mortgage-backed - 60 7 (1) 67 Asset-backed securities: Collateralized debt obligations - 118 - 118 Other asset-backed - 178 5 (1) 183 Total fixed-maturity investments 1,256 3,058 14 4,328 Money market securities 180 - - 180 Perpetual debt and equity securities 26 37 - 63 Fixed-income fund - - - 82 (2) Cash and cash equivalents 122 - - 122 Derivative assets: Non-insured derivative assets: Interest rate derivatives - 2 - 2 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Balance as of Assets Inputs Inputs December 31, In millions (Level 1) (Level 2) (Level 3) 2017 Assets of consolidated VIEs: Corporate obligations - 19 - 19 Mortgage-backed securities: Residential mortgage-backed non-agency - 108 - 108 Commercial mortgage-backed - 30 6 (1) 36 Asset-backed securities: Collateralized debt obligations - 8 1 (1) 9 Other asset-backed - 10 - 10 Cash 24 - - 24 Loans receivable and other instruments at fair value: Residential loans receivable - - 759 759 Corporate loans receivable and other instruments - - 920 920 Loan repurchase commitments - - 407 407 Other assets: Currency derivatives - - 19 (1) 19 Other - - 14 (1) 14 Total assets $ 1,608 $ 3,272 $ 2,140 $ 7,102 Liabilities: Medium-term notes $ - $ - $ 115 (1) $ 115 Derivative liabilities: Insured derivatives: Credit derivatives - 2 63 65 Non-insured derivatives: Interest rate derivatives - 193 - 193 Other - - 4 4 Other liabilities: Warrants - 6 - 6 Other payable - - 7 (1) 7 Liabilities of consolidated VIEs: Variable interest entity notes - 663 406 1,069 Total liabilities $ - $ 864 $ 595 $ 1,459 ____________ (1) - Unobservable inputs are either not developed by the Company or do not significantly impact the overall fair values of the aggregate financial assets and liabilities. (2) - Investment that was measured at fair value by applying the net asset value per share practical expedient, and was required not to be classified in the fair value hierarchy.
Fair Value Hierarchy Table Presents The Company's Assets And Liabilities Not Recorded At Fair Value On The Company's Consolidated Balance Sheet	Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant Fair Value Carry Value Active Markets for Other Observable Unobservable Balance as of Balance as of Identical Assets Inputs Inputs December 31, December 31, In millions (Level 1) (Level 2) (Level 3) 2018 2018 Assets: Other investments $ - $ 1 $ - $ 1 $ 1 Assets of consolidated VIEs: Investments held-to-maturity - - 925 925 890 Total assets $ - $ 1 $ 925 $ 926 $ 891 Liabilities: Long-term debt $ - $ 1,101 $ - $ 1,101 $ 2,249 Medium-term notes - - 422 422 620 Investment agreements - - 388 388 311 Liabilities of consolidated VIEs: Variable interest entity notes - 378 925 1,303 1,264 Total liabilities $ - $ 1,479 $ 1,735 $ 3,214 $ 4,444 Financial Guarantees: Gross liability (recoverable) $ - $ - $ 993 $ 993 $ (43) Ceded - - 65 65 35 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant Fair Value Carry Value Active Markets for Other Observable Unobservable Balance as of Balance as of Identical Assets Inputs Inputs December 31, December 31, In millions (Level 1) (Level 2) (Level 3) 2017 2017 Assets: Other investments $ - $ 2 $ - $ 2 $ 2 Assets of consolidated VIEs: Investments held-to-maturity - - 916 916 890 Total assets $ - $ 2 $ 916 $ 918 $ 892 Liabilities: Long-term debt $ - $ 1,002 $ - $ 1,002 $ 2,121 Medium-term notes - - 406 406 650 Investment agreements - - 433 433 337 Liabilities of consolidated VIEs: Variable interest entity notes - 352 916 1,268 1,220 Total liabilities $ - $ 1,354 $ 1,755 $ 3,109 $ 4,328 Financial Guarantees: Gross liability $ - $ - $ 1,785 $ 1,785 $ 1,220 Ceded - - 61 61 39
Changes In Level 3 Assets Measured At Fair Value On A Recurring Basis	Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Year Ended December 31, 2018 Change in Unrealized Gains (Losses) for the Period Included in Unrealized Earnings for Gains / Unrealized Foreign Assets (Losses) Gains / Exchange still held Balance, Realized Included (Losses) Recognized Transfers Transfers as of Beginning Gains / in Included in OCI or into out of Ending December 31, In millions of Year (Losses) Earnings in OCI Earnings Purchases Issuances Settlements Sales Level 3 (1) Level 3 (1) Balance 2018 Assets: Corporate obligations $ 2 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ (2) $ - $ - Commercial mortgage-backed 7 - - - - - - - - 7 (7) 7 - Other asset-backed 5 - - (1) - 5 - (1) (3) - (2) 3 - Assets of consolidated VIEs: Corporate obligations - - - - - - - (1) - 6 - 5 - Commercial mortgage-backed 6 - - - - - - - - - (6) - - Collateralized debt obligations 1 - - - - - - - - - - 1 - Loans receivable- residential 759 - 14 - - - - (114) (487) - - 172 (22) Loans receivable and other instruments- corporate 920 - 11 - - - - (6) (925) - - - - Loan repurchase commitments 407 - 11 - - - - - - - - 418 11 Currency derivatives 19 - (2) - - - - - - - - 17 (2) Other 14 - - - - - - - - - - 14 - Total assets $ 2,140 $ - $ 34 $ (1) $ - $ 5 $ - $ (122) $ (1,415) $ 13 $ (17) $ 637 $ (13) Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Year Ended December 31, 2017 Change in Unrealized Gains (Losses) for the Period Included in Unrealized Earnings for Gains / Unrealized Foreign Assets (Losses) Gains / Exchange still held Balance, Realized Included (Losses) Recognized Transfers Transfers as of Beginning Gains / in Included in OCI or into out of Ending December 31, In millions of Year (Losses) Earnings in OCI Earnings Purchases Issuances Settlements Sales Level 3 (1) Level 3 (1) Balance 2017 Assets: Corporate obligations $ 2 $ - $ - $ - $ - $ 1 $ - $ - $ - $ - $ (1) $ 2 $ - Commercial mortgage-backed - - - - - - - - - 14 (7) 7 - Collateralized debt obligations 15 - - - - - - (7) - - (8) - - Other asset-backed 44 - - 2 - - - (41) - - - 5 - State and municipal bonds - - - - - - - - - 1 (1) - - Assets of consolidated VIEs: Corporate obligations - - - - - - - (2) - 6 (4) - - Commercial mortgage-backed - - - - - - - - (3) 9 - 6 - Collateralized debt obligations 1 - - - - - - - - - - 1 - Other asset-backed 1 - - - - - - - - 1 (2) - - Loans receivable- residential 916 - 79 - - - - (236) - - - 759 79 Loans receivable and other instruments- corporate 150 - 89 - - 719 - (38) - - - 920 89 Loan repurchase commitments 404 - 3 - - - - - - - - 407 3 Currency derivatives 19 - 2 - (2) - - - - - - 19 - Other - - (3) - - 17 - - - - - 14 (3) Total assets $ 1,552 $ - $ 170 $ 2 $ (2) $ 737 $ - $ (324) $ (3) $ 31 $ (23) $ 2,140 $ 168
Changes In Level 3 Liabilities Measured At Fair Value On A Recurring Basis	Change in Unrealized (Gains) Losses for the Period Included in Unrealized Unrealized Earnings for (Gains) / (Gains) / Foreign Liabilities Losses Losses Exchange still held Balance, Realized Included Included in Recognized Transfers Transfers as of Beginning (Gains) / in Credit Risk in OCI or into out of Ending December 31, In millions of Year Losses Earnings in OCI Earnings Purchases Issuances Settlements Sales Level 3 (1) Level 3 (1) Balance 2018 Liabilities: Medium-term notes $ 115 $ (9) $ (1) $ 55 $ (10) $ - $ - $ (48) $ - $ - $ - $ 102 $ (11) Credit derivatives 63 56 (30) - - - - (56) - - - 33 (30) Other derivatives 4 - 3 - - - - - - - - 7 3 Other payable 7 - 1 - - - - (3) - - - 5 1 Liabilities of consolidated VIEs: VIE notes 406 39 (30) (20) - - 8 (37) - - - 366 (30) Total liabilities $ 595 $ 86 $ (57) $ 35 $ (10) $ - $ 8 $ (144) $ - $ - $ - $ 513 $ (67) _______________ (1) - Transferred in and out at the end of the period. Change in Unrealized (Gains) Losses for the Period Included in Unrealized Earnings for (Gains) / Unrealized Foreign Liabilities Losses (Gains) / Exchange still held Balance, Realized Included Losses Recognized Transfers Transfers as of Beginning (Gains) / in Included in OCI or into out of Ending December 31, In millions of Year Losses Earnings in OCI Earnings Purchases Issuances Settlements Sales Level 3 (1) Level 3 (1) Balance 2017 Liabilities: Medium-term notes $ 101 $ - $ (1) $ - $ 15 $ - $ - $ - $ - $ - $ - $ 115 $ 14 Credit derivatives 64 51 (1) - - - - (51) - - - 63 1 Other derivatives 20 - 18 - - - - (34) - - - 4 18 Other payable - - - - - 7 - - - - - 7 - Liabilities of consolidated VIEs: VIE notes 476 - 37 - - - - (56) (51) - - 406 37 Total liabilities $ 661 $ 51 $ 53 $ - $ 15 $ 7 $ - $ (141) $ (51) $ - $ - $ 595 $ 70 _______________ (1) - Transferred in and out at the end of the period.
Gains And Losses (Realized And Unrealized) Included In Earnings Pertaining To Level 3 Assets And Liabilities	Change in Unrealized Gains (Losses) for the Period Included in Earnings Total Gains (Losses) for Assets and Liabilities still In millions Included in Earnings held as of December 31, 2018 2017 2016 2018 2017 2016 Revenues: Unrealized gains (losses) on insured derivatives $ 30 $ 1 $ 21 $ 30 $ (1) $ 13 Realized gains (losses) and other settlements on insured derivatives (56) (51) (43) - - - Net gains (losses) on financial instruments at fair value and foreign exchange 17 (32) 1 8 (32) 1 Net investment losses related to other-than-temporary impairments - - (1) - - - Other net realized gains (losses) (1) - - (1) - - Revenues of consolidated VIEs: Net gains (losses) on financial instruments at fair value and foreign exchange 25 131 14 17 131 32 Total $ 15 $ 49 $ (8) $ 54 $ 98 $ 46
Changes In Fair Value Included In The Company's Consolidated Statements Of Operations	Years Ended December 31, In millions 2018 2017 2016 Investments carried at fair value (1) $ (11) $ 8 $ 7 Fixed-maturity securities held at fair value-VIE (2) (25) (22) (124) Loans receivable and other instruments at fair value: Residential mortgage loans (2) (100) (158) (268) Corporate loans and other instruments (2) 11 52 - Loan repurchase commitments (2) 12 3 8 Other assets-VIE (2) - (3) - Medium-term notes (1) 19 (14) 4 Other liabilities (3) (2) - - Variable interest entity notes (2) 118 230 383 ___________ (1) - Reported within "Net gains (losses) on financial instruments at fair value and foreign exchange" on MBIA's consolidated statements of operations. (2) - Reported within "Net gains (losses) on financial instruments at fair value and foreign exchange-VIE" on MBIA's consolidated statements of operations. (3) - Reported within "Other net realized gains (losses)" on MBIA's consolidated statements of operations.
Difference Between Aggregate Fair Value And The Aggregate Remaining Contractual Principal Balance Outstanding	As of December 31, 2018 As of December 31, 2017 Contractual Contractual Outstanding Fair Outstanding Fair In millions Principal Value Difference Principal Value Difference Loans receivable and other instruments at fair value: Residential mortgage loans $ 168 $ 164 $ 4 $ 732 $ 727 $ 5 Residential mortgage loans (90 days or more past due) 153 8 145 170 32 138 Corporate loans and other instruments (90 days or more past due) - - - 1,394 920 474 Total loans receivable and other instruments at fair value $ 321 $ 172 $ 149 $ 2,296 $ 1,679 $ 617 Variable interest entity notes $ 1,295 $ 480 $ 815 $ 1,882 $ 1,069 $ 813 Medium-term notes $ 114 $ 102 $ 12 $ 180 $ 115 $ 65

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios	December 31, 2018 Gross Gross Other-Than- Amortized Unrealized Unrealized Fair Temporary In millions Cost Gains Losses Value Impairments (1) AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 1,093 $ 26 $ (10) $ 1,109 $ - State and municipal bonds 641 97 (11) 727 42 Foreign governments 9 - - 9 - Corporate obligations 1,473 6 (131) 1,348 (68) Mortgage-backed securities: Residential mortgage-backed agency 218 1 (5) 214 - Residential mortgage-backed non-agency 30 1 (4) 27 - Commercial mortgage-backed 53 - (2) 51 - Asset-backed securities: Collateralized debt obligations 122 - (3) 119 - Other asset-backed 178 - (1) 177 - Total AFS investments $ 3,817 $ 131 $ (167) $ 3,781 $ (26) HTM Investments Assets of consolidated VIEs: Corporate obligations $ 890 $ 35 $ - $ 925 $ - Total HTM investments $ 890 $ 35 $ - $ 925 $ - _______________ (1) - Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI. December 31, 2017 Gross Gross Other-Than- Amortized Unrealized Unrealized Fair Temporary In millions Cost Gains Losses Value Impairments (1) AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 1,317 $ 34 $ (6) $ 1,345 $ - State and municipal bonds 840 29 (12) 857 - Foreign governments 10 - - 10 - Corporate obligations 1,332 25 (80) 1,277 (72) Mortgage-backed securities: Residential mortgage-backed agency 365 1 (4) 362 - Residential mortgage-backed non-agency 35 1 (4) 32 - Commercial mortgage-backed 66 - - 66 - Asset-backed securities: Collateralized debt obligations 116 - - 116 - Other asset-backed 175 - - 175 1 Total fixed-maturity investments 4,256 90 (106) 4,240 (71) Money market securities 179 - - 179 - Perpetual debt and equity securities 3 1 - 4 - Total AFS investments $ 4,438 $ 91 $ (106) $ 4,423 $ (71) HTM Investments Assets of consolidated VIEs: Corporate obligations $ 890 $ 26 $ - $ 916 $ - Total HTM investments $ 890 $ 26 $ - $ 916 $ - _______________ (1) - Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.
Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments	AFS Securities HTM Securities Consolidated VIEs Amortized Amortized In millions Cost Fair Value Cost Fair Value Due in one year or less $ 820 $ 831 $ - $ - Due after one year through five years 715 741 - - Due after five years through ten years 651 568 - - Due after ten years 1,030 1,053 890 925 Mortgage-backed and asset-backed 601 588 - - Total fixed-maturity investments $ 3,817 $ 3,781 $ 890 $ 925
Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments	December 31, 2018 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized In millions Value Losses Value Losses Value Losses AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 231 $ (1) $ 278 $ (9) $ 509 $ (10) State and municipal bonds 60 (1) 135 (10) 195 (11) Foreign governments 5 - 2 - 7 - Corporate obligations 900 (41) 335 (90) 1,235 (131) Mortgage-backed securities: Residential mortgage-backed agency 29 (1) 118 (4) 147 (5) Residential mortgage-backed non-agency 2 - 13 (4) 15 (4) Commercial mortgage-backed 24 - 21 (2) 45 (2) Asset-backed securities: Collateralized debt obligations 98 (3) 7 - 105 (3) Other asset-backed 127 - 35 (1) 162 (1) Total AFS investments $ 1,476 $ (47) $ 944 $ (120) $ 2,420 $ (167) December 31, 2017 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized In millions Value Losses Value Losses Value Losses AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 353 $ (1) $ 124 $ (5) $ 477 $ (6) State and municipal bonds 203 (8) 116 (4) 319 (12) Foreign governments 8 - - - 8 - Corporate obligations 425 (3) 163 (77) 588 (80) Mortgage-backed securities: Residential mortgage-backed agency 105 (1) 156 (3) 261 (4) Residential mortgage-backed non-agency - - 14 (4) 14 (4) Commercial mortgage-backed 27 - 5 - 32 - Asset-backed securities: Collateralized debt obligations 12 - - - 12 - Other asset-backed 71 - 39 - 110 - Total AFS investments $ 1,204 $ (13) $ 617 $ (93) $ 1,821 $ (106)
Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5%	AFS Securities Percentage of Fair Value Number of Book Value Fair Value Below Book Value Securities (in millions) (in millions) > 5% to 15% 47 $ 299 $ 273 > 15% to 25% 11 35 29 > 25% to 50% 3 12 9 > 50% 3 99 30 Total 64 $ 445 $ 341
Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss)	In millions Years Ended December 31, Credit Losses Recognized in Earnings Related to OTTI 2018 2017 2016 Beginning balance $ 32 $ 29 $ 26 Additions for credit loss impairments recognized in the current period on securities not previously impaired - 11 - Additions for credit loss impairments recognized in the current period on securities previously impaired 5 5 4 Reductions for credit loss impairments previously recognized on securities sold during the period - (2) (1) Reductions for credit loss impairments previously recognized on securities impaired to fair value during the period - (11) - Ending balance $ 37 $ 32 $ 29
Securities Held In Unrealized Loss Position And Insured By Financial Guarantor and The Related Insurance Loss Reserve On Company Insured Investments	Unrealized Insurance Loss In millions Fair Value Loss Reserve (2) Mortgage-backed: MBIA (1) $ 13 $ (4) $ 15 Corporate obligations: MBIA (1) 81 (8) - Other: Other 1 - - Total $ 95 $ (12) $ 15 _______________ (1) - Includes investments insured by MBIA Corp. and National. (2) - Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured.
Gross Realized Gains and Losses From Sales Of Available-For-Sale Securities	Years Ended December 31, In millions 2018 2017 2016 Proceeds from sales $ 2,117 $ 2,256 $ 2,412 Gross realized gains $ 6 $ 40 $ 84 Gross realized losses $ (19) $ (22) $ (23)
Portion Of Unrealized Gains Losses Recognized On Equity Investments [Table Text Block]	Year Ended In millions December 31, 2018 Net gains and (losses) recognized during the period on equity securities $ (4) Less: Net gains and (losses) recognized during the period on equity securities sold during the period 1 Unrealized gains and (losses) recognized during the period on equity securities still held as of December 31, 2018 $ (5)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Credit Derivatives Sold	$ in millions As of December 31, 2018 Notional Value Credit Derivatives Sold Weighted Average Remaining Expected Maturity AAA AA A BBB Below Investment Grade Total Notional Fair Value Asset (Liability) Insured credit default swaps 1.0 Years $ - $ - $ - $ - $ 70 $ 70 $ (33) Insured swaps 15.7 Years - 74 1,463 896 - 2,433 (2) Total notional $ - $ 74 $ 1,463 $ 896 $ 70 $ 2,503 Total fair value $ - $ - $ (1) $ (1) $ (33) $ (35) $ in millions As of December 31, 2017 Notional Value Credit Derivatives Sold Weighted Average Remaining Expected Maturity AAA AA A BBB Below Investment Grade Total Notional Fair Value Asset (Liability) Insured credit default swaps 1.0 Years $ - $ - $ - $ - $ 127 $ 127 $ (63) Insured swaps 15.5 Years - 117 1,818 846 20 2,801 (2) Total notional $ - $ 117 $ 1,818 $ 846 $ 147 $ 2,928 Total fair value $ - $ - $ (1) $ (1) $ (63) $ (65)
Total Fair Value Of Company's Derivative Assets And Liabilities By Instrument And Balance Sheet Location, Before Counterparty Netting	In millions Derivative Assets (1) Derivative Liabilities (1) Notional Amount Fair Fair Derivative Instruments Outstanding Balance Sheet Location Value Balance Sheet Location Value Not designated as hedging instruments: Insured credit default swaps $ 70 Other assets $ - Derivative liabilities $ (33) Insured swaps 2,433 Other assets - Derivative liabilities (2) Interest rate swaps 712 Other assets 2 Derivative liabilities (157) Interest rate swaps-embedded 293 Medium-term notes - Medium-term notes (13) Currency swaps-VIE 62 Other assets-VIE 16 Derivative liabilities-VIE - All other 49 Other assets - Derivative liabilities (7) Total non-designated derivatives $ 3,619 $ 18 $ (212) __________ (1) - In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract. In millions Derivative Assets (1) Derivative Liabilities (1) Notional Amount Fair Fair Derivative Instruments Outstanding Balance Sheet Location Value Balance Sheet Location Value Not designated as hedging instruments: Insured credit default swaps $ 127 Other assets $ - Derivative liabilities $ (63) Insured swaps 2,801 Other assets - Derivative liabilities (2) Interest rate swaps 747 Other assets 2 Derivative liabilities (193) Interest rate swaps-embedded 305 Medium-term notes 1 Medium-term notes (6) Currency swaps-VIE 69 Other assets-VIE 19 Derivative liabilities-VIE - All other 49 Other assets - Derivative liabilities (4) All other-embedded 2 Other investments - Other investments (1) Total non-designated derivatives $ 4,100 $ 22 $ (269) __________ (1) - In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract.
Effect Of Derivative Instruments On Consolidated Statements Of Operations	In millions Derivatives Not Designated as Years Ended December 31, Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative 2018 2017 2016 Insured credit default swaps Unrealized gains (losses) on insured derivatives $ 31 $ - $ 21 Insured credit default swaps Realized gains (losses) and other settlements on insured derivatives (56) (51) (40) Interest rate swaps Net gains (losses) on financial instruments at fair value and foreign exchange 4 3 (11) Interest rate swaps-VIE Net gains (losses) on financial instruments at fair value and foreign exchange-VIE - - 8 Currency swaps-VIE Net gains (losses) on financial instruments at fair value and foreign exchange-VIE (2) (1) 9 All other Net gains (losses) on financial instruments at fair value and foreign exchange (4) (19) (2) Total $ (27) $ (68) $ (15)

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Long-term debt	As of December 31, In millions 2018 2017 6.400% Senior Notes due 2022 (1) $ 265 $ 265 7.000% Debentures due 2025 46 46 7.150% Debentures due 2027 100 100 6.625% Debentures due 2028 141 141 5.700% Senior Notes due 2034 (2) 21 21 Surplus Notes due 2033 (3) 940 940 Accrued interest 751 624 Debt issuance costs (15) (16) Total $ 2,249 $ 2,121 ________________ (1) - Callable on or after August 15, 2006 at par. (2) - Callable anytime at the greater of par or the present value of the remaining scheduled payments of principal and interest. (3) - Contractual interest rate is based on three month LIBOR plus 11.26%.
Aggregate maturity of debt obligations	In millions 2019 2020 2021 2022 2023 Thereafter Total Corporate debt $ - $ - $ - $ 265 $ - $ 308 $ 573 Surplus Notes due 2033 - - - - - 940 940 Total debt obligations due $ - $ - $ - $ 265 $ - $ 1,248 $ 1,513
Principal payments due under investment agreement obligations	Principal In millions Amount Maturity date: 2019 $ 7 2020 35 2021 2 2022 2 2023 20 Thereafter (through 2037) 295 Total expected principal payments (1) $ 361 Less discount and other adjustments (2) 50 Total $ 311 ________________ (1)- Amounts reflect principal due at maturity for investment agreements issued at a discount. (2)- Discount is net of carrying amount adjustment of $4 million and accrued interest adjustment of $5 million.
Principal payments due under medium-term note obligations based on contractual maturity	Principal In millions Amount Maturity date: 2019 $ 58 2020 - 2021 - 2022 58 2023 - Thereafter (through 2036) 835 Total expected principal payments (1) $ 951 Less discount and other adjustments (2) 229 Total $ 722 ________________ (1)- Amounts reflect principal due at maturity for notes issued at a discount. (2)- Discount is net of carrying amount adjustment of $34 million and accrued interest adjustment of $5 million.
Maturity of VIE notes, by segment	Principal In millions Amount Maturity date: 2019 $ 108 2020 396 2021 72 2022 41 2023 13 Thereafter (through 2052) 1,111 Total $ 1,741 (1) _______________ (1) - Includes $480 million of VIE notes accounted for at fair value as of December 31, 2018.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Income (loss) from operations before provision (benefit) for income taxes	Years Ended December 31, In millions 2018 2017 2016 Domestic $ (287) $ (638) $ (362) Foreign (9) (23) 23 Income (loss) before income taxes $ (296) $ (661) $ (339)
Income tax expense (benefit) on income (loss) and shareholder' equity	Years Ended December 31, In millions 2018 2017 2016 Current taxes: Federal $ - $ 4 $ 4 State 1 - 1 Deferred taxes: Federal (1) 945 (8) Foreign - (5) 2 Provision (benefit) for income taxes - 944 (1) Income taxes charged (credited) to shareholders' equity related to: Change in unrealized gains (losses) on AFS securities 5 (1) 8 Change in AFS securities with OTTI - 1 5 Change in foreign currency translation - 21 1 Total income taxes charged (credited) to shareholders' equity 5 21 14 Total effect of income taxes $ 5 $ 965 $ 13
Income tax rate reconciliation from statutory to effective tax rate	Years Ended December 31, 2018 2017 2016 Federal income tax computed at the statutory rate 21.0% 35.0% 35.0% Increase (reduction) in taxes resulting from: Tax Reform/Change in Tax Rate 0.0% (71.4)% 0.0% Mark-to-market on warrants (0.7)% 1.4% (1.5)% Change in valuation allowance (20.9)% (116.9)% (2.2)% Nondeductible compensation 0.0% 0.0% (1.4)% Deferred inventory adjustments (1.0)% 0.8% 3.6% Foreign Taxes 0.0% 8.2% 0.0% Basis difference in foreign subsidiary 0.0% 0.0% (33.0)% Other 1.6% 0.1% (0.3)% Effective tax rate 0.0% (142.8)% 0.2%
Deferred tax assets and liabilities	As of In millions December 31, 2018 December 31, 2017 Deferred tax liabilities: Unearned premium revenue $ 59 $ 75 Deferral of cancellation of indebtedness income - 14 Deferred acquisition costs 16 21 Partnership basis difference 3 11 Basis difference in foreign subsidiaries - 1 Net deferred taxes on VIEs 55 38 Total gross deferred tax liabilities 133 160 Deferred tax assets: Compensation and employee benefits 7 11 Accrued interest 158 131 Loss and loss adjustment expense reserves 135 87 Net operating loss 512 582 Foreign tax credits 62 62 Other-than-temporary impairments 22 22 Net unrealized losses on insured derivatives 8 14 Net losses on financial instruments at fair value and foreign exchange 30 13 Net unrealized losses in accumulated other comprehensive income 32 5 Other 1 3 Total gross deferred tax assets 967 930 Valuation allowance 834 770 Net deferred tax asset $ - $ -

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Summary of company's segment results	Year Ended December 31, 2018 U.S. International Public and Structured Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ 178 $ 31 $ 108 $ - $ 317 Net change in fair value of insured derivatives - - (25) - (25) Net gains (losses) on financial instruments at fair value and foreign exchange (20) 22 (19) - (17) Net investment losses related to other-than-temporary impairments (5) - - - (5) Net gains (losses) on extinguishment of debt - 3 - - 3 Other net realized gains (losses) - (2) 2 - - Revenues of consolidated VIEs - - (111) - (111) Inter-segment revenues (2) 29 45 24 (98) - Total revenues 182 99 (21) (98) 162 Losses and loss adjustment 91 - (28) - 63 Operating 18 47 26 - 91 Interest - 78 128 - 206 Expenses of consolidated VIEs - - 98 - 98 Inter-segment expenses (2) 44 20 33 (97) - Total expenses 153 145 257 (97) 458 Income (loss) before income taxes $ 29 $ (46) $ (278) $ (1) $ (296) Identifiable assets $ 4,203 $ 1,192 $ 4,742 $ (2,061) (3) $ 8,076 ________________ (1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. (2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. (3) - Consists primarily of intercompany reinsurance balances and repurchase agreements. Year Ended December 31, 2017 U.S. International Public and Structured Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ 262 $ 30 $ 78 $ - $ 370 Net change in fair value of insured derivatives - - (51) - (51) Net gains (losses) on financial instruments at fair value and foreign exchange 25 (32) (17) - (24) Net investment losses related to other-than-temporary impairments (106) - - - (106) Net gains (losses) on extinguishment of debt - 28 - - 28 Other net realized gains (losses) (4) (4) 39 - 31 Revenues of consolidated VIEs - - 185 - 185 Inter-segment revenues (2) 23 60 44 (127) - Total revenues 200 82 278 (127) 433 Losses and loss adjustment 499 - 184 - 683 Operating 36 59 34 - 129 Interest - 81 116 - 197 Expenses of consolidated VIEs - - 85 - 85 Inter-segment expenses (2) 72 11 47 (130) - Total expenses 607 151 466 (130) 1,094 Income (loss) before income taxes $ (407) $ (69) $ (188) $ 3 $ (661) Identifiable assets $ 4,582 $ 1,312 $ 5,404 $ (2,203) (3) $ 9,095 ________________ (1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. (2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. (3) - Consists primarily of intercompany reinsurance balances and repurchase agreements. Year Ended December 31, 2016 U.S. International Public and Structured Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ 335 $ 24 $ 121 $ - $ 480 Net change in fair value of insured derivatives - - (19) - (19) Net gains (losses) on financial instruments at fair value and foreign exchange 72 (14) 26 - 84 Net investment losses related to other-than-temporary impairments (4) (1) - - (5) Net gains (losses) on extinguishment of debt - 5 - - 5 Other net realized gains (losses) 2 (5) (279) - (282) Revenues of consolidated VIEs - - 31 - 31 Inter-segment revenues (2) 22 58 51 (131) - Total revenues 427 67 (69) (131) 294 Losses and loss adjustment 74 - 146 - 220 Operating 40 80 57 - 177 Interest - 91 106 - 197 Expenses of consolidated VIEs - - 39 - 39 Inter-segment expenses (2) 69 4 52 (125) - Total expenses 183 175 400 (125) 633 Income (loss) before income taxes $ 244 $ (108) $ (469) $ (6) $ (339) Identifiable assets $ 5,077 $ 2,479 $ 6,486 $ (2,905) (3) $ 11,137 ________________ (1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. (2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. (3) - Consists of intercompany deferred income taxes, reinsurance balances and repurchase agreements.
Summary Of premiums earned on financial guarantees and insured derivatives by geographic location of risk	Years Ended December 31, In millions 2018 2017 2016 Total premiums earned: United States $ 94 $ 169 $ 238 Other Americas 68 25 26 United Kingdom - 2 27 Other - 6 13 Total $ 162 $ 202 $ 304

Insurance In Force (Tables)

Insurance In Force (Tables)	12 Months Ended
	Dec. 31, 2018
Insurance in Force [Abstract]
Insurance in force by geographic location	As of December 31, $ in billions 2018 2017 % of % of Insurance Insurance Insurance Insurance Geographic Location in Force in Force in Force in Force California $ 25.9 20.2% $ 30.3 19.6% Illinois 11.1 8.7% 13.1 8.5% Puerto Rico 7.9 6.2% 8.2 5.3% New Jersey 6.8 5.3% 7.6 4.9% New York 5.9 4.6% 9.3 6.0% Hawaii 4.3 3.4% 4.5 2.9% Texas 4.3 3.4% 6.1 3.9% Virginia 3.7 2.9% 4.2 2.7% Oregon 3.2 2.5% 3.6 2.3% Florida 3.1 2.4% 3.8 2.5% Subtotal 76.2 59.6% 90.7 58.6% Nationally Diversified 13.5 10.5% 15.7 10.1% Other states 29.1 22.7% 37.0 23.9% Total United States 118.8 92.8% 143.4 92.6% Internationally Diversified 0.4 0.3% 0.4 0.3% Country specific 8.9 6.9% 11.1 7.1% Total non-United States 9.3 7.2% 11.5 7.4% Total $ 128.1 100.0% $ 154.9 100.0%
Insurance in force by bond type	As of December 31, $ in billions 2018 2017 Insurance Gross Par Insurance Gross Par Bond type in Force Amount in Force Amount Global public finance - United States: General obligation (1) $ 34.2 $ 17.3 $ 42.8 $ 22.9 General obligation - lease 4.0 3.0 5.1 3.8 Municipal utilities 14.2 9.5 17.7 11.8 Tax-backed 24.0 11.2 26.5 12.4 Transportation 12.0 4.8 15.2 6.9 Higher education 2.5 1.7 3.2 2.1 Health care 1.7 1.2 2.6 1.8 Military housing 15.8 7.2 16.3 7.3 Investor-owned utilities (2) 2.0 1.3 3.1 2.0 Municipal housing 0.3 0.2 0.4 0.3 Other (3) 0.9 0.5 1.1 0.6 Total United States 111.6 57.9 134.0 71.9 Global public finance - non-United States: International utilities 1.4 1.2 1.7 1.4 Sovereign-related and sub-sovereign (4) 3.5 2.5 3.8 2.7 Transportation 3.0 2.5 4.5 3.6 Other (5) 0.1 0.1 0.2 0.1 Total non-United States 8.0 6.3 10.2 7.8 Total global public finance 119.6 64.2 144.2 79.7 Global structured finance: Collateralized debt obligations (6) 0.5 0.4 0.5 0.4 Mortgage-backed residential 3.4 2.5 4.7 3.6 Mortgage-backed commercial 0.6 0.3 0.7 0.3 Consumer asset-backed 0.5 0.4 0.9 0.7 Corporate asset-backed (7) 3.5 2.0 3.9 2.3 Total global structured finance 8.5 5.6 10.7 7.3 Total $ 128.1 $ 69.8 $ 154.9 $ 87.0 ___________________ (1) - Includes general obligation unlimited and limited (property) tax bonds, general fund obligation bonds and pension obligation bonds of states, cities, counties, schools and special districts. (2) - Includes investor owned utilities, industrial development and pollution control revenue bonds. (3) - Includes certain non-profit enterprises, stadium related financing and student loans. (4) - Includes regions, departments or their equivalent in each jurisdiction as well as sovereign owned entities that are supported by a sovereign state, region or department. (5) - Includes municipal owned entities backed by sponsoring local government and tax backed transactions. (6) - Includes a transaction (represented by structured pools of CRE assets) that does not include typical CDO structuring characteristics, such as tranched credit risk, cash flow waterfalls, or interest and over-collateralization coverage tests. (7) - As of December 31, 2018, includes structured insurance securitizations of $2.2 billion and $1.0 billion of insurance in force and gross par amount, respectively. As of December 31, 2017, includes structured insurance securitizations of $2.3 billion and $1.1 billion of insurance in force and gross par amount, respectively.
Reinsurance agreements for insurance operations	In millions Standard & Letters of Poor's Rating Moody's Rating Ceded Par Credit/ Trust Reinsurance Reinsurers (Status) (Status) Outstanding Accounts Recoverable (1) Assured Guaranty Re Ltd. AA WR (2) $ 1,009 $ 27 $ 4 (Stable Outlook) Assured Guaranty Corp. AA A3 870 - 2 (Stable Outlook) (Stable Outlook) Overseas Private AA+ Aaa 244 - - Investment Corporation (Stable Outlook) (Stable Outlook) Others A+ or above WR (2) 71 3 - Total $ 2,194 $ 30 $ 6 _______________ (1) - Total reinsurance recoverable is primarily related to recoverables on unpaid losses. (2) - Represents a withdrawal of ratings.

Long-term Incentive Plans (Tabl

Long-term Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2018
Long-Term Incentive Plans [Abstract]
Restricted Shares Outstanding	Restricted Share Activity 2018 2017 2016 Number of Shares Weighted Average Price Per Share Number of Shares Weighted Average Price Per Share Number of Shares Weighted Average Price Per Share Outstanding at beginning of year 2,392,978 $ 9.6142 3,916,661 $ 9.3553 4,727,319 $ 9.9302 Granted 3,668,801 9.9711 708,529 9.3740 756,381 8.2722 Vested (267,163) 10.0705 (1,051,657) 9.9732 (917,039) 13.6196 Forfeited (750,000) 9.9576 (1,180,555) 8.2912 (650,000) 6.2601 Outstanding at end of year 5,044,616 $ 9.7986 2,392,978 $ 9.6142 3,916,661 $ 9.3553
Stock Options Outstanding	2017 2016 Weighted Weighted Average Average Number of Price Number of Price Options Shares Per Share Shares Per Share Outstanding at beginning of year 237,800 $ 14.6689 2,325,300 $ 6.3703 Exercised (200,000) 5.0500 (2,050,000) 4.4722 Expired or forfeited (37,800) 65.5624 (37,500) 57.5100 Outstanding at end of year - $ - 237,800 $ 14.6689 Exercisable at end of year - $ - 237,800 $ 14.6689

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Schedule Of Basic And Diluted Earnings Per Share	Years Ended December 31, In millions except per share amounts 2018 2017 2016 Basic earnings per share: Net income (loss) available to common shareholders (296) (1,605) (338) Basic weighted average shares (1) 89.0 118.9 133.0 Net income (loss) per basic common share $ (3.33) $ (13.50) $ (2.54) Diluted earnings per share: Net income (loss) available to common shareholders (296) (1,605) (338) Diluted weighted average shares 89.0 118.9 133.0 Net income (loss) per diluted common share $ (3.33) $ (13.50) $ (2.54) Potentially dilutive securities excluded from the diluted EPS because of antidilutive affect 4.4 14.1 16.5 (1) Includes 0.8 million, 0.3 million and 0.9 million of participating securities that met the service condition and were eligible to receive nonforfeitable dividends or dividend equivalents for the years ended December 31, 2018, 2017 and 2016, respectively.

Common and Preferred Stock (Tab

Common and Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Schedule of Share Repurchases	In millions, except per share amounts 2018 2017 Number of shares repurchased 5.8 43.0 Average price paid per share $ 8.21 $ 7.55 Remaining authorization as of December 31 $ 202 $ 250

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Changes In The Components Of AOCI	Unrealized Instrument-Specific Gains (Losses) Credit Risk of on AFS Foreign Currency Liabilities Measured In millions Securities, Net Translation, Net at Fair Value, Net Total Balance, January 1, 2016 $ (22) $ (39) $ - $ (61) Other comprehensive income (loss) before reclassifications 27 (95) - (68) Amounts reclassified from AOCI 1 - - 1 Net period other comprehensive income (loss) 28 (95) - (67) Balance, December 31, 2016 6 (134) - (128) Other comprehensive income (loss) before reclassifications (24) 125 - 101 (1) Amounts reclassified from AOCI 8 - - 8 Net period other comprehensive income (loss) (16) 125 - 109 Balance, December 31, 2017 $ (10) $ (9) $ - $ (19) ASU 2016-01 transition adjustment (2) - (162) (164) ASU 2018-02 transition adjustment (3) - - (3) Net period other comprehensive income (loss) (24) 2 52 30 Balance, December 31, 2018 $ (39) $ (7) $ (110) $ (156) ________________ (1) - Includes items included in the Company's loss calculation to adjust the carrying value of MBIA UK to its fair value less costs to sell for the year ended December 31, 2016. The sale was completed in January of 2017 and as such, these amounts included in AOCI were reversed and included in the Sale Transaction.
Reclassifications From AOCI	In millions Amounts Reclassified from AOCI Years Ended December 31, Details about AOCI Components 2018 2017 2016 Affected Line Item on the Consolidated Statements of Operations Unrealized gains (losses) on AFS securities: Realized gain (loss) on sale of securities $ 6 $ 3 $ 7 Net gains (losses) on financial instruments at fair value and foreign exchange OTTI (5) (7) (4) Net investment losses related to OTTI Amortization on securities (1) (5) (6) Net investment income - (9) (3) Income (loss) before income taxes - (1) (2) Provision (benefit) for income taxes Total reclassifications for the period $ - $ (8) $ (1) Net income (loss)

Business Developments And Ris_2

Business Developments And Risks And Uncertainties (Narrative) (Detail) $ / shares in Units, $ in Millions	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)segments$ / sharesshares	Dec. 31, 2017USD ($)
Business Acquisition [Line Items]
Number of operating segments | segments		3
Warrants exercised | shares		11,850,000
Warrant exercise price | $ / shares		$ 9.59
Warrants outstanding | shares		0
Treasury shares issued (in shares) | shares		1,300,000
Zohar [Member]
Business Acquisition [Line Items]
Aggregate claim amount		$ 919
Puerto Rico [Member]
Business Acquisition [Line Items]
Claims payments		$ 276
SubsequentEvent [Member] | Puerto Rico [Member]
Business Acquisition [Line Items]
Claims payments	$ 65
Assured Guaranty Corp [Member]
Business Acquisition [Line Items]
Payment for sale of subsidiary			$ 23
Assured Guaranty Corp [Member] | Zohar II [Member]
Business Acquisition [Line Items]
Outstanding bonds			$ 347
MBIA UK [Member]
Business Acquisition [Line Items]
Sale effective date			Jan. 10, 2017
Gain (loss) on adjusting MBIA UK to its fair value less costs to sell			$ 5

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Jan. 01, 2019
SubsequentEvent [Member]
Operating lease right of use		$ 23
ASU 2016-01 [Member] | Financial Liabilities [Member]
Cumulative effect of prospective application of new accounting principle	$ 162
ASU 2016-01 [Member] | Equity Investments [Member]
Cumulative effect of prospective application of new accounting principle	2
ASU 2018-02 [Member]
Cumulative effect of prospective application of new accounting principle	$ 3

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Carrying amounts of assets	$ 1,700	$ 3,200
Carrying amounts of liabilities	$ 1,700	$ 2,300
Variable Interest Entity Primary Beneficiary [Member] | Structured Finance And International Insurance [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities consolidated	0
Variable Interest Entity Primary Beneficiary [Member] | Structured Finance And International Insurance [Member] | Zohar Funds Bankruptcy Cases Debtors [Member]
Variable Interest Entity [Line Items]
Net realized gains (losses) related to deconsolidation	$ (93)
Number of variable interest entities deconsolidated	2
Variable Interest Entity Primary Beneficiary [Member] | Structured Finance And International Insurance [Member] | Non-Zohar [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities deconsolidated	8

Variable Interest Entities (Sum

Variable Interest Entities (Summary Of Nonconsolidated VIEs Assets And Liabilities) (Detail) - USD ($) $ in Millions		Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		$ 7,284	$ 8,985
Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[1]	17	19
Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[2]	40	49
Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[3]	987	173
Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[4]	41	51
Loss And Loss Adjustment Expense Reserves Member [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[5]	357	406
Global Structured Finance [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		5,053	6,461
Global Structured Finance [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[1]	17	19
Global Structured Finance [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[2]	31	39
Global Structured Finance [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[3]	987	173
Global Structured Finance [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[4]	29	37
Global Structured Finance [Member] | Loss And Loss Adjustment Expense Reserves Member [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[5]	357	406
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		3,103	3,741
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[1]	17	19
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[2]	19	22
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[3]	128	172
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[4]	17	20
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Loss And Loss Adjustment Expense Reserves Member [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[5]	345	396
Global Structured Finance [Member] | Commercial Mortgage Backed Securities [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		52	94
Global Structured Finance [Member] | Commercial Mortgage Backed Securities [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[1]	0	0
Global Structured Finance [Member] | Commercial Mortgage Backed Securities [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[2]	0	0
Global Structured Finance [Member] | Commercial Mortgage Backed Securities [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[3]	0	0
Global Structured Finance [Member] | Commercial Mortgage Backed Securities [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[4]	0	0
Global Structured Finance [Member] | Commercial Mortgage Backed Securities [Member] | Loss And Loss Adjustment Expense Reserves Member [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[5]	0	0
Global Structured Finance [Member] | Consumer Asset Backed [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		560	981
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[1]	0	0
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[2]	3	4
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[3]	1	1
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[4]	2	3
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Loss And Loss Adjustment Expense Reserves Member [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[5]	12	10
Global Structured Finance [Member] | Corporate Asset Backed [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		1,338	1,645
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[1]	0	0
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[2]	9	13
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[3]	858	0
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[4]	10	14
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Loss And Loss Adjustment Expense Reserves Member [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[5]	0	0
Global Public Finance [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		2,231	2,524
Global Public Finance [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[1]	0	0
Global Public Finance [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[2]	9	10
Global Public Finance [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	[3]	0	0
Global Public Finance [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[4]	12	14
Global Public Finance [Member] | Loss And Loss Adjustment Expense Reserves Member [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	[5]	$ 0	$ 0
[1]	Reported within Investments on MBIA's consolidated balance sheets.
[2]	Reported within Premiums receivable on MBIA's consolidated balance sheets.
[3]	Reported within Insurance loss recoverable on MBIA's consolidated balance sheets.
[4]	Reported within Unearned premium revenue on MBIA's consolidated balance sheets.
[5]	Reported within "Loss and loss adjustment expense reserves" on MBIA's consolidated balance sheets.

Insurance Premiums (Narrative)

Insurance Premiums (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2015
Insurance Premiums [Line Items]
Premiums receivable	$ 296	$ 369	$ 409
Weighted average risk-free rate	3.00%	2.80%
Weighted average expected collection term of the premiums receivable, years	9 years 7 months 2 days	9 years 5 months 12 days
Reinsurance premiums payable	$ 20	$ 25

Insurance Premiums (Roll Forwar

Insurance Premiums (Roll Forward Of Premiums Receivable) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017
Insurance Premiums [Abstract]
Premiums Receivable, Beginning balance		$ 369
Premium Payments Received		(74)		$ (50)
Premiums from New Business Written		0		3
Adjustments, Changes in Expected Term of Policies		2		(15)
Adjustments, Accretion of Premiums Receivable Discount	[1]	9		10
Adjustments, Other		(10)	[2]	12	[3]
Premiums Receivable, Ending balance		$ 296		$ 369
[1]	Recorded within premiums earned on MBIA's consolidated statement of operations.
[2]	Primarily consists of realized foreign exchange losses on policies denoted in CLF which is an inflationary currency.
[3]	Primarily consists of premiums receivable of $267 million reported within "Assets held for sale" on MBIA's consolidated balance sheet.

Insurance Premiums (Undiscounte

Insurance Premiums (Undiscounted Future Amount Of Premiums Expected To Be Collected And Period Which Those Collections Are Expected To Occur) (Detail) $ in Millions	Dec. 31, 2018USD ($)
Insurance Premiums [Abstract]
Three months ending, March 31, 2019, Expected Collection of Premiums	$ 4
Three months ending, June 30, 2019, Expected Collection of Premiums	12
Three months ending, September 30, 2019, Expected Collection of Premiums	6
Three months ending, December 31, 2019, Expected Collection of Premiums	12
Twelve months ending, December 31, 2020, Expected Collection of Premiums	32
Twelve months ending, December 31, 2021, Expected Collection of Premiums	30
Twelve months ending, December 31, 2022, Expected Collection of Premiums	26
Twelve months ending, December 31, 2023, Expected Collection of Premiums	23
Five years ending, December 31, 2028, Expected Collection of Premiums	86
Five years ending, December 31, 2033, Expected Collection of Premiums	54
Five years ending, December 31, 2038 and thereafter, Expected Collection of Premiums	72
Total, Expected Collection of Premiums	$ 357

Insurance Premiums (Unearned Pr

Insurance Premiums (Unearned Premium Revenue Balance And Future Expected Earnings) (Detail) $ in Millions	Dec. 31, 2018USD ($)
Insurance Premiums [Line Items]
Three months ending, March 31, 2019, Total Expected Future Premium Earnings	$ 20
Three months ending, June 30, 2019, Total Expected Future Premium Earnings	19
Three months ending, September 30, 2019, Total Expected Future Premium Earnings	19
Three months ending, December 31, 2019, Total Expected Future Premium Earnings	19
Twelve months ending, December 31, 2020, Total Expected Future Premium Earnings	69
Twelve months ending, December 31, 2021, Total Expected Future Premium Earnings	61
Twelve months ending, December 31, 2022, Total Expected Future Premium Earnings	55
Twelve months ending, December 31, 2023, Total Expected Future Premium Earnings	48
Five years ending, December 31, 2028, Total Expected Future Premium Earnings	171
Five years ending, December 31, 2033, Total Expected Future Premium Earnings	91
Five years ending, December 31, 2038 and thereafter, Total Expected Future Premium Earnings	90
Total Expected Future Premium Earnings	662
Unearned Premium Revenue [Member]
Insurance Premiums [Line Items]
Unearned Premiums	587
Unearned Premium Revenue [Member] | March Thirty One Two Thousand Nineteen [Member]
Insurance Premiums [Line Items]
Unearned Premiums	569
Unearned Premium Revenue [Member] | June Thirty Two Thousand Nineteen [Member]
Insurance Premiums [Line Items]
Unearned Premiums	552
Unearned Premium Revenue [Member] | September Thirty Two Thousand Nineteen [Member]
Insurance Premiums [Line Items]
Unearned Premiums	535
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Nineteen [Member]
Insurance Premiums [Line Items]
Unearned Premiums	518
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Twenty [Member]
Insurance Premiums [Line Items]
Unearned Premiums	456
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Twenty One [Member]
Insurance Premiums [Line Items]
Unearned Premiums	401
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Twenty Two [Member]
Insurance Premiums [Line Items]
Unearned Premiums	352
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Twenty Three [Member]
Insurance Premiums [Line Items]
Unearned Premiums	309
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Twenty Eight [Member]
Insurance Premiums [Line Items]
Unearned Premiums	158
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Thirty Three [Member]
Insurance Premiums [Line Items]
Unearned Premiums	79
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Thirty Eight And Thereafter [Member]
Insurance Premiums [Line Items]
Unearned Premiums	0
Upfront [Member]
Insurance Premiums [Line Items]
Three months ending, March 31, 2019, Total Expected Future Premium Earnings	9
Three months ending, June 30, 2019, Total Expected Future Premium Earnings	9
Three months ending, September 30, 2019, Total Expected Future Premium Earnings	9
Three months ending, December 31, 2019, Total Expected Future Premium Earnings	9
Twelve months ending, December 31, 2020, Total Expected Future Premium Earnings	32
Twelve months ending, December 31, 2021, Total Expected Future Premium Earnings	28
Twelve months ending, December 31, 2022, Total Expected Future Premium Earnings	25
Twelve months ending, December 31, 2023, Total Expected Future Premium Earnings	22
Five years ending, December 31, 2028, Total Expected Future Premium Earnings	81
Five years ending, December 31, 2033, Total Expected Future Premium Earnings	42
Five years ending, December 31, 2038 and thereafter, Total Expected Future Premium Earnings	33
Total Expected Future Premium Earnings	299
Installments [Member]
Insurance Premiums [Line Items]
Three months ending, March 31, 2019, Total Expected Future Premium Earnings	9
Three months ending, June 30, 2019, Total Expected Future Premium Earnings	8
Three months ending, September 30, 2019, Total Expected Future Premium Earnings	8
Three months ending, December 31, 2019, Total Expected Future Premium Earnings	8
Twelve months ending, December 31, 2020, Total Expected Future Premium Earnings	30
Twelve months ending, December 31, 2021, Total Expected Future Premium Earnings	27
Twelve months ending, December 31, 2022, Total Expected Future Premium Earnings	24
Twelve months ending, December 31, 2023, Total Expected Future Premium Earnings	21
Five years ending, December 31, 2028, Total Expected Future Premium Earnings	70
Five years ending, December 31, 2033, Total Expected Future Premium Earnings	37
Five years ending, December 31, 2038 and thereafter, Total Expected Future Premium Earnings	46
Total Expected Future Premium Earnings	288
Accretion [Member]
Insurance Premiums [Line Items]
Three months ending, March 31, 2019, Total Expected Future Premium Earnings	2
Three months ending, June 30, 2019, Total Expected Future Premium Earnings	2
Three months ending, September 30, 2019, Total Expected Future Premium Earnings	2
Three months ending, December 31, 2019, Total Expected Future Premium Earnings	2
Twelve months ending, December 31, 2020, Total Expected Future Premium Earnings	7
Twelve months ending, December 31, 2021, Total Expected Future Premium Earnings	6
Twelve months ending, December 31, 2022, Total Expected Future Premium Earnings	6
Twelve months ending, December 31, 2023, Total Expected Future Premium Earnings	5
Five years ending, December 31, 2028, Total Expected Future Premium Earnings	20
Five years ending, December 31, 2033, Total Expected Future Premium Earnings	12
Five years ending, December 31, 2038 and thereafter, Total Expected Future Premium Earnings	11
Total Expected Future Premium Earnings	$ 75

Loss And Loss Adjustment Expe_3

Loss And Loss Adjustment Expense Reserves (Loss And LAE Activity) (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loss And Loss Adjustment Expense Reserves [Line Items]
Weighted average risk-free rate used to discount claim liability	2.79%
Losses and loss adjustment	$ 63	$ 683	$ 220
Lae [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Loss and loss adjustment expense reserves	60	66
Losses and loss adjustment	$ 23	$ 42	$ 48

Loss And Loss Adjustment Expe_4

Loss And Loss Adjustment Expense Reserves (Schedule Of Losses And Loss Adjustment Expenses Reserves and Recoveries) (Detail) - USD ($) $ in Millions		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loss And Lae Reserves [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Loss and loss adjustment expense reserves		$ 934	$ 979	$ 541
Insurance Loss Recoverable [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		1,564	511	$ 504
U S Public Finance Insurance [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		571	333
Loss and loss adjustment expense reserves		551	512
International And Structured Finance Insurance [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable	[1]	1,430	1,478
Loss and loss adjustment expense reserves	[1]	637	710
International And Structured Finance Insurance [Member] | Variable Interest Entity Primary Beneficiary [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable	[1]	(437)	(1,300)
Loss and loss adjustment expense reserves	[1]	(254)	(243)
International And Structured Finance Insurance [Member] | Variable Interest Entity Primary Beneficiary [Member] | Loan Repurchase Commitments [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Loan repurchase commitments		418	407
International And Structured Finance Insurance [Member] | Non Variable Interest Entity [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		993	178
Loss and loss adjustment expense reserves		$ 383	$ 467
[1]	Includes loan repurchase commitments of $418 million and $407 million as of December, 2018 and December 31, 2017, respectively.

Loss And Loss Adjustment Expe_5

Loss And Loss Adjustment Expense Reserves (Schedule Of Loss And Loss Adjustment Expenses Reserves) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Loss And Loss Adjustment Expense Reserves [Line Items]
Changes in unearned premium revenue		$ 165	$ 206		$ 263
Loss And Lae Reserves [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Gross loss and LAE reserve, beginning balance		979	541
Loss payments for cases		(354)	(1,069)	[1]
Accretion of claim liability discount		26	12
Changes in discount rates		13	15
Changes in assumptions		261	661
Changes in unearned premium revenue		15	(30)
Changes in LAE		(6)	6
Other	[2]	0	843	[3]
Gross loss and LAE reserve, ending balance		$ 934	$ 979		$ 541
[1]	Includes payments made to satisfy the Zohar II Claim.
[2]	Primarily changes in amount and timing of collections.
[3]	Primarily changes in the amount to satisfy the Zohar II Claim.

Loss And Loss Adjustment Expe_6

Loss And Loss Adjustment Expense Reserves (Schedule Of Insurance Loss Recoverable And Changes In Recoveries On Unpaid Losses) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017
Loss And Loss Adjustment Expense Recoveries [Line Items]
Gross Reserve beginning balance, Total		$ 546		$ 583
Collections for Cases		(56)		(124)
Accretion of Recoveries		26		11
Changes in Discount Rates		(14)		3
Changes in Assumptions		1,091		68
Changes in LAE Recoveries		(8)		(1)
Other	[1]	(2)		6
Gross Reserve ending balance, Total		1,583		546
Insurance Loss Recoverable [Member]
Loss And Loss Adjustment Expense Recoveries [Line Items]
Gross Reserve beginning balance, Insurance loss recoverable		511		504
Collections for Cases		(56)		(124)
Accretion of Recoveries		25		10
Changes in Discount Rates		(13)		2
Changes in Assumptions		1,099	[2]	113
Changes in LAE Recoveries		0		0
Other	[1]	(2)		6
Gross Reserve ending balance, Insurance loss recoverable		1,564		511
Recoveries On Unpaid Losses [Member]
Loss And Loss Adjustment Expense Recoveries [Line Items]
Gross Reserve beginning balance,Recoveries on unpaid losses		35	[3]	79	[4]
Collections for Cases		0		0
Accretion of Recoveries	[3]	1		1	[4]
Changes in Discount Rates	[3]	(1)		1	[4]
Changes in Assumptions	[3]	(8)		(45)	[4]
Changes in LAE Recoveries	[3]	(8)		(1)	[4]
Other		0		0	[1],[4]
Gross Reserve ending balance, Recoveries on unpaid losses	[3]	$ 19		$ 35
[1]	Primarily changes in amount and timing of collections.
[2]	Includes amounts which have been paid and are expected to be recovered in the future.
[3]	As of December 31, 2018 and December 31, 2017, excludes Puerto Rico recoveries, which have been netted against reserves.
[4]	Excludes Zohar II recoveries, which have been netted against reserves.

Loss And Loss Adjustment Expe_7

Loss And Loss Adjustment Expense Reserves (Schedule Of Financial Guarantees And Related Claim Liability) (Detail) $ in Millions		12 Months Ended
		Dec. 31, 2018USD ($)issuepolicy	Dec. 31, 2017USD ($)issuepolicy
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		300	375
Number of issues | issue	[1]	121	144
Remaining weighted average contract period (in years)		8 years 10 months 24 days	8 years 10 months 24 days
Principal	[2]	$ 7,206	$ 8,964
Interest	[2]	7,655	8,481
Total	[2]	14,861	17,445
Gross claim liability	[3]	977	1,082
Less: Gross potential recoveries	[4]	2,255	782
Discount, net	[5]	(670)	(178)
Net claim liability (recoverable)		(608)	478
Unearned premium revenue		72	90
Reinsurance recoverables on paid and unpaid losses	[6]	$ 21	$ 17
Caution List Low [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		50	89
Number of issues | issue	[1]	16	20
Remaining weighted average contract period (in years)		6 years 8 months 12 days	7 years 4 months 24 days
Principal	[2]	$ 1,604	$ 2,764
Interest	[2]	2,118	2,676
Total	[2]	3,722	5,440
Gross claim liability	[3]	0	0
Less: Gross potential recoveries		0	0
Discount, net	[5]	0	0
Net claim liability (recoverable)		0	0
Unearned premium revenue		$ 5	$ 9
Caution List Medium [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		18	5
Number of issues | issue	[1]	4	4
Remaining weighted average contract period (in years)		8 years	4 years 3 months 18 days
Principal	[2]	$ 249	$ 13
Interest	[2]	123	3
Total	[2]	372	16
Gross claim liability	[3]	0	0
Less: Gross potential recoveries		0	0
Discount, net	[5]	0	0
Net claim liability (recoverable)		0	0
Unearned premium revenue		$ 4	$ 0
Caution List High [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		0	1
Number of issues | issue	[1]	0	1
Remaining weighted average contract period (in years)			8 years 8 months 12 days
Principal	[2]	$ 0	$ 104
Interest	[2]	0	46
Total	[2]	0	150
Gross claim liability	[3]	0	0
Less: Gross potential recoveries		0	0
Discount, net	[5]	0	0
Net claim liability (recoverable)		0	0
Unearned premium revenue		$ 0	$ 4
Classified List [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		232	280
Number of issues | issue	[1]	101	119
Remaining weighted average contract period (in years)		9 years 8 months 12 days	9 years 8 months 12 days
Principal	[2]	$ 5,353	$ 6,083
Interest	[2]	5,414	5,756
Total	[2]	10,767	11,839
Gross claim liability	[3]	977	1,082
Less: Gross potential recoveries	[4]	2,255	782
Discount, net	[5]	(670)	(178)
Net claim liability (recoverable)		(608)	478
Unearned premium revenue		$ 63	$ 77
[1]	An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt.
[2]	Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.
[3]	The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position.
[4]	Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position.
[5]	Represents discount related to Gross Claim Liability and Gross Potential Recoveries.
[6]	Included in "Other assets" on the Company's consolidated balance sheet.

Fair Value Of Financial Instr_3

Fair Value Of Financial Instruments (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of level 3 assets at fair value in total assets measured at fair value value	12.00%	30.00%
Percentage of level 3 liabilities at fair value in total liabilities measured at fair value	65.00%	41.00%
Cumulative changes in instrument-specific credit risk of liabilities elected under the fair value option	$ (156)	$ (19)	$ (128)	$ (61)
Instrument-specific credit risk of liabilities measured at fair value, net [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cumulative changes in instrument-specific credit risk of liabilities elected under the fair value option	(110)	$ 0	$ 0	$ 0
Loss on instrument-specific credit risk recognized in earnings	$ 97

Fair Value Of Financial Instr_4

Fair Value Of Financial Instruments (Quantitative Information Regarding The Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions		Dec. 31, 2018	Dec. 31, 2017
Cash Flows [Member] | Other Derivative Liabilities [Member] | Discounted cash flow [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, liabilities		$ 7	$ 4
Cash Flows [Member] | Other Derivative Liabilities [Member] | Minimum [Member] | Discounted cash flow [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range dollars		0	0
Cash Flows [Member] | Other Derivative Liabilities [Member] | Maximum [Member] | Discounted cash flow [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range dollars		49	49
Cash Flows [Member] | Other Derivative Liabilities [Member] | Weighted Average [Member] | Discounted cash flow [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range dollars	[1]	25	25
Credit Derivatives [Member] | Nonperformance Risk [Member] | Commercial Mortgage Backed Securities [Member] | Direct Price Model [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, liabilities		$ 33	$ 63
Credit Derivatives [Member] | Nonperformance Risk [Member] | Commercial Mortgage Backed Securities [Member] | Minimum [Member] | Direct Price Model [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage		54.00%	54.00%
Credit Derivatives [Member] | Nonperformance Risk [Member] | Commercial Mortgage Backed Securities [Member] | Maximum [Member] | Direct Price Model [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage		54.00%	54.00%
Credit Derivatives [Member] | Nonperformance Risk [Member] | Commercial Mortgage Backed Securities [Member] | Weighted Average [Member] | Direct Price Model [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage		54.00%	54.00%
Loans Receivable and Other Instruments at Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Impact Of Financial Guarantee [Member] | Quoted market prices adjusted for financial guarantees provided to VIE obligations and multiples of EBITDA [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, assets			$ 1,679
Loans Receivable and Other Instruments at Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Impact Of Financial Guarantee [Member] | Market prices adjusted for financial guarantees provided to VIE obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, assets		$ 172
Loans Receivable and Other Instruments at Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Impact Of Financial Guarantee [Member] | Minimum [Member] | Quoted market prices adjusted for financial guarantees provided to VIE obligations and multiples of EBITDA [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage			(25.00%)
Loans Receivable and Other Instruments at Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Impact Of Financial Guarantee [Member] | Minimum [Member] | Market prices adjusted for financial guarantees provided to VIE obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage		(17.00%)
Loans Receivable and Other Instruments at Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Impact Of Financial Guarantee [Member] | Maximum [Member] | Quoted market prices adjusted for financial guarantees provided to VIE obligations and multiples of EBITDA [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage			35.00%
Loans Receivable and Other Instruments at Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Impact Of Financial Guarantee [Member] | Maximum [Member] | Market prices adjusted for financial guarantees provided to VIE obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage		75.00%
Loans Receivable and Other Instruments at Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Impact Of Financial Guarantee [Member] | Weighted Average [Member] | Quoted market prices adjusted for financial guarantees provided to VIE obligations and multiples of EBITDA [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage			(2.00%)
Loans Receivable and Other Instruments at Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Impact Of Financial Guarantee [Member] | Weighted Average [Member] | Market prices adjusted for financial guarantees provided to VIE obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage		7.00%
Loan Repurchase Commitments [Member] | Variable Interest Entity Primary Beneficiary [Member] | Recovery Rates And Breach Rates [Member] | Discounted cash flow [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, assets		$ 418	$ 407
Variable Interest Entity Notes [Member] | Variable Interest Entity Primary Beneficiary [Member] | Impact Of Financial Guarantee [Member] | Quoted market prices of VIE assets adjusted for financial guarantees provided [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, liabilities		$ 366	$ 406
Variable Interest Entity Notes [Member] | Variable Interest Entity Primary Beneficiary [Member] | Impact Of Financial Guarantee [Member] | Minimum [Member] | Quoted market prices of VIE assets adjusted for financial guarantees provided [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage		0.00%	0.00%
Variable Interest Entity Notes [Member] | Variable Interest Entity Primary Beneficiary [Member] | Impact Of Financial Guarantee [Member] | Maximum [Member] | Quoted market prices of VIE assets adjusted for financial guarantees provided [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage		63.00%	60.00%
Variable Interest Entity Notes [Member] | Variable Interest Entity Primary Beneficiary [Member] | Impact Of Financial Guarantee [Member] | Weighted Average [Member] | Quoted market prices of VIE assets adjusted for financial guarantees provided [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage		39.00%	36.00%
[1]	Midpoint of cash flows are used for the weighted average.

Fair Value Of Financial Instr_5

Fair Value Of Financial Instruments (Company's Assets And Liabilities Measured At Fair Value On Recurring Basis) (Detail) - USD ($) $ in Millions		Dec. 31, 2018	Dec. 31, 2017
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis			$ 1,459
Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		$ 5,131	7,102
Fair value financial liabilities measured on recurring basis		786	1,459
Money Market Securities [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		67	180
Medium Term Notes [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis		102	115
Perpetual Debt And Equity Securities [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		58	63
Cash And Cash Equivalents [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		222	122
Fixed Income Funds [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	[1]	75	82
Fixed Maturities [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		3,871	4,328
Fixed Maturities [Member] | U S Treasury And Government [Member] | Other Fixed Maturity Investments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		1,118	1,352
Fixed Maturities [Member] | State and municipal bonds [Member] | Other Fixed Maturity Investments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		728	858
Fixed Maturities [Member] | Foreign Government Debt [Member] | Other Fixed Maturity Investments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		9	10
Fixed Maturities [Member] | Corporate Obligations [Member] | Other Fixed Maturity Investments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		1,410	1,340
Fixed Maturities [Member] | Residential Mortgage Backed Agency [Member] | Mortgage-backed [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		219	368
Fixed Maturities [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		28	32
Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		54	67
Fixed Maturities [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		121	118
Fixed Maturities [Member] | Other Asset Backed [Member] | Asset-backed [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		184	183
Derivative Assets [Member] | Interest Rate Derivatives [Member] | Non Insured Derivatives [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		2	2
Assets Of Consolidated V I Es [Member] | Variable Interest Entity Primary Beneficiary [Member] | Loan Repurchase Commitments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		418	407
Assets Of Consolidated V I Es [Member] | Corporate Obligations [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		14	19
Assets Of Consolidated V I Es [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		92	108
Assets Of Consolidated V I Es [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		34	36
Assets Of Consolidated V I Es [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		7	9
Assets Of Consolidated V I Es [Member] | Other Asset Backed [Member] | Asset-backed [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		10	10
Assets Of Consolidated V I Es [Member] | Loans Receivable and Other Instruments At Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Residential Loans Receivable [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		172	759
Assets Of Consolidated V I Es [Member] | Loans Receivable and Other Instruments At Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Corporate Loans Receivable and Other Instruments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis			920
Assets Of Consolidated V I Es [Member] | Currency Derivatives [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		17	19
Assets Of Consolidated V I Es [Member] | Cash And Cash Equivalents [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		58	24
Assets Of Consolidated V I Es [Member] | Other [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		14	14
Derivative Liabilities [Member] | Credit Derivatives [Member] | Insured Derivatives [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis		35	65
Derivative Liabilities [Member] | Interest Rate Derivatives [Member] | Non Insured Derivatives [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis		157	193
Derivative Liabilities [Member] | Other Derivatives [Member] | Non Insured Derivatives [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis		7	4
Other Liabilities [Member] | Warrant [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis			6
Other Liabilities [Member] | Other Payable [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis		5	7
Liabilities Of Consolidated Vies [Member] | Variable Interest Entity Notes [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis		480	1,069
Fair Value Inputs Level 1 [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		1,331	1,608
Fair Value Inputs Level 1 [Member] | Money Market Securities [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		0	180
Fair Value Inputs Level 1 [Member] | Perpetual Debt And Equity Securities [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		23	26
Fair Value Inputs Level 1 [Member] | Cash And Cash Equivalents [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		222	122
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		1,028	1,256
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | U S Treasury And Government [Member] | Other Fixed Maturity Investments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		1,028	1,256
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Corporate Obligations [Member] | Other Fixed Maturity Investments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Cash And Cash Equivalents [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		58	24
Fair Value Inputs Level 2 [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		3,021	3,272
Fair value financial liabilities measured on recurring basis		273	864
Fair Value Inputs Level 2 [Member] | Perpetual Debt And Equity Securities [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		35	37
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		2,833	3,058
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | U S Treasury And Government [Member] | Other Fixed Maturity Investments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		90	96
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | State and municipal bonds [Member] | Other Fixed Maturity Investments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		728	858
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Foreign Government Debt [Member] | Other Fixed Maturity Investments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		9	10
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Corporate Obligations [Member] | Other Fixed Maturity Investments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		1,410	1,338
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Agency [Member] | Mortgage-backed [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		219	368
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		28	32
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		47	60
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		121	118
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Other Asset Backed [Member] | Asset-backed [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		181	178
Fair Value Inputs Level 2 [Member] | Derivative Assets [Member] | Interest Rate Derivatives [Member] | Non Insured Derivatives [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		2	2
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Corporate Obligations [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		9	19
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		92	108
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		34	30
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		6	8
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Other Asset Backed [Member] | Asset-backed [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		10	10
Fair Value Inputs Level 2 [Member] | Derivative Liabilities [Member] | Credit Derivatives [Member] | Insured Derivatives [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis		2	2
Fair Value Inputs Level 2 [Member] | Derivative Liabilities [Member] | Interest Rate Derivatives [Member] | Non Insured Derivatives [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis		157	193
Fair Value Inputs Level 2 [Member] | Other Liabilities [Member] | Warrant [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis			6
Fair Value Inputs Level 2 [Member] | Liabilities Of Consolidated Vies [Member] | Variable Interest Entity Notes [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis		114	663
Fair Value Inputs Level 3 [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		637	2,140
Fair value financial liabilities measured on recurring basis		513	595
Fair Value Inputs Level 3 [Member] | Medium Term Notes [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	[2]	102	115
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		10	14
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Corporate Obligations [Member] | Other Fixed Maturity Investments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	[2]		2
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	[2]	7	7
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Other Asset Backed [Member] | Asset-backed [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	[2]	3	5
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Variable Interest Entity Primary Beneficiary [Member] | Loan Repurchase Commitments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		418	407
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Corporate Obligations [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	[2]	5
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	[2]		6
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	[2]	1	1
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Loans Receivable and Other Instruments At Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Residential Loans Receivable [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		172	759
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Loans Receivable and Other Instruments At Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Corporate Loans Receivable and Other Instruments [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis			920
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Currency Derivatives [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	[2]	17	19
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Other [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	[2]	14	14
Fair Value Inputs Level 3 [Member] | Derivative Liabilities [Member] | Credit Derivatives [Member] | Insured Derivatives [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis		33	63
Fair Value Inputs Level 3 [Member] | Derivative Liabilities [Member] | Other Derivatives [Member] | Non Insured Derivatives [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis		7	4
Fair Value Inputs Level 3 [Member] | Other Liabilities [Member] | Other Payable [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	[2]	5	7
Fair Value Inputs Level 3 [Member] | Liabilities Of Consolidated Vies [Member] | Variable Interest Entity Notes [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Recurring [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis		$ 366	$ 406
[1]	Investment that was measured at fair value by applying the net asset value per share practical expedient, and was required not to be classified in the fair value hierarchy.
[2]	Unobservable inputs are either not developed by the Company or do not significantly impact the overall fair values of the aggregate financial assets and liabilities.

Fair Value Of Financial Instr_6

Fair Value Of Financial Instruments (Fair Value Hierarchy Table Presents The Company's Assets And Liabilities At Fair Value Not Recorded On The Company's Consolidated Balance Sheet) (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Total liabilities		$ 1,459
Variable Interest Entity Primary Beneficiary [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Investments held-to-maturity, fair value	$ 925	916
Carrying Reported Amount Fair Value Disclosure [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Accrued investment income		0
Payable for investments purchased		0
Carrying Reported Amount Fair Value Disclosure [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member] | Fair Value Measurements Nonrecurring [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Other investments	1	2
Total assets	891	892
Investment agreements	311	337
Medium-term notes	620	650
Long-term debt	2,249	2,121
Total liabilities	4,444	4,328
Gross	(43)	1,220
Ceded	35	39
Carrying Reported Amount Fair Value Disclosure [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Nonrecurring [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Investments held-to-maturity, fair value	890	890
Variable interest entity notes	1,264	1,220
Fair Value [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Accrued investment income		0
Payable for investments purchased		0
Fair Value [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member] | Fair Value Measurements Nonrecurring [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Other investments	1	2
Total assets	926	918
Investment agreements	388	433
Medium-term notes	422	406
Long-term debt	1,101	1,002
Total liabilities	3,214	3,109
Gross	993	1,785
Ceded	65	61
Fair Value [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Nonrecurring [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Investments held-to-maturity, fair value	925	916
Variable interest entity notes	1,303	1,268
Fair Value [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member] | Fair Value Inputs Level 2 [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Accrued investment income		0
Payable for investments purchased		0
Fair Value [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member] | Fair Value Inputs Level 2 [Member] | Fair Value Measurements Nonrecurring [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Other investments	1	2
Total assets	1	2
Long-term debt	1,101	1,002
Total liabilities	1,479	1,354
Fair Value [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member] | Fair Value Inputs Level 2 [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Nonrecurring [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Variable interest entity notes	378	352
Fair Value [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Measurements Nonrecurring [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Total assets	925	916
Investment agreements	388	433
Medium-term notes	422	406
Total liabilities	1,735	1,755
Gross	993	1,785
Ceded	65	61
Fair Value [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member] | Fair Value Inputs Level 3 [Member] | Variable Interest Entity Primary Beneficiary [Member] | Fair Value Measurements Nonrecurring [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Investments held-to-maturity, fair value	925	916
Variable interest entity notes	$ 925	$ 916

Fair Value Of Financial Instr_7

Fair Value Of Financial Instruments (Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - Fair Value Inputs Level 3 [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets	$ 2,140	$ 1,552
Realized gains/(losses), assets	0	0
Unrealized gains/(losses) included in earnings, assets	34	170
Unrealized gains/(losses) included in OCI, assets	(1)	2
Foreign exchange recognized in OCI or earnings, assets	0	(2)
Purchases, assets	5	737
Issuances, assets	0	0
Settlements, assets	(122)	(324)
Sales, assets	(1,415)	(3)
Transfers into level 3, assets	13	31
Transfers out of level 3, assets	(17)	(23)
Ending balance, fair value assets	637	2,140
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets	(13)	168
Beginning balance, fair value liabilities	595	661
Realized gains/(losses), liabilities	86	51
Unrealized gains/(losses included in earnings, liabilities	(57)	53
Unrealized gains/(losses) included in OCI, liabilities	35	0
Foreign exchange recognized in OCI or earnings, liabilities	(10)	15
Purchases, liabilities	0	7
Issuances, liabilities	8	0
Settlements, liabilities	(144)	(141)
Sales, liabilities	0	(51)
Transfers into Level 3, liabilities	0	0
Transfers out of Level 3, liabilities	0	0
Ending balance, fair value liabilities	513	595
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities	(67)	70
Residential Prime Financing Receivable [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets	759	916
Unrealized gains/(losses) included in earnings, assets	14	79
Settlements, assets	(114)	(236)
Sales, assets	(487)
Ending balance, fair value assets	172	759
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets	(22)	79
Corporate Loans Receivable and Other Instruments [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets	920	150
Unrealized gains/(losses) included in earnings, assets	11	89
Purchases, assets		719
Settlements, assets	(6)	(38)
Sales, assets	(925)
Ending balance, fair value assets		920
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		89
Loan Repurchase Commitments [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets	407	404
Unrealized gains/(losses) included in earnings, assets	11	3
Ending balance, fair value assets	418	407
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets	11	3
State and municipal bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Transfers into level 3, assets		1
Transfers out of level 3, assets		(1)
Corporate Obligations [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets	2	2
Purchases, assets		1
Transfers out of level 3, assets	(2)	(1)
Ending balance, fair value assets		2
Corporate Obligations [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Settlements, assets	(1)	(2)
Transfers into level 3, assets	6	6
Transfers out of level 3, assets		(4)
Ending balance, fair value assets	5
Commercial Mortgage Backed Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets	7
Transfers into level 3, assets	7	14
Transfers out of level 3, assets	(7)	(7)
Ending balance, fair value assets	7	7
Commercial Mortgage Backed Securities [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets	6
Sales, assets		(3)
Transfers into level 3, assets		9
Transfers out of level 3, assets	(6)
Ending balance, fair value assets		6
Collateralized Debt Obligations [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		15
Settlements, assets		(7)
Transfers out of level 3, assets		(8)
Collateralized Debt Obligations [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets	1	1
Ending balance, fair value assets	1	1
Other Asset Backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets	5	44
Unrealized gains/(losses) included in OCI, assets	(1)	2
Purchases, assets	5
Settlements, assets	(1)	(41)
Sales, assets	(3)
Transfers out of level 3, assets	(2)
Ending balance, fair value assets	3	5
Other Asset Backed [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		1
Transfers into level 3, assets		1
Transfers out of level 3, assets		(2)
Medium Term Notes [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value liabilities	115	101
Realized gains/(losses), liabilities	(9)
Unrealized gains/(losses included in earnings, liabilities	(1)	(1)
Unrealized gains/(losses) included in OCI, liabilities	55
Foreign exchange recognized in OCI or earnings, liabilities	(10)	15
Settlements, liabilities	(48)
Ending balance, fair value liabilities	102	115
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities	(11)	14
Credit Derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value liabilities	63	64
Realized gains/(losses), liabilities	56	51
Unrealized gains/(losses included in earnings, liabilities	(30)	(1)
Settlements, liabilities	(56)	(51)
Ending balance, fair value liabilities	33	63
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities	(30)	1
Other Derivative Liabilities [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value liabilities	4	20
Unrealized gains/(losses included in earnings, liabilities	3	18
Settlements, liabilities		(34)
Ending balance, fair value liabilities	7	4
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities	3	18
Variable Interest Entity Notes [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value liabilities	406	476
Realized gains/(losses), liabilities	39
Unrealized gains/(losses included in earnings, liabilities	(30)	37
Unrealized gains/(losses) included in OCI, liabilities	(20)
Foreign exchange recognized in OCI or earnings, liabilities	0
Issuances, liabilities	8
Settlements, liabilities	(37)	(56)
Sales, liabilities		(51)
Ending balance, fair value liabilities	366	406
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities	(30)	37
Currency Derivatives [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets	19	19
Unrealized gains/(losses) included in earnings, assets	(2)	2
Foreign exchange recognized in OCI or earnings, assets	0	(2)
Ending balance, fair value assets	17	19
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets	(2)	0
Other Assets [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets	14
Unrealized gains/(losses) included in earnings, assets	0	(3)
Purchases, assets		17
Ending balance, fair value assets	14	14
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets	0	(3)
Other Payable [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value liabilities	7
Unrealized gains/(losses included in earnings, liabilities	1	0
Purchases, liabilities		7
Settlements, liabilities	(3)
Ending balance, fair value liabilities	5	7
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities	$ 1	$ 0

Fair Value Of Financial Instr_8

Fair Value Of Financial Instruments (Realized And Unrealized Gains And Losses Included In Earnings Pertaining To Level 3 Assets And Liabilities) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gains (losses) on insured derivatives	$ 31	$ 0	$ 21
Net gains (losses) on financial instruments at fair value and foreign exchange	(17)	(24)	84
Other net realized gains (losses)	0	31	(282)
Net investment losses related to other-than-temporary impairments	(5)	(106)	(5)
Fair Value Inputs Level 3 [Member] | Total Gains Losses Included In Earnings [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gains (losses) on insured derivatives	30	1	21
Realized gains and other settlements on insured derivatives	(56)	(51)	(43)
Net gains (losses) on financial instruments at fair value and foreign exchange	17	(32)	1
Other net realized gains (losses)	(1)	0	0
Net investment losses related to other-than-temporary impairments	0	0	(1)
Total revenues	15	49	(8)
Fair Value Inputs Level 3 [Member] | Change In Unrealized Gains Losses For Period Included In Earnings For Assets And Liabilities Still Held [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gains (losses) on insured derivatives	30	(1)	13
Net gains (losses) on financial instruments at fair value and foreign exchange	8	(32)	1
Other net realized gains (losses)	(1)	0	0
Total revenues	54	98	46
Fair Value Inputs Level 3 [Member] | Variable Interest Entity Primary Beneficiary [Member] | Total Gains Losses Included In Earnings [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	25	131	14
Fair Value Inputs Level 3 [Member] | Variable Interest Entity Primary Beneficiary [Member] | Change In Unrealized Gains Losses For Period Included In Earnings For Assets And Liabilities Still Held [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	$ 17	$ 131	$ 32

Fair Value Of Financial Instr_9

Fair Value Of Financial Instruments (Gains And Losses On Fair Value Option Included In The Company's Consolidated Statements Of Operations) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange		$ (17)	$ (24)	$ 84
Other net realized gains (losses)		0	31	(282)
Non Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange		(17)	(24)	84
Other net realized gains (losses)		0	31	(282)
Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange		25	130	0
Other net realized gains (losses)		(171)	28	0
Investments Carried At Fair Value [Member] | Non Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	[1]	(11)	8	7
Fixed Maturity Securities Held At Fair Value - VIE [Member] | Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	[2]	(25)	(22)	(124)
Loans Receivable and Other Instruments at Fair Value [Member] | Variable Interest Entity [Member] | Residential Mortgage Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	[2]	(100)	(158)	(268)
Loans Receivable and Other Instruments at Fair Value [Member] | Variable Interest Entity [Member] | Corporate Loans and Other Instruments [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	[2]	11	52	0
Loan Repurchase Commitments [Member] | Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	[2]	12	3	8
Other Assets [Member] | Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	[2]	0	(3)	0
Medium Term Notes [Member] | Non Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	[1]	19	(14)	4
Variable Interest Entity Notes [Member] | Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	[2]	118	230	383
Other Liabilities [Member] | Non Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	[3]	$ (2)	$ 0	$ 0
[1]	Reported within Net gains (losses) of financial instruments at fair value and foreign exchange on MBIA's consolidated statements of operations.
[2]	Reported within Net gains (losses) of financial instruments at fair value and foreign exchange-VIE on MBIA's consolidated statements of operations.
[3]	Reported within "Other net realized gains (losses)" on MBIA's consolidated statements of operations.

Fair Value Of Financial Inst_10

Fair Value Of Financial Instruments (Aggregate Fair Value And Remaining Contractual Principal Balance Outstanding On Fair Value Option) (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Loans receivable and other instruments, contractual outstanding principal	$ 321	$ 2,296
Loans receivable and other instruments, fair value	172	1,679
Loans receivable and other instruments, difference	149	617
Residential Mortgage Loans [Member] | Variable Interest Entity [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Loans receivable and other instruments, contractual outstanding principal	168	732
Loans receivable and other instruments, 90 days or more past due, contractual outstanding principal	153	170
Loans receivable and other instruments, fair value	164	727
Loans receivable and other instruments, 90 days or more past due, fair value	8	32
Loans receivable and other instruments, difference	4	5
Loans receivable and other instruments, 90 days or more past due, difference	145	138
Corporate Loans and Other Instruments [Member] | Variable Interest Entity [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Loans receivable and other instruments, 90 days or more past due, contractual outstanding principal	0	1,394
Loans receivable and other instruments, 90 days or more past due, fair value	0	920
Loans receivable and other instruments, 90 days or more past due, difference	0	474
Medium Term Notes [Member] | Non Variable Interest Entity [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Long-term debt instruments, contractual outstanding principal	114	180
Long-term debt instruments, fair value	102	115
Long-term debt instruments, difference	12	65
Variable Interest Entity Notes [Member] | Variable Interest Entity [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Long-term debt instruments, contractual outstanding principal	1,295	1,882
Long-term debt instruments, fair value	480	1,069
Long-term debt instruments, difference	$ 815	$ 813

Investments (Narrative) (Detail

Investments (Narrative) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)security	Dec. 31, 2017USD ($)security
Schedule Of Investments [Line Items]
Fair value of securities on deposit with various regulatory authorities | $	$ 11	$ 10
Fair value of securities pledged as collateral | $	$ 314	$ 353
Weighted average contractual maturity period in years for securities in an unrealized loss position	11 years	12 years
Number of securities in unrealized loss position for a continuous 12 month period | security	182	133
Rate that a security's fair value is below book value	5.00%	5.00%
Fair Value Below Book Value Greater Than Five Percent [Member]
Schedule Of Investments [Line Items]
Number of securities in unrealized loss position for a continuous 12 month period | security	64	24

Investments (Amortized Cost And

Investments (Amortized Cost And Fair Value Of Available-For-Sale and Held-To-Maturity Investment Portfolios) (Detail) - USD ($) $ in Millions		Dec. 31, 2018	Dec. 31, 2017
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		$ 3,817	$ 4,438
Gross unrealized gains		131	91
Gross unrealized losses		(167)	(106)
Total available-for-sale, fair value		3,781	4,423
Other-than-temporary impairments	[1]	(26)	(71)
Variable Interest Entity Primary Beneficiary [Member]
Held To Maturity Securities [Abstract]
Total held-to-maturity, amortized cost		890	890
Gross unrealized gains		35	26
Gross unrealized losses		0	0
Total held-to-maturity investments, fair value		925	916
Other-Than-Temporary Impairments	[1]	0	0
Corporate Obligations [Member] | Variable Interest Entity Primary Beneficiary [Member]
Held To Maturity Securities [Abstract]
Total held-to-maturity, amortized cost		890	890
Gross unrealized gains		35	26
Gross unrealized losses		0	0
Total held-to-maturity investments, fair value		925	916
Other-Than-Temporary Impairments	[1]	0	0
Money Market Securities [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		0	179
Gross unrealized gains		0	0
Gross unrealized losses		0	0
Total available-for-sale, fair value		0	179
Other-than-temporary impairments	[1]	0	0
Perpetual Debt And Equity Securities [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		0	3
Gross unrealized gains		0	1
Gross unrealized losses		0	0
Total available-for-sale, fair value		0	4
Other-than-temporary impairments	[1]	0	0
Fixed Maturities [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		3,817	4,256
Gross unrealized gains		131	90
Gross unrealized losses		(167)	(106)
Total available-for-sale, fair value		3,781	4,240
Other-than-temporary impairments	[1]	(26)	(71)
Fixed Maturities [Member] | Variable Interest Entity Primary Beneficiary [Member]
Held To Maturity Securities [Abstract]
Total held-to-maturity, amortized cost		890
Total held-to-maturity investments, fair value		925
Fixed Maturities [Member] | U S Treasury And Government [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		1,093	1,317
Gross unrealized gains		26	34
Gross unrealized losses		(10)	(6)
Total available-for-sale, fair value		1,109	1,345
Other-than-temporary impairments	[1]	0	0
Fixed Maturities [Member] | US States And Political Subdivisions [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		641	840
Gross unrealized gains		97	29
Gross unrealized losses		(11)	(12)
Total available-for-sale, fair value		727	857
Other-than-temporary impairments	[1]	42	0
Fixed Maturities [Member] | Foreign Governments [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		9	10
Gross unrealized gains		0	0
Gross unrealized losses		0	0
Total available-for-sale, fair value		9	10
Other-than-temporary impairments	[1]	0	0
Fixed Maturities [Member] | Corporate Obligations [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		1,473	1,332
Gross unrealized gains		6	25
Gross unrealized losses		(131)	(80)
Total available-for-sale, fair value		1,348	1,277
Other-than-temporary impairments	[1]	(68)	(72)
Fixed Maturities [Member] | Residential Mortgage-Backed Agency [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		218	365
Gross unrealized gains		1	1
Gross unrealized losses		(5)	(4)
Total available-for-sale, fair value		214	362
Other-than-temporary impairments	[1]	0	0
Fixed Maturities [Member] | Residential Mortgage-Backed Non-Agency [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		30	35
Gross unrealized gains		1	1
Gross unrealized losses		(4)	(4)
Total available-for-sale, fair value		27	32
Other-than-temporary impairments	[1]	0	0
Fixed Maturities [Member] | Commercial Mortgage-Backed [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		53	66
Gross unrealized gains		0	0
Gross unrealized losses		(2)	0
Total available-for-sale, fair value		51	66
Other-than-temporary impairments	[1]	0	0
Fixed Maturities [Member] | Collateralized Debt Obligations [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		122	116
Gross unrealized gains		0	0
Gross unrealized losses		(3)	0
Total available-for-sale, fair value		119	116
Other-than-temporary impairments	[1]	0	0
Fixed Maturities [Member] | Other Asset-Backed [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost		178	175
Gross unrealized gains		0	0
Gross unrealized losses		(1)	0
Total available-for-sale, fair value		177	175
Other-than-temporary impairments	[1]	$ 0	$ 1
[1]	Represents unrealized gains or losses on other than temporarily impaired securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.

Investments (Distribution By Co

Investments (Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments) (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity Primary Beneficiary [Member]
Held To Maturity Securities [Abstract]
Total held-to-maturity, amortized cost	$ 890	$ 890
Held-To-Maturity Securities Fair Value	925	$ 916
Fixed Maturities [Member]
Available For Sale Securities [Abstract]
Due in one year or less	820
Due after one year through five years	715
Due after five years through ten years	651
Due after ten years	1,030
Mortgage-Backed and Asset-Backed	601
Total Available-For-Sale, amortized cost	3,817
Due in one year or less	831
Due after one year through five years	741
Due after five years through ten years	568
Due after ten years	1,053
Mortgage-Backed and Asset-Backed	588
Total Available-For-Sale, fair value	3,781
Fixed Maturities [Member] | Variable Interest Entity Primary Beneficiary [Member]
Held To Maturity Securities [Abstract]
Due in one year or less	0
Due after one year through five years	0
Due after five years through ten years	0
Due after ten years	890
Mortgage-Backed and Asset-Backed	0
Total held-to-maturity, amortized cost	890
Due in one year or less	0
Due after one year through five years	0
Due after five years through ten years	0
Due after ten years	925
Mortgage-Backed and Asset-Backed	0
Held-To-Maturity Securities Fair Value	$ 925

Investments (Gross Unrealized L

Investments (Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments) (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Available For Sale Securities [Abstract]
Less than 12 months, fair value	$ 1,476
Less than 12 months, unrealized losses	(47)
12 months or longer, fair value	944
12 months or longer, unrealized losses	(120)
Total available-for-sale, fair value	2,420
Total available-for-sale, unrealized losses	(167)
Variable Interest Entity Primary Beneficiary [Member]
Held To Maturity Securities [Abstract]
Less than 12 months, fair value	315
Less than 12 months, unrealized losses	0
12 months or longer, fair value	0
12 months or longer, unrealized losses	0
Total held-to-maturity, fair value	315
Total held-to-maturity, unrealized losses	0
Corporate Obligations [Member] | Variable Interest Entity Primary Beneficiary [Member]
Held To Maturity Securities [Abstract]
Less than 12 months, fair value	315
Less than 12 months, unrealized losses	0
12 months or longer, fair value	0
12 months or longer, unrealized losses	0
Total held-to-maturity, fair value	315
Total held-to-maturity, unrealized losses	0
Fixed Maturities [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	1,476	$ 1,204
Less than 12 months, unrealized losses	(47)	(13)
12 months or longer, fair value	944	617
12 months or longer, unrealized losses	(120)	(93)
Total available-for-sale, fair value	2,420	1,821
Total available-for-sale, unrealized losses	(167)	(106)
Fixed Maturities [Member] | U S Treasury And Government [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	231	353
Less than 12 months, unrealized losses	(1)	(1)
12 months or longer, fair value	278	124
12 months or longer, unrealized losses	(9)	(5)
Total available-for-sale, fair value	509	477
Total available-for-sale, unrealized losses	(10)	(6)
Fixed Maturities [Member] | US States And Political Subdivisions [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	60	203
Less than 12 months, unrealized losses	(1)	(8)
12 months or longer, fair value	135	116
12 months or longer, unrealized losses	(10)	(4)
Total available-for-sale, fair value	195	319
Total available-for-sale, unrealized losses	(11)	(12)
Fixed Maturities [Member] | Foreign Government Debt [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	5	8
Less than 12 months, unrealized losses	0	0
12 months or longer, fair value	2	0
12 months or longer, unrealized losses	0	0
Total available-for-sale, fair value	7	8
Total available-for-sale, unrealized losses	0	0
Fixed Maturities [Member] | Corporate Obligations [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	900	425
Less than 12 months, unrealized losses	(41)	(3)
12 months or longer, fair value	335	163
12 months or longer, unrealized losses	(90)	(77)
Total available-for-sale, fair value	1,235	588
Total available-for-sale, unrealized losses	(131)	(80)
Fixed Maturities [Member] | Residential Mortgage Backed Agency [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	29	105
Less than 12 months, unrealized losses	(1)	(1)
12 months or longer, fair value	118	156
12 months or longer, unrealized losses	(4)	(3)
Total available-for-sale, fair value	147	261
Total available-for-sale, unrealized losses	(5)	(4)
Fixed Maturities [Member] | Residential Mortgage Backed Non Agency [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	2	0
Less than 12 months, unrealized losses	0	0
12 months or longer, fair value	13	14
12 months or longer, unrealized losses	(4)	(4)
Total available-for-sale, fair value	15	14
Total available-for-sale, unrealized losses	(4)	(4)
Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	24	27
Less than 12 months, unrealized losses	0	0
12 months or longer, fair value	21	5
12 months or longer, unrealized losses	(2)	0
Total available-for-sale, fair value	45	32
Total available-for-sale, unrealized losses	(2)	0
Fixed Maturities [Member] | Collateralized Debt Obligations [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	98	12
Less than 12 months, unrealized losses	(3)	0
12 months or longer, fair value	7	0
12 months or longer, unrealized losses	0	0
Total available-for-sale, fair value	105	12
Total available-for-sale, unrealized losses	(3)	0
Fixed Maturities [Member] | Other Asset Backed [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	127	71
Less than 12 months, unrealized losses	0	0
12 months or longer, fair value	35	39
12 months or longer, unrealized losses	(1)	0
Total available-for-sale, fair value	162	110
Total available-for-sale, unrealized losses	$ (1)	$ 0

Investments (Distribution Of Se

Investments (Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5% For A Continuous Twelve Month Period Or Longer) (Detail) $ in Millions	Dec. 31, 2018USD ($)security	Dec. 31, 2017USD ($)
Available For Sale Securities [Abstract]
Fixed-maturity securities held as available-for-sale, amortized cost	$ 3,817	$ 4,438
Available For Sale Securities	$ 3,781	$ 4,423
> 5% To 15% [Member]
Held To Maturity Securities [Abstract]
Percentage Of Fair Value Below Book Value Minimum	5.00%
Percentage Of Fair Value Below Book Value Maximum	15.00%
> 5% To 15% [Member] | Unrealized loss position > 12 months
Available For Sale Securities [Abstract]
Number of available-for-sale securities in unrealized loss position | security	47
Fixed-maturity securities held as available-for-sale, amortized cost	$ 299
Available For Sale Securities	$ 273
> 15% To 25% [Member]
Held To Maturity Securities [Abstract]
Percentage Of Fair Value Below Book Value Minimum	15.00%
Percentage Of Fair Value Below Book Value Maximum	25.00%
> 15% To 25% [Member] | Unrealized loss position > 12 months
Available For Sale Securities [Abstract]
Number of available-for-sale securities in unrealized loss position | security	11
Fixed-maturity securities held as available-for-sale, amortized cost	$ 35
Available For Sale Securities	$ 29
> 25% To 50% [Member]
Held To Maturity Securities [Abstract]
Percentage Of Fair Value Below Book Value Minimum	25.00%
Percentage Of Fair Value Below Book Value Maximum	50.00%
> 25% To 50% [Member] | Unrealized loss position > 12 months
Available For Sale Securities [Abstract]
Number of available-for-sale securities in unrealized loss position | security	3
Fixed-maturity securities held as available-for-sale, amortized cost	$ 12
Available For Sale Securities	$ 9
> 50% [Member]
Held To Maturity Securities [Abstract]
Percentage Of Fair Value Below Book Value Minimum	50.00%
> 50% [Member] | Unrealized loss position > 12 months
Available For Sale Securities [Abstract]
Number of available-for-sale securities in unrealized loss position | security	3
Fixed-maturity securities held as available-for-sale, amortized cost	$ 99
Available For Sale Securities	$ 30
Greater Than 5% [Member] | Unrealized loss position > 12 months
Available For Sale Securities [Abstract]
Number of available-for-sale securities in unrealized loss position | security	64
Fixed-maturity securities held as available-for-sale, amortized cost	$ 445
Available For Sale Securities	$ 341

Investments (Credit Losses Reco

Investments (Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other than temporary impairment credit lossesfor available for sale securities rollforward [Abstract]
Beginning Balance	$ 32	$ 29	$ 26
Additions For Credit Loss Impairments Recognized In The Current Period On Securities Not Previous Impaired	0	11	0
Additions For Credit Loss Impairments Recognized In The Current Period On Securities Previously Impaired	5	5	4
Reductions For Credit Loss Impairments Previously Recognized On Securities Sold During The Period	0	(2)	(1)
Reductions For Credit Loss Impairments Previously Recognized On Securities Impaired To Fair Value During The Period	0	(11)	0
Ending Balance	$ 37	$ 32	$ 29

Investments (Securities Held In

Investments (Securities Held In Unrealized Loss Position And Insured By Financial Guarantor) (Detail) $ in Millions	Dec. 31, 2018USD ($)
Schedule Of Investments [Line Items]
Total Available-For-Sale, Fair Value	$ 2,420
Financial Guarantee [Member]
Schedule Of Investments [Line Items]
Total Available-For-Sale, Fair Value	95
Gross unrealized losses	(12)
Loss and loss adjustment expense reserves	15	[1]
Mortgage-backed [Member] | Mbia Corp And National [Member] | Financial Guarantee [Member]
Schedule Of Investments [Line Items]
Total Available-For-Sale, Fair Value	13	[2]
Gross unrealized losses	(4)	[2]
Loss and loss adjustment expense reserves	15	[1],[2]
Corporate Obligations [Member] | Mbia Corp And National [Member] | Financial Guarantee [Member]
Schedule Of Investments [Line Items]
Total Available-For-Sale, Fair Value	81	[2]
Gross unrealized losses	(8)	[2]
Loss and loss adjustment expense reserves	0	[1],[2]
All Other Securities [Member] | Financial Guarantee [Member]
Schedule Of Investments [Line Items]
Total Available-For-Sale, Fair Value	1
Gross unrealized losses	0
Loss and loss adjustment expense reserves	0
All Other Securities [Member] | Mbia Corp And National [Member] | Financial Guarantee [Member]
Schedule Of Investments [Line Items]
Total Available-For-Sale, Fair Value	0	[2]
Gross unrealized losses	0	[2]
Loss and loss adjustment expense reserves	0	[1],[2]
All Other Securities [Member] | Other Insurers [Member] | Financial Guarantee [Member]
Schedule Of Investments [Line Items]
Total Available-For-Sale, Fair Value	1
Gross unrealized losses	0
Loss and loss adjustment expense reserves	$ 0	[1]
[1]	Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured.
[2]	Includes investments insured by MBIA Corp. and National.

Investments (Net Realized Gains

Investments (Net Realized Gains (Losses) From Sales Of Available-For-Sale Securities) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments [Abstract]
Proceeds from sales	$ 2,117	$ 2,256	$ 2,412
Available For Sale Securities Realized Gain Loss [Abstract]
Gross realized gains	6	40	84
Gross realized losses	$ (19)	$ (22)	$ (23)

Investments (Portion Of Unreali

Investments (Portion Of Unrealized Gains And Losses On Equity Investmente Held) (Detail) - Equity Securities [Member] $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Gains (losses) on equity investments [Member]
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	$ (4)
Gains (losses) on equity investments sold during the period [Member]
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	1
Gains (losses) on equity investments still held at the end of the period [Member]
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	$ (5)

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Detail) $ in Millions	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Derivative [Line Items]
Cash collateral posted to derivative counterparties	$ 0	$ 0
Securities posted as collateral to derivative counterparties	$ 205	$ 237
Number of credit support annexes	1	1
Fair value of Credit Support Annex	$ 2	$ 2

Derivative Instruments (Credit

Derivative Instruments (Credit Derivatives Sold) (Detail) - Insurance Operations [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Derivative notional amount	$ 2,503	$ 2,928
Total fair value of credit derivatives	$ (35)	$ (65)
Credit Default Swap [Member]
Derivative [Line Items]
Weighted average remaining expected maturity	1 year	1 year
Derivative notional amount	$ 70	$ 127
Total fair value of credit derivatives	$ (33)	$ (63)
Insured Swaps [Member]
Derivative [Line Items]
Weighted average remaining expected maturity	15 years 8 months 12 days	15 years 6 months
Derivative notional amount	$ 2,433	$ 2,801
Total fair value of credit derivatives	(2)	(2)
Insured Swaps - Held for Sale [Member]
Derivative [Line Items]
Derivative notional amount	0	0
Credit Rating Aaa [Member]
Derivative [Line Items]
Derivative notional amount	0	0
Total fair value of credit derivatives	0	0
Credit Rating Aaa [Member] | Credit Default Swap [Member]
Derivative [Line Items]
Derivative notional amount	0	0
Credit Rating Aaa [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	0	0
Credit Rating Aaa [Member] | Other Credit Derivatives [Member]
Derivative [Line Items]
Derivative notional amount	0
Credit Rating Aa [Member]
Derivative [Line Items]
Derivative notional amount	74	117
Total fair value of credit derivatives	0	0
Credit Rating Aa [Member] | Credit Default Swap [Member]
Derivative [Line Items]
Derivative notional amount	0	0
Credit Rating Aa [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	74	117
Credit Rating Aa [Member] | Other Credit Derivatives [Member]
Derivative [Line Items]
Derivative notional amount	0
Credit Rating A [Member]
Derivative [Line Items]
Derivative notional amount	1,463	1,818
Total fair value of credit derivatives	(1)	(1)
Credit Rating A [Member] | Credit Default Swap [Member]
Derivative [Line Items]
Derivative notional amount	0	0
Credit Rating A [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	1,463	1,818
Credit Rating A [Member] | Other Credit Derivatives [Member]
Derivative [Line Items]
Derivative notional amount	0
Credit Rating Bbb [Member]
Derivative [Line Items]
Derivative notional amount	896	846
Total fair value of credit derivatives	(1)	(1)
Credit Rating Bbb [Member] | Credit Default Swap [Member]
Derivative [Line Items]
Derivative notional amount	0	0
Credit Rating Bbb [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	896	846
Credit Rating Bbb [Member] | Insured Swaps - Held for Sale [Member]
Derivative [Line Items]
Derivative notional amount	0	0
Credit Rating Below Investment Grade [Member]
Derivative [Line Items]
Derivative notional amount	70	147
Total fair value of credit derivatives	(33)	(63)
Credit Rating Below Investment Grade [Member] | Credit Default Swap [Member]
Derivative [Line Items]
Derivative notional amount	70	127
Credit Rating Below Investment Grade [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	$ 0	$ 20

Derivative Instruments (Total F

Derivative Instruments (Total Fair Value Of Company's Derivative Assets And Liabilities By Instrument And Balance Sheet Location, Before Counterparty Netting) (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions		Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Derivative notional amount		$ 3,619	$ 4,100
Derivative Liabilities [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	(212)	(269)
Derivative Assets [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]	18	22
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative notional amount		712	747
Interest Rate Swap [Member] | Derivative Liabilities [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	(157)	(193)
Interest Rate Swap [Member] | Other Assets [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]	2	2
Credit Default Swap [Member]
Derivative [Line Items]
Derivative notional amount		70	127
Credit Default Swap [Member] | Derivative Liabilities [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	(33)	(63)
Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount		2,433	2,801
Insured Swaps [Member] | Derivative Liabilities [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	(2)	(2)
Interest Rate Swaps V I E [Member]
Derivative [Line Items]
Derivative notional amount		0	0
Interest Rate Swaps V I E [Member] | Derivative Liabilities V I E [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	0	0
Interest Rate Swaps V I E [Member] | Derivative Assets V I E [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value		0
Interest Rate Swaps Embedded [Member]
Derivative [Line Items]
Derivative notional amount		293	305
Interest Rate Swaps Embedded [Member] | Medium Term Notes [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]	0	1
Derivative Liabilities, Not designated, Fair Value	[1]	(13)	(6)
Currency Swaps Vie [Member]
Derivative [Line Items]
Derivative notional amount		62	69
Currency Swaps Vie [Member] | Other Assets V I E [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]	16	19
All Other [Member]
Derivative [Line Items]
Derivative notional amount		49	49
All Other [Member] | Derivative Liabilities [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	(7)	(4)
All Other V I E [Member]
Derivative [Line Items]
Derivative notional amount		0	0
All Other V I E [Member] | Other Assets V I E [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value		0
All Other Embedded [Member]
Derivative [Line Items]
Derivative notional amount		0	2
All Other Embedded [Member] | Derivative Liabilities Other Investments [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	0	(1)
Insured Swaps - Held for Sale [Member]
Derivative [Line Items]
Derivative notional amount		$ 0	$ 0
[1]	In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company's embedded derivative instruments is determined by the location of the related host contract

Derivative Instruments (Effect

Derivative Instruments (Effect Of Derivative Instruments On Consolidated Statements Of Operations) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Net gain/(loss) recognized in income	$ (27)	$ (68)	$ (15)
Unrealized Gains Losses On Insured Derivatives [Member] | Credit Default Swap [Member]
Derivative [Line Items]
Net gain/(loss) recognized in income	31	0	21
Realized Gains Losses And Other Settlements On Insured Derivatives [Member] | Credit Default Swap [Member]
Derivative [Line Items]
Net gain/(loss) recognized in income	(56)	(51)	(40)
Foreign Exchange And Other Derivative Financial Instruments [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Net gain/(loss) recognized in income	4	3	(11)
Foreign Exchange And Other Derivative Financial Instruments [Member] | All Other [Member]
Derivative [Line Items]
Net gain/(loss) recognized in income	(4)	(19)	(2)
Foreign Exchange And Other Derivative Financial Instruments Attributable To V I E [Member] | Interest Rate Swaps V I E [Member]
Derivative [Line Items]
Net gain/(loss) recognized in income	0	0	8
Foreign Exchange And Other Derivative Financial Instruments Attributable To V I E [Member] | Currency Swaps Vie [Member]
Derivative [Line Items]
Net gain/(loss) recognized in income	$ (2)	$ (1)	$ 9

Debt (Narrative) (Detail)

Debt (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
MBIA Inc. Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage	5.70%
Long-term debt, maturity year	2,034
MBIA Corp Surplus Notes [Member]
Debt Instrument [Line Items]
Interest rate terms	Contractual interest rate is based on the three month LIBOR plus 11.26%. Callable on or after January 15, 2023 and every fifth anniversary thereafter at par.
Mbia Inc. Debentures [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage	7.00%
Long-term debt, maturity year	2,025
Medium Term Notes [Member]
Debt Instrument [Line Items]
Repurchase of MTNs	$ 78
Weighted average interest rate	3.23%	2.90%
Percent of par	89.00%
Investment Agreement Obligations [Member]
Debt Instrument [Line Items]
Weighted average interest rate	5.83%	5.75%
MBIA Corp Financing Facility [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage	14.00%
Long-term debt, maturity date	Jan. 20, 2020
Commitment fees	$ 10
MBIA Corp Financing Facility [Member] | Initial [Member]
Debt Instrument [Line Items]
Long-term debt principal amount owned	366
Proceeds from subordinated financing	38
MBIA Corp Financing Facility [Member] | Undrawn [Member]
Debt Instrument [Line Items]
Proceeds from subordinated financing	50
MBIA Corp Financing Facility [Member] | Outstanding [Member]
Debt Instrument [Line Items]
Long-term debt principal amount owned	373	$ 330
Mbia Inc [Member] | MBIA Corp Surplus Notes [Member]
Debt Instrument [Line Items]
Long-term debt principal amount owned	13
National [Member] | MBIA Inc. Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt principal amount purchased	44	$ 129
Long-term debt principal amount owned	308
National [Member] | Mbia Inc. Debentures [Member]
Debt Instrument [Line Items]
Long-term debt principal amount purchased	10
Long-term debt principal amount owned	$ 10
Variable Interest Entity [Member]
Debt Instrument [Line Items]
Weighted average interest rate	6.91%	6.01%
Maximum [Member] | Medium Term Notes [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage	6.00%	6.00%
Maximum [Member] | Investment Agreement Obligations [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage	6.88%	6.88%
Maximum [Member] | Variable Interest Entity [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage	14.00%	14.00%
Minimum [Member] | Medium Term Notes [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage	0.00%	0.00%
Minimum [Member] | Investment Agreement Obligations [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage	4.78%	4.74%
Minimum [Member] | Variable Interest Entity [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage	2.81%	1.85%

Debt (Long-Term Debt) (Detail)

Debt (Long-Term Debt) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Accrued interest		$ 751	$ 624
Debt issuance costs		(15)	(16)
Total		2,249	2,121
6.400% Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	[1]	$ 265	265
Long-term debt, interest rate		6.40%
Long-term debt, maturity year		2,022
Initial Callable date		Aug. 15, 2006
7.000% Debentures Due 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 46	46
Long-term debt, interest rate		7.00%
Long-term debt, maturity year		2,025
7.150% Debentures Due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 100	100
Long-term debt, interest rate		7.15%
Long-term debt, maturity year		2,027
6.625% Debentures Due 2028 [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 141	141
Long-term debt, interest rate		6.625%
Long-term debt, maturity year		2,028
5.700% Senior Notes Due 2034 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	[2]	$ 21	21
Long-term debt, interest rate		5.70%
Long-term debt, maturity year		2,034
Surplus Notes Due 2033 [Member]
Debt Instrument [Line Items]
Surplus notes outstanding	[3]	$ 940	$ 940
Long-term debt, maturity year		2,033
Callable date for fifth anniversary of initial callable date		Jan. 15, 2023
MBIA Inc. Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate		5.70%
Long-term debt, maturity year		2,034
[1]	Callable on or after August 15, 2006 at par.
[2]	Callable anytime at the greater of par or the present value of the remaining scheduled payments of principal and interest.
[3]	Contractual interest rate is based on three month LIBOR plus 11.26%

Debt (Aggregate Maturity Of Deb

Debt (Aggregate Maturity Of Debt Obligations) (Detail) $ in Millions	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
2,022	$ 265
2,023	0
Thereafter	1,248
Total	1,513
Corporate Obligations [Member]
Debt Instrument [Line Items]
2,022	265
2,023	0
Thereafter	308
Total	573
Surplus Notes Due 2033 [Member]
Debt Instrument [Line Items]
2,023	0
Thereafter	940
Total	$ 940

Debt (Principal Payments For In

Debt (Principal Payments For Investment Agreements, MTNs and VIE Obligations) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
2,022		$ 265
2,023		0
Thereafter		1,248
Total		1,513
Accrued interest		751	$ 624
Investment Agreement Obligations [Member]
Debt Instrument [Line Items]
2,019		7
2,020		35
2,021		2
2,022		2
2,023		20
Thereafter		295
Total expected principal payments	[1]	361
Less discount and other adjustments	[2]	50
Total		311
Accrued interest		5
Carrying amount adjustment		$ 4
Latest maturity year		2,037
Medium Term Notes [Member]
Debt Instrument [Line Items]
2,019		$ 58
2,020		0
2,021		0
2,022		58
2,023		0
Thereafter		835
Total expected principal payments	[3]	951
Less discount and other adjustments	[4]	229
Total		722
Accrued interest		5
Carrying amount adjustment		$ 34
Latest maturity year		2,036
Variable Interest Entity Debt [Member] | International And Structured Finance Insurance [Member]
Debt Instrument [Line Items]
2,019		$ 108
2,020		396
2,021		72
2,022		41
2,023		13
Thereafter		1,111
Total expected principal payments	[5]	1,741
Net fair value		$ 480
Latest maturity year		2,052
[1]	Amounts reflect principal due at maturity for investment agreements issued at a discount.
[2]	Discount is net of carrying amount adjustment of $4 million and accrued interest adjustment of $5 million.
[3]	Amounts reflect principal due at maturity for notes issued at a discount.
[4]	Discount is net of carrying amount adjustment of $34 million and accrued interest adjustment of $5 million.
[5]	Includes $480 million of VIE notes accounted for at fair value as of December 31, 2018.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Detail) - USD ($) $ in Millions	Jan. 01, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non Variable Interest Entities [Line Items]
Federal statutory rate		21.00%	35.00%	35.00%
NOL carryforward		$ 2,400
Alternative minimum tax credit carryforward - Other assets		26
Foreign tax credit		62	$ 62
Unrecognized Tax Benefits		0	0
Valuation allowance on net deferred tax asset		$ 834	$ 770
New federal corporate tax rate	21.00%

Income Taxes (Income Taxes And

Income Taxes (Income Taxes And Related Effective Tax Rates) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure Income Taxes Income Taxes And Related Effective Tax Rates [Abstract]
Income (loss) before income taxes	$ (296)	$ (661)	$ (339)
Provision (benefit) for income taxes	$ 0	$ 944	$ (1)

Income Taxes (Income before Inc

Income Taxes (Income before Income Taxes) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income (loss) before income taxes	$ (296)	$ (661)	$ (339)
Domestic [Member]
Income (loss) before income taxes	(287)	(638)	(362)
Foreign [Member]
Income (loss) before income taxes	$ (9)	$ (23)	$ 23

Income Taxes (Income Taxes an_2

Income Taxes (Income Taxes and Shareholders' Equity) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current taxes:
Federal	$ 0	$ 4	$ 4
State	1	0	1
Deferred taxes:
Federal	(1)	945	(8)
Foreign	0	(5)	2
Provision (benefit) for income taxes	0	944	(1)
Income tax effects allocated directly to equity [Abstract]
Change in unrealized gains and losses on AFS securities	5	(1)	8
Change in AFS securities with OTTI	0	1	5
Change in foreign currency translation	0	21	1
Total income taxes charged (credited) to shareholders' equity	5	21	14
Total effect of income taxes	$ 5	$ 965	$ 13

Income Taxes (Income Tax Rate R

Income Taxes (Income Tax Rate Reconciliation) (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective income tax rate continuing operations tax rate reconciliation [Abstract]
Federal income tax computed at the statutory rate	21.00%	35.00%	35.00%
Increase (reduction) in taxes resulting from: [Abstract]
Tax reform/change in tax rate	0.00%	(71.40%)	0.00%
Mark-to-market on warrants	(0.70%)	1.40%	(1.50%)
Change in valuation allowance	(20.90%)	(116.90%)	(2.20%)
Tax return and deferred inventory adjustments	(1.00%)	0.80%	3.60%
Foreign taxes	0.00%	8.20%	0.00%
Non deductible compensation	0.00%	0.00%	(1.40%)
Basis difference in foreign subsidiary	0.00%	0.00%	(33.00%)
Other	1.60%	0.10%	(0.30%)
Effective tax rate	0.00%	(142.80%)	0.20%

Income Taxes (Components Of Def

Income Taxes (Components Of Deferred Tax Assets and Liabilities) (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Deferred tax liabilities [Abstract]
Unearned premium reserve	$ 59	$ 75
Deferral of cancellation of indebtedness income	0	14
Deferred acquisition costs	16	21
Net unrealized gains in accumulated other comprehensive income	0	0
Partnership basis difference	3	11
Basis difference in foreign subsidiaries	0	1
Net deferred taxes on VIEs	55	38
Other	0	0
Total gross deferred tax liabilities	133	160
Deferred tax assets [Abstract]
Compensation and employee benefits	7	11
Accrued interest	158	131
Loss and loss adjustment expense reserves	135	87
Net operating loss	512	582
Foreign tax credit	62	62
Capital loss carryforward and other-than-temporary impairments	22	22
Net unrealized losses on insured derivatives	8	14
Net losses on financial instruments at fair value and foreign exchange	30	13
Net unrealized losses in accumulated other comprehensive income	32	5
Alternative minimum tax credit carryforward	0	0
Other	1	3
Total gross deferred tax assets	967	930
Valuation allowance	834	770
Net deferred tax asset	$ 0	$ 0

Business Segments (Narrative) (

Business Segments (Narrative) (Detail)	12 Months Ended
	Dec. 31, 2018segments
Disclosure Business Segments Summary Of Companys Segment Results [Abstract]
Number of operating segments	3

Business Segments (Summary Of C

Business Segments (Summary Of Company's Segment Results) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues	[1]	$ 317		$ 370		$ 480
Net change in fair value of insured derivatives		(25)		(51)		(19)
Net gains (losses) on financial instruments at fair value and foreign exchange		(17)		(24)		84
Net investment losses related to other-than-temporary impairments		(5)		(106)		(5)
Net gains (losses) on extinguishment of debt		3		28		5
Other net realized gains (losses)		0		31		(282)
Revenues of consolidated VIEs		(111)		185		31
Inter-segment revenues	[2]	0		0		0
Total revenues		162		433		294
Losses and loss adjustment		63		683		220
Operating		91		129		177
Interest		206		197		197
Expenses of consolidated VIEs		98		85		39
Inter-segment expenses	[2]	0		0		0
Total expenses		458		1,094		633
Income (loss) before income taxes		(296)		(661)		(339)
Identifiable assets		8,076		9,095		11,137
U S Public Finance Insurance [Member]
Segment Reporting Information [Line Items]
Losses and loss adjustment		0		499		74
Operating Segments [Member] | U S Public Finance Insurance [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	178		262		335
Net change in fair value of insured derivatives		0		0		0
Net gains (losses) on financial instruments at fair value and foreign exchange		(20)		25		72
Net investment losses related to other-than-temporary impairments		(5)		(106)		(4)
Net gains (losses) on extinguishment of debt		0		0		0
Other net realized gains (losses)		0		(4)		2
Revenues of consolidated VIEs		0		0		0
Inter-segment revenues	[2]	29		23		22
Total revenues		182		200		427
Losses and loss adjustment		91		499		74
Operating		18		36		40
Interest		0		0		0
Expenses of consolidated VIEs		0		0		0
Inter-segment expenses	[2]	44		72		69
Total expenses		153		607		183
Income (loss) before income taxes		29		(407)		244
Identifiable assets		4,203		4,582		5,077
Operating Segments [Member] | Corporate Operations [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	31		30		24
Net change in fair value of insured derivatives		0		0		0
Net gains (losses) on financial instruments at fair value and foreign exchange		22		(32)		(14)
Net investment losses related to other-than-temporary impairments		0		0		(1)
Net gains (losses) on extinguishment of debt		3		28		5
Other net realized gains (losses)		(2)		(4)		(5)
Revenues of consolidated VIEs		0		0		0
Inter-segment revenues	[2]	45		60		58
Total revenues		99		82		67
Losses and loss adjustment		0		0		0
Operating		47		59		80
Interest		78		81		91
Expenses of consolidated VIEs		0		0		0
Inter-segment expenses	[2]	20		11		4
Total expenses		145		151		175
Income (loss) before income taxes		(46)		(69)		(108)
Identifiable assets		1,192		1,312		2,479
Operating Segments [Member] | International And Structured Finance Insurance [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	108		78		121
Net change in fair value of insured derivatives		(25)		(51)		(19)
Net gains (losses) on financial instruments at fair value and foreign exchange		(19)		(17)		26
Net investment losses related to other-than-temporary impairments		0		0		0
Net gains (losses) on extinguishment of debt		0		0		0
Other net realized gains (losses)		2		39		(279)
Revenues of consolidated VIEs		(111)		185		31
Inter-segment revenues	[2]	24		44		51
Total revenues		(21)		278		(69)
Losses and loss adjustment		(28)		184		146
Operating		26		34		57
Interest		128		116		106
Expenses of consolidated VIEs		98		85		39
Inter-segment expenses	[2]	33		47		52
Total expenses		257		466		400
Income (loss) before income taxes		(278)		(188)		(469)
Identifiable assets		4,742		5,404		6,486
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Inter-segment revenues	[2]	(98)		(127)		(131)
Total revenues		(98)		(127)		(131)
Inter-segment expenses	[2]	(97)		(130)		(125)
Total expenses		(97)		(130)		(125)
Income (loss) before income taxes		(1)		3		(6)
Identifiable assets		$ (2,061)	[3]	$ (2,203)	[3]	$ (2,905)	[4]
[1]	Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
[2]	Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.
[3]	Consists primarily of intercompany reinsurance balances and repurchase agreements.
[4]	Consists of intercompany deferred income taxes, reinsurance balances and repurchase agreements.

Business Segments (Summary Of P

Business Segments (Summary Of Premiums Earned On Financial Guarantees And Insured Derivatives By Geographic Location Of Risk) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total premiums earned	$ 162	$ 202	$ 304
United States [Member]
Segment Reporting Information [Line Items]
Total premiums earned	94	169	238
United Kingdom [Member]
Segment Reporting Information [Line Items]
Total premiums earned	0	2	27
Other Americas [Member]
Segment Reporting Information [Line Items]
Total premiums earned	68	25	26
Other [Member]
Segment Reporting Information [Line Items]
Total premiums earned	$ 0	$ 6	$ 13

Insurance in Force (Narrative)

Insurance in Force (Narrative) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Guarantor Obligations [Line Items]
Transactions guaranteed by MBIA on behalf of affiliated companies		$ 2,000
Aggregate amount of insurance in force ceded to reinsurers		4,200	$ 5,100
Aggregate amount of insured par outstanding ceded to reinsurers		2,194	2,700
Ceding commissions from reinsurance	[1]	317	370	$ 480
Insurance in Force		128,100	154,900
Gross Par Amount		69,800	$ 87,000
U S Public Finance Insurance [Member]
Guarantor Obligations [Line Items]
Aggregate amount of insured par outstanding ceded to reinsurers		1,700
Structured Finance And International Insurance [Member]
Guarantor Obligations [Line Items]
Aggregate amount of insured par outstanding ceded to reinsurers		$ 499
Financial Guaranty Insurance Company [Member]
Guarantor Obligations [Line Items]
Financial guaranty maturity year		2,058
Investment agreements, MTNs and other affiliated contracts [Member]
Guarantor Obligations [Line Items]
Financial guaranty maturity year		2,037
[1]	Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.

Insurance in Force (Schedule Of

Insurance in Force (Schedule Of Geographical Distribution Of Insurance In Force) (Detail) - USD ($) $ in Billions	Dec. 31, 2018	Dec. 31, 2017
Insurance in Force	$ 128.1	$ 154.9
% of Insurance in Force	100.00%	100.00%
California [Member]
Insurance in Force	$ 25.9	$ 30.3
% of Insurance in Force	20.20%	19.60%
Illinois [Member]
Insurance in Force	$ 11.1	$ 13.1
% of Insurance in Force	8.70%	8.50%
New York [Member]
Insurance in Force	$ 5.9	$ 9.3
% of Insurance in Force	4.60%	6.00%
Puerto Rico [Member]
Insurance in Force	$ 7.9	$ 8.2
% of Insurance in Force	6.20%	5.30%
New Jersey [Member]
Insurance in Force	$ 6.8	$ 7.6
% of Insurance in Force	5.30%	4.90%
Texas [Member]
Insurance in Force	$ 4.3	$ 6.1
% of Insurance in Force	3.40%	3.90%
Hawaii [Member]
Insurance in Force	$ 4.3	$ 4.5
% of Insurance in Force	3.40%	2.90%
Virginia [Member]
Insurance in Force	$ 3.7	$ 4.2
% of Insurance in Force	2.90%	2.70%
Florida [Member]
Insurance in Force	$ 3.1	$ 3.8
% of Insurance in Force	2.40%	2.50%
Oregon [Member]
Insurance in Force	$ 3.2	$ 3.6
% of Insurance in Force	2.50%	2.30%
Sub-Total Insurance In Force [Member]
Insurance in Force	$ 76.2	$ 90.7
% of Insurance in Force	59.60%	58.60%
Nationally Diversified [Member]
Insurance in Force	$ 13.5	$ 15.7
% of Insurance in Force	10.50%	10.10%
Other States [Member]
Insurance in Force	$ 29.1	$ 37
% of Insurance in Force	22.70%	23.90%
United States [Member]
Insurance in Force	$ 118.8	$ 143.4
% of Insurance in Force	92.80%	92.60%
Internationally Diversified [Member]
Insurance in Force	$ 0.4	$ 0.4
% of Insurance in Force	0.30%	0.30%
Country Specific [Member]
Insurance in Force	$ 8.9	$ 11.1
% of Insurance in Force	6.90%	7.10%
Non-United States [Member]
Insurance in Force	$ 9.3	$ 11.5
% of Insurance in Force	7.20%	7.40%

Insurance In Force (Schedule _2

Insurance In Force (Schedule Of Insurance In Force By Type Of Bond, Excluding Transactions Guaranteed By MBIA Corp. On Behalf Of Various Investment Management Services And Other Affiliated Companies) (Detail) - USD ($) $ in Billions		Dec. 31, 2018	Dec. 31, 2017
Insurance in Force		$ 128.1	$ 154.9
Gross Par Amount		69.8	87
U S [Member]
Insurance in Force		118.8	143.4
Non-United States [Member]
Insurance in Force		9.3	11.5
Global Public Finance [Member]
Insurance in Force		119.6	144.2
Gross Par Amount		64.2	79.7
Global Public Finance [Member] | U S [Member]
Insurance in Force		111.6	134
Gross Par Amount		57.9	71.9
Global Public Finance [Member] | Non-United States [Member]
Insurance in Force		8	10.2
Gross Par Amount		6.3	7.8
Global Structured Finance [Member]
Insurance in Force		8.5	10.7
Gross Par Amount		5.6	7.3
General Obligation [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force	[1]	34.2	42.8
Gross Par Amount	[1]	17.3	22.9
General Obligation - Lease [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		4	5.1
Gross Par Amount		3	3.8
Municipal Utilities [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		14.2	17.7
Gross Par Amount		9.5	11.8
Tax-Backed [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		24	26.5
Gross Par Amount		11.2	12.4
Transportation [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		12	15.2
Gross Par Amount		4.8	6.9
Transportation [Member] | Global Public Finance [Member] | Non-United States [Member]
Insurance in Force		3	4.5
Gross Par Amount		2.5	3.6
Higher Education [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		2.5	3.2
Gross Par Amount		1.7	2.1
Health Care [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		1.7	2.6
Gross Par Amount		1.2	1.8
Military Housing [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		15.8	16.3
Gross Par Amount		7.2	7.3
Investor-Owned Utilities [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force	[2]	2	3.1
Gross Par Amount	[2]	1.3	2
Municipal Housing [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		0.3	0.4
Gross Par Amount		0.2	0.3
Other Public Finance [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force	[3]	0.9	1.1
Gross Par Amount	[3]	0.5	0.6
Other Public Finance [Member] | Global Public Finance [Member] | Non-United States [Member]
Insurance in Force	[4]	0.1	0.2
Gross Par Amount	[4]	0.1	0.1
International Utilities [Member] | Global Public Finance [Member] | Non-United States [Member]
Insurance in Force		1.4	1.7
Gross Par Amount		1.2	1.4
Sovereign Related And Sub-Sovereign [Member] | Global Public Finance [Member] | Non-United States [Member]
Insurance in Force	[5]	3.5	3.8
Gross Par Amount	[5]	2.5	2.7
Collateralized Debt Obligations [Member] | Global Structured Finance [Member]
Insurance in Force	[6]	0.5	0.5
Gross Par Amount	[6]	0.4	0.4
Residential Mortgage Backed Securities [Member] | Global Structured Finance [Member]
Insurance in Force		3.4	4.7
Gross Par Amount		2.5	3.6
Commercial Mortgage Backed Securities [Member] | Global Structured Finance [Member]
Insurance in Force		0.6	0.7
Gross Par Amount		0.3	0.3
Consumer Asset Backed [Member] | Global Structured Finance [Member]
Insurance in Force		0.5	0.9
Gross Par Amount		0.4	0.7
Corporate Asset Backed [Member] | Global Structured Finance [Member]
Insurance in Force	[7]	3.5	3.9
Gross Par Amount	[7]	$ 2	$ 2.3
[1]	Includes general obligation unlimited and limited (property) tax bonds, general fund obligation bonds and pension obligation bonds of states, cities, counties, schools and special districts.
[2]	Includes investor owned utilities, industrial development and pollution control revenue bonds.
[3]	Includes certain non-profit enterprises, stadium related financing and student loans.
[4]	Includes municipal owned entities backed by sponsoring local government and tax backed transactions.
[5]	Includes regions, departments or their equivalent in each jurisdiction as well as sovereign owned entities that are supported by a sovereign state, region or department.
[6]	Includes a transaction (represented by structured pools of CRE assets) that does not include typical CDO structuring characteristics, such as tranched credit risk, cash flow waterfalls, or interest and over-collateralization coverage tests.
[7]	As of December 31, 2018, includes structured insurance securitizations of $2.2 billion and $1.0 billion of insurance in force and gross par amount, respectively. As of December 31, 2017, includes structured insurance securitizations of $2.3 billion and $1.1 billion of insurance in force and gross par amount, respectively.

Insurance In Force (Summary Of

Insurance In Force (Summary Of Company's Reinsurance Agreements For U.S. Public Finance And Structured Finance And International Insurance Operations) (Detail) - USD ($) $ in Millions		Dec. 31, 2018	Dec. 31, 2017
Aggregate Amount Of Insured Par Outstanding Ceded To Reinsurers		$ 2,194	$ 2,700
Reinsurance Recoverables Secured By Letters Of Credit Or Trust Amount		30
Reinsurance Recoverable	[1]	6
Assured Guaranty Corp [Member]
Aggregate Amount Of Insured Par Outstanding Ceded To Reinsurers		870
Reinsurance Recoverable	[1]	2
Assured Guaranty Re Ltd [Member]
Aggregate Amount Of Insured Par Outstanding Ceded To Reinsurers		1,009
Reinsurance Recoverables Secured By Letters Of Credit Or Trust Amount		27
Reinsurance Recoverable	[1]	4
Overseas Private Investment Corporation [Member]
Aggregate Amount Of Insured Par Outstanding Ceded To Reinsurers		244
Others [Member]
Aggregate Amount Of Insured Par Outstanding Ceded To Reinsurers		71
Reinsurance Recoverables Secured By Letters Of Credit Or Trust Amount		$ 3
[1]	Total reinsurance recoverable is primarily related to recoverables on unpaid losses.

Insurance Regulations And Div_2

Insurance Regulations And Dividends (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Insurance Regulations And Dividends [Line Items]
Percentage of policyholders' surplus	10.00%
Percentage of adjusted net investment income	100.00%
Policyholders Surplus [Member] | Minimum [Member]
Insurance Regulations And Dividends [Line Items]
Policyholders' surplus	$ 65
MBIA Corp [Member]
Insurance Regulations And Dividends [Line Items]
Unassigned surplus	$ (1,700)	$ (1,800)
Percentage of loss reserves and unearned premium reserve required to be invested in qualifying assets	50.00%
Statutory capital	$ 555	464
Policyholders' surplus	356
Contingency reserves	199
Statutory net income	134	107
National [Member]
Insurance Regulations And Dividends [Line Items]
Dividends from subsidiaries	108	118
Statutory net loss	27	321
Statutory capital	2,500	$ 2,800
Policyholders' surplus	2,000
Contingency reserves	$ 522

Pension And Profit Sharing Plan

Pension And Profit Sharing Plans (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined contribution pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution percentage of eligible employees compensation	10.00%
Vested after two years	20.00%
Vested after three years	60.00%
Vested after four years	80.00%
Vested after five years	100.00%
Pension and 401k expense	$ 1	$ 2	$ 1
Defined contribution pension [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Maximum annual compensation subject to pension	$ 2
Qualified profit-sharing/401(k) [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution percentage of eligible employees compensation	25.00%
Vested after two years	20.00%
Vested after three years	60.00%
Vested after four years	80.00%
Vested after five years	100.00%
Pension and 401k expense	$ 1	1	1
Contributions percentage of employer match	5.00%
Non-qualified pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and 401k expense	$ 1	$ 3	$ 3

Long-term Incentive Plans (Narr

Long-term Incentive Plans (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Omnibus Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shareholder approved increase in common stock reserved and available for issuance	14,000,000
Shares issued under Omnibus Plan in connection with stock options, count	1
Shares/units available for future grants	2,471,234
Omnibus Plan [Member] | After May 1, 2012 Amendment [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under Omnibus Plan in connection with other than stock options, count	1.28
Omnibus Plan [Member] | Prior To May 1, 2012 Amendment [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under Omnibus Plan in connection with other than stock options, count	2
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, value, restricted stock award, gross	$ 37	$ 6
Share-based compensation expense (benefit)	6	10	$ 16
Tax charge related to share-based compensation	0	$ 0	1
Unrecognized compensation cost	$ 36
Expected to be recognized as expense over a weighted average period, years	3 years 3 months 18 days
Restricted Stock [Member] | Stock Price Targets [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted	247,286	65,287
Restricted Stock [Member] | Internal Performance Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted		127,001
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive awards vesting period, years	3 years
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive awards vesting period, years	7 years
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax charge related to share-based compensation	$ 0	$ 0	$ 1
Long-term incentive awards vesting period, years	5 years
Employee Stock Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive awards expiration period, years	7 years
Employee Stock Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive awards expiration period, years	10 years

Long-Term Incentive Plans (Rest

Long-Term Incentive Plans (Restricted Shares Outstanding) (Detail) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year	2,392,978	3,916,661	4,727,319
Granted	3,668,801	708,529	756,381
Vested	(267,163)	(1,051,657)	(917,039)
Forfeited	(750,000)	(1,180,555)	(650,000)
Outstanding at end of year	5,044,616	2,392,978	3,916,661
Outstanding at beginning of year, Weighted Average Price per Share	$ 9.6142	$ 9.3553	$ 9.9302
Granted, Weighted Average Price per Share	9.9711	9.374	8.2722
Vested, Weighted Average Price per Share	10.0705	9.9732	13.6196
Forfeited, Weighted Average Price per Share	9.9576	8.2912	6.2601
Outstanding at end of year, Weighted Average Price per Share	$ 9.7986	$ 9.6142	$ 9.3553

Long-Term Incentive Plans (Stoc

Long-Term Incentive Plans (Stock Options Outstanding) (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Long-Term Incentive Plans [Abstract]
Number of shares, outstanding at beginning of year	0	237,800	2,325,300
Stock option awards exercised	0	(200,000)	(2,050,000)
Options expired or canceled	0	(37,800)	(37,500)
Number of shares, outstanding at end of year	0	0	237,800
Number of shares, exercisable at end of year	0	0	237,800
Outstanding at beginning of year, weighted average price per share	$ 0	$ 14.6689	$ 6.3703
Exercised, weighted average price per share	0	5.05	4.4722
Expired or canceled, weighted average price per share	0	65.5624	57.51
Outstanding at end of year, weighted average price per share	0	0	14.6689
Exercisable at end of year, weighted average price per share	$ 0	$ 0	$ 14.6689

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Basic earnings per share: [Abstract]
Net income (loss)	$ (296)	$ (1,605)	$ (338)
Less: Undistributed earnings allocated to participating securities	0	0	0
Net income (loss) available to common stockholders	$ (296)	$ (1,605)	$ (338)
Basic weighted average shares	89,013,711	118,930,282	133,001,088
Basic	$ (3.33)	$ (13.5)	$ (2.54)
Diluted earnings per share: [Abstract]
Net income (loss)	$ (296)	$ (1,605)	$ (338)
Less: Undistributed earnings allocated to participating securities	0	0	0
Less: mark-to-market gain (loss) on warrants	0	0	0
Net income (loss) available to common stockholders	$ (296)	$ (1,605)	$ (338)
Basic weighted average shares	89,013,711	118,930,282	133,001,088
Stock options	0	0	0
Diluted weighted average shares	89,013,711	118,930,282	133,001,088
Diluted	$ (3.33)	$ (13.5)	$ (2.54)
Unvested Restricted Stock And Units That Receive Nonforfeitable Dividends Or Dividend Equivalents That Have Met Service Condition	815,453	311,772	930,406
Potentially dilutive securities excluded from the diluted EPS because of antidilutive effect	4,352,031	14,127,112	16,506,438

Common and Preferred Stock (Nar

Common and Preferred Stock (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Millions	2 Months Ended	12 Months Ended
	Feb. 21, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Warrants exercised		11,850,000
Warrant exercise price		$ 9.59
Warrants outstanding		0
Fair value of warrants			$ 6
Shares repurchased under share repurchase program, average price per share		$ 8.21	$ 7.55
Preferred stock shares issued		0	0
Preferred stock shares outstanding		0	0
Preferred Stock Par Or Stated Value Per Share		$ 1	$ 1
StockIssuedDuringPeriodSharesTreasuryStockReissued		1,300,000
Remaining amount available under repurchase program		$ 202	$ 250
Treasury stock shares acquired		5,800,000	43,000,000
SubsequentEvent [Member]
Class of Stock [Line Items]
Shares repurchased under share repurchase program, average price per share	$ 8.94
Remaining amount available under repurchase program	$ 198
Treasury stock shares acquired	500,000
MBIA Insurance Corporation [Member]
Class of Stock [Line Items]
Preferred Stock Par Or Stated Value Per Share		$ 1,000
Preferred stock liquidation preference		100,000
Preferred Stock [Member] | MBIA Insurance Corporation [Member]
Class of Stock [Line Items]
Shares repurchased under share repurchase program, average price per share		$ 10,900
Preferred stock shares issued		2,759
Preferred stock repurchased during period shares		1,444
Preferred stock, carrying value issued and outstanding		$ 28
Face value of repurchased preferred stock		10.90%
Dividend rate on preferred stock determined rate		LIBOR plus 200 basis points
2016 Repurchase Authorization [Member]
Class of Stock [Line Items]
Authorized repurchase of common stock, value		$ 100
Stock repurchase program cancelled amount		13
June 27, 2017 Repurchase Authorization [Member]
Class of Stock [Line Items]
Authorized repurchase of common stock, value		250
November 3, 2017 Repurchase Authorization [Member]
Class of Stock [Line Items]
Authorized repurchase of common stock, value		$ 250
Unaffiliated Investors [Member] | MBIA Insurance Corporation [Member]
Class of Stock [Line Items]
Preferred stock shares outstanding		1,315

Common and Preferred Stock (Sch

Common and Preferred Stock (Schedule of Share Repurchases) (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Schedule of Share Repurchases [Abstract]
Number of shares repurchased	5,800,000	43,000,000
Average price paid per share	$ 8.21	$ 7.55
Remaining authorization as of December 31	$ 202	$ 250

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Changes In The Components Of AOCI) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Beginning balance	$ (19)	$ (128)		$ (61)
Other comprehensive income (loss) before reclassification	30	101	[1]	(68)
Amounts reclassified from AOCI	0	8		1
Total other comprehensive income (loss)	30	109		(67)
Ending balance	(156)	(19)		(128)
ASU 2018-02 [Member]
Cumulative effect of prospective application of new accounting principle	3
Unrealized gains (losses) on AFS, net [Member]
Beginning balance	(10)	6		(22)
Other comprehensive income (loss) before reclassification	(24)	(24)		27
Amounts reclassified from AOCI	0	8		1
Total other comprehensive income (loss)	(24)	(16)		28
Ending balance	(39)	(10)		6
Unrealized gains (losses) on AFS, net [Member] | ASU 2016-01 [Member]
Cumulative effect of prospective application of new accounting principle	(2)
Unrealized gains (losses) on AFS, net [Member] | ASU 2018-02 [Member]
Cumulative effect of prospective application of new accounting principle	(3)
Foreign currency translation, net [Member]
Beginning balance	(9)	(134)		(39)
Other comprehensive income (loss) before reclassification	2	125		(95)
Amounts reclassified from AOCI	0	0		0
Total other comprehensive income (loss)	2	125		(95)
Ending balance	(7)	(9)		(134)
Foreign currency translation, net [Member] | ASU 2016-01 [Member]
Cumulative effect of prospective application of new accounting principle	0
Foreign currency translation, net [Member] | ASU 2018-02 [Member]
Cumulative effect of prospective application of new accounting principle	0
Instrument-specific credit risk of liabilities measured at fair value, net [Member]
Beginning balance	0	0		0
Other comprehensive income (loss) before reclassification	52	0		0
Amounts reclassified from AOCI	0	0		0
Total other comprehensive income (loss)	52	0		0
Ending balance	(110)	0		0
Instrument-specific credit risk of liabilities measured at fair value, net [Member] | ASU 2016-01 [Member]
Cumulative effect of prospective application of new accounting principle	(162)
Instrument-specific credit risk of liabilities measured at fair value, net [Member] | ASU 2018-02 [Member]
Cumulative effect of prospective application of new accounting principle	0
Accumulated Other Comprehensive Income [Member]
Total other comprehensive income (loss)	30	$ 109		$ (67)
Accumulated Other Comprehensive Income [Member] | ASU 2016-01 [Member]
Cumulative effect of prospective application of new accounting principle	(164)
Accumulated Other Comprehensive Income [Member] | ASU 2018-02 [Member]
Cumulative effect of prospective application of new accounting principle	$ (3)
[1]	Includes items included in the Company's loss calculation to adjust the carrying value of MBIA UK to its fair value less costs to sell for the year ended December 31, 2016. The sale was completed in January of 2017 and as such, these amounts included in AOCI were reversed and included in the Sale Transaction.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Details Of The Reclassification From AOCI) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net gains (losses) on financial instruments at fair value and foreign exchange	$ (17)	$ (24)	$ 84
Income (loss) before income taxes	(296)	(661)	(339)
Provision (benefit) for income taxes	0	944	(1)
Net income (loss)	(296)	(1,605)	(338)
Amounts reclassified from AOCI [Member]
Net income (loss)	0	(8)	(1)
Unrealized gains (losses) on AFS, net [Member] | Amounts reclassified from AOCI [Member]
Net gains (losses) on financial instruments at fair value and foreign exchange	6	3	7
Other-than-temporary impairments recognized in accumulated other comprehensive income (loss)	(5)	(7)	(4)
Net investment income	(1)	(5)	(6)
Income (loss) before income taxes	0	(9)	(3)
Provision (benefit) for income taxes	$ 0	$ (1)	$ (2)

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Detail) $ in Millions	Dec. 31, 2018USD ($)Lawsuits
Commitments and Contingencies [Abstract]
Other material lawsuits pending | Lawsuits	0
Operating leases future minimum payments due | $	$ 34

Schedule I- Investments (Detail

Schedule I- Investments (Detail) $ in Millions	Dec. 31, 2018USD ($)
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	$ 4,118
Fair Value	4,072
Amount at which shown in the balance sheet	4,072
Assets Of Consolidated VIEs [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	1,192
Fair Value	1,254
Amount at which shown in the balance sheet	1,219
Other Aggregated Investments [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	1
Fair Value	1
Amount at which shown in the balance sheet	1
Loans Receivable [Member] | Assets Of Consolidated VIEs [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	159
Fair Value	172
Amount at which shown in the balance sheet	172
Long-Term Available-For-Sale [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	3,618
Fair Value	3,582
Amount at which shown in the balance sheet	3,582
Long-Term Available-For-Sale [Member] | U.S. Treasury And Government Agency [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	916
Fair Value	932
Amount at which shown in the balance sheet	932
Long-Term Available-For-Sale [Member] | US States And Political Subdivisions [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	641
Fair Value	727
Amount at which shown in the balance sheet	727
Long-Term Available-For-Sale [Member] | Foreign Governments [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	3
Fair Value	3
Amount at which shown in the balance sheet	3
Long-Term Available-For-Sale [Member] | Corporate Obligations [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	1,457
Fair Value	1,332
Amount at which shown in the balance sheet	1,332
Short-Term Available-For-Sale [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	199
Fair Value	199
Amount at which shown in the balance sheet	199
Equity Available For Sale [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	0
Fair Value	0
Amount at which shown in the balance sheet	0
AFS Investments [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	3,817
Fair Value	3,781
Amount at which shown in the balance sheet	3,781
Investments At Fair Value [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	300
Fair Value	290
Amount at which shown in the balance sheet	290
Investments At Fair Value [Member] | Assets Of Consolidated VIEs [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	143
Fair Value	157
Amount at which shown in the balance sheet	157
Held-To-Maturity [Member] | Corporate Obligations [Member] | Assets Of Consolidated VIEs [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	890
Fair Value	925
Amount at which shown in the balance sheet	890
Mortgage-backed [Member] | Long-Term Available-For-Sale [Member] | Residential Mortgage Backed Agency [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	218
Fair Value	214
Amount at which shown in the balance sheet	214
Mortgage-backed [Member] | Long-Term Available-For-Sale [Member] | Residential Mortgage-Backed Non-Agency [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	30
Fair Value	27
Amount at which shown in the balance sheet	27
Mortgage-backed [Member] | Long-Term Available-For-Sale [Member] | Commercial Mortgage-Backed [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	53
Fair Value	51
Amount at which shown in the balance sheet	51
Asset-backed [Member] | Long-Term Available-For-Sale [Member] | Collateralized Debt Obligations [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	122
Fair Value	119
Amount at which shown in the balance sheet	119
Asset-backed [Member] | Long-Term Available-For-Sale [Member] | Other Asset-Backed [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	178
Fair Value	177
Amount at which shown in the balance sheet	$ 177

Schedule II (Condensed Balance

Schedule II (Condensed Balance Sheets) (Detail) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets [Abstract]
Cash and cash equivalents	$ 280	$ 146	$ 187	$ 522
Total assets	8,076	9,095	11,137
Liabilities:
Long-term debt	2,249	2,121
Total liabilities	6,944	7,670
Equity:
Preferred stock, par value $1 per share; authorized shares--10,000,000; issued and outstanding--none	0	0
Common stock, par value $1 per share; authorized shares--400,000,000; issued shares-- 283,625,689 and 283,717,973	284	284
Additional paid-in capital	3,025	3,171
Retained earnings	966	1,095
Cumulative changes in instrument-specific credit risk of liabilities elected under the fair value option	(156)	(19)	(128)	(61)
Treasury stock, at cost-- 193,803,976 and 192,233,526 shares	(3,000)	(3,118)
Total shareholders' equity of MBIA Inc.	1,119	1,413
Total liabilities and equity	8,076	9,095
Fixed-maturity securities held as available-for-sale, amortized cost	$ 3,817	$ 4,438
Preferred stock, par value	$ 1	$ 1
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized shares	400,000,000	400,000,000
Common stock, issued shares	283,625,689	283,717,973
Treasury stock, shares	193,803,976	192,233,526
Parent Company [Member]
Assets [Abstract]
Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $815 and $590)	$ 839	$ 639
Investments carried at fair value	7	8
Investments pledged as collateral, at fair value (amortized cost $49 and $155)	46	148
Short-term investments held as available-for-sale, at fair value (amortized cost $83 and $283)	83	283
Other investments	0	1
Total investments	975	1,079
Cash and cash equivalents	40	10	$ 13	$ 35
Investment in wholly-owned subsidiaries	1,876	2,290
Other assets	130	144
Total assets	3,021	3,523
Liabilities:
Investment agreements	276	301
Long-term debt	577	576
Affiliate loans payable	729	772
Income taxes payable	138	237
Other liabilities	182	224
Total liabilities	1,902	2,110
Equity:
Preferred stock, par value $1 per share; authorized shares--10,000,000; issued and outstanding--none	0	0
Common stock, par value $1 per share; authorized shares--400,000,000; issued shares-- 283,625,689 and 283,717,973	284	284
Additional paid-in capital	3,025	3,171
Retained earnings	966	1,095
Cumulative changes in instrument-specific credit risk of liabilities elected under the fair value option	(156)	(19)
Treasury stock, at cost-- 193,803,976 and 192,233,526 shares	(3,000)	(3,118)
Total shareholders' equity of MBIA Inc.	1,119	1,413
Total liabilities and equity	3,021	3,523
Fixed-maturity securities held as available-for-sale, amortized cost	815	590
Investments pledged as collateral, amortized cost	49	155
Short-term investments, amortized cost	$ 83	$ 283
Preferred stock, par value	$ 1	$ 1
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized shares	400,000,000	400,000,000
Common stock, issued shares	283,625,689	283,717,973
Treasury stock, shares	193,803,976	192,233,526

Schedule II (Condensed Statemen

Schedule II (Condensed Statements Of Operations) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Income Statements, Captions [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	$ (17)	$ (24)	$ 84
Net investment losses related to other-than-temporary impairments:
Net investment losses related to other-than-temporary impairments	(5)	(106)	(5)
Net gains (losses) on extinguishment of debt	3	28	5
Other net realized gains (losses)	0	31	(282)
Total revenues	162	433	294
Interest	206	197	197
Provision (benefit) for income taxes	0	944	(1)
Net income (loss)	(296)	(1,605)	(338)
Parent Company [Member]
Condensed Income Statements, Captions [Line Items]
Net investment income	35	35	29
Net gains (losses) on financial instruments at fair value and foreign exchange	20	(34)	(13)
Net investment losses related to other-than-temporary impairments:
Investment losses related to other-than-temporary impairments	0	0	(1)
Other-than-temporary impairments recognized in accumulated other comprehensive income (loss)	0	0	0
Net investment losses related to other-than-temporary impairments	0	0	(1)
Net gains (losses) on extinguishment of debt	3	28	5
Other net realized gains (losses)	(2)	(3)	(5)
Total revenues	56	26	15
Operating	11	13	16
Interest	93	87	90
Total expenses	104	100	106
Gain (loss) before income taxes and equity in earnings of subsidiaries	(48)	(74)	(91)
Provision (benefit) for income taxes	(35)	507	(15)
Gain (loss) before equity in earnings of subsidiaries	(13)	(581)	(76)
Equity in net income (loss) of subsidiaries	(283)	(1,024)	(262)
Net income (loss)	$ (296)	$ (1,605)	$ (338)

Schedule II (Condensed Statem_2

Schedule II (Condensed Statements Of Comprehensive Income (Loss)) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income (loss)	$ (296)	$ (1,605)	$ (338)
Unrealized gains (losses) on available-for-sale securities: [Abstract]
Unrealized gains (losses) arising during the period	(60)	(22)	28
Provision (benefit) for income taxes	5	(1)	7
Total	(65)	(21)	21
Reclassification adjustments for (gains) losses included in net income (loss)	(5)	2	(1)
Provision (benefit) for income taxes	0	0	1
Total	(5)	2	(2)
Available-for-sale securities with other-than-temporary impairments: [Abstract]
Other-than-temporary impairments and unrealized gains (losses) arising during the period	41	(3)	10
Provision (benefit) for income taxes	0	0	4
Total	41	(3)	6
Reclassification adjustments for (gains) losses included in net income (loss)	5	7	4
Provision (benefit) for income taxes	0	1	1
Total	5	6	3
Foreign currency translation: [Abstract]
Foreign currency translation gains (losses)	2	146	(94)
Provision (benefit) for income taxes	0	21	1
Foreign currency translation gains (losses)	2	125	(95)
Total other comprehensive income (loss)	30	109	(67)
Comprehensive income (loss)	(266)	(1,496)	(405)
Parent Company [Member]
Net income (loss)	$ (296)	$ (1,605)	$ (338)

Schedule II - Condensed Stateme

Schedule II - Condensed Statements Of Cash Flows (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Investment income received	$ 205	$ 248	$ 318
Operating expenses paid	(83)	(130)	(134)
Interest paid, net of interest converted to principal	(146)	(177)	(148)
Income taxes (paid) received	(1)	(4)	(5)
Net cash provided (used) by operating activities	(319)	(652)	(149)
Cash flows from investing activities:
Purchases of available-for-sale investments	(2,265)	(1,811)	(2,661)
Sales of available-for-sale investments	2,117	2,256	2,412
Paydowns and maturities of available-for-sale investments	329	568	680
Purchases of investments at fair value	(189)	(263)	(199)
Sales, paydowns and maturities of investments at fair value	212	326	260
Sales, paydowns and maturities (purchases) of short-term investments, net	420	(67)	(125)
(Payments) proceeds for derivative settlements	(24)	(64)	(44)
Collateral (to) from counterparties	0	4	49
Other investing	0	(23)	(8)
Net cash provided (used) by investing activities	1,206	1,202	2,424
Cash flows from financing activities:
Proceeds from investment agreements	12	17	19
Principal paydowns of investment agreements	(37)	(75)	(85)
Purchases of treasury stock	(44)	(330)	(110)
Net cash provided (used) by financing activities	(752)	(589)	(2,535)
Effect of exchange rate changes on cash and cash equivalents	(1)	(2)	(2)
Net increase (decrease) in cash and cash equivalents	134	(41)	(262)
Cash and cash equivalents - beginning of period	146	187	522
Reclassification to assets held for sale	0	0	(73)
Cash and cash equivalents - end of period	280	146	187
Reconciliation of net income (loss) to net cash provided (used) by operating activities: [Abstract]
Net income (loss)	(296)	(1,605)	(338)
Change in: [Abstract]
Net investment losses related to other-than-temporary impairments	5	106	5
Net (gains) losses on financial instruments at fair value and foreign exchange	(8)	(106)	(84)
Other net realized (gains) losses	171	(59)	282
Deferred income tax provision (benefit)	0	940	(5)
Other operating	18	(12)	38
Total adjustments to net income (loss)	(23)	953	189
Net cash provided (used) by operating activities	(319)	(652)	(149)
Parent Company [Member]
Cash flows from operating activities:
Fees and reimbursements received	0	0	4
Investment income received	132	141	144
Operating expenses paid	(17)	(27)	(18)
Interest paid, net of interest converted to principal	(91)	(101)	(93)
Income taxes (paid) received	(16)	26	73
Net cash provided (used) by operating activities	8	39	110
Cash flows from investing activities:
Purchases of available-for-sale investments	(495)	(164)	(129)
Sales of available-for-sale investments	175	172	165
Paydowns and maturities of available-for-sale investments	101	152	90
Purchases of investments at fair value	(9)	(70)	(57)
Sales, paydowns and maturities of investments at fair value	10	71	58
Sales, paydowns and maturities (purchases) of short-term investments, net	262	(34)	1
(Payments) proceeds for derivative settlements	(24)	(30)	(37)
Collateral (to) from counterparties	0	4	52
Contributions to subsidiaries, net	51	(12)	(10)
Advances to subsidiaries, net	3	(3)	0
Net cash provided (used) by investing activities	74	86	133
Cash flows from financing activities:
Proceeds from investment agreements	11	15	16
Principal paydowns of investment agreements	(35)	(72)	(71)
Proceeds from long-term debt	40	127	0
Payments for affiliate loans	(71)	(142)	(111)
Purchases of treasury stock	0	(65)	(108)
Restricted stock awards settlements	4	11	8
Net cash provided (used) by financing activities	(51)	(126)	(266)
Effect of exchange rate changes on cash and cash equivalents	(1)	(2)	1
Net increase (decrease) in cash and cash equivalents	30	(3)	(22)
Cash and cash equivalents - beginning of period	10	13	35
Cash and cash equivalents - end of period	40	10	13
Reconciliation of net income (loss) to net cash provided (used) by operating activities: [Abstract]
Net income (loss)	(296)	(1,605)	(338)
Change in: [Abstract]
Intercompany accounts receivable	(9)	(22)	(8)
Current income taxes	(15)	48	78
Equity in earnings of subsidiaries	283	1,024	262
Dividends from subsidiaries	112	118	118
Net (gains) losses on financial instruments at fair value and foreign exchange	(20)	34	13
Deferred income tax provision (benefit)	(35)	485	(20)
(Gains) losses on extinguishment of debt	0	(28)	(5)
Other operating	(12)	(15)	10
Total adjustments to net income (loss)	304	1,644	448
Net cash provided (used) by operating activities	$ 8	$ 39	$ 110

Schedule II - (Notes to Condens

Schedule II - (Notes to Condensed Financial Statements) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair value of securities pledged as collateral	$ 314	$ 353
Securities posted as collateral to derivative counterparties	$ 205	237
MBIA Inc. Senior Notes [Member]
Long-term debt, interest rate	5.70%
Long-term debt, maturity year	2,034
Mbia Inc. Debentures [Member]
Long-term debt, interest rate	7.00%
Long-term debt, maturity year	2,025
National Public Finance Guarantee Holdings, Inc. [Member]
Dividends from subsidiaries	$ 1	118	$ 118
MBIA Inc. [Member]
Liquid assets	457
Fair value of securities pledged as collateral	314	350
Securities posted as collateral to derivative counterparties	205	237
National [Member]
Dividends from subsidiaries	108	118
National [Member] | MBIA Inc. Senior Notes [Member]
Long-term debt principal amount purchased	44	$ 129
National [Member] | Mbia Inc. Debentures [Member]
Long-term debt principal amount purchased	10
MBIA Capital Corp. [Member]
Dividends from subsidiaries	$ 3

Schedule IV - (Reinsurance) (De

Schedule IV - (Reinsurance) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Direct Amount	$ 3	$ (1)	$ 37
Ceded to Others	1	1	1
Assumed From Other Companies	0	0	0
Net Amount	$ 2	$ (2)	$ 36
Percentage of Amount Assumed to Net	0.00%	0.00%	0.00%