MBIA (MBI) 10-K 28 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 21, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0000814585
Current Fiscal Year End Date	--12-31
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Trading Symbol	MBI
Entity Registrant Name	MBIA INC
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float			$ 522,602,641
Entity Common Stock, Shares Outstanding		54,604,940
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity File Number	1-9583
Entity Tax Identification Number	06-1185706
Entity Address, Address Line One	1 Manhattanville Road, Suite 301
Entity Address, City or Town	Purchase
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10577
Entity Incorporation, State or Country Code	CT
City Area Code	914
Local Phone Number	273-4545
ICFR Auditor Attestation Flag	true
Auditor Name	PricewaterhouseCoopers
Auditor Firm ID	238
Auditor Location	New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Investments:
Cash and cash equivalents	$ 160	$ 167
Premiums receivable (net of allowance for credit losses $5 and $5)	178	216
Total assets	4,696	5,751
Liabilities:
Total liabilities	4,996	5,602
Commitments and contingencies (Refer to Note 19)
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—283,186,115 and 283,186,115	283	283
Additional paid-in capital	2,931	2,962
Retained earnings (deficit)	(458)	(13)
Accumulated other comprehensive income (loss), net of tax of $8 and $8	100	115
Treasury stock, at cost—228,630,003 and 229,508,967 shares	(3,169)	(3,211)
Total shareholders' equity of MBIA Inc.	(313)	136
Preferred stock of subsidiary	13	13
Total equity	(300)	149
Total liabilities and equity	4,696	5,751
Non Variable Interest Entity [Member]
Investments:
Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $2,016 and $2,078)	2,157	2,257
Investments carried at fair value	258	196
Investments pledged as collateral, at fair value (amortized cost $4 and $6)	4	1
Short-term investments, at fair value (amortized cost $374 and $281)	374	282
Total investments	2,793	2,736
Cash and cash equivalents	151	158
Premiums receivable (net of allowance for credit losses $5 and $5)	178	216
Deferred acquisition costs	42	50
Insurance loss recoverable	1,296	1,677
Other assets	67	84
Liabilities:
Unearned premium revenue	322	405
Loss and loss adjustment expense reserves	894	990
Long-term debt	2,331	2,229
Medium-term notes (includes financial instruments carried at fair value of $98 and $110)	590	710
Investment agreements	274	269
Derivative liabilities	131	215
Other liabilities	163	161
Variable Interest Entity Primary Beneficiary [Member]
Investments:
Investments carried at fair value	60	77
Other assets	23	20
Cash	9	9
Loans receivable at fair value	77	120
Loan repurchase commitments	0	604
Total assets	169	830
Liabilities:
Variable interest entity notes (includes financial instruments carried at fair value of $291 and $350)	291	623
Total liabilities	$ 291	$ 623

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
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	283,186,115	283,186,115
Accumulated other comprehensive income (loss), taxes	$ 8	$ 8
Treasury stock, shares	228,630,003	229,508,967
Non Variable Interest Entity [Member]
Fixed-maturity securities held as available-for-sale, amortized cost	$ 2,016	$ 2,078
Investments pledged as collateral, amortized cost	4	6
Short-term investments, amortized cost	374	281
Premiums receivable (net of allowance for credit losses)	5	5
Medium-term notes, financial instruments carried at fair value	98	110
Variable Interest Entity Primary Beneficiary [Member]
Variable interest entity notes, financial instruments carried at fair value	$ 291	$ 350

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in fair value of insured derivatives:
Unrealized gains (losses) on insured derivatives		$ 0	$ 7	$ 25
Net change in fair value of insured derivatives			6	15
Net gains (losses) on financial instruments at fair value and foreign exchange		40	(86)	(78)
Net investment losses related to other-than-temporary impairments:
Net investment losses related to other-than-temporary impairments				(67)
Net gains (losses) on extinguishment of debt		30		(1)
Other net realized gains (losses)		(6)	0	4
Total revenues		189	282	280
Expenses:
Losses and loss adjustment		350	530	242
Interest		163	178	201
Total expenses		634	860	637
Income (loss) before income taxes		(445)	(578)	(357)
Provision (benefit) for income taxes		0	0	2
Net income (loss)		$ (445)	$ (578)	$ (359)
Net income (loss) per common share:
Basic		$ (8.99)	$ (9.78)	$ (4.43)
Diluted		$ (8.99)	$ (9.78)	$ (4.43)
Weighted average number of common shares outstanding:
Basic	[1]	49,472,281	59,071,843	81,014,285
Diluted		49,472,281	59,071,843	81,014,285
Non Variable Interest Entity [Member]
Premiums earned:
Scheduled premiums earned		$ 64	$ 59	$ 68
Refunding premiums earned		10	14	17
Premiums earned (net of ceded premiums of $16, $5 and $5)		74	73	85
Net investment income		62	76	114
Net realized investment gains (losses)		5	48	130
Fees and reimbursements		7	2	1
Change in fair value of insured derivatives:
Realized gains (losses) and other settlements on insured derivatives		0	(1)	(10)
Unrealized gains (losses) on insured derivatives		0	7	25
Net change in fair value of insured derivatives		0	6	15
Net gains (losses) on financial instruments at fair value and foreign exchange		40	(86)	(78)
Net investment losses related to other-than-temporary impairments:
Other-than-temporary impairments recognized in accumulated other comprehensive income (loss)		0	0	(67)
Net investment losses related to other-than-temporary impairments		0	0	(67)
Net gains (losses) on extinguishment of debt		30	0	(1)
Other net realized gains (losses)		(6)	0	4
Expenses:
Losses and loss adjustment		350	530	242
Amortization of deferred acquisition costs		6	10	11
Operating		91	87	92
Interest		163	178	201
Variable Interest Entity Primary Beneficiary [Member]
Premiums earned:
Net investment income		0	18	34
Change in fair value of insured derivatives:
Net gains (losses) on financial instruments at fair value and foreign exchange		(8)	108	105
Net investment losses related to other-than-temporary impairments:
Other net realized gains (losses)		(15)	37	(62)
Expenses:
Operating		6	5	9
Interest		$ 18	$ 50	$ 82
[1]	Includes 0.9 million, 0.9 million and 1.0 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, 2021, 2020 and 2019, respectively.

Consolidated Statements Of Op_2

Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Guarantee Insurance Segment [Member]
Ceded premiums earned	$ 16	$ 5	$ 5

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statements of Comprehensive Income (Loss)
Net income (loss)	$ (445)	$ (578)	$ (359)
Available-for-sale securities with no credit losses:
Unrealized gains (losses) arising during the period	(26)	83	139
Reclassification adjustments for (gains) losses included in net income (loss)	(12)	(19)	(13)
Available-for-sale securities with credit losses:
Reclassification adjustments for (gains) losses included in net income (loss)	0	0	25
Foreign currency translation:
Foreign currency translation gains (losses)	4	(3)	0
Instrument-specific credit risk of liabilities measured at fair value:
Unrealized gains (losses) arising during the period	(17)	50	(25)
Reclassification adjustments for (gains) losses included in net income (loss)	36	6	28
Total other comprehensive income (loss)	(15)	117	154
Comprehensive income (loss)	$ (460)	$ (461)	$ (205)

Consolidated Statements Of Chan

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total Shareholders' Equity Of MBIA Inc. [Member]	Preferred Stock [Member]
Total equity balance at Dec. 31, 2018		$ 284	$ 3,025	$ 966	$ (156)	$ (3,000)	$ 1,119	$ 13
Balance (in common stock shares) at Dec. 31, 2018		283,625,689
Balance (in treasury stock shares) at Dec. 31, 2018						(193,803,976)
Cumulative effect of prospective application of new accounting principle | ASU 2016-13 [Member]				0
Net income (loss)	$ (359)			(359)
Other comprehensive income (loss)	$ 154				154
Treasury shares acquired under share repurchase program						$ (101)
Treasury shares acquired under share repurchase program (in shares)	(11,100,000)					(11,098,995)
Share-based compensation			(26)			$ 40
Share-based compensation (in shares)		(192,288)				902,863
Period change		$ (1)					(293)
Total equity balance at Dec. 31, 2019	$ 839	$ 283	2,999	607	(2)	$ (3,061)	826	$ 13
Balance (in common stock shares) at Dec. 31, 2019		283,433,401
Balance (in treasury stock shares) at Dec. 31, 2019						(204,000,108)
Balance (in preferred stock shares) at Dec. 31, 2019								1,315
Cumulative effect of prospective application of new accounting principle | ASU 2016-13 [Member]				(42)
Net income (loss)	(578)			(578)
Other comprehensive income (loss)	$ 117				117
Treasury shares acquired under share repurchase program						$ (198)
Treasury shares acquired under share repurchase program (in shares)	(26,400,000)					(26,430,768)
Share-based compensation			(37)			$ 48
Share-based compensation (in shares)		(247,286)				921,909
Period change		$ 0					(690)
Total equity balance at Dec. 31, 2020	$ 149	$ 283	2,962	(13)	115	$ (3,211)	136	$ 13
Balance (in common stock shares) at Dec. 31, 2020	283,186,115	283,186,115
Balance (in treasury stock shares) at Dec. 31, 2020	(229,508,967)					(229,508,967)
Balance (in preferred stock shares) at Dec. 31, 2020	0							1,315
Cumulative effect of prospective application of new accounting principle | ASU 2016-13 [Member]				0
Net income (loss)	$ (445)			(445)
Other comprehensive income (loss)	$ (15)				(15)
Treasury shares acquired under share repurchase program						$ 0
Treasury shares acquired under share repurchase program (in shares)	0					0
Share-based compensation			(31)			$ 42
Share-based compensation (in shares)		0				878,964
Period change		$ 0					(449)
Total equity balance at Dec. 31, 2021	$ (300)	$ 283	$ 2,931	$ (458)	$ 100	$ (3,169)	$ (313)	$ 13
Balance (in common stock shares) at Dec. 31, 2021	283,186,115	283,186,115
Balance (in treasury stock shares) at Dec. 31, 2021	(228,630,003)					(228,630,003)
Balance (in preferred stock shares) at Dec. 31, 2021	0							1,315

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Premiums, fees and reimbursements received	$ 44	$ 28	$ 47
Investment income received	77	118	176
Insured derivative commutations and losses paid	0	(1)	(11)
Financial guarantee losses and loss adjustment expenses paid	(343)	(475)	(489)
Proceeds from recoveries and reinsurance	282	84	155
Proceeds from loan repurchase commitments	600	0	0
Operating expenses paid and other operating	(88)	(73)	(77)
Interest paid, net of interest converted to principal	(61)	(84)	(180)
Income taxes (paid) received	0	13	11
Net cash provided (used) by operating activities	511	(390)	(368)
Cash flows from investing activities:
Purchases of available-for-sale investments	(1,163)	(1,133)	(2,140)
Sales of available-for-sale investments	597	1,095	2,195
Paydowns and maturities of available-for-sale investments	626	724	857
Purchases of investments at fair value	(206)	(179)	(151)
Sales, paydowns and maturities of investments at fair value	174	198	617
Sales, paydowns and maturities (purchases) of short-term investments, net	(99)	143	(157)
Sales, paydowns and maturities of held-to-maturity investments	0	890	0
Paydowns and maturities of loans receivable and other instruments at fair value	77	16	74
Consolidation of variable interest entities	0	0	72
Deconsolidation of variable interest entities	0	0	(2)
(Payments) proceeds for derivative settlements	(66)	(16)	(98)
Capital expenditures	(1)	0	0
Net cash provided (used) by investing activities	(61)	1,738	1,267
Cash flows from financing activities:
Proceeds from investment agreements	2	12	15
Principal paydowns of investment agreements	(2)	(48)	(25)
Principal paydowns of medium-term notes	(81)	0	(57)
Principal paydowns of variable interest entity notes	(369)	(914)	(765)
Principal paydowns of long-term debt	(6)	(115)	(150)
Purchases of treasury stock	(1)	(200)	(106)
Other financing	0	0	(8)
Net cash provided (used) by financing activities	(457)	(1,265)	(1,096)
Effect of exchange rate changes on cash and cash equivalents	0	1	0
Net increase (decrease) in cash and cash equivalents	(7)	84	(197)
Cash and cash equivalents—beginning of year	167	83	280
Cash and cash equivalents—end of year	160	167	83
Reconciliation of net income (loss) to net cash provided (used) by operating activities:
Net income (loss)	(445)	(578)	(359)
Change in:
Premiums receivable	31	29	62
Deferred acquisition costs	8	10	12
Accrued investment income	0	6	20
Unearned premium revenue	(83)	(77)	(105)
Loss and loss adjustment expense reserves	(102)	86	0
Insurance loss recoverable	381	16	(99)
Loan repurchase commitments	604	0	0
Accrued interest payable	107	133	106
Accrued expenses	4	34	12
Net investment losses related to other-than-temporary impairments	0	0	67
Unrealized (gains) losses on insured derivatives	0	(7)	(25)
Net (gains) losses on financial instruments at fair value and foreign exchange	(40)	(70)	(157)
Other net realized (gains) losses	21	(37)	58
Deferred income tax provision (benefit)	0	12	13
Interest on variable interest entities, net	3	6	(3)
Other operating	22	47	30
Total adjustments to net income (loss)	956	188	(9)
Net cash provided (used) by operating activities	$ 511	$ (390)	$ (368)

Business Developments and Risks

Business Developments and Risks and Uncertainties	12 Months Ended
	Dec. 31, 2021
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 its service company, MBIA Services Corporation (“MBIA Services”) and its international and structured finance insurance business is primarily operated through MBIA Insurance Corporation and its subsidiary (“MBIA Corp.”). Refer to “Note 12: Business Segments” for further information about the Company’s operating segments. Business Developments Puerto Rico During 2021, the Commonwealth of Puerto Rico and certain of its instrumentalities (“Puerto Rico”) defaulted on scheduled debt service for National insured bonds and National paid gross claim payments in the aggregate of $277 million. On January 1, 2022, Puerto Rico also defaulted on scheduled debt service for National insured bonds and National paid gross claims in the aggregate of $47 million. As of December 31, 2021, National had $2.6 billion of debt service outstanding related to Puerto Rico. PREPA In September of 2019, National agreed to join the restructuring support agreement, as amended (“RSA”), with the Puerto Rico Electric Power Authority (“PREPA”), other monoline insurers, a group of uninsured PREPA bondholders, Puerto Rico, and the Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”). The Rule 9019 hearing to approve the RSA has been delayed several times, and most recently was adjourned due to the outbreak of the novel coronavirus COVID-19 (“COVID-19”) In October of 2021 and January of 2022, National sold $199 million and $231 million, respectively, of PREPA bankruptcy claims related to insurance claims paid on matured National-insured PREPA bonds. These transactions represented approximately 35% of National’s par claims to PREPA, monetized a portion of National’s salvage asset at a discount to National’s previous carrying value, and reduced potential volatility and ongoing risk of remediation around the PREPA credit. Subsequent to the sale of these PREPA bankruptcy claims, National does not have a material amount of additional par claims to PREPA that have matured and can be sold. GO and HTA On February 22, 2021, National agreed to join a plan support agreement, dated as of February 22, 2021 (the “GO PSA”), among the Oversight Board, certain holders of Puerto Rico Commonwealth GO (“GO”) Bonds and Puerto Rico Public Buildings Authority (“PBA”) Bonds, Assured Guaranty Corp. and Assured Guaranty Municipal Corp, and Syncora Guarantee Inc. in connection with the GO and PBA Title III cases. The GO PSA provides that, among other things, National shall receive a pro rata share of allocable cash, newly issued General Obligation bonds, a contingent value instrument (“CVI”) and certain fees. The GO PSA was amended on January 30, 2022 (the “Amended GO PSA”) to move the termination date from January 31, 2022 to March 15, 2022. On April 12, 2021, National, Assured Guaranty Corp., Assured Guaranty Municipal Corp. and the Oversight Board reached an agreement in principle settling certain clawback claims and providing for a distribution of cash, bonds and a CVI to Puerto Rico Highway and Transportation Authority (“HTA”) bondholders subject to completing negotiations on a plan support agreement in respect of an HTA plan of adjustment (the “HTA PSA”). On May 5, 2021, National, Assured Guaranty Corp., Assured Guaranty Municipal Corp. and the Oversight Board entered into the HTA PSA. The Confirmation Hearing for the Commonwealth Title III case concluded on November 23, 2021. On January 14, 2022, the Oversight Board filed its final draft of the Modified Eighth Amended Plan of Adjustment for the Commonwealth of Puerto Rico, and on January 18, 2022, the Court signed the confirmation order. There can be no assurance that the plan will become effective within the time permitted under the Amended GO PSA, currently March 15, 2022, or by the Bankruptcy Court. Pursuant to the plan of adjustment, bondholders were required to choose between commuting their insurance policy with National or having their insurance policy accelerated and receiving a one-time payment of par and accrued interest from National. Approximately % of bondholders voted by the deadline of October , to commute their insurance policies with National. The expected commutation and acceleration should occur shortly after Plan approval and will reduce National’s insured GO exposure to . Refer to “Note 6 : Loss and Loss Adjustment Expense Reserves” for a further discussion of the Company’s GO recoveries. Credit Suisse In January of 2021, the Court overseeing MBIA Corp.’s litigation against Credit Suisse Securities (USA) LLC and DLJ Mortgage Capital, Inc. (collectively, “Credit Suisse”), involving the ineligibility of a majority of the loans in the HEMT 2007-2 put-back Debt Securities As of December 31, 2021, MBIA Corp. repaid in full the outstanding amount of a financing facility’s senior notes between MZ Funding LLC (“MZ Funding”) and certain purchasers or their affiliates (collectively, the “Senior Lenders”). In addition, MBIA Inc. holds amended subordinated notes of MZ Funding that are eliminated in consolidation. Collectively, this financing facility is referred as the (the “Refinanced Facility”). Refer to “Note 10: Debt” for additional information on the Refinanced Facility. During the year ended December 31, 2021, the Company repurchased $111 million par value outstanding of GFL medium-term notes (“MTNs”) with maturity dates between 2022 Risks and 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 revise its estimates and assumptions or could cause actual results to differ materially 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 business objectives in future periods. COVID-19 The novel coronavirus COVID-19 (“COVID-19”) COVID-19 use of masks, and social distancing), the current and longer-term impacts of COVID-19 Federal legislation COVID-19 . Insured portfolios Any adverse developments on macroeconomic factors resulting from COVID-19, Certain of MBIA Corp.’s structured finance policies, including those in which the underlying principal obligations are comprised of residential or commercial mortgages and mortgage-backed securities (“MBS”), could be negatively impacted by delays or failures of borrowers to make payments of principal and interest when due, or delays or moratoriums on foreclosures or enforcement actions with respect to delinquent or defaulted mortgages imposed by governmental authorities. MBIA Corp. has recorded significant loss reserves on its residential mortgage-backed securities (“RMBS”) and collateralized debt obligations (“CDO”) exposures, and there can be no assurance that these reserves will be sufficient if the pandemic causes further deterioration to the economy. These transactions are also subject to servicer risks, which relate to problems with the transaction’s servicer that could adversely impact performance of the underlying assets. Additionally, several of the Company’s credits, particularly within its international public finance sector, feature large, near term debt-service payments, while there can be no assurance that the liquidity position of MBIA Corp. will enable it to satisfy any claims that arise if the issuers of such credits are unable or unwilling to refinance or repay their obligations. MBIA Corp. has recorded expected recoveries on certain RMBS transactions, and the forbearance options that mortgage borrowers who were facing financial difficulties took advantage of under the CARES Act may continue to delay or impair collections on these recoveries. Liquidity The Company continues to monitor its cash and liquid asset resources using cash forecasting and stress-scenario testing. Members of the Company’s senior management meet regularly to review liquidity metrics, discuss contingency plans and establish target liquidity levels. While liquidity levels and collateral amounts have normalized since the beginning of the pandemic, any additional impact the pandemic may have on the Company’s future liquidity position remains uncertain. Declines in the market value or rating eligibility of assets pledged against the Company’s obligations as a result of credit market deterioration caused by COVID-19 National’s Insured Portfolio National continues to monitor and remediate its existing insured portfolio and may also pursue strategic alternatives that could enhance shareholder value. 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 obligations and losses or impairments on a greater number of National’s insured transactions. In particular, the Commonwealth of Puerto Rico and several of its public corporations and instrumentalities, which have reported significant fiscal stress, are currently in bankruptcy-like proceedings in the United States District Court for the District of Puerto Rico, pursuant to the PROMESA. Since 2016, Puerto Rico has been unable or unwilling to pay its obligations as and when due, and National has been required to pay claims of unpaid principal and interest when due under its insurance policies as a consequence. Puerto Rico may continue to fail to make payments when due, which could cause National to make additional claims payments which could be material. While National will seek to recover any claim payments it makes under its guarantees, there is no assurance that it will be able to recover such payments. National monitors and analyzes these situations and other stressed credits closely, and the overall extent and duration of this stress is uncertain . MBIA Corp.’s 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, taking steps to maximize the collection of recoveries and by reducing and mitigating 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. There 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 on MBIA Corp.’s policies insuring the Class A-1 A-2 2003-1, 2005-1, MBIA Corp. also projects to collect recoveries from prior claims associated with insured RMBS; however, the amount and timing of these collections are uncertain. Failure to collect 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”) concludes 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”) 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 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 dividends, the Company does not believe that a rehabilitation 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 consequences for MBIA Corp., including the termination of 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 recoveries. Corporate Liquidity Based on the Company’s projections of National’s dividends and other cash inflows, the Company expects that MBIA Inc. will have sufficient cash to satisfy its debt service and general corporate needs. However, MBIA Inc. continues to have liquidity risk that could be caused by interruption of or reduction in dividends from National, deterioration in the performance of invested assets, 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, 2021
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 expenses 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 have been reclassified in prior years’ financial statements to conform to the current presentation. This includes the presentation of “Net realized investment gains (losses)” on the Company’s consolidated statements of operations. These amounts were previously included in “Net gains (losses) on financial instruments at fair value and foreign exchange” on the Company’s consolidated statements of operations. Consolidation The 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 Company 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 consolidated 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 investment, 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 enterprise 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. The Company may elect to apply the fair value option to the financial assets and financial liabilities of consolidated VIEs on a VIE-by-VIE Investments The Company classifies its investments as available-for-sale held-to-maturity non-credit . Investment income is recorded as earned which includes the current period interest accruals deemed collectible. Accrued interest income is recorded as part of “Other assets” on the Company’s consolidated balance sheets. Bond discounts and premiums are amortized using the effective yield method over the remaining term of the securities and reported in “Net investment income” on the Company’s consolidated statements of operations. However, premiums on certain callable debt securities are amortized to the next call date. For MBS and asset-backed securities (“ABS”), discounts and premiums are amortized using the retrospective or prospective method. Accrued interest income on debt securities is not assessed for credit losses since the Company reverses any past due accrued interest income through earnings as a charge against net investment income. Interest income is subsequently recognized to the extent cash is received. Credit Losses on Debt Securities For AFS debt securities, the Company’s consolidated statements of operations reflect the full impairment (the difference between a security’s amortized cost basis and fair value) if the Company intends to sell or would more likely than not be required to sell before the expected recovery of the amortized cost basis. AFS debt securities in an unrealized loss position and HTM debt securities are evaluated on a quarterly basis to determine if credit losses exist. The Company considers that credit losses exist when the Company does not expect to recover the entire amortized cost basis of the debt security. The Company measures an allowance for credit losses on a security-by-security As part of the adoption of ASU 2016-13, Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits, and deposits with banks with original maturities of less than three months. Deferred Acquisition Costs The Company deferred acquisition costs that were directly related to new or renewal insurance business. Acquisition 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. Acquisition costs also included ceding commissions paid by the Company in connection with assuming business from other financial guarantors. Acquisition costs, net of ceding commissions received, related to non-derivative Derivatives Derivative 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 within “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” include (i) premiums received and receivable on insured derivative contracts, (ii) premiums paid and payable to reinsurers in respect to insured derivative contracts, (iii) net amounts received or paid on reinsurance commutations, (iv) losses paid and payable to insured derivative contract counterparties due to the occurrence of a payment event or settlement agreement, (v) losses recovered and recoverable on insured derivative contracts and (vi) fees related to insured derivative contracts. “Unrealized gains (losses) on insured derivatives” include all other changes in the fair values of the insured derivative contracts. As of December 31, 2020, the Company had no remaining insured exposure accounted for as an insured credit default swap (“CDS”) derivative. In certain instances, the Company purchased or issued securities that contain embedded derivatives that were separated from the host contracts and accounted for as derivative instruments. In addition, the Company elected to record at fair value certain financial instruments that contain an embedded derivatives that would have otherwise required bifurcation from the host contracts and been accounted for separately as derivative instruments. These hybrid financial instruments included certain MTNs and certain AFS securities. The Company elected to fair value these hybrid financial instruments in their entirety given the complexity of bifurcating the embedded derivatives. 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 participants 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, including 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 use 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 nonperformance 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 measure 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 that the Company believes market participants would use in pricing an asset or liability based 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 hierarchy are defined as follows: • Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • 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 principally 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 include 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 significant 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 in the period of change. Measurement and recognition of loss reserves are reported gross of any reinsurance on the Company’s consolidated balance sheets. The Company estimates the likelihood of possible claim payments and possible recoveries of such claim payments using probability-weighted expected cash flows as of the measurement date based on information available, including market information. Accretion of the discounts on loss reserves and recoveries is included in loss expense. The Company considers its ability to collect contractual interest on claim payments when developing its expected inflows. The inclusion of such interest may result in the Company recording recoveries in excess of its actual or expected claim payments on a policy. The Company recognizes potential recoveries on paid claims based on probability-weighted cash inflows present 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 at each reporting period. The Company’s loss reserves, 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 contractual interest rate. Debt issuance costs and discounts are amortized and reported as interest expense. Medium-Term Notes and Investment Agreements MTNs and investment agreements are carried at the principal amount outstanding plus accrued interest and net of unamortized discounts, or at fair value for certain MTNs. Interest expense is accrued at the contractual interest rate. Discounts are amortized and reported as interest expense. Financial Guarantee Insurance Premiums Unearned Premium Revenue and Receivable for Future Premiums The Company recognized a liability for unearned premium revenue at the inception of financial guarantee insurance and reinsurance contracts on a contract-by-contract Credit Losses on Premium Receivables The Company evaluates the collectability of outstanding premium receivables on a quarterly basis and measures any allowance for credit losses as the difference between the recorded premium receivable amount and the current projected net present value of premiums expected to be collected, discounted at the effective interest rate, which is the applicable risk-free rate described in the preceding paragraph. Estimating the allowance for credit losses involves substantial judgment, including forecasting an insured transaction’s cash flows, such as the future performance of the transaction’s underlying assets and the impact of certain macro-economic factors, as well as incorporating any historical experience of uncollectible balances and a transaction’s liability structure, including the seniority of premium payments to the Company. 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 outstanding 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 contract. 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. Fee and Reimbursement Revenue Recognition The Company collects insurance related fees for services performed in connection with certain transactions. Fees are earned when the related services are completed. Types of fees include waiver and consent and termination fees. Stock-Based Compensation The Company recognizes in earnings, generally over the vesting or service period of an award, the cost of all stock-based payment transactions using the fair value of the stock-based compensation provided. Refer to “Note 15: Benefit 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 currencies are reported in U.S. dollars generally using rates of exchange prevailing as of the balance sheet date. Translation adjustments resulting from the translation of the financial statements of the Company’s non-U.S. non-U.S. non-functional Income Taxes Deferred income taxes are recorded with respect to temporary 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 recovered or settled. Such temporary differences relate principally to net operating losses (“NOLs”), accrued surplus note interest, foreign tax credits, loss reserve deductions, premium revenue recognition, deferred acquisition costs, and unrealized gains and losses. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized. As of December 31, 2021 and 2020, the Company had a full valuation allowance on its net deferred tax asset. 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 intercompany settlement of tax obligations and benefits. The method of allocation between the members is based upon calculations as if each member filed its separate tax return. Under the Company’s tax sharing agreement, each member with an NOL will 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 more 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 evaluates 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, 2021
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Recent Accounting Pronouncements	Note 3: Recent Accounting Pronouncements Recently Adopted Accounting Standards During 2021, the Company did not adopt any new accounting pronouncements that had a material impact on its consolidated financial statements. Recent Accounting Developments Reference Rate Reform (Topic 848): Scope (ASU 2021-01) 2020-04) In January of 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2021-01, 2020-04, 2020-04 2020-04 2021-01 2021-01 2020-04

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2021
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Variable Interest Entities	Note 4: Variable Interest Entities Primarily 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 variable interest entity (“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 primary 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 the 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 based 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 certain 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. Based 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 and 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 VIEs, 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 these activities may be considered the activities that most significantly impact the VIE’s economic performance. The Company generally considers its guarantee of principal and interest payments of insured obligations, given nonperformance by a VIE, 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 entity 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 $169 million and $291 million, respectively, as of December 31, 2021 and $830 million and $623 million, respectively, as of December 31, 2020. 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 Company’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 direct activities of any VIEs are present according to the design and characteristics of these entities. In 2021, the Company deconsolidated three structured finance VIEs due to the prepayment of the outstanding notes of the VIEs that were insured by MBIA Corp., under fair value accounting. that were insured by MBIA Corp. In addition, the deconsolidated gains and losses, if any, are recorded within “Other net realized gains (losses)” under “Revenues of consolidated variable interest entities” on the Company’s consolidated statements of operations. Holders of insured obligations of issuer-sponsored VIEs do not have recourse to the general assets of the Company. 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 interests held by the Company. Nonconsolidated VIEs The following tables present the Company’s maximum exposure to loss for nonconsolidated VIEs and carrying values of the assets and liabilities for its interests in these VIEs in its insurance operations as of December 31, 2021 and December 31, 2020. 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 insured obligations issued by nonconsolidated VIEs. The Company has aggregated nonconsolidated VIEs based on the underlying credit exposure of the insured obligation. The nature of the Company’s variable interests in nonconsolidated VIEs is related to financial guarantees and any investments in obligations issued by nonconsolidated VIEs. December 31, 2021 Carrying Value of Assets Carrying Value of Liabilities In millions Maximum Investments Premiums Insurance Unearned Loss and Insurance: Global structured finance: Mortgage-backed residential $ 1,261 $ 87 $ 14 $ 40 $ 11 $ 430 Consumer asset-backed 226 — 1 1 1 6 Corporate asset-backed 503 — 3 200 4 11 Total global structured finance 1,990 87 18 241 16 447 Global public finance 834 — 6 — 5 — Total insurance $ 2,824 $ 87 $ 24 $ 241 $ 21 $ 447 December 31, 2020 Carrying Value of Assets Carrying Value of Liabilities In millions Maximum Investments Premiums Insurance Unearned Loss and Insurance: Global structured finance: Mortgage-backed residential $ 1,835 $ 21 $ 16 $ 90 $ 14 $ 482 Consumer asset-backed 293 — 1 1 1 15 Corporate asset-backed 735 — 5 364 5 — Total global structured finance 2,863 21 22 455 20 497 Global public finance 1,434 — 7 — 7 2 Total insurance $ 4,297 $ 21 $ 29 $ 455 $ 27 $ 499

Insurance Premiums

Insurance Premiums	12 Months Ended
	Dec. 31, 2021
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Insurance Premiums	Note 5: Insurance Premiums The Company (non-derivative) As of December 31, 2021 and 2020, the Company had an allowance for credit losses on premium receivables of $5 million. Refer to “Note 2: Significant Accounting Policies” for further information regarding the accounting related to credit losses on premium receivables. As of December 31, 2021 and 2020, the weighted average risk-free rates used to discount future installment premiums were The following tables present a roll forward of the Company’s premiums receivable for the years ended December 31, 2021 and 2020. In millions Adjustments Premiums Premium Premiums from Changes in Accretion of (1) Other (2) Premiums $ 216 $ (44) $ — $ 7 $ 5 $ (6) $ 178 (1)—Recorded within premiums earned on MBIA’s consolidated statement of operations. (2)—The change primarily relates to a foreign exchange loss due to the termination of an international public finance credit. In millions Adjustments Premiums Premium Premiums from Changes in Accretion of (1) Other (2) Premiums $ 249 $ (30) $ — $ (1) $ 6 $ (8) $ 216 (1)—Recorded within premiums earned on MBIA’s consolidated statement of operations. (2)—The change primarily relates to a reduction in installment premiums due to refunding activity and the recording of an allowance for credit losses under Financial Instruments-Credit Losses, partially offset by changes in foreign exchange currency 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: In millions Expected Three months ending: March 31, 2022 $ 3 June 30, 2022 6 September 30, 2022 4 December 31, 2022 7 Twelve months ending: December 31, 2023 18 December 31, 2024 17 December 31, 2025 16 December 31, 2026 14 Five years ending: December 31, 2031 57 December 31, 2036 42 December 31, 2041 and thereafter 47 Total $ 231 The following table presents the unearned premium revenue balance and future expected premium earnings as of and for the periods presented: In millions Unearned Revenue Expected Future Accretion Total Expected Earnings Upfront Installments December 31, 2021 $ 322 Three months ending: March 31, 2022 312 $ 5 $ 5 $ 1 $ 11 June 30, 2022 302 5 5 1 11 September 30, 2022 293 5 4 2 11 December 31, 2022 284 5 4 1 10 Twelve months ending: December 31, 2023 250 18 16 4 38 December 31, 2024 219 16 15 4 35 December 31, 2025 192 14 13 4 31 December 31, 2026 168 13 11 3 27 Five years ending: December 31, 2031 87 41 40 14 95 December 31, 2036 41 18 28 8 54 December 31, 2041 and thereafter — 12 29 7 48 Total $ 152 $ 170 $ 49 $ 371

Loss and Loss Adjustment Expens

Loss and Loss Adjustment Expense Reserves	12 Months Ended
	Dec. 31, 2021
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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 defaults on debt service payments. The Company typically requires the issuer, servicer (if applicable) and the trustee of 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 general 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 categories 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 related 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. Remediation actions may involve, among other things, waivers or renegotiations of financial covenants or triggers, waivers of contractual provisions, the granting of consents, transfer of servicing, consideration of restructuring plans, acceleration, security or collateral enforcement, actions in bankruptcy or receivership, litigation and similar actions. The types of remedial actions pursued are based on the insured obligation’s risk type and the nature and scope of the event giving rise to the remediation. As part of any such remedial actions, the Company seeks to improve its security position and to obtain concessions from the issuer of the insured obligation. From time to time, the issuer of an insured obligation by the Company may, with the consent of the Company, restructure the insured obligation by extending the term, increasing or decreasing the par amount or decreasing the related interest rate, with the Company insuring the restructured obligation. 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” “Caution List—Medium” “Caution List—High” “Classified List” The establishment of the appropriate level of loss reserves is an inherently uncertain process involving numerous assumptions, estimates and subjective judgments by management that depend primarily on the nature of the underlying insured obligation. These variables include the nature and creditworthiness of the issuers of the insured obligations, expected recovery rates on unsecured obligations, the projected cash flow or market value of any assets pledged as collateral on secured obligations, and the expected rates of recovery, cash flow or market values on such obligations or assets. Factors that may affect the actual ultimate realized losses for any policy include economic conditions and trends, political developments, levels of interest rates, borrower behavior, the default rate and salvage values of specific collateral, and the Company’s ability to enforce contractual rights through litigation and otherwise, including the collection of contractual interest on claim payments. The Company’s remediation strategy for an insured obligation that has defaulted or is expected to default may also have an impact on the Company’s loss reserves. In establishing case basis loss reserves, the Company calculates the present value of probability-weighted 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 guarantee 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 denominated in currencies other than the U.S. dollar. Significant changes in discount rates from period to period may have a material impact on the present value of the Company’s loss reserves and expected recoveries. In addition, 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, 2021. For example, a higher discount rate applied to expected 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 insured transactions consist of municipal bonds, including tax-exempt Certain state and local governments and territory obligors that National insures are under financial and budgetary stress. In addition, the COVID-19 Title III case and providing for a distribution to HTA holders of cash, bonds and a contingent value instrument and on February 22, 2021, National agreed to join the GO PSA. In September of 2019, National agreed to join the RSA with PREPA, other monoline insurers, a group of uninsured PREPA bondholders, Puerto Rico, and the Oversight Board. Refer to “Note 1: Business Developments and Risks and Uncertainties” for further information on COVID-19 Recoveries on Puerto Rico Losses For recoveries on paid Puerto Rico losses, the estimates include assumptions related to the following: economic conditions and trends; political developments; the Company’s ability to enforce contractual rights through litigation and otherwise; discussions with other creditors and the obligors, any existing proposals; and the remediation strategy for an insured obligation that has defaulted or is expected to default. As part of the GO and HTA PSAs, National will receive certain consideration to include cash, bonds and the CVI. The ultimate recovery value to National will depend on the value of these assets once issued and over time. During 2021, National updated its loss reserve scenarios on the GO and HTA, which include a probability weighting of potential outcomes, to include certain assumptions about recovery valuation on the date it expects to receive the cash, bonds and the CVI. Previously, National’s estimate of GO and HTA recoveries was based on expected long-term cash flows and sale prices at future dates of the consideration it expects to receive from the GO and HTA PSAs, respectively, discounted at risk free rates used for GAAP loss reserving. Also during 2021, National modified its PREPA scenario assumptions to reflect assumptions about actual and anticipated sales of the recoverables on PREPA bankruptcy claims that had been fully satisfied by National’s insurance claim payments. Refer to the section entitled Loss and LAE Activity International and Structured Finance Insurance The international and structured finance insurance segment’s case basis reserves and insurance loss recoveries recorded in accordance with GAAP do not include reserves and recoveries on consolidated VIEs, since they are eliminated in consolidation. In addition, COVID-19 COVID-19. RMBS Case Basis Reserves (Financial Guarantees) The Company’s first-lien RMBS case basis reserves primarily relate to RMBS backed by alternative A-paper closed-end charged-off In calculating ultimate cumulative losses for RMBS, the Company estimates the amount of first-lien loans that are expected to be liquidated in the future through foreclosure or short sale, and estimates, the amount of second-lien loans that are expected to be charged-off For all RMBS 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 accelerated basis. The Company monitors RMBS portfolio performance on a monthly basis against projected performance, reviewing delinquencies, roll rates, and prepayment rates (including voluntary and involuntary). However, loan performance remains difficult to predict 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 and re-evaluate RMBS Recoveries The Company’s RMBS recoveries relate to structural features within the trust structures that allow for the Company to be reimbursed for prior claims paid. These reimbursements for specific trusts include recoveries that are generated from the excess spread of the transactions. Excess spread within insured RMBS securitizations is the difference between interest inflows on mortgage loan collateral and interest outflows on the insured RMBS notes. Previously, recoveries also included second-lien “put-back” put-back Put-Back Second-lien Put-Back During the first quarter of 2021, the Company entered into a settlement agreement with Credit Suisse related to its put-back $604 million in damages. In February of 2021, the parties to the litigation entered into a settlement agreement pursuant to which Credit Suisse paid MBIA Corp. $600 million, and the Court entered an order dismissing the case. As of December 31, 2020, the Company consolidated the RMBS securitization originated by Credit Suisse as a VIE and, therefore, eliminated reflected CDO Reserves and Recoveries The 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 include a variety of collateral ranging from corporate bonds to structured finance assets (which includes, but are not limited to, RMBS, commercial mortgage-backed securities (“CMBS”), ABS and CDO collateral). The Company’s process for estimating reserves and credit impairments on these policies is 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 developing the range of potential outcomes and their impact on MBIA. A range of loss scenarios is considered under different default and severity rates for each transaction’s collateral. Additionally, each transaction is evaluated for its commutation potential. Zohar Recoveries MBIA Corp. is seeking to recover the payments it made (plus interest and expenses) with respect to Zohar I and Zohar II. Salvage and subrogation recoveries related to Zohar I and Zohar II are reported within “Insurance loss recoverable” on the Company’s consolidated balance sheet. The Company’s estimate of the insurance loss recoverable for Zohar I and Zohar II includes probability-weighted scenarios of the ultimate monetized recovery from the Zohar Collateral. MBIA Corp. anticipates that it will receive substantial recoveries on the Zohar Collateral. There still remains significant uncertainty with respect to the realizable value of the remaining Zohar Collateral. Further, as the monetization process at the remaining portfolio companies continues to unfold in coordination with the new directors and managers in place, and new information concerning the financial condition of the portfolio companies is disclosed, the Company will continue to revise its expectations for recoveries. 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 consolidating VIEs for the international and structured finance insurance segment, which are included in the Company’s consolidated balance sheets as of December 31, 2021 and December 31, 2020 are presented in the following table: As of December 31, 2021 As of December 31, 2020 In millions Balance Sheet Line Item Balance Sheet Line Item Insurance Loss and (2) Insurance Loss and (2) U.S. Public Finance Insurance $ 1,054 $ 425 $ 1,220 $ 469 International and Structured Finance Insurance: Before VIE eliminations (1) 244 687 1,082 780 VIE eliminations (1) (2) (218) (625) (259) Total international and structured finance insurance 242 469 457 521 Total $ 1,296 $ 894 $ 1,677 $ 990 (1)—Includes loan repurchase commitments of $604 million as of December 31, 2020. (2)—Amounts are net of estimated recoveries of expected future claims. Changes in Loss and LAE Reserves Loss and LAE reserves represent the Company’s estimate of future claims and LAE payments, net of any future recoveries of such payments. one-year In millions Changes in Loss and LAE Reserves for the Year Ended December 31, 2021 Gross Loss (1) Loss Accretion Changes in Changes in Changes in Gross Loss (1) $ $ (302) $ 15 $ (40) $ 226 $ 5 $ 894 (1)—Includes changes in amount and timing of estimated payments and recoveries. In millions Changes in Loss and LAE Reserves for the Year Ended December 31, 2020 Gross Loss (1) Loss Accretion Changes in Changes in Changes in Other Gross Loss (1) $ $ (441) $ 11 $ (86) $ 606 $ 8 $ (9) $ 990 (1)—Includes changes in amount and timing of estimated payments and recoveries. For the year ended December 31, 2021, loss and LAE reserves declined compared to December 31, 2020, primarily related to claim payments made on Puerto Rico exposures and a decrease in expected payments related to certain insured first-lien RMBS transactions as a result of an increase in risk-free rates used to present value loss reserves during 2021. This decline was partially offset by an increase in losses on certain Puerto Rico exposures as a result of a change in scenario assumptions as discussed above, and an increase in risk-free rates in 2021, which caused future recoveries of unpaid losses to decline. The increase in the Company’s loss reserves for the year ended December 31, 2020, primarily related to an increase in expected payments on certain Puerto Rico exposures and an increase in losses on insured first-lien RMBS due to the decline in risk-free rates during 2020 used to present value loss reserves. This increase was partially offset by actual payments made and favorable changes in future recoveries on unpaid losses due to the decline in risk-free rates on certain Puerto Rico exposures. Changes in Insurance Loss Recoverable Insurance loss recoverable represents the Company’s estimate of recoveries on paid claims and LAE. The Company recognizes potential recoveries on paid claims based on the probability-weighted net cash inflows present valued at applicable risk-free rates as of the measurement date. The following table presents changes in the Company’s insurance loss recoverable for the years ended December 31, 2021. Changes in insurance loss recoverable with the exception of collections, are recorded in “Losses and loss adjustment” expenses in the Company’s consolidated statements of operations. Changes in Insurance Loss Recoverable In millions Gross Collections Accretion of Changes in Changes in Gross Insurance loss recoverable $ 1,677 $ (266) $ 15 $ 25 $ (155) $ 1,296 Changes in Insurance Loss Recoverable In millions Gross Collections Accretion of Changes in Changes in Gross Insurance loss recoverable $ 1,694 $ (49) $ 14 $ 115 $ (97) $ 1,677 The decrease in the Company’s insurance loss recoverable during 2021 was the result of the sale of a portion of PREPA bankruptcy claims that have been fully satisfied by National’s insurance claim payments, a decline in expected recoveries on CDOs, the collection of salvage related to certain CDO transactions, and the collection of excess spread related to the sale of loans within and termination of certain second-lien RMBS transactions. This was partially offset by an increase in estimated recoveries for claims paid on certain Puerto Rico credits during 2021 for which the Company expects recoveries. The decrease in the Company’s insurance loss recoverable during 2020 was primarily due to a decline in expected recoveries on CDOs. This was partially offset by certain Puerto Rico claim payments that are expected to be recovered in the future, as well as the impact of a decline in risk-free rates on certain Puerto Rico exposures. Loss and LAE Activity For the year ended December 31, 2021, loss and LAE incurred primarily related to changes in loss and recovery scenario assumptions on HTA, PREPA, GO, CDO and RMBS credits, and changes in risk-free rates. National modified its HTA scenarios to reflect the most recent Plan of Adjustment including certain assumptions about recovery valuation on the date it expects to receive cash, bonds, and a CVI, which resulted in a decreased recovery value. National modified its PREPA scenarios to reflect assumptions about actual and anticipated sales of the recoverables on PREPA bankruptcy claims that have been fully satisfied by National’s insurance claim payments, which decreased its expected PREPA recoveries, partially offset by additional expected recoveries under the PREPA RSA. With regard to GO, National recorded a benefit as a result of modifying its scenario assumptions to incorporate the final terms of the Plan of Adjustment. This includes a commutation of For the year ended December 31, 2020, loss and LAE incurred primarily related to a decrease in expected salvage collections related to CDOs, an increase in actual and expected payments on certain Puerto Rico credits and an increase in losses on first-lien RMBS due to the decline in risk-free rates used to present value loss reserves. During 2020, overall risk-free rates used to discount loss reserve and recovery cash flows declined. The decline in risk-free rates had the impact of increasing the present value of recoveries, primarily on certain Puerto Rico credits, which was partially offset by the impact of increasing the present value of future claim payments across the Company’s insured portfolio. For the year ended December 31, 2019, loss and LAE incurred primarily related to a decrease in expected salvage collections related to CDOs, an increase in expected payments on insured first-lien RMBS transactions and certain Puerto Rico exposures. Costs associated with remediating insured obligations assigned to the Company’s surveillance categories 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 December 31, 2021, 2020 and 2019, gross LAE related to remediating insured obligations were $47 million, $51 million and $29 Surveillance Categories The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of December 31, 2021: Surveillance Categories Caution Caution Caution List List List Classified $ in millions Low Medium High List Total Number of policies 55 3 — 202 260 Number of issues (1) 16 2 — 88 106 Remaining weighted average contract period (in years) 6.1 2.6 — 8.1 7.4 Gross insured contractual payments outstanding: (2) Principal $ 1,366 $ 6 $ — $ 2,719 $ 4,091 Interest 1,867 1 — 1,214 3,082 Total $ 3,233 $ 7 $ — $ 3,933 $ 7,173 Gross Claim Liability (3) $ — $ — $ — $ 1,051 $ 1,051 Less: Gross Potential Recoveries (4) — — — 1,498 1,498 Discount, net (5) — — — (32) (32) Net claim liability (recoverable) $ — $ — $ — $ (415) $ (415) Unearned premium revenue $ 8 $ — $ — $ 29 $ 37 Reinsurance recoverable on paid and unpaid losses (6) $ 7 (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. The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of December 31, 2020: Surveillance Categories Caution Caution Caution List List List Classified $ in millions Low Medium High List Total Number of policies 46 16 — 219 281 Number of issues (1) 16 3 — 100 119 Remaining weighted average contract period (in years) 6.4 6.4 — 7.9 7.4 Gross insured contractual payments outstanding: (2) Principal $ 1,422 $ 123 $ — $ 3,302 $ 4,847 Interest 1,974 54 — 1,441 3,469 Total $ 3,396 $ 177 $ — $ 4,743 $ 8,316 Gross Claim Liability (3) $ — $ — $ — $ 1,088 $ 1,088 Less: Gross Potential Recoveries (4) — — — 1,947 1,947 Discount, net (5) — — — (173) (173) Net claim liability (recoverable) $ — $ — $ — $ (686) $ (686) Unearned premium revenue $ 10 $ — $ — $ 35 $ 45 Reinsurance recoverable on paid and unpaid losses (6) $ 11 (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 Instrum

Fair Value Of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Fair Value Measurement	Note 7: Fair Value of Financial Instruments Fair Value Measurement Financial Assets and Liabilities Financial assets held by the Company primarily consist of investments in debt securities, loans receivables at fair value and loan repurchase commitments held by consolidated VIEs. The Company’s remaining loan repurchase commitments were settled in the first quarter of 2021. 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 consolidated VIEs. The Company’s derivative liabilities are primarily interest rate swaps and insured credit derivatives. Valuation Techniques Valuation techniques for financial instruments measured at fair value are described below. Fixed-Maturity Securities Held as Available-For-Sale, These investments include investments in U.S. Treasury and government agencies, state and municipal bonds, foreign governments, corporate obligations, MBS, ABS, money market securities, and perpetual debt and equity securities. Substantially all of these investments are valued based on recently executed transaction prices or quoted market prices by independent third parties, including pricing services and brokers. 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 structures 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. Investments based on quoted market prices of identical investments in active markets are classified as Level 1 of the fair value hierarchy. Level 1 investments generally consist of U.S. Treasury and government agency, money market securities and perpetual debt and equity securities. Quoted market prices of investments in less active markets, as well as investments 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. Loans Receivable at Fair Value Loans receivable at fair value are assets held by consolidated VIEs consisting of residential mortgage loans and are categorized in Level 3 of the fair value hierarchy. Fair values of residential mortgage loans are determined using quoted prices for similar securities or MBS issued 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. 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 were assets of certain consolidated VIEs. These assets represented 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 commitments represented the amounts owed by the sellers/servicers to MBIA as reimbursement of paid claims and contractual interest. Loan repurchase commitments were not securities and no quoted prices or comparable market transaction information were observable or available. Fair values of loan repurchase commitments were determined using discounted cash flow techniques and were categorized in Level 3 of the fair value hierarchy. The Company’s loan repurchase commitments were settled in the first quarter of 2021. Other Assets A VIE consolidated by the Company entered into a derivative instrument consisting of a cross currency swap. The cross currency swap was 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 projection 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 Medium-term 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 sources, 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 and do not include accrued interest. 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 securities 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 notes 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 consisting 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 inputs 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 certain insured credit derivatives using valuation models based on observable inputs and considering nonperformance risk of the Company. These insured credit derivatives are categorized in Level 2 of the fair value hierarchy. Derivatives—Other The Company also had other derivative liabilities as a result of a commutation that occurred in 2014. The fair value of these derivative liabilities were determined using a discounted cash flow model. Key inputs included unobservable cash flows projected over the expected term of the derivative. As the significant inputs were unobservable, the derivative contract was categorized in Level 3 of the fair value hierarchy. These derivative liabilities were settled in the first quarter of 2021. Significant Unobservable Inputs The following tables provide quantitative information regarding the significant unobservable inputs used by the Company for assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020: In millions Fair Value as Valuation Techniques Unobservable Input Range (Weighted Assets of consolidated VIEs: Loans receivable at fair value $ 77 Market prices of similar liabilities adjusted for financial guarantees provided to VIE obligations Impact of financial guarantee 23%—72%(55%) (1) Liabilities of consolidated VIEs: Variable interest entity notes 291 Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities Impact of financial guarantee 33%—73%(59%) (1) (1)—Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value. In millions Fair Value as Valuation Techniques Unobservable Input Range (Weighted Assets of consolidated VIEs: Loans receivable at fair value $ 120 Market prices adjusted for financial guarantees provided to VIE obligations Impact of financial guarantee (2) -28%—109% (22%) (1) Loan repurchase commitments 604 Discounted cash flow Recovery value (3) Liabilities of consolidated VIEs: Variable interest entity notes 303 Market prices of VIE assets adjusted for financial guarantees provided Impact of financial guarantee 30%—73% (57%) (1) Other derivative liabilities 49 Discounted cash flow Cash flows $49—$49 ($49) (1)—Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value. (2)—Negative percentage represents financial guarantee policies in a receivable position. (3)—Recovery value reflects an estimate of the amount to be awarded to the Company as part of litigation seeking to enforce its contractual rights. Sensitivity of Significant Unobservable Inputs The 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 quoted price of VIE liabilities or the market value of similar instruments to that of the 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 had been 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 would have been higher. This would have resulted in a lower fair value of the residential loans receivable in relation to the obligations of the VIE. As of December 31, 2020, the significant unobservable input used in the fair value measurement of the Company’s loan repurchase commitments of consolidated VIEs was a recovery value, which reflected an estimate of the amount to be awarded to the Company as part of litigation seeking to enforce its contractual rights. The Company’s remaining loan repurchase commitments were settled in the first quarter of 2021 for $600 million. The significant unobservable 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. When the VIE note is backed by RMBS, the fair value of the VIE liability is calculated by applying the market value of similar instruments to that of the VIE liabilities. The value of a financial guarantee is estimated by the Company as the present value of expected cash payments under the policy. If the value of the guarantee provided by the Company to the obligations issued by the VIE had increased, the credit support would have added value to the liabilities of the VIE. This would have resulted in an increased fair value of the liabilities of the VIE. As of December 31, 2020, the significant unobservable input used in the fair value measurement of MBIA Corp.’s other derivatives, which were valued using a discounted cash flow model, was the estimates of future cash flows discounted using market rates and CDS spreads. This derivative contract was settled in the first quarter of 2021 for an amount consistent with the reported amount as of December 31, 2020. 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, 2021 and 2020: Fair Value Measurements at Reporting Date Using In millions Quoted Prices in Significant Significant Balance as of Assets: Fixed-maturity investments: U.S. Treasury and government agency $ 750 $ 95 $ — $ 845 State and municipal bonds — 168 — 168 Foreign governments — 17 — 17 Corporate obligations — 1,050 — 1,050 Mortgage-backed securities: Residential mortgage-backed agency — 198 — 198 Residential mortgage-backed non-agency — 98 — 98 Commercial mortgage-backed — 13 — 13 Asset-backed securities: Collateralized debt obligations — 150 — 150 Other asset-backed — 106 — 106 Total fixed-maturity investments 750 1,895 — 2,645 Money market securities 78 — — 78 Perpetual debt and equity securities 47 23 — 70 Cash and cash equivalents 151 — — 151 Derivative assets: Non-insured — 1 — 1 Assets of consolidated VIEs: Corporate obligations — 5 — 5 Mortgage-backed securities: Residential mortgage-backed non-agency — 27 — 27 Commercial mortgage-backed — 10 — 10 Asset-backed securities: Collateralized debt obligations — 6 4 10 Other asset-backed — 8 — 8 Cash 9 — — 9 Loans receivable at fair value: Residential loans receivable — — 77 77 Other assets: Currency derivatives — — 9 9 Other — — 14 14 Total assets $ 1,035 $ 1,975 $ 104 $ 3,114 Liabilities: Medium-term notes $ — $ — $ 98 $ 98 Derivative liabilities: Insured credit derivatives — 1 — 1 Non-insured — 130 — 130 Liabilities of consolidated VIEs: Variable interest entity notes — — 291 291 Total liabilities $ — $ 131 $ 389 $ 520 Fair Value Measurements at Reporting Date In millions Quoted Prices in Significant Significant Balance as of Assets: Fixed-maturity investments: U.S. Treasury and government agency $ 750 $ 105 $ — $ 855 State and municipal bonds — 195 — 195 Foreign governments — 15 — 15 Corporate obligations — 975 — 975 Mortgage-backed securities: Residential mortgage-backed agency — 319 — 319 Residential mortgage-backed non-agency — 32 — 32 Commercial mortgage-backed — 20 — 20 Asset-backed securities: Collateralized debt obligations — 121 — 121 Other asset-backed — 141 — 141 Total fixed-maturity investments 750 1,923 — 2,673 Money market securities 1 — — 1 Perpetual debt and equity securities 37 25 — 62 Cash and cash equivalents 158 — — 158 Derivative assets: Non-insured — 1 — 1 Assets of consolidated VIEs: Corporate obligations — 6 — 6 Mortgage-backed securities: Residential mortgage-backed non-agency — 40 — 40 Commercial mortgage-backed — 16 — 16 Asset-backed securities: Collateralized debt obligations — 8 — 8 Other asset-backed — 7 — 7 Cash 9 — — 9 Loans receivable at fair value: Residential loans receivable — — 120 120 Loan repurchase commitments — — 604 604 Other assets: Currency derivatives — — 6 6 Other — — 14 14 Total assets $ 955 $ 2,026 $ 744 $ 3,725 Liabilities: Medium-term notes $ — $ — $ 110 $ 110 Derivative liabilities: Insured credit derivatives — 2 — 2 Non-insured — 164 — 164 Other non-insured — — 49 49 Liabilities of consolidated VIEs: Variable interest entity notes — 47 303 350 Total liabilities $ — $ 213 $ 462 $ 675 Level 3 assets at fair value as of December 31, 2021 and 2020 represented approximatel y % an d %, respectively, of total assets measured at fair value. Level 3 liabilities at fair value as of December 31, 2021 and 2020 represented approximately % and %, respectively, of total liabilities measured at fair value. The following tables present the fair values and carrying values 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, 2021 and 2020. The majority of the financial assets and liabilities that the Company requires fair value reporting or disclosures are valued based on the Company’s or a third-party’s estimate of discounted cash flow model estimates, or quoted market values for the identical or similar products. Fair Value Measurements at Reporting Date Using In millions Quoted Prices in Significant Significant Fair Value Carry Value Liabilities: Long-term debt $ — $ 433 $ — $ 433 $ 2,331 Medium-term notes — — 322 322 490 Investment agreements — — 355 355 274 Total liabilities $ — $ 433 $ 677 $ 1,110 $ 3,095 Financial Guarantees: Gross liability $ — $ — $ 848 $ 848 $ (80) Ceded recoverable — — 30 30 (42) Fair In millions Quoted Prices in Significant Significant Fair Value Carry Value Liabilities: Long-term debt $ — $ 631 $ — $ 631 $ 2,229 Medium-term notes — — 396 396 598 Investment agreements — — 376 376 269 Liabilities of consolidated VIEs: Variable interest entity notes — 276 — 276 273 Total liabilities $ — $ 907 $ 772 $ 1,679 $ 3,369 Financial Guarantees: Gross liability (recoverable) $ — $ — $ 811 $ 811 $ (282) Ceded recoverable (liability) — — 45 45 (17) 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, 2021 and 2020: Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Year Ended December 31, 2021 In millions Balance, Total Unrealized (1) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Change in (1) Assets: Assets of consolidated VIEs: Commercial mortgage-backed $ — $ — $ — $ — $ — $ (4) $ — $ 4 $ — $ — $ — $ — Collateralized debt obligations — — — — — — — 4 — 4 — — Loans receivable-residential 120 32 — — — (15) (60) — — 77 21 — Loan repurchase commitments 604 (4) — — — (600) — — — — — — Currency derivatives 6 3 — — — — — — — 9 3 — Other 14 — — — — — — — — 14 — — Total assets $ 744 $ 31 $ — $ — $ — $ (619) $ (60) $ 8 $ — $ 104 $ 24 $ — In millions Balance, Total Unrealized (2) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Change in (2) Liabilities: Medium-term notes $ 110 $ (17) $ 10 $ — $ — $ (5) $ — $ — $ — $ 98 $ (17) $ 10 Other derivatives 49 — — — — (49) — — — — — — Liabilities of consolidated VIEs: VIE notes 303 46 (15) — — (38) (5) — — 291 24 5 Total liabilities $ 462 $ 29 $ (5) $ — $ — $ (92) $ (5) $ — $ — $ 389 $ 7 $ 15 (1)—Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. (2)—Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Year Ended December 31, 2020 In millions Balance, Total Unrealized (1) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Change in (1) Assets: Other asset-backed $ 1 $ — $ — $ — $ — $ (1) $ — $ — $ — $ — $ — $ — Assets of consolidated VIEs: Loans receivable-residential 136 — — — — (16) — — — 120 (4) — Loan repurchase commitments 486 118 — — — — — — — 604 118 — Currency derivatives 8 (2) — — — — — — — 6 (2) — Other 18 (4) — — — — — — — 14 (4) — Total assets $ 649 $ 112 $ — $ — $ — $ (17) $ — $ — $ — $ 744 $ 108 $ — In millions Balance, Total Unrealized (2) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Change in (2) Liabilities: Medium-term notes $ 108 $ 15 $ (13) $ — $ — $ — $ — $ — $ — $ 110 $ 15 $ (13) Credit derivatives 7 (6) — — — (1) — — — — — — Other derivatives 34 15 — — — — — — — 49 15 — Other payable 4 — — — — (4) — — — — — — Liabilities of consolidated VIEs: VIE notes 347 11 (40) — — (15) — — — 303 5 (38) Total liabilities $ 500 $ 35 $ (53) $ — $ — $ (20) $ — $ — $ — $ 462 $ 35 $ (51) (1)—Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. (2)—Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. For the year ended December 31, 2021, sales include the impact of the deconsolidation of VIEs. Refer to “Note 4: Variable Interest Entities” for additional information about the deconsolidation of VIEs. For the year ended December 31, 2021, transfers into Level 3 and out of Level 2 were principally related to CMBS and CDOs, where inputs, which are significant to their valuation, became unobservable during the quarter. These inputs included spreads, prepayment speeds, default speeds, default severities, yield curves observable at commonly quoted intervals, and market corroborated inputs. There were no transfers out of Level 3. For the year ended December 31, 2020, there were no transfers into or out of Level 3. Gains and losses (realized and unrealized) included in earnings relating to Level 3 assets and liabilities for the years ended December 31, 2021, 2020 and 2019 are reported on the Company’s consolidated statements of operations as follows: In millions Total Gains (Losses) Change in Unrealized Gains (Losses) 2021 2020 2019 2021 2020 2019 Revenues: Unrealized gains (losses) on insured derivatives $ — $ 7 $ 25 $ — $ — $ 25 Realized gains (losses) and other settlements on insured derivatives — (1) (10) — — — Net gains (losses) on financial instruments at fair value and foreign 17 (30) (26) 17 (30) (27) Net investment losses related to other-than-temporary impairments — — (1) — — — Other net realized gains (losses) — — (2) — — (2) Revenues of consolidated VIEs: Net (15) 101 53 — 103 68 Total $ 2 $ 77 $ 39 $ 17 $ 73 $ 64 Fair Value Option The Company elected to record at fair value certain financial instruments, including financial instruments that are consolidated in connection with the adoption of the accounting guidance for consolidation of VIEs. The following table presents the gains and (losses) included in the Company’s consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 for financial instruments for which the fair value option was elected: Years Ended December 31, In millions 2021 2020 2019 Investments carried at fair value (1) $ 3 $ 2 $ 15 Fixed-maturity securities held at fair value-VIE (2) 4 4 95 Loans receivable and other instruments at fair value: Residential mortgage loans (2) 32 — 35 Loan repurchase commitments (2) (4) 118 68 Other assets-VIE (2) — (4) 4 Medium-term notes (1) 17 (15) 1 Other liabilities (3) — — (2) Variable interest entity notes (2) (50) (12) (89) (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. The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of December 31, 2021 and 2020 for loans and notes for which the fair value option was elected: As of December 31, 2021 As of December 31, 2020 In millions Contractual Fair Difference Contractual Fair Difference Loans receivable at fair value: Residential mortgage loans—current $ 40 $ 40 $ — $ 89 $ 89 $ — Residential mortgage loans (90 days or more past due) 141 37 104 147 31 116 Total loans receivable and other instruments at fair value $ 181 $ 77 $ 104 $ 236 $ 120 $ 116 Variable interest entity notes $ 922 $ 291 $ 631 $ 1,117 $ 350 $ 767 Medium-term notes $ 108 $ 98 $ 10 $ 122 $ 110 $ 12 The differences between the contractual outstanding principal and the fair values on loans receivable, VIE notes and MTNs in the preceding table are primarily attributable to credit risk. This is due to the high rate of defaults on loans (90 days or more past due), the collateral supporting the VIE notes and the nonperformance risk of the Company on its MTNs, all of which resulted in depressed pricing of the financial instruments. Instrument-Specific Credit Risk of Liabilities Elected Under the Fair Value Option As of December 31, 2021 and 2020, the cumulative changes in instrument-specific credit risk of liabilities elected under the fair value option were losses of $32 million and $51 million, respectively, reported in “Accumulated other comprehensive income” on the Company’s consolidated balance sheets. Changes in value attributable to instrument-specific credit risk were derived principally from changes in the Company’s credit spread. For liabilities of VIEs, additional adjustments to instrument-specific credit risk are required, which is determined by an analysis of deal specific performance of collateral that support these liabilities. During the years ended December 31, 2021, 2020 and 2019, the portions of instrument-specific credit risk included in AOCI that were recognized in earnings due to settlement of liabilities were losses of $36 million, $

Investments

Investments	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Investments	Note 8: Investments Investments, excluding equity instruments and those elected under the fair value option, consist of The following tables present the amortized cost, allowance for credit losses, corresponding gross unrealized gains and losses and fair value for AFS investments in the Company’s consolidated investment portfolio as of December 31, 2021 and December 31, 2020: December 31, 2021 In millions Amortized Allowance Gross Gross Fair AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 782 $ — $ 54 $ (2) $ 834 State and municipal bonds 140 — 27 — 167 Foreign governments 13 — 1 — 14 Corporate obligations 905 — 53 (5) 953 Mortgage-backed securities: Residential mortgage-backed agency 190 — 3 (1) 192 Residential mortgage-backed non-agency 80 — 12 — 92 Commercial mortgage-backed 10 — — — 10 Asset-backed securities: Collateralized debt obligations 101 — — — 101 Other asset-backed 95 — — (1) 94 Total AFS investments $ 2,316 $ — $ 150 $ (9) $ 2,457 December 31, 2020 In millions Amortized Allowance Gross Gross Fair AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 775 $ — $ 75 $ (1) $ 849 State and municipal bonds 162 — 32 — 194 Foreign governments 11 — 1 — 12 Corporate obligations 827 — 64 (1) 890 Mortgage-backed securities: Residential mortgage-backed agency 305 — 8 (1) 312 Residential mortgage-backed non-agency 22 — 3 — 25 Commercial mortgage-backed 17 — 1 — 18 Asset-backed securities: Collateralized debt obligations 120 — — (2) 118 Other asset-backed 121 — — — 121 Total AFS investments $ 2,360 $ — $ 184 $ (5) $ 2,539 The following table presents the distribution by contractual maturity of AFS fixed-maturity securities at amortized cost, net of allowance for credit losses, and fair value as of December 31, 2021. Contractual maturity may differ from expected maturity as borrowers may have the right to call or prepay obligations. AFS Securities In millions Net Fair Due in one year or less $ 412 $ 413 Due after one year through five years 328 339 Due after five years through ten years 364 380 Due after ten years 736 836 Mortgage-backed and asset-backed 476 489 Total fixed-maturity investments $ 2,316 $ 2,457 Deposited and Pledged Securities The fair value of securities on deposit with various regulatory authorities as of December 31, 2021 and December 31, 2020 was $11 million. These deposits are required to comply with state insurance laws. 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. Investment agreement obligations require the Company to pledge securities as collateral. Securities pledged in connection with investment agreements may not be repledged by the investment agreement counterparty. As of December 31, 2021 and December 31, 2020, the fair value of securities pledged as collateral for these investment agreements approximated $280 million and $282 million, respectively. The Company’s collateral as of December 31, 2021 consisted principally of U.S. Treasury and government agency and corporate obligations, and was primarily held with major U.S. banks. Refer to “Note 9: Derivative Instruments” for information about securities posted to derivative counterparties. Impaired Investments The following tables present the non-credit related gross unrealized losses related to AFS investments as of December 31, 2021 and December 31, 2020: December 31, 2021 Less than 12 Months 12 Months or Longer Total In millions Fair Unrealized Fair Unrealized Fair Unrealized AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 161 $ (1) $ 16 $ (1) $ 177 $ (2) State and municipal bonds 11 — — — 11 — Foreign governments 3 — — — 3 — Corporate obligations 270 (5) 8 — 278 (5) Mortgage-backed securities: Residential mortgage-backed agency 94 (1) 1 — 95 (1) Residential mortgage-backed non-agency 3 — 1 — 4 — Commercial mortgage-backed 2 — — — 2 — Asset-backed securities: Collateralized debt obligations 60 — 29 — 89 — Other asset-backed 72 (1) — — 72 (1) Total AFS investments $ 676 $ (8) $ 55 $ (1) $ 731 $ (9) December 31, 2020 Less than 12 Months 12 Months or Longer Total In millions Fair Unrealized Fair Unrealized Fair Unrealized AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 99 $ (1) $ — $ — $ 99 $ (1) Foreign governments 2 — — — 2 — Corporate obligations 103 (1) 7 — 110 (1) Mortgage-backed securities: Residential mortgage-backed agency 53 (1) — — 53 (1) Residential mortgage-backed non-agency 2 — 1 — 3 — Commercial mortgage-backed — — 5 — 5 — Asset-backed securities: Collateralized debt obligations 37 — 78 (2) 115 (2) Other asset-backed 29 — — — 29 — Total AFS investments $ 325 $ (3) $ 91 $ (2) $ 416 $ (5) Gross unrealized losses on AFS investments increased as of December 31, 2021 compared with December 31, 2020 primarily due to higher interest rates, partially offset by tightening 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, 2021 and December 31, 2020 was 11 and 9 years, respectively. As of December 31, 2021 and December 31, 2020, there were 36 and 42 securities, respectively, that were in an unrealized loss position for a continuous twelve-month period or longer, of which, fair values of 7 and 9 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, 2021: AFS Securities Percentage of Fair Value Below Book Value Number of Book Value Fair Value > 5% to 15% 5 $ 6 $ 5 > 50% 2 — — Total 7 $ 6 $ 5 Impaired securities that the Company intends to sell before the expected recovery of such securities’ fair values have been written down to fair value. As of December 31, 2021, 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 would 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, 2021 that would require the sale of impaired securities. Credit Losses on Investments In calculating credit-related losses, the Company uses cash flow modeling based on the type of security. The Company’s cash flow analysis considers all sources of cash that support the payment of amounts owed by an issuer of a security. For AFS investments, this includes the credit enhancement taking into 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 a credit loss on an impaired security. Each quarter, an internal committee, comprising staff that is independent of the Company’s evaluation process for determining credit losses of securities, reviews and approves the valuation of investments. Among other responsibilities, this committee ensures that the Company’s process for identifying and calculating allowance for credit losses, including the use of models and assumptions, is reasonable and complies with the Company’s internal policy. Determination of Credit Losses on ABS, MBS and Corporate Obligations AFS ABS investments are evaluated for credit loss using historical collateral performance, deal waterfall and structural protections, credit ratings, and forward looking projections 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 investments, 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 difference is recorded as a credit loss. AFS RMBS investments are evaluated for credit losses using several quantitative tools. Loan level data is obtained and analyzed in a model that produces prepayment, default, and severity vectors. The model uses macro inputs, including housing 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 a credit loss. For AFS corporate obligation investments, credit losses are evaluated 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 individual 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, interest 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 a credit loss. For HTM corporate obligation investments, credit losses are evaluated based on quarterly estimates of the probability-weighted amount of principal and interest cash flows expected to be collected over the estimated remaining lives of the security. Developing the Company’s probability-weighted expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company’s considerations include, but are not limited to, (a) changes in the financial conditions of the security’s underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) changes in the financial condition, credit rating and near-term prospects of the issuer, and (d) level of excess cash flows generated from the underlying collateral supporting the principal and interest payments of the security. Estimates of collectability require the use of significant management judgment and include the probability and timing of issuer’s default and loss severity estimates. In addition, cash flow projections may change when these factors are reviewed and updated as appropriate. Determination of Credit Loss Guaranteed by the Company on Other Third-Party Guarantors The Company does not recognize credit losses 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 Expense Reserves: for information about loss reserves. The following table provides information about securities held by the Company as of December 31, 2021 that were in an unrealized loss position and insured by a financial guarantor, along with the amount of insurance loss reserves corresponding to the par amount owned by the Company. The Company did not hold any securities in an unrealized loss position that were insured by a third-party financial guarantor as of December 31, 2021. In millions Fair Unrealized Insurance Loss (1) Mortgage-backed $ 1 $ — $ — (1)—Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured and are discounted using a discount rate equal to the risk-free rate applicable to the currency and weighted average remaining life of the insurance contract and may differ from the fair value. Allowance for Credit Losses Rollforward The Company did not establish an allowance for credit losses for AFS securities as of December 31, 2021 or purchase any credit-deteriorated assets during 2021. The following table presents the rollforward of the allowance for credit losses on HTM investments for the year ended December 31, 2020. As of December 31, 2020, the allowance for credit losses was reduced to zero as a result of the repayment of the assets, at par, in the fourth quarter of 2020. Year Ended December 31, 2020 In millions Balance (1) Current Initial Write-Offs Recoveries Balance HTM Investments Assets of consolidated VIEs: Corporate obligations $ 37 $ (37) $ — $ — $ — $ — Total Allowance on HTM investments $ 37 $ (37) $ — $ — $ — $ — (1)—Represents transition adjustment upon adoption of ASU 2016-13. Credit Loss Rollforward for AFS The portion of certain unrealized losses on fixed-maturity securities that does not represent credit losses is recognized in AOCI. For these impairments, the net amount recognized in earnings represents the difference between the amortized cost of the security and the net present value of its projected future discounted cash flows prior to impairment. Any remaining difference between the fair value and amortized cost is recognized in AOCI. The following table presents the amount of credit loss impairments recognized in earnings on fixed-maturity securities held by MBIA as of December 31, 2019, for which a portion of the non-credit related losses was recognized in AOCI, and the corresponding changes in such amounts. The additional credit loss impairments on securities previously impaired for the year ended December 31, 2019 primarily related to a corporate obligation that incurred liquidity concerns, ongoing credit risk and other adverse financial conditions. Due to the Company’s intent to sell, this security was impaired to fair value with any incremental impairment recorded as a credit loss impairments in earnings, as well as a reduction of inception-to-date recognized credit loss impairments. In millions Year Ended Credit Losses Recognized in Earnings Related to OTTI December 31, 2019 Beginning balance $ 37 Additions for credit loss impairments recognized in the current period on securities previously impaired 67 Reductions for credit loss impairments previously recognized on securities impaired to fair value during the period (104) Ending balance $ — Sales of Available-for-Sale Gross realized gains and losses from sales of AFS investments are recorded within “Net realized investment gains (losses)” 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, 2021, 2020 and 2019 are as follows: Years Ended December 31, In millions 2021 2020 2019 Proceeds from sales $ 597 $ 1,095 $ 2,195 Gross realized gains $ 12 $ 59 $ 103 Gross realized losses $ (9) $ (15) $ (4) Equity Investments Unrealized gains and losses recognized on equity investments held as of the end of each period for the years ended December 31, 2021, 2020 and 2019 are as follows: Years Ended In millions 2021 2020 2019 Net gains and (losses) recognized during the period on $ 6 $ 3 $ 11 Less: Net gains and (losses) recognized during the period on 1 (1) 1 Unrealized gains and (losses) recognized during the $ 5 $ 4 $ 10

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2021
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 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. Changes in the fair values of the Company’s insured derivatives within its U.S. Public Finance segment are included in “Net change in fair value of insured derivatives” on the Company’s consolidated statements of operations. Corporate The Company has entered into derivative instruments primarily consisting of interest rate swaps to manage the risks associated with fluctuations in interest rates affecting the value of certain assets. Changes in the fair values of the Company’s derivatives within its corporate segment are included in “Net gains (losses) on financial instruments at fair value and foreign exchange” on the Company’s consolidated statements of operations. International and Structured Finance Insurance The Company’s derivative exposure within its international and structured finance insurance segment includes insured interest rate and inflation-linked swaps related to insured debt issues. Changes in the fair values of the Company’s insured derivatives within its International and Structured Finance segment are included in “Net change in fair value of insured derivatives” on the Company’s consolidated statements of operations. The Company had also entered into a derivative contract in connection with the commutation of certain insurance exposure, which occurred in 2014. Changes in the fair value of this non-insured Variable Interest Entities A VIE consolidated by the Company is party to a cross currency swap, which was entered into to manage the variability in cash flows resulting from fluctuations in foreign currency rates. Changes in the fair value of the VIE derivative are included in “Net gains (losses) on financial instruments at fair value and foreign exchange-VIE” Credit Derivatives Sold The following tables present information about credit derivatives sold by the Company’s insurance operations that were outstanding as of December 31, 2021 and December 31, 2020. Credit ratings represent the lower of underlying ratings assigned to the collateral by Moody’s Investor Services (“Moody’s”), Standard & Poor’s Financial Services, LLC (“S&P”) or MBIA. $ in millions As of December 31, 2021 Credit Derivatives Sold Weighted AAA AA A BBB Below Total Fair Value Insured swaps 14.1 Years $ — $ 61 $ 1,136 $ 292 $ — $ 1,489 $ (1) Total fair value $ — $ — $ (1) $ — $ — $ (1) $ in millions As of December 31, 2020 Credit Derivatives Sold Weighted AAA AA A BBB Below Total Fair Value Insured swaps 13.9 Years $ — $ 58 $ 1,327 $ 358 $ — $ 1,743 $ (2) Total fair value $ — $ — $ (1) $ (1) $ — $ (2) Internal credit ratings assigned by MBIA on the underlying credit exposures are assigned by the Company’s surveillance group. In assigning an internal rating, current status reports from issuers and trustees, as well as publicly available transaction-specific information, are reviewed. The maximum potential amount of future payments (undiscounted) on insured swaps that are primarily insured interest rate swaps is estimated as the net interest settlements plus principal payments where applicable, on amortizing swaps. MBIA may hold recourse provisions through subrogation rights of the swap counterparty, whereby if MBIA makes a claim payment, it may be entitled to receive net swap settlements from the issuer under the swap agreement. 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 contractually 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 generally 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, 2021 and December 31, 2020, the Company did not hold or post cash collateral to derivative counterparties. As of December 31, 2021 and December 31, 2020, the Company had securities with a fair value available-for-sale, As of December 31, 2021 and December 31, 2020, the fair value on one Credit Support Annex (“CSA”) was $ 1 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 swaps are not subject to master netting agreements. VIE derivative assets and liabilities are not presented net of any master netting agreements. Counterparty netting of derivative assets and liabilities offsets balances in “Interest rate swaps”, when applicable. The following tables present 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, 2021 and 2020: In millions Derivative Assets (1) Derivative Liabilities (1) Derivative Instruments Notional Balance Sheet Location Fair Balance Sheet Location Fair Not designated as hedging instruments: Insured swaps $ 1,489 Other assets $ — Derivative liabilities $ (1) Interest rate swaps 399 Other assets 1 Derivative liabilities (130) Interest rate swaps-embedded 206 Medium-term notes — Medium-term notes (9) Currency swaps-VIE 50 Other assets-VIE 9 Derivative liabilities-VIE — Total non-designated $ 2,144 $ 10 $ (140) (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) Derivative Instruments Notional Balance Sheet Location Fair Balance Sheet Location Fair Not designated as hedging instruments: Insured swaps $ 1,743 Other assets $ — Derivative liabilities $ (2) Interest rate swaps 437 Other assets 1 Derivative liabilities (164) Interest rate swaps-embedded 252 Medium-term notes — Medium-term notes (10) Currency swaps-VIE 53 Other assets-VIE 6 Derivative — All other 49 Other assets — Derivative liabilities (49) Total non-designated $ 2,534 $ 7 $ (225) (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 effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019: In millions Years Ended December 31, Derivatives Not Designated as Location of Gain (Loss) Recognized in Income on Derivative 2021 2020 2019 Insured credit default swaps Unrealized gains (losses) on insured derivatives $ — $ 7 $ 25 Insured credit default swaps Realized gains (losses) and other settlements on insured derivatives — (1) (10) Interest rate swaps Net gains (losses) on financial instruments at fair value and foreign exchange 18 (42) (66) Currency swaps-VIE Net gains (losses) on financial instruments at fair value and foreign exchange-VIE 3 (2) (8) All other Net gains (losses) on financial instruments at fair value and foreign exchange — (15) (26) Total $ 21 $ (53) $ (85)

Debt

Debt	12 Months Ended
	Dec. 31, 2021
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 2021 2020 7.000 2025 $ 46 $ 46 7.150 2027 99 100 6.625 2028 136 141 5.700 2034 (1) 21 21 Surplus Notes due 2033 (2) 940 940 Accrued interest 1,098 991 Debt issuance costs (9) (10) Total $ 2,331 $ 2,229 (1)—Callable anytime at the greater of par or the present value of the remaining scheduled payments of principal and interest. (2)—Contractual interest rate is based on three month LIBOR plus 11.26%. During 2021, MBIA Corp. purchased $5 million principal amount of MBIA Inc. 6.625% Debentures due 2028 and $1 million principal amount of MBIA Inc. 7.150% Debentures due 2027. During 2020, the Company redeemed the remaining million principal amount of its Senior Notes due 2022 at a cost of % of par value plus accrued interest. Additionally, as of December 31, 2021, National owned million principal amount of the Senior Notes due and million principal amount of MBIA Inc. 7.000% Debentures due 2025; and MBIA Inc., through its corporate segment, owned $13 million of MBIA Corp. surplus notes. These amounts are eliminated in the Company’s consolidated financial statements. Interest and principal payments on the surplus notes are subject to prior approval by the NYSDFS. From the January 15, 2013 interest payment to the present, MBIA Corp.’s requests for approval of the note interest payments have not been approved by the NYSDFS. MBIA Corp. provides notice to the Fiscal Agent when it will not make a scheduled interest payment. The deferred interest payment will become due on the first business day on or after which MBIA Corp. obtains approval from the NYSDFS 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 2022 2023 2024 2025 2026 Thereafter Total Corporate debt $ — $ — $ — $ 46 $ — $ 256 $ 302 Surplus Notes due 2033 — — — — — 940 940 Total debt obligations due $ — $ — $ — $ 46 $ — $ 1,196 $ 1,242 Investment Agreements Certain 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 the 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 agreements have been collateralized in accordance with the contractual terms. Investment agreements have been issued with fixed interest rates in U.S. dollars. As of December 31, 2021 and 2020, the annual interest rates on these agreements ranged from 4.78% to 6.88% and the weighted average interest rates were 5.89% and 5.86%, respectively. 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: In millions Principal Amount Maturity date: 2022 $ 3 2023 19 2024 23 2025 35 2026 96 Thereafter (through 2037) 128 Total expected principal payments (1) $ 304 Less discount and other adjustments (2) 30 Total $ 274 (1 )— (2 )— of carrying amount adjustment of $3 million and accrued interest adjustment of $5 million. Medium-Term Notes MTNs have been issued with fixed or floating interest rates in U.S. dollars or Euros. Floating rates on Euro-denominated MTNs are floored at 0% when the actual floating rates become negative. Certain MTNs are measured at fair value in accordance with the accounting guidance in Accounting Standards Codification Topic 815, “Derivatives and Hedging”. As of December 31, 2021, the interest rates of the MTNs ranged from 0% to 5.90% and the weighted average interest rate was 3.62%. As of December 31, 2020, the interest rates of the MTNs ranged from 0% to 6.00% and the weighted average interest rate was 2.97%. Expected principal payments due under MTN obligations based on their contractual maturity dates are as follows: In millions Principal Amount Maturity date: 2022 $ 52 2023 12 2024 54 2025 57 2026 — Thereafter (through 2035) 606 Total expected principal payments (1) $ 781 Less discount and other adjustments (2) 191 Total $ 590 (1 )— (2 )— is net of carrying amount and market value adjustments of $29 million and accrued interest adjustment of $3 million. Variable Interest Entity Notes VIE notes elected to be recorded at fair value are debt instruments that were issued primarily in U.S. dollars by VIEs consolidated 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. Holders of insured obligations of issuer-sponsored VIEs do not have recourse to the general assets of the Company. In the event of non-payment of an obligation issued by a consolidated VIE, the Company is obligated to pay principal and interest, when due, on MBIA-insured obligations only. In July of 2019, MBIA Insurance Corporation consummated the Refinanced Facility. In connection with the Refinanced Facility, original notes issued by MZ Funding in January of 2017 were redeemed or amended, as applicable, and the Senior Lenders purchased new senior notes issued by MZ Funding (the “Insured Senior Notes”) with an aggregate principal amount of $278 million. In addition, MBIA Inc. received amended subordinated notes issued by MZ Funding (and together with the Insured Senior Notes, the “New MZ Funding Notes”) with an aggregate principal amount of $54 million. The New MZ Funding Notes were scheduled to mature on January 20, 2022 and bore interest at 12% per annum. The Refinanced Facility is secured by a first priority security interest in all of MBIA Corp.’s right, title and interest in the recovery of its claims from the Zohar Collateral. If funds received from MBIA Corp. under the Refinanced Facility were insufficient to pay interest on interest payment dates, MZ Funding may elect to pay interest in kind, which increases the outstanding principal amount. As of December 31, 2020, the outstanding amount of the Insured Senior Notes million. During 2021, MBIA Corp. repaid in full the outstanding amount of the Insured Senior Notes. Subsequent to December 31, 2021, MBIA Inc. agreed to extend the maturity date of the subordinated notes of MZ Funding, which had an aggregate principal amount of million, to April 20, 2022 at a reduced rate of 7% per annum. The subordinated notes of MZ Funding are eliminated in the Company’s consolidated financial statements. As of December 31, 2021 and 2020, the aggregate unpaid contractual principal of consolidated VIE notes was $922 million and $1.4 billion, respectively. As of December 31, 2021 and 2020, the unpaid contractual principal of MBIA-insured consolidated VIE notes was $350 million and $722 million, respectively, which excludes liabilities where the Company’s insured exposure has been fully offset by way of loss remediation transactions. Refer to “Note 7: Fair Value of Financial Instruments” for information about the fair values of consolidated VIE notes. As of December 31, 2020, the only VIE note not accounted for at fair value was the MZ Funding note with a contractual interest rate of 12%. The following table provides the expected principal payments due under MBIA-insured consolidated VIE notes as of December 31, 2021, which are net of principal payments where the Company’s insured exposure has been fully offset by way of loss remediation transactions. For RMBS consolidated VIEs, principal amounts are based on the expected maturity dates and for all other consolidated VIEs, principal amounts are based on the contractual maturity dates. In millions Insured Principal Maturity date: 2022 $ 26 2023 21 2024 20 2025 18 2026 10 Thereafter (through 2038) 255 Total $ 350

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [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 2021 2020 2019 Domestic $ (445) $ (578) $ (357) Foreign — — — Income (loss) before income taxes $ (445) $ (578) $ (357) 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, net of changes in the Company’s valuation allowance, consisted of: Years Ended December 31, In millions 2021 2020 2019 Current taxes: Federal $ — $ — $ — State — — 2 Deferred taxes: Federal — — — Foreign — — — Provision (benefit) for income taxes — — 2 Income taxes charged (credited) to shareholders’ equity related to: Change in unrealized gains (losses) on AFS securities — — — Change in AFS securities with OTTI — — — Change in foreign currency translation — — — Total income taxes charged (credited) to shareholders’ equity — — — Total effect of income taxes $ — $ — $ 2 A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate for the years ended December 31, 2021, 2020 and 2019 is presented in the following table: Years Ended December 31, 2021 2020 2019 Federal income tax computed at the statutory rate 21.0% 21.0% 21.0% Increase (reduction) in taxes resulting from: Change in valuation allowance (20.6)% (20.3)% (20.7)% State income tax, net of federal benefit 0.0% 0.0% (0.4)% Other (0.4)% (0.7)% (0.5)% Effective tax rate 0.0% 0.0% (0.6)% 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 basis 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 inc o The tax effects of temporary differences that give rise to deferred tax assets and liabilities as of December 31, 2021 and 2020 are presented in the following table: As of In millions December 31, December 31, Deferred tax liabilities: Unearned premium revenue $ 40 $ 48 Deferred acquisition costs 5 10 Net unrealized gains and losses in accumulated other comprehensive income 21 25 Net deferred taxes on VIEs 34 53 Other — 6 Total gross deferred tax liabilities 100 142 Deferred tax assets: Compensation and employee benefits 8 9 Accrued interest 233 210 Partnership basis difference — 10 Loss and loss adjustment expense reserves 45 98 Net operating loss 777 656 Foreign tax credits 58 61 Other-than-temporary impairments and capital loss carryforward 9 — Net unrealized gains and losses on insured derivatives — 10 Net gains and losses on financial instruments at fair value and foreign exchange 28 54 Other 4 — Total gross deferred tax assets 1,162 1,108 Valuation allowance 1,062 966 Net deferred tax asset $ — $ — The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of its existing deferred tax assets. A significant piece of objective negative evidence evaluated was the Company having a three-year cumulative loss. Such objective evidence limits the ability to consider other subjective evidence, such as the Company’s projections of pre-tax income. On the basis of this evaluation, the Company has recorded a full valuation allowance against its net deferred tax asset of $ billion and $ million as of December 31, 2021 and December 31, 2020, respectively. The Company will continue to analyze the valuation allowance on a quarterly basis. NOLs of property and casualty insurance companies are permitted to be carried back two years and carried forward 20 years, except where modified by the CARES Act as outlined below. NOLs of property and casualty insurance companies are not subject to the 80 percent taxable income limitation and indefinite lived carryforward period required by the Tax Cuts and Jobs Act applicable to general corporate NOLs. Treatment of Undistributed Earnings of Certain Foreign Subsidiaries—“Accounting for Income Taxes—Special Areas” The Company’s amount of undistributed earnings of certain foreign subsidiaries was not material as of December 31, 2021. Accounting for Uncertainty in Income Taxes The Company’s policy is to record and disclose any change in unrecognized tax benefit (“UTB”) and related interest and/or penalties to income tax in the consolidated statements of operations. The Company includes interest as a component of income tax expense. As of December 31, 2021 and December 31, 2020, the Company had no UTB. Federal income tax returns through 2011 have been examined or surveyed. As of December 31, 2021, the Company’s NOL is approximately $3.7 billion. NOLs generated prior to tax reform and property and casualty NOLs generated after tax reform will expire between tax years 2031 through 2041. As of December 31, 2021, the Company has a foreign tax credit carryforward of $58 million, which will expire between tax years 2022 through 2031. Section 382 of the Internal Revenue Code On May 2, 2018, MBIA Inc.’s shareholders ratified an amendment to the Company’s By-Laws, COVID-19 On March 27, 2020, as part of the business stimulus package in response to COVID-19, COVID-19. COVID-19. changes, the legislation provides for an extension of the Employee Retention Credit through 2021. In November of 2021, the Infrastructure Investment and Jobs Act amended the law so that the Employee Retention Credit applied only to wages paid before October 1, 2021. These legislations do not have a material impact on the Company’s tax positions.

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 2021
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 operating 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. The 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 acceleration, 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 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 company, MBIA Services, and include, among others, management, legal, accounting, treasury, information technology, and insurance portfolio surveillance, on a fee-for-service 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 interest 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. insures 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; and • MZ Funding LLC. MBIA Corp. insures 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 include 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 cash flows generated by a specified pool of assets, such as residential and commercial mortgages, structured settlements, consumer loans, and corporate loans and bonds. MBIA Corp. has also written policies guaranteeing obligations under certain derivative contracts, including termination payments that may become due upon certain insolvency or payment defaults of the financial guarantor or the issuer. 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, 2021, 2020 and 2019: Year Ended December 31, 2021 In millions U.S. Corporate International Eliminations Consolidated Revenues (1) $ 85 $ 20 $ 43 $ — $ 148 Net gains (losses) on financial instruments at fair value and foreign exchange (2) 56 (14) — 40 Net gains (losses) on extinguishment of debt — 30 — — 30 Other net realized gains (losses) — (7) 1 — (6) Revenues of consolidated VIEs — — (23) — (23) Inter-segment revenues (2) 27 67 12 (106) — Total revenues 110 166 19 (106) 189 Losses and loss adjustment 227 — 123 — 350 Amortization of deferred acquisition costs and operating 17 71 9 — 97 Interest — 56 107 — 163 Expenses of consolidated VIEs — — 24 — 24 Inter-segment expenses (2) 45 22 38 (105) — Total expenses 289 149 301 (105) 634 Income (loss) before income taxes $ (179) $ 17 $ (282) $ (1) $ (445) Identifiable assets $ 3,313 $ 873 $ 2,800 $ (2,290) (3) $ 4,696 (1)—Consists of net premiums earned, net investment income, net realized investment gains (losses), insurance-related fees and reimbursements and other fees. (2)—Primarily represents intercompany service charges and intercompany net investment income and expense. (3)—Consists principally of intercompany reinsurance balances. Year Ended December 31, 2020 In millions U.S. Corporate International Eliminations Consolidated Revenues (1) $ 139 $ 31 $ 29 $ — $ 199 Net change in fair value of insured derivatives — — 6 — 6 Net gains (losses) on financial instruments at fair value and foreign exchange 2 (74) (14) — (86) Other net realized gains (losses) (1) — 1 — — Revenues of consolidated VIEs — — 163 — 163 Inter-segment revenues (2) 28 66 12 (106) — Total revenues 168 23 197 (106) 282 Losses and loss adjustment 163 — 367 — 530 Amortization of deferred acquisition costs and operating 14 69 14 — 97 Interest — 65 113 — 178 Expenses of consolidated VIEs — — 55 — 55 Inter-segment expenses (2) 45 22 39 (106) — Total expenses 222 156 588 (106) 860 Income (loss) before income taxes $ (54) $ (133) $ (391) $ — $ (578) Identifiable assets $ 3,644 $ 954 $ 3,671 $ (2,518) (3) $ 5,751 (1)—Consists of net premiums earned, net investment income, net realized investment gains (losses), insurance-related fees and reimbursements and other fees. (2)—Primarily represents intercompany service charges and intercompany net investment income and expense. (3)—Consists primarily of intercompany reinsurance balances. Year Ended December 31, 2019 In millions U.S. Corporate International Eliminations Consolidated Revenues (1) $ 263 $ 32 $ 35 $ — $ 330 Net change in fair value of insured derivatives — — 15 — 15 Net gains (losses) on financial instruments at fair value and foreign exchange 15 (59) (34) — (78) Net investment losses related to other-than-temporary impairments (67) — — — (67) Net gains (losses) on extinguishment of debt — (1) — — (1) Other net realized gains (losses) 2 (2) 4 — 4 Revenues of consolidated VIEs 21 1 55 — 77 Inter-segment revenues (2) 28 62 21 (111) — Total revenues 262 33 96 (111) 280 Losses and loss adjustment 53 — 189 — 242 Amortization of deferred acquisition costs and operating 13 69 21 — 103 Interest — 73 128 — 201 Expenses of consolidated VIEs — — 91 — 91 Inter-segment expenses (2) 52 23 36 (111) — Total expenses 118 165 465 (111) 637 Income (loss) before income taxes $ 144 $ (132) $ (369) $ — $ (357) (1)—Consists of net premiums earned, net investment income, net realized investment gains (losses), insurance-related fees and reimbursements and other fees. (2)—Primarily represents intercompany service charges and intercompany net investment income and expense. Premiums on financial guarantees and insured derivatives reported within the Company’s insurance segments are generated within and outside the U.S. The following table summarizes premiums earned on financial guarantees and insured derivatives by geographic location of risk for the years ended December 31, 2021, 2020 and 2019: Years Ended December 31, In millions 2021 2020 2019 Total premiums earned: United States $ 45 $ 55 $ 63 Other Americas 29 16 17 Other 1 2 5 Total $ 75 $ 73 $ 85

Insurance in Force

Insurance in Force	12 Months Ended
	Dec. 31, 2021
Insurance [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 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 obligations 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. Payments 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 payment of a claim by either National or MBIA Corp. As of December 31, 2021, insurance in force, which represents principal and interest or other amounts owing on insured obligations, had an 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 2021 2020 Geographic Location Insurance % of Insurance % of California $ 16.8 21.4% $ 20.0 21.9% Illinois 8.2 10.4% 8.9 9.7% New Jersey 4.5 5.8% 5.4 5.9% Hawaii 3.9 5.0% 4.1 4.4% Texas 3.1 4.0% 3.7 4.0% Virginia 3.0 3.9% 3.2 3.6% Puerto Rico 2.7 3.4% 2.9 3.2% New York 2.4 3.0% 3.0 3.3% Oregon 2.3 2.9% 2.7 2.9% Colorado 2.0 2.5% 2.1 2.3% Subtotal 48.9 62.3% 56.0 61.2% Nationally Diversified 7.5 9.6% 8.7 9.5% Other states 17.3 22.0% 19.8 21.7% Total United States 73.7 93.9% 84.5 92.4% Internationally Diversified 0.3 0.3% 0.3 0.3% Country specific 4.5 5.8% 6.6 7.3% Total non-United 4.8 6.1% 6.9 7.6% Total $ 78.5 100.0% $ 91.4 100.0% 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 2021 2020 Bond type Insurance Gross Par Insurance Gross Par Global public finance—United States: General obligation (1) $ 22.1 $ 10.7 $ 25.0 $ 12.1 Military housing 14.3 6.9 14.8 7.0 Tax-backed 14.2 6.8 15.7 7.9 Municipal utilities 8.7 6.0 10.6 7.3 Transportation 7.7 2.6 9.2 3.0 General obligation—lease 1.7 1.2 2.4 1.9 Higher education 1.3 1.0 1.5 1.1 Health care 1.0 0.7 1.2 0.8 Investor-owned utilities (2) 0.6 0.5 0.9 0.6 Other (3) 0.1 0.1 0.1 0.1 Municipal housing — — 0.1 0.1 Total United States 71.7 36.5 81.5 41.9 Global public finance—non-United States: Sovereign-related and sub-sovereign (4) 2.0 1.6 2.8 2.1 Transportation 1.2 1.0 2.1 1.8 International utilities 0.5 0.5 0.9 0.8 Other (5) 0.1 0.1 0.1 0.1 Total non-United 3.8 3.2 5.9 4.8 Total global public finance 75.5 39.7 87.4 46.7 Global structured finance: Mortgage-backed residential 1.5 1.0 2.0 1.5 Corporate asset-backed (6) 0.6 0.4 0.8 0.6 Mortgage-backed commercial 0.4 0.2 0.5 0.2 Collateralized debt obligations 0.3 0.2 0.4 0.3 Consumer asset-backed 0.2 0.2 0.3 0.3 Total global structured finance 3.0 2.0 4.0 2.9 Total $ 78.5 $ 41.7 $ 91.4 $ 49.6 (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 stadium related financings and certain non-profit enterprises. (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)—As of December 31, 2020, all remaining insurance in force and gross par relating to structured insurance securitizations was terminated. Affiliated Financial Obligations Insured by MBIA Corp. Investment agreement contracts and MTNs issued by the Company’s corporate segment and the Refinanced 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, 2021, the maximum amount of future payments that MBIA Corp. could be required to make under these guarantees is $1.3 billion. These guarantees, which mature through 2037, were entered into on an arm’s length basis. MBIA Corp. has both direct recourse 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, the Company does not intend to utilize reinsurance to decrease 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 on 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 $2.2 billion and $3.0 billion as of December 31, 2021 and 2020, respectively. As of December 31, 2021, the aggregate amount of insured par outstanding ceded by MBIA to reinsurers under reinsurance agreements was $1.0 billion compared with $1.5 billion as of December 31, 2020. As of December 31, 2021, $0.8 billion of the ceded par outstanding was ceded from the Company’s U.S. public finance insurance segment and $169 million was ceded from the Company’s international and structured finance insurance segment. Under 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, 2021 for its U.S. public finance and international and structured finance insurance operations.​​​​​​​ In millions Reinsurers Standard & Moody’s Rating Ceded Par Letters of Reinsurance (1) Assured Guaranty Re Ltd. AA WR (2) $ 503 $ 15 $ (2) (Stable Outlook) Assured Guaranty Corp. AA A3 463 — (45) (Stable Outlook) (Stable Outlook) Others A+ or above WR (2) 51 — (1) Total $ 1,017 $ 15 $ (48) (1)—Total reinsurance recoverable/(payable) is primarily related to recoverables on unpaid losses net of (payables) on salvage received. (2)—Represents a withdrawal of ratings.

Insurance Regulations and Divid

Insurance Regulations and Dividends	12 Months Ended
	Dec. 31, 2021
Insurance Regulations And Dividends [Abstract]
Insurance Regulations And Dividends	Note 14: Insurance Regulations and Dividends National and MBIA Insurance Corporation 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. these prescribe permitted classes and concentrations of investments and limit both the aggregate and individual securities risks that National and MBIA Insurance Corporation may insure on a net basis based on the type of obligations insured. In addition, some insurance laws and regulations require the approval or filing of policy forms and rates. National and MBIA Insurance Corporation are required to file detailed annual financial statements with the NYSDFS. The operations and accounts of National and MBIA Insurance Corporation are subject to examination by regulatory agencies at regular intervals. Statutory Capital and Regulations National For 2021, 2020 and 2019, National had a statutory net income of million, statutory net loss of $82 million and statutory net income of $39 million, respectively. As of December 31, 2021, National’s statutory capital was billion, consisting of policyholders’ surplus of billion. As of December 31, 2020, National was in compliance with its aggregate risk limits under NYIL, but was not in compliance with certain of its single risk limits. MBIA Insurance Corporation For 2021, 2020 and 2019, MBIA Insurance Corporation had statutory net losses of $129 million , million and $141 million, respectively. As of December 31, 2021, MBIA Insurance Corporation’s statutory capital was $134 million, consisting of policyholders’ surplus of $97 million and contingency reserves of $37 million. As of December 31, 2020, MBIA Insurance Corporation had statutory capital of $273 million. MBIA Insurance Corporation’s policyholders’ surplus as of December 31, 2021 and 2020 included negative unassigned surplus of $1.9 billion. MBIA Insurance Corporation’s policyholders’ surplus may be further negatively impacted if future additional insured losses are incurred. As of December 31, 2021, 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. Dividends NYIL regulates the payment of dividends by financial guarantee insurance companies and provides that such companies may not declare or distribute dividends except out of statutory earned surplus. Under NYIL, the sum of (i) the amount of dividends declared or distributed during the preceding 12-month 12-month 12-month two-year 12-month During 2021 and 2020, National declared and paid dividends of $60 million and $81 million, respectively, to its ultimate parent, MBIA Inc. In 2021, MBIA Insurance Corporation did not declare or pay any dividends to MBIA Inc. or the holders of its preferred stock. MBIA Insurance Corporation 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, 2021 and is not expected to have any statutory capacity to pay dividends in the near term. In connection with MBIA Insurance Corporation obtaining approval from the NYSDFS to release excess contingency reserves in previous periods, MBIA Insurance Corporation agreed that it would not pay any dividends without prior approval from the NYSDFS.

Benefit Plans

Benefit Plans	12 Months Ended
	Dec. 31, 2021
Long-Term Incentive Plans [Abstract]
Benefit Plans	Note 15: Benefit Plans 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, May 1, 2012 and May 5, 2020. Under the Omnibus Plan a maximum of 16,500,000 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 dividend equivalents. Any shares issued under the Omnibus Plan in connection with stock options shall be counted 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 the May 1, 2012 amendment and two shares for every share issued prior to the May 1, 2012 amendment. Currently, the Company grants restricted stock. Under the restricted stock component of the Omnibus Plan, certain employees are granted restricted shares of the Company’s common stock. These awards have a restriction period lasting between three There were 2,085,874 shares available for future grants under the Omnibus Plan as of December 31, 2021. In accordance with accounting guidance for share-based payments, the Company expenses the fair value of stock-based compensation The Company maintains voluntary retirement benefits, which provide certain benefits to eligible employees of the Company upon retirement. 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 restricted stock awards beyond the retirement date in accordance with the original vesting terms and to immediately vest all outstanding time-based restricted stock 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 restricted stock awards has been included in the compensation expense amounts. Refer to the “Performance Based Awards” section below for additional information on compensation expense. Restricted Stock The fair value of the restricted shares awarded, net of cancellations, determined on the grant date during 2021 and 2020 was $7 million in each of the years, respectively. The amount of unearned compensation, net of estimated forfeitures, was $21 million as of December 31, 2021, which is expected to be recognized as expense over a weighted average period of 2.03 years. Unearned compensation is amortized to expense over the appropriate vesting period. Compensation expense related to the restricted shares, net of estimated forfeitures, was $12 million, $11 million and $12 million for the years ended December 31, 2021, 2020 and 2019, respectively. There was no tax charge related to the restricted share awards during 2021, 2020 and 2019 after consideration of the Company’s valuation allowance A summary of the Company’s restricted shares outstanding as of December 31, 2021, 2020 and 2019, and changes during the years ended on those dates, is presented in the following table: Restricted Share Activity 2021 2020 2019 Number of Weighted Number of Weighted Number of Weighted Outstanding at beginning of year 5,454,807 $ 9.5344 5,146,828 $ 10.0958 5,044,616 $ 9.7986 Granted 978,866 6.8492 1,003,720 6.8150 711,176 11.4185 Vested (526,037) 8.4418 (448,455) 8.9834 (416,676) 9.0332 Forfeited — — (247,286) 11.1800 (192,288) 9.4917 Outstanding at end of year 5,907,636 $ 9.1868 5,454,807 $ 9.5344 5,146,828 $ 10.0958 Performance Based Awards During 2021, 2020 and 2019, the Company granted 502,822, 502,738 and 221,213 restricted shares, respectively, to certain key employees which have a vesting schedule dependent on the achievement of certain stock price targets of the Company. The grants and corresponding compensation expense have been included in the above restricted stock disclosures. As permitted by the accounting guidance for share-based payments, the Company estimates the fair value of awards that contain market performance conditions at the date of grant using a binomial lattice model with 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 probable 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. As of December 31, 2021 certain previously awarded grants exceeded the stock price performance target. The corresponding issuance of additional shares has been included in the above restricted stock disclosures. As of December 31, 2020 and 2019, certain previously awarded grants did not meet the stock price performance target or the internal performance conditions. The corresponding cancellation of shares and expense reversal, if applicable, have been included in the above restricted stock disclosures. Pension, 401(k) and Deferred Compensation Plans The Company maintains a qualified non-contributory The Company also maintains a qualified 401(k) plan. The plan is a voluntary contributory plan that allows eligible employees to defer compensation for federal 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 benefits vest over the first five-year period of employment 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 In addition to the above two plans, the Company maintains a non-qualified deferred compensation plan. Contributions to the above qualified plans that exceed limitations established by federal regulations are then contributed to the non-qualified deferred compensation plan. Expenses related to these plans for the years ended December 31, 2021, 2020 and 2019 were $4 million in each of the years.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Earnings Per Share	Note 16: Earnings Per Share Earnings per share is calculated using the two-class non-employee Basic earnings per share excludes dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the dilutive effect of all unvested restricted stock outstanding during the period that could potentially result in the issuance of common stock. The dilution from unvested restricted stock is calculated by applying the two-class The following table presents the computation of basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019: Years Ended December 31, In millions except per share amounts 2021 2020 2019 Basic earnings per share: Net income (loss) available to common shareholders $ (445) $ (578) $ (359) Basic weighted average shares (1) 49.5 59.1 81.0 Net income (loss) per basic common share $ (8.99) $ (9.78) $ (4.43) Diluted earnings per share: Net income (loss) available to common shareholders (445) (578) (359) Diluted weighted average shares 49.5 59.1 81.0 Net income (loss) per diluted common share $ (8.99) $ (9.78) $ (4.43) Potentially dilutive securities excluded from the diluted EPS because of antidilutive affect 5.1 4.6 4.3 (1) Includes 0.9 million, 0.9 million and 1.0 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, 2021, 2020 and 2019, respectively.

Common and Preferred Stock

Common and Preferred Stock	12 Months Ended
	Dec. 31, 2021
Common And Preferred Stock [Abstract]
Common And Preferred Stock	Note 17: Common and Preferred Stock Common Stock Share Repurchases Purchases or 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 purchases or 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. Currently, MBIA Inc. or National does not have an authorization approved by the Company’s Board of Directors to repurchase or purchase outstanding MBIA Inc. common shares. The following table provides information about the Company’s or National’s share purchases or repurchases for the years ended December 31, 2021, 2020 and 2019: In millions, except per share amounts 2021 2020 2019 Number of shares purchased or repurchased — 26.4 11.1 Average price paid per share $ — $ 7.50 $ 9.12 Remaining authorization as of December 31 $ — $ — $ 101 Preferred Stock As of December 31, 2021, 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 2021 In accordance with MBIA’s fixed-rate election, the dividend 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 not 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, 2021 and 2020, there were 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 NYIL.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Accumulated Other Comprehensive Income	Note 18: Accumulated Other Comprehensive Income​​​​​​​ The following table presents the changes in the components of AOCI for the years ended December 31, 2021, 2020 and 2019: In millions Unrealized Foreign Instrument-Specific Total Balance, January 1, 2019 $ (39) $ (7) $ (110) $ (156) Other comprehensive income (loss) before reclassifications 139 — (25) 114 Amounts reclassified from AOCI 12 — 28 40 Net period other comprehensive income (loss) 151 — 3 154 Balance, December 31, 2019 $ 112 $ (7) $ (107) $ (2) Other comprehensive income (loss) before reclassifications 83 (3) 50 130 Amounts reclassified from AOCI (19) — 6 (13) Net period other comprehensive income (loss) 64 (3) 56 117 Balance, December 31, 2020 $ 176 $ (10) $ (51) $ 115 Other comprehensive income (loss) before reclassifications (26) 4 (17) (39) Amounts reclassified from AOCI (12) — 36 24 Net period other comprehensive income (loss) (38) 4 19 (15) Balance, December 31, 2021 $ 138 $ (6) $ (32) $ 100 The following table presents the details of the reclassifications from AOCI for the years ended December 31, 2021, 2020 and 2019: In millions Amounts Reclassified from AOCI Details about AOCI Components 2021 2020 2019 Affected Line Item on the Consolidated Statements of Operations Unrealized gains (losses) on AFS securities: Realized gain (loss) on sale of securities $ 12 $ 19 $ 14 Net realized investment gains (losses) Credit losses — — (25) Net investment losses related to OTTI Amortization on securities — — (1) Net investment income 12 19 (12) Income (loss) before income taxes 12 19 (12) Net income (loss) Instrument-specific credit risk of Settlement of liabilities (36) (6) (28) Net gains (losses) on financial instruments at fair value and foreign exchange Total reclassifications for the period $ (24) $ 13 $ (40) Net income (loss)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Commitments and Contingencies	Note 19: 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 Tilton v. MBIA Inc., Index No. 68880/2015 (N.Y. Sup. Ct., Westchester County) 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 MBIA Corp., seeking damages based on allegations of 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. Plaintiffs filed an amended complaint on January 15, 2016. In December of 2021, the parties agreed to settle the dispute and it was dismissed with prejudice. Tilton et al. v. MBIA Inc. et al., Adversary Case No. 19-50390 (KBO) (Bankr. Del.) On October 1, 2019, Lynn Tilton and certain affiliated entities commenced an adversary proceeding in the Zohar Funds Bankruptcy Cases against MBIA Inc., MBIA Corp. and other Zohar Funds creditor seeking the equitable subordination of those creditors’ claims with respect to the Zohar Funds. Plaintiffs claim they are entitled to relief due to inequitable and unfair conduct by defendants. Plaintiffs filed an amended complaint on January 6, 2022, which the defendants have moved to dismiss in its entirety. Those motion to dismiss will be fully submitted, argument is scheduled to be heard, as of March 3, 2022. Zohar CDO 2003-1, Ltd., et al. v. Patriarch Partners, LLC et al., Case No. 1:17-cv-0307-WHP (S.D.N.Y.) On November 27, 2017, Lynn Tilton and certain affiliated entities including Patriarch Partners, LLC commenced a third-party complaint against MBIA Inc., MBIA Insurance Corp. and other Zohar Fund stakeholders seeking damages for alleged breaches of the contracts governing the Zohar Funds and additional alleged legal duties and obligations relating to the Funds. On December 22, 2020, the Company and the other third-party defendants moved to dismiss the third-party complaint. On July 6, 2021, following the completion of briefing on those motions to dismiss, the presiding judge, the Honorable William H. Pauley died, and the case was reassigned to the Honorable P. Kevin Castel. On September 29, 2021, Judge Castel issued a decision on the motions to dismiss; granting them almost in full, with certain claims being stayed rather than dismissed, pending further developments in the Adversary Proceedings pending in the Zohar Funds Bankruptcy Cases in Delaware Bankruptcy Court. MBIA Insurance Corp. v. Tilton et al., On July 30, 2020, MBIA Corp. commenced an adversary proceeding in the Zohar Funds Bankruptcy Cases against Lynn Tilton and certain affiliated entities seeking damages incurred by MBIA Corp. in connection with insurance policies it issued on senior notes issued by Zohar I and Zohar II. On July 23, 2021, the court denied in part and granted in part Tilton’s and her affiliated defendants’ motion to dismiss the complaint. The court denied defendants’ motion with respect to MBIA’s claims for breach of contract, tortious interference, unjust enrichment, and malicious prosecution of claims commenced by Tilton in Delaware. On February 1, 2022, MBIA filed an Amended Complaint consistent with the court’s rulings on defendants’ motion to dismiss and related filings. The Financial Oversight and Management Board for Puerto Rico, as representative of The Puerto Rico Electric Power Authority, et al. Case No. 17 BK 4780-LTS On July 18, 2017, National, together with other PREPA bondholders, asked the court overseeing PREPA’s Title 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. The bondholders appealed the decision to the First Circuit. On August 8, 2018, the First Circuit issued an order reversing the Court’s decision on jurisdictional grounds and remanding the motion. On October 3, 2018, National, together with other monolines 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. The Oversight Board filed a motion to dismiss the receiver motion. These motions have been stayed until five business days following the ruling on the PREPA 9019 Settlement Motion. The PREPA 9019 Settlement Motion has been adjourned until further order of the Court. On May 3, 2019, PREPA, the Oversight Board, the Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”), the Ad Hoc Group of PREPA bondholders (the “Ad Hoc Group”), and Assured Guaranty Corp. and Assured Guaranty Municipal Corp. (“Assured”) (together, the “RSA Parties”) entered into the RSA. On September 9, 2019 National, Syncora Guarantee Inc. (“Syncora”), and the RSA Parties agreed on an amendment to the RSA pursuant to which National and Syncora joined the RSA. The RSA includes the agreement for resolving PREPA’s restructuring plan issues and arrangements. Pursuant to the RSA, the Oversight Board filed a Rule 9019 motion with the Title III court in May of 2019 seeking approval of the RSA (the “Settlement Motion”). The RSA requires, upon entry of the order approving the Settlement Motion (the “9019 Order”), that Movants will withdraw the Receiver Motion, and the Ad Hoc Group will support such withdrawal. As contemplated by the RSA, on July 1, 2019, the Oversight Board and AAFAF also filed an adversary complaint against the Trustee for the PREPA Bonds, challenging the validity of the liens arising under the Trust Agreement that secure insured obligations of National. The adversary proceeding is stayed until the earlier of (a) 60 days after the Court denies the Settlement Motion, (b) consummation of a Plan, (c) 60 days after the filing by the Oversight Board and AAFAF of a Litigation Notice, or (d) further order of the Court. The hearing for the Settlement Motion has been adjourned until further order of the Court. Cortland Capital Market Services LLC, et al. v. The Financial Oversight and Management Board for Puerto Rico et al., No. 19-00396 On July 9, 2019, the “Fuel Line Lenders,” parties who extended approximately $700 million to PREPA beginning in 2012 to fund fuel purchases, filed an adversary complaint against the Oversight Board, PREPA, AAFAF, and the Trustee for the PREPA Bonds, alleging that they are entitled to be paid in full before National and other bondholders have any lien on or recourse to PREPA’s assets, including pursuant to the RSA. On September 30, 2019, the Fuel Line Lenders filed an amended complaint which added National, Assured, Syncora, and the Ad Hoc Group as defendants. Defendants moved to dismiss the Fuel Line Lenders’ adversary complaint on November 11, 2019. The Fuel Line Lenders filed their opposition to the motion to dismiss on December 5, 2019. Defendants’ reply in support of the motion to dismiss was filed February 3, 2020. The hearing on the motion to dismiss was adjourned until the Court determines when the 9019 Settlement Motion and related litigation will recommence. The Financial Oversight and Management Board for Puerto Rico, as Representative of the Commonwealth of Puerto Rico, et al. v. the Puerto Rico Public Buildings Authority, No. 18-00149 On December 21, 2018, the Oversight Board and the Official Committee of Unsecured Creditors of all Debtors other than COFINA filed an adversary complaint against the PBA, seeking a declaration that leases purportedly entered into by PBA are in fact disguised financing transactions and that PBA therefore has no right under PROMESA or the Bankruptcy Code to receive post-petition payments from the Title III debtors or administrative claims against the debtors. On January 28, 2019, National filed a motion to intervene in the proceeding. On March 12, 2019, the Court granted National’s intervention motion. On March 19, 2019, National filed an answer to the complaint. On September 27, 2019, the Oversight Board filed a voluntary petition for relief for PBA pursuant to PROMESA, commencing a case under Title III. The complaint has been stayed indefinitely by order of the Court. As part of the GO PSA, National has agreed to stay its participation in this litigation subject to the effective date of the Commonwealth plan of adjustment. The Financial Oversight and Management Board for Puerto Rico, as Representative of the Commonwealth of Puerto Rico, et al. v. National Public Finance Guarantee Corporation, et al On May 2, 2019, the Oversight Board and the Official Committee of Unsecured Creditors of all Title III Debtors (other than COFINA) (the “Committee”) filed lien avoidance adversary complaints against several hundred defendants, including National, challenging the existence, extent, and enforceability of GO bondholders’ liens. After an approximately five-month stay of litigation entered by the Court on July 24, 2019, these adversary proceedings resumed pursuant to an interim schedule entered by the Court in December 2019. On February 5, 2020, National and Assured Guaranty Municipal Corp. filed a motion to dismiss the adversary proceeding. The motion has been stayed indefinitely by order of the Court. As part of the GO PSA, National has agreed to stay its participation in this litigation subject to the effective date of the Commonwealth plan of adjustment. The Financial Oversight and Management Board for Puerto Rico, as Representative of the Commonwealth of Puerto Rico, et al., On July 17, 2020, National, Ambac Assurance Corporation, Assured Guaranty Corp., Assured Guaranty Municipal Corp. and Financial Guaranty Insurance Company sought appointment as trustees under Section 926 of Title 11 of the United States Code to pursue certain claims on behalf of HTA against the Commonwealth of Puerto Rico. On August 11, 2020, the Court denied the motion. The movants appealed to the First Circuit Court of Appeals, and briefing is underway. As part of the GO PSA and HTA PSA, National’s participation in this litigation will be stayed subject to the effective date of the Commonwealth plan of adjustment. National Public Finance Guarantee Corporation et al. v. UBS Financial Services, Inc. et al., On August 8, 2019, National and MBIA Corp. filed suit in the Court of First Instance in San Juan, Puerto Rico against UBS Financial Services, Inc., UBS Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Merrill Lynch, Fenner & Smith Inc., RBC Capital Markets LLC, and Santander Securities LLC, bringing two claims under Puerto Rico law: doctrina de actos propios (the doctrine of one’s own acts) and unilateral declaration of will. These claims concern the insurance by National of bonds issued by the Commonwealth of Puerto Rico and its instrumentalities that were underwritten by these defendants. National alleges that, when the defendants solicited bond insurance, they represented through their acts that they would investigate certain information they provided to National and that they had a reasonable basis to believe that information was true and complete. National further alleges that the defendants did not perform such investigations and that key information was untrue or incomplete. National seeks damages to be proven at trial. On September 16, 2020, Defendants filed a motion to dismiss the complaint. National filed its objection to that motion on October 7, 2020, and briefing concluded on November 30, 2020. On June 2, 2021, the Superior Court denied Defendants’ motion to dismiss. Defendants appealed but filed an answer to the complaint on July 15, 2021. On December 17, 2021, the Commonwealth of Puerto Rico Court of Appeals issued a judgment reversing the Superior Court’s decision on the motion to dismiss. On January 4, 2022, National filed with the Court of Appeals a motion for reconsideration of its judgment concerning the motion to dismiss. On February 17, 2022, the Court of Appeals issued an order denying National’s motion for reconsideration. Complaint Objecting to Defendants’ Claims and Seeking Related Relief, 17-03283-LTS On January 16, 2020, the Oversight Board filed an adversary complaint against National, Ambac, Assured Guaranty, Assured Guaranty Municipal Corp., Financial Guaranty Insurance Company, Peaje Investments LLC and the Bank of New York Mellon as fiscal agent. The Oversight Board challenges the claims and validity of the liens asserted against the Commonwealth by holders of HTA bonds. The complaint contains 201 counts against the bondholder parties objecting to proofs of claim and security interests asserted regarding the Commonwealth’s retention of certain revenues previously assigned to HTA. This matter is currently stayed but the Court permitted the Oversight Board to file certain limited cross motions on April 28, 2020. The cross motions for summary judgment were filed on July 16, 2020. On September 23, 2020, the Court heard argument on the limited cross motions for summary judgment, which remain pending. On January 20, 2021, the Court issued an order deferring the adjudication of the summary judgment motions so that defendant monolines can seek limited discovery from the Oversight Board on all documents related to the collection and flow of Excise Taxes and pledged revenue into and out of its accounts, among other things. On April 6, 2021, the Oversight Board filed a motion to lift the litigation stay for the limited purpose of filing further summary judgment motions that would dispose of substantially all of the remaining claims challenged in this complaint. The hearing on this motion was held April 28, 2021, and the motion was denied. As part of the GO PSA and HTA PSA, National has agreed to stay its participation in this litigation subject to the effective date of the HTA plan of adjustment. Complaint Objecting to Defendants’ Claims and Seeking Related Relief, Case No. 20-00007-LTS (January 16, 2020) (Swain J.) On January 16, 2020, the Oversight Board and the Creditors Committee filed an adversary complaint against National and other 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 its subsidiaries is a party. Leases The Company has a lease agreement for its headquarters in Purchase, New York. The initial lease 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 the Company recognizes operating rent expense on a straight-line basis. The following below table presents the Company’s operating lease information as of December 31, 2021: $ in millions As of Balance Sheet Location Right-of-use $ 18 Other Lease liability $ 18 Other Weighted average remaining lease term (years) 7.5 Discount rate used for operating leases 7.5% Total future minimum lease payments $ 26

Schedule I- Investments

Schedule I- Investments	12 Months Ended
	Dec. 31, 2021
Summary of Investments, Other than Investments in Related Parties [Abstract]
Schedule I - Summary Of Investments, Other Than Investments In Related Parties	December 31, 2021 Type of investment Cost Fair Amount at Available-for-sale: U.S. Treasury and government agency $ 515 $ 566 $ 566 State and municipal bonds 140 167 167 Foreign governments 11 11 11 Corporate obligations 881 930 930 Mortgage-backed securities: Residential mortgage-backed agency 190 192 192 Residential mortgage-backed non-agency 80 92 92 Commercial mortgage-backed 10 10 10 Asset-backed securities: Collateralized debt obligations 101 101 101 Other asset-backed 90 90 90 Total long-term available-for-sale 2,018 2,159 2,159 Short-term available-for-sale 298 298 298 Total available-for-sale 2,316 2,457 2,457 Investments at fair value 323 336 336 Total investments $ 2,639 $ 2,793 $ 2,793 Assets of consolidated variable interest entities: Investments at fair value $ 68 $ 60 $ 60 Loans receivable 108 77 77 Total investments of consolidated variable interest entities $ 176 $ 137 $ 137

Schedule II- Parent Company Fin

Schedule II- Parent Company Financials	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information 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, December 31, Assets Investments: Fixed-maturity securities held as available-for-sale, $ 618 $ 719 Investments carried at fair value — 1 Investments pledged as collateral, at fair value (amortized cost $3 and $10) 4 1 Short-term investments held as available-for-sale, 52 31 Total investments 674 752 Cash and cash equivalents 15 26 Investment in wholly-owned subsidiaries 336 728 Other assets 5 139 Total assets $ 1,030 $ 1,645 Liabilities and Shareholders’ Equity Liabilities: Investment agreements $ 274 $ 269 Long-term debt 306 312 Affiliate loans payable 579 695 Income taxes payable 3 12 Derivative liabilities 130 164 Other liabilities 51 57 Total liabilities 1,343 1,509 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—283,186,115 and 283,186,115 283 283 Additional paid-in 2,931 2,962 Retained earnings (deficit) (458) (13) Accumulated other comprehensive income (loss), net of tax 100 115 Treasury stock, at cost— (3,169) (3,211) Total shareholders’ equity of MBIA Inc. (313) 136 Total liabilities and shareholders’ equity $ 1,030 $ 1,645 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, 2021 2020 2019 Revenues: Net investment income $ 26 $ 28 $ 35 Net gains (losses) on financial instruments at fair value and foreign exchange 52 (67) (57) Net gains (losses) on extinguishment of debt 30 — (1) Other net realized gains (losses) (6) — (2) Total revenues 102 (39) (25) Expenses: Operating 10 10 10 Interest 75 83 90 Total expenses 85 93 100 Gain (loss) before income taxes and equity in earnings of subsidiaries 17 (132) (125) Provision (benefit) for income taxes (3) (4) (99) Gain (loss) before equity in earnings of subsidiaries 20 (128) (26) Equity in net income (loss) of subsidiaries (465) (450) (333) Net income (loss) $ (445) $ (578) $ (359) 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, 2021 2020 2019 Cash flows from operating activities: Investment income received $ 80 $ 101 $ 156 Operating expenses paid and other operating (14) (47) (17) Interest paid, net of interest converted to principal (50) (60) (88) Income taxes (paid) received 6 5 34 Net cash provided (used) by operating activities 22 (1) 85 Cash flows from investing activities: Purchases of available-for-sale (150) (216) (278) Sales of available-for-sale 202 183 319 Paydowns and maturities of available-for-sale 20 41 179 Purchases of investments at fair value (2) (2) 5 Sales, paydowns and maturities of investments at fair value 3 2 — Sales, paydowns and maturities (purchases) of short-term investments, net (27) 137 (61) (Payments) proceeds for derivative settlements (17) (16) (98) Return of capital from subsidiaries 11 — — Contributions (to) from subsidiaries, net — — (14) Net cash provided (used) by investing activities 40 129 52 Cash flows from financing activities: Proceeds from investment agreements 2 12 15 Principal paydowns of investment agreements (2) (18) (20) Principal paydowns of long-term debt — (115) (150) Payments for affiliate loans (81 ) — (19) Restricted stock awards settlements 8 8 8 Net cash provided (used) by financing activities (73) (113) (166) Effect of exchange rates on cash and cash equivalents — — — Net increase (decrease) in cash and cash equivalents (11) 15 (29) Cash and cash equivalents—beginning of year 26 11 40 Cash and cash equivalents—end of year $ 15 $ 26 $ 11 Reconciliation of net income (loss) to net cash provided (used) by operating activities: Net income (loss) $ (445) $ (578) $ (359) Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: Change in: Intercompany accounts receivable (7) (39) (16) Current income taxes 6 5 23 Equity in earnings of subsidiaries 465 450 333 Dividends from subsidiaries 60 81 134 Net (gains) losses on financial instruments at fair value and foreign exchange (52) 67 57 Deferred income tax provision (benefit) (3) (4) (88) (Gains) losses on extinguishment of debt (30) — 1 Other operating 28 17 — Total adjustments to net income (loss) 467 577 444 Net cash provided (used) by operating activities $ 22 $ (1) $ 85 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 of 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, 2021, 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 corporate purposes, excluding the amount held in escrow under its tax sharing agreement, was $239 million. During 2021, MBIA Corp. purchased $5 million principal amount of the Parent company 6.625% Debentures due 2028 and $1 million principal amount of Parent company 7.15% Debentures due 2027. During 2020, the Parent Company redeemed the remaining $115 million principal amount of its 6.400% Senior Notes due 2022 at a cost of 100% of par value plus accrued interest. Additionally, as of December 31 , 2021 , National owned $308 million principal amount of the 5.700% Senior Notes due 2034 and $10 million principal amount of MBIA Inc. 7.000% Debentures due 2025, and MBIA Inc., through its corporate segment, owned $13 million of MBIA Corp. surplus notes. These amounts are eliminated from the Parent Company’s condensed balance sheet. 2. Accounting Policies The Parent Company carries its investments in subsidiaries under the equity method. 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 2021, National declared and paid a dividend of $60 million to its ultimate parent, MBIA Inc. During 2020, National declared and paid dividends of $81 million to its ultimate parent, MBIA Inc. During 2019, National declared and paid dividends of $134 million to its ultimate parent, MBIA Inc. 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 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 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 Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of its existing deferred tax assets. A significant piece of objective negative evidence evaluated was the Parent Company having a three-year cumulative loss. Such objective evidence limits the ability to consider other subjective evidence, such as the Parent Company’s projections of pre-tax For a further discussion of the net deferred tax asset, refer to footnote 11 to the Company’s consolidated financial statements. 5. Obligations under Investment Agreements Refer to footnote 10 to the Company’s consolidated financial statements for information on investment agreements. 6. Pledged Collateral Substantially all of the obligations under investment 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, 2021 and 2020, the Parent Company and its subsidiaries pledged securities with a fair value of $159 million and $214 million, respectively, to derivative counterparties. 7. Affiliate Loans Payable Affiliate loans payable consists of loans payable to MBIA Global Funding, LLC (“GFL”). GFL raised funds through the issuance of medium-term notes with varying maturities, which were, in turn, guaranteed by MBIA Corp. GFL lent the proceeds of these medium-term note issuances to the Parent Company.

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 (In millions) Column A Insurance Premium Written Column B Column C Column D Column E Column F 2021 $ 8 $ 2 $ — $ 6 0% 2020 $ 1 $ 1 $ — $ — 0% 2019 $ 3 $ — $ — $ 3 0%

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 expenses 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 have been reclassified in prior years’ financial statements to conform to the current presentation. This includes the presentation of “Net realized investment gains (losses)” on the Company’s consolidated statements of operations. These amounts were previously included in “Net gains (losses) on financial instruments at fair value and foreign exchange” on the Company’s consolidated statements of operations.
Consolidation	Consolidation The 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 Company 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 consolidated 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 investment, 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 enterprise 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. The Company may elect to apply the fair value option to the financial assets and financial liabilities of consolidated VIEs on a VIE-by-VIE
Investments	Investments The Company classifies its investments as available-for-sale held-to-maturity non-credit . Investment income is recorded as earned which includes the current period interest accruals deemed collectible. Accrued interest income is recorded as part of “Other assets” on the Company’s consolidated balance sheets. Bond discounts and premiums are amortized using the effective yield method over the remaining term of the securities and reported in “Net investment income” on the Company’s consolidated statements of operations. However, premiums on certain callable debt securities are amortized to the next call date. For MBS and asset-backed securities (“ABS”), discounts and premiums are amortized using the retrospective or prospective method. Accrued interest income on debt securities is not assessed for credit losses since the Company reverses any past due accrued interest income through earnings as a charge against net investment income. Interest income is subsequently recognized to the extent cash is received. Credit Losses on Debt Securities For AFS debt securities, the Company’s consolidated statements of operations reflect the full impairment (the difference between a security’s amortized cost basis and fair value) if the Company intends to sell or would more likely than not be required to sell before the expected recovery of the amortized cost basis. AFS debt securities in an unrealized loss position and HTM debt securities are evaluated on a quarterly basis to determine if credit losses exist. The Company considers that credit losses exist when the Company does not expect to recover the entire amortized cost basis of the debt security. The Company measures an allowance for credit losses on a security-by-security As part of the adoption of ASU 2016-13,
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits, and deposits with banks with original maturities of less than three months.
Deferred Acquisition Costs	Deferred Acquisition Costs The Company deferred acquisition costs that were directly related to new or renewal insurance business. Acquisition 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. Acquisition costs also included ceding commissions paid by the Company in connection with assuming business from other financial guarantors. Acquisition costs, net of ceding commissions received, related to non-derivative
Derivatives	Derivatives Derivative 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 within “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” include (i) premiums received and receivable on insured derivative contracts, (ii) premiums paid and payable to reinsurers in respect to insured derivative contracts, (iii) net amounts received or paid on reinsurance commutations, (iv) losses paid and payable to insured derivative contract counterparties due to the occurrence of a payment event or settlement agreement, (v) losses recovered and recoverable on insured derivative contracts and (vi) fees related to insured derivative contracts. “Unrealized gains (losses) on insured derivatives” include all other changes in the fair values of the insured derivative contracts. As of December 31, 2020, the Company had no remaining insured exposure accounted for as an insured credit default swap (“CDS”) derivative. In certain instances, the Company purchased or issued securities that contain embedded derivatives that were separated from the host contracts and accounted for as derivative instruments. In addition, the Company elected to record at fair value certain financial instruments that contain an embedded derivatives that would have otherwise required bifurcation from the host contracts and been accounted for separately as derivative instruments. These hybrid financial instruments included certain MTNs and certain AFS securities. The Company elected to fair value these hybrid financial instruments in their entirety given the complexity of bifurcating the embedded derivatives. 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 participants 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, including 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 use 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 nonperformance 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 measure 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 that the Company believes market participants would use in pricing an asset or liability based 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 hierarchy are defined as follows: • Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • 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 principally 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 include 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 significant 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 in the period of change. Measurement and recognition of loss reserves are reported gross of any reinsurance on the Company’s consolidated balance sheets. The Company estimates the likelihood of possible claim payments and possible recoveries of such claim payments using probability-weighted expected cash flows as of the measurement date based on information available, including market information. Accretion of the discounts on loss reserves and recoveries is included in loss expense. The Company considers its ability to collect contractual interest on claim payments when developing its expected inflows. The inclusion of such interest may result in the Company recording recoveries in excess of its actual or expected claim payments on a policy. The Company recognizes potential recoveries on paid claims based on probability-weighted cash inflows present 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 at each reporting period. The Company’s loss reserves, 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 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 contractual interest rate. Debt issuance costs and discounts are amortized and reported as interest expense. Medium-Term Notes and Investment Agreements MTNs and investment agreements are carried at the principal amount outstanding plus accrued interest and net of unamortized discounts, or at fair value for certain MTNs. Interest expense is accrued at the contractual interest rate. Discounts are amortized and reported as interest expense.
Financial Guarantee Insurance Premiums	Financial Guarantee Insurance Premiums Unearned Premium Revenue and Receivable for Future Premiums The Company recognized a liability for unearned premium revenue at the inception of financial guarantee insurance and reinsurance contracts on a contract-by-contract Credit Losses on Premium Receivables The Company evaluates the collectability of outstanding premium receivables on a quarterly basis and measures any allowance for credit losses as the difference between the recorded premium receivable amount and the current projected net present value of premiums expected to be collected, discounted at the effective interest rate, which is the applicable risk-free rate described in the preceding paragraph. Estimating the allowance for credit losses involves substantial judgment, including forecasting an insured transaction’s cash flows, such as the future performance of the transaction’s underlying assets and the impact of certain macro-economic factors, as well as incorporating any historical experience of uncollectible balances and a transaction’s liability structure, including the seniority of premium payments to the Company. 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 outstanding 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 contract. 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.
Fee and Reimbursement Revenue Recognition	Fee and Reimbursement Revenue Recognition The Company collects insurance related fees for services performed in connection with certain transactions. Fees are earned when the related services are completed. Types of fees include waiver and consent and termination fees.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes in earnings, generally over the vesting or service period of an award, the cost of all stock-based payment transactions using the fair value of the stock-based compensation provided. Refer to “Note 15: Benefit 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 currencies are reported in U.S. dollars generally using rates of exchange prevailing as of the balance sheet date. Translation adjustments resulting from the translation of the financial statements of the Company’s non-U.S. non-U.S. non-functional
Income Taxes	Income Taxes Deferred income taxes are recorded with respect to temporary 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 recovered or settled. Such temporary differences relate principally to net operating losses (“NOLs”), accrued surplus note interest, foreign tax credits, loss reserve deductions, premium revenue recognition, deferred acquisition costs, and unrealized gains and losses. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized. As of December 31, 2021 and 2020, the Company had a full valuation allowance on its net deferred tax asset. 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 intercompany settlement of tax obligations and benefits. The method of allocation between the members is based upon calculations as if each member filed its separate tax return. Under the Company’s tax sharing agreement, each member with an NOL will 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 more 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 evaluates 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 During 2021, the Company did not adopt any new accounting pronouncements that had a material impact on its consolidated financial statements.
Recent Accounting Developments	Recent Accounting Developments Reference Rate Reform (Topic 848): Scope (ASU 2021-01) 2020-04) In January of 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2021-01, 2020-04, 2020-04 2020-04 2021-01 2021-01 2020-04

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Summary Of Nonconsolidated VIEs Assets And Liabilities	December 31, 2021 Carrying Value of Assets Carrying Value of Liabilities In millions Maximum Investments Premiums Insurance Unearned Loss and Insurance: Global structured finance: Mortgage-backed residential $ 1,261 $ 87 $ 14 $ 40 $ 11 $ 430 Consumer asset-backed 226 — 1 1 1 6 Corporate asset-backed 503 — 3 200 4 11 Total global structured finance 1,990 87 18 241 16 447 Global public finance 834 — 6 — 5 — Total insurance $ 2,824 $ 87 $ 24 $ 241 $ 21 $ 447 December 31, 2020 Carrying Value of Assets Carrying Value of Liabilities In millions Maximum Investments Premiums Insurance Unearned Loss and Insurance: Global structured finance: Mortgage-backed residential $ 1,835 $ 21 $ 16 $ 90 $ 14 $ 482 Consumer asset-backed 293 — 1 1 1 15 Corporate asset-backed 735 — 5 364 5 — Total global structured finance 2,863 21 22 455 20 497 Global public finance 1,434 — 7 — 7 2 Total insurance $ 4,297 $ 21 $ 29 $ 455 $ 27 $ 499

Insurance Premiums (Tables)

Insurance Premiums (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Rollforward of Premiums Receivable	The following tables present a roll forward of the Company’s premiums receivable for the years ended December 31, 2021 and 2020. In millions Adjustments Premiums Premium Premiums from Changes in Accretion of (1) Other (2) Premiums $ 216 $ (44) $ — $ 7 $ 5 $ (6) $ 178 (1)—Recorded within premiums earned on MBIA’s consolidated statement of operations. (2)—The change primarily relates to a foreign exchange loss due to the termination of an international public finance credit. In millions Adjustments Premiums Premium Premiums from Changes in Accretion of (1) Other (2) Premiums $ 249 $ (30) $ — $ (1) $ 6 $ (8) $ 216 (1)—Recorded within premiums earned on MBIA’s consolidated statement of operations. (2)—The change primarily relates to a reduction in installment premiums due to refunding activity and the recording of an allowance for credit losses under Financial Instruments-Credit Losses, partially offset by changes in foreign exchange currency rates.
Undiscounted Future Premiums By Period	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: In millions Expected Three months ending: March 31, 2022 $ 3 June 30, 2022 6 September 30, 2022 4 December 31, 2022 7 Twelve months ending: December 31, 2023 18 December 31, 2024 17 December 31, 2025 16 December 31, 2026 14 Five years ending: December 31, 2031 57 December 31, 2036 42 December 31, 2041 and thereafter 47 Total $ 231
Unearned Premium Reserve And Future Premium Earnings	The following table presents the unearned premium revenue balance and future expected premium earnings as of and for the periods presented: In millions Unearned Revenue Expected Future Accretion Total Expected Earnings Upfront Installments December 31, 2021 $ 322 Three months ending: March 31, 2022 312 $ 5 $ 5 $ 1 $ 11 June 30, 2022 302 5 5 1 11 September 30, 2022 293 5 4 2 11 December 31, 2022 284 5 4 1 10 Twelve months ending: December 31, 2023 250 18 16 4 38 December 31, 2024 219 16 15 4 35 December 31, 2025 192 14 13 4 31 December 31, 2026 168 13 11 3 27 Five years ending: December 31, 2031 87 41 40 14 95 December 31, 2036 41 18 28 8 54 December 31, 2041 and thereafter — 12 29 7 48 Total $ 152 $ 170 $ 49 $ 371

Loss and Loss Adjustment Expe_2

Loss and Loss Adjustment Expense Reserves (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries	As of December 31, 2021 As of December 31, 2020 In millions Balance Sheet Line Item Balance Sheet Line Item Insurance Loss and (2) Insurance Loss and (2) U.S. Public Finance Insurance $ 1,054 $ 425 $ 1,220 $ 469 International and Structured Finance Insurance: Before VIE eliminations (1) 244 687 1,082 780 VIE eliminations (1) (2) (218) (625) (259) Total international and structured finance insurance 242 469 457 521 Total $ 1,296 $ 894 $ 1,677 $ 990 (1)—Includes loan repurchase commitments of $604 million as of December 31, 2020. (2)—Amounts are net of estimated recoveries of expected future claims.
Schedule Of Loss And Loss Adjustment Expenses Reserves	In millions Changes in Loss and LAE Reserves for the Year Ended December 31, 2021 Gross Loss (1) Loss Accretion Changes in Changes in Changes in Gross Loss (1) $ $ (302) $ 15 $ (40) $ 226 $ 5 $ 894 (1)—Includes changes in amount and timing of estimated payments and recoveries. In millions Changes in Loss and LAE Reserves for the Year Ended December 31, 2020 Gross Loss (1) Loss Accretion Changes in Changes in Changes in Other Gross Loss (1) $ $ (441) $ 11 $ (86) $ 606 $ 8 $ (9) $ 990 (1)—Includes changes in amount and timing of estimated payments and recoveries.
Schedule Of Insurance Loss Recoverable	Changes in Insurance Loss Recoverable In millions Gross Collections Accretion of Changes in Changes in Gross Insurance loss recoverable $ 1,677 $ (266) $ 15 $ 25 $ (155) $ 1,296 Changes in Insurance Loss Recoverable In millions Gross Collections Accretion of Changes in Changes in Gross Insurance loss recoverable $ 1,694 $ (49) $ 14 $ 115 $ (97) $ 1,677
Schedule Of Financial Guarantees And Related Claim Liability	The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of December 31, 2021: Surveillance Categories Caution Caution Caution List List List Classified $ in millions Low Medium High List Total Number of policies 55 3 — 202 260 Number of issues (1) 16 2 — 88 106 Remaining weighted average contract period (in years) 6.1 2.6 — 8.1 7.4 Gross insured contractual payments outstanding: (2) Principal $ 1,366 $ 6 $ — $ 2,719 $ 4,091 Interest 1,867 1 — 1,214 3,082 Total $ 3,233 $ 7 $ — $ 3,933 $ 7,173 Gross Claim Liability (3) $ — $ — $ — $ 1,051 $ 1,051 Less: Gross Potential Recoveries (4) — — — 1,498 1,498 Discount, net (5) — — — (32) (32) Net claim liability (recoverable) $ — $ — $ — $ (415) $ (415) Unearned premium revenue $ 8 $ — $ — $ 29 $ 37 Reinsurance recoverable on paid and unpaid losses (6) $ 7 (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. The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of December 31, 2020: Surveillance Categories Caution Caution Caution List List List Classified $ in millions Low Medium High List Total Number of policies 46 16 — 219 281 Number of issues (1) 16 3 — 100 119 Remaining weighted average contract period (in years) 6.4 6.4 — 7.9 7.4 Gross insured contractual payments outstanding: (2) Principal $ 1,422 $ 123 $ — $ 3,302 $ 4,847 Interest 1,974 54 — 1,441 3,469 Total $ 3,396 $ 177 $ — $ 4,743 $ 8,316 Gross Claim Liability (3) $ — $ — $ — $ 1,088 $ 1,088 Less: Gross Potential Recoveries (4) — — — 1,947 1,947 Discount, net (5) — — — (173) (173) Net claim liability (recoverable) $ — $ — $ — $ (686) $ (686) Unearned premium revenue $ 10 $ — $ — $ 35 $ 45 Reinsurance recoverable on paid and unpaid losses (6) $ 11 (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, 2021
Text Block [Abstract]
Quantitative Information Regarding The Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On A Recurring Basis	In millions Fair Value as Valuation Techniques Unobservable Input Range (Weighted Assets of consolidated VIEs: Loans receivable at fair value $ 77 Market prices of similar liabilities adjusted for financial guarantees provided to VIE obligations Impact of financial guarantee 23%—72%(55%) (1) Liabilities of consolidated VIEs: Variable interest entity notes 291 Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities Impact of financial guarantee 33%—73%(59%) (1) (1)—Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value. In millions Fair Value as Valuation Techniques Unobservable Input Range (Weighted Assets of consolidated VIEs: Loans receivable at fair value $ 120 Market prices adjusted for financial guarantees provided to VIE obligations Impact of financial guarantee (2) -28%—109% (22%) (1) Loan repurchase commitments 604 Discounted cash flow Recovery value (3) Liabilities of consolidated VIEs: Variable interest entity notes 303 Market prices of VIE assets adjusted for financial guarantees provided Impact of financial guarantee 30%—73% (57%) (1) Other derivative liabilities 49 Discounted cash flow Cash flows $49—$49 ($49) (1)—Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value. (2)—Negative percentage represents financial guarantee policies in a receivable position. (3)—Recovery value reflects an estimate of the amount to be awarded to the Company as part of litigation seeking to enforce its contractual rights.
Company's Assets And Liabilities Measured At Fair Value On Recurring Basis	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, 2021 and 2020: Fair Value Measurements at Reporting Date Using In millions Quoted Prices in Significant Significant Balance as of Assets: Fixed-maturity investments: U.S. Treasury and government agency $ 750 $ 95 $ — $ 845 State and municipal bonds — 168 — 168 Foreign governments — 17 — 17 Corporate obligations — 1,050 — 1,050 Mortgage-backed securities: Residential mortgage-backed agency — 198 — 198 Residential mortgage-backed non-agency — 98 — 98 Commercial mortgage-backed — 13 — 13 Asset-backed securities: Collateralized debt obligations — 150 — 150 Other asset-backed — 106 — 106 Total fixed-maturity investments 750 1,895 — 2,645 Money market securities 78 — — 78 Perpetual debt and equity securities 47 23 — 70 Cash and cash equivalents 151 — — 151 Derivative assets: Non-insured — 1 — 1 Assets of consolidated VIEs: Corporate obligations — 5 — 5 Mortgage-backed securities: Residential mortgage-backed non-agency — 27 — 27 Commercial mortgage-backed — 10 — 10 Asset-backed securities: Collateralized debt obligations — 6 4 10 Other asset-backed — 8 — 8 Cash 9 — — 9 Loans receivable at fair value: Residential loans receivable — — 77 77 Other assets: Currency derivatives — — 9 9 Other — — 14 14 Total assets $ 1,035 $ 1,975 $ 104 $ 3,114 Liabilities: Medium-term notes $ — $ — $ 98 $ 98 Derivative liabilities: Insured credit derivatives — 1 — 1 Non-insured — 130 — 130 Liabilities of consolidated VIEs: Variable interest entity notes — — 291 291 Total liabilities $ — $ 131 $ 389 $ 520 Fair Value Measurements at Reporting Date In millions Quoted Prices in Significant Significant Balance as of Assets: Fixed-maturity investments: U.S. Treasury and government agency $ 750 $ 105 $ — $ 855 State and municipal bonds — 195 — 195 Foreign governments — 15 — 15 Corporate obligations — 975 — 975 Mortgage-backed securities: Residential mortgage-backed agency — 319 — 319 Residential mortgage-backed non-agency — 32 — 32 Commercial mortgage-backed — 20 — 20 Asset-backed securities: Collateralized debt obligations — 121 — 121 Other asset-backed — 141 — 141 Total fixed-maturity investments 750 1,923 — 2,673 Money market securities 1 — — 1 Perpetual debt and equity securities 37 25 — 62 Cash and cash equivalents 158 — — 158 Derivative assets: Non-insured — 1 — 1 Assets of consolidated VIEs: Corporate obligations — 6 — 6 Mortgage-backed securities: Residential mortgage-backed non-agency — 40 — 40 Commercial mortgage-backed — 16 — 16 Asset-backed securities: Collateralized debt obligations — 8 — 8 Other asset-backed — 7 — 7 Cash 9 — — 9 Loans receivable at fair value: Residential loans receivable — — 120 120 Loan repurchase commitments — — 604 604 Other assets: Currency derivatives — — 6 6 Other — — 14 14 Total assets $ 955 $ 2,026 $ 744 $ 3,725 Liabilities: Medium-term notes $ — $ — $ 110 $ 110 Derivative liabilities: Insured credit derivatives — 2 — 2 Non-insured — 164 — 164 Other non-insured — — 49 49 Liabilities of consolidated VIEs: Variable interest entity notes — 47 303 350 Total liabilities $ — $ 213 $ 462 $ 675
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 In millions Quoted Prices in Significant Significant Fair Value Carry Value Liabilities: Long-term debt $ — $ 433 $ — $ 433 $ 2,331 Medium-term notes — — 322 322 490 Investment agreements — — 355 355 274 Total liabilities $ — $ 433 $ 677 $ 1,110 $ 3,095 Financial Guarantees: Gross liability $ — $ — $ 848 $ 848 $ (80) Ceded recoverable — — 30 30 (42) Fair In millions Quoted Prices in Significant Significant Fair Value Carry Value Liabilities: Long-term debt $ — $ 631 $ — $ 631 $ 2,229 Medium-term notes — — 396 396 598 Investment agreements — — 376 376 269 Liabilities of consolidated VIEs: Variable interest entity notes — 276 — 276 273 Total liabilities $ — $ 907 $ 772 $ 1,679 $ 3,369 Financial Guarantees: Gross liability (recoverable) $ — $ — $ 811 $ 811 $ (282) Ceded recoverable (liability) — — 45 45 (17)
Changes In Level 3 Assets Measured At Fair Value On A Recurring Basis	In millions Balance, Total Unrealized (1) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Change in (1) Assets: Assets of consolidated VIEs: Commercial mortgage-backed $ — $ — $ — $ — $ — $ (4) $ — $ 4 $ — $ — $ — $ — Collateralized debt obligations — — — — — — — 4 — 4 — — Loans receivable-residential 120 32 — — — (15) (60) — — 77 21 — Loan repurchase commitments 604 (4) — — — (600) — — — — — — Currency derivatives 6 3 — — — — — — — 9 3 — Other 14 — — — — — — — — 14 — — Total assets $ 744 $ 31 $ — $ — $ — $ (619) $ (60) $ 8 $ — $ 104 $ 24 $ — In millions Balance, Total Unrealized (2) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Change in (2) Liabilities: Medium-term notes $ 110 $ (17) $ 10 $ — $ — $ (5) $ — $ — $ — $ 98 $ (17) $ 10 Other derivatives 49 — — — — (49) — — — — — — Liabilities of consolidated VIEs: VIE notes 303 46 (15) — — (38) (5) — — 291 24 5 Total liabilities $ 462 $ 29 $ (5) $ — $ — $ (92) $ (5) $ — $ — $ 389 $ 7 $ 15 (1)—Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. (2)—Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
Changes In Level 3 Liabilities Measured At Fair Value On A Recurring Basis	In millions Balance, Total Unrealized (1) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Change in (1) Assets: Other asset-backed $ 1 $ — $ — $ — $ — $ (1) $ — $ — $ — $ — $ — $ — Assets of consolidated VIEs: Loans receivable-residential 136 — — — — (16) — — — 120 (4) — Loan repurchase commitments 486 118 — — — — — — — 604 118 — Currency derivatives 8 (2) — — — — — — — 6 (2) — Other 18 (4) — — — — — — — 14 (4) — Total assets $ 649 $ 112 $ — $ — $ — $ (17) $ — $ — $ — $ 744 $ 108 $ — In millions Balance, Total Unrealized (2) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Change in (2) Liabilities: Medium-term notes $ 108 $ 15 $ (13) $ — $ — $ — $ — $ — $ — $ 110 $ 15 $ (13) Credit derivatives 7 (6) — — — (1) — — — — — — Other derivatives 34 15 — — — — — — — 49 15 — Other payable 4 — — — — (4) — — — — — — Liabilities of consolidated VIEs: VIE notes 347 11 (40) — — (15) — — — 303 5 (38) Total liabilities $ 500 $ 35 $ (53) $ — $ — $ (20) $ — $ — $ — $ 462 $ 35 $ (51) (1)—Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. (2)—Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
Gains And Losses (Realized And Unrealized) Included In Earnings Pertaining To Level 3 Assets And Liabilities	In millions Total Gains (Losses) Change in Unrealized Gains (Losses) 2021 2020 2019 2021 2020 2019 Revenues: Unrealized gains (losses) on insured derivatives $ — $ 7 $ 25 $ — $ — $ 25 Realized gains (losses) and other settlements on insured derivatives — (1) (10) — — — Net gains (losses) on financial instruments at fair value and foreign 17 (30) (26) 17 (30) (27) Net investment losses related to other-than-temporary impairments — — (1) — — — Other net realized gains (losses) — — (2) — — (2) Revenues of consolidated VIEs: Net (15) 101 53 — 103 68 Total $ 2 $ 77 $ 39 $ 17 $ 73 $ 64
Changes In Fair Value Included In The Company's Consolidated Statements Of Operations	Years Ended December 31, In millions 2021 2020 2019 Investments carried at fair value (1) $ 3 $ 2 $ 15 Fixed-maturity securities held at fair value-VIE (2) 4 4 95 Loans receivable and other instruments at fair value: Residential mortgage loans (2) 32 — 35 Loan repurchase commitments (2) (4) 118 68 Other assets-VIE (2) — (4) 4 Medium-term notes (1) 17 (15) 1 Other liabilities (3) — — (2) Variable interest entity notes (2) (50) (12) (89) (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, 2021 As of December 31, 2020 In millions Contractual Fair Difference Contractual Fair Difference Loans receivable at fair value: Residential mortgage loans—current $ 40 $ 40 $ — $ 89 $ 89 $ — Residential mortgage loans (90 days or more past due) 141 37 104 147 31 116 Total loans receivable and other instruments at fair value $ 181 $ 77 $ 104 $ 236 $ 120 $ 116 Variable interest entity notes $ 922 $ 291 $ 631 $ 1,117 $ 350 $ 767 Medium-term notes $ 108 $ 98 $ 10 $ 122 $ 110 $ 12

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios	The following tables present the amortized cost, allowance for credit losses, corresponding gross unrealized gains and losses and fair value for AFS investments in the Company’s consolidated investment portfolio as of December 31, 2021 and December 31, 2020: December 31, 2021 In millions Amortized Allowance Gross Gross Fair AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 782 $ — $ 54 $ (2) $ 834 State and municipal bonds 140 — 27 — 167 Foreign governments 13 — 1 — 14 Corporate obligations 905 — 53 (5) 953 Mortgage-backed securities: Residential mortgage-backed agency 190 — 3 (1) 192 Residential mortgage-backed non-agency 80 — 12 — 92 Commercial mortgage-backed 10 — — — 10 Asset-backed securities: Collateralized debt obligations 101 — — — 101 Other asset-backed 95 — — (1) 94 Total AFS investments $ 2,316 $ — $ 150 $ (9) $ 2,457 December 31, 2020 In millions Amortized Allowance Gross Gross Fair AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 775 $ — $ 75 $ (1) $ 849 State and municipal bonds 162 — 32 — 194 Foreign governments 11 — 1 — 12 Corporate obligations 827 — 64 (1) 890 Mortgage-backed securities: Residential mortgage-backed agency 305 — 8 (1) 312 Residential mortgage-backed non-agency 22 — 3 — 25 Commercial mortgage-backed 17 — 1 — 18 Asset-backed securities: Collateralized debt obligations 120 — — (2) 118 Other asset-backed 121 — — — 121 Total AFS investments $ 2,360 $ — $ 184 $ (5) $ 2,539
Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments	AFS Securities In millions Net Fair Due in one year or less $ 412 $ 413 Due after one year through five years 328 339 Due after five years through ten years 364 380 Due after ten years 736 836 Mortgage-backed and asset-backed 476 489 Total fixed-maturity investments $ 2,316 $ 2,457
Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments	December 31, 2021 Less than 12 Months 12 Months or Longer Total In millions Fair Unrealized Fair Unrealized Fair Unrealized AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 161 $ (1) $ 16 $ (1) $ 177 $ (2) State and municipal bonds 11 — — — 11 — Foreign governments 3 — — — 3 — Corporate obligations 270 (5) 8 — 278 (5) Mortgage-backed securities: Residential mortgage-backed agency 94 (1) 1 — 95 (1) Residential mortgage-backed non-agency 3 — 1 — 4 — Commercial mortgage-backed 2 — — — 2 — Asset-backed securities: Collateralized debt obligations 60 — 29 — 89 — Other asset-backed 72 (1) — — 72 (1) Total AFS investments $ 676 $ (8) $ 55 $ (1) $ 731 $ (9) December 31, 2020 Less than 12 Months 12 Months or Longer Total In millions Fair Unrealized Fair Unrealized Fair Unrealized AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 99 $ (1) $ — $ — $ 99 $ (1) Foreign governments 2 — — — 2 — Corporate obligations 103 (1) 7 — 110 (1) Mortgage-backed securities: Residential mortgage-backed agency 53 (1) — — 53 (1) Residential mortgage-backed non-agency 2 — 1 — 3 — Commercial mortgage-backed — — 5 — 5 — Asset-backed securities: Collateralized debt obligations 37 — 78 (2) 115 (2) Other asset-backed 29 — — — 29 — Total AFS investments $ 325 $ (3) $ 91 $ (2) $ 416 $ (5)
Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5%	AFS Securities Percentage of Fair Value Below Book Value Number of Book Value Fair Value > 5% to 15% 5 $ 6 $ 5 > 50% 2 — — Total 7 $ 6 $ 5
Securities Held In Unrealized Loss Position And Insured By Financial Guarantor and The Related Insurance Loss Reserve On Company Insured Investments	In millions Fair Unrealized Insurance Loss (1) Mortgage-backed $ 1 $ — $ — (1)—Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured and are discounted using a discount rate equal to the risk-free rate applicable to the currency and weighted average remaining life of the insurance contract and may differ from the fair value.
Summary of Allowance for Credit Losses on HTM Investments	Year Ended December 31, 2020 In millions Balance (1) Current Initial Write-Offs Recoveries Balance HTM Investments Assets of consolidated VIEs: Corporate obligations $ 37 $ (37) $ — $ — $ — $ — Total Allowance on HTM investments $ 37 $ (37) $ — $ — $ — $ — (1)—Represents transition adjustment upon adoption of ASU 2016-13.
Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss)	In millions Year Ended Credit Losses Recognized in Earnings Related to OTTI December 31, 2019 Beginning balance $ 37 Additions for credit loss impairments recognized in the current period on securities previously impaired 67 Reductions for credit loss impairments previously recognized on securities impaired to fair value during the period (104) Ending balance $ —
Gross Realized Gains and Losses From Sales Of Available-For-Sale Securities	Years Ended December 31, In millions 2021 2020 2019 Proceeds from sales $ 597 $ 1,095 $ 2,195 Gross realized gains $ 12 $ 59 $ 103 Gross realized losses $ (9) $ (15) $ (4)
Portion Of Unrealized Gains Losses Recognized On Equity Investments	Years Ended In millions 2021 2020 2019 Net gains and (losses) recognized during the period on $ 6 $ 3 $ 11 Less: Net gains and (losses) recognized during the period on 1 (1) 1 Unrealized gains and (losses) recognized during the $ 5 $ 4 $ 10

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Credit Derivatives Sold	$ in millions As of December 31, 2021 Credit Derivatives Sold Weighted AAA AA A BBB Below Total Fair Value Insured swaps 14.1 Years $ — $ 61 $ 1,136 $ 292 $ — $ 1,489 $ (1) Total fair value $ — $ — $ (1) $ — $ — $ (1) $ in millions As of December 31, 2020 Credit Derivatives Sold Weighted AAA AA A BBB Below Total Fair Value Insured swaps 13.9 Years $ — $ 58 $ 1,327 $ 358 $ — $ 1,743 $ (2) Total fair value $ — $ — $ (1) $ (1) $ — $ (2)
Total Fair Value Of Company's Derivative Assets And Liabilities By Instrument And Balance Sheet Location, Before Counterparty Netting	The following tables present 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, 2021 and 2020: In millions Derivative Assets (1) Derivative Liabilities (1) Derivative Instruments Notional Balance Sheet Location Fair Balance Sheet Location Fair Not designated as hedging instruments: Insured swaps $ 1,489 Other assets $ — Derivative liabilities $ (1) Interest rate swaps 399 Other assets 1 Derivative liabilities (130) Interest rate swaps-embedded 206 Medium-term notes — Medium-term notes (9) Currency swaps-VIE 50 Other assets-VIE 9 Derivative liabilities-VIE — Total non-designated $ 2,144 $ 10 $ (140) (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) Derivative Instruments Notional Balance Sheet Location Fair Balance Sheet Location Fair Not designated as hedging instruments: Insured swaps $ 1,743 Other assets $ — Derivative liabilities $ (2) Interest rate swaps 437 Other assets 1 Derivative liabilities (164) Interest rate swaps-embedded 252 Medium-term notes — Medium-term notes (10) Currency swaps-VIE 53 Other assets-VIE 6 Derivative — All other 49 Other assets — Derivative liabilities (49) Total non-designated $ 2,534 $ 7 $ (225) (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	The following table presents the effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019: In millions Years Ended December 31, Derivatives Not Designated as Location of Gain (Loss) Recognized in Income on Derivative 2021 2020 2019 Insured credit default swaps Unrealized gains (losses) on insured derivatives $ — $ 7 $ 25 Insured credit default swaps Realized gains (losses) and other settlements on insured derivatives — (1) (10) Interest rate swaps Net gains (losses) on financial instruments at fair value and foreign exchange 18 (42) (66) Currency swaps-VIE Net gains (losses) on financial instruments at fair value and foreign exchange-VIE 3 (2) (8) All other Net gains (losses) on financial instruments at fair value and foreign exchange — (15) (26) Total $ 21 $ (53) $ (85)

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
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 2021 2020 7.000 2025 $ 46 $ 46 7.150 2027 99 100 6.625 2028 136 141 5.700 2034 (1) 21 21 Surplus Notes due 2033 (2) 940 940 Accrued interest 1,098 991 Debt issuance costs (9) (10) Total $ 2,331 $ 2,229 (1)—Callable anytime at the greater of par or the present value of the remaining scheduled payments of principal and interest. (2)—Contractual interest rate is based on three month LIBOR plus 11.26%.
Aggregate maturity of debt obligations	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 2022 2023 2024 2025 2026 Thereafter Total Corporate debt $ — $ — $ — $ 46 $ — $ 256 $ 302 Surplus Notes due 2033 — — — — — 940 940 Total debt obligations due $ — $ — $ — $ 46 $ — $ 1,196 $ 1,242
Principal payments due under investment agreement obligations	In millions Principal Amount Maturity date: 2022 $ 3 2023 19 2024 23 2025 35 2026 96 Thereafter (through 2037) 128 Total expected principal payments (1) $ 304 Less discount and other adjustments (2) 30 Total $ 274 (1 )— (2 )— of carrying amount adjustment of $3 million and accrued interest adjustment of $5 million.
Principal payments due under medium-term note obligations based on contractual maturity	In millions Principal Amount Maturity date: 2022 $ 52 2023 12 2024 54 2025 57 2026 — Thereafter (through 2035) 606 Total expected principal payments (1) $ 781 Less discount and other adjustments (2) 191 Total $ 590 (1 )— (2 )— is net of carrying amount and market value adjustments of $29 million and accrued interest adjustment of $3 million.
Maturity of VIE notes, by segment	The following table provides the expected principal payments due under MBIA-insured consolidated VIE notes as of December 31, 2021, which are net of principal payments where the Company’s insured exposure has been fully offset by way of loss remediation transactions. For RMBS consolidated VIEs, principal amounts are based on the expected maturity dates and for all other consolidated VIEs, principal amounts are based on the contractual maturity dates. In millions Insured Principal Maturity date: 2022 $ 26 2023 21 2024 20 2025 18 2026 10 Thereafter (through 2038) 255 Total $ 350

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income (loss) from operations before provision (benefit) for income taxes	Years Ended December 31, In millions 2021 2020 2019 Domestic $ (445) $ (578) $ (357) Foreign — — — Income (loss) before income taxes $ (445) $ (578) $ (357)
Income tax expense (benefit) on income (loss) and shareholder' equity	Years Ended December 31, In millions 2021 2020 2019 Current taxes: Federal $ — $ — $ — State — — 2 Deferred taxes: Federal — — — Foreign — — — Provision (benefit) for income taxes — — 2 Income taxes charged (credited) to shareholders’ equity related to: Change in unrealized gains (losses) on AFS securities — — — Change in AFS securities with OTTI — — — Change in foreign currency translation — — — Total income taxes charged (credited) to shareholders’ equity — — — Total effect of income taxes $ — $ — $ 2
Income tax rate reconciliation from statutory to effective tax rate	Years Ended December 31, 2021 2020 2019 Federal income tax computed at the statutory rate 21.0% 21.0% 21.0% Increase (reduction) in taxes resulting from: Change in valuation allowance (20.6)% (20.3)% (20.7)% State income tax, net of federal benefit 0.0% 0.0% (0.4)% Other (0.4)% (0.7)% (0.5)% Effective tax rate 0.0% 0.0% (0.6)%
Deferred tax assets and liabilities	As of In millions December 31, December 31, Deferred tax liabilities: Unearned premium revenue $ 40 $ 48 Deferred acquisition costs 5 10 Net unrealized gains and losses in accumulated other comprehensive income 21 25 Net deferred taxes on VIEs 34 53 Other — 6 Total gross deferred tax liabilities 100 142 Deferred tax assets: Compensation and employee benefits 8 9 Accrued interest 233 210 Partnership basis difference — 10 Loss and loss adjustment expense reserves 45 98 Net operating loss 777 656 Foreign tax credits 58 61 Other-than-temporary impairments and capital loss carryforward 9 — Net unrealized gains and losses on insured derivatives — 10 Net gains and losses on financial instruments at fair value and foreign exchange 28 54 Other 4 — Total gross deferred tax assets 1,162 1,108 Valuation allowance 1,062 966 Net deferred tax asset $ — $ —

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Summary of company's segment results	The following tables provide the Company’s segment results for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 In millions U.S. Corporate International Eliminations Consolidated Revenues (1) $ 85 $ 20 $ 43 $ — $ 148 Net gains (losses) on financial instruments at fair value and foreign exchange (2) 56 (14) — 40 Net gains (losses) on extinguishment of debt — 30 — — 30 Other net realized gains (losses) — (7) 1 — (6) Revenues of consolidated VIEs — — (23) — (23) Inter-segment revenues (2) 27 67 12 (106) — Total revenues 110 166 19 (106) 189 Losses and loss adjustment 227 — 123 — 350 Amortization of deferred acquisition costs and operating 17 71 9 — 97 Interest — 56 107 — 163 Expenses of consolidated VIEs — — 24 — 24 Inter-segment expenses (2) 45 22 38 (105) — Total expenses 289 149 301 (105) 634 Income (loss) before income taxes $ (179) $ 17 $ (282) $ (1) $ (445) Identifiable assets $ 3,313 $ 873 $ 2,800 $ (2,290) (3) $ 4,696 (1)—Consists of net premiums earned, net investment income, net realized investment gains (losses), insurance-related fees and reimbursements and other fees. (2)—Primarily represents intercompany service charges and intercompany net investment income and expense. (3)—Consists principally of intercompany reinsurance balances. Year Ended December 31, 2020 In millions U.S. Corporate International Eliminations Consolidated Revenues (1) $ 139 $ 31 $ 29 $ — $ 199 Net change in fair value of insured derivatives — — 6 — 6 Net gains (losses) on financial instruments at fair value and foreign exchange 2 (74) (14) — (86) Other net realized gains (losses) (1) — 1 — — Revenues of consolidated VIEs — — 163 — 163 Inter-segment revenues (2) 28 66 12 (106) — Total revenues 168 23 197 (106) 282 Losses and loss adjustment 163 — 367 — 530 Amortization of deferred acquisition costs and operating 14 69 14 — 97 Interest — 65 113 — 178 Expenses of consolidated VIEs — — 55 — 55 Inter-segment expenses (2) 45 22 39 (106) — Total expenses 222 156 588 (106) 860 Income (loss) before income taxes $ (54) $ (133) $ (391) $ — $ (578) Identifiable assets $ 3,644 $ 954 $ 3,671 $ (2,518) (3) $ 5,751 (1)—Consists of net premiums earned, net investment income, net realized investment gains (losses), insurance-related fees and reimbursements and other fees. (2)—Primarily represents intercompany service charges and intercompany net investment income and expense. (3)—Consists primarily of intercompany reinsurance balances. Year Ended December 31, 2019 In millions U.S. Corporate International Eliminations Consolidated Revenues (1) $ 263 $ 32 $ 35 $ — $ 330 Net change in fair value of insured derivatives — — 15 — 15 Net gains (losses) on financial instruments at fair value and foreign exchange 15 (59) (34) — (78) Net investment losses related to other-than-temporary impairments (67) — — — (67) Net gains (losses) on extinguishment of debt — (1) — — (1) Other net realized gains (losses) 2 (2) 4 — 4 Revenues of consolidated VIEs 21 1 55 — 77 Inter-segment revenues (2) 28 62 21 (111) — Total revenues 262 33 96 (111) 280 Losses and loss adjustment 53 — 189 — 242 Amortization of deferred acquisition costs and operating 13 69 21 — 103 Interest — 73 128 — 201 Expenses of consolidated VIEs — — 91 — 91 Inter-segment expenses (2) 52 23 36 (111) — Total expenses 118 165 465 (111) 637 Income (loss) before income taxes $ 144 $ (132) $ (369) $ — $ (357) (1)—Consists of net premiums earned, net investment income, net realized investment gains (losses), insurance-related fees and reimbursements and other fees. (2)—Primarily represents intercompany service charges and intercompany net investment income and expense.
Summary Of premiums earned on financial guarantees and insured derivatives by geographic location of risk	Years Ended December 31, In millions 2021 2020 2019 Total premiums earned: United States $ 45 $ 55 $ 63 Other Americas 29 16 17 Other 1 2 5 Total $ 75 $ 73 $ 85

Insurance In Force (Tables)

Insurance In Force (Tables)	12 Months Ended
	Dec. 31, 2021
Insurance [Abstract]
Insurance in force by geographic location	As of December 31, $ in billions 2021 2020 Geographic Location Insurance % of Insurance % of California $ 16.8 21.4% $ 20.0 21.9% Illinois 8.2 10.4% 8.9 9.7% New Jersey 4.5 5.8% 5.4 5.9% Hawaii 3.9 5.0% 4.1 4.4% Texas 3.1 4.0% 3.7 4.0% Virginia 3.0 3.9% 3.2 3.6% Puerto Rico 2.7 3.4% 2.9 3.2% New York 2.4 3.0% 3.0 3.3% Oregon 2.3 2.9% 2.7 2.9% Colorado 2.0 2.5% 2.1 2.3% Subtotal 48.9 62.3% 56.0 61.2% Nationally Diversified 7.5 9.6% 8.7 9.5% Other states 17.3 22.0% 19.8 21.7% Total United States 73.7 93.9% 84.5 92.4% Internationally Diversified 0.3 0.3% 0.3 0.3% Country specific 4.5 5.8% 6.6 7.3% Total non-United 4.8 6.1% 6.9 7.6% Total $ 78.5 100.0% $ 91.4 100.0%
Insurance in force by bond type	As of December 31, $ in billions 2021 2020 Bond type Insurance Gross Par Insurance Gross Par Global public finance—United States: General obligation (1) $ 22.1 $ 10.7 $ 25.0 $ 12.1 Military housing 14.3 6.9 14.8 7.0 Tax-backed 14.2 6.8 15.7 7.9 Municipal utilities 8.7 6.0 10.6 7.3 Transportation 7.7 2.6 9.2 3.0 General obligation—lease 1.7 1.2 2.4 1.9 Higher education 1.3 1.0 1.5 1.1 Health care 1.0 0.7 1.2 0.8 Investor-owned utilities (2) 0.6 0.5 0.9 0.6 Other (3) 0.1 0.1 0.1 0.1 Municipal housing — — 0.1 0.1 Total United States 71.7 36.5 81.5 41.9 Global public finance—non-United States: Sovereign-related and sub-sovereign (4) 2.0 1.6 2.8 2.1 Transportation 1.2 1.0 2.1 1.8 International utilities 0.5 0.5 0.9 0.8 Other (5) 0.1 0.1 0.1 0.1 Total non-United 3.8 3.2 5.9 4.8 Total global public finance 75.5 39.7 87.4 46.7 Global structured finance: Mortgage-backed residential 1.5 1.0 2.0 1.5 Corporate asset-backed (6) 0.6 0.4 0.8 0.6 Mortgage-backed commercial 0.4 0.2 0.5 0.2 Collateralized debt obligations 0.3 0.2 0.4 0.3 Consumer asset-backed 0.2 0.2 0.3 0.3 Total global structured finance 3.0 2.0 4.0 2.9 Total $ 78.5 $ 41.7 $ 91.4 $ 49.6 (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 stadium related financings and certain non-profit enterprises. (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)—As of December 31, 2020, all remaining insurance in force and gross par relating to structured insurance securitizations was terminated.
Reinsurance agreements for insurance operations	In millions Reinsurers Standard & Moody’s Rating Ceded Par Letters of Reinsurance (1) Assured Guaranty Re Ltd. AA WR (2) $ 503 $ 15 $ (2) (Stable Outlook) Assured Guaranty Corp. AA A3 463 — (45) (Stable Outlook) (Stable Outlook) Others A+ or above WR (2) 51 — (1) Total $ 1,017 $ 15 $ (48) (1)—Total reinsurance recoverable/(payable) is primarily related to recoverables on unpaid losses net of (payables) on salvage received. (2)—Represents a withdrawal of ratings.

Benefit Plans (Tables)

Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Long-Term Incentive Plans [Abstract]
Restricted Shares Outstanding	Restricted Share Activity 2021 2020 2019 Number of Weighted Number of Weighted Number of Weighted Outstanding at beginning of year 5,454,807 $ 9.5344 5,146,828 $ 10.0958 5,044,616 $ 9.7986 Granted 978,866 6.8492 1,003,720 6.8150 711,176 11.4185 Vested (526,037) 8.4418 (448,455) 8.9834 (416,676) 9.0332 Forfeited — — (247,286) 11.1800 (192,288) 9.4917 Outstanding at end of year 5,907,636 $ 9.1868 5,454,807 $ 9.5344 5,146,828 $ 10.0958

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Schedule Of Basic And Diluted Earnings Per Share	The following table presents the computation of basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019: Years Ended December 31, In millions except per share amounts 2021 2020 2019 Basic earnings per share: Net income (loss) available to common shareholders $ (445) $ (578) $ (359) Basic weighted average shares (1) 49.5 59.1 81.0 Net income (loss) per basic common share $ (8.99) $ (9.78) $ (4.43) Diluted earnings per share: Net income (loss) available to common shareholders (445) (578) (359) Diluted weighted average shares 49.5 59.1 81.0 Net income (loss) per diluted common share $ (8.99) $ (9.78) $ (4.43) Potentially dilutive securities excluded from the diluted EPS because of antidilutive affect 5.1 4.6 4.3 (1) Includes 0.9 million, 0.9 million and 1.0 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, 2021, 2020 and 2019, respectively.

Common and Preferred Stock (Tab

Common and Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2021
Common And Preferred Stock [Abstract]
Schedule of Share Repurchases	In millions, except per share amounts 2021 2020 2019 Number of shares purchased or repurchased — 26.4 11.1 Average price paid per share $ — $ 7.50 $ 9.12 Remaining authorization as of December 31 $ — $ — $ 101

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Changes In The Components Of AOCI	The following table presents the changes in the components of AOCI for the years ended December 31, 2021, 2020 and 2019: In millions Unrealized Foreign Instrument-Specific Total Balance, January 1, 2019 $ (39) $ (7) $ (110) $ (156) Other comprehensive income (loss) before reclassifications 139 — (25) 114 Amounts reclassified from AOCI 12 — 28 40 Net period other comprehensive income (loss) 151 — 3 154 Balance, December 31, 2019 $ 112 $ (7) $ (107) $ (2) Other comprehensive income (loss) before reclassifications 83 (3) 50 130 Amounts reclassified from AOCI (19) — 6 (13) Net period other comprehensive income (loss) 64 (3) 56 117 Balance, December 31, 2020 $ 176 $ (10) $ (51) $ 115 Other comprehensive income (loss) before reclassifications (26) 4 (17) (39) Amounts reclassified from AOCI (12) — 36 24 Net period other comprehensive income (loss) (38) 4 19 (15) Balance, December 31, 2021 $ 138 $ (6) $ (32) $ 100
Reclassifications From AOCI	The following table presents the details of the reclassifications from AOCI for the years ended December 31, 2021, 2020 and 2019: In millions Amounts Reclassified from AOCI Details about AOCI Components 2021 2020 2019 Affected Line Item on the Consolidated Statements of Operations Unrealized gains (losses) on AFS securities: Realized gain (loss) on sale of securities $ 12 $ 19 $ 14 Net realized investment gains (losses) Credit losses — — (25) Net investment losses related to OTTI Amortization on securities — — (1) Net investment income 12 19 (12) Income (loss) before income taxes 12 19 (12) Net income (loss) Instrument-specific credit risk of Settlement of liabilities (36) (6) (28) Net gains (losses) on financial instruments at fair value and foreign exchange Total reclassifications for the period $ (24) $ 13 $ (40) Net income (loss)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Operating Leases Of Lessee Disclosure	$ in millions As of Balance Sheet Location Right-of-use $ 18 Other Lease liability $ 18 Other Weighted average remaining lease term (years) 7.5 Discount rate used for operating leases 7.5% Total future minimum lease payments $ 26

Business Developments And Ris_2

Business Developments And Risks And Uncertainties (Narrative) (Detail) $ in Millions	Jan. 31, 2022USD ($)	Jan. 01, 2022USD ($)	Oct. 18, 2021	Oct. 31, 2021USD ($)	Feb. 28, 2021USD ($)	Jan. 31, 2021USD ($)	Dec. 31, 2021USD ($)segments
Business Acquisition [Line Items]
Number of operating segments | segments							3
Federal legislation passed to combat the economic impact							$ 2,700,000
Percentage of voters voted by the deadline							27.00%
New Relief Plan Proposed To Stabilize The Finanacial System							$ 1,900,000
Aid Allocated To State And Local Governments							350,000
Puerto Rico Electric Power Authority [Member]
Business Acquisition [Line Items]
Bankruptcy claims sold				$ 199
Puerto Rico GO exposure [Member]
Business Acquisition [Line Items]
Percentage of voters voted by the deadline			27.00%
Credit Suisse [Member]
Business Acquisition [Line Items]
Damages Paid Value					$ 600
Damages Sought Value						$ 604
Subsequent Event [Member] | Puerto Rico Electric Power Authority [Member]
Business Acquisition [Line Items]
Bankruptcy claims sold	$ 231
Percentage rate of claim which reduces potential volatility and ongoing risk	35.00%
Gfl Medium Term Notes [Member]
Business Acquisition [Line Items]
Debt instrument, Repurchase amount							$ 111
Percentage of Weighted Average Cost of Notes Repurchased							73.00%
Puerto Rico [Member]
Business Acquisition [Line Items]
Claims payments							$ 277
Outstanding bonds							$ 2,600
Puerto Rico [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Claims payments		$ 47

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Carrying amounts of assets	$ 4,696	$ 5,751
Carrying amounts of liabilities	4,996	5,602
Variable Interest Entity Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Carrying amounts of assets	169	830
Carrying amounts of liabilities	$ 291	$ 623
Variable Interest Entity Primary Beneficiary [Member] | U S Public Finance Insurance [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities deconsolidated		7
Variable Interest Entity Primary Beneficiary [Member] | Structured Finance And International Insurance [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities deconsolidated	3	2
Variable Interest Entity Primary Beneficiary [Member] | Structured Finance And International Insurance [Member] | Recorded Due To Credit Losses In AOCI [Member]
Variable Interest Entity [Line Items]
Net realized gains (losses) related to the initial consolidation	$ (14)

Variable Interest Entities (Sum

Variable Interest Entities (Summary Of Nonconsolidated VIEs Assets And Liabilities) (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 2,824	$ 4,297
Carrying Value of VIE Assets	4,696	5,751
Carrying Value of VIE Liabilities	4,996	5,602
Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	87	21
Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	24	29
Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	241	455
Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	21	27
Loss And Loss Adjustment Expense Reserves Member [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	447	499
Global Structured Finance [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	1,990	2,863
Global Structured Finance [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	87	21
Global Structured Finance [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	18	22
Global Structured Finance [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	241	455
Global Structured Finance [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	16	20
Global Structured Finance [Member] | Loss And Loss Adjustment Expense Reserves Member [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	447	497
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	1,261	1,835
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	87	21
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	14	16
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	40	90
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	11	14
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	430	482
Global Structured Finance [Member] | Consumer Asset Backed [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	226	293
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	0	0
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	1	1
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	1	1
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	1	1
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	6	15
Global Structured Finance [Member] | Corporate Asset Backed [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	503	735
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	0	0
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	3	5
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	200	364
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	4	5
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	11	0
Global Public Finance [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	834	1,434
Global Public Finance [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	0	0
Global Public Finance [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	6	7
Global Public Finance [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	0	0
Global Public Finance [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	5	7
Global Public Finance [Member] | Loss And Loss Adjustment Expense Reserves Member [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	$ 0	$ 2

Insurance Premiums (Narrative)

Insurance Premiums (Narrative) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Insurance Premiums [Line Items]
Premiums receivable		$ 178	$ 216	$ 249
Weighted average risk-free rate		2.80%	2.70%
Weighted average expected collection term of the premiums receivable, years		9 years 1 month 2 days	8 years 9 months
Reinsurance premiums payable	[1]	$ 48
Premiums [Member]
Insurance Premiums [Line Items]
Premiums receivable		5	$ 5
Reinsurance premiums payable		$ 5	$ 15
[1]	Total reinsurance recoverable/(payable) is primarily related to recoverables on unpaid losses net of (payables) on salvage received.

Insurance Premiums (Roll Forwar

Insurance Premiums (Roll Forward Of Premiums Receivable) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020
Insurance Premiums [Abstract]
Premiums Receivable, Beginning balance		$ 216		$ 249
Premium Payments Received		(44)		(30)
Premiums from New Business Written		0		0
Adjustments, Changes in Expected Term of Policies		7		(1)
Adjustments, Accretion of Premiums Receivable Discount	[1]	5		6
Adjustments, Other		(6)	[2]	(8)	[3]
Premiums Receivable, Ending balance		$ 178		$ 216
[1]	Recorded within premiums earned on MBIA’s consolidated statement of operations.
[2]	The change primarily relates to a foreign exchange loss due to the termination of an international public finance credit.
[3]	The change primarily relates to a reduction in installment premiums due to refunding activity and the recording of an allowance for credit losses under Financial Instruments-Credit Losses, partially offset by changes in foreign exchange currency rates.

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, 2021USD ($)
Insurance Premiums [Abstract]
Three months ending, March 31, 2022, Expected Collection of Premiums	$ 3
Three months ending, June 30, 2022, Expected Collection of Premiums	6
Three months ending, September 30, 2022, Expected Collection of Premiums	4
Three months ending, December 31, 2022, Expected Collection of Premiums	7
Twelve months ending, December 31, 2023, Expected Collection of Premiums	18
Twelve months ending, December 31, 2024, Expected Collection of Premiums	17
Twelve months ending, December 31, 2025, Expected Collection of Premiums	16
Twelve months ending, December 31, 2026, Expected Collection of Premiums	14
Five years ending, December 31, 2031, Expected Collection of Premiums	57
Five years ending, December 31, 2036, Expected Collection of Premiums	42
Five years ending, December 31, 2041 and thereafter, Expected Collection of Premiums	47
Total, Expected Collection of Premiums	$ 231

Insurance Premiums (Unearned Pr

Insurance Premiums (Unearned Premium Revenue Balance And Future Expected Earnings) (Detail) $ in Millions	Dec. 31, 2021USD ($)
Insurance Premiums [Line Items]
Three months ending, March 31, 2022, Total Expected Future Premium Earnings	$ 11
Three months ending, June 30, 2022, Total Expected Future Premium Earnings	11
Three months ending, September 30, 2022, Total Expected Future Premium Earnings	11
Three months ending, December 31, 2022, Total Expected Future Premium Earnings	10
Twelve months ending, December 31, 2023, Total Expected Future Premium Earnings	38
Twelve months ending, December 31, 2024, Total Expected Future Premium Earnings	35
Twelve months ending, December 31, 2025, Total Expected Future Premium Earnings	31
Twelve months ending, December 31, 2026, Total Expected Future Premium Earnings	27
Five years ending, December 31, 2031, Total Expected Future Premium Earnings	95
Five years ending, December 31, 2036, Total Expected Future Premium Earnings	54
Five years ending, December 31, 2041 and thereafter, Total Expected Future Premium Earnings	48
Total Expected Future Premium Earnings	371
Unearned Premium Revenue [Member]
Insurance Premiums [Line Items]
Unearned Premiums	322
Unearned Premium Revenue [Member] | March Thirty One Two Thousand Twenty Two [Member]
Insurance Premiums [Line Items]
Unearned Premiums	312
Unearned Premium Revenue [Member] | June Thirty Two Thousand Twenty Two [Member]
Insurance Premiums [Line Items]
Unearned Premiums	302
Unearned Premium Revenue [Member] | September Thirty Two Thousand Twenty Two [Member]
Insurance Premiums [Line Items]
Unearned Premiums	293
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Twenty Two [Member]
Insurance Premiums [Line Items]
Unearned Premiums	284
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Twenty Three [Member]
Insurance Premiums [Line Items]
Unearned Premiums	250
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Twenty Four [Member]
Insurance Premiums [Line Items]
Unearned Premiums	219
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Twenty Five [Member]
Insurance Premiums [Line Items]
Unearned Premiums	192
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Twenty Six [Member]
Insurance Premiums [Line Items]
Unearned Premiums	168
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Thirty One [Member]
Insurance Premiums [Line Items]
Unearned Premiums	87
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Thirty Six [Member]
Insurance Premiums [Line Items]
Unearned Premiums	41
Unearned Premium Revenue [Member] | December Thirty One Two Thousand Fourty One And Thereafter [Member]
Insurance Premiums [Line Items]
Unearned Premiums	0
Upfront [Member]
Insurance Premiums [Line Items]
Three months ending, March 31, 2022, Total Expected Future Premium Earnings	5
Three months ending, June 30, 2022, Total Expected Future Premium Earnings	5
Three months ending, September 30, 2022, Total Expected Future Premium Earnings	5
Three months ending, December 31, 2022, Total Expected Future Premium Earnings	5
Twelve months ending, December 31, 2023, Total Expected Future Premium Earnings	18
Twelve months ending, December 31, 2024, Total Expected Future Premium Earnings	16
Twelve months ending, December 31, 2025, Total Expected Future Premium Earnings	14
Twelve months ending, December 31, 2026, Total Expected Future Premium Earnings	13
Five years ending, December 31, 2031, Total Expected Future Premium Earnings	41
Five years ending, December 31, 2036, Total Expected Future Premium Earnings	18
Five years ending, December 31, 2041 and thereafter, Total Expected Future Premium Earnings	12
Total Expected Future Premium Earnings	152
Installments [Member]
Insurance Premiums [Line Items]
Three months ending, March 31, 2022, Total Expected Future Premium Earnings	5
Three months ending, June 30, 2022, Total Expected Future Premium Earnings	5
Three months ending, September 30, 2022, Total Expected Future Premium Earnings	4
Three months ending, December 31, 2022, Total Expected Future Premium Earnings	4
Twelve months ending, December 31, 2023, Total Expected Future Premium Earnings	16
Twelve months ending, December 31, 2024, Total Expected Future Premium Earnings	15
Twelve months ending, December 31, 2025, Total Expected Future Premium Earnings	13
Twelve months ending, December 31, 2026, Total Expected Future Premium Earnings	11
Five years ending, December 31, 2031, Total Expected Future Premium Earnings	40
Five years ending, December 31, 2036, Total Expected Future Premium Earnings	28
Five years ending, December 31, 2041 and thereafter, Total Expected Future Premium Earnings	29
Total Expected Future Premium Earnings	170
Accretion [Member]
Insurance Premiums [Line Items]
Three months ending, March 31, 2022, Total Expected Future Premium Earnings	1
Three months ending, June 30, 2022, Total Expected Future Premium Earnings	1
Three months ending, September 30, 2022, Total Expected Future Premium Earnings	2
Three months ending, December 31, 2022, Total Expected Future Premium Earnings	1
Twelve months ending, December 31, 2023, Total Expected Future Premium Earnings	4
Twelve months ending, December 31, 2024, Total Expected Future Premium Earnings	4
Twelve months ending, December 31, 2025, Total Expected Future Premium Earnings	4
Twelve months ending, December 31, 2026, Total Expected Future Premium Earnings	3
Five years ending, December 31, 2031, Total Expected Future Premium Earnings	14
Five years ending, December 31, 2036, Total Expected Future Premium Earnings	8
Five years ending, December 31, 2041 and thereafter, Total Expected Future Premium Earnings	7
Total Expected Future Premium Earnings	$ 49

Loss And Loss Adjustment Expe_3

Loss And Loss Adjustment Expense Reserves (Loss And LAE Activity) (Narrative) (Detail) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Feb. 28, 2021	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss And Loss Adjustment Expense Reserves [Line Items]
Weighted average risk-free rate used to discount claim liability			1.53%
Percentage of voters voted by the deadline			27.00%
Credit Suisse [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Damages Sought Value		$ 604
Damages Paid Value	$ 600
Lae [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Losses and loss adjustment			$ 47	$ 51	$ 29
Loss and loss adjustment expense reserves			$ 38	$ 30
Changes in Loss and LAE Reserves			one-year

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, 2021		Dec. 31, 2020		Dec. 31, 2019
Loss And Lae Reserves [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Loss and loss adjustment expense reserves	[2]	$ 894	[1]	$ 990	[1]	$ 901
Insurance Loss Recoverable [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		1,296		1,677		$ 1,694
Variable Interest Entity Primary Beneficiary [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Loan repurchase commitments		0		604
Non Variable Interest Entity [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		1,296		1,677
Loss and loss adjustment expense reserves		894		990
US Public Finance Insurance [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		1,054		1,220
Loss and loss adjustment expense reserves	[1]	425		469
International And Structured Finance Insurance [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable	[3]	244		1,082
Loss and loss adjustment expense reserves	[1],[3]	687		780
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				604
International And Structured Finance Insurance [Member] | Non Variable Interest Entity [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		242		457
Loss and loss adjustment expense reserves	[1]	469		521
Consolidation Elimination [Member] | International And Structured Finance Insurance [Member] | Variable Interest Entity Primary Beneficiary [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable	[3]	(2)		(625)
Loss and loss adjustment expense reserves	[1],[3]	$ (218)		$ (259)
[1]	Amounts are net of estimated recoveries of expected future claims.
[2]	Includes changes in amount and timing of estimated payments and recoveries.
[3]	Includes loan repurchase commitments of $604 million as of December 31, 2020.

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, 2021		Dec. 31, 2020		Dec. 31, 2019
Loss And Loss Adjustment Expense Reserves [Line Items]
Changes in unearned premium revenue		$ 83		$ 77		$ 105
Loss And Lae Reserves [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Gross loss and LAE reserve, beginning balance	[2]	990	[1]	901
Loss payments for cases		(302)		(441)
Accretion of claim liability discount		15		11
Changes in discount rates		(40)		(86)
Changes in assumptions		226		606
Changes in unearned premium revenue		5		8
Other				(9)
Gross loss and LAE reserve, ending balance	[2]	$ 894	[1]	$ 990	[1]	$ 901
[1]	Amounts are net of estimated recoveries of expected future claims.
[2]	Includes changes in amount and timing of estimated payments and recoveries.

Loss And Loss Adjustment Expe_6

Loss And Loss Adjustment Expense Reserves (Schedule Of Insurance Loss Recoverable) (Detail) - Insurance Loss Recoverable [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Roll forward of Insurance Loss Recoverable [Line Items]
Gross Reserve beginning balance, Insurance loss recoverable	$ 1,677	$ 1,694
Collections for Cases	(266)	(49)
Accretion of Recoveries	15	14
Changes in Discount Rates	25	115
Changes in Assumptions	(155)	(97)
Gross Reserve ending balance, Insurance loss recoverable	$ 1,296	$ 1,677

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, 2021USD ($)issuepolicy	Dec. 31, 2020USD ($)issuepolicy
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		260	281
Number of issues | issue	[1]	106	119
Remaining weighted average contract period (in years)		7 years 4 months 24 days	7 years 4 months 24 days
Principal	[2]	$ 4,091	$ 4,847
Interest	[2]	3,082	3,469
Total	[2]	7,173	8,316
Gross claim liability	[3]	1,051	1,088
Less: Gross potential recoveries	[4]	1,498	1,947
Discount, net	[5]	(32)	(173)
Net claim liability (recoverable)		(415)	(686)
Unearned premium revenue		37	45
Reinsurance recoverable on paid and unpaid losses	[6]	$ 7	$ 11
Caution List Low [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		55	46
Number of issues | issue	[1]	16	16
Remaining weighted average contract period (in years)		6 years 1 month 6 days	6 years 4 months 24 days
Principal	[2]	$ 1,366	$ 1,422
Interest	[2]	1,867	1,974
Total	[2]	3,233	3,396
Gross claim liability	[3]	0	0
Less: Gross potential recoveries	[4]	0	0
Discount, net	[5]	0	0
Net claim liability (recoverable)		0	0
Unearned premium revenue		$ 8	$ 10
Caution List Medium [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		3	16
Number of issues | issue	[1]	2	3
Remaining weighted average contract period (in years)		2 years 7 months 6 days	6 years 4 months 24 days
Principal	[2]	$ 6	$ 123
Interest	[2]	1	54
Total	[2]	7	177
Gross claim liability	[3]	0	0
Less: Gross potential recoveries	[4]	0	0
Discount, net	[5]	0	0
Net claim liability (recoverable)		0	0
Unearned premium revenue		$ 0	$ 0
Caution List High [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		0	0
Number of issues | issue	[1]	0	0
Principal	[2]	$ 0	$ 0
Interest	[2]	0	0
Total	[2]	0	0
Gross claim liability	[3]	0	0
Less: Gross potential recoveries	[4]	0	0
Discount, net	[5]	0	0
Net claim liability (recoverable)		0	0
Unearned premium revenue		$ 0	$ 0
Classified List [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		202	219
Number of issues | issue	[1]	88	100
Remaining weighted average contract period (in years)		8 years 1 month 6 days	7 years 10 months 24 days
Principal	[2]	$ 2,719	$ 3,302
Interest	[2]	1,214	1,441
Total	[2]	3,933	4,743
Gross claim liability	[3]	1,051	1,088
Less: Gross potential recoveries	[4]	1,498	1,947
Discount, net	[5]	(32)	(173)
Net claim liability (recoverable)		(415)	(686)
Unearned premium revenue		$ 29	$ 35
[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_3

Fair Value Of Financial Instruments (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	3.00%	20.00%
Percentage of level 3 liabilities at fair value in total liabilities measured at fair value	75.00%	68.00%
Cumulative changes in instrument-specific credit risk of liabilities elected under the fair value option	$ (100)	$ (115)	$ 2	$ 156
Loan Repurchase Commitments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Payments for Litigation Settlements	600
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	32	51	107	$ 110
Loss on instrument-specific credit risk recognized in earnings	$ 36	$ 6	$ 28

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, 2021	Dec. 31, 2020
Cash Flows [Member] | Discounted cash flow [Member] | Other Derivatives Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, liabilities			$ 49
Minimum [Member] | Cash Flows [Member] | Discounted cash flow [Member] | Other Derivatives Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range dollars			49
Maximum [Member] | Cash Flows [Member] | Discounted cash flow [Member] | Other Derivatives Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range dollars			49
Weighted Average [Member] | Cash Flows [Member] | Discounted cash flow [Member] | Other Derivatives Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range dollars			49
Variable Interest Entity Primary Beneficiary [Member] | Variable Interest Entity Notes [Member] | Impact Of Financial Guarantee [Member] | Market Prices Of VIE Assets Adjusted For Financial Guarantees Provided Or Market Prices Of Similar Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, liabilities		$ 291
Variable Interest Entity Primary Beneficiary [Member] | Variable Interest Entity Notes [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			303
Variable Interest Entity Primary Beneficiary [Member] | Loans Receivable and Other Instruments at Fair Value [Member] | Impact Of Financial Guarantee [Member] | Market Prices of Similar Liabilities Adjusted for Financial Guarantees Provided to VIE Obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, assets		$ 77
Variable Interest Entity Primary Beneficiary [Member] | Loans Receivable and Other Instruments at Fair Value [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	[1]		120
Variable Interest Entity Primary Beneficiary [Member] | Loan Repurchase Commitments [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	[1]		$ 604
Variable Interest Entity Primary Beneficiary [Member] | Minimum [Member] | Variable Interest Entity Notes [Member] | Impact Of Financial Guarantee [Member] | Market Prices Of VIE Assets Adjusted For Financial Guarantees Provided Or Market Prices Of Similar Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage	[2]	33.00%
Variable Interest Entity Primary Beneficiary [Member] | Minimum [Member] | Variable Interest Entity Notes [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]
Range percentage	[2]		30.00%
Variable Interest Entity Primary Beneficiary [Member] | Minimum [Member] | Loans Receivable and Other Instruments at Fair Value [Member] | Impact Of Financial Guarantee [Member] | Market Prices of Similar Liabilities Adjusted for Financial Guarantees Provided to VIE Obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage	[2]	23.00%
Variable Interest Entity Primary Beneficiary [Member] | Minimum [Member] | Loans Receivable and Other Instruments at Fair Value [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]
Range percentage	[2],[3]		(28.00%)
Variable Interest Entity Primary Beneficiary [Member] | Maximum [Member] | Variable Interest Entity Notes [Member] | Impact Of Financial Guarantee [Member] | Market Prices Of VIE Assets Adjusted For Financial Guarantees Provided Or Market Prices Of Similar Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage	[2]	73.00%
Variable Interest Entity Primary Beneficiary [Member] | Maximum [Member] | Variable Interest Entity Notes [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]
Range percentage	[2]		73.00%
Variable Interest Entity Primary Beneficiary [Member] | Maximum [Member] | Loans Receivable and Other Instruments at Fair Value [Member] | Impact Of Financial Guarantee [Member] | Market Prices of Similar Liabilities Adjusted for Financial Guarantees Provided to VIE Obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage	[2]	72.00%
Variable Interest Entity Primary Beneficiary [Member] | Maximum [Member] | Loans Receivable and Other Instruments at Fair Value [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]
Range percentage	[2],[3]		109.00%
Variable Interest Entity Primary Beneficiary [Member] | Weighted Average [Member] | Variable Interest Entity Notes [Member] | Impact Of Financial Guarantee [Member] | Market Prices Of VIE Assets Adjusted For Financial Guarantees Provided Or Market Prices Of Similar Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage	[2]	59.00%
Variable Interest Entity Primary Beneficiary [Member] | Weighted Average [Member] | Variable Interest Entity Notes [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]
Range percentage	[2]		57.00%
Variable Interest Entity Primary Beneficiary [Member] | Weighted Average [Member] | Loans Receivable and Other Instruments at Fair Value [Member] | Impact Of Financial Guarantee [Member] | Market Prices of Similar Liabilities Adjusted for Financial Guarantees Provided to VIE Obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage	[2]	55.00%
Variable Interest Entity Primary Beneficiary [Member] | Weighted Average [Member] | Loans Receivable and Other Instruments at Fair Value [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]
Range percentage	[2],[3]		22.00%
[1]	Recovery value reflects an estimate of the amount to be awarded to the Company as part of litigation seeking to enforce its contractual rights.
[2]	Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.
[3]	Negative percentage represents financial guarantee policies in a receivable position.

Fair Value Of Financial Instr_5

Fair Value Of Financial Instruments (Company's Assets And Liabilities Measured At Fair Value On Recurring Basis) (Detail) - Fair Value Measurements Recurring [Member] - USD ($) $ in Millions	Dec. 31, 2021		Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	$ 3,114		$ 3,725
Fair value financial liabilities measured on recurring basis	520		675
Money Market Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	78		1
Medium-term Notes [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	98		110
Perpetual Debt And Equity Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	70		62
Cash and Cash Equivalents [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	151		158
Fixed Maturities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	2,645		2,673
Fixed Maturities [Member] | U S Treasury And Government [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	845		855
Fixed Maturities [Member] | State and municipal bonds [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	168		195
Fixed Maturities [Member] | Foreign Government Debt [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	17		15
Fixed Maturities [Member] | Corporate Obligations [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1,050		975
Fixed Maturities [Member] | Residential Mortgage Backed Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	198		319
Fixed Maturities [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	98		32
Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	13		20
Fixed Maturities [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	150		121
Fixed Maturities [Member] | Other Asset Backed [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	106		141
Derivative Assets [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1		1
Assets Of Consolidated V I Es [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Loan Repurchase Commitments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis			604
Assets Of Consolidated V I Es [Member] | Corporate Obligations [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	5		6
Assets Of Consolidated V I Es [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	27		40
Assets Of Consolidated V I Es [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	10		16
Assets Of Consolidated V I Es [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	10		8
Assets Of Consolidated V I Es [Member] | Other Asset Backed [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	8		7
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]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	77		120
Assets Of Consolidated V I Es [Member] | Currency Derivatives [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	9		6
Assets Of Consolidated V I Es [Member] | Cash and Cash Equivalents [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	9		9
Assets Of Consolidated V I Es [Member] | Other [Member] | Variable Interest Entity, Primary Beneficiary [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]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	1		2
Derivative Liabilities [Member] | Interest rate derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	130		164
Derivative Liabilities [Member] | Other Derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis			49
Liabilities Of Consolidated Vies [Member] | Variable Interest Entity Notes [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	291		350
Fair Value Inputs Level 1 [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1,035		955
Fair value financial liabilities measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Money Market Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	78		1
Fair Value Inputs Level 1 [Member] | Medium-term Notes [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Perpetual Debt And Equity Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	47		37
Fair Value Inputs Level 1 [Member] | Cash and Cash Equivalents [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	151		158
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	750		750
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | U S Treasury And Government [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	750		750
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | State and municipal bonds [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Foreign Government Debt [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Corporate Obligations [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Other Asset Backed [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Derivative Assets [Member] | Interest rate derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	[1]	0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Loan Repurchase Commitments [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] | Corporate Obligations [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Other Asset Backed [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [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]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Currency Derivatives [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		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]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	9		9
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Other [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Derivative Liabilities [Member] | Credit Derivatives [Member] | Insured Derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Derivative Liabilities [Member] | Interest rate derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0		0
Fair Value Inputs Level 1 [Member] | Derivative Liabilities [Member] | Other Derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis			0
Fair Value Inputs Level 1 [Member] | Liabilities Of Consolidated Vies [Member] | Variable Interest Entity Notes [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0		0
Fair Value Inputs Level 2 [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1,975		2,026
Fair value financial liabilities measured on recurring basis	131		213
Fair Value Inputs Level 2 [Member] | Money Market Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 2 [Member] | Medium-term Notes [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0		0
Fair Value Inputs Level 2 [Member] | Perpetual Debt And Equity Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	23		25
Fair Value Inputs Level 2 [Member] | Cash and Cash Equivalents [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1,895		1,923
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | U S Treasury And Government [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	95		105
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | State and municipal bonds [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	168		195
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Foreign Government Debt [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	17		15
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Corporate Obligations [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1,050		975
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	198		319
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	98		32
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	13		20
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	150		121
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Other Asset Backed [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	106		141
Fair Value Inputs Level 2 [Member] | Derivative Assets [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1		1
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Loan Repurchase Commitments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis			0
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Corporate Obligations [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	5		6
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]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	27		40
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]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	10		16
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]
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]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	8		7
Fair Value Inputs Level 2 [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]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Currency Derivatives [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Cash and Cash Equivalents [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Other [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 2 [Member] | Derivative Liabilities [Member] | Credit Derivatives [Member] | Insured Derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	1		2
Fair Value Inputs Level 2 [Member] | Derivative Liabilities [Member] | Interest rate derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	130		164
Fair Value Inputs Level 2 [Member] | Derivative Liabilities [Member] | Other Derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis			0
Fair Value Inputs Level 2 [Member] | Liabilities Of Consolidated Vies [Member] | Variable Interest Entity Notes [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0		47
Fair Value Inputs Level 3 [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	104		744
Fair value financial liabilities measured on recurring basis	389		462
Fair Value Inputs Level 3 [Member] | Money Market Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Medium-term Notes [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	98		110
Fair Value Inputs Level 3 [Member] | Perpetual Debt And Equity Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Cash and Cash Equivalents [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | U S Treasury And Government [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | State and municipal bonds [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Foreign Government Debt [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Corporate Obligations [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Other Asset Backed [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Derivative Assets [Member] | Interest rate derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Loan Repurchase Commitments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis			604
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Corporate Obligations [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
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]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
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]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	4		0
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Other Asset Backed [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
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]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	77		120
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Currency Derivatives [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	9		6
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Cash and Cash Equivalents [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Other [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	14		14
Fair Value Inputs Level 3 [Member] | Derivative Liabilities [Member] | Credit Derivatives [Member] | Insured Derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Derivative Liabilities [Member] | Interest rate derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0		0
Fair Value Inputs Level 3 [Member] | Derivative Liabilities [Member] | Other Derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis			49
Fair Value Inputs Level 3 [Member] | Liabilities Of Consolidated Vies [Member] | Variable Interest Entity Notes [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	$ 291		$ 303
[1]	Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.

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, 2021	Dec. 31, 2020
Variable Interest Entity Primary Beneficiary [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Variable interest entity notes	$ 291	$ 623
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]
Long-term debt	2,331	2,229
Medium-term notes	490	598
Investment agreements	274	269
Total liabilities	3,095	3,369
Gross	(80)	(282)
Ceded recoverable (liability)	(42)	(17)
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]
Variable interest entity notes		273
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]
Long-term debt	433	631
Medium-term notes	322	396
Investment agreements	355	376
Total liabilities	1,110	1,679
Gross	848	811
Ceded recoverable (liability)	30	45
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]
Variable interest entity notes		276
Fair Value [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member] | Fair Value Inputs Level 1 [Member] | Fair Value Measurements Nonrecurring [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Long-term debt	0	0
Medium-term notes	0	0
Investment agreements	0	0
Total liabilities	0	0
Gross	0	0
Ceded recoverable (liability)	0	0
Fair Value [Member] | Value Disclosed At Fair Value Not Recorded At Fair Value [Member] | Fair Value Inputs Level 1 [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		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]
Long-term debt	433	631
Medium-term notes	0	0
Investment agreements	0	0
Total liabilities	433	907
Gross	0	0
Ceded recoverable (liability)	0	0
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		276
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]
Long-term debt	0	0
Medium-term notes	322	396
Investment agreements	355	376
Total liabilities	677	772
Gross	848	811
Ceded recoverable (liability)	$ 30	45
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]
Variable interest entity notes		$ 0

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, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		$ 744	$ 649
Total gains/(losses) included in earnings, assets		31	112
Unrealized gains/(losses) included in OCI, assets	[1]	0	0
Purchases, assets		0	0
Issuances, assets		0	0
Settlements, assets		(619)	(17)
Sales, assets		(60)	0
Transfers into level 3, assets		8	0
Transfers out of level 3, assets		0	0
Ending balance, fair value assets		104	744
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		24	108
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]	0	0
Beginning balance, fair value liabilities		462	500
Total (gains)/losses included in earnings, liabilities		29	35
Unrealized (gains)/losses included in OCI, liabilities	[2]	(5)	(53)
Purchases, liabilities		0	0
Issuances, liabilities		0	0
Settlements, liabilities		(92)	(20)
Sales, liabilities		(5)	0
Transfers into Level 3, liabilities		0	0
Transfers out of Level 3, liabilities		0	0
Ending balance, fair value liabilities		389	462
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities		7	35
Change in Unrealized Gains/ (Losses) for the Period Included in OCI for Liabilities still held	[2]	15	(51)
Residential Prime Financing Receivable [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		120	136
Total gains/(losses) included in earnings, assets		32	0
Unrealized gains/(losses) included in OCI, assets	[1]	0	0
Purchases, assets		0	0
Issuances, assets		0	0
Settlements, assets		(15)	(16)
Sales, assets		(60)	0
Transfers into level 3, assets		0	0
Transfers out of level 3, assets		0	0
Ending balance, fair value assets		77	120
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		21	(4)
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]	0	0
Loan Repurchase Commitments [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		604	486
Total gains/(losses) included in earnings, assets		(4)	118
Unrealized gains/(losses) included in OCI, assets	[1]	0	0
Purchases, assets		0	0
Issuances, assets		0	0
Settlements, assets		(600)	0
Sales, assets		0	0
Transfers into level 3, assets		0	0
Transfers out of level 3, assets		0	0
Ending balance, fair value assets		0	604
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		0	118
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]	0	0
Commercial Mortgage-Backed [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		0
Total gains/(losses) included in earnings, assets		0
Unrealized gains/(losses) included in OCI, assets	[1]	0
Purchases, assets		0
Issuances, assets		0
Settlements, assets		(4)
Sales, assets		0
Transfers into level 3, assets		4
Transfers out of level 3, assets		0
Ending balance, fair value assets		0	0
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		0
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]	0
Collateralized Debt Obligations [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		0
Total gains/(losses) included in earnings, assets		0
Unrealized gains/(losses) included in OCI, assets	[1]	0
Purchases, assets		0
Issuances, assets		0
Settlements, assets		0
Sales, assets		0
Transfers into level 3, assets		4
Transfers out of level 3, assets		0
Ending balance, fair value assets		4	0
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		0
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]	0
Other Asset Backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		0	1
Total gains/(losses) included in earnings, assets			0
Unrealized gains/(losses) included in OCI, assets	[1]		0
Purchases, assets			0
Issuances, assets			0
Settlements, assets			(1)
Sales, assets			0
Transfers into level 3, assets			0
Transfers out of level 3, assets			0
Ending balance, fair value assets			0
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets			0
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]		0
Medium Term Notes [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value liabilities		110	108
Total (gains)/losses included in earnings, liabilities		(17)	15
Unrealized (gains)/losses included in OCI, liabilities	[2]	10	(13)
Purchases, liabilities		0	0
Issuances, liabilities		0	0
Settlements, liabilities		(5)	0
Sales, liabilities		0	0
Transfers into Level 3, liabilities		0	0
Transfers out of Level 3, liabilities		0	0
Ending balance, fair value liabilities		98	110
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities		(17)	15
Change in Unrealized Gains/ (Losses) for the Period Included in OCI for Liabilities still held	[2]	10	(13)
Credit Derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value liabilities		0	7
Total (gains)/losses included in earnings, liabilities			(6)
Unrealized (gains)/losses included in OCI, liabilities	[2]		0
Purchases, liabilities			0
Issuances, liabilities			0
Settlements, liabilities			(1)
Sales, liabilities			0
Transfers into Level 3, liabilities			0
Transfers out of Level 3, liabilities			0
Ending balance, fair value liabilities			0
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities			0
Change in Unrealized Gains/ (Losses) for the Period Included in OCI for Liabilities still held	[2]		0
Other Derivatives Liabilities [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value liabilities		49	34
Total (gains)/losses included in earnings, liabilities		0	15
Unrealized (gains)/losses included in OCI, liabilities	[2]	0	0
Purchases, liabilities		0	0
Issuances, liabilities		0	0
Settlements, liabilities		(49)	0
Sales, liabilities		0	0
Transfers into Level 3, liabilities		0	0
Transfers out of Level 3, liabilities		0	0
Ending balance, fair value liabilities		0	49
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities		0	15
Change in Unrealized Gains/ (Losses) for the Period Included in OCI for Liabilities still held	[2]	0	0
Variable Interest Entity Notes [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value liabilities		303	347
Total (gains)/losses included in earnings, liabilities		46	11
Unrealized (gains)/losses included in OCI, liabilities	[2]	(15)	(40)
Purchases, liabilities		0	0
Issuances, liabilities		0	0
Settlements, liabilities		(38)	(15)
Sales, liabilities		(5)	0
Transfers into Level 3, liabilities		0	0
Transfers out of Level 3, liabilities		0	0
Ending balance, fair value liabilities		291	303
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities		24	5
Change in Unrealized Gains/ (Losses) for the Period Included in OCI for Liabilities still held	[2]	5	(38)
Currency Derivatives [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		6	8
Total gains/(losses) included in earnings, assets		3	(2)
Unrealized gains/(losses) included in OCI, assets	[1]	0	0
Purchases, assets		0	0
Issuances, assets		0	0
Settlements, assets		0	0
Sales, assets		0	0
Transfers into level 3, assets		0	0
Transfers out of level 3, assets		0	0
Ending balance, fair value assets		9	6
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		3	(2)
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]	0	0
Other Assets [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		14	18
Total gains/(losses) included in earnings, assets		0	(4)
Unrealized gains/(losses) included in OCI, assets	[1]	0	0
Purchases, assets		0	0
Issuances, assets		0	0
Settlements, assets		0	0
Sales, assets		0	0
Transfers into level 3, assets		0	0
Transfers out of level 3, assets		0	0
Ending balance, fair value assets		14	14
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		0	(4)
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]	0	0
Other Payable [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value liabilities		$ 0	4
Total (gains)/losses included in earnings, liabilities			0
Unrealized (gains)/losses included in OCI, liabilities	[2]		0
Purchases, liabilities			0
Issuances, liabilities			0
Settlements, liabilities			(4)
Sales, liabilities			0
Transfers into Level 3, liabilities			0
Transfers out of Level 3, liabilities			0
Ending balance, fair value liabilities			0
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities			0
Change in Unrealized Gains/ (Losses) for the Period Included in OCI for Liabilities still held	[2]		$ 0
[1]	Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
[2]	Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gains (losses) on insured derivatives	$ 0	$ 7	$ 25
Net gains (losses) on financial instruments at fair value and foreign exchange	40	(86)	(78)
Net investment losses related to other-than-temporary impairments			(67)
Other net realized gains (losses)	(6)	0	4
Variable Interest Entity Primary Beneficiary [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	(8)	108	105
Other net realized gains (losses)	(15)	37	(62)
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	0	7	25
Realized gains (losses) and other settlements on insured derivatives	0	(1)	(10)
Net gains (losses) on financial instruments at fair value and foreign exchange	17	(30)	(26)
Net investment losses related to other-than-temporary impairments	0	0	(1)
Other net realized gains (losses)	0	0	(2)
Total revenues	2	77	39
Fair Value Inputs Level 3 [Member] | Change in Unrealized Gains (Losses) for the 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	0	0	25
Realized gains (losses) and other settlements on insured derivatives	0	0	0
Net gains (losses) on financial instruments at fair value and foreign exchange	17	(30)	(27)
Net investment losses related to other-than-temporary impairments	0	0	0
Other net realized gains (losses)	0	0	(2)
Total revenues	17	73	64
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	(15)	101	53
Fair Value Inputs Level 3 [Member] | Variable Interest Entity Primary Beneficiary [Member] | Change in Unrealized Gains (Losses) for the 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	$ 0	$ 103	$ 68

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange		$ 40	$ (86)	$ (78)
Non Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange		40	(86)	(78)
Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange		(8)	108	105
Investments Carried At Fair Value [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	[1]	3	2	15
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]	4	4	95
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]	32	0	35
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]	(4)	118	68
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	(4)	4
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]	17	(15)	1
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]	0	0	(2)
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]	$ (50)	$ (12)	$ (89)
[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.

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, 2021	Dec. 31, 2020
Residential Mortgage Loans [Member] | Loans Receivable [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Loans receivable and other instruments, contractual outstanding principal	$ 40	$ 89
Loans receivable and other instruments, 90 days or more past due, contractual outstanding principal	141	147
Loans receivable and other instruments, fair value	40	89
Loans receivable and other instruments, 90 days or more past due, fair value	37	31
Loans receivable and other instruments, difference	0	0
Loans receivable and other instruments, 90 days or more past due, difference	104	116
Total Loans Receivable and Other Instruments [Member] | Loans Receivable [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Loans receivable and other instruments, contractual outstanding principal	181	236
Loans receivable and other instruments, fair value	77	120
Loans receivable and other instruments, difference	104	116
Variable Interest Entity Notes [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Long-term debt instruments, contractual outstanding principal	922	1,117
Long-term debt instruments, fair value	291	350
Long-term debt instruments, difference	631	767
Medium Term Notes [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Long-term debt instruments, contractual outstanding principal	108	122
Long-term debt instruments, fair value	98	110
Long-term debt instruments, difference	$ 10	$ 12

Investments (Narrative) (Detail

Investments (Narrative) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
Schedule Of Investments [Line Items]
Fair value of securities on deposit with various regulatory authorities | $	$ 11	$ 11
Fair value of securities pledged as collateral | $	$ 280	$ 282
Number of securities in unrealized loss position for a continuous 12 month period | security	36	42
Rate that a security's fair value is below book value	5.00%	5.00%
Securities In Unrealized Loss Position [Member]
Schedule Of Investments [Line Items]
Weighted average contractual maturity period in years for securities in an unrealized loss position	11 years	9 years
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	7	9

Investments (Amortized Cost And

Investments (Amortized Cost And Fair Value Of Available-For-Sale and Held-To-Maturity Investment Portfolios) (Detail) - Fixed Maturities [Member] - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	$ 2,316	$ 2,360
Allowance for Credit Losess	0	0
Gross unrealized gains	150	184
Gross unrealized losses	(9)	(5)
Total available-for-sale, fair value	2,457	2,539
U S Treasury And Government [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	782	775
Allowance for Credit Losess	0	0
Gross unrealized gains	54	75
Gross unrealized losses	(2)	(1)
Total available-for-sale, fair value	834	849
US States And Political Subdivisions [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	140	162
Allowance for Credit Losess	0	0
Gross unrealized gains	27	32
Gross unrealized losses	0	0
Total available-for-sale, fair value	167	194
Foreign Governments [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	13	11
Allowance for Credit Losess	0	0
Gross unrealized gains	1	1
Gross unrealized losses	0	0
Total available-for-sale, fair value	14	12
Corporate Obligations [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	905	827
Allowance for Credit Losess	0	0
Gross unrealized gains	53	64
Gross unrealized losses	(5)	(1)
Total available-for-sale, fair value	953	890
Residential Mortgage-Backed Agency [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	190	305
Allowance for Credit Losess	0	0
Gross unrealized gains	3	8
Gross unrealized losses	(1)	(1)
Total available-for-sale, fair value	192	312
Residential Mortgage-Backed Non-Agency [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	80	22
Allowance for Credit Losess	0	0
Gross unrealized gains	12	3
Gross unrealized losses	0	0
Total available-for-sale, fair value	92	25
Commercial Mortgage-Backed [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	10	17
Allowance for Credit Losess	0	0
Gross unrealized gains	0	1
Gross unrealized losses	0	0
Total available-for-sale, fair value	10	18
Collateralized Debt Obligations [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	101	120
Allowance for Credit Losess	0	0
Gross unrealized gains	0	0
Gross unrealized losses	0	(2)
Total available-for-sale, fair value	101	118
Other Asset-Backed [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	95	121
Allowance for Credit Losess	0	0
Gross unrealized gains	0	0
Gross unrealized losses	(1)	0
Total available-for-sale, fair value	$ 94	$ 121

Investments (Distribution By Co

Investments (Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments) (Detail) - Fixed Maturities [Member] $ in Millions	Dec. 31, 2021USD ($)
Available For Sale Securities [Abstract]
Due in one year or less	$ 412
Due after one year through five years	328
Due after five years through ten years	364
Due after ten years	736
Mortgage-Backed and Asset-Backed	476
Total Available-For-Sale, amortized cost	2,316
Due in one year or less	413
Due after one year through five years	339
Due after five years through ten years	380
Due after ten years	836
Mortgage-Backed and Asset-Backed	489
Total Available-For-Sale, fair value	$ 2,457

Investments (Gross Unrealized L

Investments (Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments) (Detail) - Fixed Maturities [Member] - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Available For Sale Securities [Abstract]
Less than 12 months, fair value	$ 676	$ 325
Less than 12 months, unrealized losses	(8)	(3)
12 months or longer, fair value	55	91
12 months or longer, unrealized losses	(1)	(2)
Total available-for-sale, fair value	731	416
Total available-for-sale, unrealized losses	(9)	(5)
U S Treasury And Government [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	161	99
Less than 12 months, unrealized losses	(1)	(1)
12 months or longer, fair value	16	0
12 months or longer, unrealized losses	(1)	0
Total available-for-sale, fair value	177	99
Total available-for-sale, unrealized losses	(2)	(1)
State and municipal bonds [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	11
Less than 12 months, unrealized losses	0
12 months or longer, fair value	0
12 months or longer, unrealized losses	0
Total available-for-sale, fair value	11
Total available-for-sale, unrealized losses	0
Foreign Government Debt [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	3	2
Less than 12 months, unrealized losses	0	0
12 months or longer, fair value	0	0
12 months or longer, unrealized losses	0	0
Total available-for-sale, fair value	3	2
Total available-for-sale, unrealized losses	0	0
Corporate Obligations [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	270	103
Less than 12 months, unrealized losses	(5)	(1)
12 months or longer, fair value	8	7
12 months or longer, unrealized losses	0	0
Total available-for-sale, fair value	278	110
Total available-for-sale, unrealized losses	(5)	(1)
Residential Mortgage Backed Agency [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	94	53
Less than 12 months, unrealized losses	(1)	(1)
12 months or longer, fair value	1	0
12 months or longer, unrealized losses	0	0
Total available-for-sale, fair value	95	53
Total available-for-sale, unrealized losses	(1)	(1)
Residential Mortgage Backed Non Agency [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	3	2
Less than 12 months, unrealized losses	0	0
12 months or longer, fair value	1	1
12 months or longer, unrealized losses	0	0
Total available-for-sale, fair value	4	3
Total available-for-sale, unrealized losses	0	0
Commercial Mortgage Backed Securities [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	0	5
12 months or longer, unrealized losses	0	0
Total available-for-sale, fair value	2	5
Total available-for-sale, unrealized losses	0	0
Collateralized Debt Obligations [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	60	37
Less than 12 months, unrealized losses	0	0
12 months or longer, fair value	29	78
12 months or longer, unrealized losses	0	(2)
Total available-for-sale, fair value	89	115
Total available-for-sale, unrealized losses	0	(2)
Other Asset Backed [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	72	29
Less than 12 months, unrealized losses	(1)	0
12 months or longer, fair value	0	0
12 months or longer, unrealized losses	0	0
Total available-for-sale, fair value	72	29
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) - Unrealized loss position > 12 months $ in Millions	Dec. 31, 2021USD ($)security
> 5% To 15% [Member]
Available For Sale Securities [Abstract]
Number of available-for-sale securities in unrealized loss position | security	5
Fixed-maturity securities held as available-for-sale, amortized cost	$ 6
Available For Sale Securities	$ 5
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%
> 50% [Member]
Available For Sale Securities [Abstract]
Number of available-for-sale securities in unrealized loss position | security	2
Fixed-maturity securities held as available-for-sale, amortized cost	$ 0
Available For Sale Securities	$ 0
Held To Maturity Securities [Abstract]
Percentage Of Fair Value Below Book Value Minimum	50.00%
Greater Than 5% [Member]
Available For Sale Securities [Abstract]
Number of available-for-sale securities in unrealized loss position | security	7
Fixed-maturity securities held as available-for-sale, amortized cost	$ 6
Available For Sale Securities	$ 5

Investments (Securities Held In

Investments (Securities Held In Unrealized Loss Position And Insured By Financial Guarantor) (Detail) - Mortgage-backed [Member] - Financial Guarantee [Member] $ in Millions	Dec. 31, 2021USD ($)
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 and are discounted using a discount rate equal to the risk-free rate applicable to the currency and weighted average remaining life of the insurance contract and may differ from the fair value.

Investments - (Summary of Allow

Investments - (Summary of Allowance for Credit Losses on HTM Investments) (Detail) - Variable Interest Entity Primary Beneficiary [Member] - Accounting Standards Update 2016-13 [Member] $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Beginning balance	$ 37	[1]
Current period provision for expected credit losses	(37)
Initial allowance recognized for PCD assets	0
Write- Offs	0
Recoveries	0
Ending balance	0
Corporate Obligations [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Beginning balance	37	[1]
Current period provision for expected credit losses	(37)
Initial allowance recognized for PCD assets	0
Write- Offs	0
Recoveries	0
Ending balance	$ 0
[1]	transition adjustment upon adoption of ASU 2016-13.

Investments (Credit Losses Reco

Investments (Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss)) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Other than temporary impairment credit lossesfor available for sale securities rollforward [Abstract]
Beginning Balance	$ 37
Additions For Credit Loss Impairments Recognized In The Current Period On Securities Previously Impaired	67
Reductions for credit loss impairments previously recognized on securities impaired to fair value during the period	(104)
Ending Balance	$ 0

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments [Abstract]
Proceeds from sales	$ 597	$ 1,095	$ 2,195
Available For Sale Securities Realized Gain Loss [Abstract]
Gross realized gains	12	59	103
Gross realized losses	$ (9)	$ (15)	$ (4)

Investments (Portion Of Unreali

Investments (Portion Of Unrealized Gains And Losses On Equity Investments Held) (Detail) - Equity Securities [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gains (losses) on equity investments [Member]
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	$ 6	$ 3	$ 11
Gains (losses) on equity investments sold during the period [Member]
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	1	(1)	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	$ 4	$ 10

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Detail) $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Derivative [Line Items]
Cash collateral posted to derivative counterparties	$ 0	$ 0
Securities posted as collateral to derivative counterparties	$ 159	$ 214
Number of credit support annexes	1	1
Fair value of Credit Support Annex	$ 1	$ 1

Derivative Instruments (Credit

Derivative Instruments (Credit Derivatives Sold) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Insured Swaps [Member]
Derivative [Line Items]
Weighted average remaining expected maturity	14 years 1 month 6 days	13 years 10 months 24 days
Insurance Operations [Member]
Derivative [Line Items]
Total fair value of credit derivatives	$ (1)	$ (2)
Insurance Operations [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	1,489	1,743
Total fair value of credit derivatives	(1)	(2)
Credit Rating Aaa [Member] | Insurance Operations [Member]
Derivative [Line Items]
Total fair value of credit derivatives	0	0
Credit Rating Aaa [Member] | Insurance Operations [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	0	0
Credit Rating Aa [Member] | Insurance Operations [Member]
Derivative [Line Items]
Total fair value of credit derivatives	0	0
Credit Rating Aa [Member] | Insurance Operations [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	61	58
Credit Rating A [Member] | Insurance Operations [Member]
Derivative [Line Items]
Total fair value of credit derivatives	(1)	(1)
Credit Rating A [Member] | Insurance Operations [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	1,136	1,327
Credit Rating Bbb [Member] | Insurance Operations [Member]
Derivative [Line Items]
Total fair value of credit derivatives	0	(1)
Credit Rating Bbb [Member] | Insurance Operations [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	292	358
Credit Rating Below Investment Grade [Member] | Insurance Operations [Member]
Derivative [Line Items]
Total fair value of credit derivatives	0	0
Credit Rating Below Investment Grade [Member] | Insurance Operations [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	$ 0	$ 0

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] - Derivative Instrument [Member] - USD ($) $ in Millions		Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative notional amount		$ 2,144	$ 2,534
Derivative Assets, Not designated, Fair Value	[1]	10	7
Derivative Liabilities, Not designated, Fair Value	[1]	(140)	(225)
Insured swaps [Member]
Derivative [Line Items]
Derivative notional amount		1,489	1,743
Insured swaps [Member] | Other assets [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]	0	0
Insured swaps [Member] | Derivative liabilities [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	(1)	(2)
Interest rate swaps [Member]
Derivative [Line Items]
Derivative notional amount		399	437
Interest rate swaps [Member] | Other assets [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]	1	1
Interest rate swaps [Member] | Derivative liabilities [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	(130)	(164)
Interest rate swaps-embedded [Member]
Derivative [Line Items]
Derivative notional amount		206	252
Interest rate swaps-embedded [Member] | Medium-term notes [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]	0	0
Derivative Liabilities, Not designated, Fair Value	[1]	(9)	(10)
Currency swaps-VIE [Member]
Derivative [Line Items]
Derivative notional amount		50	53
Currency swaps-VIE [Member] | Other assets-VIE [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]	9	6
Currency swaps-VIE [Member] | Derivative liabilities-VIE [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	$ 0	0
All other [Member]
Derivative [Line Items]
Derivative notional amount			49
All other [Member] | Other assets [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]		0
All other [Member] | Derivative liabilities [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]		$ (49)
[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, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Net gain/(loss) recognized in income	$ 21	$ (53)	$ (85)
Credit Default Swap [Member] | Unrealized Gains Losses On Insured Derivatives [Member]
Derivative [Line Items]
Net gain/(loss) recognized in income	0	7	25
Credit Default Swap [Member] | Realized Gains Losses And Other Settlements On Insured Derivatives [Member]
Derivative [Line Items]
Net gain/(loss) recognized in income	0	(1)	(10)
Interest Rate Swap [Member] | Net gains (losses) on financial instruments at fair value and foreign exchange [Member
Derivative [Line Items]
Net gain/(loss) recognized in income	18	(42)	(66)
Currency Swaps Vie [Member] | Net gains (losses) on financial instruments at fair value and foreign exchange-VIE [Member]
Derivative [Line Items]
Net gain/(loss) recognized in income	3	(2)	(8)
All Other [Member] | Net gains (losses) on financial instruments at fair value and foreign exchange [Member
Derivative [Line Items]
Net gain/(loss) recognized in income	$ 0	$ (15)	$ (26)

Debt (Narrative) (Detail)

Debt (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Aggregate unpaid contractual principal	$ 2,331	$ 2,229
Debt instrument principal amount repurchased	$ 308
Mbia Inc Debentures [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	7.00%
Long-term debt, maturity year	2025
MBIA Inc. Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	5.70%
Long-term debt, maturity year	2034
Debt instrument principal amount repurchased	$ 10
Debt instrument amount payable on repurchase	$ 10
MBIA Corp Surplus Notes [Member]
Debt Instrument [Line Items]
Callable date for fifth anniversary of initial callable date	Jan. 15, 2023
Mbia Inc Debentures [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	7.00%
Long-term debt, maturity year	2025
Debt instrument principal amount repurchased	$ 13
6.400% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Percentage of debt redemption		100.00%
Debt instrument interest rate	6.40%	6.40%
Long-term debt, maturity year	2022
Long-term debt principal amount previously purchased		$ 115
Debt instrument principal amount repurchased	$ 115
6.625% Debentures Due 2028 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	6.625%
Long-term debt, maturity year	2028
Aggregate unpaid contractual principal	$ 136	141
7.150% Debentures Due 2027 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	7.15%
Long-term debt, maturity year	2027
Aggregate unpaid contractual principal	$ 99	$ 100
Medium-term notes [Member]
Debt Instrument [Line Items]
Weighted average interest rate	3.62%	2.97%
Medium-term notes [Member] | Floating Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	0.00%
Investment Agreement Obligations [Member]
Debt Instrument [Line Items]
Weighted average interest rate	5.89%	5.86%
Refinanced Facility [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes			$ 54
Debt instrument interest rate	7.00%
Long-term debt, maturity date	Apr. 20, 2022
Aggregate unpaid contractual principal	$ 68
Maximum [Member] | Medium-term notes [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	5.90%	6.00%
Maximum [Member] | Investment Agreement Obligations [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	6.88%	6.88%
Minimum [Member] | Medium-term notes [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	0.00%	0.00%
Minimum [Member] | Investment Agreement Obligations [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	4.78%	4.78%
MBIA Corp Financing Facility [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	12.00%
Long-term debt, maturity date	Jan. 20, 2022
MBIA Corp Financing Facility [Member] | Initial [Member]
Debt Instrument [Line Items]
Aggregate unpaid contractual principal			$ 278
MBIA Corp Financing Facility [Member] | Outstanding [Member]
Debt Instrument [Line Items]
Aggregate unpaid contractual principal		$ 273
Mbia Inc [Member] | MBIA Corp Surplus Notes [Member]
Debt Instrument [Line Items]
Long-term debt principal amount previously purchased	$ 13
National [Member] | Mbia Inc Debentures [Member]
Debt Instrument [Line Items]
Long-term debt principal amount previously purchased	308
Debt instrument principal amount repurchased	10
Mbia Corp [Member] | 6.625% Debentures Due 2028 [Member]
Debt Instrument [Line Items]
Debt instrument principal amount repurchased	5
Mbia Corp [Member] | 7.150% Debentures Due 2027 [Member]
Debt Instrument [Line Items]
Debt instrument principal amount repurchased	1
Variable Interest Entity Primary Beneficiary [Member]
Debt Instrument [Line Items]
Aggregate unpaid contractual principal	922	1,400
MBIA Insured Variable Interest Entity Primary Beneficiary [Member]
Debt Instrument [Line Items]
Aggregate unpaid contractual principal	$ 350	$ 722

Debt (Long-Term Debt) (Detail)

Debt (Long-Term Debt) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross		$ 2,331	$ 2,229
Debt issuance costs		9	10
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		2025
7.150% Debentures Due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 99	100
Long-term debt, interest rate		7.15%
Long-term debt, maturity year		2027
6.625% Debentures Due 2028 [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 136	141
Long-term debt, interest rate		6.625%
Long-term debt, maturity year		2028
5.700% Senior Notes Due 2034 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	[1]	$ 21	21
Long-term debt, interest rate		5.70%
Long-term debt, maturity year		2034
Surplus Notes due 2033 [Member]
Debt Instrument [Line Items]
Surplus notes outstanding	[2]	$ 940	940
Long-term debt, interest rate		11.26%
Long-term debt, maturity year		2033
Accrued Interest [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,098	$ 991
[1]	Callable anytime at the greater of par or the present value of the remaining scheduled payments of principal and interest.
[2]	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, 2021USD ($)
Corporate debt [Member]
Debt Instrument [Line Items]
2022	$ 0
2023	0
2024	0
2025	46
2026	0
Thereafter	256
Total	302
Surplus Notes due 2033 [Member]
Debt Instrument [Line Items]
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	940
Total	940
Total debt obligations due [Member]
Debt Instrument [Line Items]
2022	0
2023	0
2024	0
2025	46
2026	0
Thereafter	1,196
Total	$ 1,242

Debt (Principal Payments For In

Debt (Principal Payments For Investment Agreements, MTNs and VIE Obligations) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total expected principal payments		$ 2,331	$ 2,229
Investment Agreement Obligations [Member]
Debt Instrument [Line Items]
2022		3
2023		19
2024		23
2025		35
2026		96
Thereafter		128
Total expected principal payments	[1]	304
Less discount and other adjustments	[2]	30
Total		274
Accrued interest		5
Carrying amount adjustment		$ 3
Latest maturity year		2037
Medium-term notes [Member]
Debt Instrument [Line Items]
2022		$ 52
2023		12
2024		54
2025		57
2026		0
Thereafter		606
Total expected principal payments	[3]	781
Less discount and other adjustments	[4]	191
Total		590
Accrued interest		3
Carrying amount adjustment		$ 29
Latest maturity year		2035
Variable Interest Entity Debt [Member] | International And Structured Finance Insurance [Member]
Debt Instrument [Line Items]
Latest maturity year		2038
Variable Interest Entity Debt [Member] | MBIA insured Variable Interest Entity [Member]
Debt Instrument [Line Items]
2022		$ 26
2023		21
2024		20
2025		18
2026		10
Thereafter		255
Total expected principal payments		$ 350
[1]	Amounts reflect principal due at maturity for investment agreements issued at a discount.
[2]	Discount is net of carrying amount adjustment of $3 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 and market value adjustments of $29 million and accrued interest adjustment of $3 million.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Non Variable Interest Entities [Line Items]
NOL carryforward	$ 3,700
Foreign tax credit	58	$ 61
Unrecognized Tax Benefits	0	0
Valuation allowance on net deferred tax asset	$ 1,062	$ 966

Income Taxes (Income before Inc

Income Taxes (Income before Income Taxes) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (loss) before income taxes	$ (445)	$ (578)	$ (357)
Domestic [Member]
Income (loss) before income taxes	(445)	(578)	(357)
Foreign [Member]
Income (loss) before income taxes	$ 0	$ 0	$ 0

Income Taxes (Income Taxes and

Income Taxes (Income Taxes and Shareholders' Equity) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current taxes:
Federal	$ 0	$ 0	$ 0
State	0	0	2
Deferred taxes:
Federal	0	0	0
Foreign	0	0	0
Provision (benefit) for income taxes	0	0	2
Income taxes charged (credited) to shareholders' equity related to:
Change in unrealized gains (losses) on AFS securities	0	0	0
Change in AFS securities with OTTI	0	0	0
Change in foreign currency translation	0	0	0
Total income taxes charged (credited) to shareholders' equity	0	0	0
Total effect of income taxes	$ 0	$ 0	$ 2

Income Taxes (Income Tax Rate R

Income Taxes (Income Tax Rate Reconciliation) (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective income tax rate continuing operations tax rate reconciliation [Abstract]
Federal income tax computed at the statutory rate	21.00%	21.00%	21.00%
Increase (reduction) in taxes resulting from: [Abstract]
Change in valuation allowance	(20.60%)	(20.30%)	(20.70%)
State income tax, net of federal benefit	0.00%	0.00%	(0.40%)
Other	(0.40%)	(0.70%)	(0.50%)
Effective tax rate	0.00%	0.00%	(0.60%)

Income Taxes (Components Of Def

Income Taxes (Components Of Deferred Tax Assets and Liabilities) (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liabilities:
Unearned premium reserve	$ 40	$ 48
Deferred acquisition costs	5	10
Net unrealized gains and losses in accumulated other comprehensive income	21	25
Net deferred taxes on VIEs	34	53
Other	0	6
Total gross deferred tax liabilities	100	142
Deferred tax assets:
Compensation and employee benefits	8	9
Accrued interest	233	210
Partnership basis difference	0	10
Loss and loss adjustment expense reserves	45	98
Net operating loss	777	656
Foreign tax credits	58	61
Other-than-temporary impairments and capital loss carryforward	9	0
Net unrealized losses on insured derivatives	0	10
Net gains and losses on financial instruments at fair value and foreign exchange	28	54
Other	4	0
Total gross deferred tax assets	1,162	1,108
Valuation allowance	1,062	$ 966
Net deferred tax asset	$ 0

Business Segments (Narrative) (

Business Segments (Narrative) (Detail)	12 Months Ended
	Dec. 31, 2021segments
Segment Reporting Information [Line Items]
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	[1]	$ 148	$ 199	$ 330
Net change in fair value of insured derivatives			6	15
Net gains (losses) on financial instruments at fair value and foreign exchange		40	(86)	(78)
Net investment losses related to other-than-temporary impairments				(67)
Net gains (losses) on extinguishment of debt		30		(1)
Other net realized gains (losses)		(6)	0	4
Revenues of consolidated VIEs		(23)	163	77
Inter-segment revenues	[2]	0	0	0
Total revenues		189	282	280
Losses and loss adjustment		350	530	242
Amortization of deferred acquisition costs and operating		97	97	103
Interest		163	178	201
Expenses of consolidated VIEs		24	55	91
Inter-segment expenses	[2]	0	0	0
Total expenses		634	860	637
Income (loss) before income taxes		(445)	(578)	(357)
Identifiable assets		4,696	5,751
Operating Segments [Member] | US Public Finance Insurance [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	85	139	263
Net change in fair value of insured derivatives			0	0
Net gains (losses) on financial instruments at fair value and foreign exchange		(2)	2	15
Net investment losses related to other-than-temporary impairments				(67)
Net gains (losses) on extinguishment of debt		0		0
Other net realized gains (losses)		0	(1)	2
Revenues of consolidated VIEs		0	0	21
Inter-segment revenues	[2]	27	28	28
Total revenues		110	168	262
Losses and loss adjustment		227	163	53
Amortization of deferred acquisition costs and operating		17	14	13
Interest		0	0	0
Expenses of consolidated VIEs		0	0	0
Inter-segment expenses	[2]	45	45	52
Total expenses		289	222	118
Income (loss) before income taxes		(179)	(54)	144
Identifiable assets		3,313	3,644
Operating Segments [Member] | Corporate Operations [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	20	31	32
Net change in fair value of insured derivatives			0	0
Net gains (losses) on financial instruments at fair value and foreign exchange		56	(74)	(59)
Net investment losses related to other-than-temporary impairments				0
Net gains (losses) on extinguishment of debt		30		(1)
Other net realized gains (losses)		(7)	0	(2)
Revenues of consolidated VIEs		0	0	1
Inter-segment revenues	[2]	67	66	62
Total revenues		166	23	33
Losses and loss adjustment		0	0	0
Amortization of deferred acquisition costs and operating		71	69	69
Interest		56	65	73
Expenses of consolidated VIEs		0	0	0
Inter-segment expenses	[2]	22	22	23
Total expenses		149	156	165
Income (loss) before income taxes		17	(133)	(132)
Identifiable assets		873	954
Operating Segments [Member] | International And Structured Finance Insurance [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	43	29	35
Net change in fair value of insured derivatives			6	15
Net gains (losses) on financial instruments at fair value and foreign exchange		(14)	(14)	(34)
Net investment losses related to other-than-temporary impairments				0
Net gains (losses) on extinguishment of debt		0		0
Other net realized gains (losses)		1	1	4
Revenues of consolidated VIEs		(23)	163	55
Inter-segment revenues	[2]	12	12	21
Total revenues		19	197	96
Losses and loss adjustment		123	367	189
Amortization of deferred acquisition costs and operating		9	14	21
Interest		107	113	128
Expenses of consolidated VIEs		24	55	91
Inter-segment expenses	[2]	38	39	36
Total expenses		301	588	465
Income (loss) before income taxes		(282)	(391)	(369)
Identifiable assets		2,800	3,671
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	0	0	0
Net change in fair value of insured derivatives			0	0
Net gains (losses) on financial instruments at fair value and foreign exchange		0	0	0
Net investment losses related to other-than-temporary impairments				0
Net gains (losses) on extinguishment of debt		0		0
Other net realized gains (losses)		0	0	0
Revenues of consolidated VIEs		0	0	0
Inter-segment revenues	[2]	(106)	(106)	(111)
Total revenues		(106)	(106)	(111)
Losses and loss adjustment		0	0	0
Amortization of deferred acquisition costs and operating		0	0	0
Interest		0	0	0
Expenses of consolidated VIEs		0	0	0
Inter-segment expenses	[2]	(105)	(106)	(111)
Total expenses		(105)	(106)	(111)
Income (loss) before income taxes		(1)	0	$ 0
Identifiable assets	[3]	$ (2,290)	$ (2,518)
[1]	Consists of net premiums earned, net investment income, net realized investment gains (losses), insurance-related fees and reimbursements and other fees.
[2]	Primarily represents intercompany service charges and intercompany net investment income and expense.
[3]	Consists principally of intercompany reinsurance balances.

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total premiums earned	$ 75	$ 73	$ 85
United States [Member]
Segment Reporting Information [Line Items]
Total premiums earned	45	55	63
Other Americas [Member]
Segment Reporting Information [Line Items]
Total premiums earned	29	16	17
Other [Member]
Segment Reporting Information [Line Items]
Total premiums earned	$ 1	$ 2	$ 5

Insurance in Force (Narrative)

Insurance in Force (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Guarantor Obligations [Line Items]
Transactions guaranteed by MBIA on behalf of affiliated companies	$ 1,300
Aggregate amount of insurance in force ceded to reinsurers	2,200	$ 3,000
Aggregate amount of insured par outstanding ceded to reinsurers	1,017	$ 1,500
U S Public Finance Insurance [Member]
Guarantor Obligations [Line Items]
Aggregate amount of insured par outstanding ceded to reinsurers	800
Structured Finance And International Insurance [Member]
Guarantor Obligations [Line Items]
Aggregate amount of insured par outstanding ceded to reinsurers	$ 169
Financial Guaranty Insurance Company [Member]
Guarantor Obligations [Line Items]
Financial guaranty maturity year	2058
Investment agreements, MTNs and other affiliated contracts [Member]
Guarantor Obligations [Line Items]
Financial guaranty maturity year	2037

Insurance in Force (Schedule Of

Insurance in Force (Schedule Of Geographical Distribution Of Insurance In Force) (Detail) - USD ($) $ in Billions	Dec. 31, 2021	Dec. 31, 2020
Insurance in Force	$ 78.5	$ 91.4
% of Insurance in Force	100.00%	100.00%
California [Member]
Insurance in Force	$ 16.8	$ 20
% of Insurance in Force	21.40%	21.90%
Illinois [Member]
Insurance in Force	$ 8.2	$ 8.9
% of Insurance in Force	10.40%	9.70%
New York [Member]
Insurance in Force	$ 2.4	$ 3
% of Insurance in Force	3.00%	3.30%
Puerto Rico [Member]
Insurance in Force	$ 2.7	$ 2.9
% of Insurance in Force	3.40%	3.20%
New Jersey [Member]
Insurance in Force	$ 4.5	$ 5.4
% of Insurance in Force	5.80%	5.90%
Texas [Member]
Insurance in Force	$ 3.1	$ 3.7
% of Insurance in Force	4.00%	4.00%
Hawaii [Member]
Insurance in Force	$ 3.9	$ 4.1
% of Insurance in Force	5.00%	4.40%
Virginia [Member]
Insurance in Force	$ 3	$ 3.2
% of Insurance in Force	3.90%	3.60%
Oregon [Member]
Insurance in Force	$ 2.3	$ 2.7
% of Insurance in Force	2.90%	2.90%
Sub-Total Insurance In Force [Member]
Insurance in Force	$ 48.9	$ 56
% of Insurance in Force	62.30%	61.20%
Nationally Diversified [Member]
Insurance in Force	$ 7.5	$ 8.7
% of Insurance in Force	9.60%	9.50%
Other States [Member]
Insurance in Force	$ 17.3	$ 19.8
% of Insurance in Force	22.00%	21.70%
United States [Member]
Insurance in Force	$ 73.7	$ 84.5
% of Insurance in Force	93.90%	92.40%
Internationally Diversified [Member]
Insurance in Force	$ 0.3	$ 0.3
% of Insurance in Force	0.30%	0.30%
Country Specific [Member]
Insurance in Force	$ 4.5	$ 6.6
% of Insurance in Force	5.80%	7.30%
Non United States [Member]
Insurance in Force	$ 4.8	$ 6.9
% of Insurance in Force	6.10%	7.60%
COLORADO
Insurance in Force	$ 2	$ 2.1
% of Insurance in Force	2.50%	2.30%

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, 2021	Dec. 31, 2020
Insurance in Force		$ 78.5	$ 91.4
Gross Par Amount		41.7	49.6
U S [Member]
Insurance in Force		73.7	84.5
Non-United States [Member]
Insurance in Force		4.8	6.9
Global Public Finance [Member]
Insurance in Force		75.5	87.4
Gross Par Amount		39.7	46.7
Global Public Finance [Member] | U S [Member]
Insurance in Force		71.7	81.5
Gross Par Amount		36.5	41.9
Global Public Finance [Member] | Non-United States [Member]
Insurance in Force		3.8	5.9
Gross Par Amount		3.2	4.8
Global Structured Finance [Member]
Insurance in Force		3	4
Gross Par Amount		2	2.9
General Obligation [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force	[1]	22.1	25
Gross Par Amount	[1]	10.7	12.1
General Obligation—Lease [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		1.7	2.4
Gross Par Amount		1.2	1.9
Municipal Utilities [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		8.7	10.6
Gross Par Amount		6	7.3
Tax-Backed [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		14.2	15.7
Gross Par Amount		6.8	7.9
Transportation [Member] | Non-United States [Member]
Insurance in Force		1.2	2.1
Gross Par Amount		1	1.8
Transportation [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		7.7	9.2
Gross Par Amount		2.6	3
Higher Education [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		1.3	1.5
Gross Par Amount		1	1.1
Health Care [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		1	1.2
Gross Par Amount		0.7	0.8
Military Housing [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		14.3	14.8
Gross Par Amount		6.9	7
Investor-Owned Utilities [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force	[2]	0.6	0.9
Gross Par Amount	[2]	0.5	0.6
Municipal Housing [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force		0	0.1
Gross Par Amount		0	0.1
Other Public Finance [Member] | Non-United States [Member]
Insurance in Force	[3]	0.1	0.1
Gross Par Amount	[3]	0.1	0.1
Other Public Finance [Member] | Global Public Finance [Member] | U S [Member]
Insurance in Force	[4]	0.1	0.1
Gross Par Amount	[4]	0.1	0.1
International Utilities [Member] | Non-United States [Member]
Insurance in Force		0.5	0.9
Gross Par Amount		0.5	0.8
Sovereign Related And Sub-Sovereign [Member] | Non-United States [Member]
Insurance in Force	[5]	2	2.8
Gross Par Amount	[5]	1.6	2.1
Collateralized Debt Obligations [Member] | Global Structured Finance [Member]
Insurance in Force		0.3	0.4
Gross Par Amount		0.2	0.3
Residential Mortgage Backed Securities [Member] | Global Structured Finance [Member]
Insurance in Force		1.5	2
Gross Par Amount		1	1.5
Commercial Mortgage Backed Securities [Member] | Global Structured Finance [Member]
Insurance in Force		0.4	0.5
Gross Par Amount		0.2	0.2
Consumer Asset Backed [Member] | Global Structured Finance [Member]
Insurance in Force		0.2	0.3
Gross Par Amount		0.2	0.3
Corporate Asset Backed [Member] | Global Structured Finance [Member]
Insurance in Force	[6]	0.6	0.8
Gross Par Amount	[6]	$ 0.4	$ 0.6
[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 municipal owned entities backed by sponsoring local government and tax backed transactions.
[4]	Includes stadium related financings and certain non-profit enterprises.
[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]	As of December 31, 2020, all remaining insurance in force and gross par relating to structured insurance securitizations was terminated.

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, 2021	Dec. 31, 2020
Ceded Par Outstanding		$ 1,017	$ 1,500
Letters of Credit/Trust Accounts		15
Reinsurance Recoverable/ (Payable)	[1]	(48)
Assured Guaranty Corp [Member]
Ceded Par Outstanding		463
Letters of Credit/Trust Accounts		0
Reinsurance Recoverable/ (Payable)	[1]	(45)
Assured Guaranty Re Ltd [Member]
Ceded Par Outstanding	[2]	503
Letters of Credit/Trust Accounts	[2]	15
Reinsurance Recoverable/ (Payable)	[1],[2]	(2)
Others [Member]
Ceded Par Outstanding	[2]	51
Letters of Credit/Trust Accounts	[2]	0
Reinsurance Recoverable/ (Payable)	[1],[2]	$ (1)
[1]	Total reinsurance recoverable/(payable) is primarily related to recoverables on unpaid losses net of (payables) on salvage received.
[2]	Represents a withdrawal of ratings.

Insurance Regulations And Div_2

Insurance Regulations And Dividends (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	1,900	$ 1,900
Statutory net loss	129	202	$ 141
Statutory capital	134	273
Policyholders' surplus	97
Contingency reserves	37
National [Member]
Insurance Regulations And Dividends [Line Items]
Dividends from subsidiaries	60	81	134
Statutory net loss		82
Statutory capital	2,000	$ 2,000
Policyholders' surplus	1,600
Contingency reserves	402
Statutory net income	$ 55		$ 39

Benefit Plans (Narrative) (Deta

Benefit Plans (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pension and 401k expense	$ 4	$ 4	$ 4
Defined contribution pension [Member]
Share-based Compensation Arrangement by Share-based Payment Award [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%
Qualified profit-sharing/401(k) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [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%
Contributions percentage of employer match	5.00%
Maximum [Member] | Defined contribution pension [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum annual compensation subject to pension	$ 2
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	16,500,000
Shares issued under Omnibus Plan in connection with stock options, count	1
Shares/units available for future grants	2,085,874
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	$ 7	7
Share-based compensation expense (benefit)	12	11	12
Tax charge related to share-based compensation	0	$ 0	$ 0
Unrecognized compensation cost	$ 21
Expected to be recognized as expense over a weighted average period, years	2 years 10 days
Restricted Stock [Member] | Stock Price Targets [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted	502,822	502,738	221,213
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

Benefit Plans (Restricted Share

Benefit Plans (Restricted Shares Outstanding) (Detail) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year	5,454,807	5,146,828	5,044,616
Granted	978,866	1,003,720	711,176
Vested	(526,037)	(448,455)	(416,676)
Forfeited	0	(247,286)	(192,288)
Outstanding at end of year	5,907,636	5,454,807	5,146,828
Outstanding at beginning of year, Weighted Average Price per Share	$ 9.5344	$ 10.0958	$ 9.7986
Granted, Weighted Average Price per Share	6.8492	6.8150	11.4185
Vested, Weighted Average Price per Share	8.4418	8.9834	9.0332
Forfeited, Weighted Average Price per Share	0	11.1800	9.4917
Outstanding at end of year, Weighted Average Price per Share	$ 9.1868	$ 9.5344	$ 10.0958

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Shares [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.9	0.9	1

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic earnings per share:
Net income (loss) available to common shareholders		$ (445)	$ (578)	$ (359)
Basic weighted average shares	[1]	49,472,281	59,071,843	81,014,285
Net income (loss) per basic common share		$ (8.99)	$ (9.78)	$ (4.43)
Diluted earnings per share:
Net income (loss) available to common shareholders		$ (445)	$ (578)	$ (359)
Diluted weighted average shares		49,472,281	59,071,843	81,014,285
Net income (loss) per diluted common share		$ (8.99)	$ (9.78)	$ (4.43)
Potentially dilutive securities excluded from the calculation of diluted EPS because of antidilutive affect		5,100,000	4,600,000	4,300,000
[1]	Includes 0.9 million, 0.9 million and 1.0 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, 2021, 2020 and 2019, respectively.

Common and Preferred Stock (Nar

Common and Preferred Stock (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Shares repurchased under share repurchase program, average price per share	$ 0	$ 7.50	$ 9.12
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Preferred stock par or stated value per share	$ 1	$ 1
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
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Share Repurchases [Abstract]
Number of shares purchased or repurchased	0	26,400,000	11,100,000
Average price paid per share	$ 0	$ 7.50	$ 9.12
Remaining authorization as of December 31	$ 0	$ 0	$ 101

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Changes In The Components Of AOCI) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Beginning balance	$ 115	$ (2)	$ (156)
Other comprehensive income (loss) before reclassifications	(39)	130	114
Amounts reclassified from AOCI	24	(13)	40
Total other comprehensive income (loss)	(15)	117	154
Ending balance	100	115	(2)
Unrealized gains (losses) on AFS, net [Member]
Beginning balance	176	112	(39)
Other comprehensive income (loss) before reclassifications	(26)	83	139
Amounts reclassified from AOCI	(12)	(19)	12
Total other comprehensive income (loss)	(38)	64	151
Ending balance	138	176	112
Foreign currency translation, net [Member]
Beginning balance	(10)	(7)	(7)
Other comprehensive income (loss) before reclassifications	4	(3)	0
Amounts reclassified from AOCI	0	0	0
Total other comprehensive income (loss)	4	(3)	0
Ending balance	(6)	(10)	(7)
Instrument-specific credit risk of liabilities measured at fair value, net [Member]
Beginning balance	(51)	(107)	(110)
Other comprehensive income (loss) before reclassifications	(17)	50	(25)
Amounts reclassified from AOCI	36	6	28
Total other comprehensive income (loss)	19	56	3
Ending balance	$ (32)	$ (51)	$ (107)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Details Of The Reclassification From AOCI) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (loss) before income taxes	$ (445)	$ (578)	$ (357)
Net gains (losses) on financial instruments at fair value and foreign exchange	40	(86)	(78)
Net income (loss)	(445)	(578)	(359)
Amounts reclassified from AOCI [Member]
Net income (loss)	(24)	13	(40)
Unrealized gains (losses) on AFS, net [Member]
Net income (loss)	12	19	(12)
Unrealized gains (losses) on AFS, net [Member] | Amounts reclassified from AOCI [Member]
Net realized investment gains (losses)	12	19	14
Net investment losses related to OTTI	0	0	(25)
Net investment income	0	0	(1)
Income (loss) before income taxes	12	19	(12)
Instrument-specific credit risk of liabilities measured at fair value, net [Member] | Amounts reclassified from AOCI [Member]
Net gains (losses) on financial instruments at fair value and foreign exchange	$ (36)	$ (6)	$ (28)

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)Lawsuits
Commitments And Contingencies [Line Items]
Other material lawsuits pending | Lawsuits	0
Fuel Line Lenders [Member]
Commitments And Contingencies [Line Items]
PREPA working capital | $	$ 700

Commitments and Contingencies_3

Commitments and Contingencies (Lease Disclosures) (Detail) $ in Millions	Dec. 31, 2021USD ($)
Operating lease liability	us-gaap:OperatingLeaseLiability
Operating lease weighted average remaining lease term	7 years 6 months
Operating lease weighted average discount rate percent	7.50%
Operating leases future minimum payments due	$ 26
Operating lease right of use asset	Operating lease right of use asset
Other Assets [Member]
Operating lease right of use asset	$ 18
Other Liabilities [Member]
Operating lease liability	$ 18

Schedule I- Investments (Detail

Schedule I- Investments (Detail) $ in Millions	Dec. 31, 2021USD ($)
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	$ 2,639
Fair Value	2,793
Amount at which shown in the balance sheet	2,793
Assets Of Consolidated VIEs [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	176
Fair Value	137
Amount at which shown in the balance sheet	137
Loans Receivable [Member] | Assets Of Consolidated VIEs [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	108
Fair Value	77
Amount at which shown in the balance sheet	77
Long-Term Available-For-Sale [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	2,018
Fair Value	2,159
Amount at which shown in the balance sheet	2,159
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	515
Fair Value	566
Amount at which shown in the balance sheet	566
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	140
Fair Value	167
Amount at which shown in the balance sheet	167
Long-Term Available-For-Sale [Member] | Foreign Governments [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	11
Fair Value	11
Amount at which shown in the balance sheet	11
Long-Term Available-For-Sale [Member] | Corporate Obligations [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	881
Fair Value	930
Amount at which shown in the balance sheet	930
Short-Term Available-For-Sale [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	298
Fair Value	298
Amount at which shown in the balance sheet	298
AFS Investments [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	2,316
Fair Value	2,457
Amount at which shown in the balance sheet	2,457
Investments At Fair Value [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	323
Fair Value	336
Amount at which shown in the balance sheet	336
Investments At Fair Value [Member] | Assets Of Consolidated VIEs [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	68
Fair Value	60
Amount at which shown in the balance sheet	60
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	190
Fair Value	192
Amount at which shown in the balance sheet	192
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	80
Fair Value	92
Amount at which shown in the balance sheet	92
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	10
Fair Value	10
Amount at which shown in the balance sheet	10
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	101
Fair Value	101
Amount at which shown in the balance sheet	101
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	90
Fair Value	90
Amount at which shown in the balance sheet	$ 90

Schedule II (Condensed Balance

Schedule II (Condensed Balance Sheets) (Detail) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets [Abstract]
Cash and cash equivalents	$ 160	$ 167	$ 83	$ 280
Total assets	4,696	5,751
Liabilities:
Total liabilities	4,996	5,602
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—283,186,115 and 283,186,115	283	283
Additional paid-in capital	2,931	2,962
Retained earnings (deficit)	(458)	(13)
Accumulated other comprehensive income (loss), net of tax	100	115	(2)	(156)
Treasury stock, at cost—228,630,003 and 229,508,967 shares	(3,169)	(3,211)
Total shareholders' equity of MBIA Inc.	(313)	136
Total liabilities and equity	$ 4,696	$ 5,751
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	283,186,115	283,186,115
Treasury stock, shares	228,630,003	229,508,967
Parent Company [Member]
Assets [Abstract]
Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $556 and $621)	$ 618	$ 719
Investments carried at fair value	0	1
Investments pledged as collateral, at fair value (amortized cost $3 and $10)	4	1
Short-term investments held as available-for-sale, at fair value (amortized cost $52 and $31)	52	31
Total investments	674	752
Cash and cash equivalents	15	26	$ 11	$ 40
Investment in wholly-owned subsidiaries	336	728
Other assets	5	139
Total assets	1,030	1,645
Liabilities:
Investment agreements	274	269
Long-term debt	306	312
Affiliate loans payable	579	695
Income taxes payable	3	12
Derivative liabilities	130	164
Other liabilities	51	57
Total liabilities	1,343	1,509
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—283,186,115 and 283,186,115	283	283
Additional paid-in capital	2,931	2,962
Retained earnings (deficit)	(458)	(13)
Accumulated other comprehensive income (loss), net of tax	100	115
Treasury stock, at cost—228,630,003 and 229,508,967 shares	(3,169)	(3,211)
Total shareholders' equity of MBIA Inc.	(313)	136
Total liabilities and equity	1,030	1,645
Fixed-maturity securities held as available-for-sale, amortized cost	556	621
Investments pledged as collateral, amortized cost	3	10
Short-term investments, amortized cost	$ 52	$ 31
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	283,186,115	283,186,115
Treasury stock, shares	228,630,003	229,508,967

Schedule II (Condensed Statemen

Schedule II (Condensed Statements Of Operations) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Income Statements, Captions [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	$ 40	$ (86)	$ (78)
Investment losses related to other-than-temporary impairments:
Net gains (losses) on extinguishment of debt	30		(1)
Other net realized gains (losses)	(6)	0	4
Total revenues	189	282	280
Interest	163	178	201
Provision (benefit) for income taxes	0	0	2
Net income (loss)	(445)	(578)	(359)
Parent Company [Member]
Condensed Income Statements, Captions [Line Items]
Net investment income	26	28	35
Net gains (losses) on financial instruments at fair value and foreign exchange	52	(67)	(57)
Investment losses related to other-than-temporary impairments:
Net gains (losses) on extinguishment of debt	30	0	(1)
Other net realized gains (losses)	(6)	0	(2)
Total revenues	102	(39)	(25)
Operating	10	10	10
Interest	75	83	90
Total expenses	85	93	100
Gain (loss) before income taxes and equity in earnings of subsidiaries	17	(132)	(125)
Provision (benefit) for income taxes	(3)	(4)	(99)
Gain (loss) before equity in earnings of subsidiaries	20	(128)	(26)
Equity in net income (loss) of subsidiaries	(465)	(450)	(333)
Net income (loss)	$ (445)	$ (578)	$ (359)

Schedule II - Condensed Stateme

Schedule II - Condensed Statements Of Cash Flows (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Investment income received	$ 77	$ 118	$ 176
Interest paid, net of interest converted to principal	(61)	(84)	(180)
Income taxes (paid) received	0	13	11
Net cash provided (used) by operating activities	511	(390)	(368)
Cash flows from investing activities:
Paydowns and maturities of available-for-sale investments	626	724	857
Purchases of investments at fair value	(206)	(179)	(151)
Sales, paydowns and maturities of investments at fair value	174	198	617
Sales, paydowns and maturities (purchases) of short-term investments, net	(99)	143	(157)
(Payments) proceeds for derivative settlements	(66)	(16)	(98)
Net cash provided (used) by investing activities	(61)	1,738	1,267
Cash flows from financing activities:
Proceeds from investment agreements	2	12	15
Principal paydowns of investment agreements	(2)	(48)	(25)
Net cash provided (used) by financing activities	(457)	(1,265)	(1,096)
Effect of exchange rate changes on cash and cash equivalents	0	1	0
Net increase (decrease) in cash and cash equivalents	(7)	84	(197)
Cash and cash equivalents—beginning of year	167	83	280
Cash and cash equivalents—end of year	160	167	83
Reconciliation of net income (loss) to net cash provided (used) by operating activities: [Abstract]
Net income (loss)	(445)	(578)	(359)
Change in: [Abstract]
Net (gains) losses on financial instruments at fair value and foreign exchange	(40)	(70)	(157)
Deferred income tax provision (benefit)	0	12	13
Other operating	22	47	30
Total adjustments to net income (loss)	956	188	(9)
Net cash provided (used) by operating activities	511	(390)	(368)
Parent Company [Member]
Cash flows from operating activities:
Investment income received	80	101	156
Operating expenses paid and other operating	(14)	(47)	(17)
Interest paid, net of interest converted to principal	(50)	(60)	(88)
Income taxes (paid) received	6	5	34
Net cash provided (used) by operating activities	22	(1)	85
Cash flows from investing activities:
Purchases of available-for-sale investments	(150)	(216)	(278)
Sales of available-for-sale investments	202	183	319
Paydowns and maturities of available-for-sale investments	20	41	179
Purchases of investments at fair value	(2)	(2)	5
Sales, paydowns and maturities of investments at fair value	3	2	0
Sales, paydowns and maturities (purchases) of short-term investments, net	(27)	137	(61)
(Payments) proceeds for derivative settlements	(17)	(16)	(98)
Return of capital from subsidiaries	11	0	0
Contributions (to) from subsidiaries, net	0	0	(14)
Net cash provided (used) by investing activities	40	129	52
Cash flows from financing activities:
Proceeds from investment agreements	2	12	15
Principal paydowns of investment agreements	(2)	(18)	(20)
Principal paydowns of long-term debt	0	(115)	(150)
Payments for affiliate loans	(81)	0	(19)
Restricted stock awards settlements	8	8	8
Net cash provided (used) by financing activities	(73)	(113)	(166)
Effect of exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash and cash equivalents	(11)	15	(29)
Cash and cash equivalents—beginning of year	26	11	40
Cash and cash equivalents—end of year	15	26	11
Reconciliation of net income (loss) to net cash provided (used) by operating activities: [Abstract]
Net income (loss)	(445)	(578)	(359)
Change in: [Abstract]
Intercompany accounts receivable	(7)	(39)	(16)
Current income taxes	6	5	23
Equity in earnings of subsidiaries	465	450	333
Dividends from subsidiaries	60	81	134
Net (gains) losses on financial instruments at fair value and foreign exchange	(52)	67	57
Deferred income tax provision (benefit)	(3)	(4)	(88)
(Gains) losses on extinguishment of debt	(30)	0	1
Other operating	28	17	0
Total adjustments to net income (loss)	467	577	444
Net cash provided (used) by operating activities	$ 22	$ (1)	$ 85

Schedule II - (Notes to Condens

Schedule II - (Notes to Condensed Financial Statements) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Long-term debt principal amount purchased	$ 308
Fair value of securities pledged as collateral	280	$ 282
Securities posted as collateral to derivative counterparties	$ 159	$ 214
MBIA Inc. Senior Notes [Member]
Long-term debt, interest rate	5.70%
Long-term debt, maturity year	2034
Mbia Inc. Debentures [Member]
Long-term debt principal amount purchased	$ 13
Long-term debt, interest rate	7.00%
Long-term debt, maturity year	2025
6.400% Senior Notes due 2022 [Member]
Long-term debt principal amount purchased	$ 115
Long-term debt principal amount purchased, par value	100.00%
Long-term debt, interest rate	6.40%	6.40%
Long-term debt, maturity year	2022
6.625% Senior Notes due 2028 [Member]
Long-term debt, interest rate	6.625%
Long-term debt, maturity year	2028
Debt Instrument, Face Amount	$ 5
7.15% Senior Notes due 2027 [Member]
Long-term debt, interest rate	7.15%
Long-term debt, maturity year	2027
Debt Instrument, Face Amount	$ 1
MBIA Inc. [Member]
Liquid assets	239
Fair value of securities pledged as collateral	280	$ 282
Securities posted as collateral to derivative counterparties	159	214
National [Member]
Dividends from subsidiaries	60	$ 81	$ 134
National [Member] | Mbia Inc. Debentures [Member]
Long-term debt principal amount purchased	$ 10

Schedule IV - (Reinsurance) (De

Schedule IV - (Reinsurance) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Direct Amount	$ 8	$ 1	$ 3
Ceded to Others	2	1	0
Assumed From Other Companies	0	0	0
Net Amount	$ 6	$ 0	$ 3
Percentage of Amount Assumed to Net	0.00%	0.00%	0.00%