On February 28, 2024, MBIA Inc., a financial guarantee insurance provider, reported its full-year and fourth-quarter financial results for 2023. The company disclosed a consolidated GAAP net loss of $491 million, or $(10.18) per diluted common share for the year, compared to a net loss of $195 million in 2022. The increased loss was attributed to reduced revenues and higher losses and loss adjustment expenses at MBIA Insurance Corporation. MBIA's book value per share also declined, reaching negative $32.56 at the end of 2023, exacerbated by an $8.00 per share dividend paid to shareholders in December. The Adjusted Net Loss, a non-GAAP measure, was $169 million for 2023, compared to $145 million the previous year, mainly due to greater losses related to National's Puerto Rico exposure. The fourth...Show More

On February 28, 2024, MBIA Inc., a financial guarantee insurance provider, reported its full-year and fourth-quarter financial results for 2023. The company disclosed a consolidated GAAP net loss of $491 million, or $(10.18) per diluted common share for the year, compared to a net loss of $195 million in 2022. The increased loss was attributed to reduced revenues and higher losses and loss adjustment expenses at MBIA Insurance Corporation. MBIA's book value per share also declined, reaching negative $32.56 at the end of 2023, exacerbated by an $8.00 per share dividend paid to shareholders in December. The Adjusted Net Loss, a non-GAAP measure, was $169 million for 2023, compared to $145 million the previous year, mainly due to greater losses related to National's Puerto Rico exposure. The fourth quarter saw a consolidated GAAP net loss of $138 million, or $(2.94) per diluted common share. MBIA's liquidity position as of December 31, 2023, was reported at $411 million. National Public Finance Guarantee Corporation, an MBIA subsidiary, had statutory capital of $1.1 billion and claims-paying resources of $1.7 billion after paying dividends in the fourth quarter. MBIA Insurance Corporation ended the year with statutory capital of $152 million and claims-paying resources of $504 million. The company will host a conference call to discuss these results and other company matters.