Summary by Futu AI
MBIA Inc. reported a net loss from continuing operations of $87 million for the first quarter of 2024, compared to a net loss of $83 million for the same period in 2023. The net loss attributable to MBIA Inc. was $86 million for Q1 2024, improving slightly from a net loss of $93 million in Q1 2023. Basic and diluted earnings per share for continuing operations were $(1.88) in 2024, compared to $(1.67) in 2023. The company's total revenues increased to $13 million in Q1 2024 from $2 million in Q1 2023, while total expenses rose to $100 million from $85 million. MBIA Inc.'s business developments included a restructuring support agreement with the Financial Oversight and Management Board for Puerto Rico regarding the Puerto Rico Electric Power Authority (PREPA), with National paying $16 million in gross claims for insured bonds. The company's future plans involve managing its U.S. public finance insurance portfolio through National, supporting its operating subsidiaries, and maximizing recoveries for MBIA Corp.'s policyholders and surplus note holders.
