On May 9, 2024, MBIA Inc., a financial guarantee insurance provider, reported its first quarter financial results for the period ending March 31, 2024. The company announced a consolidated GAAP net loss of $86 million, or $(1.84) per diluted common share, an improvement from the $93 million net loss, or $(1.86) per diluted common share, reported in the same quarter of the previous year. The reduced net loss was attributed to favorable outcomes from discontinued operations, mark-to-market gains on interest rate swaps, and foreign exchange gains, which were partially offset by higher losses and loss adjustment expenses, particularly related to the Puerto Rico Electric Power Authority exposure at National Public Finance Guarantee Corporation. MBIA Inc.'s book value per share was negative $33.80 as of March 31, 2024, a...Show More

On May 9, 2024, MBIA Inc., a financial guarantee insurance provider, reported its first quarter financial results for the period ending March 31, 2024. The company announced a consolidated GAAP net loss of $86 million, or $(1.84) per diluted common share, an improvement from the $93 million net loss, or $(1.86) per diluted common share, reported in the same quarter of the previous year. The reduced net loss was attributed to favorable outcomes from discontinued operations, mark-to-market gains on interest rate swaps, and foreign exchange gains, which were partially offset by higher losses and loss adjustment expenses, particularly related to the Puerto Rico Electric Power Authority exposure at National Public Finance Guarantee Corporation. MBIA Inc.'s book value per share was negative $33.80 as of March 31, 2024, a decrease from the end of the previous year, primarily due to the quarterly net loss. The company also reported an Adjusted Net Loss of $24 million, or $(0.52) per diluted share, for the quarter. MBIA Inc.'s liquidity position was reported at $376 million, with no share repurchases made during the quarter. National Public Finance Guarantee Corporation, a subsidiary of MBIA Inc., reported statutory capital of $1.1 billion and claims-paying resources of $1.7 billion, with a leverage ratio of 25 to 1. MBIA Insurance Corporation, another subsidiary, reported statutory capital of $119 million and claims-paying resources of $468 million. MBIA Inc. will host a conference call to discuss the results and has made additional financial information available on its website.