Summary by Futu AI
On August 6, 2024, MBIA Inc. released its financial results for the second quarter ended June 30, 2024. The company reported a consolidated GAAP net loss of $254 million, or $(5.34) per share, a significant increase from the net loss of $74 million, or $(1.46) per share, in the same quarter of the previous year. The increased loss was attributed to higher losses and loss adjustment expenses at National Public Finance Guarantee Corporation, particularly due to its exposure to the Puerto Rico Electric Power Authority, and higher fair value losses at MBIA Insurance Corporation, mainly due to a decline in the value of recoveries associated with Zohar CDOs. The company's book value per share also decreased to negative $39.07 as of June 30, 2024, from negative $32.56 at the end of...Show More