MBIA Inc. (MBIA) reported a challenging financial performance for the quarter ended June 30, 2024. The company experienced a net loss from continuing operations of $253 million, a significant decline from the $78 million loss in the same period of 2023. Discontinued operations also contributed to the loss, with a net loss from discontinued operations attributable to MBIA Inc. of $1 million. The basic and diluted net loss per common share attributable to MBIA Inc. was $5.34 for the quarter, compared to a loss of $1.46 per share in the previous year. The company's total revenues for the quarter were negative $37 million, a stark contrast to the $28 million in positive revenue for the same quarter in 2023. Total expenses rose to $216 million from $106 million year-on-year. The...Show More

MBIA Inc. (MBIA) reported a challenging financial performance for the quarter ended June 30, 2024. The company experienced a net loss from continuing operations of $253 million, a significant decline from the $78 million loss in the same period of 2023. Discontinued operations also contributed to the loss, with a net loss from discontinued operations attributable to MBIA Inc. of $1 million. The basic and diluted net loss per common share attributable to MBIA Inc. was $5.34 for the quarter, compared to a loss of $1.46 per share in the previous year. The company's total revenues for the quarter were negative $37 million, a stark contrast to the $28 million in positive revenue for the same quarter in 2023. Total expenses rose to $216 million from $106 million year-on-year. The company's investment portfolio faced unrealized losses due to higher interest rates, and MBIA Inc. also faced increased losses and loss adjustment expenses, primarily due to unfavorable changes in PREPA net reserves. In terms of business development, MBIA Inc. continues to manage its business within three operating segments: U.S. public finance insurance, corporate, and international and structured finance insurance. The company's U.S. public finance insurance portfolio is managed through National Public Finance Guarantee Corporation, which aims to maximize the performance of its existing insured portfolio. The corporate segment includes general corporate activities and asset and capital management. MBIA Corp.'s primary objectives are to satisfy all claims by its policyholders and to maximize future recoveries. Looking ahead, MBIA Inc. does not expect National or MBIA Corp. to write new financial guarantee policies outside of remediation related activities. The company's future plans are focused on managing its existing insured portfolio and investment portfolio effectively.