MBIA Inc. (MBIA) reported a challenging financial year, with a net loss of $491 million for 2023, a significant decline from the $195 million net loss in 2022. The company's total revenues plummeted to $7 million in 2023 from $154 million in the previous year, while total expenses rose to $491 million from $302 million. The decrease in revenues was primarily due to unfavorable changes in fair value gains on interest rate swaps, revenues from variable interest entities (VIEs), net realized investment losses, and foreign exchange rates. MBIA's operating segment, National, managed a total insured gross par outstanding of $28.4 billion as of December 31, 2023. National's primary objectives include maximizing the performance of its existing insured portfolio and managing its investment portfolio. In 2023, National paid gross claims of...Show More

MBIA Inc. (MBIA) reported a challenging financial year, with a net loss of $491 million for 2023, a significant decline from the $195 million net loss in 2022. The company's total revenues plummeted to $7 million in 2023 from $154 million in the previous year, while total expenses rose to $491 million from $302 million. The decrease in revenues was primarily due to unfavorable changes in fair value gains on interest rate swaps, revenues from variable interest entities (VIEs), net realized investment losses, and foreign exchange rates. MBIA's operating segment, National, managed a total insured gross par outstanding of $28.4 billion as of December 31, 2023. National's primary objectives include maximizing the performance of its existing insured portfolio and managing its investment portfolio. In 2023, National paid gross claims of $137 million related to the Puerto Rico Electric Power Authority (PREPA) defaults. MBIA's corporate segment, which includes general corporate activities and asset and capital management, reported a net loss from continuing operations before income taxes of $102 million for 2023. MBIA's international and structured finance insurance segment, managed through MBIA Corp., reported a net loss from continuing operations before income taxes of $250 million for 2023. MBIA Corp.'s total insured gross par outstanding was $2.9 billion as of December 31, 2023. Looking ahead, MBIA continues to pursue measures to enhance shareholder value, including the payment of extraordinary cash dividends and share repurchase programs. In 2023, National declared and paid an as-of-right dividend of $97 million and a $550 million special dividend to its ultimate parent, MBIA Inc. Additionally, MBIA's Board of Directors declared an extraordinary cash dividend on MBIA’s common stock of $8.00 per share, paid on December 22, 2023.