Portfolio and Insurance - As of December 31, 2024, MBIA's insured portfolio consists of $25.3 billion gross par outstanding in U.S. public finance obligations, covering 1,349 policies across 885 credits[36]. - MBIA Corp. has a total insured gross par outstanding of $2.3 billion as of December 31, 2024, with insurance in force amounting to $3.1 billion[40]. - The average annual insured debt service for National's portfolio as of December 31, 2024, was $3.9 billion[37]. - National's ten largest insured U.S. public finance credits totaled $7.6 billion, representing 30.0% of its total insured gross par amount outstanding[37]. - MBIA Corp. estimates the average life of its insurance policies in force is 6 years, with an average annual insured debt service of $0.3 billion[41]. - The company has third-party reinsurance agreements covering approximately 2.4% of its insured par outstanding, with no current plans to reduce insured exposure through reinsurance[68]. - As of December 31, 2024, National had $745 million of debt service outstanding related to Puerto Rico, with gross claims paid in 2024 totaling $137 million due to defaults[110]. - On January 1, 2025, PREPA defaulted on scheduled debt service for National insured bonds, resulting in an additional $13 million in gross claims paid[110]. Financial Performance - Total revenues for 2024 were $42 million, a significant decrease from $154 million in 2022[185]. - Total expenses for 2024 were $483 million, compared to $302 million in 2022, indicating a substantial increase[185]. - Net income attributable to MBIA Inc. for 2024 was a loss of $447 million, compared to a loss of $195 million in 2022[185]. - Adjusted net income (loss) for 2024 was $(184) million, compared to $(145) million in 2022[185]. - The effective tax rate for 2024 was below the U.S. statutory tax rate of 21% due to a full valuation allowance on net deferred tax assets[188]. - Net investment income decreased by $32 million in 2024 compared to 2023, primarily due to a lower average asset base[186]. - Adjusted net income for 2024 was $(184) million, compared to $(169) million in 2023 and $(145) million in 2022, with adjusted net income per diluted common share at $(3.90) for 2024[195]. - The U.S. public finance insurance segment reported net premiums earned of $30 million for both 2024 and 2023, a 36% decrease from $47 million in 2022[205]. - Net investment income decreased to $67 million in 2024 from $93 million in 2023, primarily due to a lower average invested asset base[205]. Risk Management - National's risk mitigation strategy includes proactive portfolio management and early detection of stress in its insured portfolio[26]. - The company's credit risk management is overseen by various committees, including the Risk Oversight Committee, which reviews material transactions and policies related to credit, market, operational, legal, financial, and business risks[43][44]. - The Audit Committee monitors the integrity of financial statements and compliance with legal and regulatory requirements, including cybersecurity risks, receiving semi-annual briefings on the implementation of the Cybersecurity Policy[46]. - The company has identified climate change as an emerging risk to its insured portfolio, particularly affecting U.S. municipalities, which face direct and indirect impacts from severe weather events[57][58]. - The majority of MBIA's insured exposure is to U.S. municipalities, with potential financial strain due to costs associated with climate risk mitigation[58]. - The company continues to monitor financial and budgetary stress among state and local governments, which could lead to increased defaults on insured obligations[203]. - The company’s risk management policies may not adequately prevent future losses, particularly in transactions with large notional exposures[118]. Shareholder Actions - In 2023, National declared and paid dividends of $69 million and a special dividend of $550 million to MBIA Inc.[24]. - The company has a share repurchase program authorized for up to $100 million, with $71 million remaining as of December 31, 2024[21]. - The Board of Directors declared an extraordinary cash dividend of $8.00 per share on December 7, 2023, paid on December 22, 2023[165]. - The share repurchase program authorized up to $100 million, with 3.6 million shares repurchased in 2023 at an average price of $8.12, leaving $71 million remaining as of December 31, 2024[166]. Regulatory Compliance - The company is subject to regulation under New York Insurance Law, which prescribes minimum standards of solvency and requires detailed annual financial statements to be filed[71]. - As of December 31, 2024, National and MBIA Insurance Corporation were in compliance with their aggregate risk limits, despite reporting single risk limit overages due to changes in statutory capital[79]. - The Superintendent of Financial Services may impose remedial actions if the company's insurance subsidiaries do not meet regulatory requirements[122]. - The company is required to contribute 50% of premiums as they are earned to contingency reserves for policies written prior to July 1, 1989, and must make contributions over 15 or 20 years for policies written after that date[75]. Operational Risks - The company relies heavily on information technology systems, facing risks of operational failures and cybersecurity threats that could adversely affect business operations[146]. - The company has implemented a comprehensive cybersecurity program to safeguard critical information assets, including regular assessments and third-party monitoring[152]. - The company has a succession plan for key executives, but the loss of any key personnel could adversely affect its business strategy[149]. - Ineffective internal controls could result in material misstatements in financial statements, affecting investor confidence and the company's ability to raise capital[128]. Loss Reserves and Claims - As of December 31, 2024, the company's loss and loss adjustment expense reserves are based on case basis reserves and estimates for LAE, reflecting expected losses net of potential recoveries[66]. - Loss reserve estimates and credit impairments are subject to uncertainties, and there is no assurance that future net claims will not exceed loss reserves[113]. - The increase in loss and LAE reserves as of December 31, 2024, was primarily due to PREPA claims, with specific reserve adjustments related to a leased-back transaction[213]. - The company made claim payments for PREPA in January and July 2024, which partially offset the increase in reserves[213]. - Insurance loss recoverable increased by 9% to $165 million in 2024 from $152 million in 2023[212]. - Loss and loss adjustment expenses increased to $191 million in 2024 from $170 million in 2023, reflecting changes in PREPA reserves[211].

Financial Performance - MBIA Inc. reported a consolidated GAAP net loss of $447 million, or $(9.43) per diluted common share, for 2024, an improvement from a net loss of $491 million, or $(10.18) per diluted common share, in 2023[15]. - The company recorded an Adjusted Net Loss of $184 million, or $(3.90) per diluted common share, for 2024, compared to an Adjusted Net Loss of $169 million, or $(3.49) per diluted common share, for 2023[17]. - The fourth quarter of 2024 saw a consolidated GAAP net loss of $51 million, or $(1.07) per diluted common share, compared to a net loss of $138 million, or $(2.94) per diluted common share, in the fourth quarter of 2023[19]. - The Adjusted Net Loss for the fourth quarter of 2024 was $22 million, or $(0.48) per share, compared to an Adjusted Net Loss of $8 million, or $(0.16) per share, for the fourth quarter of 2023[20]. Liquidity and Capital Position - As of December 31, 2024, MBIA Inc.'s liquidity position totaled $380 million, primarily consisting of cash and cash equivalents and other liquid invested assets[21]. - National Public Finance Guarantee Corporation had statutory capital of $0.9 billion and claims-paying resources totaling $1.5 billion as of December 31, 2024[22]. - MBIA Insurance Corporation's statutory capital was $88 million, with claims-paying resources totaling $356 million as of December 31, 2024[23]. Portfolio and Book Value - National's insured portfolio declined by $0.6 billion in the fourth quarter and $3.1 billion for the year, with $25.3 billion of gross par outstanding at December 31, 2024[22]. - Book value per share was negative $40.99 as of December 31, 2024, compared to negative $32.56 as of December 31, 2023[16]. - MBIA Corp. has a negative book value, which is removed based on the company's current financial condition and regulatory environment, indicating no economic benefit can be upstreamed to MBIA Inc.[35]. Revenue and Loss Reserves - The net unearned premium revenue in excess of expected losses for National is included, reflecting financial guarantee unearned premium revenue exceeding expected insurance losses[35]. - The company's loss reserve on financial guarantee policies is only recorded when expected losses exceed unearned premium revenue, impacting future GAAP book value recognition[35]. - Net unrealized gains and losses on available-for-sale (AFS) securities are excluded from GAAP book value as they will reverse upon maturity of the securities[35]. Upcoming Events - The company will host a conference call on February 28, 2025, to discuss its full year and fourth quarter 2024 financial results[24].

Company Overview - MBIA (MBI) shares increased by 15.4% to $7.11 in the last trading session, following a higher-than-average trading volume, contrasting with a 10.7% loss over the past four weeks [1] - The company is focusing on improving revenues while lowering expenses, which is expected to drive growth [2] Financial Performance - MBIA is projected to report a quarterly loss of $0.11 per share, reflecting a year-over-year increase of 31.3% [2] - Expected revenues for the upcoming report are $22 million, a decrease of 38.9% compared to the same quarter last year [2] Earnings Estimates and Market Trends - The consensus EPS estimate for MBIA has remained unchanged over the last 30 days, indicating a lack of upward momentum in earnings revisions [4] - Trends in earnings estimate revisions are correlated with near-term stock price movements, suggesting that monitoring these trends is crucial for assessing future stock performance [3] Industry Context - MBIA operates within the Zacks Insurance - Multi line industry, where Principal Financial (PFG) also competes [4] - Principal Financial's consensus EPS estimate has increased by 1.1% over the past month to $1.95, representing a 6.6% change from the previous year [5]

Shares of MBIA (MBI) have gained 67.2% over the past four weeks to close the last trading session at $6.89, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $8.83 indicates a potential upside of 28.2%.The average comprises three short-term price targets ranging from a low of $4.50 to a high of $13, with a standard deviation of $4.25. While the lowest estimate indicates a decline ...

MBIA (MBI) closed the last trading session at $5.98, gaining 53.3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $8 indicates a 33.8% upside potential.The mean estimate comprises three short-term price targets with a standard deviation of $4.44. While the lowest estimate of $4.50 indicates a 24.8% decline from the current price level, the most optimistic analyst expects the stock ...

Analyst’s Disclosure: I/we have a beneficial long position in the shares of MBI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. I am also an Assured Guaranty (AGO) shareholderSeeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendatio ...

MBIA Inc. (NYSE:MBI) Q3 2024 Earnings Conference Call November 8, 2024 8:00 AM ET Company Participants Greg Diamond - Managing Director, Investor and Media Relations Bill Fallon - Chief Executive Officer Joe Schachinger - Executive Vice President and Chief Financial Officer Conference Call Participants Tommy McJoynt - KBW Jordan Hymowitz - Philadelphia Financial John Staley - Staley Capital Advisors Operator Welcome to the MBIA Inc. Third Quarter 2024 Financial Results Conference Call. I would now like to t ...

MBIA (MBI) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of a loss of $0.16. This compares to loss of $2.92 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 100%. A quarter ago, it was expected that this insurance and reinsurance company would post a loss of $0.09 per share when it actually produced a loss of $2.90, delivering a surprise of -3,122.22%.Over the last four quarters, the compa ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-09583 MBIA INC. (Exact name of registrant as specified in its charter) Connecticut (State or other jurisdiction of i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Connecticut 001-09583 06-1185706 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock MBI New York Stock Exchange FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 07, 2024 MBIA Inc. (Exact ...