United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock MBI New York Stock Exchange Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 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: 1-9583 MBIA INC. (Exa ...

MBIA Inc. (NYSE:MBI) Q4 2022 Earnings Conference Call March 1, 2023 8:00 AM ET Company Participants Greg Diamond - Managing Director of Investor & Media Relations Bill Fallon - Chief Executive Officer Anthony McKiernan - Executive Vice President and Chief Financial Officer Conference Call Participants Tommy McJoynt - KBW John Staley - Staley Capital Advisors Operator Good [Technical Difficulty] and welcome to the MBIA Fourth Quarter and Full-Year 2022 Financial Results Conference Call. I would now like to t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 1-9583 MBIA INC. (Exact name of registrant as specified in its charter) Connecticut 06-1185706 (State of incorporation) (I.R.S. Em ...

MBIA Inc. (NYSE:MBI) Q3 2022 Earnings Conference Call November 3, 2022 8:00 AM ET Company Participants Greg Diamond - MD of Investor & Media Relations Bill Fallon - CEO Anthony McKiernan - EVP and CFO Conference Call Participants Tommy McJoynt - KBW Geoffrey Dunn - Dowling & Partners Paul Saunders - Hutch Capital John Staley - Staley Capital Advisors Operator Welcome to the MBIA Incorporated Third Quarter 2022 Financial Results Conference Call. I would now like to turn the call over to Greg Diamond, Managin ...

MBIA Inc. (NYSE:MBI) Q2 2022 Results Conference Call August 4, 2022 8:00 AM ET Company Participants Greg Diamond - Managing Director of Investor & Media Relations Bill Fallon - Chief Executive Officer Anthony McKiernan - Executive Vice President & Chief Financial Officer Conference Call Participants John Staley - Staley Capital Paul Saunders - Hutch Capital Operator Welcome to the MBIA Inc., Second Quarter 2022 Financial Results Conference Call. I would like to turn the call over to Greg Diamond, Managing D ...

MBIA, Inc. (NYSE:MBI) Q1 2022 Earnings Conference Call May 10, 2022 8:00 AM ET Company Participants Greg Diamond - Managing Director of Investor & Media Relations Bill Fallon - Chief Executive Officer Anthony McKiernan - Executive Vice President & Chief Financial Officer Conference Call Participants Tommy McJoynt - KBW John Staley - Staley Capital Advisement. Operator Welcome to the MBIA Incorporated First Quarter 2022 Financial Results Conference Call. I would now like to turn the call over to Greg Diamon ...

Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $155 million or a negative $3.21 per share for Q4 2021, compared to a net loss of $80 million or negative $1.64 per share for Q4 2020, primarily due to lower VIE revenues and higher Puerto Rico losses [10][15] - For the full year 2021, the consolidated GAAP net loss was $445 million or negative $8.99 per share, an improvement from a net loss of $578 million or negative $9.78 per share in 2020, driven by lower loss in LAE expenses and gains on financial instruments [15][16] - The adjusted net loss for Q4 2021 was $106 million or negative $2.13 per diluted share, compared to an adjusted net loss of $36 million or negative $0.74 per diluted share for Q4 2020 [14] Business Line Data and Key Metrics Changes - National's insured portfolio outstanding gross par reduced to $36.5 billion as of December 31, 2021, down $5.4 billion from year-end 2020, with a leverage ratio of gross par to statutory capital at 18:1 [9] - National reported statutory net income of $5.5 million for Q4 2021, down from $41 million in Q4 2020, while for the full year, statutory net income was $55 million compared to a statutory net loss of $82 million in 2020 [18][19] - MBIA Insurance Corp. reported a statutory net loss of $40 million for Q4 2021, an improvement from a net loss of $54 million in Q4 2020, and a statutory net loss of $129 million for the full year, down from $202 million in 2020 [20] Market Data and Key Metrics Changes - National's total fixed income investment portfolio had a book adjusted carrying value of $1.9 billion as of December 31, 2021, with statutory capital at $2 billion and claims paying resources totaling $3 billion [19] - The company had remaining PREPA exposure of $809 million of gross par at year-end, with approximately 35% of its par claims monetized through sales [8][9] Company Strategy and Development Direction - The resolution of Puerto Rico exposures remains a primary focus, with the Oversight Board making progress on restructuring the Highway and Transportation Authority debt [6][7] - The company is considering strategic objectives that may include a potential sale of the company and/or requests for special distributions from National to MBIA Inc. [8] - The corporate segment aims to reduce risk in the portfolio to a normal runoff mode, with a focus on the Zohar CLOs and improving liquidity [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of Puerto Rico credits, indicating that the company does not need to resolve all obligations to sell the company [39] - The company is continuously analyzing potential sale opportunities and is not waiting for a specific event to pursue strategic options [41] Other Important Information - The book value per share decreased to negative $5.73 as of December 31, 2021, primarily due to the fiscal year net loss of $445 million [16] - The holding company received a $60 million as-of-right dividend from National in Q4 2021 [18] Q&A Session Summary Question: Status of the PREPA deal and potential scenarios - Management indicated that the Puerto Rican legislature is not inclined to approve the deal, and mediation has been requested by creditors [23][24] Question: Plans for cash proceeds from PREPA claims - The cash proceeds will add to investable assets, generating additional investment income and increasing dividend capacity [25][26] Question: Excess capital and potential special dividends - Management noted that calculating special distributions requires a case-by-case analysis rather than a general leverage ratio approach [27][28] Question: MBIA Insurance Corp. and regulatory responsibilities - Management clarified that they have fiduciary responsibilities to policyholders and aim to reduce risk in the portfolio without entering regulatory rehabilitation [30][31] Question: Strategic acquisition considerations - Management believes that potential acquirers can add value and that the remaining portfolio is nearing the end of its runoff phase [36]