MBIA Inc. (NYSE:MBI) Q2 2021 Earnings Conference Call August 5, 2021 8:00 AM ET Company Representatives Bill Fallon - Chief Executive Office Anthony McKiernan - Executive Vice President & Chief Financial Officer Greg Diamond - Managing Director, Investor & Media Relations Conference Call Participants Tommy McJoynt - KBW John Staley - Staley Capital Advisers Operator Welcome to the MBIA Inc. Second Quarter 2021 Financial Results Conference Call. I would now like to turn the call over to Greg Diamond, Managi ...

MBIA Inc. (NYSE:MBI) Q1 2021 Earnings Conference Call May 11, 2021 8:00 AM ET Company Participants Greg Diamond - Managing Director, Investor & Media Relations Bill Fallon - Chief Executive Office Anthony McKiernan - Executive Vice President & Chief Financial Officer Conference Call Participants Tommy McJoynt - KBW John Staley - Staley Capital Advisers Operator Welcome to the MBIA Inc. First Quarter 2021 Financial Results Conference Call. I would now like to turn the call over to Greg Diamond, Managing Dire ...

Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $81 million for Q4 2020, an improvement from a net loss of $243 million in Q4 2019 [12] - For the full year 2020, the consolidated GAAP net loss was $578 million, compared to a net loss of $359 million in 2019 [14] - Adjusted net loss for Q4 2020 was $36 million, compared to an adjusted net loss of $95 million in Q4 2019 [14] - Book value per share decreased to $2.55 as of December 31, 2020, down from $10.40 a year earlier [16] Business Line Data and Key Metrics Changes - National's insured portfolio declined to $42 billion at year-end 2020, down $2 billion from the previous quarter [11] - National reported statutory net income of $41 million for Q4 2020, up from $4 million in Q4 2019 [20] - MBIA Insurance Corp. reported a statutory net loss of $54 million for Q4 2020, an improvement from a net loss of $73 million in Q4 2019 [22] Market Data and Key Metrics Changes - The outstanding gross par of the insured portfolios continues to reduce, with National's leverage ratio gross par to statutory capital at 21:1 [11] - National's total fixed income investment portfolio had a book-adjusted carrying value of $2 billion as of December 31, 2020 [21] Company Strategy and Development Direction - The company is focused on resolving Puerto Rico-related exposures to enhance shareholder value by moving cash from National to the holding company [42][43] - Management believes that running off the insured portfolio and maximizing cash flow to shareholders is the best strategy moving forward [42] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of resolving Puerto Rico issues as a key to freeing up cash for shareholders [37] - The company is optimistic about the performance of its portfolio, indicating that the stress on municipalities has not been as severe as initially feared [72] Other Important Information - The company received a $600 million settlement from Credit Suisse, which will improve liquidity and is reflected in the fourth quarter results [8][22] - National's claims paying resources totaled $3.1 billion as of December 31, 2020 [21] Q&A Session Summary Question: Conditions for continuing support of the planned support agreement - Management indicated that the focus is now on the Highway and Transportation Authority (HTA) and that the situation is confidential [25][27] Question: Progress toward HTA resolution - Management stated that discussions are confidential but emphasized that parties are focused on the March 31 deadline [27] Question: Impact of risk-free discount rates on expected recoveries - Management confirmed that the rates were based on year-end figures and adjustments would be made based on future rates [28][30] Question: Upstream sources of capital to the holding company - Management provided details on expected dividends and tax escrow releases, indicating limited contributions from tax escrow in the future [31][32] Question: Post-Puerto Rico plans to enhance shareholder value - Management stated that the focus will be on running off the insured portfolio and maximizing cash flow to shareholders [42][43] Question: Plans for the $600 million from Credit Suisse - Management discussed optimizing the investment portfolio and potentially repaying some debt with the funds [46] Question: Timing for resolving Puerto Rico exposures - Management indicated that timing is uncertain and varies based on the complexity of negotiations [62] Question: Credit Suisse settlement impact on financials - Management confirmed that the settlement has been reflected in the fourth quarter results [64] Question: Capacity for share repurchases - Management noted that there is capacity for share repurchases but emphasized the need for liquidity considerations [60][67]

Financial Performance - As of December 31, 2020, National had $41.9 billion of insured gross par outstanding on U.S. public finance obligations covering 2,470 policies[29]. - Insurance in force as of December 31, 2020 was $81.5 billion, with an average annual insured debt service of $5.5 billion[30]. - MBIA Corp.'s gross par amount outstanding of insured obligations was $7.7 billion, with insurance in force totaling $9.9 billion as of December 31, 2020[32]. - National declared and paid dividends of $81 million in Q4 2020, compared to $134 million in Q4 2019[16]. - The Company redeemed $115 million principal amount of its 6.400% Senior Notes due 2022 during 2020[16]. Insurance and Risk Management - The average life of National's domestic public finance insurance policies in force was estimated at 9 years as of December 31, 2020[29]. - MBIA Corp. estimates the average life of its international and structured finance insurance policies in force is 6 years as of December 31, 2020[33]. - National's ten largest insured U.S. public finance credits totaled $9.1 billion, representing 21.7% of its total U.S. public finance gross par amount outstanding[30]. - The Company conducts ongoing credit surveillance for U.S. public finance, focusing on economic and political trends, issuer debt management, and cash flow adequacy under stress[43]. - The Company monitors international public finance credits by assessing country risk, local regulatory oversight, and economic factors, with increased review frequency for downgraded exposures[43]. - The Company uses an internal credit rating system to rank credits, with performance issues categorized into "Caution List" and "Classified List" for potential claims[45]. - The Company measures market risk on a consolidated basis, focusing on interest rates, credit spreads, and foreign exchange rates, using various models to test exposure under market stress scenarios[49]. - The Operational Risk function identifies vulnerabilities to operational disruptions and reports periodically to the Risk Oversight Committee and Audit Committee[50]. - The company currently has third-party reinsurance agreements covering 3% of its insured par outstanding, with no immediate plans to reduce insured exposure through reinsurance[66]. - National reported non-compliance with certain single risk limits as of December 31, 2020, due to changes in statutory capital, although it was compliant with aggregate risk limits[77]. Corporate Governance and Management - The executive officers of the Company include William C. Fallon as CEO since July 2005 and Anthony McKiernan as CFO since May 2012[95][96]. - The Board of Directors appointed William C. Fallon as CEO on September 15, 2017, and Anthony McKiernan as CFO on March 11, 2016[96]. - Jonathan C. Harris serves as General Counsel and Secretary, appointed on May 3, 2017[97]. - Daniel M. Avitabile is the Chief Risk Officer of MBIA Corp., appointed on March 11, 2016[98]. - Adam T. Bergonzi oversees risk and insured portfolio management activities as Chief Risk Officer of National since 2010[99]. - Christopher H. Young has been the Chief Financial Officer of National since March 2009[100]. - Joseph R. Schachinger has served as Controller since May 2017[100]. Operational and Strategic Initiatives - The Company maintains a stable liquidity position, expected to service obligations over the next several years without needing to access capital markets[14]. - The Company has a designated Model Governance Team to enhance the consistency, reliability, and transparency of its models, mitigating model risk on an enterprise-wide basis[42]. - The Company has invested in imaging technology to reduce paper usage, promoting a paperless office environment[52]. - The Company has paid out over $20 million in matching gifts and nearly $12 million in grants through the MBIA Foundation since its inception[61]. - The Company implemented business continuity plans in response to the COVID-19 pandemic, with all employees working remotely until conditions permit a safe return[63]. Regulatory and Compliance - The company is subject to insurance regulation and supervision by the State of New York, with specific requirements for solvency and business conduct[68]. - MBIA Insurance Corporation is exempt from assessments by insurance guarantee funds in most states where it operates, as it primarily writes municipal bond insurance and financial guarantee insurance[82]. - The company is required to maintain contingency reserves, contributing 50% of premiums earned on policies written prior to July 1, 1989, and over a period of 15 or 20 years for policies written after that date[75]. - The company does not maintain a capital facility and relies on its investment policies to optimize capital resources[86]. - The company does not maintain a contractual relationship with major rating agencies, but Moody's continues to maintain ratings at its discretion[85]. - The Company has made available certain confidential information subject to a non-disclosure agreement[91]. - The Company maintains a website where it provides access to SEC filings, but this information is not incorporated by reference into its Form 10-K[89].

MBIA Inc. (NYSE:MBI) Q3 2020 Earnings Conference Call November 10, 2020 8:00 AM ET Company Participants Greg Diamond – Managing Director-Investor and Media Relations Bill Fallon – Chief Executive Officer Anthony McKiernan – Executive Vice President and Chief Financial Officer Conference Call Participants Tommy McJoynt – KBW Andrew Harte – BTIG John Staley – Staley Capital Giuliano Bologna – Compass Point Geoffrey Dunn – Dowling & Partners Operator Welcome to the MBIA Inc. Third Quarter 2020 Financial Result ...

Financial Performance - In Q3 2020, MBIA reported total revenues of $71 million, a decrease of 58.8% from $172 million in Q3 2019[203]. - The company incurred a net loss of $58 million in Q3 2020, compared to a net income of $83 million in Q3 2019, reflecting a significant decline in performance[203]. - Adjusted net income for Q3 2020 was a loss of $18 million, down from an adjusted net income of $115 million in Q3 2019[199]. - The total expenses for Q3 2020 were $129 million, up from $83 million in Q3 2019, indicating increased operational costs[203]. - The company’s diluted net income (loss) per share was $(1.11) in Q3 2020, compared to $1.00 in Q3 2019[203]. - Consolidated total revenues for the three months ended September 30, 2020 decreased due to unfavorable changes in revenues from consolidated variable interest entities (VIEs) and net gains (losses) on financial instruments at fair value and foreign exchange[204]. - Consolidated total expenses for the three months ended September 30, 2020 included net insurance loss and LAE of $48 million, compared to a loss and LAE benefit of $13 million for the same period in 2019[204]. - For the nine months ended September 30, 2020, consolidated total revenues decreased primarily due to unfavorable changes in net gains (losses) on financial instruments at fair value and foreign exchange, and net investment income[205]. - Net insurance loss and LAE for the nine months ended September 30, 2020 was $427 million, significantly higher than $89 million for the same period in 2019[205]. - Adjusted net income (loss) for the three months ended September 30, 2020 was $(18) million, compared to $115 million for the same period in 2019[209]. - Adjusted net income (loss) per diluted common share for the three months ended September 30, 2020 was $(0.34), down from $1.46 in the same period of 2019[209]. Market and Economic Conditions - The COVID-19 pandemic has led to increased stress on municipal budgets, which could adversely affect the performance of MBIA's insured portfolios[193]. - Economic conditions remain challenging, with many states and municipalities experiencing financial distress due to delayed tax collections and increased unemployment[200]. - Federal legislation, including the $2.7 trillion CARES Act, has provided significant aid to public sector issuers, which may help mitigate financial distress in the municipal sector[195]. Risk Management - MBIA has recorded significant loss reserves on its residential mortgage-backed securities (RMBS) and collateralized debt obligations (CDO) exposures due to the pandemic[195]. - The company continues to monitor its liquidity position, with potential impacts from declines in market value or rating eligibility of pledged assets[196]. - The company continues to manage market risk through active portfolio management to minimize exposure to interest rate risk, foreign exchange risk, and credit spread movement[291]. Valuation and Book Value - As of September 30, 2020, the total insured gross par outstanding for National's U.S. public finance insurance portfolio was $43.9 billion[213]. - GAAP book value per share as of September 30, 2020 was $4.25, a decrease from $10.40 as of December 31, 2019[212]. - Management's adjustments to GAAP book value included removing the negative book value of MBIA Corp. of $(30.83) per share[212]. Interest Rate and Credit Spread Sensitivity - As of September 30, 2020, a 300 basis point decrease in interest rates would result in an estimated pre-tax change in fair value of $275 million[292]. - A 200 basis point decrease in interest rates would lead to an estimated pre-tax change in fair value of $153 million[292]. - A 100 basis point increase in interest rates would result in an estimated pre-tax change in fair value of $(53) million[292]. - A 50 basis point decrease in credit spreads would lead to an estimated pre-tax change in fair value of $45 million[293]. - A 200 basis point increase in credit spreads would result in an estimated pre-tax change in fair value of $(160) million[293]. - A 50 basis point increase in credit spreads would lead to an estimated pre-tax change in fair value of $(43) million[293].

MBIA Inc. (NYSE:MBI) Q2 2020 Results Conference Call August 6, 2020 8:00 AM ET Company Participants Greg Diamond - Managing Director-Investor and Media Relations Bill Fallon - Chief Executive Officer Anthony McKiernan - Executive Vice President and Chief Financial Officer Conference Call Participants Tommy McJoynt - KBW Mark Palmer - BTIG Joshua Esterov - CreditSights Operator Welcome to the MBIA Inc. Second Quarter 2020 Financial Results Conference Call. I would now like to turn the call over to Greg Diamo ...

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 June 30, 2020 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 or other jurisdiction of incorporation or ...