MBIA (MBI) - 2024 Q4 - Annual Results

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].