MBIA (MBI) - 2025 Q2 - Quarterly Results

FORM 8-K Filing Information This section provides administrative and disclosure details of the Form 8-K filing Registrant and Filing Details This section details the registrant's name, filing date, and registered securities for the Form 8-K filing - MBIA Inc. is the registrant[2] - The report date and earliest event reported is August 06, 2025[2] Registered Securities | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Stock | MBI | New York Stock Exchange | Results of Operations and Financial Condition (Item 2.02) MBIA Inc. announced its second quarter 2025 results through a press release and a financial report - MBIA Inc. issued a press release on August 6, 2025, detailing Q2 2025 results[7] - The financial results report is attached as Exhibit 99.1 and available on the registrant's website[7] Regulation FD Disclosure (Item 7.01) MBIA Inc. will post additional financial and operational information, including a Quarterly Operating Supplement and subsidiary statutory statements, on its website - On August 6, 2025, MBIA will post a Quarterly Operating Supplement for Q2 2025 and 2025 Quarterly Statements for MBIA Insurance Corporation and National Public Finance Guarantee Corporation on its website[9] - The Company's insured portfolios as of June 30, 2025, will also be posted under the 'Insured Portfolio' section[9] Financial Statements and Exhibits (Item 9.01) This section lists the exhibits filed with the Form 8-K, primarily the Second Quarter 2025 Financial Results and the interactive data file - Exhibit 99.1: Second Quarter 2025 Financial Results issued by MBIA Inc., dated August 6, 2025[10] - Exhibit 104: Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document[10] Signatures The report was officially signed on behalf of MBIA Inc. by its Co-General Counsel, William J. Rizzo, on August 6, 2025 - The report was signed by William J. Rizzo, Co-General Counsel of MBIA Inc., on August 6, 2025[14] Second Quarter 2025 Financial Results Highlights This section summarizes MBIA Inc.'s consolidated GAAP and non-GAAP financial performance, along with book value per share, for Q2 and H1 2025 Consolidated GAAP Results MBIA Inc. reported a significant reduction in its consolidated GAAP net loss for both the second quarter and the first six months of 2025 compared to the prior year periods Quarterly Performance (Q2 2025 vs Q2 2024) For the second quarter of 2025, MBIA Inc. recorded a GAAP net loss of $56 million, a substantial improvement from the $254 million net loss in Q2 2024 Consolidated GAAP Net Loss (Q2 YoY) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (Favorable) (million USD) | | :-------- | :-------------------- | :-------------------- | :------------------------------- | | Net Loss | $(56) | $(254) | $(198) | | Per Share | $(1.12) | $(5.34) | $(4.22) | - The favorable variance was primarily due to lower losses and loss adjustment expenses (LAE) at National Public Finance Guarantee Corporation (National) and lower investment and Variable Interest Entity (VIE) losses at MBIA Insurance Corporation (MBIA Corp.)[15] - Lower losses and LAE at National largely resulted from a decrease in losses on its Puerto Rico Electric Power Authority (PREPA) exposure[15] Year-to-Date Performance (H1 2025 vs H1 2024) For the first six months of 2025, the consolidated GAAP net loss was $118 million, a significant improvement from $340 million in H1 2024 Consolidated GAAP Net Loss (H1 YoY) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (Favorable) (million USD) | | :-------------- | :-------------------- | :-------------------- | :------------------------------- | | Net Loss | $(118) | $(340) | $(222) | | Per Diluted Share | $(2.40) | $(7.21) | $(4.81) | - The lower net loss for 2025 was primarily due to higher losses and LAE at National for 2024 associated with its PREPA exposure, greater investment losses at MBIA Corp. for 2024, and greater VIE losses at MBIA Corp. for 2024[19] Adjusted Net Income (Loss) (Non-GAAP) MBIA Inc. reported a substantially lower Adjusted Net Loss (a non-GAAP measure) for both the second quarter and year-to-date periods of 2025 Quarterly Performance (Q2 2025 vs Q2 2024) For Q2 2025, the Adjusted Net Loss was $8 million, a significant improvement from $138 million in Q2 2024 Adjusted Net Loss (Non-GAAP, Q2 YoY) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (Favorable) (million USD) | | :---------------- | :-------------------- | :-------------------- | :------------------------------- | | Adjusted Net Loss | $(8) | $(138) | $(130) | | Per Diluted Share | $(0.17) | $(2.90) | $(2.73) | - The lower net loss was primarily due to reduced loss and LAE expense at National largely due to its PREPA exposure[17] Year-to-Date Performance (H1 2025 vs H1 2024) For the first six months of 2025, the Adjusted Net Loss was $16 million, a substantial improvement from $162 million in H1 2024 Adjusted Net Loss (Non-GAAP, H1 YoY) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (Favorable) (million USD) | | :---------------- | :-------------------- | :-------------------- | :------------------------------- | | Adjusted Net Loss | $(16) | $(162) | $(146) | | Per Diluted Share | $(0.33) | $(3.44) | $(3.11) | - The lower net loss was primarily due to reduced loss and LAE expense at National largely due to its PREPA exposure[20] Book Value Per Share MBIA Inc.'s book value per share decreased to negative $43.14 as of June 30, 2025, from negative $40.99 at year-end 2024 Book Value Per Share | Date | Book Value Per Share (USD) | | :-------------- | :------------------------- | | June 30, 2025 | $(43.14) | | December 31, 2024 | $(40.99) | - The decrease in book value per share since year-end 2024 was primarily due to the net loss for the first six months of 2025[16] Segment and Company-Level Financials This section provides a detailed overview of the financial positions and key metrics for MBIA Inc. (Holding Company), National Public Finance Guarantee Corporation, and MBIA Insurance Corporation as of June 30, 2025 MBIA Inc. (Holding Company) As of June 30, 2025, MBIA Inc. maintained a liquidity position of $355 million and did not repurchase any shares during the second quarter - MBIA Inc.'s liquidity position totaled $355 million as of June 30, 2025, consisting of cash and cash equivalents and liquid invested assets[21] - There were no purchases of