The following is a summary of the MBIA Inc. (MBI) Q4 2023 Earnings Call Transcript:

Financial Performance:

• MBIA Inc. reported a consolidated GAAP net loss of $138 million for Q4 2023, while the adjusted net loss for the same period stands at $8 million.

• Fiscal year 2023 net loss escalated to $491 million, with the non-GAAP net loss at $169 million, largely due to increased LAE expenses.

• The book value per share shrank to a negative $32.56 as of December 31, 2023, due to the net loss for the year and the $8 per share shareholder distribution.

• Unencumbered cash and liquid assets held by MBIA Inc. rose to approximately $411 million, an increase from $230 million as of December 31, 2022.

Business Progress:

• The main objectives for MBIA are to resolve their remaining Puerto Rico exposure and to look into the process of selling the company.

• While expecting continuing runoff of the portfolio and resolution of PREPA, the company expresses confidence in freeing further capital from National.

• The company has successfully terminated all Mother Nature GICs and related swaps in Q4 2023 and Q1 2024.

• Plans are in motion to maximize value on strategic alternatives by looking into best uses of holding company liquidity, debt buyback, or share repurchases.

• Future dividends, refinancing, and debt restructuring are on the cards to manage future debt requirements, aiming towards the 2030 timeline.

More details: MBIA IR

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