On August 6, 2024, MBIA Inc. released its financial results for the second quarter ended June 30, 2024. The company reported a consolidated GAAP net loss of $254 million, or $(5.34) per share, a significant increase from the net loss of $74 million, or $(1.46) per share, in the same quarter of the previous year. The increased loss was attributed to higher losses and loss adjustment expenses at National Public Finance Guarantee Corporation, particularly due to its exposure to the Puerto Rico Electric Power Authority, and higher fair value losses at MBIA Insurance Corporation, mainly due to a decline in the value of recoveries associated with Zohar CDOs. The company's book value per share also decreased to negative $39.07 as of June 30, 2024, from negative $32.56 at the end of...Show More

On August 6, 2024, MBIA Inc. released its financial results for the second quarter ended June 30, 2024. The company reported a consolidated GAAP net loss of $254 million, or $(5.34) per share, a significant increase from the net loss of $74 million, or $(1.46) per share, in the same quarter of the previous year. The increased loss was attributed to higher losses and loss adjustment expenses at National Public Finance Guarantee Corporation, particularly due to its exposure to the Puerto Rico Electric Power Authority, and higher fair value losses at MBIA Insurance Corporation, mainly due to a decline in the value of recoveries associated with Zohar CDOs. The company's book value per share also decreased to negative $39.07 as of June 30, 2024, from negative $32.56 at the end of 2023. Additionally, MBIA Inc. reported an Adjusted Net Loss of $138 million, or $(2.90) per diluted share, for the quarter. CEO Bill Fallon highlighted the impact of National's PREPA exposure on the financial results and its importance in resolving for the potential sale of MBIA Inc. The company's liquidity position as of June 30, 2024, was $315 million, and it repurchased $26 million par value of MBIA Global Funding Medium Term Notes and acquired $16 million par value of MBIA Inc. Senior Notes during the quarter. National Public Finance Guarantee Corporation reported statutory capital of $1.0 billion and claims-paying resources of $1.6 billion, while MBIA Insurance Corporation had statutory capital of $85 million and claims-paying resources of $355 million. MBIA Inc. will host a webcast and conference call to discuss the results and other company matters.