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MBIA | 10-Q: Q3 2024 Earnings Report

SEC ·  Nov 8, 2024 03:38

Summary by Moomoo AI

MBIA Inc. reported a net loss of $56 million ($1.18 per share) for Q3 2024, compared to a net loss of $185 million ($3.94 per share) in Q3 2023. The quarter's results were primarily impacted by PREPA-related claims payments of $122 million in July 2024. Total revenues increased to $29 million from $8 million in Q3 2023, while total expenses decreased to $80 million from $193 million.National's statutory capital stood at $1.0 billion as of September 30, 2024, down from $1.1 billion at year-end 2023. The company's adjusted book value showed a negative $39.19 per share, compared to negative $32.56 at December 31, 2023. National maintained total claims-paying resources of $1.59 billion as of quarter-end.Following the First Circuit Court's reversal of prior PREPA rulings in June 2024, mediation was ordered and a stay on litigation was extended to January 31, 2025. National had $670 million of insured PREPA debt service outstanding as of September 30, 2024. The company continues to face challenges with its PREPA exposure as restructuring negotiations remain ongoing.
MBIA Inc. reported a net loss of $56 million ($1.18 per share) for Q3 2024, compared to a net loss of $185 million ($3.94 per share) in Q3 2023. The quarter's results were primarily impacted by PREPA-related claims payments of $122 million in July 2024. Total revenues increased to $29 million from $8 million in Q3 2023, while total expenses decreased to $80 million from $193 million.National's statutory capital stood at $1.0 billion as of September 30, 2024, down from $1.1 billion at year-end 2023. The company's adjusted book value showed a negative $39.19 per share, compared to negative $32.56 at December 31, 2023. National maintained total claims-paying resources of $1.59 billion as of quarter-end.Following the First Circuit Court's reversal of prior PREPA rulings in June 2024, mediation was ordered and a stay on litigation was extended to January 31, 2025. National had $670 million of insured PREPA debt service outstanding as of September 30, 2024. The company continues to face challenges with its PREPA exposure as restructuring negotiations remain ongoing.
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