The following is a summary of the MBIA Inc. (MBI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• MBIA reported a consolidated GAAP net loss of $254 million, a significant deterioration from a net loss of $74 million in the same quarter the previous year, with earnings per share at a negative $5.34 compared to a negative $1.46 in Q2 2023.

• The adjusted net loss widened to $138 million from $22 million year-over-year, mainly due to increased losses at National related to PREPA.

• Book value per share decreased to a negative $39.07 from a negative $32.56 at the end of 2023, primarily due to the $340 million consolidated net loss for the year-to-date period of 2024.

Business Progress:

• National's gross par outstanding decreased by approximately $1.4 billion, reflecting regular amortization and proactive de-risking activities.

• MBIA Inc.'s assets decreased to $657 million due to retiring debts early and purchasing senior notes.

• Operational focus remains on reducing expenses and managing liquidity effectively.

Opportunities:

• The efforts to reach a resolution for PREPA, despite ongoing challenges, if successful, could stabilize National's financial position.

Risks:

• The ongoing challenges with PREPA and its impact on MBIA's financial stability.

• The increase in PREPA loss reserve and the uncertain resolution timeline present significant risks to future profitability.

More details: MBIA IR

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