MBIA Inc · Q2 2021 earnings

Briefing

Reported a consolidated GAAP net loss, improved result versus last year due to lower loss and loss adjustment expenses and gains related to debt extinguishment, offset by unfavorable variances from revenues of VIEs and lower mark-to-market gains.

MBIA Inc. reported a consolidated GAAP net loss of $61 million, or $(1.23) per share, for Q2 2021, compared to a net loss of $106 million, or $(1.69) per share, for Q2 2020. The improvement was primarily due to lower loss and loss adjustment expenses in the insurance segments and gains from debt extinguishment, partially offset by unfavorable variances from VIE revenues and lower mark-to-market gains.

• MBIA Inc. reported a consolidated GAAP net loss of $61 million, or $(1.23) per share, for the second quarter of 2021.
• Adjusted Net Income was $37 million, or $0.76 per diluted share, for the second quarter of 2021.
• As of June 30, 2021, MBIA Inc.’s liquidity position totaled $238 million.
• National’s insured portfolio declined by $0.9 billion during the quarter, ending the quarter with $39.5 billion of gross par outstanding.

Headline financials

Revenue & EPS history

MBIA anticipates that debt restructuring agreements that will largely resolve National’s Puerto Rico exposure continue to progress towards confirmation and implementation, which is expected to occur before the end of 2022.