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Mbia Inc (MBI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Mbia Inc

CIK: 814585 Ticker: MBI

Exhibit 99.1

 

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MBIA Inc. Full Year and Fourth Quarter 2021 Financial Results

February 28, 2022

MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $445 million, or $(8.99) per diluted common share, for 2021 compared to a consolidated GAAP net loss of $578 million, or $(9.78) per diluted common share, for 2020. The lower net loss largely resulted from lower losses and loss adjustment expenses (LAE) and fair value gains on interest rate swaps and foreign exchange gains in 2021 versus losses in 2020. These favorable variances were partially offset by an adverse comparison of net gains and losses on consolidated VIEs where 2020 gains were driven by higher recoveries associated with a Credit Suisse RMBS transaction. The lower losses and LAE for 2021 resulted from lower losses and LAE at MBIA Insurance Corporation (MBIA Corp.), primarily related to the Zohar CDOs, partially offset by higher losses and LAE at National Public Guarantee Corporation (National), primarily related to its Puerto Rico exposure.

Book value per share was negative $5.73 as of December 31, 2021 compared with $2.55 as of December 31, 2020. The decrease in book value per share was primarily attributable to the consolidated net loss for 2021.

The Company also reported an Adjusted Net Loss (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $261 million or $(5.27) per diluted common share for 2021 compared with an Adjusted Net Loss of $173 million or $(2.93) per diluted common share for 2020. The greater Adjusted Net Loss for 2021 was primarily due to National’s greater losses and LAE largely related to its Puerto Rico exposure and lower net investment income and premiums earned.

Adjusted Net Income (Loss) provides investors with views of the Company’s operating results that management uses in measuring financial performance. Reconciliations of Adjusted Net Income (Loss) to net income, calculated in accordance with GAAP, are also attached.

Statement from Company Representative

Bill Fallon, MBIA’s Chief Executive Officer noted, “We are pleased with the continuing progress to resolve National’s Puerto Rico exposure. In January of this year, the Title III court confirmed the Plan of Adjustment for Puerto Rico’s General Obligation and Public Building Authority Bonds, which, when effective, will remove a substantial amount of uncertainty associated with our insurance losses on those bonds. Also during the first quarter, we sold nearly all of our PREPA bankruptcy claims that were available for sale, thus converting to cash claims that will be resolved in the PREPA Title III case.”

Fourth Quarter Results

The Company recorded a consolidated GAAP net loss of $155 million, or $3.12 per diluted common share, for the fourth quarter of 2021 compared with a consolidated net loss of $81 million, or $(1.64) per diluted common share, for the fourth quarter of 2020. The greater net loss for the fourth quarter of 2021 was primarily due to the unfavorable variance related to the fourth quarter of 2020 increased recovery associated with variable interest entities revenue gains at MBIA Corp. for the Credit Suisse RMBS putback transaction and increased losses and LAE at National, primarily due to its Puerto Rico exposure. The increase in National’s loss and LAE for the fourth quarter of 2021 resulted primarily from its Puerto Rico Highway and Transportation Authority (HTA) and Puerto Rico Electric Power Authority (PREPA) exposure.

On HTA, assumptions were updated to reflect the estimated fair value of certain collateral expected to be received by National under the current Restructuring Support Agreement (RSA), as of the date to be received, which resulted in a reduction to the previously recorded estimated HTA recoveries. The change in the quarter from scenario based cash flow loss reserve and recovery analysis to an estimate of fair value on the date of receipt does not incorporate an estimate of both future potential security pricing and timing of sales, which will determine the ultimate economic value to National.

 


The following information was filed by Mbia Inc (MBI) on Monday, February 28, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Mbia Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Changes In The Components Of Aoci) (Detail)
Accumulated Other Comprehensive Income (Details Of The Reclassification From Aoci) (Detail)
Accumulated Other Comprehensive Income (Tables)
Benefit Plans
Benefit Plans (Narrative) (Detail)
Benefit Plans (Restricted Shares Outstanding) (Detail)
Benefit Plans (Tables)
Business Developments And Risks And Uncertainties
Business Developments And Risks And Uncertainties (Narrative) (Detail)
Business Segments
Business Segments (Narrative) (Detail)
Business Segments (Summary Of Company's Segment Results) (Detail)
Business Segments (Summary Of Premiums Earned On Financial Guarantees And Insured Derivatives By Geographic Location Of Risk) (Detail)
Business Segments (Tables)
Commitments And Contingencies
Commitments And Contingencies (Lease Disclosures) (Detail)
Commitments And Contingencies (Narrative) (Detail)
Commitments And Contingencies (Tables)
Common And Preferred Stock
Common And Preferred Stock (Narrative) (Detail)
Common And Preferred Stock (Schedule Of Share Repurchases) (Detail)
Common And Preferred Stock (Tables)
Debt
Debt (Aggregate Maturity Of Debt Obligations) (Detail)
Debt (Long-Term Debt) (Detail)
Debt (Narrative) (Detail)
Debt (Principal Payments For Investment Agreements, Mtns And Vie Obligations) (Detail)
Debt (Tables)
Derivative Instruments
Derivative Instruments (Credit Derivatives Sold) (Detail)
Derivative Instruments (Effect Of Derivative Instruments On Consolidated Statements Of Operations) (Detail)
Derivative Instruments (Narrative) (Detail)
Derivative Instruments (Tables)
Derivative Instruments (Total Fair Value Of Company's Derivative Assets And Liabilities By Instrument And Balance Sheet Location, Before Counterparty Netting) (Detail)
Earnings Per Share
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail)
Earnings Per Share (Narrative) (Detail)
Earnings Per Share (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Aggregate Fair Value And Remaining Contractual Principal Balance Outstanding On Fair Value Option) (Detail)
Fair Value Of Financial Instruments (Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail)
Fair Value Of Financial Instruments (Company's Assets And Liabilities Measured At Fair Value On Recurring Basis) (Detail)
Fair Value Of Financial Instruments (Fair Value Hierarchy Table Presents The Company's Assets And Liabilities At Fair Value Not Recorded On The Company's Consolidated Balance Sheet) (Detail)
Fair Value Of Financial Instruments (Gains And Losses On Fair Value Option Included In The Company's Consolidated Statements Of Operations) (Detail)
Fair Value Of Financial Instruments (Narrative) (Detail)
Fair Value Of Financial Instruments (Quantitative Information Regarding The Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail)
Fair Value Of Financial Instruments (Realized And Unrealized Gains And Losses Included In Earnings Pertaining To Level 3 Assets And Liabilities) (Detail)
Fair Value Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Detail)
Income Taxes (Income Before Income Taxes) (Detail)
Income Taxes (Income Tax Rate Reconciliation) (Detail)
Income Taxes (Income Taxes And Shareholders' Equity) (Detail)
Income Taxes (Narrative) (Detail)
Income Taxes (Tables)
Insurance In Force
Insurance In Force (Narrative) (Detail)
Insurance In Force (Schedule Of Geographical Distribution Of Insurance In Force) (Detail)
Insurance In Force (Schedule Of Insurance In Force By Type Of Bond, Excluding Transactions Guaranteed By Mbia Corp. On Behalf Of Various Investment Management Services And Other Affiliated Companies) (Detail)
Insurance In Force (Summary Of Company's Reinsurance Agreements For U.S. Public Finance And Structured Finance And International Insurance Operations) (Detail)
Insurance In Force (Tables)
Insurance Premiums
Insurance Premiums (Narrative) (Detail)
Insurance Premiums (Roll Forward Of Premiums Receivable) (Detail)
Insurance Premiums (Tables)
Insurance Premiums (Undiscounted Future Amount Of Premiums Expected To Be Collected And Period Which Those Collections Are Expected To Occur) (Detail)
Insurance Premiums (Unearned Premium Revenue Balance And Future Expected Earnings) (Detail)
Insurance Regulations And Dividends
Insurance Regulations And Dividends (Narrative) (Detail)
Investments
Investments (Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios) (Detail)
Investments (Credit Losses Recognized In Earnings Related To Otti Losses Recognized In Accumulated Other Comprehensive Income (Loss)) (Detail)
Investments (Distribution By Contractual Maturity Of Available-For-Sale And Held-To-Maturity Investments) (Detail)
Investments (Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5% For A Continuous Twelve Month Period Or Longer) (Detail)
Investments (Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments) (Detail)
Investments (Narrative) (Detail)
Investments (Net Realized Gains (Losses) From Sales Of Available-For-Sale Securities) (Detail)
Investments (Portion Of Unrealized Gains And Losses On Equity Investments Held) (Detail)
Investments (Securities Held In Unrealized Loss Position And Insured By Financial Guarantor) (Detail)
Investments (Tables)
Investments - (Summary Of Allowance For Credit Losses On Htm Investments) (Detail)
Loss And Loss Adjustment Expense Reserves
Loss And Loss Adjustment Expense Reserves (Loss And Lae Activity) (Narrative) (Detail)
Loss And Loss Adjustment Expense Reserves (Schedule Of Financial Guarantees And Related Claim Liability) (Detail)
Loss And Loss Adjustment Expense Reserves (Schedule Of Insurance Loss Recoverable) (Detail)
Loss And Loss Adjustment Expense Reserves (Schedule Of Loss And Loss Adjustment Expenses Reserves) (Detail)
Loss And Loss Adjustment Expense Reserves (Schedule Of Losses And Loss Adjustment Expenses Reserves And Recoveries) (Detail)
Loss And Loss Adjustment Expense Reserves (Tables)
Recent Accounting Pronouncements
Schedule I- Investments
Schedule I- Investments (Detail)
Schedule Ii (Condensed Balance Sheets) (Detail)
Schedule Ii (Condensed Statements Of Operations) (Detail)
Schedule Ii - (Notes To Condensed Financial Statements) (Detail)
Schedule Ii - Condensed Statements Of Cash Flows (Detail)
Schedule Ii- Parent Company Financials
Schedule Iv - (Reinsurance) (Detail)
Schedule Iv - Reinsurance
Significant Accounting Policies
Significant Accounting Policies (Policies)
Variable Interest Entities
Variable Interest Entities (Narrative) (Detail)
Variable Interest Entities (Summary Of Nonconsolidated Vies Assets And Liabilities) (Detail)
Variable Interest Entities (Tables)
Ticker: MBI
CIK: 814585
Form Type: 10-K Annual Report
Accession Number: 0001193125-22-058160
Submitted to the SEC: Mon Feb 28 2022 4:55:01 PM EST
Accepted by the SEC: Mon Feb 28 2022
Period: Friday, December 31, 2021
Industry: Surety Insurance

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