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Mbia Inc (MBI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Mbia Inc

CIK: 814585 Ticker: MBI

Exhibit 99.1

MBIA Inc. Reports Full Year and Fourth Quarter 2017 Financial Results

PURCHASE, N.Y.--(BUSINESS WIRE)--March 1, 2018--MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $1.6 billion, or $(13.50) per diluted common share, for 2017 compared to a consolidated GAAP net loss of $338 million, or $(2.54) per diluted common share, for 2016. The adverse year-over-year comparison was primarily due to the full valuation allowance on the Company’s net deferred tax asset that was established in the second quarter of 2017 that drove the $945 million unfavorable change in its tax provision as well as $463 million of additional loss and loss adjustment expenses. The increased loss and loss adjustment expenses were primarily from Puerto Rico insured credits.

Book value per share was $15.44 as of December 31, 2017 compared with $23.87 as of December 31, 2016. The decrease in book value per share since year-end 2016 was mainly due to the consolidated net loss for the year, partially offset by the reduction of shares outstanding from the repurchase of 43.0 million MBIA common shares during 2017.

The Company also reported an Adjusted Net Loss (a non-GAAP measure, formerly labeled, Combined Operating Income (Loss), defined in the attached Explanation of Non-GAAP Financial Measures) of $410 million or $(3.45) per diluted share for 2017 compared with Adjusted Net Income of $30 million or $0.23 per diluted share for 2016. The Company has adopted the new name of Adjusted Net Income (Loss) to better conform with supplemental SEC guidance regarding non-GAAP measures; there was no change to the definition or calculation of this measure. The negative comparison for 2017 was primarily due to increased loss and loss adjustment expenses at National, primarily due to its Puerto Rico exposures.

Adjusted Book Value (ABV) per share (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) was $29.32 as of December 31, 2017 compared with $31.88 as of December 31, 2016. The decrease in ABV per share since year-end 2016 was primarily due to the full valuation allowance on the Company’s net deferred tax asset that was established in the second quarter of 2017 and additional loss and loss adjustment expense reserves at National, partially offset by the reduction of shares outstanding from the repurchase of 43.0 million MBIA common shares during 2017.

Adjusted Net Income (Loss) and ABV per share provide investors with views of the Company’s operating results that management uses in measuring financial performance. Reconciliations of ABV per share to book value per share, and Adjusted Net Income (Loss) to net income, calculated in accordance with GAAP, are attached.


The following information was filed by Mbia Inc (MBI) on Thursday, March 1, 2018 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

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Changes In Shareholders' Equity
Consolidated Statement Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Cash Flows
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)
Business Developments And Risks And Uncertainties
Business Developments And Risks And Uncertainties (assets And Liabilities Held For Sale) (detail)
Business Developments And Risks And Uncertainties (narrative) (detail)
Business Developments And Risks And Uncertainties (tables)
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 (narrative) (detail)
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 (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 Related Effective Tax Rates) (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 (summary Of Components Of Financial Guarantee Net Premiums Earned, Including Premiums Assumed From And Ceded To Other Companies) (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 (securities Held In Unrealized Loss Position And Insured By Financial Guarantor) (detail)
Investments (tables)
Long-term Incentive Plans
Long-term Incentive Plans (narrative) (detail)
Long-term Incentive Plans (restricted Shares Outstanding) (detail)
Long-term Incentive Plans (stock Options Outstanding) (detail)
Long-term Incentive Plans (tables)
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 And Changes In Recoveries On Unpaid Losses) (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 (schedule Of Losses And Loss Adjustment Expenses) (detail)
Loss And Loss Adjustment Expense Reserves (tables)
Pension And Profit Sharing Plans (narrative) (detail)
Pension And Profit- Sharing Plans
Recent Accounting Pronouncements
Recent Accounting Pronouncements (narrative) (detail)
Schedule I- Investments
Schedule I- Investments (detail)
Schedule Ii (condensed Balance Sheets) (detail)
Schedule Ii (condensed Statements Of Comprehensive Income (loss)) (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: 0001193125-18-067440
Submitted to the SEC: Thu Mar 01 2018 4:53:31 PM EST
Accepted by the SEC: Thu Mar 01 2018
Period: Sunday, December 31, 2017
Industry: Surety Insurance

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