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Exhibit 99.1
MBIA Inc. Reports First Quarter 2019 Financial Results
PURCHASE, N.Y.--(BUSINESS WIRE)--May 8, 2019--MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $17 million, or $(0.20) per diluted common share, for the first quarter of 2019 compared to a consolidated GAAP net loss of $98 million, or $(1.12) per diluted common share, for the first quarter of 2018. The improved result was primarily due to the favorable variance of $110 million in loss and loss adjustment expense, which was largely due to the higher present-value of insurance recoveries on Puerto Rico credits.
Book value per share was $13.16 as of March 31, 2019 compared with $12.46 as of December 31, 2018. The increase in book value per share since year-end 2018 was primarily due to unrealized gains on fixed income investments resulting from lower interest rates.
The Company also reported Adjusted Net Income (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $39 million or $0.45 per diluted share for the first quarter of 2019 compared with an Adjusted Net Loss of $61 million or $(0.69) per diluted share for the first quarter of 2018. The favorable comparison was primarily due to the favorable variance of loss and loss adjustment expense, which was largely due to the higher present-value of insurance recoveries on Puerto Rico credits. In addition, the 2019 Adjusted Net Income includes a $13 million loss for variable interest entities (VIEs) that were consolidated by National Public Finance Guarantee Corporation (National) during the first quarter of 2019 in connection with the restructuring of the COFINA exposure insured by National. As the Company does not own these VIEs and their consolidation does not properly represent the company’s insurance liability on its COFINA exposure, MBIA management removes the impact of these VIE consolidations for its internal use of Adjusted Net Income (Loss).
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.
Historically, the Company has also presented Adjusted Book Value (“ABV”) as a non-GAAP measure of financial performance, but beginning this quarter, based on the SEC’s continued and evolving interpretations of its guidance on non-GAAP financial measures, the Company will no longer publicly disclose its internal ABV measurement. However, we will continue to present the individual adjustments used by management to calculate its internal ABV metric in the attached financial tables.
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51 The following table presents our U.S. public finance insurance segment results for the three months ended March 31, 2019 and 2018: Net premiums earned $ 18 $ 32 -44% Net investment income 27 27 -% Fees and reimbursements 1 1 -% Net gains (losses) on financial instruments at fair value and foreign exchange 40 (6) n/m Net investment losses related to other-than-temporary impairments (28) (1) n/m Other net realized gains (losses) 1 - n/m Revenues of consolidated VIEs: Net gains (losses) on financial instruments at fair value and foreign exchange 28 - n/m Other net realized gains (losses) (43) - n/m Total revenues 44 53 -17% Losses and loss adjustment (50) 77 n/m Amortization of deferred acquisition costs 4 7 -43% Operating 13 11 18% Total expenses (33) 95 -135% Income (loss) before income taxes $ 77 $ (42) n/m n/m - Percent change not meaningful.
Refer to the following "Results of Operations" section for a discussion of adjusted net income (loss) and adjusted net income (loss) per diluted share and a reconciliation of GAAP net income to adjusted net income (loss) and GAAP net income per diluted share to adjusted net income (loss) per diluted share.
60 Summary of Financial Guarantee Insurance Losses and LAE The following table presents information about our financial guarantee insurance losses and LAE recorded in accordance with GAAP for the three months ended March 31, 2019 and 2018: Losses and LAE related to actual and expected payments $ 30 $ (6) n/m Recoveries of actual and expected payments (18) 1 n/m Gross losses incurred 12 (5) n/m Losses and loss adjustment expenses $ 12 $ (5) n/m (1) - As a result of consolidation of VIEs, these amounts include the elimination of loss and LAE expense of $14 million for the three months ended March 31, 2019 and loss and LAE benefit of $8 million for the three months ended March 31, 2018.
National had positive earned surplus as of March 31, 2019, from which it may pay dividends, subject to the limitations described above.
Adjusted net income (loss) and adjusted net income (loss) per diluted common share are not substitutes for net income (loss) and net income (loss) per diluted common share determined in accordance with GAAP, and our definitions of adjusted net income (loss) and adjusted net income (loss) per diluted common share may differ from those used by other companies.
NET GAINS (LOSSES) ON FINANCIAL...Read more
Management further adjusts non-GAAP adjusted...Read more
Management adjusts GAAP book value...Read more
Insured transactions that require payment...Read more
Refunding activity over the past...Read more
If the market value or...Read more
NET GAINS (LOSSES) ON FINANCIAL...Read more
This decrease in losses and...Read more
Equity securities MBIA Inc.?s and...Read more
Adjusted net income (loss) and...Read more
Status of Puerto Rico?s Fiscal...Read more
As of March 31, 2019...Read more
48 Net gains (losses) on...Read more
REVENUES OF CONSOLIDATED VIEs For...Read more
The following table presents our...Read more
Pursuant to the RSA, the...Read more
The Company has ceased issuing...Read more
Notwithstanding the full valuation allowance...Read more
As part of the Plan...Read more
New York Insurance Law ("NYIL")...Read more
52 The following table presents...Read more
As of March 31, 2019...Read more
The decrease in net premiums...Read more
As of March 31, 2019,...Read more
The Plan of Adjustment is...Read more
Net premiums earned decreased for...Read more
The following table provides net...Read more
The Plan of Adjustment reflects...Read more
PROMESA provides both for the...Read more
The primary sources of cash...Read more
The primary sources of cash...Read more
For the three months ended...Read more
MBIA Inc. or National may...Read more
The Company?s net unearned premium...Read more
Many states and municipalities have...Read more
This could lead to an...Read more
Gain (loss) related to National...Read more
If MBIA Insurance Corporation does...Read more
On September 7, 2018, COFINA...Read more
On March 10, 2019, the...Read more
The Oversight Board expects to...Read more
The Plan of Adjustment further...Read more
The Court took confirmation of...Read more
The PREPA revised Fiscal Plan...Read more
As of March 31, 2019,...Read more
National?s primary objectives are to...Read more
Specifics regarding implementation and the...Read more
National is also required to...Read more
MBIA Insurance Corporation insures the...Read more
Selected Portfolio Exposures The following...Read more
Our corporate segment consists of...Read more
(4) - Based on the...Read more
On March 26, 2019, the...Read more
The primary sources of cash...Read more
Loss and LAE reserves as...Read more
The following table presents the...Read more
For the three months ended...Read more
National insured bondholders were given...Read more
Based on MBIA Inc.?s debt...Read more
On March 27, 2019, the...Read more
Residential Mortgage Exposure MBIA Corp....Read more
The following is a summary...Read more
Net premiums earned in the...Read more
PREPA National?s largest exposure to...Read more
MBIA Inc. or National may...Read more
Refer to the "U.S. Public...Read more
POLICY ACQUISITION COSTS AND OPERATING...Read more
In evaluating credit risk, we...Read more
POLICY ACQUISITION COSTS AND OPERATING...Read more
Under Section 1307 of the...Read more
However, when investments are sold...Read more
We do not expect MBIA...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Mbia Inc provided additional information to their SEC Filing as exhibits
Ticker: MBI
CIK: 814585
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-19-141524
Submitted to the SEC: Wed May 08 2019 12:51:49 PM EST
Accepted by the SEC: Wed May 08 2019
Period: Sunday, March 31, 2019
Industry: Surety Insurance