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Mbia Inc (MBI) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Mbia Inc

CIK: 814585 Ticker: MBI

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.


The following information was filed by Mbia Inc (MBI) on Wednesday, May 8, 2019 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Shareholders' Equity
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 (Narrative) (Detail)
Business Segments
Business Segments (Narrative) (Detail)
Business Segments (Summary Of Company's Segment Results) (Detail)
Business Segments (Tables)
Commitments And Contingencies
Commitments And Contingencies (Lease Disclosures) (Detail)
Commitments And Contingencies (Narrative) (Detail)
Commitments And Contingencies (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 (Income Taxes And Related Effective Tax Rates) (Detail)
Income Taxes (Narrative) (Detail)
Income Taxes (Tables)
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)
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 (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Narrative) (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Subsequent Events
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-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

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