Last10K.com

Mbia Inc (MBI) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Mbia Inc

CIK: 814585 Ticker: MBI
Exhibit 99.1


MBIA Inc. Reports Third Quarter 2019 Financial Results

PURCHASE, N.Y.--(BUSINESS WIRE)--November 5, 2019--MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net income of $71 million, or $0.86 per share, for the third quarter of 2019 compared to a consolidated GAAP net loss of $45 million, or $(0.50) per share, for the third quarter of 2018. The favorable variance for the third quarter of 2019 was primarily driven by 1) the increase in net gains on financial instruments at fair value and foreign exchange of variable interest entities (VIEs), which was largely due to an increase in loss recoveries for RMBS put-back claims on ineligible mortgage loans and the value of unwrapped COFINA bonds sold out of the Custodial Trust that resulted from the restructuring of COFINA earlier this year; and 2) the decrease in loss and loss adjustment expense largely related to increased recoveries associated with Puerto Rico credits mostly due to lower risk-free interest rates used to discount loss recoveries. A significant positive variance also resulted from net gains on the sale of uninsured PREPA bonds owned by National Public Finance Guarantee Corporation (National).

Book value per share was $12.86 as of September 30, 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 lower shares outstanding as a result of the 10.3 million shares of MBIA common stock repurchased by the Company during the first nine months of 2019.

The Company also reported an Adjusted Net Income (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $115 million or $1.46 per diluted share for the third quarter of 2019 compared with an Adjusted Net Loss of $32 million or $(0.35) per diluted share for the third quarter of 2018. The improved result was primarily due to the $138 million favorable variance of loss and loss adjustment expense at National, which primarily resulted from higher recoveries on its Puerto Rico credits in 2019 largely due to lower risk-free discounting rates versus a net loss and loss adjustment expense for the third quarter of 2018 that was primarily due to additional losses on its Puerto Rico credits.

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, “This quarter we repurchased $39.6 million of MBIA common shares and nearly extinguished National’s insured COFINA exposure, with gross par plus accreted interest declining from $1.2 billion at year-end 2018 to $65 million at the end of the third quarter.”


The following information was filed by Mbia Inc (MBI) on Tuesday, November 5, 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.

View differences made from one quarter to another to evaluate Mbia Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Mbia Inc.

Continue

Assess how Mbia Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Mbia Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Revenue
Financial
Legal
M & A
Other
Filter by Subcategory:
All
Product
Expense
Dividend
Earnings
Income
Geography
Debt
Shares
Other
Inside Mbia Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
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)
Debt
Debt (Narrative) (Detail)
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 (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) (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: 0001193125-19-284796
Submitted to the SEC: Tue Nov 05 2019 11:52:25 AM EST
Accepted by the SEC: Tue Nov 05 2019
Period: Monday, September 30, 2019
Industry: Surety Insurance

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/mbi/0001193125-19-284796.htm