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Mbia Inc (MBI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Mbia Inc

CIK: 814585 Ticker: MBI

Exhibit 99.1

 

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MBIA Inc. First Quarter 2020 Financial Results

May 11, 2020

MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $333 million, or $(4.62) per diluted common share, for the first quarter of 2020 compared to a consolidated GAAP net loss of $21 million, or $(0.24) per diluted common share, for the first quarter of 2019. The greater net loss was primarily due to the $281 million unfavorable variance in loss and loss adjustment expense, which was largely due to higher losses related to collateralized debt obligations insured by MBIA Insurance Corporation and on certain Puerto Rico credits and an investor-owned utility exposure insured by National Public Finance Guarantee Corporation. In addition, the greater net loss for the quarter was due to lower revenues, which was primarily driven by fair value losses on financial instruments held by National and on interest rate swaps used in the Corporate segment. (Notes: 1. In the fourth quarter of 2019, the Company adopted Accounting Standards Update 2019-12, as of January 1, 2019, which resulted in revisions to previously reported amounts for the Company’s 2019 results, but had no impact on total shareholders’ equity for 2019; 2. The effects of the COVID-19 pandemic were considered as they relate to potential loss activity in the insured portfolios of both National and MBIA Corp., however, it is not yet possible to comprehensively quantify the financial impact of the pandemic in that regard.)

Book value per share was $6.70 as of March 31, 2020 compared with $10.40 as of December 31, 2019. The decrease in book value per share since year-end 2019 was primarily due to the net loss for the first quarter.

The Company also reported an Adjusted Net Loss (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $47 million or $(0.65) per diluted share for the first quarter of 2020 compared with Adjusted Net Income of $39 million or $0.45 per diluted share for the first quarter of 2019. The unfavorable change was primarily due to loss and loss adjustment expense for the first quarter of 2020 versus a net benefit for the first quarter of 2019 related to insurance losses and recoveries on 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.


The following information was filed by Mbia Inc (MBI) on Monday, May 11, 2020 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

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Operations (Unaudited) (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 (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)
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
Recent Accounting Pronouncements (Narrative) (Detail)
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-Q Quarterly Report
Accession Number: 0001193125-20-139189
Submitted to the SEC: Mon May 11 2020 4:53:01 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Surety Insurance

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