0001193125-21-063876.txt : 20210301 0001193125-21-063876.hdr.sgml : 20210301 20210301172530 ACCESSION NUMBER: 0001193125-21-063876 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210301 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210301 DATE AS OF CHANGE: 20210301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MBIA INC CENTRAL INDEX KEY: 0000814585 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 061185706 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09583 FILM NUMBER: 21699604 BUSINESS ADDRESS: STREET 1: 1 MANHATTANVILLE ROAD STREET 2: SUITE 301 CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 914-273-4545 MAIL ADDRESS: STREET 1: 1 MANHATTANVILLE ROAD STREET 2: SUITE 301 CITY: PURCHASE STATE: NY ZIP: 10577 8-K 1 d333632d8k.htm 8-K 8-K
MBIA INC false 0000814585 0000814585 2021-03-01 2021-03-01

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 1, 2021

 

 

MBIA INC.

(Exact name of registrant as specified in its charter)

 

 

 

Connecticut   001-9583   06-1185706

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

1 Manhattanville Road, Suite 301

Purchase, New York

   10577
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code:

914-273-4545

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

Title of Each Class

  

Trading

Symbol

  

Name of Each Exchange

on Which Registered

Common Stock, par value $1 per share   MBI   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 2.02.

RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The following information, including Exhibit 99.1 to this Form 8-K, is being furnished, not filed, pursuant to Item 2.02 - Results of Operations and Financial Condition of Form 8-K.

On March 1, 2021, MBIA Inc. (“MBIA”) issued a press release announcing that the Registrant’s results of operations for the quarter and year ended December 31, 2020 were available via a financial results report on the Registrant’s website at

https://investor.mbia.com/investor-relations/financial-information/default.aspx. A copy of the financial results report is attached as Exhibit 99.1 to this Form 8-K and is incorporated by reference to this Item 2.02 as if fully set forth herein.

 

Item 7.01.

REGULATION FD DISCLOSURE.

The following information is being furnished, not filed, pursuant to Item 7.01 - Regulation FD Disclosure of Form 8-K. Information contained on MBIA’s website is not incorporated by reference into this Current Report on Form 8-K.

On March 1, 2021, MBIA will post on its website, www.mbia.com, under the section “Investor Relations – Financial Information – Operating Supplements,” a Quarterly Operating Supplement for the fourth quarter of 2020 and under the section “Investor Relations – Financial Information – Statutory Statements,” 2020 Quarterly Statements for each of MBIA Insurance Corporation and National Public Finance Guarantee Corporation. MBIA will also post on its website, under the section “Selected Exposures,” certain information on the Company’s insured portfolios as of December 31, 2020. The information will be posted as “MBIA Corp.’s Structured Finance Insured Portfolio,” “MBIA Corp.’s Non-U.S. Public Finance Insured Portfolio” and “National Public Finance Guarantee Corporation’s Insured Portfolio.” Information on National Public Finance Guarantee Corporation’s insured portfolio as of December 31, 2020 will also be posted on National Public Finance Guarantee Corporation’s website, www.nationalpfg.com, under the selection “Insured Portfolio.” Additional exposure information on certain credits insured by National Public Finance Guarantee Corporation will be posted on National Public Finance Guarantee Corporation’s website, www.nationalpfg.com, under the selection “Selected Exposures.”

On or about March 2, 2021, MBIA will also post on its website, www.mbia.com, under the section “Investor Relations – Investor Inquiries/FAQs,” updated Frequently Asked Questions.

 

Item 9.01.

FINANCIAL STATEMENTS AND EXHIBITS.

 

99.1    Full Year and Fourth Quarter 2020 Financial Results issued by MBIA Inc., dated March 1, 2021.
104    Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

MBIA INC.
By:  

/s/ Jonathan C. Harris

  Jonathan C. Harris
  General Counsel

Date: March 1, 2021

EX-99.1 2 d333632dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

MBIA Inc. Full Year and Fourth Quarter 2020 Financial Results

March 1, 2021

MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $578 million, or $(9.78) per diluted common share, for 2020 compared to a consolidated GAAP net loss of $359 million, or $(4.43) per diluted common share, for 2019. Greater losses and loss adjustment expenses for 2020 were partially offset by an increase in RMBS putback recoveries for 2020 and a 2019 other-than-temporary investment loss that resulted primarily from lower than previously estimated loss recoveries on a National Public Finance Guarantee Corporation (National) credit not related to Puerto Rico. Losses and LAE increased at MBIA Insurance Corporation (MBIA Corp.) primarily due to a reduction in estimated recoveries on paid claims on the Zohar CDO transactions and, at National, primarily due to its Puerto Rico exposure. The adverse per share comparison also reflects share repurchase activity in 2020.

Book value per share was $2.55 as of December 31, 2020 compared with $10.40 as of December 31, 2019. The decrease in book value per share was mainly due to the consolidated net loss for the year, partially offset by fewer shares outstanding resulting from National’s purchases of MBIA Inc. common shares in 2020.

The Company also reported an Adjusted Net Loss (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $173 million or $(2.93) per diluted common share for 2020 compared with an Adjusted Net Loss of $17 million or $(0.21) per diluted common share for 2019. The greater loss for 2020 was primarily due to increased losses and loss adjustment expenses primarily related to National’s Puerto Rico exposures and decreases in National’s net investment income and premiums earned.

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, “As part of National’s efforts to resolve its Puerto Rico exposure, we have conditionally joined the revised Plan Support Agreement for the holders of the Puerto Rico General Obligation (GO) and Public Building Authority (PBA) bonds with the hope that doing so will also advance our efforts to resolve our Highway and Transportation Authority exposure.”

Fourth Quarter Results

The Company recorded a consolidated GAAP net loss of $81 million, or $1.64 per diluted common share, for the fourth quarter of 2020 compared with a consolidated net loss of $243 million, or $(3.21) per diluted common share, for the fourth quarter of 2019. The favorable comparative result for 2020 was primarily due to increased estimated putback recoveries associated with the Credit Suisse RMBS putback asset, which was collected during the first quarter of 2021, lower losses and loss adjustment expenses for National, which were primarily related to its Puerto Rico exposures, and a 2019 other-than-temporary investment loss that resulted largely from lower than previously estimated loss recoveries on a National insured credit not related to Puerto Rico. National’s fourth quarter losses and loss adjustment expenses primarily resulted from an increase in risk-free discounting rates, which reduced estimated recoveries associated with claims paid on its Puerto Rico exposures.

The Company reported an Adjusted Net Loss for the fourth quarter of 2020 of $36 million or $(0.74) per share compared with an Adjusted Net Loss of $95 million or $(1.25) per share for the fourth quarter of 2019. The improved result for the year-over-year quarters was mostly due to lower losses and loss adjustment expenses at National primarily related to its Puerto Rico exposures.

MBIA Inc.

As of December 31, 2020, MBIA Inc.’s liquidity position totaled $294 million, down from $335 million as of September 30, 2020, consisting primarily of cash and cash equivalents and other liquid invested assets. The decrease in liquidity primarily relates to the $115 million used to call the MBIA Inc. 6.4% Senior Notes due in 2022.

During 2020, National acquired 26.4 million shares of MBIA Inc. common stock at an average price of $7.50 per share. National did not purchase any MBIA Inc. common shares during the fourth quarter of 2020 as the Company’s share repurchase authorization had been fully utilized. As of February 22, 2021, there were 53.7 million shares of the Company’s common stock outstanding.

National Public Guarantee Financial Corporation

National had statutory capital of $2.0 billion and claims-paying resources totaling $3.1 billion as of December 31, 2020. National’s total fixed income investments plus cash and cash equivalents had a book/adjusted carrying value of $2.0 billion as of December 31, 2020. National’s insured portfolio declined by $2.1 billion during the quarter, ending the quarter with $41.9 billion of gross par outstanding. National ended the quarter with a leverage ratio of gross par to statutory capital of 21 to 1, unchanged from year-end 2019.

MBIA Insurance Corporation

The statutory capital of MBIA Insurance Corporation as of December 31, 2020 was $273 million and claims-paying resources totaled $992 million. As of December 31, 2020, MBIA Insurance Corporation’s liquidity position (excluding resources from its subsidiaries and branches) totaled $130 million consisting primarily of cash and cash equivalents and other liquid invested assets.

Conference Call

The Company will host a webcast and conference call for investors tomorrow, Tuesday, March 2, 2021 at 8:00 AM (ET) to discuss its financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks followed by a question and answer session.

The dial-in number for the call is (877) 694-4769 in the U.S. and (404) 665-9935 from outside the U.S. The conference call code is 6978175. A live webcast of the conference call will also be accessible on www.mbia.com.

A replay of the conference call will become available approximately two hours after the end of the call on March 2 and will remain available until 11:59 p.m. on March 16 by dialing (800) 585-8367 in the U.S. or (404) 537-3406 from outside the U.S. The code for the replay of the call is also 6978175. In addition, a recorded replay of the call will become available on the Company’s website approximately two hours after the completion of the call.

Forward-Looking Statements

This release includes statements that are not historical or current facts and are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,, “anticipate,” “project,” “plan,” “expect,” “estimate,” “intend,” “will,” “will likely result,” “looking forward,” or “will continue,” and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected, including, among other factors, the possibility that MBIA Inc. or National will experience increased credit losses or impairments on public finance obligations issued by state, local and territorial governments and finance authorities that are experiencing

unprecedented fiscal stress; the possibility that loss reserve estimates are not adequate to cover potential claims; MBIA Inc.’s or National’s ability to fully implement their strategic plan; changes in general economic and competitive conditions; and the impact on our insured portfolios or business operations caused by the global spread of the novel coronavirus COVID-19. These and other factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying MBIA Inc.’s or National’s forward-looking statements are discussed under the “Risk Factors” section in MBIA Inc.’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which may be updated or amended in MBIA Inc.’s subsequent filings with the Securities and Exchange Commission. MBIA Inc. and National caution readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. National and MBIA Inc. undertake no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such result is not likely to be achieved.

MBIA Inc., headquartered in Purchase, New York is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA’s website at www.mbia.com.

Explanation of Non-GAAP Financial Measures

The following are explanations of why the Company believes that the non-GAAP financial measures used in this press release, which serve to supplement GAAP information, are meaningful to investors.

Adjusted Net Income (Loss): Adjusted Net Income (Loss) is a useful measurement of performance because it measures income from the Company excluding its international and structured finance insurance segment, comprising the results of MBIA Corp. which given its capital structure and business prospects, we do not expect its financial performance to have a material impact on MBIA Inc. Also excluded from Adjusted Net Income (Loss) are investment portfolio realized gains and losses, gains and losses on financial instruments at fair value and foreign exchange, and realized gains and losses on extinguishment of debt. Adjusted Net Income (Loss) eliminates the tax provision (benefit) as a result of a full valuation allowance against the Company’s net deferred tax asset. Trends in the underlying profitability of the Company’s businesses can be more clearly identified without the fluctuating effects of the excluded items previously noted. Adjusted Net Income (Loss) as defined by the Company does not include all revenues and expenses required by GAAP. Adjusted Net Income (Loss) is not a substitute for and should not be viewed in isolation from GAAP net income.

Adjusted Net Income (Loss) per share represents that amount of Adjusted Net Income (Loss) allocated to each fully diluted weighted-average common share outstanding for the measurement period.

MBIA management further adjusts Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share by removing the impact of our U.S. public finance insurance segment VIE consolidations. GAAP requires the Company to consolidate certain VIEs that have issued debt obligations insured by the Company. However, since the Company does not own such VIEs, management uses certain measures that remove the impact of VIE consolidations for our U.S. public finance insurance segment in order to reflect financial exposure limited to its financial guaranty contracts.

Book value adjustments: Management adjusts GAAP book value to remove the book value of MBIA Corp. and for certain items which the Company believes will reverse from GAAP book value through GAAP earnings and comprehensive income, as well as add in the impact of certain items which the Company believes will be realized in GAAP book value in future periods. The Company has limited such adjustments to those items that it deems to be important when measuring financial performance and for which the likelihood and amount can be reasonably estimated. The following provides a description of management’s adjustments to GAAP book value:

 

  •  

Negative Book value of MBIA Corp. – We remove the negative book value of MBIA Corp. based on our view that given MBIA Corp.’s current financial condition, the regulatory regime in which it operates, the priority given to its policyholders, surplus note holders and preferred stock holders with respect to the distribution of assets, and its legal structure, it is not and will not likely be in a

 

position to upstream any economic benefit to MBIA Inc. Further, MBIA Inc. does not face any material financial liability arising from MBIA Corp.

 

  •  

Net unrealized (gains) losses on available-for-sale (“AFS”) securities excluding MBIA Corp. – We remove net unrealized gains and losses on AFS securities recorded in accumulated other comprehensive income since they will reverse from GAAP book value when such securities mature. Gains and losses from sales and impairment of AFS securities are recorded in book value through earnings.

 

  •  

Net unearned revenue in excess of expected losses of National – We include net unearned premium revenue in excess of expected losses. Net unearned premium revenue in excess of expected losses consists of the financial guarantee unearned premium revenue of National in excess of expected insurance losses, net of reinsurance and deferred acquisition costs. In accordance with GAAP, a loss reserve on a financial guarantee policy is only recorded when expected losses exceed the amount of unearned premium revenue recorded for that policy. As a result, we only add to GAAP book value the amount of unearned premium revenue in excess of expected losses for each policy in order to reflect the full amount of our expected losses. The Company’s net unearned premium revenue will be recognized in GAAP book value in future periods, however, actual amounts could differ from estimated amounts due to such factors as credit defaults and policy terminations, among others.

Claims-paying Resources (CPR): CPR is a key measure of the resources available to National and MBIA Corp. to pay claims under their respective insurance policies. CPR consists of total financial resources and reserves calculated on a statutory basis. CPR has been a common measure used by financial guarantee insurance companies to report and compare resources and continues to be used by MBIA’s management to evaluate changes in such resources. The Company has provided CPR to allow investors and analysts to evaluate National and MBIA Corp. using the same measure that MBIA’s management uses to evaluate their resources to pay claims under their respective insurance policies. There is no directly comparable GAAP measure.

Leverage Ratio: Gross Par Outstanding divided by Statutory Capital (Policyholders’ Surplus plus Contingency Reserve).

Contacts

MBIA Inc.

Greg Diamond,

914-765-3190

Investor and

Media Relations

greg.diamond@

mbia.com

MBIA INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions except share and per share amounts)

 

     December 31, 2020     December 31, 2019  

Assets

     

Investments:

     

Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $2,078 and $2,705)

    $ 2,257     $ 2,820  

Investments carried at fair value

      196       209  

Investments pledged as collateral, at fair value (amortized cost $6 and $15)

      1       10  

Short-term investments, at fair value (amortized cost $281 and $423)

      282       423  
  

 

 

 

  

 

 

 

Total investments

      2,736       3,462  

Cash and cash equivalents

      158       75  

Premiums receivable (net of allowance for credit losses $5 and $-)

      216       249  

Deferred acquisition costs

      50       60  

Insurance loss recoverable

      1,677       1,694  

Other assets

      84       115  

Assets of consolidated variable interest entities:

     

Cash

      9       8  

Investments held-to-maturity, at amortized cost (fair value $- and $892)

      -       890  

Investments carried at fair value

      77       83  

Loans receivable at fair value

      120       136  

Loan repurchase commitments

      604       486  

Other assets

      20       26  
  

 

 

 

  

 

 

 

Total assets

    $ 5,751     $ 7,284  
  

 

 

 

  

 

 

 

Liabilities and Equity

     

Liabilities:

     

Unearned premium revenue

    $ 405     $ 482  

Loss and loss adjustment expense reserves

      990       901  

Long-term debt

      2,229       2,228  

Medium-term notes (includes financial instruments carried at fair value of $110 and $108)

      710       680  

Investment agreements

      269       304  

Derivative liabilities

      215       175  

Other liabilities

      161       136  

Liabilities of consolidated variable interest entities:

     

Variable interest entity notes (includes financial instruments carried at fair value of $350 and $403)

      623       1,539  
  

 

 

 

  

 

 

 

Total liabilities

      5,602       6,445  
  

 

 

 

  

 

 

 

Equity:

     

Preferred stock, par value $1 per share; authorized shares--10,000,000; issued and outstanding—none

      -       -  

Common stock, par value $1 per share; authorized shares--400,000,000; issued shares--283,186,115 and 283,433,401

      283       283  

Additional paid-in capital

      2,962       2,999  

Retained earnings (deficit)

      (13 )      607  

Accumulated other comprehensive income (loss), net of tax of $8 and $8

      115       (2 ) 

Treasury stock, at cost--229,508,967 and 204,000,108 shares

      (3,211 )      (3,061 ) 
  

 

 

 

  

 

 

 

Total shareholders’ equity of MBIA Inc.

      136       826  

Preferred stock of subsidiary

      13       13  
  

 

 

 

  

 

 

 

Total equity

      149       839  
  

 

 

 

  

 

 

 

Total liabilities and equity

    $ 5,751     $ 7,284  
  

 

 

 

  

 

 

 

MBIA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions except share and per share amounts)

 

     Three Months Ended December 31,     Years Ended December 31,  
     2020   2019   2020   2019

Revenues:

         

Premiums earned:

         

Scheduled premiums earned

    $ 14     $ 16     $ 59     $ 68  

Refunding premiums earned

      4       4       14       17  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Premiums earned (net of ceded premiums of $1, $1, $5 and $5)

      18       20       73       85  

Net investment income

      17       25       76       114  

Fees and reimbursements

      -       -       2       1  

Change in fair value of insured derivatives:

         

Realized gains (losses) and other settlements on insured derivatives

      (1 )      -       (1 )      (10 ) 

Unrealized gains (losses) on insured derivatives

      7       2       7       25  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net change in fair value of insured derivatives

      6       2       6       15  

Net gains (losses) on financial instruments at fair value and foreign exchange

      (12 )      12       (38 )      52  

Net investment losses related to other-than-temporary impairments:

         

Other-than-temporary impairments recognized in accumulated other comprehensive income (loss)

      -       (30 )      -       (67 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net investment losses related to other-than-temporary impairments

      -       (30 )      -       (67 ) 

Net gains (losses) on extinguishment of debt

      -       -       -       (1 ) 

Other net realized gains (losses)

      -       2       -       4  

Revenues of consolidated variable interest entities:

         

Net investment income

      -       4       18       34  

Net gains (losses) on financial instruments at fair value and foreign exchange

      74       (7 )      108       105  

Other net realized gains (losses)

      -       -       37       (62 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total revenues

      103       28       282       280  

Expenses:

         

Losses and loss adjustment

      103       153       530       242  

Amortization of deferred acquisition costs

      3       2       10       11  

Operating

      26       24       87       92  

Interest

      43       47       178       201  

Expenses of consolidated variable interest entities:

         

Operating

      1       3       5       9  

Interest

      8       19       50       82  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total expenses

      184       248       860       637  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Income (loss) before income taxes

      (81 )      (220 )      (578 )      (357 ) 

Provision (benefit) for income taxes

      -       23       -       2  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net income (loss)

    $ (81 )    $ (243 )    $ (578 )    $ (359 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net income (loss) per common share:

         

Basic

    $ (1.64 )    $ (3.21 )    $ (9.78 )    $ (4.43 ) 

Diluted

    $ (1.64 )    $ (3.21 )    $ (9.78 )    $ (4.43 ) 

Weighted average number of common shares outstanding:

         

Basic

      49,184,068       75,675,241       59,071,843       81,014,285  

Diluted

      49,184,068       75,675,241       59,071,843       81,014,285  

ADJUSTED NET INCOME (LOSS) RECONCILIATION(1)

(In millions except per share amounts)

 

         Three Months Ended           Years Ended  
     December 31,           December 31,        
     2020   2019   2020   2019

Net income (loss)

    $ (81 )    $ (243 )    $ (578 )    $ (359 ) 

Less: adjusted net income (loss) adjustments:

         

Income (loss) before income taxes of the international and structured finance insurance segment and eliminations

      (53 )      (112 )      (391 )      (369 ) 

Adjustments to income before income taxes of the U.S. public finance insurance and corporate segments:

         

Mark-to-market gains (losses) on financial instruments(2)

      20       30       (27 )      (39 ) 

Foreign exchange gains (losses)(2)

      (18 )      (10 )      (34 )      8  

Net gains (losses) on sales of investments(2)

      6       3       47       128  

Net investment losses related to impairments of securities

      -       (30 )      -       (67 ) 

Net gains (losses) on extinguishment of debt

      -       -       -       (1 ) 

Other net realized gains (losses)

      -       -       -       (2 ) 

Adjusted net income adjustment to the (provision) benefit for income tax(3)

      -       (29 )      -       -  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Adjusted net income (loss)

    $ (36 )    $ (95 )    $ (173 )    $ (17 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Adjusted net income (loss) per diluted common share

    $ (0.74 )    $ (1.25 )    $ (2.93 )    $ (0.21 ) 

Gain (loss) related to our U.S. public finance insurance segment VIE consolidations included in adjusted net income (loss)

      -       (17 )      -       -  

Gain (loss) related to our U.S. public finance insurance segment VIE consolidations per diluted common share included in adjusted net income (loss) per diluted common share

      -       (0.22 )      -       -  

 

(1)

A non-GAAP measure; please see Explanation of non-GAAP Financial Measures.

 

(2)

Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange” on the Company’s consolidated statements of operations.

 

(3)

Reported within “Provision (benefit) for income taxes” on the Company’s consolidated statements of operations.

COMPONENTS OF BOOK VALUE PER SHARE

 

    

As of

  December 31, 2020  

    

As of

  December 31, 2019  

  

Reported Book Value per Share

    $ 2.55     $ 10.40  

Management’s book value per share adjustments:

     

Remove negative book value of MBIA Corp.

      (31.97 )      (16.81 ) 

Remove net unrealized gains (losses) on available-for-sale securities included in other comprehensive income (loss)

      2.86       1.29  

Include net unearned premium revenue in excess of expected losses

      4.29       3.46  

Shares outstanding in millions

      53.7       79.4  

INSURANCE OPERATIONS

Selected Financial Data Computed on a Statutory Basis

(Dollars in millions)

National Public Finance Guarantee Corporation

 

         December 31, 2020             December 31, 2019      

Policyholders’ surplus

    $ 1,526     $ 1,891  

Contingency reserves

      445       485  
  

 

 

    

 

 

  

 Statutory capital

      1,971       2,376  

Unearned premiums

      355       411  

Present value of installment premiums (1)

      129       139  
  

 

 

    

 

 

  

 Premium resources (2)

      484       550  

Net loss and loss adjustment expense reserves (1)

      (301 )      (169 ) 

Salvage reserves on paid claims (1)

      961       789  
  

 

 

    

 

 

  

 Gross loss and loss adjustment expense reserves

      660       620  
  

 

 

    

 

 

  

Total claims-paying resources

    $ 3,115     $ 3,546  
  

 

 

    

 

 

  

Net debt service outstanding

    $ 79,074     $ 90,792  

Capital ratio (3)

      40:1       38:1  

Claims-paying ratio (4)

      25:1       26:1  

MBIA Insurance Corporation

     
     December 31, 2020     December 31, 2019  

Policyholders’ surplus

    $ 106     $ 282  

Contingency reserves

      167       194  
  

 

 

    

 

 

  

 Statutory capital

      273       476  

Unearned premiums

      79       93  

Present value of installment premiums (5) (7)

      73       92  
  

 

 

    

 

 

  

 Premium resources (2)

      152       185  

Net loss and loss adjustment expense reserves (5)

      (478 )      (669 ) 

Salvage reserves on paid claims (5) (6)

      1,045       1,247  
  

 

 

    

 

 

  

 Gross loss and loss adjustment expense reserves

      567       578  
  

 

 

    

 

 

  

Total claims-paying resources

    $ 992     $ 1,239  
  

 

 

    

 

 

  

Net debt service outstanding

    $ 9,327     $ 13,250  

Capital ratio (3)

      34:1       28:1  

Claims-paying ratio (4)

      9:1       11:1  

 

(1)

Calculated using discount rates of 3.49% and 3.64% as of December 31, 2020 and 2019, respectively.

 

(2)

Includes financial guarantee and insured credit derivative related premiums.

 

(3)

Net debt service outstanding divided by statutory capital.

 

(4)

Net debt service outstanding divided by the sum of statutory capital, unearned premium reserve (after-tax), present value of installment premiums (after-tax), net loss and loss adjustment expense reserves and salvage reserves.

 

(5)

Calculated using discount rates of 5.10% and 5.21% as of December 31, 2020 and 2019, respectively.

 

(6)

This amount primarily consists of expected recoveries related to the Company’s excess spread, put-backs and CDOs.

 

(7)

Based on the Company’s estimate of the remaining life for its insured exposures.

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Document and Entity Information
Mar. 01, 2021
Cover [Abstract]  
Entity Registrant Name MBIA INC
Amendment Flag false
Entity Central Index Key 0000814585
Document Type 8-K
Document Period End Date Mar. 01, 2021
Entity Incorporation State Country Code CT
Entity File Number 001-9583
Entity Tax Identification Number 06-1185706
Entity Address, Address Line One 1 Manhattanville Road
Entity Address, Address Line Two Suite 301
Entity Address, City or Town Purchase
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10577
City Area Code 914
Local Phone Number 273-4545
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $1 per share
Trading Symbol MBI
Security Exchange Name NYSE
Entity Emerging Growth Company false
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