MBIA INC

Listed Company

MBICIK 0000814585NYSENon-AcceleratedSmaller ReportingSurety InsuranceConnecticutFY ends Dec 31

Period

FY 2025

Revenue

$80.00M

Net Income

$-183.00M

Total Assets

$2.01B

Equity

$-2.24B

Shares Out

50.51M

Op. Cash Flow

$38.00M

Business

MBIA INC provides financial guarantee insurance and related portfolio management services through its operating subsidiaries, which are primarily in run-off. It offers financial guarantee insurance policies that guarantee timely payment of principal, interest and other amounts on public finance, international public finance and structured finance obligations, along with surveillance, remediation and claims recovery services. Key business segments include National for U.S. public finance, MBIA Corp. for international and structured finance, and MBIA Services for centralized support functions. Distribution is principally to investors and issuers in primary and secondary debt markets across the U.S. and international jurisdictions.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net realized investment gains (losses)	−6	−3	−76	−41	5
Net gains (losses) on financial instruments at fair value and foreign exchange	−29	−42	4	45	40
Total revenues	80	42	7	154	189
Losses and loss adjustment	−20	184	177	38	350
Interest	196	208	210	179	163
Total expenses	261	483	491	302	634
Income (loss) from continuing operations before income taxes	−181	−441	−484	−148	−445
Provision (benefit) for income taxes	0	0	0	1	0
Income (loss) from continuing operations	−181	−441	−484	−149	−445
Income (loss) from discontinued operations, net of income taxes	−2	−3	−3	−54	0
Net income (loss)	−183	−444	−487	−203	−445
Less: Net income (loss) attributable to noncontrolling interests	−6	3	4	−8	0
Net income (loss) attributable to MBIA Inc.	−177	−447	−491	−195	−445
Continuing operations - basic	−3.53	−9.31	−10.03	−3	−8.99
Continuing operations - diluted	−3.53	−9.31	−10.03	−3	−8.99
Discontinued operations - basic	−0.05	−0.12	−0.15	−0.92	0
Discontinued operations - diluted	−0.05	−0.12	−0.15	−0.92	0
Net income (loss) per common share attributable to MBIA Inc. - basic	−3.58	−9.43	−10.18	−3.92	−8.99
Net income (loss) per common share attributable to MBIA Inc. - diluted	−3.58	−9.43	−10.18	−3.92	−8.99
Basic	49	47	48	50	50
Diluted	49	47	48	50	50

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums receivable (net of allowance for credit losses of $- and $-)	121	133	146	160	178
Assets held for sale	8	11	73	80	—
Total assets	2,013	2,168	2,606	3,375	4,696
Liabilities held for sale	6	7	64	61	—
Total liabilities	4,243	4,244	4,253	4,251	4,996
Commitments and contingencies (Refer to Note 18)	—	—	—	—	—
Preferred stock, par value $1 per share; authorized shares10,000,000; issued and outstandingnone	0	0	0	0	0
Common stock, par value $1 per share; authorized shares--400,000,000; issued shares--283,186,115	283	283	283	283	283
Additional paid-in capital	2,450	2,492	2,515	2,925	2,931
Retained earnings (deficit)	−1,768	−1,591	−1,144	−653	−458
Accumulated other comprehensive income (loss), net of tax of $7 and $7	−95	−128	−139	−283	100
Treasury stock, at cost--232,675,865 and 232,215,934 shares	−3,107	−3,145	−3,172	−3,154	−3,169
Total shareholders' equity of MBIA Inc.	−2,237	−2,089	−1,657	−882	−313
Preferred stock of subsidiary and noncontrolling interests	7	13	—	—	13
Total equity	−2,230	−2,076	−1,647	−876	−300
Total liabilities and equity	2,013	2,168	2,606	3,375	4,696

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums, fees and reimbursements received	16	17	18	25	44
Investment income received	52	57	105	92	77
Financial guarantee losses and loss adjustment expenses paid	−145	−157	−214	−1,108	−343
Proceeds from recoveries and reinsurance, net of salvage paid to reinsurers	236	22	10	694	282
Operating expenses paid and other operating	−72	−57	−71	−97	−88
Other proceeds from consolidated variable interest entities	0	2	28	0	0
Interest paid, net of interest converted to principal	−49	−53	−64	−43	−61
Cash (used) provided by discontinued operations	0	−7	−7	2	0
Net cash provided (used) by operating activities	38	−176	−195	−418	511
Purchases of available-for-sale investments	−411	−210	−366	−1,009	−1,163
Sales of available-for-sale investments	126	115	943	1,100	597
Paydowns, maturities and other proceeds of available-for-sale investments	204	207	214	411	626
Purchases of investments at fair value	−62	−114	−77	−148	−206
Sales, paydowns, maturities and other proceeds of investments at fair value	66	189	279	228	174
Sales, paydowns and maturities (purchases) of short-term investments, net	98	76	−186	31	−99
Paydowns and maturities of loans receivable	4	6	9	8	77
Consolidation/(deconsolidation) of variable interest entities	0	0	−2	2	—
(Payments) proceeds for derivative settlements	0	−1	−38	−10	−66
Proceeds (payments) from discontinued operations	0	19	−9	10	0
Net cash provided (used) by investing activities	25	287	767	623	−61
Proceeds from investment agreements	0	0	7	8	2
Principal paydowns of investment agreements	−16	−5	−12	−54	−2
Principal paydowns of medium-term notes	0	−62	−15	−74	−81
Proceeds from variable interest entity debt	0	8	62	2	0
Principal paydowns/redemptions of variable interest entity debt	−11	−59	−142	−135	−369
Dividends paid	0	0	−409	0	0
Principal paydowns of long-term debt	−45	−1	0	−29	−6
Purchases of treasury stock	−7	−4	−38	−3	−1
Cash provided (used) by discontinued operations	0	−9	5	0	0
Net cash provided (used) by financing activities	−79	−132	−542	−285	−457
Net increase (decrease) in cash and cash equivalents	−16	−21	30	−82	−7
Income (loss) from discontinued operations, net of income taxes	−2	−3	−3	−54	0
Premiums receivable	12	13	14	32	31
Unearned premium revenue	−27	−33	−34	−56	−83
Loss and loss adjustment expense reserves	−72	53	24	−468	−102
Insurance loss recoverable	142	−2	−46	120	381
Accrued interest payable	151	162	159	145	107
Other assets and liabilities	−4	8	−1	−67	4
Net (gains) losses on financial instruments at fair value and foreign exchange	26	65	41	−31	−35
Other net realized (gains) losses	−7	13	29	−11	21
Other operating	−8	−17	27	26	33
Total adjustments to income (loss) from continuing operations	219	265	289	−269	956
Loans receivable disposed of a variable interest entity	0	0	28	0	0
Other investments, received from sale of net assets held for sale	0	0	3	0	0
Variable interest entity debt extinguishment	7	0	0	—	—
Variable interest entity notes disposed of upon deconsolidation	0	0	22	0	0

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