MBIA INC

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 28, 2024

MBI$4.68+1.3%Stored close · as of Nov 9, 2026

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Contents

Schedule I

SUMMARY OF INVESTMENTS, OTHER THAN INVESTMENTS IN RELATED PARTIES

December 31, 2023

Amount at
which shown
in the
Type of investment · Cost · Fair Value · balance sheet
Available-for-sale:
	U.S. Treasury and government agency			$214				$198				$198
	State and municipal bonds			128				123				123
	Foreign governments			13				11				11
	Corporate obligations			504				417				417
Mortgage-backed securities:
		Residential mortgage-backed agency			149				135				135
		Residential mortgage-backed non-agency			31				26				26
		Commercial mortgage-backed			14				13				13
Asset-backed securities:
		Collateralized debt obligations			96				95				95
		Other asset-backed			26				25				25
			Total long-term available-for-sale			1,175				1,043				1,043
	Short-term available-for-sale			513				514				514
			Total available-for-sale			1,688				1,557				1,557
Investments at fair value			373				371				371
Other investments		3				3				3
			Total investments			$2,064				$1,931				$1,931
Assets of consolidated variable interest entities:
	Investments at fair value			$20				$22				$22
	Loans receivable			47				35				35
				Total investments of consolidated variable interest entities		$67				$57				$57

CONDENSED BALANCE SHEETS

December 31, 2023 · December 31, 2022
Assets
Investments:
	Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $131 and $463)			$127			$431
	Short-term investments held as available-for-sale, at fair value (amortized cost $480 and $95)			480			95
		Total investments			607			526
Cash and cash equivalents			33			16
Other assets			26			9
		Total assets			$666			$551
Liabilities and Shareholders' Equity
Liabilities:
	Investment agreements			$221			$233
	Long-term debt			278			278
	Affiliate loans payable			533			535
	Derivative liabilities			1			48
	Accumulated loss of wholly-owned subsidiaries			1,290			333
	Other liabilities			-			6
		Total liabilities			2,323			1,433
Shareholders' 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 283,186,115			283			283
	Additional paid-in capital			2,515			2,925
	Retained earnings (deficit)			(1,144)			(653)
	Accumulated other comprehensive income (loss), net of tax			(139)			(283)
	Treasury stock, at cost--232,323,184 and 228,333,444 shares			(3,172)			(3,154)
		Total shareholders' equity of MBIA Inc.			(1,657)			(882)
		Total liabilities and shareholders' equity			$666			$551

CONDENSED STATEMENTS OF OPERATIONS

	Years ended December 31,
2023 · 2022 · 2021
Revenues:
	Net investment income		$21			$20			$26
	Net realized investment gains (losses)		(32)			(10)			3
	Net gains (losses) on financial instruments at fair value and foreign exchange		4			110			49
	Net gains (losses) on extinguishment of debt		1			5			30
	Other net realized gains (losses)		-			-			(6)
		Total revenues		(6)			125			102
Expenses:
	Operating		15			11			10
	Interest		76			76			75
		Total expenses		91			87			85
	Gain (loss) before income taxes and equity in earnings of subsidiaries		(97)			38			17
Provision (benefit) for income taxes		(1)			(3)			(3)
	Gain (loss) before equity in earnings of subsidiaries		(96)			41			20
Equity in net income (loss) of subsidiaries		(395)			(236)			(465)
		Net income (loss)		$(491)			$(195)			$(445)

CONDENSED STATEMENTS OF CASH FLOWS

(in millions)

	Years ended December 31,
2023 · 2022 · 2021
Cash flows from operating activities:
	Investment income received			$369				$89				$80
	Operating expenses paid and other operating			(16)				(25)				(14)
	Interest paid, net of interest converted to principal			(72)				(51)				(50)
	Income taxes (paid) received			1				(1)				6
			Net cash provided (used) by operating activities			282				12				22
Cash flows from investing activities:
	Purchases of available-for-sale investments			(67)				(86)				(150)
	Sales of available-for-sale investments			289				149				202
	Paydowns and maturities of available-for-sale investments			65				18				20
	Purchases of investments at fair value			-				-				(2)
	Sales, paydowns and maturities of investments at fair value			-				-				3
	Sales, paydowns and maturities (purchases) of short-term investments, net			(380)				(41)				(27)
	(Payments) proceeds for derivative settlements			(38)				(10)				(17)
	Return of capital from subsidiaries			295				74				11
			Net cash provided (used) by investing activities			164				104				40
Cash flows from financing activities:
	Proceeds from investment agreements			7				8				2
	Principal paydowns of investment agreements			(12)				(54)				(2)
	Dividends paid			(409)				-				-
	Payments for affiliate loans			(15)				(74)				(81)
	Purchases of treasury stock			(6)				-				-
	Restricted stock awards settlements			6				6				8
			Net cash provided (used) by financing activities			(429)				(114)				(73)
Effect of exchange rates on cash and cash equivalents			-				(1)				-
Net increase (decrease) in cash and cash equivalents			17				1				(11)
Cash and cash equivalents - beginning of year			16				15				26
Cash and cash equivalents - end of year			$33				$16				$15
Reconciliation of net income (loss) to net cash provided (used) by operating activities:
	Net income (loss)			$(491)				$(195)				$(445)
	Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
	Change in:
			Intercompany accounts receivable			(20)				(25)				(7)
			Current income taxes			1				(1)				6
		Equity in earnings of subsidiaries			395				235				465
		Dividends from subsidiaries			352				72				60
		Net realized investment gains (losses)			32				10				-
		Net (gains) losses on financial instruments at fair value and foreign exchange			(4)				(110)				(52)
		Deferred income tax provision (benefit)			(1)				(3)				(3)
		(Gains) losses on extinguishment of debt			(1)				(5)				(30)
		Other operating			19				34				28
		Total adjustments to net income (loss)			773				207				467
			Net cash provided (used) by operating activities			$282				$12				$22

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