MBIA INC

For the period ended Dec 31, 2024. Filed Feb 27, 2025.

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.

FY2024 · Filed Feb 27, 2025

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule I

SUMMARY OF INVESTMENTS, OTHER THAN INVESTMENTS IN RELATED PARTIES

December 31, 2024

Amount at
which shown
in the
Type of investment · Cost · Fair Value · balance sheet
Available-for-sale:
	U.S. Treasury and government agency			$189				$170				$170
	State and municipal bonds			110				101				101
	Foreign governments			12				10				10
	Corporate obligations			496				391				391
Mortgage-backed securities:
		Residential mortgage-backed agency			127				111				111
		Residential mortgage-backed non-agency			36				32				32
		Commercial mortgage-backed			7				7				7
Asset-backed securities:
		Collateralized debt obligations			71				72				72
		Other asset-backed			32				31				31
			Total long-term available-for-sale			1,080				925				925
	Short-term available-for-sale			311				311				311
			Total available-for-sale			1,391				1,236				1,236
Investments at fair value			463				418				418
Other investments		1				1				1
			Total investments			$1,855				$1,655				$1,655
Assets of consolidated variable interest entities:
	Loans receivable			$37				$28				$28
				Total investments of consolidated variable interest entities		$37				$28				$28

CONDENSED BALANCE SHEETS

December 31, 2024 · December 31, 2023
Assets
Investments:
	Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $120 and $131)			$114			$127
	Short-term investments held as available-for-sale, at fair value (amortized cost $445 and $480)			445			480
		Total investments			559			607
Cash and cash equivalents			32			33
Other assets			1			26
		Total assets			$592			$666
Liabilities and Shareholders' Equity
Liabilities:
	Investment agreements			$204			$221
	Long-term debt			278			278
	Affiliate loans payable			478			533
	Accumulated loss of wholly-owned subsidiaries			1,721			1,290
	Other liabilities			-			1
		Total liabilities			2,681			2,323
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			2,492			2,515
	Retained earnings (deficit)			(1,591)			(1,144)
	Accumulated other comprehensive income (loss), net of tax			(128)			(139)
	Treasury stock, at cost--232,215,934 and 232,323,184 shares			(3,145)			(3,172)
		Total shareholders' equity of MBIA Inc.			(2,089)			(1,657)
		Total liabilities and shareholders' equity			$592			$666

CONDENSED STATEMENTS OF OPERATIONS

	Years ended December 31,
2024 · 2023 · 2022
Revenues:
	Net investment income		$27			$21			$20
	Net realized investment gains (losses)		-			(32)			(10)
	Net gains (losses) on financial instruments at fair value and foreign exchange		8			4			110
	Other net realized gains (losses)		2			1			5
		Total revenues		37			(6)			125
Expenses:
	Operating		13			15			11
	Interest		72			76			76
		Total expenses		85			91			87
	Gain (loss) before income taxes and equity in earnings of subsidiaries		(48)			(97)			38
Provision (benefit) for income taxes		(2)			(1)			(3)
	Gain (loss) before equity in earnings of subsidiaries		(46)			(96)			41
Equity in net income (loss) of subsidiaries		(401)			(395)			(236)
		Net income (loss)		$(447)			$(491)			$(195)

CONDENSED STATEMENTS OF CASH FLOWS

(in millions)

	Years ended December 31,
2024 · 2023 · 2022
Cash flows from operating activities:
	Investment income received			$7				$369				$89
	Operating expenses paid and other operating			(9)				(16)				(25)
	Interest paid, net of interest converted to principal			(68)				(72)				(51)
	Income taxes (paid) received			2				1				(1)
			Net cash provided (used) by operating activities			(68)				282				12
Cash flows from investing activities:
	Purchases of available-for-sale investments			(27)				(67)				(86)
	Sales of available-for-sale investments			-				289				149
	Paydowns and maturities of available-for-sale investments			51				65				18
	Sales, paydowns and maturities (purchases) of short-term investments, net			54				(380)				(41)
	(Payments) proceeds for derivative settlements			(1)				(38)				(10)
	Return of capital from subsidiaries, net			53				295				74
			Net cash provided (used) by investing activities			130				164				104
Cash flows from financing activities:
	Proceeds from investment agreements			-				7				8
	Principal paydowns of investment agreements			(5)				(12)				(54)
	Dividends paid			-				(409)				-
	Principal paydowns of long-term debt			(1)				-				-
	Payments for affiliate loans			(62)				(15)				(74)
	Purchases of treasury stock			-				(6)				-
	Restricted stock awards settlements			5				6				6
			Net cash provided (used) by financing activities			(63)				(429)				(114)
Effect of exchange rates on cash and cash equivalents			-				-				(1)
Net increase (decrease) in cash and cash equivalents			(1)				17				1
Cash and cash equivalents - beginning of year			33				16				15
Cash and cash equivalents - end of year			$32				$33				$16
Reconciliation of net income (loss) to net cash provided (used) by operating activities:
	Net income (loss)			$(447)				$(491)				$(195)
	Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
	Change in:
			Intercompany accounts receivable			-				(20)				(25)
		Equity in earnings of subsidiaries			401				395				235
		Dividends from subsidiaries			-				352				72
		Net realized investment gains (losses)			-				32				10
		Net (gains) losses on financial instruments at fair value and foreign exchange			(8)				(4)				(110)
		Other net realized (gains) losses			(2)				(1)				(5)
		Other operating			(12)				19				30
		Total adjustments to net income (loss)			379				773				207
			Net cash provided (used) by operating activities			$(68)				$282				$12

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