MBIA INC
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
| PART I FINANCIAL INFORMATION | |||
|---|---|---|---|
| Item 1. | Financial Statements MBIA Inc. and Subsidiaries (Unaudited) | 1 | |
| Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (Unaudited) | 1 | ||
| Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited) | 2 | ||
| Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2025 and 2024 (Unaudited) | 3 | ||
| Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2025 and 2024 (Unaudited) | 4 | ||
| Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited) | 5 | ||
| Notes to Consolidated Financial Statements (Unaudited) | 6 | ||
| Note 1: Business Developments and Risks and Uncertainties | 6 | ||
| Note 2: Significant Accounting Policies | 9 | ||
| Note 3: Recent Accounting Pronouncements | 9 | ||
| Note 4: Variable Interest Entities | 10 | ||
| Note 5: Loss and Loss Adjustment Expense Reserves | 12 | ||
| Note 6: Fair Value of Financial Instruments | 16 | ||
| Note 7: Investments | 28 | ||
| Note 8: Income Taxes | 32 | ||
| Note 9: Business Segments | 33 | ||
| Note 10: Earnings Per Share | 38 | ||
| Note 11: Accumulated Other Comprehensive Income | 39 | ||
| Note 12: Commitments and Contingencies | 40 | ||
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 41 | |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 61 | |
| Item 4. | Controls and Procedures | 61 | |
| PART II OTHER INFORMATION | |||
| Item 1. | Legal Proceedings | 62 | |
| Item 1A. | Risk Factors | 62 | |
| Item 2. | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 63 | |
| Item 6. | Exhibits | 64 | |
| SIGNATURES | 65 | ||
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This quarterly report of MBIA Inc., together with its consolidated subsidiaries, (collectively, “MBIA”, the “Company”, “we”, “us” or “our”) 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 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. MBIA cautions readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. We undertake no obligation to publicly correct or update any forward-looking statement if the Company later becomes aware that such result is not likely to be achieved.
The following are some of the general factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying the Company’s forward-looking statements:
increased credit losses or impairments on public finance obligations that National Public Finance Guarantee Corporation (“National”) insures issued by state, local and territorial governments and finance authorities and other providers of public services, located in the U.S. or abroad, that are experiencing fiscal stress;
the possibility that loss reserve estimates are not adequate to cover potential claims;
a disruption in the cash flow from National or an inability to access the capital markets and our exposure to significant fluctuations in liquidity and asset values in the global credit markets as a result of collateral posting requirements;
our ability to fully implement our strategic plan;
the possibility that MBIA Insurance Corporation will have inadequate liquidity or resources to timely pay claims as a result of higher than expected losses on certain insured transactions or as a result of a delay or failure in collecting expected recoveries, which could lead the New York State Department of Financial Services (“NYSDFS”) to put MBIA Insurance Corporation into a rehabilitation or liquidation proceeding under Article 74 of the New York Insurance Law and/or take such other actions as the NYSDFS may deem necessary to protect the interests of MBIA Insurance Corporation’s policyholders;
deterioration in the economic environment and financial markets in the United States or abroad, real estate market performance, credit spreads, interest rates and foreign currency levels; and
the effects of changes to governmental regulation, including insurance laws, securities laws, tax laws, legal precedents and accounting rules.
The above factors provide a summary of and are qualified in their entirety by the risk factors discussed under “Risk Factors” in Part II, Other Information, Item 1A included in Quarterly Report on Form 10-Q. The Company encourages readers to review these risk factors in their entirety.
This quarterly report of MBIA Inc. also includes statements of the opinion and belief of MBIA management which may be forward-looking statements subject to the preceding cautionary disclosure. Unless otherwise indicated herein, the basis for each statement of opinion or belief of MBIA management in this report is the relevant industry or subject matter experience and views of certain members of MBIA’s management. Accordingly, MBIA cautions readers not to place undue reliance on any such statements, because like all statements of opinion or belief they are not statements of fact and may prove to be incorrect. We undertake no obligation to publicly correct or update any statement of opinion or belief if the Company later becomes aware that such statement of opinion or belief was not or is not then accurate. In addition, readers are cautioned that each statement of opinion or belief may be further qualified by disclosures set forth elsewhere in this report or in other disclosures by MBIA.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.