MBIA Inc. reported a consolidated GAAP net loss of $333 million, or $(4.62) per diluted common share, for the first quarter of 2020. The greater net loss was primarily due to the $281 million unfavorable variance in loss and loss adjustment expense, and lower revenues.
MBIA Inc. reported a GAAP net loss of $333 million for Q1 2020, compared to a net loss of $21 million in Q1 2019.
The increased net loss was primarily due to higher losses related to collateralized debt obligations and certain Puerto Rico credits.
Adjusted Net Loss for Q1 2020 was $47 million, compared to Adjusted Net Income of $39 million for Q1 2019.
As of March 31, 2020, MBIA Inc.’s liquidity position totaled $314 million.
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