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Mar 31, 2021
MBIA Q1 2021 Earnings Report
Reported a consolidated GAAP net loss due to favorable variances of loss and loss adjustment expenses at MBIA Insurance Corporation and mark-to-market gains and losses on interest rate swaps in the Corporate segment.
Key Takeaways
MBIA Inc. reported a consolidated GAAP net loss of $106 million, or $(2.16) per diluted common share, for the first quarter of 2021, compared to a net loss of $333 million, or $(4.62) per diluted common share, for the first quarter of 2020.
The lower net loss was primarily due to favorable variances of loss and loss adjustment expenses at MBIA Insurance Corporation and mark-to-market gains and losses on interest rate swaps in the Corporate segment.
Loss and loss adjustment expenses at MBIA Insurance Corp. reflected a net benefit in the first quarter of 2021, primarily on first-lien RMBS exposure.
Loss and loss adjustment expenses at National increased versus the first quarter of 2020, primarily due to additional losses on certain Puerto Rico exposures.
MBIA Inc.’s liquidity position totaled $298 million as of March 31, 2021.
Forward Guidance
MBIA Inc.’s highest priority continues to be the resolution of National’s Puerto Rico exposure and they remain cautiously optimistic about the resolution of these insurance obligations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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