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Mar 31, 2023
MBIA Q1 2023 Earnings Report
Reported a consolidated GAAP net loss due to unfavorable variances of mark-to-market losses on interest rate swaps, loss from deconsolidation of a VIE, and greater interest expense, partially offset by reduced losses and loss adjustment expenses.
Key Takeaways
MBIA Inc. reported a consolidated GAAP net loss of $93 million, or $(1.86) per diluted common share, for Q1 2023, compared to a net loss of $73 million, or $(1.48) per diluted common share, for Q1 2022. The adjusted net loss was $1 million, or $(0.03) per diluted share, compared to an adjusted net loss of $96 million, or $(1.94) per diluted share, for the same period last year.
MBIA reported a GAAP net loss of $93 million, or $(1.86) per diluted share, for Q1 2023.
The company's adjusted net loss was $1 million, or $(0.03) per diluted share.
Book value per share was negative $16.57 as of March 31, 2023.
A new share repurchase program was approved, authorizing up to $100 million in share repurchases.
Forward Guidance
MBIA will continue to finalize PREPA remediation, reduce costs, runoff the insured portfolio, and pursue regulatory approval of special dividends from National.
Positive Outlook
- Finalizing PREPA remediation
- Reducing costs
- Running off the insured portfolio
- Pursuing regulatory approval of special dividends from National
- Delivering value to shareholders
Challenges Ahead
- Prevailing market conditions
- Uncertainty regarding the outcome of strategic endeavors
- Volatility in the market
- Potential for increased credit losses
- Inadequate loss reserve estimates
Historical Earnings Impact
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Avg. Return Before/After Earnings
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