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Jun 30, 2020
MBIA Q2 2020 Earnings Report
Reported a consolidated GAAP net loss due to loss and loss adjustment expense related to net losses on Puerto Rico bonds and reduced insurance loss recoveries on collateralized debt obligations.
Key Takeaways
MBIA Inc. reported a consolidated GAAP net loss of $106 million, or $(1.69) per share, for the second quarter of 2020. The net loss was mainly due to loss and loss adjustment expense related to net losses on Puerto Rico bonds insured by National Public Finance Guarantee Corporation and reduced insurance loss recoveries on collateralized debt obligations insured by MBIA Corp.
MBIA Inc. reported a GAAP net loss of $106 million, or $(1.69) per share, for Q2 2020.
Adjusted Net Loss was $72 million or $(1.15) per diluted share for Q2 2020.
Book value per share was $5.55 as of June 30, 2020.
National's insured portfolio declined by $1 billion during the quarter, ending with $46 billion of gross par outstanding.
Forward Guidance
This release includes forward-looking statements that are subject to risks and uncertainties.
Positive Outlook
- MBIA Inc. and National caution readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates.
- The words “believe,, “anticipate,” “project,” “plan,” “expect,” “estimate,” “intend,” “will,” “will likely result,” “looking forward,” or “will continue,” and similar expressions identify forward-looking statements.
- The Company will host a webcast and conference call for investors tomorrow, Thursday, August 6, 2020 at 8:00 AM (ET) to discuss its second quarter 2020 financial results and other matters relating to the Company.
- MBIA Inc., headquartered in Purchase, New York is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets.
- Please visit MBIA’s website at www.mbia.com.
Challenges Ahead
- MBIA Inc. or National will experience increased credit losses or impairments on public finance obligations issued by state, local and territorial governments and finance authorities that are experiencing unprecedented fiscal stress.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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