What does Mbia do and what are its main business segments?

What factors drove the changes in Mbia's revenue and profit?

What is Mbia's gross profit margin?

What were the key takeaways from Mbia's earnings call?

Did Mbia beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Mbia next quarter?

What guidance did Mbia's management provide for the next earnings period?

What is Mbia's latest dividend and current dividend yield?

- **Net Loss Improvement**: Full year 2025 net loss of $177 million vs. $447 million in 2024, driven by PREPA-related benefits.
- **PREPA Exposure Reduction**: Remaining $425 million exposure maturing this year, with no further sales possible.
- **Strategic Flexibility**: Considering special dividend and potential sale of company or assets to return capital.
- **Ongoing Risks**: PREPA restructuring stalled due to legal disputes, Zohar CDO recovery remains uncertain.

**【CEO Summary Section】**
- Full year 2025 net losses decreased to $177 million from $447 million in 2024, driven by a $35 million loss in LAE benefit related to PREPA exposure.
- National's PREPA-related benefit stemmed from custodial receipt sales exceeding loss estimates and revised loss projections for remaining $425 million exposure.
- Gross par outstanding declined 13% to $22 billion, with leverage ratio improving to 24:1 (from 28:1 in 2024).
- PREPA restructuring progress stalled due to unresolved legal issues with the Financial Oversight and Management Board.

**【CFO Financial Commentary】**
- Q4 2025 GAAP net loss of $51 million (-$1.01 per share) matched Q4 2024, with adjusted net loss improving to -$0.24 per share from -$0.48 per share.
- Full year 2025 adjusted net income of $23 million ($0.46 per share) vs. adjusted net loss of $184 million in 2024, driven by PREPA-related benefits.
- Book value per share decreased to -$44.27 due to consolidated net loss, with National's claims paying resources at $1.4 billion.
- MBIA Insurance Corp. statutory capital declined to $79 million due to net loss and Zohar CDO recovery estimates.

**【Q&A Key Highlights】**
- **Special Dividend Consideration**: Exploring potential special dividend beyond as-of-right $63 million payment, with likelihood increasing as PREPA exposure reduces.
- **Strategic Options**: Evaluating sale of entire company or components, with preference for maximizing shareholder value.
- **PREPA Update**: Remaining $425 million exposure maturing later this year, no further custodial sales possible.
- **Political Pressures**: No additional reserves required for non-PREPA credits despite state-level fiscal concerns.
- **MBIA Insurance Corp. Runoff**: Focused on Zohar CDO recovery, with $2 billion insured portfolio winding down.

MBIA Inc. (MBI) Q4 2025 Earnings Call Transcript

- **Financial Improvement**: GAAP net loss narrowed to $8 million, driven by PREPA-related claim sales and reduced portfolio exposure.
- **PREPA Uncertainty**: Ongoing delays in Puerto Rico's financial oversight board and restructuring plan approval.
- **Cautious Optimism**: Improved creditor alignment but continued focus on liquidity management and strategic flexibility.

**【CEO Summary Section】**
- The company reported a consolidated GAAP net loss of $8 million for the quarter, an improvement from $56 million in the prior year. This was driven by lower losses in the National PREPA portfolio and the sale of $374 million in PREPA-related claims.
- National's PREPA exposure has decreased to $425 million in gross par outstanding, down from $2.1 billion at year-end 2024. The company remains focused on resolving PREPA-related claims, though the timeline remains uncertain.
- The cooperative group of bondholders opposing PREPA's restructuring plan now represents approximately 90% of PREPA bondholders, indicating stronger creditor alignment.

**【CFO Financial Commentary】**
- GAAP net loss of $8 million (negative $0.17 per share) compared to $56 million (negative $1.18 per share) in the prior year. Non-GAAP adjusted net income was $51 million ($1.03 per share), reflecting improved financial health despite ongoing challenges in PREPA resolution.
- Statutory capital at National increased to $994 million as of September 2025, up $82 million from year-end 2024 levels, though claims paying resources remained stable.

**【Q&A Key Highlights】**
- **Buyback Capacity**: $71 million remains available, though current utilization is minimal. PREPA-related payments are manageable with $57 million due in 2026, $20 million in 2027, and $20 million in 2028.
- **PREPA Progress**: While progress is positive, delays persist due to legal challenges and uncertainty around the Puerto Rico Financial Oversight and Management Board's composition.
- **Strategic Options**: The company remains open to potential sales or restructuring, though no formal process is active. Dividend distributions are contingent on PREPA resolution and liquidity needs.

MBIA Inc. (MBI) Q3 2025 Earnings Call Transcript

- **Net loss improvement**: Q2 2025 net loss of $56 million vs. $254 million prior year, driven by lower losses across key businesses.
- **PREPA claims transformation**: $374 million of PREPA claims converted to marketable securities, potentially enabling partial monetization.
- **Financial stability**: National maintains strong claims paying resources ($1.5 billion) and capital ($914 million), despite PREPA uncertainty.
- **Strategic actions**: Custodian transfer of claims, evaluation of share buybacks, and monitoring of Puerto Rico Oversight Board changes to accelerate resolution.

**【CEO Summary Section】**
- Q2 2025 net loss of $56 million (-$1.12 per share) improved from $254 million (-$5.34 per share) in Q2 2024, driven by lower LAE losses at National and reduced VIE losses.
- National's PREPA exposure remains unresolved at $800+ million, with claims transferred to custodian to enhance marketability.
- National's insured portfolio gross par declined to $24 billion (from $25.1 billion at year-end 2024), with leverage ratio of 26:1 and claims paying resources of $1.5 billion.
- Company prioritizes resolving PREPA uncertainty to facilitate potential sale of the company.

**【CFO Financial Commentary】**
- GAAP net loss of $56 million vs. $254 million prior year, with adjusted net loss of $8 million (-$0.17 per share) vs. $138 million prior year.
- Book value per share decreased to -$43.14 (from -$40.99 at year-end 2024), driven by $118 million first-half net loss and unrealized investment losses.
- National reported statutory net income of $6 million (vs. -$131 million prior year), with capital at $914 million and claims paying resources stable at $1.5 billion.
- MBIA Insurance Corp. statutory net income of $4 million (vs. -$35 million prior year), with capital at $92 million and claims paying resources of $346 million.

**【Q&A Key Highlights】**
- $374 million of fully paid PREPA claims transferred to custodian, creating marketable securities with CUSIP numbers. Previous sales of PREPA claims achieved ~$0.55 recovery on the dollar.
- Recent dismissal of 5/7 Puerto Rico Oversight Board members could accelerate restructuring process, though timing and approach remain uncertain.
- Cooperation agreement with Assured Guaranty and Golden Tree set to expire in December, with potential extension to March 2026.
- Salvage reserves adjusted due to extended timeline assumptions, with no change in ultimate recovery expectations.
- Share buyback authorization remains at $71 million, with management evaluating opportunities to enhance shareholder value.

MBIA Inc. (MBI) Q2 2025 Earnings Call Transcript

- **Q1 2025 financial improvement**: Net loss narrowed 28% to $62M (-$1.28 EPS), driven by lower LAE losses and cost cuts.
- **PREPA risk remains critical**: >$800M exposure with uncertain resolution, despite court progress.
- **Portfolio stability**: $25B insured portfolio stable outside PREPA, with 27:1 leverage ratio.
- **Capital strength**: $1.5B claims paying resources at National, $378M unencumbered cash at holding company.
- **Political uncertainty**: PREPA resolution stalled by Oversight Board, despite Republican leadership alignment.

**【CEO Opening Remarks】**
- Q1 2025 net loss of $62M (-$1.28 EPS) vs. Q1 2024 loss of $86M (-$1.84 EPS), driven by favorable changes in VIE revenues, lower LAE losses, and reduced compensation expenses.
- PREPA exposure remains critical at >$800M, with ongoing uncertainty in bankruptcy resolution. National's leverage ratio improved to 27:1 (gross par to capital), with $1.5B claims paying resources.
- National's insured portfolio stable at $25B, with consistent credit performance outside PREPA.

**【CFO Financial Details】**
- GAAP net loss: $62M (-$1.28 EPS) vs. $86M (-$1.84 EPS) last year. Non-GAAP adjusted net loss: $8M (-$0.16 EPS) vs. $24M (-$0.52 EPS).
- Key drivers:
  - Favorable VIE revenue changes ($13M benefit)
  - Lower LAE losses ($12M improvement)
  - Reduced compensation costs ($4M)
  - Partially offset by FX losses ($6M) and investment fair value declines.
- Book value per share: -$42.22 vs. -$40.99 at year-end, driven by Q1 net loss and unrealized investment losses.
- National statutory capital: $919M (up $7M) with $1.5B claims paying resources.
- MBIA Insurance Corp. statutory capital: $88M (stable), with $349M PREPA paying resources.

**【Q&A Highlights】**
- **PREPA resolution progress**: CEO Bill Fallon expresses cautious optimism about court-driven litigation resolution, noting Governor González's prioritization of grid restoration. However, political gridlock persists with the Oversight Board.
- **Portfolio stability**: Other credits performing within expectations, with no material write-downs outside PREPA.
- **Capital structure**: Maintaining liquidity with $378M unencumbered cash at holding company level.


MBIA (MBI)-9 May 25-2025 Q1 Earnings call transcript

- **Financial Improvement**: Narrowed full year net loss to $447M (-$9.43) vs. $491M (-$10.18) in 2023, driven by cost control and reduced investment losses.
- **PREPA Risk**: $800M unresolved claim complicates potential sale; bondholders filed motion to expedite litigation.
- **Capital Management**: 2024 actions included $69M dividend from National and $78M share buybacks, but book value per share declined to -$40.99.
- **Strategic Focus**: Management prioritizes PREPA resolution to unlock shareholder value, with no offers deemed acceptable to date.

**【CEO Summary Section】**
- Full year 2024 GAAP net loss of $447 million (-$9.43 per share), narrower than 2023's $491 million loss, driven by reduced investment losses and lower operating expenses.
- National's PREPA claim remains unresolved at $800+ million, complicating potential sale of the company.
- National's insured portfolio gross par declined 12% YoY to $25 billion, with leverage ratio at 28:1.
- Management emphasizes resolving PREPA uncertainty as critical to maximizing shareholder value.

**【CFO Financial Commentary】**
- Q4 2024 GAAP net loss of $51 million (-$1.07 per share) vs. Q4 2023 loss of $138 million (-$2.94), driven by:
  - $125M reduction in realized investment losses
  - $18M foreign exchange gains vs. $12M losses in 2023
  - 10% lower operating expenses
- Full year adjusted net loss of $184 million (-$3.90 per share) vs. 2023's $169 million loss, reflecting higher loss in LAE and lower investment income.
- MBIA Inc. book value per share declined to -$40.99 from -$32.56, driven by consolidated net loss.

**【Q&A Key Points】**
1. **Capital Release Strategy**
   - Bill Fallon: Regulator approval needed for incremental special dividends. Current focus on PREPA resolution before seeking additional capital releases.
   - 2024 actions: $69M as-of-right dividend from National, $78M share buybacks

2. **PREPA Litigation Update**
   - Bondholders filed motion to expedite litigation
   - Key challenge: Oversight Board opposition to bondholder recovery
   - Fallon: "All things equal, sooner resolution is better for shareholders"

3. **Sale Process Dynamics**
   - Potential buyers hesitant to price PREPA risk
   - Fallon: "All offers so far have been inadequate"
   - Alternative approaches: Contingent consideration structures, carve-outs

**【Operational Highlights】**
- National's claims paying resources: $1.5B (down 10% YoY)
- MBIA Insurance Corp. statutory capital: $88M (down 42% YoY)
- Total corporate cash: $380M (down 8% YoY)


MBIA (MBI)-28 Feb 25-2024 Q4 Earnings call transcript

MBIA (MBI)-8 Nov 24-2024 Q3 Earnings call transcript

MBIA (MBI)-7 Aug 24-2024 Q2 Earnings call transcript

MBIA (MBI)-10 May 24-2024 Q1 Earnings call transcript

MBIA Inc. (MBI) Q4 2023 Earnings Call Transcript

- **Significant PREPA-Related Loss**: Third-quarter GAAP net loss of $185 million driven by revised recovery expectations under the amended PREPA plan.
- **Buyback Capacity**: National holds $100 million share repurchase capacity at $7.21, with future activity dependent on market conditions.
- **Uncertain Timeline**: PREPA plan confirmation hearing in March 2024, with potential legal challenges affecting recovery prospects.
- **Capital Constraints**: Slowed portfolio runoff and interest rate impacts on investment valuations influence strategic decision-making.

**【Management Opening Remarks】**
- Greg Diamond provided an overview of the call, emphasizing the importance of reviewing the company's 10-K and 10-Q filings for comprehensive disclosures. He highlighted the availability of financial results, operating supplements, and statutory statements on the company's website.

**【CEO Commentary】**
- Bill Fallon discussed the company's efforts to resolve remaining exposure to Puerto Rico's PREPA, noting the amended plan of adjustment for bondholders. The third-quarter loss in LAE expense reflected updated recovery expectations under the revised plan. National's insured portfolio outside PREPA performed as anticipated, with gross par declining to $29.1 billion. The company maintained a 16:1 gross par to statutory capital ratio and $2.3 billion in claims-paying resources.

**【CFO Financial Commentary】**
- Anthony McKiernan reported a consolidated GAAP net loss of $185 million ($3.94 per share) and an adjusted net loss of $138 million ($2.92 per share), driven by PREPA-related losses. MBIA Inc.'s book value per share decreased to -$24.22, reflecting cumulative losses and share buybacks. The corporate segment held $194 million in unencumbered assets, while National's statutory capital stood at $1.8 billion. MBIA Insurance Corp. faced higher loss in LAE on RMBS due to interest rates, resulting in a statutory net loss of $14 million.

**【Q&A Highlights】**
- **Share Repurchases**: National had $100 million buyback capacity at $7.21 per share, with future buybacks contingent on market conditions. MBIA Inc. executed Q3 purchases due to regulatory constraints.
- **PREPA Timeline**: The amended plan confirmation hearing is scheduled for March 2024, with potential delays from opposing bondholders. Loss reserves factor in legal risks and recovery uncertainties.
- **Strategic Alternatives**: Slowed portfolio runoff and interest rate impacts on investment valuations complicate strategic reviews. Management prioritizes PREPA resolution before resuming alternative evaluations.
- **Capital Management**: Interest rate effects on investment portfolios and limited refunding activity influence capital allocation decisions.

Actual									-0.65	-1.15	-0.34	-0.74	-2.36	0.76	-1.54	-2.13	-1.94	-0.93	-0.34	0.3	-0.03	-0.45	-2.92	-0.09	-0.52	-2.9	-0.0053	-0.4747	-0.16	-0.17	1.03	-0.24
Forecast									-0.2075	-0.3433	-0.305	-0.4067	-0.45	-0.47	-0.425	-0.46	-0.525	-0.54	-0.475	-0.3067	-0.2833	-0.165	-0.155	-0.13	-0.155	-0.3033	-0.34	-0.2033	-0.13	-0.125	-0.01	-0.1
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-213.25%	-234.98%	-11.48%	-81.95%	-424.44%	+261.70%	-262.35%	-363.04%	-269.52%	-72.22%	+28.42%	+197.82%	+89.41%	-172.73%	-1783.87%	+30.77%	-235.48%	-856.15%	+98.44%	-133.50%	-23.08%	-36.00%	+10400.00%	-140.00%

MBI

MBI fundamentals

MBI Q4 2025 Earnings

Earnings Call

You can ask Aime

MBI

MBI fundamentals

MBI Q4 2025 Earnings

Earnings Call

MBI Earnings Call Summary for Q4/20258:00 AM on Feb 27, 2026

MBI Earnings Call Summary for Q3/20258:00 AM on Nov 5, 2025

MBI Earnings Call Summary for Q2/20258:00 AM on Aug 7, 2025

MBI Earnings Call Summary for Q1/20258:00 AM on May 9, 2025

MBI Earnings Call Summary for Q4/20248:00 AM on Feb 28, 2025

You can ask Aime