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MBIA Inc. Reports Third Quarter 2011 Financial Results

Stocks in this article: MBI

Year-to-Date Results

The net loss to common shareholders for the nine months ended September 30, 2011 was $693 million, or $3.50 per share, compared with a net loss of $398 million, or $1.96 per share, for the nine months ended September 30, 2010. Net losses for the nine months ended September 30, 2011 and the nine months ended September 30, 2010 were impacted primarily by pre-tax net losses on the fair value of insured derivatives of $1.1 billion and $1.3 billion, respectively. The adjusted pre-tax loss for the nine months ended September 30, 2011 was $244 million compared with an adjusted pre-tax loss of $66 million in the comparable period of 2010; in each case the losses were driven by increased reserves and impairments on insured exposures. The adjusted pre-tax loss in the first nine months of 2011 increased relative to the comparable period of 2010 primarily due to lower insurance premiums and fees and increased net losses on financial instruments at fair value and foreign exchange, partially offset by lower reserves and impairments on insured exposures.

Third Quarter 2011 Segment Results

The following is a summary of pre-tax results by segment for the third quarter:

$ in millions         Structured                
U.S. Public Finance and Advisory
      Finance     International     Services     Corporate     Wind-down     Consolidated
3Q 2011 Pre-tax Income (Loss) $ 157 $ 613 $ (1) $ (21) $ (9) $ 745
3Q 2010 Pre-tax Income (Loss)     $ 167     $ (341)     $ (1)     $ (80)     $ (104)     $ (356)
3Q 2011 Adj. Pre-tax Income (Loss) $ 157 $ (556) $ (1) $ (21) $ (9) $ (430)
3Q 2010 Adj. Pre-tax Income (Loss)     $ 167     $ (6)     $ (1)     $ (80)     $ (104)     $ (24)

U.S. Public Finance Insurance Results

The Company’s U.S. public finance insurance business is primarily conducted through its National Public Finance Guarantee Corp. (National) subsidiary.

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