The U.S. public finance insurance segment recorded $157 million of adjusted pre-tax income in the third quarter of 2011 compared with $167 million of adjusted pre-tax income in the third quarter of 2010. The decline in adjusted pre-tax income resulted primarily from lower net gains on sales of securities associated with the ongoing management of National’s investment portfolio, partially offset by an increase in total premiums earned.Total premiums earned in the U.S. public finance insurance segment were $147 million in the third quarter of 2011 compared with $100 million in total premiums earned in the third quarter of 2010. The increase in total premiums earned resulted from greater refunding activity in the third quarter of 2011 partially offset by lower scheduled earned premiums due to insured portfolio amortization.
MBIA Inc. Reports Third Quarter 2011 Financial Results
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