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MBIA Inc. Reports Third Quarter 2012 Financial Results

The U.S. public finance insurance segment recorded $164 million of pre-tax income in the third quarter of 2012 compared with $157 million of pre-tax income in the third quarter of 2011.

Total premiums earned in the U.S. public finance insurance segment were $134 million in the third quarter of 2012, down 9 percent from $147 million of total premiums earned in the third quarter of 2011, reflecting a decrease in scheduled premiums earned as the insured portfolio amortizes, partially offset by an increase in refunding premiums earned.

Net investment income for the U.S. public finance insurance segment increased 6 percent to $56 million in the third quarter of 2012 from $53 million in the comparable period of 2011, primarily due to a higher yield on the $1.6 billion secured loan with MBIA Corp. relative to the previously invested assets.

Net gains on financial instruments at fair value and foreign exchange totaled $22 million in the third quarter of 2012, compared with $6 million in the third quarter of 2011. The increase resulted primarily from favorable market conditions on asset sales made in connection with the ongoing management of the U.S. public finance insurance segment’s investment portfolios.

The U.S. public finance insurance segment’s loss and loss adjustment expenses were $4 million in the third quarter of 2012 compared with $10 million in the third quarter of 2011.

Expenses associated with the amortization of deferred acquisition costs totaled $26 million in the third quarter of 2012, compared with $22 million in the third quarter of 2011.

Operating expenses were $20 million in the third quarter of 2012, compared with $19 million in the comparable period of 2011.

As of September 30, 2012, National’s statutory capital was $3.1 billion and its claims-paying resources (as described in the attached Explanation of Non-GAAP Financial Measures) totaled $5.6 billion.

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