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MBIA Inc. Reports Second Quarter 2013 Financial Results

Stocks in this article: MBI

The adjusted pre-tax loss for the six months ended June 30, 2013 was $180 million compared with an adjusted pre-tax loss of $700 million in the comparable period of 2012. The reduction in the adjusted pre-tax loss for the six months ended June 30, 2013 was primarily due to a decrease in insurance losses, net gains from the sale of investments, the absence of net investment losses related to other-than-temporary impairments and a decrease in impairments on insured credit derivatives. These changes were partially offset by lower premiums earned and lower net investment income.

Adjusted Book Value and Book Value

The following is a summary of ABV and BV per share data by segment as of June 30, 2013:


U.S. Public Finance


Structured Finance and International


Advisory Services


Wind-down Segments

6/30/13 ABV per share       $ 25.38       $ 10.82       $ 0.15       $ (3.45)       $ (3.62)       $ 29.28
6/30/13 BV per share       $ 20.63       $ 1.97       $ 0.15       $ (3.55)       $ (3.57)       $ 15.63

Second Quarter 2013 Segment Results

The following is a summary of pre-tax results by segment for the second quarter of 2013:

$ in millions      

U.S. Public Finance


Structured Finance and International


Advisory Services


Wind-down Segments

2Q 2013 Pre-tax Income (Loss)       $ 14       $ (256)       $ (6)       $ (59)       $ (26)       $ (264)
2Q 2012 Pre-tax Income (Loss)       $ 148       $ 645       $ 0       $ 28       $ (81)       $ 795

Second Quarter 2013 Adjusted Pre-Tax Income

The following is a summary of adjusted pre-tax income (loss) for the second quarter of 2013 where such results differ from pre-tax income calculated in accordance with GAAP :

$ in millions      

Structured Finance and International

2Q 2013 Adj. Pre-tax Income (Loss)       $ (93)       $ (160)
2Q 2012 Adj. Pre-tax Income (Loss)       $ (300)       $ (152)

U.S. Public Finance Insurance Results

The Company’s U.S. public finance insurance business is primarily conducted through its National subsidiary.

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