Net investment income for the structured finance and international insurance segment was $4 million in the second quarter of 2013, compared with $6 million in the comparable period of 2012. The drop in net investment income was primarily due to declining average asset balances in 2013 due to sales of investments to fund claim and commutation payments. Net investment income in both periods was impacted by MBIA Corp.’s decision to enhance its liquidity by holding a greater proportion of cash and short-term investments.Fees and reimbursements were $23 million in the second quarter, down 44% from $41 million in the second quarter of 2012, reflecting certain one-time work, waiver and consent fees in the second quarter of 2012 that did not recur in the second quarter of 2013. Fees in the second quarter included $21 million representing the amortization of ceding commission income received by MBIA Corp. from National in connection with the Company's Transformation.
MBIA Inc. Reports Second Quarter 2013 Financial Results
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