U.S. Public Finance Insurance ResultsThe Company’s U.S. public finance insurance business is primarily conducted through its National Public Finance Guarantee Corporation (National) subsidiary. The U.S. public finance insurance segment recorded $6 million of pre-tax income in the third quarter of 2013 compared with $164 million of pre-tax income in the third quarter of 2012. The decline in pre-tax income in the third quarter of 2013 compared with the same period of 2012 was driven by a decline in total premiums earned due to lower market refunding activity, lower net investment income due to lower average yields on the investment portfolio following the repayment of the secured loan that National had extended to MBIA Corp., an impairment charge in the third quarter of 2013 related to the Company’s headquarters facility, and a loss related to the difference in the value of the salvage receivable recorded and the fair market value of the marketable securities received in connection with the restructuring of a remedial credit related to a gaming revenue transaction.
MBIA Inc. Reports Third Quarter 2013 Financial Results
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