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MBIA Inc. (NYSE: MBI) (the Company) today reported an adjusted pre-tax loss (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $84 million for the fourth quarter of 2013 compared with adjusted pre-tax income of $110 million for the fourth quarter of 2012. MBIA Inc. recorded consolidated net income of $132 million, or $0.68 per diluted share, for the fourth quarter of 2013 compared with consolidated net income of $636 million, or $3.26 per diluted share, for the fourth quarter of 2012.
The Company’s consolidated adjusted pre-tax loss for the year ended December 31, 2013 was $452 million compared with an adjusted pre-tax loss of $708 million in 2012. The Company recorded consolidated net income of $250 million, or $1.29 per diluted common share for the year ended December 31, 2013, compared with consolidated net income of $1.2 billion, or $6.33 per diluted common share, for the same period of 2012. Adjusted Book Value (ABV) per share (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) was $27.78 as of December 31, 2013 compared with $30.68 as of December 31, 2012.
“During 2013, we made very substantial progress towards moving beyond the effects of the financial crisis,” said MBIA Inc. President and Chief Financial Officer Chuck Chaplin. “The primary litigation over the reorganization of our insurance businesses was finally and favorably resolved. The financial positions of MBIA Corp. and MBIA UK were significantly stabilized by the collection of over 90 percent of the “putback” recoverable on the year-end 2012 balance sheet and the commutation of $20 billion of potentially volatile liabilities. The intercompany loan between National and MBIA Corp. was repaid, clearing a major hurdle to the re-establishment of National’s position in the municipal bond insurance business. We now await actions by the rating agencies in recognition of these significant accomplishments. We expect that National will be the primary driver of shareholder value going forward.”