v3.23.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Investments:    
Assets held for sale $ 83 $ 80
Total assets 3,317 3,375
Liabilities:    
Liabilities held for sale 68 61
Total liabilities 4,216 4,251
Commitments and contingencies (Refer to Note 13: Commitments and Contingencies)
Equity:    
Preferred stock, par value $1 per share; authorized shares—10,000,000; issued and outstanding—none 0 0
Common stock, par value $1 per share; authorized shares—400,000,000; issued shares—283,186,115 and 283,186,115 283 283
Additional paid-in capital 2,915 2,925
Retained earnings (deficit) (746) (653)
Accumulated other comprehensive income (loss), net of tax of $7 and $8 (221) (283)
Treasury stock, at cost—228,221,641 and 228,333,444 shares (3,143) (3,154)
Total shareholders' equity of MBIA Inc. (912) (882)
Preferred stock of subsidiary and noncontrolling interest held for sale 13 6
Total equity (899) (876)
Total liabilities and equity 3,317 3,375
Non Variable Interest Entity [Member]    
Investments:    
Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $2,141 and $2,044) 1,957 1,812
Investments carried at fair value 355 511
Short-term investments, at fair value (amortized cost $367 and $353) 368 353
Total investments 2,680 2,676
Cash and cash equivalents 67 50
Premiums receivable (net of allowance for credit losses $0 and $0) 160 160
Deferred acquisition costs 35 35
Insurance loss recoverable 95 137
Assets held for sale 83 80
Other assets 67 73
Liabilities:    
Unearned premium revenue 257 266
Loss and loss adjustment expense reserves 379 439
Long-term debt 2,467 2,428
Medium-term notes (includes financial instruments carried at fair value of $42 and $41) 507 501
Investment agreements 233 233
Derivative liabilities 57 49
Liabilities held for sale 68 61
Other liabilities 81 94
Variable Interest Entity Primary Beneficiary [Member]    
Investments:    
Investments carried at fair value 22 47
Other assets 9 23
Cash 16 16
Loans receivable at fair value 83 78
Liabilities:    
Derivative liabilities 11 6
Variable interest entity debt (includes financial instruments carried at fair value of $154 and $172) $ 156 $ 174