The following tables provide the Company’s segment results for the three months ended June 30, 2024 and 2023:
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Three Months Ended June 30, 2024 |
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U.S. |
|
|
|
|
|
International |
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|
|
|
|
|
|
|
|
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|
Public |
|
|
|
|
|
and Structured |
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|
|
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Finance |
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|
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Finance |
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|
|
|
|
|
|
In millions |
|
Insurance |
|
|
Corporate |
|
|
Insurance |
|
|
Eliminations |
|
|
Consolidated |
|
Revenues (1) |
|
$ |
16 |
|
|
$ |
8 |
|
|
$ |
8 |
|
|
$ |
(1 |
) |
|
$ |
31 |
|
Net gains (losses) on financial instruments at fair value and foreign exchange |
|
|
- |
|
|
|
4 |
|
|
|
(59 |
) |
|
|
- |
|
|
|
(55 |
) |
Revenues of consolidated VIEs |
|
|
- |
|
|
|
- |
|
|
|
(13 |
) |
|
|
- |
|
|
|
(13 |
) |
Inter-segment revenues (2) |
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|
7 |
|
|
|
15 |
|
|
|
1 |
|
|
|
(23 |
) |
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|
- |
|
|
|
Total revenues |
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|
23 |
|
|
|
27 |
|
|
|
(63 |
) |
|
|
(24 |
) |
|
|
(37 |
) |
Losses and loss adjustment |
|
|
141 |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
142 |
|
Amortization of deferred acquisition costs and operating |
|
|
1 |
|
|
|
13 |
|
|
|
3 |
|
|
|
(1 |
) |
|
|
16 |
|
Interest |
|
|
- |
|
|
|
13 |
|
|
|
40 |
|
|
|
- |
|
|
|
53 |
|
Expenses of consolidated VIEs |
|
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
- |
|
|
|
5 |
|
Inter-segment expenses (2) |
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|
11 |
|
|
|
5 |
|
|
|
7 |
|
|
|
(23 |
) |
|
|
- |
|
|
|
Total expenses |
|
|
153 |
|
|
|
31 |
|
|
|
56 |
|
|
|
(24 |
) |
|
|
216 |
|
Income (loss) from continuing operations before income taxes |
|
$ |
(130 |
) |
|
$ |
(4 |
) |
|
$ |
(119 |
) |
|
$ |
- |
|
|
$ |
(253 |
) |
Identifiable assets per segment |
|
$ |
1,671 |
|
|
$ |
657 |
|
|
$ |
846 |
|
|
$ |
(941 |
) |
(3) |
$ |
2,233 |
|
Assets held for sale |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
71 |
|
Total identifiable assets |
|
$ |
1,671 |
|
|
$ |
657 |
|
|
$ |
846 |
|
|
$ |
(941 |
) |
|
$ |
2,304 |
|
(1) - Consists of net premiums earned, net investment income, net realized investment gains (losses) and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses. (3) - Consists principally of intercompany reinsurance balances.
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|
|
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|
|
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|
|
|
|
|
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Three Months Ended June 30, 2023 |
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|
U.S. |
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|
|
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International |
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|
|
|
|
|
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|
|
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Public |
|
|
|
|
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and Structured |
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|
|
|
|
|
|
|
|
|
|
Finance |
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|
|
|
|
Finance |
|
|
|
|
|
|
|
In millions |
|
Insurance |
|
|
Corporate |
|
|
Insurance |
|
|
Eliminations |
|
|
Consolidated |
|
Revenues (1) |
|
$ |
19 |
|
|
$ |
4 |
|
|
$ |
17 |
|
|
$ |
1 |
|
|
$ |
41 |
|
Net gains (losses) on financial instruments at fair value and foreign exchange |
|
|
- |
|
|
|
13 |
|
|
|
(2 |
) |
|
|
- |
|
|
|
11 |
|
Revenues of consolidated VIEs |
|
|
- |
|
|
|
- |
|
|
|
(24 |
) |
|
|
- |
|
|
|
(24 |
) |
Inter-segment revenues (2) |
|
|
7 |
|
|
|
14 |
|
|
|
1 |
|
|
|
(22 |
) |
|
|
- |
|
|
|
Total revenues |
|
|
26 |
|
|
|
31 |
|
|
|
(8 |
) |
|
|
(21 |
) |
|
|
28 |
|
Losses and loss adjustment |
|
|
26 |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
28 |
|
Amortization of deferred acquisition costs and operating |
|
|
2 |
|
|
|
18 |
|
|
|
2 |
|
|
|
(1 |
) |
|
|
21 |
|
Interest |
|
|
- |
|
|
|
14 |
|
|
|
40 |
|
|
|
(1 |
) |
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|
53 |
|
Expenses of consolidated VIEs |
|
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
- |
|
|
|
4 |
|
Inter-segment expenses (2) |
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|
9 |
|
|
|
5 |
|
|
|
5 |
|
|
|
(19 |
) |
|
|
- |
|
|
|
Total expenses |
|
|
37 |
|
|
|
37 |
|
|
|
53 |
|
|
|
(21 |
) |
|
|
106 |
|
Income (loss) from continuing operations before income taxes |
|
$ |
(11 |
) |
|
$ |
(6 |
) |
|
$ |
(61 |
) |
|
$ |
- |
|
|
$ |
(78 |
) |
(1) - Consists of net premiums earned, net investment income, net realized investment gains (losses) and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses. MBIA Inc. and Subsidiaries Notes to Consolidated Financial Statements (Unaudited) Note 9: Business Segments (continued) The following tables provide the Company's segment results for the six months ended June 30, 2024 and 2023:
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|
|
|
|
|
|
|
|
Six Months Ended June 30, 2024 |
|
|
|
|
|
U.S. |
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
Public |
|
|
|
|
|
and Structured |
|
|
|
|
|
|
|
|
|
|
|
Finance |
|
|
|
|
|
Finance |
|
|
|
|
|
|
|
In millions |
|
Insurance |
|
|
Corporate |
|
|
Insurance |
|
|
Eliminations |
|
|
Consolidated |
|
Revenues (1) |
|
$ |
35 |
|
|
$ |
16 |
|
|
$ |
15 |
|
|
$ |
(1 |
) |
|
$ |
65 |
|
Net gains (losses) on financial instruments at fair value and foreign exchange |
|
|
1 |
|
|
|
12 |
|
|
|
(64 |
) |
|
|
- |
|
|
|
(51 |
) |
Revenues of consolidated VIEs |
|
|
- |
|
|
|
- |
|
|
|
(38 |
) |
|
|
- |
|
|
|
(38 |
) |
Inter-segment revenues (2) |
|
|
13 |
|
|
|
30 |
|
|
|
2 |
|
|
|
(45 |
) |
|
|
- |
|
|
|
Total revenues |
|
|
49 |
|
|
|
58 |
|
|
|
(85 |
) |
|
|
(46 |
) |
|
|
(24 |
) |
Losses and loss adjustment |
|
|
163 |
|
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
160 |
|
Amortization of deferred acquisition costs and operating |
|
|
3 |
|
|
|
34 |
|
|
|
5 |
|
|
|
- |
|
|
|
42 |
|
Interest |
|
|
- |
|
|
|
26 |
|
|
|
79 |
|
|
|
- |
|
|
|
105 |
|
Expenses of consolidated VIEs |
|
|
- |
|
|
|
- |
|
|
|
9 |
|
|
|
- |
|
|
|
9 |
|
Inter-segment expenses (2) |
|
|
22 |
|
|
|
11 |
|
|
|
13 |
|
|
|
(46 |
) |
|
|
- |
|
|
|
Total expenses |
|
|
188 |
|
|
|
71 |
|
|
|
103 |
|
|
|
(46 |
) |
|
|
316 |
|
Income (loss) from continuing operations before income taxes |
|
$ |
(139 |
) |
|
$ |
(13 |
) |
|
$ |
(188 |
) |
|
$ |
- |
|
|
$ |
(340 |
) |
Identifiable assets per segment |
|
$ |
1,671 |
|
|
$ |
657 |
|
|
$ |
846 |
|
|
$ |
(941 |
) |
(3) |
$ |
2,233 |
|
Assets held for sale |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
71 |
|
Total identifiable assets |
|
$ |
1,671 |
|
|
$ |
657 |
|
|
$ |
846 |
|
|
$ |
(941 |
) |
|
$ |
2,304 |
|
(1) - Consists of net premiums earned, net investment income, net realized investment gains (losses) and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses. (3) - Consists principally of intercompany reinsurance balances.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023 |
|
In millions |
|
U.S. Public Finance Insurance |
|
|
Corporate |
|
|
International and Structured Finance Insurance |
|
|
Eliminations |
|
|
Consolidated |
|
Revenues (1) |
|
$ |
41 |
|
|
$ |
8 |
|
|
$ |
24 |
|
|
$ |
- |
|
|
$ |
73 |
|
Net gains (losses) on financial instruments at fair value and foreign exchange |
|
|
2 |
|
|
|
2 |
|
|
|
(5 |
) |
|
|
- |
|
|
|
(1 |
) |
Revenues of consolidated VIEs |
|
|
- |
|
|
|
- |
|
|
|
(42 |
) |
|
|
- |
|
|
|
(42 |
) |
Inter-segment revenues (2) |
|
|
14 |
|
|
|
28 |
|
|
|
3 |
|
|
|
(45 |
) |
|
|
- |
|
|
|
Total revenues |
|
|
57 |
|
|
|
38 |
|
|
|
(20 |
) |
|
|
(45 |
) |
|
|
30 |
|
Losses and loss adjustment |
|
|
26 |
|
|
|
- |
|
|
|
9 |
|
|
|
- |
|
|
|
35 |
|
Amortization of deferred acquisition costs and operating |
|
|
4 |
|
|
|
36 |
|
|
|
5 |
|
|
|
(1 |
) |
|
|
44 |
|
Interest |
|
|
- |
|
|
|
28 |
|
|
|
76 |
|
|
|
- |
|
|
|
104 |
|
Expenses of consolidated VIEs |
|
|
- |
|
|
|
- |
|
|
|
8 |
|
|
|
- |
|
|
|
8 |
|
Inter-segment expenses (2) |
|
|
21 |
|
|
|
11 |
|
|
|
12 |
|
|
|
(44 |
) |
|
|
- |
|
|
|
Total expenses |
|
|
51 |
|
|
|
75 |
|
|
|
110 |
|
|
|
(45 |
) |
|
|
191 |
|
Income (loss) from continuing operations before income taxes |
|
$ |
6 |
|
|
$ |
(37 |
) |
|
$ |
(130 |
) |
|
$ |
- |
|
|
$ |
(161 |
) |
(1) - Consists of net premiums earned, net investment income, net realized investment gains (losses) and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses.
|