US Market News
1月前
MBIA Inc. Investor Conference Call to Discuss First Quarter 2026 Financial Results Scheduled for Friday, May 8 at 8:30 A.M. Eastern TimeMay 1, 2026 1:15 PM
Business Wire
MBIA Inc. (NYSE:MBI) will host a webcast and conference call for investors on Friday, May 8 at 8:30 a.m. (ET) to discuss its first quarter 2026 financial results and other issues related to the Company. The dial-in number for the call is 800-445-7795 in the U.S. and 785-424-1699 from outside the U.S. The conference call code is MBIAQ126. A live webcast of the conference call will also be accessible on www.mbia.com.
The conference call will consist of brief comments on the first quarter 2026 results followed by a question-and-answer session for investors. MBIA’s financial results report and 10-Q filing will become available after the market closes on Thursday, May 7. The financial results report, 10-Q and other disclosures will be posted on the Company's website, www.mbia.com, prior to the start of the conference call.
A replay of the conference call will become available approximately two hours after the completion of the call and will remain available until 11:59 p.m. on May 15, 2026 by dialing 800-727-1367 in the U.S. or 402-220-2669 from outside the U.S. The replay of the call will also be available on the Company's website.
MBIA Inc., headquartered in Purchase, New York, is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260501864104/en/
MBIA Inc.
Greg Diamond, 914-765-3190
Managing Director
Head of Investor and Media Relations
greg.diamond@mbia.com
Original: MBIA Inc. Investor Conference Call to Discuss First Quarter 2026 Financial Results Scheduled for Friday, May 8 at 8:30 A.M. Eastern Time
US Market News
3月前
MBIA Inc. Investor Conference Call to Discuss Full Year and Fourth Quarter 2025 Financial Results Scheduled for Friday, February 27 at 8:00 A.M. Eastern TimeFebruary 20, 2026 11:15 AM
Business Wire
MBIA Inc. (NYSE:MBI) will host a webcast and conference call for investors on Friday, February 27 at 8:00 a.m. (ET) to discuss its full year and fourth quarter 2025 financial results and other issues related to the Company. The dial-in number for the call is 800-445-7795 in the U.S. and 785-424-1699 from outside the U.S. The conference call code is MBIAQ425. A live webcast of the conference call will also be accessible on www.mbia.com.
The conference call will consist of brief comments on the full year and fourth quarter 2025 results followed by a question-and-answer session for investors. MBIA’s financial results report and 10-K filing will become available after the market closes on Thursday, February 26. The financial results report, 10-K and other disclosures will be posted on the Company's website, www.mbia.com, prior to the start of the conference call.
A replay of the conference call will become available approximately two hours after the completion of the call and will remain available until 11:59 p.m. on March 6, 2026 by dialing 800-839-2486 in the U.S. or 402-220-7223 from outside the U.S. The replay of the call will also be available on the Company's website.
MBIA Inc., headquartered in Purchase, New York, is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260220666989/en/
MBIA Inc.
Greg Diamond, 914-765-3190
Managing Director
Head of Investor and Media Relations
greg.diamond@mbia.com
Original: MBIA Inc. Investor Conference Call to Discuss Full Year and Fourth Quarter 2025 Financial Results Scheduled for Friday, February 27 at 8:00 A.M. Eastern Time
Enterprising Investor
2年前
MBIA stock soars after extraordinary dividend announced; Roth cuts to Neutral (12/08/23)
MBIA (NYSE:MBI) stock skyrocketed 65% in Friday morning trading after the municipal debt insurer declared an $8-per-share extraordinary dividend after Thursday's close.
In essence, the company is distributing to its shareholders the bulk of a dividend that it will get from its National Public Finance Guarantee Corp. unit.
Roth analyst Harry Fong downgraded the stock to Neutral from Buy after MBIA (MBI) stock rose to his previous price target of $12. With the rating change, he increased the price target to $15, or $7 after the extraordinary dividend is paid.
"We have long believed that MBIA had significant excess capital, but we erred in how fast it could deliver that capital to shareholders," he wrote in a note to clients. "The company still has excess capital, but timing the next extraordinary dividend is anyone’s guess."
He eventually expects the company to be sold but said, "The timing of a sale is nearly impossible to forecast as is its eventual sale price." MBI's potential realizable value is about $1.5B, Fong calculated. With 51.1M shares outstanding as of Sept. 30, 2023, the per-share potential value comes to ~$29 per share before the extraordinary dividend or discounting for the timing of a sale.
In contrast to Fong's Neutral rating, the SA Quant system has a Sell rating on the stock, while the average Wall Street rating stands at Buy.
Source: Seeking Alpha
Enterprising Investor
2年前
MBIA Inc. Declares Extraordinary Cash Dividend on MBIA Inc. Common Stock and Dividends from National Public Finance Guarantee Corporation (12/07/23)
PURCHASE, N.Y.--(BUSINESS WIRE)--MBIA Inc. (NYSE:MBI) today announced that its Board of Directors declared an extraordinary cash dividend on MBIA common stock of $8.00 per share to shareholders of record as of December 18 to be paid on December 22, which totals approximately $409 million, based on 51.1 million shares outstanding. The information is also available in the Current Report on Form 8-K dated December 7, 2023 available at sec.gov.
The Company also announced on December 7, 2023, the New York Department of Financial Services ("NYDFS") approved a $550 million extraordinary dividend to be paid to MBIA by its wholly-owned subsidiary National Public Finance Guarantee Corporation ("National"), and separately, on November 20, 2023 the Corporation received a $97.245 million as of right dividend from National.
The remainder of the dividends from National are being retained by MBIA and are intended to be used for general corporate purposes including, but not limited to, future operating expenses and debt service obligations.
Bill Fallon, MBIA Inc. CEO, said, "We are pleased to provide this extraordinary distribution of shareholder value to our shareholders and significantly improve MBIA's liquidity for its stakeholders. We will continue to pursue additional measures to enhance shareholder value as we take steps to achieve the ultimate resolution of the Company."
MBIA expects that National will continue to seek approval to pay additional extraordinary dividends to MBIA in future years. However, there can be no assurance whether or when NYDFS will approve such requests and, if the NYDFS does approve such dividends, in what amounts. Furthermore, any future dividend payments by MBIA to shareholders are within the absolute discretion of our board of directors and will depend on, among other things, the receipt of additional extraordinary dividends from National, our results of operations, working capital requirements, capital expenditure requirements, financial condition, level of indebtedness, contractual restrictions with respect to the payment of dividends, business opportunities, anticipated cash needs, provisions of applicable law and other factors that our board of directors may deem relevant.
For U.S. federal income tax purposes, distributions made by MBIA to a U.S. shareholder, other than with respect to holders of unvested restricted shares, generally will constitute dividends solely to the extent of our current and accumulated earnings and profits (“E&P”). Through September 30, 2023 we do not have current and accumulated E&P and based on our current analysis, we do not expect to have any current or accumulated E&P through December 31, 2023. Thus, we expect that the dividend will be treated as a tax-free return of investment up to an investor’s adjusted cost basis in its shares, and that if an investor’s adjusted cost basis is reduced to zero, any remaining portion of the dividend will be taxed as capital gains. Future dividends, if any, may or may not receive similar tax treatment.
The process of determining current and accumulated E&P requires a final determination of our financial results for the year and a review of certain other factors that will be announced with our full year 2023 financial results on February 28, 2024. To the extent that we do in fact have current or accumulated E&P in 2023, the dividend will be taxed as a dividend to the extent of such current or accumulated E&P. The amount of the dividend payable to holders of unvested restricted shares will be taxed as ordinary income. Shareholders should consult their own tax professionals regarding their receipt of this dividend.
MBIA Inc., headquartered in Purchase, New York, is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com.
https://www.businesswire.com/news/home/20231207181065/en/MBIA-Inc.-Declares-Extraordinary-Cash-Dividend-on-MBIA-Inc.-Common-Stock-and-Dividends-from-National-Public-Finance-Guarantee-Corporation
Enterprising Investor
8年前
MBIA Inc. Reports Second Quarter 2018 Financial Results (8/08/18)
PURCHASE, N.Y.--(BUSINESS WIRE)--MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $146 million, or $(1.64) per share, for the second quarter of 2018 compared to a consolidated GAAP net loss of $1.2 billion, or $(9.78) per share, for the second quarter of 2017. The net loss for the second quarter of 2018 was driven by the losses associated with the deconsolidation of certain variable interest entities (VIEs) and the additional losses and loss adjustment expenses related to our Puerto Rico exposures. The decrease in year-over-year consolidated GAAP net loss was primarily due to the full valuation allowance on the Company’s deferred tax asset for the second quarter of 2017. On a pretax basis, net losses were lower by $64 million, primarily due to lower loss and loss adjustment expenses, favorable gains for the fair value of interest rate swaps as a result of higher interest rates in 2018 and foreign exchange gains in 2018 versus foreign exchange losses in 2017, partially offset by losses associated with the deconsolidation of certain VIEs.
Book value per share was $12.16 as of June 30, 2018 compared with $15.44 as of December 31, 2017. The decrease in book value per share since year-end 2017 was primarily due to the year-to-date net loss and unrealized losses on investments and debt carried at fair value that is included in accumulated other comprehensive loss.
The Company also reported Adjusted Net Loss (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $51 million or $(0.58) per diluted share for the second quarter of 2018 compared with Adjusted Net Loss of $139 million or $(1.12) per diluted share for the second quarter of 2017. The reduced Adjusted Net Loss for the second quarter of 2018 versus the second quarter of 2017 was primarily due to lower losses and loss adjustment expenses at National, primarily related to its Puerto Rico exposures.
Adjusted Book Value (ABV) per share (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) was $27.24 compared with $28.77 as of December 31, 2017. Those amounts reflect an adjustment made in the second quarter of 2018 to remove the unearned premium revenue that is netted from GAAP loss reserves. (The previously reported ABV as of December 31, 2017 of $29.32 has been revised to conform to the current presentation.) The decrease in ABV per share since year-end 2017 was primarily due to additional loss and loss adjustment expense reserves at National that are primarily related to its Puerto Rico exposures.
Adjusted Net Income (Loss) and ABV per share provide investors with views of the Company’s operating results that management uses in measuring financial performance. Reconciliations of ABV per share to book value per share, and Adjusted Net Income (Loss) to net income, calculated in accordance with GAAP, are attached.
Statement from Company Representative
Bill Fallon, MBIA’s Chief Executive Officer noted, “This quarter’s increase of National’s loss and loss adjustment expenses associated with its Puerto Rico exposures contributed significantly to the Adjusted Net Loss for the quarter.” Mr. Fallon added, “While resolving our Puerto Rico exposures is our most significant corporate objective, we have also made progress on other objectives, such as reducing our consolidated operating expenses, which are down 37% for the six months of this year compared to last year’s first six months.”
Year-to-Date Results
The Company recorded a consolidated GAAP net loss of $244 million, or $(2.75) per diluted common share, for the six months ended June 30, 2018 compared with a consolidated net loss of $1.3 billion, or $(10.13) per diluted common share, for the first six months of 2017. The lower loss this year was primarily driven by the valuation allowance established on the Company’s deferred tax asset for the second quarter of 2017.
The Company’s non-GAAP Adjusted Net Loss for the six months ended June 30, 2018 was $112 million or $(1.27) per diluted share compared with Adjusted Net Loss of $130 million or $(1.02) per diluted share for the first six months of 2017. The reduced adjusted net loss for the first six months of 2018 was primarily due to lower losses and loss adjustment expenses at National and lower operating expenses for National and the Corporate segment, partially offset by lower premium earnings at National.
MBIA Inc.
As of June 30, 2018, MBIA Inc.’s liquidity position totaled $389 million, down $30 million from March 31, 2018, consisting primarily of cash and cash equivalents and other liquid invested assets. The decrease in liquidity primarily relates to MBIA Inc. debt service payments and operating expenses.
There were no purchases of MBIA Inc. shares during the second quarter of 2018. As of August 2, 2018, there was $236 million remaining under the Company’s $250 million share repurchase authorization that was approved on November 3, 2017 and 90.7 million of the Company’s common shares were outstanding. During the second quarter, MBIA Inc. issued 1.3 million shares of MBIA common shares, which includes 1.2 million shares that were issued in April and 0.1 million shares that were issued in June, in accordance with the net settlement exercise provisions of warrants related to 11.9 million of MBIA common shares. As of June 30, 2018, no warrants related to MBIA Inc. shares remained outstanding.
National Public Guarantee Financial Corporation
National had statutory capital of $2.7 billion and claims-paying resources totaling $4.1 billion as of June 30, 2018. National’s total fixed income investments plus cash and cash equivalents had a book/adjusted carrying value of $3.4 billion as of June 30, 2018. National’s insured portfolio declined by $3 billion during the quarter, ending the quarter with $64 billion of gross par outstanding. National ended the quarter with a leverage ratio of gross par to statutory capital of 24 to 1, down from 26 to 1 as of year-end 2017.
MBIA Insurance Corporation
The statutory capital of MBIA Insurance Corporation as of June 30, 2018 was $489 million and claims-paying resources totaled $1.4 billion. As of June 30, 2018, MBIA Insurance Corporation’s liquidity position (excluding resources from its subsidiaries and branches) totaled $105 million consisting primarily of cash and cash equivalents and other liquid invested assets. In May 2018, a settlement agreement was entered into regarding the bankruptcy of the Zohar CDOs that outlines processes and procedures for monetizing the assets of the Zohar CDOs.
Conference Call
The Company will host a webcast and conference call for investors tomorrow, Thursday, August 9, 2018 at 8:00 AM (ET) to discuss its second quarter 2018 financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks followed by a question and answer session.
The dial-in number for the call is (877) 694-4769 in the U.S. and (404) 665-9935 from outside the U.S. The conference call code is 2777679. A live webcast of the conference call will also be accessible on www.mbia.com.
A replay of the conference call will become available approximately two hours after the end of the call on August 9 and will remain available until 11:59 p.m. on August 23 by dialing (800) 585-8367 in the U.S. or (404) 537-3406 from outside the U.S. The code for the replay of the call is also 2777679. In addition, a recorded replay of the call will become available on the Company's website approximately two hours after the completion of the call.
Forward-Looking Statements
This release includes statements that are not historical or current facts and are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,, “anticipate,” “project,” “plan,” “expect,” “estimate,” “intend,” “will,” “will likely result,” “looking forward,” or “will continue,” and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected, including, among other factors, the possibility that MBIA Inc. or National will experience increased credit losses or impairments on public finance obligations issued by state, local and territorial governments and finance authorities that are experiencing unprecedented fiscal stress; the possibility that loss reserve estimates are not adequate to cover potential claims; MBIA Inc.’s or National’s ability to fully implement their strategic plan; and changes in general economic and competitive conditions. These and other factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying MBIA Inc.’s or National’s forward-looking statements are discussed under the “Risk Factors” section in MBIA Inc.’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which may be updated or amended in MBIA Inc.’s subsequent filings with the Securities and Exchange Commission. MBIA Inc. and National caution readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. National and MBIA Inc. undertake no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such result is not likely to be achieved.
MBIA Inc., headquartered in Purchase, New York is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com.
https://www.businesswire.com/news/home/20180808005667/en/MBIA-Reports-Quarter-2018-Financial-Results
McCaulleyKyle
8年前
Analysts Viewpoints: MBIA Inc (MBI)
MBIA Inc (NYSE:MBI) shares traded 3.05% up during most recent session to reach at the closing price of $9.12. The stock exchanged hands 2.75 Million shares versus average trading capacity of 1.72 Million shares, yielding a market cap of $819.07 Million. Wall Street analysts covering the stock are projecting that the stock will reach $11.27 within the next 52-weeks. The mean target projections are based on 4 opinions.
Taking a broader look brokerage firms’ analysts on the street with an expectant view have MBIA Inc (NYSE:MBI) high price target of $15 and with a conservative view have low price target of $7.
Keefe Bruyette & Woods “Initiates Coverage On” MBIA Inc (NYSE:MBI) in a research note issued to investors on 2/05/18 to Market Perform with price target of $7.
Additionally on 6/16/16 MKM Partners “Maintained” MBIA Inc (NYSE:MBI) to Buy setting price target at $12 and on 4/25/16 Keefe Bruyette & Woods “Initiates Coverage on” the stock to Market Perform at $8.5. Furthermore on 11/03/15 MKM Partners “Upgrades” the stock to Buy.
On the other hand the company has Relative Strength Index (RSI 14) of 49.91 along with Average True Range (ATR 14) of 0.43, Consequently MBIA Inc (NYSE:MBI)’s weekly and monthly volatility is 3.83%, 4.58% respectively. The company’s beta value is at 1.95.
In terms of Buy, Sell or Hold recommendations, MBIA Inc (NYSE:MBI) has analysts’ mean recommendation of 2.3. This is according to a simplified 1 to 5 scale where 1 represents a Strong Buy and 5 a Strong Sell.
According to analysts MBIA Inc (NYSE:MBI)’s minimum EPS for the current quarter is at $-0.61 and can go high up to $0.07. The consensus mean EPS for the current quarter is at $-0.29 derived from a total of 3 estimates from the analysts who have weighed in on projected earnings. However the company reported $0.07 earnings per share for the same quarter during last year.
Previously MBIA Inc (NYSE:MBI) reported $-1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by $-1.77. The company posted an earnings surprise of -5900%.
MBIA Inc (NYSE:MBI)’s revenue estimates for the current quarter are $31.67 Million according to 3 number of analysts, for the current quarter the company has high revenue estimates of $46.6 Million in contradiction of low revenue estimates of $21 Million. For the current year the company’s revenue estimates are $120.77 Million compared to low analyst estimates of $82 Million and high estimates of $180.7 Million according to 3 number of analysts.
Currently MBIA Inc (NYSE:MBI)’s shares owned by insiders are 2.4%, whereas shares owned by institutional owners are 0%. However the six-month change in the insider ownership was recorded 2.37%, as well as three-month change in the institutional ownership was recorded 0.06%.
MBIA Inc (NYSE:MBI)’s trailing twelve month revenues are $539 Million, whereas its price to sales ratio for the same period is 1.52. Its book value per share for the most recent quarter is $14.75 while its price to book ratio for the same period is 0.62, as for as the company’s cash per share for the most recent quarter is $1.63, however its price to cash per share ratio for the same period is 5.61. The stock has 5 year expected PEG ratio of 0 whereas its trailing twelve month P/E ratio is 0.
Taken from https://expertgazette.com/2018/04/25/analysts-viewpoints-mbia-inc-mbi/
Enterprising Investor
9年前
MBIA Inc. Reports Third Quarter 2017 Financial Results (11/07/17)
PURCHASE, N.Y.--(BUSINESS WIRE)--MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $267 million, or $(2.17) per diluted common share, for the third quarter of 2017 compared to consolidated GAAP net income of $31 million, or $0.23 per diluted common share, for the third quarter of 2016. The adverse year-over-year comparison was primarily due to increased losses and loss adjustment expenses at National Public Finance Guarantee Corporation (National) that were primarily associated with Puerto Rico insured credits, and National’s investment portfolio credit impairments that were primarily associated with uninsured Puerto Rico debt.
Book value per share was $13.88 as of September 30, 2017 compared with $23.87 as of December 31, 2016. The decrease in book value per share since year-end 2016 was mainly due to the full valuation allowance on the Company’s deferred tax asset that was established in the second quarter of 2017 and additional loss and loss adjustment expense reserves, partially offset by the reduction of shares outstanding resulting from the repurchase of 11.7 million MBIA common shares during the first nine months of 2017. Subsequent to quarter-end, the Company exhausted its $250 million share repurchase authorization that was approved in June 2017 by acquiring, through its subsidiary, National, an additional 31.3 million of MBIA Inc. common shares at an average price of $7.17 per share.
The Company also reported a Combined Operating Loss (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $113 million or $(0.91) per diluted share for the third quarter of 2017 compared with Combined Operating Income of $5 million or $0.04 per diluted share for the third quarter of 2016. The negative result for the third quarter of 2017 was primarily due to increased losses and loss adjustment expenses at National, primarily due to its Puerto Rico exposures.
Adjusted Book Value (ABV) per share (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) was $24.81 as of September 30, 2017 compared with $31.88 as of December 31, 2016. The decrease in ABV per share since year-end 2016 was primarily due to the full valuation allowance on the Company’s deferred tax asset that was established in the second quarter of 2017 and additional loss and loss adjustment expense reserves, partially offset by the reduction of shares outstanding resulting from the repurchase of 11.7 million MBIA common shares during the first nine months of 2017.
Operating Income and ABV per share provide investors with views of the Company’s operating results that management uses in measuring financial performance. Reconciliations of ABV per share to book value per share, and Operating Income to net income, calculated in accordance with GAAP, are attached.
Statement from Company Representative
Bill Fallon, MBIA’s Chief Executive Officer noted, “The damage caused to Puerto Rico’s infrastructure by Hurricane Maria will require significant time and effort to repair and remediate, which led us to withdraw two of our adversary complaints and further increase our Puerto Rico loss reserves. The ultimate resolution of our Puerto Rico credits will depend largely on the island’s economic activity over the many years to come. In the meanwhile, we believe that lower MBIA stock prices provides the Company with an opportunity to further enhance value to our shareholders through our share repurchase activities.”
Year-to-Date Results
The Company recorded a consolidated GAAP net loss of $1.6 billion, or $(12.38) per diluted common share, for the nine months ended September 30, 2017 compared with a consolidated net loss of $73 million, or $(0.55) per diluted common share, for the first nine months of 2016. The greater loss this year was primarily driven by the valuation allowance established on the Company’s deferred tax asset during the second quarter of 2017.
The Company’s Combined Operating Loss for the nine months ended September 30, 2017 was $243 million or $(1.93) per diluted share compared with Combined Operating Income of $36 million or $0.28 per diluted share for the first nine months of 2016. The $279 million adverse comparison for the year-to-date results for each year was primarily due to National’s $264 million of greater losses and loss adjustment expenses, primarily related to its insurance exposures on Puerto Rico debt.
MBIA Inc.
As of September 30, 2017, MBIA Inc.’s liquidity position totaled $294 million consisting primarily of cash and cash equivalents and liquid short-term invested assets. Subsequent to quarter end, MBIA Inc.’s liquidity position was increased by a $118 million dividend paid by National and National’s purchase from MBIA Inc. of approximately $130 million of MBIA Inc. 5.70% Senior Notes due 2034, which had previously been repurchased by MBIA Inc., but not retired. This transaction had no impact on MBIA Inc.’s consolidated outstanding debt obligations.
During the third quarter of 2017, National purchased 2.7 million of MBIA Inc. common shares at an average price of $9.48 per share.
As of September 30, 2017, there was $225 million remaining under the Company’s June 27, 2017 share repurchase authorization. Subsequent to quarter end, the remaining authorization was fully exhausted by National purchasing an additional 31.3 million shares at an average price of $7.17 per share. As of November 3, 2017, 91.8 million of the Company’s common shares were outstanding.
On November 3, 2017, the Company’s Board of Directors approved a new share repurchase authorization for MBIA Inc. or National to repurchase up to $250 million of the Company’s outstanding common shares.
National Public Guarantee Financial Corporation
National had statutory capital of $3.2 billion and claims-paying resources totaling $4.5 billion as of September 30, 2017. National’s total investment portfolio had a market value of $3.9 billion as of September 30, 2017. National’s insured portfolio declined by $12 billion during the quarter, ending the quarter with $82 billion of gross par outstanding. National ended the quarter with a leverage ratio of gross par to statutory capital of 26 to 1, down from 32 to 1 as of year-end 2016.
MBIA Insurance Corporation
The statutory capital of MBIA Insurance Corporation as of September 30, 2017 was $473 million and claims-paying resources totaled $1.5 billion. As of September 30, 2017, MBIA Insurance Corporation’s liquidity position (excluding resources from its subsidiaries and branches) totaled $93 million consisting primarily of cash and cash equivalents and liquid short-term invested assets.
Conference Call
The Company will host a webcast and conference call for investors tomorrow, Wednesday, November 8, 2017 at 8:00 AM (ET) to discuss its third quarter 2017 financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks followed by a question and answer session.
The dial-in number for the call is (877) 694-4769 in the U.S. and (404) 665-9935 from outside the U.S. The conference call code is 8779938. A live webcast of the conference call will also be accessible on www.mbia.com.
A replay of the conference call will become available approximately two hours after the completion of the call on November 8 and will remain available until 11:59 p.m. on November 22 by dialing (800) 585-8367 in the U.S. or (404) 537-3406 from outside the U.S. The code for the replay of the call is 8779938. In addition, a recorded replay of the call will become available on the Company's website approximately two hours after the completion of the call.
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http://www.businesswire.com/news/home/20171107006574/en/MBIA-Reports-Quarter-2017-Financial-Results
Enterprising Investor
9年前
MBIA Inc. Responds to S&P Placing National’s Rating on CreditWatch Negative (6/06/07)
PURCHASE, N.Y.--(BUSINESS WIRE)--MBIA Inc. (NYSE:MBI) (the Company) announced its response to today’s Research Update from Standard & Poor’s Global Ratings, in which it placed the ratings of the Company and National Public Finance Guarantee Corporation (National) on CreditWatch Negative.
Bill Fallon, MBIA’s Chief Operating Officer and National’s Chief Executive Officer said, “We are disappointed by S&P’s announcement and do not believe that a rating downgrade of National is warranted. National’s financial strength is evidenced by $1.7 billion of excess capital above our estimate of S&P’s AAA requirement. National has also, in a relatively short period of time, significantly increased its new business activity, as measured both by insured par amount and transaction count, as well as the number of intermediaries who have recommended purchase of National’s guarantees. This market acceptance has been growing despite an environment where S&P’s rating on National has been one notch lower than its competitors. The strong trading value of National’s wrap further attests to the success of National’s disciplined re-entry into the municipal bond market.” Mr. Fallon added, “We will continue to work with S&P during its ongoing review to do everything in our power to maintain National’s AA- credit rating.”
Forward-Looking Statements
The information contained in this press release should be read in conjunction with our filings made with the Securities and Exchange Commission. This release includes statements that are not historical or current facts and are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,” “anticipate,” “project,” “plan,” “expect,” “estimate,” “intend,” “will likely result,” “looking forward” or “will continue,” and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected, including, among other risks and uncertainties, the possibility that the Company will experience increased credit losses or impairments on public finance obligations we insure issued by state, local and territorial governments and finance authorities that are experiencing fiscal stress, the possibility that MBIA Corp. will have inadequate liquidity to pay claims as a result of increased losses on certain structured finance transactions, in particular residential mortgage-backed securities transactions that include a substantial number of ineligible mortgage loans, or a delay or failure in collecting expected recoveries, the possibility that loss reserve estimates are not adequate to cover potential claims, a disruption in the cash flow from our subsidiaries or an inability to access capital and our exposure to significant fluctuations in liquidity and asset values within the global credit markets as a result of collateral posting requirements, our ability to fully implement our strategic plan, including our ability to maintain high stable ratings for National and generate investor demand for our financial guarantees, deterioration in the economic environment and financial markets in the United States or abroad, and adverse developments in European sovereign credit performance, real estate market performance, credit spreads, interest rates and foreign currency levels, the effects of governmental regulation, including insurance laws, securities laws, tax laws, legal precedents and accounting rules; and uncertainties that have not been identified at this time. These and other factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying the Company’s forward-looking statements are discussed under the “Risk Factors” section in MBIA Inc.’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which may be updated or amended in the Company’s subsequent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. The Company undertakes no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such result is not likely to be achieved.
MBIA Inc., headquartered in Purchase, New York is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com.
http://www.businesswire.com/news/home/20170606006692/en/MBIA-Responds-SP-Placing-National%E2%80%99s-Rating-CreditWatch
Enterprising Investor
9年前
MBIA Inc. Reports First Quarter 2017 Financial Results (5/10/17)
PURCHASE, N.Y.--(BUSINESS WIRE)--MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $72 million, or $(0.55) per share, for the first quarter of 2017 compared to a consolidated GAAP net loss of $78 million, or $(0.58) per share, for the first quarter of 2016. The reduction in year-over-year consolidated GAAP net loss was primarily due to fair value gains associated with interest rate swaps and common stock warrants and lower foreign exchange losses, largely offset by greater loss and loss adjustment expenses, primarily at MBIA Insurance Corporation, and lower net premiums earned.
Book value per share was $24.73 as of March 31, 2017 compared with $23.87 as of December 31, 2016. The increase in book value per share was primarily due to a reduction in shares outstanding due to the repurchase of 4.8 million MBIA common shares during the first quarter of 2017.
Combined Operating Income (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) was $9 million for the three months ended March 31, 2017 compared with Combined Operating Income of $16 million in the same period of 2016. The $7 million decline in quarter-over-quarter Combined Operating Income was primarily due to a $17 million decrease in net premiums earned.
Adjusted Book Value (ABV) per share (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) increased to $33.69 as of March 31, 2017 from $31.88 as of December 31, 2016. The increase in ABV per share was driven primarily by a decrease in common shares outstanding resulting from the above-referenced share repurchases during the first quarter of 2017.
Operating Income and ABV per share provide investors with views of the Company’s operating results that management uses in measuring financial performance. Reconciliations of ABV per share to book value per share, and Operating Income to net income, calculated in accordance with GAAP, are attached.
Statements from Company Representative
“National continues to execute on a disciplined and measured expansion of its business activities,” said Bill Fallon, MBIA’s Chief Operating Officer. “Since re-entering the market in 2014, National has now insured business in 27 states, having insured transactions in 5 new states in 2016 and in another 7 new states in the first quarter of 2017. National’s business production in the first quarter of 2017 was its second-highest quarter by policies issued since it re-entered the market.” Mr. Fallon added, “More significantly, National’s capital position continues to strengthen, driven by an $8 billion net reduction of insured exposure during the quarter, which further improves its capacity for its first special dividend payment.”
U.S. Public Finance Insurance Segment Results
The Company’s U.S. public finance insurance business is conducted through National Public Finance Guarantee Corporation (National).
The U.S. Public Finance Insurance segment recorded GAAP net income of $27 million for the first quarter of 2017 versus $41 million for the first quarter of 2016. The decline in GAAP net income was primarily due to a $17 million decline in net premiums earned.
The U.S. Public Finance Insurance segment recorded $25 million of Operating Income in the first quarter of 2017 compared with $37 million of Operating Income in the same period of 2016. The decline in Operating Income was also primarily due to the decline in net premiums earned.
Total net premiums earned in the U.S. Public Finance Insurance segment were $41 million in the first quarter of 2017, down 29 percent from $58 million of total premiums earned in the same period of 2016. Premiums earned from refunded transactions decreased 35 percent and scheduled premiums earned declined by 20 percent. The decline in scheduled premiums earned resulted from the continued decrease of National’s insured portfolio.
National wrote $252 million gross par of new insurance during the first quarter of 2017, up from $158 million written during the first quarter of 2016. National wrote $1.7 billion of gross par for the four quarters ending March 31, 2017 versus $0.7 billion for the four quarters ending March 31, 2016.
Net investment income for the U.S. Public Finance Insurance segment was $31 million in the first quarters of 2017 and 2016 on average assets of $4.2 billion and $4.4 billion, for the respective quarters.
The U.S. Public Finance Insurance segment recorded loss and loss adjustment expenses of $11 million in the first quarter of 2017 compared to $9 million in the first quarter of 2016. The increase in losses and loss adjustment expenses was primarily due to additions for certain Puerto Rico credits in the first quarter of 2017.
The amortization of deferred acquisition costs totaled $8 million in the first quarter of 2017 compared with $12 million in the same period of 2016. The decrease in the amortization of deferred acquisition costs corresponds to lower premiums earned.
National’s operating expenses were $17 million in the first quarter of 2017 versus $15 million in the same period of 2016.
National had statutory capital of $3.5 billion and claims-paying resources totaling $4.6 billion as of March 31, 2017. National’s insured portfolio declined by $8 billion during the quarter, ending the quarter with $102 billion of gross par outstanding. National ended the quarter with a leverage ratio of gross par outstanding to statutory capital of 29 to 1, down from 32 to 1 as of year-end 2016.
Corporate Segment Results
The corporate segment includes general corporate activities and also provides support services, including asset and capital management services, to MBIA’s other operating businesses.
The corporate segment recorded GAAP net income of $10 million in the first quarter of 2017 versus a net loss of $84 million in the first quarter of 2016. The favorable variance was primarily due to fair value gains on interest rate swaps and common stock warrants, as well as lower foreign exchange losses.
The corporate segment recorded an Operating Loss of $16 million in the first quarter of 2017 compared with an Operating Loss of $21 million in the same period of 2016.
As of March 31, 2017, MBIA Inc. held cash and liquid assets of $340 million. In addition, there were assets with a market value of $216 million held in its tax escrow account as of March 31, 2017. During the first quarter of 2017, National’s 2014 tax payment of $94 million was released to MBIA Inc. from the tax escrow account in accordance with the Company’s tax sharing agreement.
The Company’s consolidated net operating loss carryforward for income tax purposes as of March 31, 2017 was approximately $2.6 billion.
During the first quarter of 2017, the Company repurchased 4.8 million of its common shares at an average price of $8.31 per share. Subsequent to March 31, 2017 through May 4, 2017, the Company has repurchased an additional 522 thousand shares. As of May 4, 2017, there was $44 million of remaining authorized capacity under the Company’s current share repurchase program and there were 129 million of the Company’s common shares outstanding. During the first quarter of 2017, the Company also retired $74 million par value of MBIA Global Funding MTNs through debt repurchases and maturity payments.
International and Structured Finance Insurance Segment Results
The international and structured finance insurance business is conducted primarily through MBIA Corp. and includes the results of MBIA Insurance Corporation, the New York-regulated insurer on a stand-alone basis, and its subsidiary, MBIA Mexico S.A. de C.V.
The Company uses statutory accounting to measure the financial performance of MBIA Insurance Corporation, which had statutory net income of $178 million for the first quarter of 2017 and a statutory net loss of $55 million for the first quarter of 2016. The favorable variance is primarily due to $263 million of net gains associated with the completed sale of MBIA UK, partially offset by greater loss and loss adjustment expense incurred. The sale of MBIA UK increased MBIA Insurance Corporation’s statutory capital by $133 million for the first quarter of 2017. The net impact of the sale of MBIA UK, after giving full effect in MBIA Insurance Corporation’s statutory financial statements over the last two quarters, resulted in a net increase of $32 million to MBIA Insurance Corporation’s statutory capital. As of March 31, 2017, the statutory capital of MBIA Insurance Corporation was $524 million and claims-paying resources totaled $1.6 billion.
As of March 31, 2017, the liquidity position of MBIA Insurance Corporation (excluding its subsidiaries and branch) totaled $111 million consisting of cash and invested assets.
Conference Call
The Company will host a webcast and conference call for investors tomorrow, Thursday, May 11, 2017 at 8:00 AM (EDT) to discuss its first quarter financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks followed by a question and answer session.
The dial-in number for the call is (877) 694-4769 in the U.S. and (404) 665-9935 from outside the U.S. The conference call code is 11362727. A live webcast of the conference call will also be accessible on www.mbia.com.
A replay of the call will be available approximately two hours after the completion of the call on May 11 until 11:59 p.m. on May 25 by dialing (800) 585-8367 in the U.S. or (404) 537-3406 from outside the U.S. The replay call code is also 11362727. In addition, a recording of the call will be available on the Company's website approximately two hours after the completion of the call.
MBIA Inc., headquartered in Purchase, New York is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com.
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http://www.businesswire.com/news/home/20170510006455/en/MBIA-Reports-Quarter-2017-Financial-Results
Enterprising Investor
9年前
MBIA’s Special Dividend Will Have to Wait (3/03/17)
The company might make a request after the Puerto Rico Electric Power Authority restructuring is completed.
MBIA (MBI: NYSE)
By MKM Partners ($10.12, March 2, 2017)
The key item that investors are focused on for MBIA is when the company will make a request to the New York regulator for a special dividend.
We believe MBIA’s (ticker: MBI) National Public Finance unit has ample excess capital under the Standard & Poor’s AAA capital model that may reach $2 billion with 2016 numbers up from about $1.5 billion in 2015. MBIA management has indicated that it will likely go for a special dividend once it believes the outlook for Puerto Rico is more certain. To us, that means after the Puerto Rico Electric Power Authority (PREPA) restructuring is completed. There remain three consumer-activist groups challenging the new electric rates that we believe will be dispensed by the court in due course. There were originally seven groups challenging the rates, four have gone away
We maintain our Buy recommendation on MBIA with a price target of $15, based on a multiple of 0.5 times our 2018 adjusted book value estimate of about $32.
In our view, the company’s fourth-quarter operating results were essentially in line. The sale of the U.K. unit, while not an economic event for the company, is nonetheless important as it removes the last major potential liquidity issue for the legacy unit. MBIA still has some work to do to put its legacy unit into auto drive, but liquidity is no longer a significant risk.
National Public Finance reported a loss ratio of 45% for the quarter against our estimate of 20%. The $28 million of losses incurred this quarter were all due to a higher risk-free interest rate used for discounting loss and recovery estimates. The company did not post any additional reserves for Puerto Rico this quarter as it likely concluded that the events in Puerto Rico during the quarter did not warrant any changes in their probability analysis of potential losses and recoveries.
Looking forward, we have reduced our 2017 earnings-per-share estimate to five cents from 35 cents. We are also initiating a 2018 EPS estimate of nil. The key reason for cutting our 2017 estimate is a higher loss ratio as a higher risk free rate will likely affect the discounting of reserves more so in 2017 than 2016. Our 2018 estimate reflects a sharp decline in earnings from refunding. This item is impossible to estimate, but we know that new muni issuance dropped to zero in 2008 so the 10-year call date on bonds will not lead to refundings. There will be some, but nothing like we have seen over the past several years and possibly again in 2017.
-- Harry Fong
http://www.barrons.com/articles/mbias-special-dividend-will-have-to-wait-1488545583
Enterprising Investor
10年前
Upside in Puerto Rico Municipal Bonds (11/26/16)
Puerto Rico’s new governor is intent on restructuring the island’s debt.
The recent election of a new governor in Puerto Rico, and the formation of a powerful federal financial control board this summer, have resulted in some optimism about a bondholder-friendly restructuring of much of the island’s $70 billion of debt.
The situation is still unsettled, but the new governor, Ricardo Rosselló, is viewed on Wall Street as a serious leader who wants to put the island on a stronger financial footing, bolster a weak economy, and work out a reasonable agreement with bondholders. Rosselló contrasts with the more combative outgoing governor, Alejandro García Padilla, who clashed with bondholder groups and then opted to default on $1 billion of debt-service payments on July 1.
Rosselló’s election came after midyear, when President Barack Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act, which created a seven-member control board with broad fiscal and debt-restructuring authority.
The benchmark Puerto Rico 8% general-obligation bond due in 2035 rallied after the Rosselló win, to about 72 cents on the dollar from 69 cents, but has since slipped back to about 69 cents. The market for Puerto Rico’s senior sales-tax revenue bonds, known by their Spanish acronym Cofina, has been stronger, with long-term senior debt trading up to the low $70s from the high $60s in the summer, as Puerto Rico has continued to make payments to that debt.
Barron’s was among the first to warn about Puerto Rico’s growing financial troubles in a cover story more than three years ago (“Troubling Winds,” Aug. 26, 2013).
http://www.barrons.com/articles/SB50001424052748704719204579022892632785548
Key future developments will be a new fiscal proposal from the incoming governor and recommendations from a task force about steps the U.S. government can take to ease Puerto Rico’s financial burden.
Things should heat up in early 2017 because a stay on bondholder lawsuits ends in February—with a potential extension to around May 1. This means that a bond restructuring plan probably needs to be in place by then. There is apt to be considerable wrangling among different bondholder groups, and there is overall risk given Puerto Rico’s fiscal, economic, and pension problems.
Against that backdrop, the general-obligation bonds, trading at less than 70 cents on the dollar, look like the best way to bet on a bondholder-friendly deal that could give GO holders a package worth 85 cents to 90 cents on the dollar.
—Andrew Bary
http://www.barrons.com/articles/upside-in-puerto-rico-municipal-bonds-1480137155
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