<SEC-DOCUMENT>0001157523-17-000686.txt : 20170301
<SEC-HEADER>0001157523-17-000686.hdr.sgml : 20170301
<ACCEPTANCE-DATETIME>20170301171749
ACCESSION NUMBER:		0001157523-17-000686
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170301
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170301
DATE AS OF CHANGE:		20170301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MBIA INC
		CENTRAL INDEX KEY:			0000814585
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				061185706
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09583
		FILM NUMBER:		17655506

	BUSINESS ADDRESS:	
		STREET 1:		1 MANHATTANVILLE ROAD
		STREET 2:		SUITE 301
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		914-273-4545

	MAIL ADDRESS:	
		STREET 1:		1 MANHATTANVILLE ROAD
		STREET 2:		SUITE 301
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51519005.htm
<DESCRIPTION>MBIA INC. 8-K
<TEXT>
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      <font style="font-size: 18pt"><b>UNITED STATES</b></font><br><font style="font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 14pt"><b>Washington,
      D.C. 20549</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt"><b>CURRENT REPORT</b></font>
    </p>
    <p style="text-align: center">
      Pursuant to Section 13 or 15(d) of<br>the Securities Exchange Act of 1934
    </p>
    <p style="text-align: center">
      Date of Report (Date of earliest event reported): <font style="font-size: 10pt; font-family: Times New Roman">March
      1, 2017</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>MBIA INC.</b></font><br>(Exact name of
      registrant as specified in its charter)
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: center; width: 31%; padding-left: 0.0px">
          <b>Connecticut</b>
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          &#160;
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          <b>1-9583</b>
        </td>
        <td style="width: 4%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; width: 31%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>06-1185706</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; width: 31%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of<br>incorporation)
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; width: 30%; padding-left: 0.0px">
          (Commission File Number)
        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; width: 31%; padding-left: 0.0px">
          (IRS Employer Identification No.)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b><br>
      </b>
    </p>
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    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: center; width: 35%; padding-left: 0.0px">
          <b>1 Manhattanville Road, Suite 301 </b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Purchase, New York</b>
          </p>
        </td>
        <td style="width: 30%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; width: 35%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>10577</b>
          </p>
        </td>
      </tr>
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        <td valign="bottom" style="text-align: center; width: 35%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of principal executive offices)
          </p>
        </td>
        <td style="width: 30%">

        </td>
        <td valign="bottom" style="text-align: center; width: 35%; padding-left: 0.0px">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      Registrant's telephone number, including area code:<br><b>914-273-4545</b>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>Not Applicable<br></b>(Former name or former address, if changed
      since last report)
    </p>
    <p>

    </p>
    <p>
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)<br><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)<br><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))<br><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
    </p>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">
      <br>
      <b>Item 2.02. &#160;&#160;&#160;&#160;RESULTS OF OPERATIONS AND FINANCIAL CONDITION.</b>
    </p>
    <p>
      The following information, including Exhibit 99.1 to this Form 8-K, is
      being furnished, not filed, pursuant to Item 2.02 - Results of
      Operations and Financial Condition of Form 8-K.
    </p>
    <p>
      On March 1, 2017, MBIA Inc. (&#8220;MBIA&#8221;) issued a press release announcing
      its results of operations for the fourth quarter and full year ended
      December 31, 2016.&#160;&#160;A copy of the press release is attached as Exhibit
      99.1 to this Form 8-K and is incorporated by reference to this Item 2.02
      as if fully set forth herein.
    </p>
    <p>
      <b>Item 7.01.&#160;&#160;&#160;&#160;&#160;REGULATION FD DISCLOSURE.</b>
    </p>
    <p>
      The following information is being furnished, not filed, pursuant to
      Item 7.01 - Regulation FD Disclosure of Form 8-K.&#160;&#160;Information contained
      on MBIA&#8217;s Web sites is not incorporated by reference into this Current
      Report on Form 8-K.
    </p>
    <p>
      On March 1, 2017, MBIA will also post on its Web site, www.mbia.com,
      under the section &#8220;Investor Relations &#8211; Financial Information &#8211;
      Operating Supplements,&#8221; a Quarterly Operating Supplement for the fourth
      quarter of 2016 and under the section &#8220;Investor Relations &#8211; Financial
      Information &#8211; Statutory Statements,&#8221; the 2016 Annual Statements for each
      of MBIA Insurance Corporation and National Public Finance Guarantee
      Corporation.&#160;&#160;&#160;MBIA will post on its Web site, under the section
      &#8220;Selected Exposures,&#8221; certain information on the Company&#8217;s insured
      portfolios as of December 31, 2016.&#160;&#160;The information will be posted as
      &#8220;MBIA Corp.&#8217;s Structured Finance Insured Portfolio,&#8221; &#8220;MBIA Corp.&#8217;s
      Non-U.S. Public Finance Insured Portfolio&#8221; and &#8220;National Public Finance
      Guarantee Corporation&#8217;s Insured Portfolio.&#8221;&#160;&#160;Information on National
      Public Finance Guarantee Corporation&#8217;s insured portfolio as of December
      31, 2016 will also be posted on National Public Finance Guarantee
      Corporation&#8217;s Web site, www.nationalpfg.com, under the section &#8220;Insured
      Portfolio.&#8221;
    </p>
    <p>
      On or about March 2, 2017, MBIA will also post on its Web site,
      www.mbia.com, under the section &#8220;Investor Relations &#8211; Investor
      Inquiries/FAQs,&#8221; updated Frequently Asked Questions.
    </p>
    <p>
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS.</b>
    </p>
    <p>
      99.1&#160;&#160;Press Release issued by MBIA Inc., dated March 1, 2017, announcing
      its results of operations for the fourth quarter and full year ended
      December 31, 2016.&#160;&#160;
    </p>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
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        </div>
      </div>
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        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.
    </p>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            MBIA INC.
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
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        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
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        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>By:</b>
          </p>
        </td>
        <td valign="top" style="border-bottom-style: solid; text-align: left; width: 30%; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Ram D. Wertheim
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 10%; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
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        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; width: 30%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Ram D. Wertheim
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
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        <td style="width: 57%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; width: 30%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Legal Officer
          </p>
        </td>
        <td style="width: 10%">

        </td>
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    </table>
    </div>
    <p>
      Date: March 1, 2017
    </p>
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    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K</b><br>Dated <font style="font-size: 10pt; font-family: Times New Roman">March
      1, 2017</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      99.1&#160;&#160;Press Release issued by MBIA Inc., dated March 1, 2017, announcing
      its results of operations for the fourth quarter and full year ended
      December 31, 2016.&#160;&#160;
    </p>
    <p>

    </p>
    <p style="text-align: center">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51519005ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <u><font style="font-size: 12pt; font-family: Times New Roman"><b>MBIA
      Inc. Reports Full Year and Fourth Quarter 2016 Financial Results</b></font></u>
    </p>
    <p>
      PURCHASE, N.Y.--(BUSINESS WIRE)--March 1, 2017--MBIA Inc. (NYSE:MBI)
      (the Company) today reported a Consolidated GAAP net loss of $338
      million or $(2.54) per diluted share for the year ended December 31,
      2016 compared to net income of $180 million or $1.06 per diluted share
      for the prior year. The unfavorable variance in the financial results
      versus the prior year was primarily due to a pretax impairment of $278
      million on the carrying value of MBIA UK Insurance Limited (MBIA UK)
      associated with its sale in the first quarter of 2017 and a $148 million
      reduction of net gains of insured credit derivatives.
    </p>
    <p>
      Book value per share was $23.87 as of December 31, 2016 compared with
      $24.61 as of December 31, 2015. The decrease in book value per share
      since year-end 2015 was primarily due to the $324 million or $2.40 per
      share after-tax impairment recorded during the fourth quarter of 2016
      associated with the sale of MBIA UK, partially offset by share
      repurchases that decreased common shares outstanding.
    </p>
    <p>
      Combined Operating Income (a non-GAAP measure defined in the attached
      Explanation of Non-GAAP Financial Measures) for the full year 2016 was
      $30 million or $0.23 per diluted share compared to $87 million or $0.52
      per diluted share for the full year 2015. The decline in Combined
      Operating Income for 2016 compared to 2015 was driven primarily by $69
      million of higher loss and loss adjustment expenses and a $68 million
      reduction of net premiums earned, partially offset by a favorable
      variance in the provision for income taxes.
    </p>
    <p>
      The calculation of Adjusted Book Value (ABV) per share (a non-GAAP
      measure defined in the attached Explanation of Non-GAAP Financial
      Measures) was refined in the fourth quarter of 2016 to exclude MBIA
      Insurance Corporation as a separate stand-alone legal entity.
      (Previously, the calculation of ABV excluded the international and
      structured finance insurance segment, which is not the same as the legal
      entity MBIA Insurance Corporation.) As of December 31, 2016, ABV was
      $31.88 compared to $28.98 as of December 31, 2015 (which was revised
      from the amount previously reported due to the subsequent change of the
      calculation of ABV). The largest factor contributing to the increase in
      ABV per share since year-end 2015 was the decrease in common shares
      outstanding due to share repurchases. During 2016, the Company
      repurchased 16.6 million shares of its common stock, which reduced its
      common shares outstanding to 135 million as of year-end 2016.
    </p>
    <p>
      Combined Operating Income and ABV per share provide investors with two
      perspectives of the Company&#8217;s financial results that management uses in
      measuring the Company&#8217;s financial performance. Reconciliations of ABV
      per share to book value per share, and Combined Operating Income to net
      income, calculated in accordance with GAAP, are attached.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Statements from Company Representative</b>
    </p>
    <p>
      Bill Fallon, MBIA Inc.&#8217;s President and Chief Operating Officer said, &#8220;We
      are pleased with the growing acceptance of National as its new business
      production nearly tripled for 2016 versus last year.&#8221; Bill added,
      &#8220;Regarding our financial results, while the sale of MBIA UK adversely
      impacted our consolidated GAAP results, it had no impact on our Combined
      Operating Income. The reduction in Combined Operating Income was
      primarily due to additions to our loss reserves and lower premium
      earnings that resulted from lower refunding activity and our decreasing
      unearned premiums at National.&#8221;
    </p>
    <p>
      <b>Fourth Quarter Results</b>
    </p>
    <p>
      The Company reported a Consolidated GAAP net loss of $265 million, or
      $(2.01) per diluted share, for the fourth quarter of 2016 compared to
      consolidated net income of $82 million, or $0.54 per diluted share, for
      the fourth quarter of 2015. The unfavorable change in the financial
      result was primarily due to a $278 million pretax carrying value
      impairment of MBIA UK.
    </p>
    <p>
      The Combined Operating Loss for the fourth quarter of 2016 was $6
      million or $(0.05) per diluted share compared to Combined Operating
      Income of $10 million or $0.07 per diluted share for the fourth quarter
      of 2015. The unfavorable change in the financial result was driven
      primarily by an $18 million increase in loss and loss adjustment
      expenses and a $16 million reduction in net premiums earned, partially
      offset by a favorable variance in the provision for income taxes.
    </p>
    <p>
      <b>U.S. Public Finance Insurance Segment Results</b>
    </p>
    <p>
      The Company&#8217;s U.S. public finance insurance business is conducted
      through National Public Finance Guarantee Corporation (National), its
      primary operating subsidiary. The U.S. Public Finance Insurance segment
      recorded GAAP net income of $41 million for the fourth quarter of 2016
      versus $51 million for the fourth quarter of 2015. The decline in GAAP
      net income was primarily due to an $18 million increase in loss and loss
      adjustment expenses and a $16 million decrease in net premiums earned,
      partially offset by a $27 million favorable variance in the provision
      for income taxes. The favorable variance of the tax provision was
      primarily due to a tax basis balance sheet adjustment associated with
      the reversal of a deferred tax liability in the fourth quarter of 2016.
    </p>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
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          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The U.S. Public Finance Insurance segment&#8217;s Operating Income was $25
      million in the fourth quarter of 2016 compared to $44 million for the
      fourth quarter of 2015. The decline was primarily due to an increase in
      loss and loss adjustment expenses and a decrease in net premiums earned,
      partially offset by a favorable variance in the provision for income
      taxes.
    </p>
    <p>
      Net premiums earned were $62 million in the fourth quarter of 2016, down
      21 percent from $78 million in the fourth quarter of 2015. The decline
      resulted from a 24 percent decrease in scheduled premiums earned and a
      19 percent decrease in refunding premiums earned.
    </p>
    <p>
      National insured $871 million of par value in the primary and secondary
      markets, combined, during the fourth quarter of 2016 and $1.6 billion of
      par value for the full year, compared to $158 million for the fourth
      quarter of 2015 and $597 million for the full year 2015.
    </p>
    <p>
      Net investment income for the segment was $29 million for the fourth
      quarter of 2016 and $30 million for the fourth quarter of 2015,
      primarily resulting from a 4 percent decline in average invested assets
      for the respective quarters.
    </p>
    <p>
      The U.S. Public Finance Insurance segment&#8217;s losses and loss adjustment
      expenses were $28 million for the fourth quarter of 2016 compared to $10
      million for the fourth quarter of 2015. The increase in loss and loss
      adjustment expenses was primarily due to higher risk-free interest rates
      used for discounting loss and recovery estimates, where the impact of
      discounting longer tenor recoveries outweighed the discounting impact on
      losses.
    </p>
    <p>
      For the fourth quarter of 2016, the amortization of deferred acquisition
      costs totaled $13 million versus $16 million for the fourth quarter of
      2015, reflecting the reduction in premiums earned. Operating expenses
      were $15 million for the fourth quarters of 2016 and 2015.
    </p>
    <p>
      National had statutory capital of $3.5 billion and claims-paying
      resources totaling $4.6 billion as of December 31, 2016. National&#8217;s
      insured portfolio declined by $15 billion during the quarter, ending the
      quarter with $110 billion of gross par outstanding. National ended the
      quarter with a leverage ratio of gross par to statutory capital of 32 to
      1, down from 48 to 1 as of year-end 2015.
    </p>
    <p>
      <b>Corporate Segment Results</b>
    </p>
    <p>
      The corporate segment includes general corporate activities and also
      provides support services, including asset and capital management
      services, to MBIA&#8217;s other operating businesses.
    </p>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The corporate segment recorded GAAP net income of $26 million in the
      fourth quarter of 2016 versus a net loss of $15 million in the fourth
      quarter of 2015. The favorable variance of the financial result was
      primarily due to increased net gains on interest rate swaps and foreign
      exchange.
    </p>
    <p>
      The corporate segment&#8217;s Operating Loss was $31 million and $34 million
      for the fourth quarters of 2016 and 2015, respectively. The reduction in
      the Operating Loss was primarily due to reduced interest expenses,
      partially offset by increased operating expenses.
    </p>
    <p>
      As of December 31, 2016, MBIA Inc. held cash and liquid assets of $403
      million. In addition, there were assets with a market value of $329
      million in its tax escrow account as of year-end 2016. Subsequent to
      December 31, 2016, National&#8217;s 2014 tax payment of $94 million was
      released from the tax escrow account to MBIA Inc.
    </p>
    <p>
      The Company&#8217;s consolidated net operating loss carryforward for income
      tax purposes as of December 31, 2016 was $2.7 billion.
    </p>
    <p>
      During the fourth quarter of 2016, the Company and its subsidiaries did
      not repurchase any of its common shares. As of December 31, 2016, there
      was $88 million remaining capacity under the Company&#8217;s current share
      repurchase authorization. As of February 23, 2017, 135 million of the
      Company&#8217;s common shares were outstanding. During 2016, the Company also
      retired a combined $129 million par value of MBIA Inc. debt and Global
      Funding MTNs through debt repurchases and maturity payments.
    </p>
    <p>
      On January 10, 2017, the Company lent $38 million of subordinated
      financing to MZ Funding LLC (MZ Funding), a newly formed wholly-owned
      subsidiary of the Company and MZ Funding, in turn, lent the proceeds of
      the financing to MBIA Insurance Corporation. MBIA Inc. has agreed to
      provide an additional $50 million of subordinated financing to MZ
      Funding under certain conditions, which MZ Funding would then lend to
      MBIA Insurance Corporation.
    </p>
    <p>
      <b>International and Structured Finance Insurance Segment Results</b>
    </p>
    <p>
      The International and Structured Finance Insurance segment business is
      primarily conducted through MBIA Insurance Corporation and its
      subsidiaries (MBIA Corp.). Unless otherwise indicated or the context
      otherwise requires, references to MBIA Corp. are (i) for any references
      relating to the period ended January 10, 2017, to MBIA Insurance
      Corporation, together with its subsidiaries, MBIA UK Insurance Limited
      (MBIA UK), and MBIA Mexico S.A. de C.V (MBIA Mexico) and (ii) for any
      references relating to the period after January 10, 2017, to MBIA
      Insurance Corporation together with MBIA Mexico.
    </p>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The Company uses statutory accounting to measure the financial
      performance of this segment. MBIA Insurance Corporation had a statutory
      net loss of $179 million for the fourth quarter of 2016 and a statutory
      net loss of $323 million for the year 2016. In 2015, MBIA Insurance
      Corporation had statutory net income of $79 million and $25 million for
      the fourth quarter and full year, respectively. The 2016 results
      included a $114 million impairment of a net asset based on the sale of
      MBIA UK. In addition, statutory losses and loss adjustment expenses
      incurred for full year 2016 were $265 million compared to $105 million
      for 2015. As of December 31, 2016, the statutory capital of MBIA
      Insurance Corporation was $492 million and claims-paying resources
      totaled $1.9 billion. As the sale of MBIA UK was completed in the first
      quarter of 2017, there will be additional accounting adjustments
      associated with its sale in the first quarter of 2017, which will result
      in a $130 million increase to MBIA Insurance Corporation&#8217;s statutory
      capital. The impact of the sale of MBIA UK, after giving full effect in
      MBIA Insurance Corporation&#8217;s statutory financial statements over the two
      quarters, will result in a net increase of $29 million to MBIA Insurance
      Corporation&#8217;s statutory capital.
    </p>
    <p>
      As of December 31, 2016, MBIA Insurance Corporation&#8217;s liquidity position
      (excluding its subsidiaries and branches) totaled $201 million
      consisting of cash and liquid invested assets. On January 20, 2017, MBIA
      Insurance Corporation satisfied its insurance obligations related to the
      maturity of $770 million of outstanding principal on the Zohar II 2005-1
      CDO. To facilitate its ability to satisfy its insurance obligations on
      the Zohar II notes, MBIA Insurance Corporation received $347 million of
      Zohar II notes from its wholly-owned subsidiary, MBIA UK (Holdings)
      Limited, which the latter had received in exchange for the sale of MBIA
      UK, and borrowed $363 million under the MZ Funding lending facility that
      was established during the first quarter of 2017.
    </p>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      The Company will host a webcast and conference call for investors
      tomorrow, Thursday, March 2, 2017 at 8:00 AM (ET) to discuss its fourth
      quarter and full year 2016 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.
    </p>
    <p>
      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 60602763. A
      live webcast of the conference call will also be accessible on <u>www.mbia.com</u>.
    </p>
    <p>
      A replay of the conference call will become available approximately two
      hours after the end of the call on and will remain available until 11:59
      p.m. (ET) on March 15 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
      60602763. 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.
    </p>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      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 &#8220;forward-looking statements&#8221; made pursuant to the
      safe harbor provisions of the Private Securities Litigation Reform Act
      of 1995. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221;
      &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;will likely result,&#8221; &#8220;looking forward&#8221; or &#8220;will
      continue,&#8221; 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&#8217;s forward-looking statements are discussed under
      the &#8220;Risk Factors&#8221; section in MBIA Inc.&#8217;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&#8217;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.
    </p>
    <p>
      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 <u>www.mbia.com</u>.
    </p>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Explanation of Non-GAAP Financial Measures</b>
    </p>
    <p>
      The following are explanations of why the Company believes that the
      non-GAAP financial measures used in this press release, which serve to
      supplement GAAP information, are meaningful to investors.
    </p>
    <p>
      <b>Adjusted Book Value:</b> Adjusted Book Value (ABV), a non-GAAP
      measure, is used by the Company to supplement its analysis of GAAP book
      value. The Company uses ABV as a measure of fundamental value and
      considers the change in ABV an important measure of periodic financial
      performance. ABV adjusts GAAP book value by removing the GAAP book value
      amounts for items that are not expected to impact shareholder value and
      to add in the impact of certain items which the Company believes will be
      realized in GAAP book value in future periods. The Company has limited
      such adjustments to those items that it deems to be important to
      fundamental value and performance and which the likelihood and amount
      can be reasonably estimated. ABV assumes no new business activity. The
      Company has presented ABV to allow investors and analysts to evaluate
      the Company using the same measure that MBIA&#8217;s management regularly uses
      to measure financial performance. ABV is not a substitute for and should
      not be viewed in isolation from GAAP book value.
    </p>
    <p>
      ABV per share represents that amount of ABV allocated to each common
      share outstanding at the measurement date.
    </p>
    <p>
      <b>Claims-paying Resources (CPR)</b>: CPR is a key measure of the
      resources available to National and MBIA Corp. to pay claims under their
      respective insurance policies. CPR consists of total financial resources
      and reserves calculated on a statutory basis. CPR has been a common
      measure used by financial guarantee insurance companies to report and
      compare resources and continues to be used by MBIA&#8217;s management to
      evaluate changes in such resources. The Company has provided CPR to
      allow investors and analysts to evaluate National and MBIA Corp. using
      the same measure that MBIA&#8217;s management uses to evaluate their resources
      to pay claims under their respective insurance policies. There is no
      directly comparable GAAP measure.
    </p>
    <p>
      <b>Combined Operating Income (Loss):</b> The sum of Operating Income
      (Loss) of the U.S. public finance insurance (National) and corporate
      segments net of eliminations. See &#8220;Operating Income (Loss)&#8221; definition.
    </p>
    <p>
      <b>Operating Income (Loss):</b> Operating Income (Loss) is a useful
      measurement of performance because it measures income from the Company&#8217;s
      core operating segments, unaffected by investment portfolio realized
      gains and losses, gains and losses on financial instruments at fair
      value and foreign exchange, and realized gains and losses on
      extinguishment of debt. Operating Income (Loss) also excludes net income
      of the Company&#8217;s non-core operating segments. The Company&#8217;s non-core
      segments include the activities of its international and structured
      finance insurance, advisory services and conduit segments. Trends in the
      underlying profitability of the Company&#8217;s businesses can be more clearly
      identified without the fluctuating effects of the excluded items noted
      above. Operating Income (Loss) is disclosed on an after-tax basis and
      adjustments to net income are typically tax-effected at 35% unless a
      specific adjustment, or component thereof, is not taxable. Operating
      Income (Loss) as defined by the Company does not include all revenues
      and expenses required by GAAP. Operating Income (Loss) is not a
      substitute for and should not be viewed in isolation from GAAP net
      income.
    </p>
    <p>
      Operating Income (Loss) per share represents that amount of Operating
      Income (Loss) allocated to each fully diluted weighted-average common
      share outstanding for the measurement period.
    </p>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" colspan="12" style="text-align: center; padding-left: 0.0px">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="12" style="text-align: center; padding-left: 0.0px">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="12" style="text-align: center; padding-left: 0.0px">
          (In millions except share and per share amounts)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>December 31, 2016</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>December 31, 2015</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Investments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Fixed-maturity securities held as available-for-sale, at fair value
          (amortized cost $4,713 and $5,483)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          4,694
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          5,474
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Investments carried at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          146
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          177
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Investments pledged as collateral, at fair value (amortized cost
          $234 and $322)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          233
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          291
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Short-term investments held as available-for-sale, at fair value
          (amortized cost $552 and $392)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          552
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          392
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Other investments (includes investments at fair value of $5 and $13)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          8
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          16
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Total investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          5,633
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          6,350
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          163
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          464
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Premiums receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          409
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          792
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          118
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          168
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Insurance loss recoverable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          504
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          577
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Assets held for sale
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          555
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          970
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          951
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          113
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          156
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Assets of consolidated variable interest entities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Cash
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          24
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          58
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Investments held-to-maturity, at amortized cost (fair value $876 and
          $2,401)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          890
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,689
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Fixed-maturity securities at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          255
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          932
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Loans receivable at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,066
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,292
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Loan repurchase commitments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          404
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          396
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          33
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          11
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>11,137</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>14,836</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          <b>Liabilities and Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Unearned premium revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          958
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,591
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Loss and loss adjustment expense reserves
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          541
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          516
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,986
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,889
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Medium-term notes (includes financial instruments carried at fair
          value of $101 and $161)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          895
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,016
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Investment agreements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          399
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          462
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Derivative liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          299
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          314
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Liabilities held for sale
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          346
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          233
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          211
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Liabilities of consolidated variable interest entities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Variable interest entity notes (includes financial instruments
            carried at fair value of $1,351 and $2,362)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,241
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          5,051
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Derivative liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          45
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>7,898</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>11,095</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Equity:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Preferred stock, par value $1 per share; authorized
          shares--10,000,000; issued and outstanding--none
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, par value $1 per share; authorized
            shares--400,000,000; issued shares--283,989,999 and 281,833,618
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          284
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          282
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,160
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,138
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,700
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,038
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Accumulated other comprehensive income (loss), net of tax of $37 and
          $51
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (128
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (61
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Treasury stock, at cost--148,789,168 and 130,303,241 shares
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (2,789
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (2,668
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Total shareholders' equity of MBIA Inc.
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,227
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,729
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Preferred stock of subsidiary
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          12
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          12
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <b>Total equity</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>3,239</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>3,741</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Total liabilities and equity</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>11,137</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>14,836</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" colspan="21" style="text-align: center; padding-left: 0.0px">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="21" style="text-align: center; padding-left: 0.0px">
          <b>CONSOLIDATED STATEMENTS OF OPERATIONS</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="21" style="text-align: center; padding-left: 0.0px">
          (In millions except share and per share amounts)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>Three Months Ended December 31,</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>Twelve Months Ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Premiums earned:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Scheduled premiums earned
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          46
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          168
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          199
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Refunding premiums earned
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          38
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          50
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          132
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          173
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Premiums earned (net of ceded premiums of $2, $2, $7 and $9)
          </p>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          75
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          96
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          372
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          40
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          152
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          152
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Fees and reimbursements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          6
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Change in fair value of insured derivatives:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Realized gains (losses) and other settlements on insured
            derivatives
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (20
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (40
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (28
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Unrealized gains (losses) on insured derivatives
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          21
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          36
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          21
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          157
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Net change in fair value of insured derivatives
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (19
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          129
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net gains (losses) on financial instruments at fair value and
            foreign exchange
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          101
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          43
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          84
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          63
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Net investment losses related to other-than-temporary impairments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Investment losses related to other-than-temporary impairments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (2
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (12
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Other-than-temporary impairments recognized in accumulated other
            comprehensive income (loss)
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (4
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (4
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net investment losses related to other-than-temporary impairments
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (4
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (3
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (5
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (13
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Other net realized gains (losses)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (279
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (282
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          17
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Revenues of consolidated variable interest entities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Net investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          49
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          31
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          86
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net gains (losses) on financial instruments at fair value and
            foreign exchange
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          33
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          42
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (59
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          297
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          294
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          853
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" colspan="5" style="text-align: left; padding-left: 0.0px">
          <b>Expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Losses and loss adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          71
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          44
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          220
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          123
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Amortization of deferred acquisition costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          40
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          50
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          40
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          137
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          140
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          49
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          50
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          197
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          199
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Expenses of consolidated variable interest entities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Operating
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          13
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Interest
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          5
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          10
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          25
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          39
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Total expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          179
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          158
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          633
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          564
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px">
          Income (loss) before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (238
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          139
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (339
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          289
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Provision (benefit) for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          27
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          57
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          109
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Net income (loss)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>(265</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>82</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>(338</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          <b>180</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" colspan="5" style="text-align: left; padding-left: 0.0px">
          <b>Net income (loss) per common share:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (2.01
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.54
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (2.54
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1.06
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (2.01
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.54
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (2.54
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1.06
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" colspan="5" style="text-align: left; padding-left: 0.0px">
          <b>Weighted average number of common shares outstanding:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          131,906,086
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          147,099,167
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          133,001,088
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          163,936,318
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          131,906,086
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          147,955,862
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          133,001,088
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          164,869,788
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" colspan="22" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>COMBINED</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="22" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>OPERATING INCOME (LOSS) RECONCILIATION</b></u><b><sup>(4)</sup></b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="22" style="text-align: center; padding-left: 0.0px">
          (In millions)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="text-align: center; padding-left: 0.0px">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="text-align: center; padding-left: 0.0px">
          <b>Twelve Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="6" style="text-align: left; padding-left: 0.0px">
          Net income (loss)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (265
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          82
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (338
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          180
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="6" style="text-align: left; padding-left: 0.0px">
          Less: operating income adjustments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income (loss) before income taxes of the Non-Core Segments and
            eliminations
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (339
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          70
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (475
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          12
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Adjustments to income before income taxes of the U.S. public
            finance insurance and corporate segments:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Mark-to-market gains (losses) on financial instruments<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          39
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Foreign exchange gains (losses)<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          60
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Net gains (losses) on sales of investments<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          60
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          20
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Net investment losses related to OTTI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (4
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (3
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (5
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (13
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          Other net realized gains (losses)<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (5
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          21
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Operating income adjustment to the (provision) benefit for income tax<sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (20
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (38
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          29
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (45
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="6" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          (6
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          10
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          30
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          87
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="22" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>U.S. PUBLIC FINANCE INSURANCE (NATIONAL)</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="22" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>OPERATING INCOME (LOSS) RECONCILIATION</b></u><b><sup>(4)</sup></b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="22" style="text-align: center; padding-left: 0.0px">
          (In millions)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="text-align: center; padding-left: 0.0px">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="text-align: center; padding-left: 0.0px">
          <b>Twelve Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="6" style="text-align: left; padding-left: 0.0px">
          Net income (loss)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          51
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          176
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          191
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="6" style="text-align: left; padding-left: 0.0px">
          Less: operating income adjustments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px">
          Net gains (losses) on sales of investments<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          68
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          14
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px">
          Net investment losses related to OTTI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (4
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (4
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (10
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Operating income adjustment to the (provision) benefit for income tax<sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          13
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (3
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (8
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="6" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          25
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          44
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          120
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          188
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="22" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>CORPORATE</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="22" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>OPERATING INCOME (LOSS) RECONCILIATION</b></u><b><sup>(4)</sup></b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="22" style="text-align: center; padding-left: 0.0px">
          (In millions)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="text-align: center; padding-left: 0.0px">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="text-align: center; padding-left: 0.0px">
          <b>Twelve Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="6" style="text-align: left; padding-left: 0.0px">
          Net income (loss)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          26
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (15
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (93
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (21
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="6" style="text-align: left; padding-left: 0.0px">
          Less: operating income adjustments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px">
          Mark-to-market gains (losses) on financial instruments<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          39
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px">
          Foreign exchange gains (losses)<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          60
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px">
          Net gains (losses) on sales of investments<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (8
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          6
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px">
          Net investment losses related to OTTI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (2
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (3
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px">
          Net gains (losses) on extinguishment of debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px">
          Other net realized gains (losses)<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (5
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          21
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Operating income adjustment to the (provision) benefit for income tax<sup>(3)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (40
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (11
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (17
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (42
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="6" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          (31
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          (34
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          (90
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          (101
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          )
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" colspan="3" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1)
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Reported within &quot;Net gains (losses) on financial instruments at fair
          value and foreign exchange&quot; on the Company's consolidated statements
          of operations.
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="3" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (2)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Primarily relates to the results from the sale of Cutwater.
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="3" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (3)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Reported within &quot;Provision (benefit) for income taxes&quot; on the
          Company's consolidated statements of operations.
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="3" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          A non-GAAP measure; please see Explanation of Non-GAAP Financial
          Measures.
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" colspan="11" style="text-align: center; padding-left: 0.0px">
          <b>MBIA INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Components of Adjusted Book Value per Share:</b></u><sup>
            (1) (2)</sup>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" rowspan="2" colspan="3" style="border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>As of</b><br><b>December 31, 2016</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" rowspan="2" colspan="3" style="border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>As of</b><br><b>December 31, 2015</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          <b>Reported Book Value per Share</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          23.87
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          24.61
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Reverse book value of the MBIA Corp. legal entity<sup> (3)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          5.07
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          0.86
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Book value after MBIA Corp. legal entity adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          28.94
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          25.47
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Other book value adjustments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Reverse net unrealized (gains) losses included in other
          comprehensive income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.24
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.40
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Add net unearned premium revenue<sup> (4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          4.31
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          5.02
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Add tax effect on unrealized (gains) losses and unearned premium
          revenue
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (1.61
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          (1.91
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Total other book value adjustments per share
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          2.94
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          3.51
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Adjusted book value per share</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          31.88
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          28.98
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1)
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          A non-GAAP measure; please see Explanation of Non-GAAP Financial
          Measures.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (2)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          We have refined our calculation of ABV as of December 31, 2016 and
          have conformed the prior year's calculation to the current
          presentation. ABV now adjusts GAAP book value to remove the legal
          entity book value of MBIA Corp., but continues to include all
          deferred taxes available to the Company. Previously, ABV adjusted
          GAAP book value to remove the book value of the international and
          structured finance insurance segment, and included all deferred
          income taxes available to the Company.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (3)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          The book value of the MBIA Corp. legal entity does not provide
          significant economic or shareholder value to MBIA Inc. The amounts
          being reversed exclude all deferred taxes available to MBIA Inc.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (4)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Consists of financial guarantee premiums, net of deferred
          acquisition costs. The discount rate on financial guarantee
          installment premiums was the risk-free rate as defined by the
          accounting principles for financial guarantee insurance contracts.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" colspan="11" style="text-align: center; padding-left: 0.0px">
          <b>INSURANCE OPERATIONS</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Selected Financial Data Computed on a Statutory Basis</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          (Dollars in millions)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>National Public Finance Guarantee Corporation</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>December 31, 2016</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>December 31, 2015</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Policyholders' surplus
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,731
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,478
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Contingency reserves
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          745
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          910
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Statutory capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,476
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,388
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td rowspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Unearned premium reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          786
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,042
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Present value of installment premiums<sup> (1)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          187
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          197
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Premium resources<sup> (2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          973
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,239
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Net loss and loss adjustment expense reserves<sup> (1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (98
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (30
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Salvage reserves
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          256
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          102
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Gross loss and loss adjustment expense reserves
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          158
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            72
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Total claims-paying resources
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          4,607
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          4,699
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Net debt service outstanding
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          185,099
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          259,436
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Capital ratio<sup> (3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          53:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          77:1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Claims-paying ratio<sup> (4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          43:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          61:1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="3" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>MBIA Insurance Corporation</b></u><sup> (5)</sup>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>December 31, 2016</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>December 31, 2015</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Policyholders&#8217; surplus
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          238
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          609
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Contingency reserves
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          254
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          276
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Statutory capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          492
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          885
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td rowspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Unearned premium reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          319
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          356
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Present value of installment premiums<sup> (6) (8)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          424
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          520
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Premium resources<sup> (2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          743
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          876
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Net loss and loss adjustment expense reserves<sup> (6)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (207
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (332
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Salvage reserves<sup> (7)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          917
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          994
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Gross loss and loss adjustment expense reserves
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          710
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 1.0pt">
          662
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Total claims-paying resources
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          1,945
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; border-bottom-width: 2.25pt">
          2,423
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Net debt service outstanding
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          43,215
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          57,682
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Capital ratio<sup> (3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          88:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          65:1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Claims-paying ratio<sup> (4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          26:1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          27:1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1)
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Calculated using a discount rate of 3.18% and 3.04% as of December
          31, 2016 and 2015, respectively.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (2)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Includes financial guarantee and insured credit derivative related
          premiums.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (3)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Net debt service outstanding divided by statutory capital.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net debt service outstanding divided by the sum of statutory
            capital, unearned premium reserve (after-tax), present value of
            installment premiums (after-tax), net loss and loss adjustment
            expense reserves and salvage reserves.
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (5)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          The table reflects MBIA Insurance Corporation including its
          subsidiary MBIA UK Insurance Limited.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (6)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Calculated using a discount rate of 5.15% and 5.18% as of December
          31, 2016 and 2015, respectively.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (7)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          This amount primarily consists of expected recoveries related to the
          Company's excess spread and put-backs.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (8)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Based on the Company's estimate of the remaining life for its
          insured exposures.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>MBIA Inc.<br></b>Greg Diamond, 914-765-3190<br>Investor
      and Media Relations<b><br></b><u>greg.diamond@mbia.com</u>
    </p>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
