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Insurance Premiums (Tables) | 12 Months Ended
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Dec. 31, 2023
Text Block [Abstract] |
Rollforward of Premiums Receivable | The following tables present a roll forward of the Company’s premiums receivable for the years ended December 31, 2023 and 2022:
In millions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Adjustments |  |  |  |
Premiums |  |  |  |  |  | Premiums |  |  | Changes in |  |  | Accretion of |  |  | Premiums |
Receivable as of |  |  | Premium |  |  | from New |  |  | Expected |  |  | Premiums |  |  | Receivable as of |
December 31, |  |  | Payments |  |  | Business |  |  | Term of |  |  | Receivable |  |  | December 31, |
2022 |  |  | Received |  |  | Written |  |  | Policies |  |  | Discount (1) |  |  | 2023 |
$ | 160 |  |  | $ | (18 | ) |  | $ | - |  |  | $ | - |  |  | $ | 4 |  |  | $ | 146 |
(1) - Recorded within premiums earned on MBIA's consolidated statement of operations.
In millions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Adjustments |  |  |  |
Premiums |  |  |  |  |  | Premiums |  |  | Changes in |  |  | Accretion of |  |  |  |  |  | Premiums |
Receivable as of |  |  | Premium |  |  | from New |  |  | Expected |  |  | Premiums |  |  |  |  |  | Receivable as of |
December 31, |  |  | Payments |  |  | Business |  |  | Term of |  |  | Receivable |  |  |  |  |  | December 31, |
2021 |  |  | Received |  |  | Written |  |  | Policies |  |  | Discount (1) |  |  | Other (2) |  |  | 2022 |
$ | 178 |  |  | $ | (20 | ) |  | $ | - |  |  | $ | (6 | ) |  | $ | 5 |  |  | $ | 3 |  |  | $ | 160 |
(1) - Recorded within premiums earned on MBIA's consolidated statement of operations. (2) - The change primarily relates to the reversal of credit losses due to policy terminations.
Undiscounted Future Premiums By Period | The following table presents the undiscounted future amount of premiums expected to be collected and the period in which those collections are expected to occur:
|  | Expected |
|  | Collection of |
In millions |  | Premiums |
Three months ending: |  |  |
March 31, 2024 |  | $ | 2 |
June 30, 2024 |  |  | 5 |
September 30, 2024 |  |  | 4 |
December 31, 2024 |  |  | 6 |
Twelve months ending: |  |  |
December 31, 2025 |  |  | 15 |
December 31, 2026 |  |  | 13 |
December 31, 2027 |  |  | 12 |
December 31, 2028 |  |  | 12 |
Five years ending: |  |  |
December 31, 2033 |  |  | 47 |
December 31, 2038 |  |  | 34 |
December 31, 2043 and thereafter |  |  | 35 |
Total |  | $ | 185 |
Unearned Premium Reserve And Future Premium Earnings | The following table presents the unearned premium revenue balance and future expected premium earnings as of and for the periods presented:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Expected |
|  | Unearned |  |  | Expected Future |  |  |  |  |  | Future |
|  | Premium |  |  | Premium Earnings |  |  |  |  |  | Premium |
In millions |  | Revenue |  |  | Upfront |  |  | Installments |  |  | Accretion |  |  | Earnings |
December 31, 2023 |  | $ | 232 |  |  |  |  |  |  |  |  |  |  |  |  |
Three months ending: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2024 |  |  | 224 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 9 |
June 30, 2024 |  |  | 217 |  |  |  | 3 |  |  |  | 4 |  |  |  | 1 |  |  |  | 8 |
September 30, 2024 |  |  | 210 |  |  |  | 3 |  |  |  | 4 |  |  |  | 1 |  |  |  | 8 |
December 31, 2024 |  |  | 203 |  |  |  | 3 |  |  |  | 4 |  |  |  | 1 |  |  |  | 8 |
Twelve months ending: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2025 |  |  | 178 |  |  |  | 12 |  |  |  | 13 |  |  |  | 4 |  |  |  | 29 |
December 31, 2026 |  |  | 156 |  |  |  | 11 |  |  |  | 11 |  |  |  | 3 |  |  |  | 25 |
December 31, 2027 |  |  | 138 |  |  |  | 9 |  |  |  | 9 |  |  |  | 3 |  |  |  | 21 |
December 31, 2028 |  |  | 122 |  |  |  | 8 |  |  |  | 8 |  |  |  | 3 |  |  |  | 19 |
Five years ending: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2033 |  |  | 63 |  |  |  | 27 |  |  |  | 32 |  |  |  | 11 |  |  |  | 70 |
December 31, 2038 |  |  | 30 |  |  |  | 11 |  |  |  | 22 |  |  |  | 7 |  |  |  | 40 |
December 31, 2043 and thereafter |  |  | - |  |  |  | 8 |  |  |  | 22 |  |  |  | 4 |  |  |  | 34 |
Total |  |  |  |  | $ | 99 |  |  | $ | 133 |  |  | $ | 39 |  |  | $ | 271 |

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- Definition Rollforward of the financial guarantee premiums receivable. + References No definition available. + Details
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- Definition Amount to undiscounted future financial guarantee premiums to be collected by period + References No definition available. + Details
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