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Schedule II- Parent Company Financials | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Information of Parent Company Only Disclosure | SCHEDULE II MBIA INC. (PARENT COMPANY) CONDENSED BALANCE SHEETS (In millions except share and per share amounts)
|  |  |  | December 31, 2024 |  |  | December 31, 2023 |
Assets |  |  |  |  |  |
Investments: |  |  |  |  |  |
| Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $120 and $131) |  | $ | 114 |  |  | $ | 127 |
| Short-term investments held as available-for-sale, at fair value (amortized cost $445 and $480) |  |  | 445 |  |  |  | 480 |
|  | Total investments |  |  | 559 |  |  |  | 607 |
Cash and cash equivalents |  |  | 32 |  |  |  | 33 |
Other assets |  |  | 1 |  |  |  | 26 |
|  | Total assets |  | $ | 592 |  |  | $ | 666 |
Liabilities and Shareholders' Equity |  |  |  |  |  |
Liabilities: |  |  |  |  |  |
| Investment agreements |  | $ | 204 |  |  | $ | 221 |
| Long-term debt |  |  | 278 |  |  |  | 278 |
| Affiliate loans payable |  |  | 478 |  |  |  | 533 |
| Accumulated loss of wholly-owned subsidiaries |  |  | 1,721 |  |  |  | 1,290 |
| Other liabilities |  |  | - |  |  |  | 1 |
|  | Total liabilities |  |  | 2,681 |  |  |  | 2,323 |
Shareholders' Equity: |  |  |  |  |  |
| Preferred stock, par value $1 per share; authorized shares--10,000,000; issued and outstanding--none |  |  | - |  |  |  | - |
| Common stock, par value $1 per share; authorized shares--400,000,000; issued shares--283,186,115 and 283,186,115 |  |  | 283 |  |  |  | 283 |
| Additional paid-in capital |  |  | 2,492 |  |  |  | 2,515 |
| Retained earnings (deficit) |  |  | (1,591 | ) |  |  | (1,144 | )
| Accumulated other comprehensive income (loss), net of tax |  |  | (128 | ) |  |  | (139 | )
| Treasury stock, at cost--232,215,934 and 232,323,184 shares |  |  | (3,145 | ) |  |  | (3,172 | )
|  | Total shareholders' equity of MBIA Inc. |  |  | (2,089 | ) |  |  | (1,657 | )
|  | Total liabilities and shareholders' equity |  | $ | 592 |  |  | $ | 666 |
The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the accompanying notes. SCHEDULE II MBIA INC. (PARENT COMPANY) CONDENSED STATEMENTS OF OPERATIONS (In millions)
|  |  |  |  | Years ended December 31, |
|  |  |  |  | 2024 |  |  | 2023 |  |  | 2022 |
Revenues: |  |  |  |  |  |  |  |  |
| Net investment income |  | $ | 27 |  |  | $ | 21 |  |  | $ | 20 |
| Net realized investment gains (losses) |  |  | - |  |  |  | (32 | ) |  |  | (10 | )
| Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 8 |  |  |  | 4 |  |  |  | 110 |
| Other net realized gains (losses) |  |  | 2 |  |  |  | 1 |  |  |  | 5 |
|  |  | Total revenues |  |  | 37 |  |  |  | (6 | ) |  |  | 125 |
Expenses: |  |  |  |  |  |  |  |  |
| Operating |  |  | 13 |  |  |  | 15 |  |  |  | 11 |
| Interest |  |  | 72 |  |  |  | 76 |  |  |  | 76 |
|  |  | Total expenses |  |  | 85 |  |  |  | 91 |  |  |  | 87 |
| Gain (loss) before income taxes and equity in earnings of subsidiaries |  |  | (48 | ) |  |  | (97 | ) |  |  | 38 |
Provision (benefit) for income taxes |  |  | (2 | ) |  |  | (1 | ) |  |  | (3 | )
| Gain (loss) before equity in earnings of subsidiaries |  |  | (46 | ) |  |  | (96 | ) |  |  | 41 |
Equity in net income (loss) of subsidiaries |  |  | (401 | ) |  |  | (395 | ) |  |  | (236 | )
|  |  | Net income (loss) |  | $ | (447 | ) |  | $ | (491 | ) |  | $ | (195 | )
The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the accompanying notes. SCHEDULE II MBIA INC. (PARENT COMPANY) CONDENSED STATEMENTS OF CASH FLOWS (in millions)
|  |  |  |  | Years ended December 31, |
|  |  |  |  | 2024 |  |  | 2023 |  |  | 2022 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
| Investment income received |  | $ | 7 |  |  | $ | 369 |  |  | $ | 89 |
| Operating expenses paid and other operating |  |  | (9 | ) |  |  | (16 | ) |  |  | (25 | )
| Interest paid, net of interest converted to principal |  |  | (68 | ) |  |  | (72 | ) |  |  | (51 | )
| Income taxes (paid) received |  |  | 2 |  |  |  | 1 |  |  |  | (1 | )
|  |  | Net cash provided (used) by operating activities |  |  | (68 | ) |  |  | 282 |  |  |  | 12 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
| Purchases of available-for-sale investments |  |  | (27 | ) |  |  | (67 | ) |  |  | (86 | )
| Sales of available-for-sale investments |  |  | - |  |  |  | 289 |  |  |  | 149 |
| Paydowns and maturities of available-for-sale investments |  |  | 51 |  |  |  | 65 |  |  |  | 18 |
| Sales, paydowns and maturities (purchases) of short-term investments, net |  |  | 54 |  |  |  | (380 | ) |  |  | (41 | )
| (Payments) proceeds for derivative settlements |  |  | (1 | ) |  |  | (38 | ) |  |  | (10 | )
| Return of capital from subsidiaries, net |  |  | 53 |  |  |  | 295 |  |  |  | 74 |
|  |  | Net cash provided (used) by investing activities |  |  | 130 |  |  |  | 164 |  |  |  | 104 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
| Proceeds from investment agreements |  |  | - |  |  |  | 7 |  |  |  | 8 |
| Principal paydowns of investment agreements |  |  | (5 | ) |  |  | (12 | ) |  |  | (54 | )
| Dividends paid |  |  | - |  |  |  | (409 | ) |  |  | - |
| Principal paydowns of long-term debt |  |  | (1 | ) |  |  | - |  |  |  | - |
| Payments for affiliate loans |  |  | (62 | ) |  |  | (15 | ) |  |  | (74 | )
| Purchases of treasury stock |  |  | - |  |  |  | (6 | ) |  |  | - |
| Restricted stock awards settlements |  |  | 5 |  |  |  | 6 |  |  |  | 6 |
|  |  | Net cash provided (used) by financing activities |  |  | (63 | ) |  |  | (429 | ) |  |  | (114 | )
Effect of exchange rates on cash and cash equivalents |  |  | - |  |  |  | - |  |  |  | (1 | )
Net increase (decrease) in cash and cash equivalents |  |  | (1 | ) |  |  | 17 |  |  |  | 1 |
Cash and cash equivalents - beginning of year |  |  | 33 |  |  |  | 16 |  |  |  | 15 |
Cash and cash equivalents - end of year |  | $ | 32 |  |  | $ | 33 |  |  | $ | 16 |
Reconciliation of net income (loss) to net cash provided (used) by operating activities: |  |  |  |  |  |  |  |  |
| Net income (loss) |  | $ | (447 | ) |  | $ | (491 | ) |  | $ | (195 | )
| Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: |  |  |  |  |  |  |  |  |
|  | Change in: |  |  |  |  |  |  |  |  |
|  |  | Intercompany accounts receivable |  |  | - |  |  |  | (20 | ) |  |  | (25 | )
|  | Equity in earnings of subsidiaries |  |  | 401 |  |  |  | 395 |  |  |  | 235 |
|  | Dividends from subsidiaries |  |  | - |  |  |  | 352 |  |  |  | 72 |
|  | Net realized investment gains (losses) |  |  | - |  |  |  | 32 |  |  |  | 10 |
|  | Net (gains) losses on financial instruments at fair value and foreign exchange |  |  | (8 | ) |  |  | (4 | ) |  |  | (110 | )
|  | Other net realized (gains) losses |  |  | (2 | ) |  |  | (1 | ) |  |  | (5 | )
|  | Other operating |  |  | (12 | ) |  |  | 19 |  |  |  | 30 |
|  | Total adjustments to net income (loss) |  |  | 379 |  |  |  | 773 |  |  |  | 207 |
|  |  | Net cash provided (used) by operating activities |  | $ | (68 | ) |  | $ | 282 |  |  | $ | 12 |
The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the accompanying notes. SCHED ULE II MBIA INC. (PARENT COMPANY) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. Condensed Financial Statements Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. This includes the statements of comprehensive income (loss) which is exactly the same as the Company’s consolidated statements of comprehensive income (loss). It is suggested that these condensed financial statements be read in conjunction with the Company’s consolidated financial statements and the notes thereto. The activities of MBIA Inc. (the “Parent Company”) consist of general corporate activities and funding activities, which principally include holding and managing investments, servicing outstanding corporate debt, investment agreements issued by the Parent Company and its subsidiaries, and posting collateral under investment agreement and derivative contracts. The Parent Company is subject to the same liquidity risks and uncertainties as described in footnote 1 to the Company’s consolidated financial statements. As of December 31, 2024, the liquidity position of the Parent Company, which included cash and cash equivalents or short-term investments comprised of highly rated commercial paper, money market funds and municipal, U.S. agency and corporate bonds for general corporate purposes, excluding the amount held in escrow under its tax sharing agreement, was $380 million. During 2024, the Parent Company repurchased $10 million and $1 million principal amounts of the Parent Company 7.000% Debentures due 2025 from National and MBIA Corp., respectively, and $5 million principal amount of the Parent Company 7.150% Debentures due 2027 from MBIA Corp. As of December 31, 2024, National owned $308 million principal amount of the Parent Company 5.700% Senior Notes due 2034 and MBIA Corp. owned $29 million principal amount of the Parent Company 6.625% Debentures due 2028; and the Parent Company owned $13 million of MBIA Corp. surplus notes. 2. Accounting Policies The Parent Company carries its investments in subsidiaries under the equity method. For a further discussion of significant accounting policies and recent accounting pronouncements, refer to footnotes 2 and 3 to the Company’s consolidated financial statements. 3. Dividends from Subsidiaries During 2024, National declared and paid dividends of $69 million to its ultimate parent, MBIA Inc. T he Parent Company accounted for the dividend as a return of investment. During 2023, National declared and paid a special dividend of $550 million and an as-of-right dividend of $97 million to its ultimate parent, MBIA Inc. During 2022, National declared and paid dividends of $72 million to its ultimate parent, MBIA Inc. 4. Deferred Tax Asset, Net of Valuation Allowance The Parent Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized. For a further discussion of the net deferred tax asset, refer to footnote 10 to the Company’s consolidated financial statements. SCHEDULE II MBIA INC. (PARENT COMPANY) NOTES TO CONDENSED FINANCIAL STATEMENTS (continued) 5. Obligations under Investment Agreements Refer to footnote 9 to the Company’s consolidated financial statements for information of investment agreements. 6. Pledged Collateral Substantially all of the obligations under investment agreements require the Parent Company and its subsidiaries to pledge securities as collateral. As of December 31, 2024 and 2023, the fair value of securities pledged as collateral with respect to these investment agreements approximated $213 million and $241 million, respectively. The Parent Company’s collateral as of December 31, 2024, consisted principally of U.S. Treasury and government agency and state and municipal bonds, and was primarily held with major U.S. banks. 7. Affiliate Loans Payable Affiliate loans payable consists of loans payable to MBIA Global Funding, LLC (“GFL”). GFL raised funds through the issuance of medium-term notes with varying maturities, which were, in turn, guaranteed by MBIA Corp. GFL lent the proceeds of these medium-term note issuances to the Parent Company. 8. Extraordinary Cash Dividend On December 7, 2023, the Company's Board of Directors declared an extraordinary cash dividend on MBIA’s common stock of $8.00 per share. The dividend was paid on December 22, 2023 to shareholders of record as of the close of business on December 18, 2023.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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