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Insurance Premiums | 12 Months Ended
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Dec. 31, 2024
Text Block [Abstract] |
Insurance Premiums | Note 5: Insura nce Premiums The following tables present a roll forward of the Company’s premiums receivable for the years ended December 31, 2024 and 2023:
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, |
2023 |  |  | Received |  |  | Written |  |  | Policies |  |  | Discount (1) |  |  | 2024 |
$ | 146 |  |  | $ | (17 | ) |  | $ | - |  |  | $ | - |  |  | $ | 4 |  |  | $ | 133 |
(1) - Recorded within premiums earned on the Company's consolidated statements 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, |
2022 |  |  | Received |  |  | Written |  |  | Policies |  |  | Discount (1) |  |  | 2023 |
$ | 160 |  |  | $ | (18 | ) |  | $ | - |  |  | $ | - |  |  | $ | 4 |  |  | $ | 146 |
(1) - Recorded within premiums earned on the Company's consolidated statements of operations. As of December 31, 2024 and 2023, the weighted average risk-free rates used to discount future installment premiums was 3.0%, and the weighted average expected collection term of the premiums receivable was 8.57 years and 8.75 years, respectively. As of December 31, 2024 and 2023, reinsurance premiums payable was $3 million and $4 million, respectively and is included in “Other liabilities” in the Company’s consolidated balance sheets. The reinsurance premiums payable is accreted and paid to reinsurers as premiums due to MBIA are accreted and collected. MBIA Inc. and Subsidiaries Notes to Consolidated Financial Statements Note 5: Insurance Premiums (continued) 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, 2025 |  | $ | 2 |
June 30, 2025 |  |  | 4 |
September 30, 2025 |  |  | 4 |
December 31, 2025 |  |  | 5 |
Twelve months ending: |  |  |
December 31, 2026 |  |  | 13 |
December 31, 2027 |  |  | 12 |
December 31, 2028 |  |  | 12 |
December 31, 2029 |  |  | 11 |
Five years ending: |  |  |
December 31, 2034 |  |  | 44 |
December 31, 2039 |  |  | 31 |
December 31, 2044 and thereafter |  |  | 30 |
Total |  | $ | 168 |
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, 2024 |  | $ | 199 |  |  |  |  |  |  |  |  |  |  |  |  |
Three months ending: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2025 |  |  | 193 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 7 |
June 30, 2025 |  |  | 186 |  |  |  | 3 |  |  |  | 4 |  |  |  | 1 |  |  |  | 8 |
September 30, 2025 |  |  | 180 |  |  |  | 3 |  |  |  | 3 |  |  |  | 1 |  |  |  | 7 |
December 31, 2025 |  |  | 174 |  |  |  | 3 |  |  |  | 3 |  |  |  | 1 |  |  |  | 7 |
Twelve months ending: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2026 |  |  | 153 |  |  |  | 10 |  |  |  | 11 |  |  |  | 3 |  |  |  | 24 |
December 31, 2027 |  |  | 135 |  |  |  | 9 |  |  |  | 9 |  |  |  | 3 |  |  |  | 21 |
December 31, 2028 |  |  | 119 |  |  |  | 8 |  |  |  | 8 |  |  |  | 3 |  |  |  | 19 |
December 31, 2029 |  |  | 105 |  |  |  | 7 |  |  |  | 7 |  |  |  | 3 |  |  |  | 17 |
Five years ending: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2034 |  |  | 54 |  |  |  | 21 |  |  |  | 30 |  |  |  | 10 |  |  |  | 61 |
December 31, 2039 |  |  | 25 |  |  |  | 9 |  |  |  | 20 |  |  |  | 6 |  |  |  | 35 |
December 31, 2044 and thereafter |  |  | - |  |  |  | 7 |  |  |  | 18 |  |  |  | 3 |  |  |  | 28 |
Total |  |  |  |  | $ | 83 |  |  | $ | 116 |  |  | $ | 35 |  |  | $ | 234 |

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- Definition The entire disclosure for financial guarantee insurance contracts (as defined) issued by the entity. Such disclosure is intended to enable users of the financial information to understand the factors affecting the present and future recognition and measurement of the entity's financial guarantee insurance contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-9 + Details
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