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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2024
Text Block [Abstract] |
Summary of company's segment results | The following tables provide the Company’s segment results for the years ended December 31, 2024, 2023 and 2022:
|  |  |  | Year Ended December 31, 2024 |
|  |  |  | U.S. |  |  |  |  |  | International |  |  |  |  |  |  |
|  |  |  | Public |  |  |  |  |  | and Structured |  |  |  |  |  |  |
|  |  |  | Finance |  |  |  |  |  | Finance |  |  |  |  |  |  |
In millions |  | Insurance |  |  | Corporate |  |  | Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 72 |  |  | $ | 28 |  |  | $ | 21 |  |  | $ | - |  |  | $ | 121 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 1 |  |  |  | 14 |  |  |  | (57 | ) |  |  | - |  |  |  | (42 | )
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (37 | ) |  |  | - |  |  |  | (37 | )
Inter-segment revenues (2) |  |  | 26 |  |  |  | 54 |  |  |  | 6 |  |  |  | (86 | ) |  |  | - |
|  | Total revenues (3) |  |  | 99 |  |  |  | 96 |  |  |  | (67 | ) |  |  | (86 | ) |  |  | 42 |
Losses and loss adjustment |  |  | 191 |  |  |  | - |  |  |  | (7 | ) |  |  | - |  |  |  | 184 |
Compensation and benefits |  |  | - |  |  |  | 44 |  |  |  | - |  |  |  | - |  |  |  | 44 |
Interest |  |  | - |  |  |  | 72 |  |  |  | 159 |  |  |  | (23 | ) |  |  | 208 |
Inter-segment service charge |  |  | 32 |  |  |  | - |  |  |  | 18 |  |  |  | (50 | ) |  |  | - |
Other segment items (4) |  |  | 14 |  |  |  | 17 |  |  |  | 29 |  |  |  | (13 | ) |  |  | 47 |
|  | Total expenses |  |  | 237 |  |  |  | 133 |  |  |  | 199 |  |  |  | (86 | ) |  |  | 483 |
Income (loss) from continuing operations before income taxes |  | $ | (138 | ) |  | $ | (37 | ) |  | $ | (266 | ) |  | $ | - |  |  | $ | (441 | )
Total assets per reportable segment |  | $ | 1,549 |  |  | $ | 707 |  |  | $ | 834 |  |  | $ | (933 | ) | (5) | $ | 2,157 |
Assets held for sale |  |  |  |  |  |  |  |  | 11 |
Total assets |  |  |  |  |  |  |  | $ | 2,168 |
(1) - Consists primarily of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income. (3) - Includes net investment income of $67 million, $30 million, $11 million, and ($24) million for the U.S. Public Finance, Corporate, International and Structured Finance, and Eliminations segments, respectively. (4) - Other segment items for each reportable segment include: a. U.S. Public Finance Insurance - amortization of DAC, professional service fees, occupancy costs and other operating expenses; b. Corporate - professional service fees, occupancy costs and other operating expenses; c. International and Structured Finance Insurance - expenses of consolidated VIEs, amortization of DAC, professional service fees and other operating expenses, and d. Elimination - inter-segment amortization of DAC and inter-segment occupancy costs. (5) - Consists principally of intercompany reinsurance balances. MBIA Inc. and Subsidiaries Notes to Consolidated Financial Statements Note 11: Business Segments (continued)
|  |  |  | Year Ended December 31, 2023 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 51 |  |  | $ | (11 | ) |  | $ | 33 |  |  | $ | - |  |  | $ | 73 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 8 |  |  |  | 8 |  |  |  | (12 | ) |  |  | - |  |  |  | 4 |
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (70 | ) |  |  | - |  |  |  | (70 | )
Inter-segment revenues (2) |  |  | 27 |  |  |  | 54 |  |  |  | 6 |  |  |  | (87 | ) |  |  | - |
|  | Total revenues (3) |  |  | 86 |  |  |  | 51 |  |  |  | (43 | ) |  |  | (87 | ) |  |  | 7 |
Losses and loss adjustment |  |  | 170 |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 177 |
Compensation and benefits |  |  | - |  |  |  | 61 |  |  |  | - |  |  |  | - |  |  |  | 61 |
Interest |  |  | - |  |  |  | 76 |  |  |  | 158 |  |  |  | (24 | ) |  |  | 210 |
Inter-segment service charge |  |  | 33 |  |  |  | - |  |  |  | 17 |  |  |  | (50 | ) |  |  | - |
Other segment items (4) |  |  | 14 |  |  |  | 16 |  |  |  | 25 |  |  |  | (12 | ) |  |  | 43 |
|  | Total expenses |  |  | 217 |  |  |  | 153 |  |  |  | 207 |  |  |  | (86 | ) |  |  | 491 |
Income (loss) from continuing operations before income taxes |  | $ | (131 | ) |  | $ | (102 | ) |  | $ | (250 | ) |  | $ | (1 | ) |  | $ | (484 | )
Total assets per reportable segment |  | $ | 1,742 |  |  | $ | 755 |  |  | $ | 974 |  |  | $ | (938 | ) | (5) | $ | 2,533 |
Assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 73 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,606 |
(1) - Consists primarily of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income. (3) - Includes net investment income of $93 million, $25 million, $23 million, and ($25) million for the U.S. Public Finance, Corporate, International and Structured Finance, and Eliminations segments, respectively. (4) - Other segment items for each reportable segment include: a. U.S. Public Finance Insurance - amortization of DAC, professional service fees, occupancy costs and other operating expenses; b. Corporate - professional service fees, occupancy costs and other operating expenses; c. International and Structured Finance Insurance - expenses of consolidated VIEs, amortization of DAC, professional service fees and other operating expenses, and d. Elimination - inter-segment amortization of DAC and inter-segment occupancy costs. (5) - Consists principally of intercompany reinsurance balances.
|  |  |  | Year Ended December 31, 2022 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 53 |  |  | $ | 13 |  |  | $ | 39 |  |  | $ | (1 | ) |  | $ | 104 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (47 | ) |  |  | 99 |  |  |  | (7 | ) |  |  | - |  |  |  | 45 |
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | 5 |
Inter-segment revenues (2) |  |  | 29 |  |  |  | 55 |  |  |  | 9 |  |  |  | (93 | ) |  |  | - |
|  | Total revenues (3) |  |  | 35 |  |  |  | 167 |  |  |  | 46 |  |  |  | (94 | ) |  |  | 154 |
Losses and loss adjustment |  |  | 143 |  |  |  | - |  |  |  | (105 | ) |  |  | - |  |  |  | 38 |
Compensation and benefits |  |  | - |  |  |  | 44 |  |  |  | - |  |  |  | - |  |  |  | 44 |
Interest |  |  | - |  |  |  | 76 |  |  |  | 127 |  |  |  | (24 | ) |  |  | 179 |
Inter-segment service charge |  |  | 34 |  |  |  | - |  |  |  | 17 |  |  |  | (51 | ) |  |  | - |
Other segment items (4) |  |  | 18 |  |  |  | 14 |  |  |  | 28 |  |  |  | (19 | ) |  |  | 41 |
|  | Total expenses |  |  | 195 |  |  |  | 134 |  |  |  | 67 |  |  |  | (94 | ) |  |  | 302 |
Income (loss) from continuing operations before income taxes |  | $ | (160 | ) |  | $ | 33 |  |  | $ | (21 | ) |  | $ | - |  |  | $ | (148 | )
Total assets per reportable segment |  | $ | 2,491 |  |  | $ | 645 |  |  | $ | 1,132 |  |  | $ | (973 | ) | (5) | $ | 3,295 |
Assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 80 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,375 |
(1) - Consists primarily of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income. (3) - Includes net investment income of $81 million, $22 million, $17 million, and ($25) million for the U.S. Public Finance, Corporate, International and Structured Finance, and Eliminations segments, respectively. (4) - Other segment items for each reportable segment include: a. U.S. Public Finance Insurance - amortization of DAC, professional service fees, occupancy costs and other operating expenses; b. Corporate - professional service fees, occupancy costs and other operating expenses; c. International and Structured Finance Insurance - expenses of consolidated VIEs, amortization of DAC, professional service fees and other operating expenses, and d. Elimination - inter-segment amortization of DAC and inter-segment occupancy costs. (5) - Consists principally of intercompany reinsurance balances.
Summary Of premiums earned on financial guarantees and insured derivatives by geographic location of risk | The following table summarizes net premiums earned by geographic location for the years ended December 31, 2024, 2023 and 2022:
|  |  | Years Ended December 31, |
In millions |  | 2024 |  |  | 2023 |  |  | 2022 |
Net premiums earned: |  |  |  |  |  |  |  |  |
| United States |  | $ | 29 |  |  | $ | 29 |  |  | $ | 45 |
| Other Americas |  |  | 7 |  |  |  | 8 |  |  |  | 8 |
Total |  | $ | 36 |  |  | $ | 37 |  |  | $ | 53 |

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