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Business Segments (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

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