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Business Segments (Tables)
 3 Months Ended
Mar. 31, 2025
Text Block [Abstract]  
Summary of company's segment results

The following tables provide the Company’s segment results for the three months ended March 31, 2025 and 2024:

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

U.S.

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Public

 

 

 

 

 

and Structured

 

 

 

 

 

 

 

 

 

 

 

Finance

 

 

 

 

 

Finance

 

 

 

 

 

 

 

In millions

 

Insurance

 

 

Corporate

 

 

Insurance

 

 

Eliminations

 

 

Consolidated

 

Revenues (1)

 

$

11

 

 

$

6

 

 

$

5

 

 

$

-

 

 

$

22

 

Net gains (losses) on financial instruments at fair value and foreign exchange

 

 

-

 

 

 

(5

)

 

 

(10

)

 

 

-

 

 

 

(15

)

Revenues of consolidated VIEs

 

 

-

 

 

 

-

 

 

 

7

 

 

 

-

 

 

 

7

 

Inter-segment revenues (2)

 

 

6

 

 

 

15

 

 

 

2

 

 

 

(23

)

 

 

-

 

 

 

Total revenues (3)

 

 

17

 

 

 

16

 

 

 

4

 

 

 

(23

)

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment

 

 

3

 

 

 

-

 

 

 

5

 

 

 

-

 

 

 

8

 

Compensation and benefits

 

 

-

 

 

 

9

 

 

 

-

 

 

 

-

 

 

 

9

 

Interest

 

 

-

 

 

 

18

 

 

 

38

 

 

 

(6

)

 

 

50

 

Inter-segment service charge

 

 

10

 

 

 

-

 

 

 

4

 

 

 

(14

)

 

 

-

 

Other segment items (4)

 

 

4

 

 

 

4

 

 

 

4

 

 

 

(3

)

 

 

9

 

 

 

Total expenses

 

 

17

 

 

 

31

 

 

 

51

 

 

 

(23

)

 

 

76

 

Income (loss) from continuing operations before income taxes

 

$

-

 

 

$

(15

)

 

$

(47

)

 

$

-

 

 

$

(62

)

Total assets per reportable segment

 

$

1,551

 

 

$

685

 

 

$

821

 

 

$

(936

)

 (5)

$

2,121

 

Assets held for sale

 

 

 

 

 

 

 

 

11

 

Total assets

 

 

 

 

 

 

 

$

2,132

 

 

(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 $15 million, $7 million, $3 million, and ($7) 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 (Unaudited)

 

Note 9: Business Segments (continued)

 

 

 

 

Three Months Ended March 31, 2024

 

In millions

 

U.S. Public Finance Insurance

 

 

Corporate

 

 

International and Structured Finance Insurance

 

 

Eliminations

 

 

Consolidated

 

Revenues (1)

 

$

19

 

 

$

8

 

 

$

7

 

 

$

-

 

 

$

34

 

Net gains (losses) on financial instruments at fair value and foreign exchange

 

 

1

 

 

 

8

 

 

 

(5

)

 

 

-

 

 

 

4

 

Revenues of consolidated VIEs

 

 

-

 

 

 

-

 

 

 

(25

)

 

 

-

 

 

 

(25

)

Inter-segment revenues (2)

 

 

6

 

 

 

15

 

 

 

1

 

 

 

(22

)

 

 

-

 

 

 

Total revenues (3)

 

 

26

 

 

 

31

 

 

 

(22

)

 

 

(22

)

 

 

13

 

Losses and loss adjustment

 

 

22

 

 

 

-

 

 

 

(4

)

 

 

-

 

 

 

18

 

Compensation and benefits

 

 

-

 

 

 

19

 

 

 

-

 

 

 

-

 

 

 

19

 

Interest

 

 

-

 

 

 

18

 

 

 

40

 

 

 

(6

)

 

 

52

 

Inter-segment service charge

 

 

10

 

 

 

-

 

 

 

4

 

 

 

(14

)

 

 

-

 

Other segment items (4)

 

 

3

 

 

 

3

 

 

 

7

 

 

 

(2

)

 

 

11

 

 

 

Total expenses

 

 

35

 

 

 

40

 

 

 

47

 

 

 

(22

)

 

 

100

 

Income (loss) from continuing operations before income taxes

 

$

(9

)

 

$

(9

)

 

$

(69

)

 

$

-

 

 

$

(87

)

Total assets per reportable segment

 

$

1,720

 

 

$

710

 

 

$

928

 

 

$

(944

)

 (5)

$

2,414

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) - Consists primarily of net premiums earned, net investment income, net realized investment gains (losses) and other net realized gains (losses).

(2) - Primarily represents intercompany service charges and intercompany net investment income.

(3) - Includes net investment income of $18 million, $8 million, $3 million, and ($6) 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.