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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2025
Text Block [Abstract] |
Summary of company's segment results | The following tables provide the Company’s segment results for the three months ended June 30, 2025 and 2024:
|  |  |  | Three Months Ended June 30, 2025 |
|  |  |  | U.S. |  |  |  |  |  | International |  |  |  |  |  |  |
|  |  |  | Public |  |  |  |  |  | and Structured |  |  |  |  |  |  |
|  |  |  | Finance |  |  |  |  |  | Finance |  |  |  |  |  |  |
In millions |  | Insurance |  |  | Corporate |  |  | Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 15 |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | - |  |  | $ | 25 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 1 |  |  |  | (3 | ) |  |  | - |  |  |  | - |  |  |  | (2 | )
Inter-segment revenues (2) |  |  | 7 |  |  |  | 12 |  |  |  | 1 |  |  |  | (20 | ) |  |  | - |
|  | Total revenues (3) |  |  | 23 |  |  |  | 14 |  |  |  | 6 |  |  |  | (20 | ) |  |  | 23 |
Losses and loss adjustment |  |  | 6 |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | 8 |
Compensation and benefits |  |  | - |  |  |  | 12 |  |  |  | - |  |  |  | - |  |  |  | 12 |
Interest |  |  | - |  |  |  | 18 |  |  |  | 36 |  |  |  | (6 | ) |  |  | 48 |
Inter-segment service charge |  |  | 7 |  |  |  | - |  |  |  | 3 |  |  |  | (10 | ) |  |  | - |
Other segment items (4) |  |  | 3 |  |  |  | 4 |  |  |  | 7 |  |  |  | (3 | ) |  |  | 11 |
|  | Total expenses |  |  | 16 |  |  |  | 34 |  |  |  | 48 |  |  |  | (19 | ) |  |  | 79 |
Income (loss) from continuing operations before income taxes |  | $ | 7 |  |  | $ | (20 | ) |  | $ | (42 | ) |  | $ | (1 | ) |  | $ | (56 | )
Total assets per reportable segment |  | $ | 1,544 |  |  | $ | 677 |  |  | $ | 805 |  |  | $ | (903 | ) | (5) | $ | 2,123 |
Assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,134 |
(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, $6 million, $3 million, and ($5) 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 June 30, 2024 |
|  |  |  | U.S. |  |  |  |  |  | International |  |  |  |  |  |  |
|  |  |  | Public |  |  |  |  |  | and Structured |  |  |  |  |  |  |
|  |  |  | Finance |  |  |  |  |  | Finance |  |  |  |  |  |  |
In millions |  | Insurance |  |  | Corporate |  |  | Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 16 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | (1 | ) |  | $ | 31 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | - |  |  |  | 4 |  |  |  | (59 | ) |  |  | - |  |  |  | (55 | )
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (13 | ) |  |  | - |  |  |  | (13 | )
Inter-segment revenues (2) |  |  | 7 |  |  |  | 15 |  |  |  | 1 |  |  |  | (23 | ) |  |  | - |
|  | Total revenues (3) |  |  | 23 |  |  |  | 27 |  |  |  | (63 | ) |  |  | (24 | ) |  |  | (37 | )
Losses and loss adjustment |  |  | 141 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 142 |
Compensation and benefits |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | 9 |
Interest |  |  | - |  |  |  | 18 |  |  |  | 41 |  |  |  | (6 | ) |  |  | 53 |
Inter-segment service charge |  |  | 9 |  |  |  | - |  |  |  | 6 |  |  |  | (15 | ) |  |  | - |
Other segment items (4) |  |  | 3 |  |  |  | 4 |  |  |  | 8 |  |  |  | (3 | ) |  |  | 12 |
|  | Total expenses |  |  | 153 |  |  |  | 31 |  |  |  | 56 |  |  |  | (24 | ) |  |  | 216 |
Income (loss) from continuing operations before income taxes |  | $ | (130 | ) |  | $ | (4 | ) |  | $ | (119 | ) |  | $ | - |  |  | $ | (253 | )
Total assets per reportable segment |  | $ | 1,671 |  |  | $ | 657 |  |  | $ | 846 |  |  | $ | (941 | ) | (5) | $ | 2,233 |
Assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 71 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,304 |
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 $17 million, $8 million, $2 million, and ($5) 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) The following tables provide the Company’s segment results for the six months ended June 30, 2025 and 2024:
|  |  |  | Six Months Ended June 30, 2025 |
|  |  |  | U.S. |  |  |  |  |  | International |  |  |  |  |  |  |
|  |  |  | Public |  |  |  |  |  | and Structured |  |  |  |  |  |  |
|  |  |  | Finance |  |  |  |  |  | Finance |  |  |  |  |  |  |
In millions |  | Insurance |  |  | Corporate |  |  | Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 26 |  |  | $ | 11 |  |  | $ | 10 |  |  | $ | - |  |  | $ | 47 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 1 |  |  |  | (8 | ) |  |  | (10 | ) |  |  | - |  |  |  | (17 | )
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 7 |
Inter-segment revenues (2) |  |  | 13 |  |  |  | 27 |  |  |  | 3 |  |  |  | (43 | ) |  |  | - |
|  | Total revenues (3) |  |  | 40 |  |  |  | 30 |  |  |  | 10 |  |  |  | (43 | ) |  |  | 37 |
Losses and loss adjustment |  |  | 9 |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 16 |
Compensation and benefits |  |  | - |  |  |  | 21 |  |  |  | - |  |  |  | - |  |  |  | 21 |
Interest |  |  | - |  |  |  | 36 |  |  |  | 74 |  |  |  | (12 | ) |  |  | 98 |
Inter-segment service charge |  |  | 17 |  |  |  | - |  |  |  | 7 |  |  |  | (24 | ) |  |  | - |
Other segment items (4) |  |  | 7 |  |  |  | 8 |  |  |  | 11 |  |  |  | (6 | ) |  |  | 20 |
|  | Total expenses |  |  | 33 |  |  |  | 65 |  |  |  | 99 |  |  |  | (42 | ) |  |  | 155 |
Income (loss) from continuing operations before income taxes |  | $ | 7 |  |  | $ | (35 | ) |  | $ | (89 | ) |  | $ | (1 | ) |  | $ | (118 | )
Total assets per reportable segment |  | $ | 1,544 |  |  | $ | 677 |  |  | $ | 805 |  |  | $ | (903 | ) | (5) | $ | 2,123 |
Assets held for sale |  |  |  |  |  |  |  |  | 11 |
Total assets |  |  |  |  |  |  |  | $ | 2,134 |
(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 $30 million, $13 million, $6 million, and ($12) 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)
|  |  |  | Six Months Ended June 30, 2024 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 35 |  |  | $ | 16 |  |  | $ | 15 |  |  | $ | (1 | ) |  | $ | 65 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 1 |  |  |  | 12 |  |  |  | (64 | ) |  |  | - |  |  |  | (51 | )
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (38 | ) |  |  | - |  |  |  | (38 | )
Inter-segment revenues (2) |  |  | 13 |  |  |  | 30 |  |  |  | 2 |  |  |  | (45 | ) |  |  | - |
|  | Total revenues (3) |  |  | 49 |  |  |  | 58 |  |  |  | (85 | ) |  |  | (46 | ) |  |  | (24 | )
Losses and loss adjustment |  |  | 163 |  |  |  | - |  |  |  | (3 | ) |  |  | - |  |  |  | 160 |
Compensation and benefits |  |  | - |  |  |  | 28 |  |  |  | - |  |  |  | - |  |  |  | 28 |
Interest |  |  | - |  |  |  | 36 |  |  |  | 81 |  |  |  | (12 | ) |  |  | 105 |
Inter-segment service charge |  |  | 19 |  |  |  | - |  |  |  | 10 |  |  |  | (29 | ) |  |  | - |
Other segment items (4) |  |  | 6 |  |  |  | 7 |  |  |  | 15 |  |  |  | (5 | ) |  |  | 23 |
|  | Total expenses |  |  | 188 |  |  |  | 71 |  |  |  | 103 |  |  |  | (46 | ) |  |  | 316 |
Income (loss) from continuing operations before income taxes |  | $ | (139 | ) |  | $ | (13 | ) |  | $ | (188 | ) |  | $ | - |  |  | $ | (340 | )
Total assets per reportable segment |  | $ | 1,671 |  |  | $ | 657 |  |  | $ | 846 |  |  | $ | (941 | ) | (5) | $ | 2,233 |
Assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 71 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,304 |
(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 $35 million, $16 million, $5 million, and ($11) 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.

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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