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Business Segments (Tables)
 9 Months Ended
Sep. 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 September 30, 2025 and 2024:

 

 

 

 

 

Three Months Ended September 30, 2025

 

 

 

 

 

U.S.

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Public

 

 

 

 

 

and Structured

 

 

 

 

 

 

 

 

 

 

 

Finance

 

 

 

 

 

Finance

 

 

 

 

 

 

 

In millions

 

Insurance

 

 

Corporate

 

 

Insurance

 

 

Eliminations

 

 

Consolidated

 

Revenues (1)

 

$

15

 

 

$

6

 

 

$

4

 

 

$

-

 

 

$

25

 

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

 

 

1

 

 

 

5

 

 

 

(18

)

 

 

-

 

 

 

(12

)

Revenues of consolidated VIEs

 

 

-

 

 

 

-

 

 

 

2

 

 

 

-

 

 

 

2

 

Inter-segment revenues (2)

 

 

5

 

 

 

11

 

 

 

2

 

 

 

(18

)

 

 

-

 

 

 

Total revenues (3)

 

 

21

 

 

 

22

 

 

 

(10

)

 

 

(18

)

 

 

15

 

Losses and loss adjustment

 

 

(54

)

 

 

-

 

 

 

4

 

 

 

-

 

 

 

(50

)

Compensation and benefits

 

 

-

 

 

 

13

 

 

 

-

 

 

 

-

 

 

 

13

 

Interest

 

 

-

 

 

 

17

 

 

 

38

 

 

 

(5

)

 

 

50

 

Inter-segment service charge

 

 

7

 

 

 

-

 

 

 

4

 

 

 

(11

)

 

 

-

 

Other segment items (4)

 

 

3

 

 

 

5

 

 

 

4

 

 

 

(3

)

 

 

9

 

 

 

Total expenses

 

 

(44

)

 

 

35

 

 

 

50

 

 

 

(19

)

 

 

22

 

Income (loss) from continuing operations before income taxes

 

$

65

 

 

$

(13

)

 

$

(60

)

 

$

1

 

 

$

(7

)

Total assets per reportable segment

 

$

1,524

 

 

$

650

 

 

$

670

 

 

$

(794

)

 (5)

$

2,050

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,060

 

 

 

(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 $14 million, $6 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)

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

U.S.

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Public

 

 

 

 

 

and Structured

 

 

 

 

 

 

 

 

 

 

 

Finance

 

 

 

 

 

Finance

 

 

 

 

 

 

 

In millions

 

Insurance

 

 

Corporate

 

 

Insurance

 

 

Eliminations

 

 

Consolidated

 

Revenues (1)

 

$

20

 

 

$

6

 

 

$

6

 

 

$

1

 

 

$

33

 

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

 

 

1

 

 

 

(7

)

 

 

1

 

 

 

-

 

 

 

(5

)

Revenues of consolidated VIEs

 

 

-

 

 

 

-

 

 

 

1

 

 

 

-

 

 

 

1

 

Inter-segment revenues (2)

 

 

6

 

 

 

12

 

 

 

3

 

 

 

(21

)

 

 

-

 

 

 

Total revenues (3)

 

 

27

 

 

 

11

 

 

 

11

 

 

 

(20

)

 

 

29

 

Losses and loss adjustment

 

 

2

 

 

 

-

 

 

 

9

 

 

 

-

 

 

 

11

 

Compensation and benefits

 

 

-

 

 

 

8

 

 

 

-

 

 

 

-

 

 

 

8

 

Interest

 

 

-

 

 

 

19

 

 

 

39

 

 

 

(5

)

 

 

53

 

Inter-segment service charge

 

 

6

 

 

 

-

 

 

 

4

 

 

 

(10

)

 

 

-

 

Other segment items (4)

 

 

5

 

 

 

5

 

 

 

3

 

 

 

(5

)

 

 

8

 

 

 

Total expenses

 

 

13

 

 

 

32

 

 

 

55

 

 

 

(20

)

 

 

80

 

Income (loss) from continuing operations before income taxes

 

$

14

 

 

$

(21

)

 

$

(44

)

 

$

-

 

 

$

(51

)

Total assets per reportable segment

 

$

1,654

 

 

$

646

 

 

$

861

 

 

$

(943

)

(5)

$

2,218

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,230

 

________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 $16 million, $7 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.

 

 

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 nine months ended September 30, 2025 and 2024:

 

 

 

 

 

Nine Months Ended September 30, 2025

 

 

 

 

 

U.S.

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Public

 

 

 

 

 

and Structured

 

 

 

 

 

 

 

 

 

 

 

Finance

 

 

 

 

 

Finance

 

 

 

 

 

 

 

In millions

 

Insurance

 

 

Corporate

 

 

Insurance

 

 

Eliminations

 

 

Consolidated

 

Revenues (1)

 

$

41

 

 

$

17

 

 

$

14

 

 

$

-

 

 

$

72

 

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

 

 

2

 

 

 

(3

)

 

 

(28

)

 

 

-

 

 

 

(29

)

Revenues of consolidated VIEs

 

 

-

 

 

 

-

 

 

 

9

 

 

 

-

 

 

 

9

 

Inter-segment revenues (2)

 

 

18

 

 

 

38

 

 

 

5

 

 

 

(61

)

 

 

-

 

 

 

Total revenues (3)

 

 

61

 

 

 

52

 

 

 

-

 

 

 

(61

)

 

 

52

 

Losses and loss adjustment

 

 

(45

)

 

 

-

 

 

 

11

 

 

 

-

 

 

 

(34

)

Compensation and benefits

 

 

-

 

 

 

34

 

 

 

-

 

 

 

-

 

 

 

34

 

Interest

 

 

-

 

 

 

53

 

 

 

112

 

 

 

(17

)

 

 

148

 

Inter-segment service charge

 

 

24

 

 

 

-

 

 

 

11

 

 

 

(35

)

 

 

-

 

Other segment items (4)

 

 

10

 

 

 

13

 

 

 

15

 

 

 

(9

)

 

 

29

 

 

 

Total expenses

 

 

(11

)

 

 

100

 

 

 

149

 

 

 

(61

)

 

 

177

 

Income (loss) from continuing operations before income taxes

 

$

72

 

 

$

(48

)

 

$

(149

)

 

$

-

 

 

$

(125

)

Total assets per reportable segment

 

$

1,524

 

 

$

650

 

 

$

670

 

 

$

(794

)

 (5)

$

2,050

 

Assets held for sale

 

 

 

 

 

 

 

 

10

 

Total assets

 

 

 

 

 

 

 

$

2,060

 

 

(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 $44 million, $19 million, $8 million, and ($17) 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)

 

 

 

 

 

Nine Months Ended September 30, 2024

 

In millions

 

U.S. Public Finance Insurance

 

 

Corporate

 

 

International and Structured Finance Insurance

 

 

Eliminations

 

 

Consolidated

 

Revenues (1)

 

$

55

 

 

$

22

 

 

$

21

 

 

$

-

 

 

$

98

 

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

 

 

2

 

 

 

5

 

 

 

(63

)

 

 

-

 

 

 

(56

)

Revenues of consolidated VIEs

 

 

-

 

 

 

-

 

 

 

(37

)

 

 

-

 

 

 

(37

)

Inter-segment revenues (2)

 

 

19

 

 

 

42

 

 

 

5

 

 

 

(66

)

 

 

-

 

 

 

Total revenues (3)

 

 

76

 

 

 

69

 

 

 

(74

)

 

 

(66

)

 

 

5

 

Losses and loss adjustment

 

 

165

 

 

 

-

 

 

 

6

 

 

 

-

 

 

 

171

 

Compensation and benefits

 

 

-

 

 

 

36

 

 

 

-

 

 

 

-

 

 

 

36

 

Interest

 

 

-

 

 

 

55

 

 

 

120

 

 

 

(17

)

 

 

158

 

Inter-segment service charge

 

 

25

 

 

 

-

 

 

 

14

 

 

 

(39

)

 

 

-

 

Other segment items (4)

 

 

11

 

 

 

12

 

 

 

18

 

 

 

(10

)

 

 

31

 

 

 

Total expenses

 

 

201

 

 

 

103

 

 

 

158

 

 

 

(66

)

 

 

396

 

Income (loss) from continuing operations before income taxes

 

$

(125

)

 

$

(34

)

 

$

(232

)

 

$

-

 

 

$

(391

)

Total assets per reportable segment

 

$

1,654

 

 

$

646

 

 

$

861

 

 

$

(943

)

(5)

$

2,218

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 $51 million, $23 million, $8 million, and ($17) 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.