Q2 2025 MBIA Inc Earnings Call Transcript
Key Points
- MBIA Inc (MBI) reported a significantly lower GAAP net loss of $56 million for Q2 2025 compared to $254 million in Q2 2024.
- The company's adjusted net loss, a non-GAAP measure, also improved to $8 million in Q2 2025 from $138 million in Q2 2024.
- National's statutory net income was $6 million for Q2 2025, a positive shift from a statutory net loss of $131 million in Q2 2024.
- MBIA Insurance Corp reported a statutory net income of $4 million for Q2 2025, compared to a statutory net loss of $35 million in Q2 2024.
- The gross par amount outstanding for National's insured portfolio declined by approximately $1.1 billion from 2024 to about $24 billion as of June 30, 2025.
- MBIA Inc (MBI) continues to face uncertainty regarding the resolution of National's PREPA exposure, which exceeds $800 million.
- The company's book value per share decreased to a negative $43.14 as of June 30, 2025, from a negative $40.99 as of December 31, 2024.
- MBIA Insurance Corp's claims paying resources decreased to $346 million as of June 30, 2025, from $356 million at the end of 2024.
- The company's leverage ratio of gross par to statutory capital was high at 26 to 1 at the end of Q2 2025.
- Unencumbered cash and liquid assets held by MBIA Inc decreased to $355 million as of June 30, 2025, from $380 million at the end of 2024.
Welcome to the MBIA Inc second quarter 2025 Financial results conference call. I would now like to turn the call over to Greg Diamond, Managing Director of Investor and Media relations of MBIA. Please go ahead, sir.
Thank you, Erica. Yes, welcome to MBIA's conference call. After the market closed yesterday, we issued and posted several items on our websites, including our financial results, Form 10-Q, quarterly operating supplement, and statutory financial statements for both MBIA Insurance Corporation and National Public Finance Guarantee Corporation.
We also posted updates to the listings of our insurance companies' insurance portfolios.
Regarding today's call, please note that anything set on the call is qualified by the information provided in the company's Form 10-K, Form 10-Q, and other SEC filings, as our company's definitive disclosures are incorporated in those documents. We urge investors to read our Form 10-K and Form 10-Qs as they contain our most current
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