Q4 2025 MBIA Inc Earnings Call Transcript
Key Points
- MBIA Inc (MBI) reported a lower consolidated GAAP net loss for full-year 2025 compared to 2024, driven by reduced expenses and higher revenues.
- National Public Finance Guarantee Corporation recorded a benefit from losses and loss adjustment expense in 2025, primarily due to favorable outcomes related to PREPA exposure.
- The company's adjusted net income for full-year 2025 was $23 million, a significant improvement from an adjusted net loss of $184 million in 2024.
- National's leverage ratio improved, with a decrease in the gross par to statutory capital ratio from 28:1 in 2024 to 24:1 in 2025.
- National reported statutory net income of $88 million for full-year 2025, a positive turnaround from a statutory net loss of $133 million in 2024.
- MBIA Inc (MBI) reported a consolidated GAAP net loss of $51 million for the fourth quarter of 2025, consistent with the loss in the same quarter of 2024.
- The company's book value per share decreased to a negative $44.27 as of December 31, 2025, primarily due to the consolidated net loss for the year.
- MBIA Insurance Corp. reported a statutory net loss of $26 million for full-year 2025, although this was an improvement from a $64 million loss in 2024.
- The PREPA exposure remains unresolved, with limited substantive progress due to ongoing legal issues with the Financial Oversight and Management Board.
- MBIA Insurance Corp.'s statutory capital decreased to $79 million by year-end 2025, down from $88 million at the end of 2024.
Welcome to the MBIA Inc. fourth-quarter and full-year 2025 financial results conference call. I would now like to turn the call over to Greg Diamond, Managing Director of Investor and Media Relations at MBIA. Sir, please go ahead.
Thank you, Chelsea, and welcome to our conference call for the full-year 2025 MBIA financial results. After the market closed yesterday, we issued and posted several items on our websites, including our financial results, 10-K, 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 company's insurance portfolios.
Regarding today's call, please note that anything said on the call is qualified by the information provided by the company's 10-K and other SEC filings as our company's definitive disclosures are incorporated in those documents. We urge investors to read our 10-K as it contains our most current disclosures about the
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