10-Q 1 d313491d10q.htm FORM 10-Q Form 10-Q
falseQ10000814585--12-3154857375http://fasb.org/us-gaap/2021-01-31#OtherAssetshttp://fasb.org/us-gaap/2021-01-31#OperatingLeaseLiabilityIncludes 0.9 million of participating securities that met the service condition and were eligible to receive nonforfeitable dividends or dividend equivalents for each of the three months ended March 31, 2022 and 2021, respectively.Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).Consists of net premiums earned, net investment income, net realized investment gains (losses) and fees and reimbursements.Primarily represents intercompany service charges and intercompany net investment income and expenses.Consists principally of intercompany reinsurance balances.Weighted average represents the total MBIA guarantees as a percentage of total instrument fair valueAn “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt. Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position.Represents discount related to Gross Claim Liability and Gross Potential Recoveries.Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured and are discounted using a discount rate equal to the risk-free rate applicable to the currency and weighted average remaining life of the insurance contract and may differ from the fair value.Amounts are net of estimated recoveries of expected future claims.Includes changes in amount and timing of estimated payments and recoveries.Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position.Included in “Other assets” on the Company’s consolidated balance sheets.Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.Reported within “Net gains (losses) of financial instruments at fair value and foreign exchange” on MBIA’s consolidated statements of operations.In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract. 0000814585 2022-01-01 2022-03-31 0000814585 2022-03-31 0000814585 2021-12-31 0000814585 2021-01-01 2021-03-31 0000814585 2021-01-01 2021-12-31 0000814585 2022-05-02 0000814585 2021-03-31 0000814585 2020-12-31 0000814585 srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember 2022-03-31 0000814585 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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form
10-Q
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission File Number:
1-9583
 
 
MBIA INC.
(Exact name of registrant as specified in its charter)
 
 
 
Connecticut
 
06-1185706
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
   
1 Manhattanville Road, Suite 301PurchaseNew York
 
10577
(Address of principal executive offices)
 
(Zip Code)
(914273-4545
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock
 
MBI
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer  
   Accelerated filer  
       
Non-accelerated filer  
   Smaller reporting company  
       
         Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the Registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  
    No  
As of May 2, 2022, 54,857,375 shares of Common Stock, par value $1 per share, were outstanding.
 
 
 

 
  
 
  
PAGE
 
  
Item 1.
  
  
  
  
 
1
 
  
  
 
2
 
  
  
 
3
 
  
  
 
4
 
  
  
 
5
 
  
  
 
6
 
  
  
 
6
 
  
  
 
8
 
  
  
 
8
 
  
  
 
9
 
  
  
 
11
 
  
  
 
16
 
  
  
 
24
 
  
  
 
28
 
  
  
 
30
 
  
  
 
31
 
  
  
 
33
 
  
  
 
34
 
  
  
 
35
 
Item 2.
  
  
 
39
 
Item 3.
  
  
 
61
 
Item 4.
  
  
 
61
 
  
Item 1.
  
  
 
62
 
Item 1A.
  
  
 
62
 
Item 2.
  
  
 
64
 
Item 6.
  
  
 
64
 
  
 
65
 
 
i

FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This quarterly report of MBIA Inc., together with its consolidated subsidiaries, (collectively, “MBIA”, the “Company”, “we”, “us” or “our”) includes statements that are not historical or current facts and are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe”, “anticipate”, “project”, “plan”, “expect”, “estimate”, “intend”, “will likely result”, “looking forward”, or “will continue” and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. MBIA cautions readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. We undertake no obligation to publicly correct or update any forward-looking statement if the Company later becomes aware that such result is not likely to be achieved.
The following are some of the general factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying the Company’s forward-looking statements:
 
 
 
increased credit losses or impairments on public finance obligations that National Public Finance Guarantee Corporation (“National”) insures issued by state, local and territorial governments and finance authorities and other providers of public services, located in the U.S. or abroad, that are experiencing fiscal stress;
 
 
 
the possibility that loss reserve estimates are not adequate to cover potential claims;
 
 
 
a disruption in the cash flow from National or an inability to access the capital markets and our exposure to significant fluctuations in liquidity and asset values in the global credit markets as a result of collateral posting requirements;
 
 
 
our ability to fully implement our strategic plan;
 
 
 
the possibility that MBIA Insurance Corporation will have inadequate liquidity or resources to timely pay claims as a result of higher than expected losses on certain insured transactions or as a result of a delay or failure in collecting expected recoveries, which could lead the New York State Department of Financial Services (“NYSDFS”) to put MBIA Insurance Corporation into a rehabilitation or liquidation proceeding under Article 74 of the New York Insurance Law and/or take such other actions as the NYSDFS may deem necessary to protect the interests of MBIA Insurance Corporation’s policyholders;
 
 
 
the impact on our insured portfolios or business operations caused by the global spread of the novel coronavirus
COVID-19;
 
 
 
deterioration in the economic environment and financial markets in the United States or abroad, real estate market performance, credit spreads, interest rates and foreign currency levels; and
 
 
 
the effects of changes to governmental regulation, including insurance laws, securities laws, tax laws, legal precedents and accounting rules.
The above factors provide a summary of and are qualified in their entirety by the risk factors discussed under “Risk Factors” in Part II, Other Information, Item 1A included in this Quarterly Report on Form
10-Q.
The Company encourages readers to review these risk factors in their entirety.
This quarterly report of MBIA Inc. also includes statements of the opinion and belief of MBIA management which may be forward-looking statements subject to the preceding cautionary disclosure. Unless otherwise indicated herein, the basis for each statement of opinion or belief of MBIA management in this report is the relevant industry or subject matter experience and views of certain members of MBIA’s management. Accordingly, MBIA cautions readers not to place undue reliance on any such statements, because like all statements of opinion or belief they are not statements of fact and may prove to be incorrect. We undertake no obligation to publicly correct or update any statement of opinion or belief if the Company later becomes aware that such statement of opinion or belief was not or is not then accurate. In addition, readers are cautioned that each statement of opinion or belief may be further qualified by disclosures set forth elsewhere in this report or in other disclosures by MBIA.
 
ii

PART I FINANCIAL INFORMATION
Item 1. Financial Statements
MBIA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions except share and per share amounts)
 
          
          
 
  
March 31, 2022
 
December 31, 2021
Assets
 
       
Investments:
                
Fixed-maturity securities held as
available-for-sale,
at fair value (net of allowance for credit losses $3 and $-, amortized cost $2,710 and $2,016)
  
$
2,677
 
 
$
2,157
 
Investments carried at fair value
  
 
356
 
 
 
258
 
Investments pledged as collateral, at fair value (amortized cost $- and $4)
  
 
-
 
 
 
4
 
Short-term investments, at fair value (amortized cost $441 and $374)
  
 
441
 
 
 
374
 
    
 
 
 
 
 
 
 
Total investments
  
 
3,474
 
 
 
2,793
 
Cash and cash equivalents
  
 
147
 
 
 
151
 
Premiums receivable (net of allowance for credit losses $5 and $5)
  
 
177
 
 
 
178
 
Deferred acquisition costs
  
 
41
 
 
 
42
 
Insurance loss recoverable
  
 
366
 
 
 
1,296
 
Other assets
  
 
81
 
 
 
67
 
Assets of consolidated variable interest entities:
                
Cash
  
 
4
 
 
 
9
 
Investments carried at fair value
  
 
53
 
 
 
60
 
Loans receivable at fair value
  
 
76
 
 
 
77
 
Other assets
  
 
24
 
 
 
23
 
    
 
 
 
 
 
 
 
Total assets
  
$
4,443
 
 
$
4,696
 
    
 
 
 
 
 
 
 
Liabilities and Equity
                
Liabilities:
                
Unearned premium revenue
  
$
308
 
 
$
322
 
Loss and loss adjustment expense reserves
  
 
886
 
 
 
894
 
Long-term debt
  
 
2,344
 
 
 
2,331
 
Medium-term notes (includes financial instruments carried at fair value of $99 and $98)
  
 
589
 
 
 
590
 
Investment agreements
  
 
274
 
 
 
274
 
Derivative liabilities
  
 
99
 
 
 
131
 
Other liabilities
  
 
210
 
 
 
163
 
Liabilities of consolidated variable interest entities:
                
Variable interest entity notes carried at fair value
  
 
285
 
 
 
291
 
    
 
 
 
 
 
 
 
Total liabilities
  
 
4,995
 
 
 
4,996
 
    
 
 
 
 
 
 
 
Commitments and contingencies (Refer to Note 13: Commitments and Contingencies)
              
Equity:
                
Preferred stock, par value $1 per share; authorized shares - 10,000,000; issued and outstanding - none
  
 
-
 
 
 
-
 
Common stock, par value $1 per share; authorized shares - 400,000,000; issued shares - 283,186,115 and 283,186,115
  
 
283
 
 
 
283
 
Additional
paid-in
capital
  
 
2,919
 
 
 
2,931
 
Retained earnings (deficit)
  
 
(531
 
 
(458
Accumulated other comprehensive income (loss), net of tax of $8 and $8
  
 
(82
 
 
100
 
Treasury stock, at cost - 228,329,115 and 228,630,003 shares
  
 
(3,154
 
 
(3,169
    
 
 
 
 
 
 
 
Total shareholders’ equity of MBIA Inc.
  
 
(565
 
 
(313
Preferred stock of subsidiary
  
 
13
 
 
 
13
 
    
 
 
 
 
 
 
 
Total equity
  
 
(552
 
 
(300
    
 
 
 
 
 
 
 
Total liabilities and equity
  
$
4,443
 
 
$
4,696
 
    
 
 
 
 
 
 
 
The accompanying notes are an integral part of the consolidated financial statements.
 
1

MBIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions except share and per share amounts)
 
                                   
    
Three Months Ended March 31,
    
2022
 
2021
Revenues:
                
Premiums earned:
                
Scheduled premiums earned
  
$
11
 
 
$
15
 
Refunding premiums earned
  
 
4
 
 
 
5
 
    
 
 
 
 
 
 
 
Premiums earned (net of ceded premiums of $- and $1)
  
 
15
 
 
 
20
 
Net investment income
  
 
18
 
 
 
15
 
Net realized investment gains (losses)
  
 
(3
 
 
(1
Net gains (losses) on financial instruments at fair value and foreign exchange
  
 
17
 
 
 
52
 
Other net realized gains (losses)
  
 
(3
 
 
-
 
Revenues of consolidated variable interest entities:
                
Net gains (losses) on financial instruments at fair value and foreign exchange
  
 
(4
 
 
(14
    
 
 
 
 
 
 
 
Total revenues
  
 
40
 
 
 
72
 
Expenses:
                
Losses and loss adjustment
  
 
49
 
 
 
98
 
Amortization of deferred acquisition costs
  
 
2
 
 
 
2
 
Operating
  
 
19
 
 
 
26
 
Interest
  
 
41
 
 
 
41
 
Expenses of consolidated variable interest entities:
                
Operating
  
 
2
 
 
 
2
 
Interest
  
 
-
 
 
 
9
 
    
 
 
 
 
 
 
 
Total expenses
  
 
113
 
 
 
178
 
    
 
 
 
 
 
 
 
Income (loss) before income taxes
  
 
(73
 
 
(106
Provision (benefit) for income taxes
  
 
-
 
 
 
-
 
    
 
 
 
 
 
 
 
Net income (loss)
  
$
(73
 
$
(106
    
 
 
 
 
 
 
 
Net income (loss) per common share:
                
Basic
  
$
(1.48
 
$
(2.16
Diluted
  
$
(1.48
 
$
(2.16
Weighted average number of common shares outstanding:
                
Basic
  
 
49,631,448
 
 
 
49,258,110
 
Diluted
  
 
49,631,448
 
 
 
49,258,110
 
The accompanying notes are an integral part of the consolidated financial statements.
 
2

MBIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(In millions)
 
                                   
    
Three Months Ended March 31,
    
2022
 
2021
Net income (loss)
  
$
(73
 
$
(106
Other comprehensive income (loss):
                
Available-for-sale
securities with no credit losses:
                
Unrealized gains (losses) arising during the period
  
 
(171
 
 
(87
Reclassification adjustments for (gains) losses included in net income (loss)
  
 
-
 
 
 
(5
Foreign currency translation gains (losses)
  
 
-
 
 
 
1
 
Instrument-specific credit risk of liabilities measured at fair value:
                
Unrealized gains (losses) arising during the period
  
 
(14
 
 
(5
Reclassification adjustments for (gains) losses included in net income (loss)
  
 
3
 
 
 
20
 
    
 
 
 
 
 
 
 
Total other comprehensive income (loss)
  
 
(182
 
 
(76
    
 
 
 
 
 
 
 
Comprehensive income (loss)
  
$
(255
 
$
(182
    
 
 
 
 
 
 
 
The accompanying notes are an integral part of the consolidated financial statements.
 
3

MBIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(In millions except share amounts)
 
                                   
    
Three Months Ended March 31,
    
2022
 
2021
Common shares
                
Balance at beginning and end of period
  
 
283,186,115
 
 
 
283,186,115
 
Common stock amount
                
Balance at beginning and end of period
  
$
283
 
 
$
283
 
Additional
paid-in
capital
                
Balance at beginning of period
  
$
2,931
 
 
$
2,962
 
Period change
  
 
(12
 
 
(28
    
 
 
 
 
 
 
 
Balance at end of period
  
$
2,919
 
 
$
2,934
 
Retained earnings
                
Balance at beginning of period
  
$
(458
 
$
(13
Net income (loss)
  
 
(73
 
 
(106
    
 
 
 
 
 
 
 
Balance at end of period
  
$
(531
 
$
(119
Accumulated other comprehensive income (loss)
                
Balance at beginning of period
  
$
100
 
 
$
115
 
Other comprehensive income (loss)
  
 
(182
 
 
(76
    
 
 
 
 
 
 
 
Balance at end of period
  
$
(82
 
$
39
 
Treasury shares
                
Balance at beginning of period
  
 
(228,630,003
 
 
(229,508,967
Other
  
 
300,888
 
 
 
671,502
 
    
 
 
 
 
 
 
 
Balance at end of period
  
 
(228,329,115
 
 
(228,837,465
Treasury stock amount
                
Balance at beginning of period
  
$
(3,169
 
$
(3,211
Other
  
 
15
 
 
 
33
 
    
 
 
 
 
 
 
 
Balance at end of period
  
$
(3,154
 
$
(3,178
Total shareholders’ equity of MBIA Inc.
                
Balance at beginning of period
  
$
(313
 
$
136
 
Period change
  
 
(252
 
 
(177
    
 
 
 
 
 
 
 
Balance at end of period
  
$
(565
 
$
(41
    
 
 
 
 
 
 
 
Preferred stock of subsidiary shares
                
Balance at beginning and end of period
  
 
1,315
 
 
 
1,315
 
Preferred stock of subsidiary amount
                
Balance at beginning and end of period
  
$
13
 
 
$
13
 
    
 
 
 
 
 
 
 
Total equity
  
$
(552
 
$
(28
    
 
 
 
 
 
 
 
The accompanying notes are an integral part of the consolidated financial statements.
 
4

MBIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
 
                                   
    
Three Months Ended March 31,
    
2022
 
2021
Cash flows from operating activities:
                
Premiums, fees and reimbursements received
  
$
2
 
 
$
3
 
Investment income received
  
 
19
 
 
 
21
 
Financial guarantee losses and loss adjustment expenses paid
  
 
(336
 
 
(58
Proceeds from recoveries and reinsurance
  
 
622
 
 
 
17
 
Proceeds from loan repurchase commitments
  
 
-
 
 
 
600
 
Operating expenses paid and other operating
  
 
(22
 
 
(32
Interest paid, net of interest converted to principal
  
 
(12
 
 
(22
    
 
 
 
 
 
 
 
Net cash provided (used) by operating activities
  
 
273
 
 
 
529
 
    
 
 
 
 
 
 
 
Cash flows from investing activities:
                
Purchases of
available-for-sale
investments
  
 
(352
 
 
(299
Sales of
available-for-sale
investments
  
 
106
 
 
 
178
 
Paydowns and maturities of
available-for-sale
investments
  
 
65
 
 
 
96
 
Purchases of investments at fair value
  
 
(47
 
 
(62
Sales, paydowns, maturities and other proceeds of investments at fair value
  
 
44
 
 
 
59
 
Sales, paydowns and maturities (purchases) of short-term investments, net
  
 
(68
 
 
(342
Paydowns and maturities of loans receivable
  
 
2
 
 
 
5
 
(Payments) proceeds for derivative settlements
  
 
(4
 
 
(53
    
 
 
 
 
 
 
 
Net cash provided (used) by investing activities
  
 
(254
 
 
(418
    
 
 
 
 
 
 
 
Cash flows from financing activities:
                
Proceeds from investment agreements
  
 
2
 
 
 
-
 
Principal paydowns of investment agreements
  
 
(1
 
 
-
 
Principal paydowns of variable interest entity notes
  
 
(11
 
 
(156
Principal paydowns of long-term debt
  
 
(17
 
 
-
 
Purchases of treasury stock
  
 
(2
 
 
(1
    
 
 
 
 
 
 
 
Net cash provided (used) by financing activities
  
 
(29
 
 
(157
    
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
  
 
1
 
 
 
-
 
Net increase (decrease) in cash and cash equivalents
  
 
(9
 
 
(46
Cash and cash equivalents - beginning of period
  
 
160
 
 
 
167
 
    
 
 
 
 
 
 
 
Cash and cash equivalents - end of period
  
$
151
 
 
$
121
 
    
 
 
 
 
 
 
 
Reconciliation of net income (loss) to net cash provided (used) by operating activities:
                
Net income (loss)
  
$
(73
 
$
(106
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
                
Change in:
                
Accrued investment income
  
 
(5
 
 
23
 
Unearned premium revenue
  
 
(15