Business Segments (Tables)

6 Months Ended

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.