v3.26.1
Business Segments (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026 and 2025:

 

 

 

 

Three Months Ended June 30, 2026

 

 

 

 

 

U.S.

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Public

 

 

 

 

 

and Structured

 

 

 

 

 

 

 

 

 

 

 

Finance

 

 

 

 

 

Finance

 

 

 

 

 

 

 

In millions

 

Insurance

 

 

Corporate

 

 

Insurance

 

 

Eliminations

 

 

Consolidated

 

Revenues (1)

 

$

16

 

 

$

5

 

 

$

3

 

 

$

-

 

 

$

24

 

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

 

 

1

 

 

 

7

 

 

 

(5

)

 

 

-

 

 

 

3

 

Inter-segment revenues (2)

 

 

5

 

 

 

10

 

 

 

3

 

 

 

(18

)

 

 

-

 

 

 

Total revenues (3)

 

 

22

 

 

 

22

 

 

 

1

 

 

 

(18

)

 

 

27

 

Losses and loss adjustment

 

 

5

 

 

 

-

 

 

 

4

 

 

 

-

 

 

 

9

 

Compensation and benefits

 

 

-

 

 

 

16

 

 

 

-

 

 

 

-

 

 

 

16

 

Interest

 

 

-

 

 

 

16

 

 

 

37

 

 

 

(5

)

 

 

48

 

Inter-segment service charge

 

 

7

 

 

 

-

 

 

 

3

 

 

 

(10

)

 

 

-

 

Other segment items (4)

 

 

2

 

 

 

3

 

 

 

(5

)

 

 

(3

)

 

 

(3

)

 

 

Total expenses

 

 

14

 

 

 

35

 

 

 

39

 

 

 

(18

)

 

 

70

 

Income (loss) from continuing operations before income taxes

 

$

8

 

 

$

(13

)

 

$

(38

)

 

$

-

 

 

$

(43

)

Total assets per reportable segment

 

$

1,507

 

 

$

635

 

 

$

656

 

 

$

(819

)

(5)

$

1,979

 

 

(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, $5 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 deferred acquisition costs ("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, 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.

The following tables provide the Company’s segment results for the six months ended June 30, 2026 and 2025:

 

 

 

 

Six Months Ended June 30, 2026

 

 

 

 

 

U.S.

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Public

 

 

 

 

 

and Structured

 

 

 

 

 

 

 

 

 

 

 

Finance

 

 

 

 

 

Finance

 

 

 

 

 

 

 

In millions

 

Insurance

 

 

Corporate

 

 

Insurance

 

 

Eliminations

 

 

Consolidated

 

Revenues (1)

 

$

31

 

 

$

10

 

 

$

7

 

 

$

-

 

 

$

48

 

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

 

 

(1

)

 

 

8

 

 

 

(4

)

 

 

-

 

 

 

3

 

Inter-segment revenues (2)

 

 

11

 

 

 

23

 

 

 

4

 

 

 

(38

)

 

 

-

 

 

 

Total revenues (3)

 

 

41

 

 

 

41

 

 

 

7

 

 

 

(38

)

 

 

51

 

Losses and loss adjustment

 

 

7

 

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

6

 

Compensation and benefits

 

 

-

 

 

 

26

 

 

 

-

 

 

 

-

 

 

 

26

 

Interest

 

 

-

 

 

 

33

 

 

 

73

 

 

 

(11

)

 

 

95

 

Inter-segment service charge

 

 

16

 

 

 

-

 

 

 

6

 

 

 

(22

)

 

 

-

 

Other segment items (4)

 

 

6

 

 

 

6

 

 

 

1

 

 

 

(5

)

 

 

8

 

 

 

Total expenses

 

 

29

 

 

 

65

 

 

 

79

 

 

 

(38

)

 

 

135

 

Income (loss) from continuing operations before income taxes

 

$

12

 

 

$

(24

)

 

$

(72

)

 

$

-

 

 

$

(84

)

Total assets per reportable segment

 

$

1,507

 

 

$

635

 

 

$

656

 

 

$

(819

)

 (5)

$

1,979

 

 

(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, $11 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, 2025

 

In millions

 

U.S. Public Finance Insurance

 

 

Corporate

 

 

International and Structured Finance 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.