MBIA : First Quarter 2024 MBIA Public Finance Statutory Statement
MBI
QUARTERLY STATEMENT
OF THE
MBIA INSURANCE
CORPORATION
OF
PURCHASE
IN THE
STATE OF NEW YORK
TO THE
INSURANCE DEPARTMENT
OF THE
STATE OF
___________________
FOR THE PERIOD ENDED
March 31, 2024
PROPERTY AND CASUALTY
2024
STATEMENT AS OF MARCH 31, 2024 OF THE MBIA Insurance Corporation
ASSETS
Current Statement Date
4
1
2
3
December 31
Net Admitted Assets
Prior Year Net
Assets
Nonadmitted Assets
(Cols. 1 - 2)
Admitted Assets
1.
Bonds
132,434,442
4,888,195
127,546,246
145,195,649
2.
Stocks:
2.1
Preferred stocks
0
0
0
2.2
Common stocks
15,890,549
15,890,549
14,903,436
3.
Mortgage loans on real estate:
3.1
First liens
0
0
0
3.2
Other than first liens
0
0
0
4. Real estate:
4.1 Properties occupied by the company (less
$
encumbrances)
0
0
0
0
4.2 Properties held for the production of income
(less $
encumbrances)
0
0
0
0
4.3 Properties held for sale (less
$
encumbrances)
0
0
0
0
5.
Cash ($
6,813,563 ),
cash equivalents ($
17,000,000
)
and short-term investments ($
0 )
23,813,563
0
23,813,563
46,759,346
6.
Contract loans (including $
premium notes)
0
0
0
0
7.
Derivatives
0
0
0
0
8.
Other invested assets
0
0
0
0
9.
Receivables for securities
0
0
0
226
10.
Securities lending reinvested collateral assets
0
0
0
0
11.
Aggregate write-ins for invested assets
0
0
0
0
12.
Subtotals, cash and invested assets (Lines 1 to 11)
172,138,554
4,888,195
167,250,359
206,858,657
13.
Title plants less $
charged off (for Title insurers
only)
0
0
0
0
14.
Investment income due and accrued
2,269,807
0
2,269,807
2,033,127
15.
Premiums and considerations:
15.1 Uncollected premiums and agents' balances in the course of
collection
839
271
569
349,149
15.2 Deferred premiums, agents' balances and installments booked but
deferred and not yet due (including $
earned
but unbilled premiums)
0
0
0
0
15.3 Accrued retrospective premiums ($
) and
contracts subject to redetermination ($
)
0
0
0
0
16.
Reinsurance:
16.1 Amounts recoverable from reinsurers
1,182,378
0
1,182,378
959,942
16.2 Funds held by or deposited with reinsured companies
0
0
0
0
16.3 Other amounts receivable under reinsurance contracts
0
0
0
0
17.
Amounts receivable relating to uninsured plans
0
0
0
0
18.1 Current federal and foreign income tax recoverable and interest thereon
0
0
0
0
18.2 Net deferred tax asset
0
0
0
0
19.
Guaranty funds receivable or on deposit
0
0
0
0
20.
Electronic data processing equipment and software
0
0
0
0
21.
Furniture and equipment, including health care delivery assets
($
)
0
0
0
0
22.
Net adjustment in assets and liabilities due to foreign exchange rates
0
0
0
0
23.
Receivables from parent, subsidiaries and affiliates
16,006
0
16,006
3,628
24.
Health care ($
) and other amounts receivable
0
0
0
0
25.
Aggregate write-ins for other-than-invested assets
236,218
161,214
75,004
3
26.
Total assets excluding Separate Accounts, Segregated Accounts and
Protected Cell Accounts (Lines 12 to 25)
175,843,802
5,049,680
170,794,122
210,204,506
27.
From Separate Accounts, Segregated Accounts and Protected
Cell Accounts
0
0
0
0
28.
Total (Lines 26 and 27)
175,843,802
5,049,680
170,794,122
210,204,506
DETAILS OF WRITE-INS
1101.
0
0
0
0
1102.
0
0
0
0
1103.
0
0
0
0
1198.
Summary of remaining write-ins for Line 11 from overflow page
0
0
0
0
1199.
Totals (Lines 1101 through 1103 plus 1198) (Line 11 above)
0
0
0
0
2501.
Other assets
75,004
0
75,004
3
2502.
Prepaid expenses
161,214
161,214
0
0
2503.
2598.
Summary of remaining write-ins for Line 25 from overflow page
0
0
0
0
2599.
Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)
236,218
161,214
75,004
3
2
STATEMENT AS OF MARCH 31, 2024 OF THE MBIA Insurance Corporation
LIABILITIES, SURPLUS AND OTHER FUNDS
1
2
Current
December 31,
Statement Date
Prior Year
1.
Losses (current accident year $
)
29,944,882
23,381,502
2.
Reinsurance payable on paid losses and loss adjustment expenses
0
0
3.
Loss adjustment expenses
(7,637,949)
3,173,363
4.
Commissions payable, contingent commissions and other similar charges
0
0
5.
Other expenses (excluding taxes, licenses and fees)
192,208
164,553
6.
Taxes, licenses and fees (excluding federal and foreign income taxes)
0
40,588
7.1Current federal and foreign income taxes (including $
on realized capital gains (losses))
4
198
7.2 Net deferred tax liability
0
0
8.
Borrowed money $
and interest thereon $
0
0
9.
Unearned premiums (after deducting unearned premiums for ceded reinsurance of $
181,715,191 and
including warranty reserves of $
and accrued accident and health experience rating refunds
including $
for
medical loss ratio rebate per the Public Health Service Act)
26,832,992
29,728,387
10.
Advance premium
0
0
11.
Dividends declared and unpaid:
11.1 Stockholders
0
0
11.2 Policyholders
0
0
12.
Ceded reinsurance premiums payable (net of ceding commissions)
271,018
896,497
13.
Funds held by company under reinsurance treaties
0
0
14.
Amounts withheld or retained by company for account of others
(1,938)
335
15.
Remittances and items not allocated
0
0
16.
Provision for reinsurance (including $
certified)
0
0
17.
Net adjustments in assets and liabilities due to foreign exchange rates
0
0
18.
Drafts outstanding
0
0
19.
Payable to parent, subsidiaries and affiliates
1,710,227
1,307,138
20.
Derivatives
0
0
21.
Payable for securities
0
0
22.
Payable for securities lending
0
0
23.
Liability for amounts held under uninsured plans
0
0
24.
Capital notes $
and interest thereon $
0
0
25.
Aggregate write-ins for liabilities
5,019,328
5,010,117
26.
Total liabilities excluding protected cell liabilities (Lines 1 through 25)
56,330,771
63,702,678
27.
Protected cell liabilities
0
0
28.
Total liabilities (Lines 26 and 27)
56,330,771
63,702,678
29.
Aggregate write-ins for special surplus funds
0
0
30.
Common capital stock
15,000,269
15,000,269
31.
Preferred capital stock
2,759,080
2,759,080
32.
Aggregate write-ins for other than special surplus funds
0
0
33.
Surplus notes
952,655,000
952,655,000
34.
Gross paid in and contributed surplus
1,055,941,259
1,055,941,259
35.
Unassigned funds (surplus)
(1,911,892,257)
(1,879,853,780)
36.
Less treasury stock, at cost:
36.1
shares common (value included in Line 30
$
)
0
0
36.2
shares preferred (value included in Line 31
$
)
0
0
37.
Surplus as regards policyholders (Lines 29 to 35, less 36)
114,463,351
146,501,828
38.
Totals (Page 2, Line 28, Col. 3)
170,794,122
210,204,506
DETAILS OF WRITE-INS
2501.
Contingency reserve
5,000,000
5,000,000
2502.
Other liabilities
18
18
2503.
Ceded salvage payable, net
19,310
10,099
2598.
Summary of remaining write-ins for Line 25 from overflow page
0
0
2599.
Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)
5,019,328
5,010,117
2901.
0
2902.
0
2903.
0
2998.
Summary of remaining write-ins for Line 29 from overflow page
0
0
2999.
Totals (Lines 2901 through 2903 plus 2998) (Line 29 above)
0
0
3201.
0
3202.
0
3203.
0
3298.
Summary of remaining write-ins for Line 32 from overflow page
0
0
3299.
Totals (Lines 3201 through 3203 plus 3298) (Line 32 above)
0
0
3
STATEMENT AS OF MARCH 31, 2024 OF THE MBIA Insurance Corporation
STATEMENT OF INCOME
1
2
3
Current Year
Prior Year
Prior Year Ended
to Date
to Date
December 31
UNDERWRITING INCOME
1.
Premiums earned:
1.1
Direct (written $
1,542,623
)
9,128,974
9,955,078
40,964,993
1.2
Assumed (written $
424,193 )
213,850
220,425
884,341
1.3
Ceded (written $
967,143
)
6,694,293
7,413,353
27,327,432
1.4
Net (written $
999,674
)
2,648,532
2,762,150
14,521,903
DEDUCTIONS:
2.
Losses incurred (current accident year $
):
2.1 Direct
51,605,154
34,523,274
112,685,963
2.2 Assumed
0
136,631
(1,820,162)
2.3 Ceded
14,868,447
14,764,040
79,377,414
2.4 Net
36,736,707
19,895,865
31,488,387
3.
Loss adjustment expenses incurred
341,947
1,027,077
4,261,699
4.
Other underwriting expenses incurred
4,489,349
4,616,406
16,036,038
5.
Aggregate write-ins for underwriting deductions
0
0
0
6.
Total underwriting deductions (Lines 2 through 5)
41,568,004
25,539,348
51,786,124
7.
Net income of protected cells
0
0
0
8.
Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7)
(38,919,472)
(22,777,198)
(37,264,221)
INVESTMENT INCOME
2,464,580
2,886,867
14,071,443
9.
Net investment income earned
10.
Net realized capital gains (losses) less capital gains tax of $
(213,249)
93,590
(6,742,500)
11.
Net investment gain (loss) (Lines 9 + 10)
2,251,331
2,980,456
7,328,943
OTHER INCOME
12.
Net gain or (loss) from agents' or premium balances charged off
(amount recovered $
amount charged off $
)
0
0
0
13.
Finance and service charges not included in premiums
0
0
0
14.
Aggregate write-ins for miscellaneous income
1,246,631
260,695
1,809,131
15.
Total other income (Lines 12 through 14)
1,246,631
260,695
1,809,131
16.
Net income before dividends to policyholders, after capital gains tax and before all other federal
(35,421,510)
(19,536,047)
(28,126,147)
and foreign income taxes (Lines 8 + 11 + 15)
17.
Dividends to policyholders
0
0
0
18.
Net income, after dividends to policyholders, after capital gains tax and before all other federal
(35,421,510)
(19,536,047)
(28,126,147)
and foreign income taxes (Line 16 minus Line 17)
19.
Federal and foreign income taxes incurred
0
44,573
143,795
20.
Net income (Line 18 minus Line 19)(to Line 22)
(35,421,510)
(19,580,619)
(28,269,942)
CAPITAL AND SURPLUS ACCOUNT
146,501,828
163,932,325
163,932,325
21.
Surplus as regards policyholders, December 31 prior year
22.
Net income (from Line 20)
(35,421,510)
(19,580,619)
(28,269,942)
23.
Net transfers (to) from Protected Cell accounts
0
0
0
24.
Change in net unrealized capital gains or (losses) less capital gains tax of
$
3,374,584
162,869
4,072,933
25.
Change in net unrealized foreign exchange capital gain (loss)
(50)
(2,011,037)
(2,011,153)
26.
Change in net deferred income tax
0
0
0
27.
Change in nonadmitted assets
8,497
(805,129)
8,777,665
28.
Change in provision for reinsurance
0
0
0
29.
Change in surplus notes
0
0
0
30.
Surplus (contributed to) withdrawn from protected cells
0
0
0
31.
Cumulative effect of changes in accounting principles
0
0
0
32.
Capital changes:
32.1
Paid in
0
0
0
32.2
Transferred from surplus (Stock Dividend)
0
0
0
32.3
Transferred to surplus
0
0
0
33.
Surplus adjustments:
33.1
Paid in
0
0
0
33.2
Transferred to capital (Stock Dividend)
0
0
0
33.3
Transferred from capital
0
0
0
34.
Net remittances from or (to) Home Office
0
0
0
35.
Dividends to stockholders
0
0
0
36.
Change in treasury stock
0
0
0
37.
Aggregate write-ins for gains and losses in surplus
0
0
0
38.
Change in surplus as regards policyholders (Lines 22 through 37)
(32,038,479)
(22,233,916)
(17,430,497)
39.
Surplus as regards policyholders, as of statement date (Lines 21 plus 38)
114,463,349
141,698,409
146,501,828
DETAILS OF WRITE-INS
0
0
0
0501.
0502.
0503.
0598.
Summary of remaining write-ins for Line 5 from overflow page
0
0
0
0599.
TOTALS (Lines 0501 through 0503 plus 0598) (Line 5 above)
0
0
0
1401.
Foreign exchange
1,246,631
308,694
1,941,863
1402.
Miscellaneous (expense) income
0
(47,999)
(132,732)
1403.
0
0
0
1498.
Summary of remaining write-ins for Line 14 from overflow page
0
0
0
1499.
TOTALS (Lines 1401 through 1403 plus 1498) (Line 14 above)
1,246,631
260,695
1,809,131
3701.
0
0
3702.
0
0
3703.
3798.
Summary of remaining write-ins for Line 37 from overflow page
0
0
0
3799.
TOTALS (Lines 3701 through 3703 plus 3798) (Line 37 above)
0
0
0
4
STATEMENT AS OF MARCH 31, 2024 OF THE MBIA Insurance Corporation
CASH FLOW
1
2
3
Current Year
Prior Year
Prior Year Ended
To Date
To Date
December 31
Cash from Operations
722,862
831,396
8,063,903
1.
Premiums collected net of reinsurance
2.
Net investment income
2,109,543
2,260,986
11,466,953
3.
Miscellaneous income
0
(47,999)
(132,732)
4.
Total (Lines 1 to 3)
2,832,405
3,044,383
19,398,124
5.
Benefit and loss related payments
30,386,456
(11,717,708)
38,499,998
6.
Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts
0
0
0
7.
Commissions, expenses paid and aggregate write-ins for deductions
15,677,862
5,824,987
21,057,495
8.
Dividends paid to policyholders
0
0
0
9.
Federal and foreign income taxes paid (recovered) net of $
tax on capital
gains (losses)
0
590,503
689,634
10.
Total (Lines 5 through 9)
46,064,318
(5,302,218)
60,247,127
11.
Net cash from operations (Line 4 minus Line 10)
(43,231,913)
8,346,601
(40,849,003)
Cash from Investments
12.
Proceeds from investments sold, matured or repaid:
12.1
Bonds
20,406,690
376,294
38,779,833
12.2
Stocks
0
0
1,926,840
12.3
Mortgage loans
0
0
0
12.4
Real estate
0
0
0
12.5
Other invested assets
0
0
0
12.6
Net gains or (losses) on cash, cash equivalents and short-term investments
0
0
0
12.7
Miscellaneous proceeds
11,281
93,673
458,391
12.8
Total investment proceeds (Lines 12.1 to 12.7)
20,417,971
469,968
41,165,064
13.
Cost of investments acquired (long-term only):
13.1
Bonds
0
0
0
13.2
Stocks
475,760
0
501,870
13.3
Mortgage loans
0
0
0
13.4
Real estate
0
0
0
13.5
Other invested assets
0
0
0
13.6
Miscellaneous applications
0
137,580
0
13.7
Total investments acquired (Lines 13.1 to 13.6)
475,760
137,580
501,870
14.
Net increase/(decrease) in contract loans and premium notes
0
0
0
15.
Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)
19,942,211
332,388
40,663,194
Cash from Financing and Miscellaneous Sources
16.
Cash provided (applied):
16.1
Surplus notes, capital notes
0
0
0
16.2
Capital and paid in surplus, less treasury stock
0
0
0
16.3
Borrowed funds
0
0
0
16.4
Net deposits on deposit-type contracts and other insurance liabilities
0
0
16.5
Dividends to stockholders
0
0
0
16.6
Other cash provided (applied)
343,919
286,817
1,886,493
17.
Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
343,919
286,817
1,886,493
plus Line 16.6)
RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
(22,945,782)
8,965,805
1,700,684
18.
Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)
19.
Cash, cash equivalents and short-term investments:
19.1
Beginning of year
46,759,346
45,058,662
45,058,662
19.2
End of period (Line 18 plus Line 19.1)
23,813,563
54,024,467
46,759,346
5
STATEMENT AS OF MARCH 31, 2024 OF THE MBIA INSURANCE CORPORATION
NOTES TO FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies and Going Concern
In thousands
Cost of
Change in
Date security
securities
carrying value
Remediation
recorded
Remediation
acquired in the
in the three
Security
Remediation
under
Security balance
three months
months ended
balance as of
Security
permitted
as of December
ended March
March 31, 2024
March 31, 2024
Description
CUSIP/ISIN
practice
31, 2023 (1)
31, 2024 (1)
(1)(2)
(1)
Mulberry Street II
62514SAC1
June and
$
29,954
$
16,680
$
(1,462)
$
45,172
CDO
September 2023
and March 2024
Mulberry Street II
62514SAB3
June and
9,161
14,734
(465)
23,430
CDO
September 2023
and March 2024
Mulberry Street II
62514SAA5
March 2024
-
4,111
-
4,111
CDO
Total
$
39,115
$
35,525
$
(1,927)
$
72,713
A reconciliation of MBIA Corp.'s net income (loss) and capital and surplus between NAIC SAP and practices prescribed and permitted by the NYSDFS is shown below. Item (6), in the following table reflects the impact of investment limitations under NYIL Article 6902 before giving effect to the treatment of certain investments as salvage under Item (7), which reflects an offsetting impact.
6
STATEMENT AS OF MARCH 31, 2024 OF THE MBIA INSURANCE CORPORATION
NOTES TO FINANCIAL STATEMENTS
December
F/S
F/S
March 31,
31,
In thousands
SSAP #
Page
Line #
2024
2023
NET (LOSS) INCOME
(1)
Net income (loss), state basis (Page 4, Line 20, Columns 1 & 3)
XXX
XXX
XXX
$
(35,422)
$
(28,270)
State prescribed practices that are an increase/(decrease) from NAIC
(2)
SAP:
-
-
(3)
State permitted practices that are an increase/(decrease) from NAIC
SAP:
Permitted salvage on Remediation Securities
00
4
2, 9,14
(962)
5,043
(4)
NAIC SAP (1 - 2 - 3 = 4)
XXX
XXX
XXX
$
(34,460)
$
(33,313)
SURPLUS
(5)
Policyholders' surplus, state basis (Page 3, Line 37, Columns 1 & 2)
XXX
XXX
XXX
$
114,463
$
146,501
State prescribed practices that are an increase/(decrease) from NAIC
NYIL Article 6902 investment limitation
2
1
(65,059)
(34,967)
State permitted practices that are an increase/(decrease) from NAIC
(7)
SAP:
Permitted salvage on Remediation Securities
00
2, 3
1
66,220
31,373
(8)
NAIC SAP basis (5 - 6 - 7 = 8)
XXX
XXX
XXX $
113,302
$
150,095
MBIA Corp. has prepared the Company's statutory financial statements on the basis that the Company is able to continue as a going concern. There are no conditions or events, considered in the aggregate, that raised substantial doubt about the Company's ability to continue as a going concern within one year after the publication of these financial statements.
Not applicable.
D. Loan-Backed Securities
6.1
STATEMENT AS OF MARCH 31, 2024 OF THE MBIA INSURANCE CORPORATION
NOTES TO FINANCIAL STATEMENTS
In thousands
As of March 31, 2024
a. The aggregate amount of unrealized losses:
Less than 12 Months
$
-
12 Months or Longer
$
(150)
b. The aggregate related fair value of securities
with unrealized losses:
Less than 12 Months
$
-
12 Months or Longer
$
7,472
Not applicable.
In thousands
Interest Income Due and Accrued
Amount
1.
Gross
$
2,270
2.
Nonadmitted
$
-
3.
Admitted
$
2,270
D. The aggregate deferred interest.
In thousands
Amount
Aggregate Deferred Interest
$
-
6.2
STATEMENT AS OF MARCH 31, 2024 OF THE MBIA INSURANCE CORPORATION
NOTES TO FINANCIAL STATEMENTS
E. The cumulative amounts of paid-in-kind (PIK) interest included in the current principal balance.
In thousands
Amount
Cumulative amounts of PIK interest included in the current
principal balance
$
-
6.3
Disclaimer
MBIA Incorporated published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 21:20:52 UTC.