Business Segments (Tables)

9 Months Ended

Sep. 30, 2023

Text Block [Abstract]

Summary of company's segment results

The following tables provide the Company’s segment results for the three months ended September 30, 2023 and 2022:

		Three Months Ended September 30, 2023
		U.S.						International
		Public						and Structured
		Finance						Finance
In millions		Insurance			Corporate			Insurance			Eliminations				Consolidated
Revenues (1)		$	15		$	(1	)	$	4		$	(1	)		$	17
Net gains (losses) on financial instruments at fair value and foreign exchange			(1	)		23			(1	)		-				21
Revenues of consolidated VIEs			-			-			(30	)		-				(30	)
Inter-segment revenues (2)			6			13			1			(20	)			-
	Total revenues		20			35			(26	)		(21	)			8
Losses and loss adjustment			143			-			(20	)		-				123
Amortization of deferred acquisition costs and operating			-			11			3			2				16
Interest			-			13			40			-				53
Expenses of consolidated VIEs			-			-			1			-				1
Inter-segment expenses (2)			11			7			5			(23	)			-
	Total expenses		154			31			29			(21	)			193
Income (loss) from continuing operations before income taxes		$	(134	)	$	4		$	(55	)	$	-			$	(185	)
Identifiable assets per segment		$	2,379		$	564		$	978		$	(1,005	)	(3)	$	2,916
Assets held for sale			-			-			-			-				74
Total identifiable assets		$	2,379		$	564		$	978		$	(1,005	)		$	2,990

(1) - Consists 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 and expenses.

(3) - Consists principally of intercompany reinsurance balances.

MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 10: Business Segments (continued)

		Three Months Ended September 30, 2022
		U.S.						International
		Public						and Structured
		Finance						Finance
In millions		Insurance			Corporate			Insurance			Eliminations			Consolidated
Revenues (1)		$	17		$	(3	)	$	9		$	-		$	23
Net gains (losses) on financial instruments at fair value and foreign exchange			(6	)		35			(4	)		-			25
Revenues of consolidated VIEs			-			-			(31	)		-			(31	)
Inter-segment revenues (2)			6			12			2			(20	)		-
	Total revenues		17			44			(24	)		(20	)		17
Losses and loss adjustment			16			-			(28	)		-			(12	)
Amortization of deferred acquisition costs and operating			2			12			2			-			16
Interest			-			14			32			-			46
Expenses of consolidated VIEs			-			-			2			-			2
Inter-segment expenses (2)			10			5			6			(21	)		-
	Total expenses		28			31			14			(21	)		52
Income (loss) from continuing operations before income taxes		$	(11	)	$	13		$	(38	)	$	1		$	(35	)

(1) - Consists 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 and expenses.

MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 10: Business Segments (continued)

The following tables provide the Company’s segment results for the nine months ended September 30, 2023 and 2022:

		Nine Months Ended September 30, 2023
		U.S.						International
		Public						and Structured
		Finance						Finance
In millions		Insurance			Corporate			Insurance			Eliminations				Consolidated
Revenues (1)		$	56		$	6		$	28		$	(1	)		$	89
Net gains (losses) on financial instruments at fair value and foreign exchange			1			25			(6	)		-				20
Net gains (losses) on extinguishment of debt			-			1			-			-				1
Revenues of consolidated VIEs			-			-			(72	)		-				(72	)
Inter-segment revenues (2)			20			41			4			(65	)			-
	Total revenues		77			73			(46	)		(66	)			38
Losses and loss adjustment			169			-			(11	)		-				158
Amortization of deferred acquisition costs and operating			4			47			8			1				60
Interest			-			41			116			-				157
Expenses of consolidated VIEs			-			-			9			-				9
Inter-segment expenses (2)			31			18			17			(66	)			-
	Total expenses		204			106			139			(65	)			384
Income (loss) from continuing operations before income taxes		$	(127	)	$	(33	)	$	(185	)	$	(1	)		$	(346	)
Identifiable assets per segment		$	2,379		$	564		$	978		$	(1,005	)	(3)	$	2,916
Assets held for sale			-			-			-			-				74
Total identifiable assets		$	2,379		$	564		$	978		$	(1,005	)		$	2,990

(1) - Consists 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 and expenses.

(3) - Consists principally of intercompany reinsurance balances.

		Nine Months Ended September 30, 2022
		U.S.					International
		Public					and Structured
		Finance					Finance
In millions		Insurance			Corporate		Insurance			Eliminations			Consolidated
Revenues (1)		$	24		$	3	$	26		$	-		$	53
Net gains (losses) on financial instruments at fair value and foreign exchange			(43	)		111		(17	)		-			51
Net gains (losses) on extinguishment of debt			-			5		-			(1	)		4
Revenues of consolidated VIEs			-			-		(11	)		-			(11	)
Inter-segment revenues (2)			20			43		7			(70	)		-
	Total revenues		1			162		5			(71	)		97
Losses and loss adjustment			152			-		(95	)		-			57
Amortization of deferred acquisition costs and operating			6			35		8			-			49
Interest			-			42		88			-			130
Expenses of consolidated VIEs			-			-		5			-			5
Inter-segment expenses (2)			33			17		20			(70	)		-
	Total expenses		191			94		26			(70	)		241
Income (loss) from continuing operations before income taxes		$	(190	)	$	68	$	(21	)	$	(1	)	$	(144	)

(1) - Consists 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 and expenses.