Insurance Premiums (Tables)

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Rollforward of Premiums Receivable

The following tables present a roll forward of the Company’s premiums receivable for the years ended December 31, 2021 and 2020.

In millions					Adjustments
Premiums Receivable as of December 31, 2020	Premium Payments Received		Premiums from New Business Written		Changes in Expected Term of Policies		Accretion of Premiums Receivable Discount (1)		Other (2)		Premiums Receivable as of December 31, 2021
$        216	$	(44)	$	—	$	7	$	5	$	(6)	$	178

(1)—Recorded within premiums earned on MBIA’s consolidated statement of operations.

(2)—The change primarily relates to a foreign exchange loss due to the termination of an international public finance credit.

In millions					Adjustments
Premiums Receivable as of December 31, 2019	Premium Payments Received		Premiums from New Business Written		Changes in Expected Term of Policies		Accretion of Premiums Receivable Discount (1)		Other (2)		Premiums Receivable as of December 31, 2020
$        249	$	(30)	$	—	$	(1)	$	6	$	(8)	$	216

(1)—Recorded within premiums earned on MBIA’s consolidated statement of operations.

(2)—The change primarily relates to a reduction in installment premiums due to refunding activity and the recording of an allowance for credit losses under Financial Instruments-Credit Losses, partially offset by changes in foreign exchange currency rates.

Undiscounted Future Premiums By Period

The following table presents the undiscounted future amount of premiums expected to be collected and the period in which those collections are expected to occur:

In millions	Expected Collection of Premiums
Three months ending:
March 31, 2022	$	3
June 30, 2022		6
September 30, 2022		4
December 31, 2022		7
Twelve months ending:
December 31, 2023		18
December 31, 2024		17
December 31, 2025		16
December 31, 2026		14
Five years ending:
December 31, 2031		57
December 31, 2036		42
December 31, 2041 and thereafter		47
Total	$	231

Unearned Premium Reserve And Future Premium Earnings

The following table presents the unearned premium revenue balance and future expected premium earnings as of and for the periods presented:

In millions	Unearned Premium Revenue		Expected Future Premium Earnings				Accretion		Total Expected Future Premium Earnings
			Upfront		Installments
December 31, 2021	$	322
Three months ending:
March 31, 2022		312	$	5	$	5	$	1	$	11
June 30, 2022		302		5		5		1		11
September 30, 2022		293		5		4		2		11
December 31, 2022		284		5		4		1		10
Twelve months ending:
December 31, 2023		250		18		16		4		38
December 31, 2024		219		16		15		4		35
December 31, 2025		192		14		13		4		31
December 31, 2026		168		13		11		3		27
Five years ending:
December 31, 2031		87		41		40		14		95
December 31, 2036		41		18		28		8		54
December 31, 2041 and thereafter		—		12		29		7		48
Total			$	152	$	170	$	49	$	371