Exhibit 99.1

MBIA Inc. Full Year and Fourth Quarter 2022 Financial Results

February 28, 2023

MBIA Inc. (NYSE:MBI) (the Company) today reported a consolidated GAAP net loss of $195 million, or $(3.92) per diluted common share, for 2022 compared to a consolidated GAAP net loss of $445 million, or $(8.99) per diluted common share, for 2021. The lower net loss primarily resulted from lower losses and loss adjustment expenses (LAE), partially offset by net realized investment losses. The lower losses and LAE for 2022 largely resulted from lower losses and LAE at MBIA Insurance Corporation (MBIA Corp.), primarily related to increased salvage recoveries for 2022 versus reduced salvage recoveries for 2021 related to CDOs and a favorable incurred loss benefit on first-lien RMBS, primarily due to higher risk-free interest rates. Losses and LAE at National Public Guarantee Corporation (National), were also lower in 2022, primarily related to its Puerto Rico exposure, where lower losses and/or increased loss benefits related to Puerto Rico GO and HTA exposures was partially offset by increased losses related to PREPA.

Book value per share was negative $16.07 as of December 31, 2022 compared with negative $5.73 as of December 31, 2021. The decrease in book value per share was primarily due to net unrealized losses on investments, which resulted largely from higher interest rates and wider credit spreads in 2022, and the consolidated net loss for 2022.

The Company also reported an Adjusted Net Loss (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $145 million or $(2.90) per diluted common share for 2022 compared with an Adjusted Net Loss of $261 million or $(5.27) per diluted common share for 2021. The lower Adjusted Net Loss for 2022 was primarily due to National’s lower losses and LAE, largely related to its Puerto Rico exposure and higher net investment income for National.

Adjusted Net Income (Loss) provides investors with views of the Company’s operating results that management uses in measuring financial performance. Reconciliations of Adjusted Net Income (Loss) to net income, calculated in accordance with GAAP, are also attached.

Statement from Company Representative

Bill Fallon, MBIA’s Chief Executive Officer stated, “During the fourth quarter of 2022, the restructuring of the Puerto Rico Highways and Transportation Authority (HTA) bonds was implemented and National’s insured HTA exposure has been extinguished. Further, we reached an agreement concerning PREPA, our last significant Puerto Rico exposure, which has been incorporated into the Amended Plan of Adjustment filed by the Puerto Rico Financial Oversight and Management Board. The Title III court has scheduled that Plan for confirmation hearings this summer. In the meanwhile, we continue to explore potential strategic alternatives for the Company with our advisor, Barclays Capital. We intend to disclose additional information regarding this process when such is deemed necessary and/or appropriate.”

Fourth Quarter Results

The Company recorded a consolidated GAAP net loss of $52 million, or $(1.05) per diluted common share, for the fourth quarter of 2022 compared with a consolidated net loss of $155 million, or $(3.12) per diluted common share, for the fourth quarter of 2021. The lower net loss for the fourth quarter of 2022 was primarily due to lower losses and LAE at National, primarily due to its Puerto Rico exposure and a favorable comparison of losses and LAE at MBIA Corp., primarily related to fourth quarter of 2021 losses related to CDOs.

The Company reported an Adjusted Net Income for the fourth quarter of 2022 of $15 million or $0.30 per share compared with an Adjusted Net Loss of $106 million or $(2.13) per share for the fourth quarter of 2021. The favorable result for 2022 as compared to 2021 was largely due to reduced losses and LAE for National, primarily related to National’s Puerto Rico exposure.

MBIA Inc.

As of December 31, 2022, MBIA Inc.’s liquidity position totaled $230 million, consisting primarily of cash and cash equivalents and other liquid invested assets.

National Public Guarantee Financial Corporation

National had statutory capital of $1.9 billion and claims-paying resources totaling $2.4 billion as of December 31, 2022. National’s total fixed income investments plus cash and cash equivalents had a book/adjusted carrying value of $2.0 billion as of December 31, 2022. National’s insured portfolio declined by $1.4 billion during the quarter, ending the quarter with $31.7 billion of gross par outstanding. National ended the quarter with a leverage ratio of gross par to statutory capital of 16 to 1, down from 18 to 1 at year-end 2021.

MBIA Insurance Corporation

The statutory capital of MBIA Corp. as of December 31, 2022 was $169 million and claims-paying resources totaled $669 million. As of December 31, 2022, MBIA Insurance Corporation’s total fixed income investments plus cash and cash equivalents had a book/adjusted carrying value of $223 million. MBIA Corp. ended 2022 with total gross par insured of $3.4 billion versus $5.2 billion at year-end 2021.

Conference Call

The Company will host a webcast and conference call for investors tomorrow, Wednesday, March 1, 2023 at 8:00 AM (ET) to discuss its full year and fourth quarter 2022 financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks followed by a question and answer session.

The dial-in number for the call is (800) 343-1703 in the U.S. and (785) 424-1226 from outside the U.S. The conference call code is 34702. A live webcast of the conference call will also be accessible on www.mbia.com.

A replay of the conference call will become available approximately two hours after the completion of the call and will remain available until 11:59 p.m. on March 8 by dialing (800) 925-9356 in the U.S. or (402) 220-5385 from outside the U.S. In addition, a recorded replay of the call will become available on the Company’s website approximately two hours after the completion of the call.

Forward-Looking Statements

This release includes statements that are not historical or current facts and are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,, “anticipate,” “project,” “plan,” “expect,” “estimate,” “intend,” “will,” “will likely result,” “looking forward,” or “will continue,” and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected, including, among other factors, the possibility that MBIA Inc. or National will experience increased credit losses or impairments on public finance obligations issued by state, local and territorial governments and finance authorities that are experiencing unprecedented fiscal stress; the possibility that loss reserve estimates are not adequate to cover potential claims; MBIA Inc.’s or National’s ability to fully implement their strategic plan; changes in general economic and competitive conditions; and the impact on our insured portfolios or business operations caused by the global spread of the novel coronavirus COVID-19. These and other factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying MBIA Inc.’s or National’s forward-looking statements are discussed under the “Risk Factors” section in MBIA Inc.’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which may be updated or amended in MBIA Inc.’s subsequent filings with the Securities and Exchange Commission. MBIA Inc. and National caution readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. National and MBIA Inc. undertake no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such result is not likely to be achieved.

MBIA Inc., headquartered in Purchase, New York is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA’s website at www.mbia.com.

Explanation of Non-GAAP Financial Measures

The following are explanations of why the Company believes that the non-GAAP financial measures used in this press release, which serve to supplement GAAP information, are meaningful to investors.

Adjusted Net Income (Loss): Adjusted Net Income (Loss) is a useful measurement of performance because it measures income from the Company excluding its international and structured finance insurance segment, comprising the results of MBIA Corp. which given its capital structure and business prospects, we do not expect its financial performance to have a material impact on MBIA Inc. Also excluded from Adjusted Net Income (Loss) are investment portfolio realized gains and losses, gains and losses on financial instruments at fair value and foreign exchange, and realized gains and losses on extinguishment of debt. Adjusted Net Income (Loss) eliminates the tax provision (benefit) as a result of a full valuation allowance against the Company’s net deferred tax asset. Trends in the underlying profitability of the Company’s businesses can be more clearly identified without the fluctuating effects of the excluded items previously noted. Adjusted Net Income (Loss) as defined by the Company does not include all revenues and expenses required by GAAP. Adjusted Net Income (Loss) is not a substitute for and should not be viewed in isolation from GAAP net income.

Adjusted Net Income (Loss) per share represents that amount of Adjusted Net Income (Loss) allocated to each fully diluted weighted-average common share outstanding for the measurement period.

MBIA management further adjusts Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share by removing the impact of our U.S. public finance insurance segment VIE consolidations. GAAP requires the Company to consolidate certain VIEs that have issued debt obligations insured by the Company. However, since the Company does not own such VIEs, management uses certain measures that remove the impact of VIE consolidations for our U.S. public finance insurance segment in order to reflect financial exposure limited to its financial guaranty contracts.

Book Value adjustments: Management adjusts GAAP book value to remove the book value of MBIA Corp. and for certain items which the Company believes will reverse from GAAP book value through GAAP earnings and comprehensive income, as well as add in the impact of certain items which the Company believes will be realized in GAAP book value in future periods. The Company has limited such adjustments to those items that it deems to be important when measuring financial performance and for which the likelihood and amount can be reasonably estimated. The following provides a description of management’s adjustments to GAAP book value:

• Negative book value of MBIA Corp. - We remove the negative book value of MBIA Corp. based on our view that given MBIA Corp.’s current financial condition, the regulatory regime in which it operates, the priority given to its policyholders, surplus note holders and preferred stock holders with respect to the distribution of assets, and its legal structure, it is not and will not likely be in a position to upstream any economic benefit to MBIA Inc. Further, MBIA Inc. does not face any material financial liability arising from MBIA Corp.

• Net unrealized (gains) losses on available-for-sale (“AFS”) securities excluding MBIA Corp. - We remove net unrealized gains and losses on AFS securities recorded in accumulated other comprehensive income since they will reverse from GAAP book value when such securities mature. Gains and losses from sales and impairment of AFS securities are recorded in book value through earnings.

• Net unearned revenue in excess of expected losses of National - We include net unearned premium revenue in excess of expected losses. Net unearned premium revenue in excess of expected losses consists of the financial guarantee unearned premium revenue of National in excess of expected insurance losses, net of reinsurance and deferred acquisition costs. In accordance with GAAP, a loss reserve on a financial guarantee policy is only recorded when expected losses exceed the amount of unearned premium revenue recorded for that policy. As a result, we only add to GAAP book value the amount of unearned premium revenue in excess of expected losses for each policy in order to reflect the full amount of our expected losses. The Company’s net unearned premium revenue will be recognized in GAAP book value in future periods, however, actual amounts could differ from estimated amounts due to such factors as credit defaults and policy terminations, among others.

Claims-paying Resources (CPR): CPR is a key measure of the resources available to National and MBIA Corp. to pay claims under their respective insurance policies. CPR consists of total financial resources and reserves calculated on a statutory basis. CPR has been a common measure used by financial guarantee insurance companies to report and compare resources and continues to be used by MBIA’s management to evaluate changes in such resources. The Company has provided CPR to allow investors and analysts to evaluate National and MBIA Corp. using the same measure that MBIA’s management uses to evaluate their resources to pay claims under their respective insurance policies. There is no directly comparable GAAP measure.

Leverage Ratio: Gross Par Outstanding divided by Statutory Capital (Policyholders’ Surplus plus Contingency Reserve).

Contacts

MBIA Inc.

Greg Diamond, 914-765-3190

Managing Director, Head of

Investor and Media Relations

greg.diamond@mbia.com

MBIA INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions except share and per share amounts)

	December 31, 2022			December 31, 2021
Assets
Investments:
Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $2,044 and $2,016)	$	1,812		$	2,157
Investments carried at fair value		511			258
Investments pledged as collateral, at fair value (amortized cost $- and $4)		—			4
Short-term investments, at fair value (amortized cost $353 and $374)		353			374
Total investments		2,676			2,793
Cash and cash equivalents		50			151
Premiums receivable (net of allowance for credit losses $0 and $5)		160			178
Deferred acquisition costs		35			42
Insurance loss recoverable		137			1,296
Assets held for sale		80			—
Other assets		73			67
Assets of consolidated variable interest entities:
Cash		16			9
Investments carried at fair value		47			60
Loans receivable at fair value		78			77
Other assets		23			23
Total assets	$	3,375		$	4,696
Liabilities and Equity
Liabilities:
Unearned premium revenue	$	266		$	322
Loss and loss adjustment expense reserves		439			894
Long-term debt		2,428			2,331
Medium-term notes (includes financial instruments carried at fair value of $41 and $98)		501			590
Investment agreements		233			274
Derivative liabilities		49			131
Liabilities held for sale		61			—
Other liabilities		94			163
Liabilities of consolidated variable interest entities:
Variable interest entity debt (includes financial instruments carried at fair value of $172 and $291)		174			291
Derivative liabilities		6			—
Total liabilities		4,251			4,996
Equity:
Preferred stock, par value $1 per share; authorized shares--10,000,000; issued and outstanding—none		—			—
Common stock, par value $1 per share; authorized shares--400,000,000; issued shares--283,186,115 and 283,186,115		283			283
Additional paid-in capital		2,925			2,931
Retained earnings (deficit)		(653	)		(458	)
Accumulated other comprehensive income (loss), net of tax of $8 and $8		(283	)		100
Treasury stock, at cost--228,333,444 and 228,630,003 shares		(3,154	)		(3,169	)
Total shareholders’ equity of MBIA Inc.		(882	)		(313	)
Preferred stock of subsidiary and noncontrolling interest held for sale		6			13
Total equity		(876	)		(300	)
Total liabilities and equity	$	3,375		$	4,696

MBIA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions except share and per share amounts)

	Three Months Ended December 31,						Years Ended December 31,
	2022			2021			2022			2021
Revenues:
Premiums earned:
Scheduled premiums earned	$	8		$	11		$	39		$	64
Refunding premiums earned		8			—			14			10
Premiums earned (net of ceded premiums of $0, $0, $1 and $16)		16			11			53			74
Net investment income		28			17			95			62
Net realized investment gains (losses)		(4	)		4			(41	)		5
Net gains (losses) on financial instruments at fair value and foreign exchange		(6	)		(1	)		45			40
Net gains (losses) on extinguishment of debt		—			—			4			30
Fees and reimbursements		1			1			5			7
Other net realized gains (losses)		6			(6	)		(12	)		(6	)
Revenues of consolidated variable interest entities:
Net gains (losses) on financial instruments at fair value and foreign exchange		2			2			(14	)		(8	)
Other net realized gains (losses)		14			(1	)		19			(15	)
Total revenues		57			27			154			189
Expenses:
Losses and loss adjustment		(19	)		118			38			350
Amortization of deferred acquisition costs		3			1			8			6
Operating		24			21			68			91
Interest		50			41			179			163
Expenses of consolidated variable interest entities:
Operating		3			1			8			6
Interest		—			—			1			18
Total expenses		61			182			302			634
Income (loss) from continuing operations before income taxes		(4	)		(155	)		(148	)		(445	)
Provision (benefit) for income taxes		1			—			1			—
Income (loss) from continuing operations		(5	)		(155	)		(149	)		(445	)
Income (loss) from discontinued operations, net of income taxes		(55	)		—			(54	)		—
Net income (loss)		(60	)		(155	)		(203	)		(445	)
Less: Net Income (loss) from discontinued operations attributable to noncontrolling interests		(8	)		—			(8	)		—
Net income (loss) attributable to MBIA Inc.	$	(52	)	$	(155	)	$	(195	)	$	(445	)
Net income (loss) per common share - basic and diluted:
Continuing operations	$	(0.11	)	$	(3.12	)	$	(3.00	)	$	(8.99	)
Discontinuing operations		(0.94	)		—			(0.92	)		—
Net income (loss) per common share - basic and diluted	$	(1.05	)	$	(3.12	)	$	(3.92	)	$	(8.99	)
Weighted average number of common shares outstanding:
Basic		49,875,125			49,585,354			49,803,739			49,472,281
Diluted		49,875,125			49,585,354			49,803,739			49,472,281

ADJUSTED NET INCOME (LOSS) RECONCILIATION⁽¹⁾

(In millions except per share amounts)

	Three Months Ended						Years Ended
	December 31,						December 31,
	2022			2021			2022			2021
Net income (loss)	$	(52	)	$	(155	)	$	(195	)	$	(445	)
Less: adjusted net income (loss) adjustments:
Income (loss) from discontinued operations, net of income taxes		(47	)		—			(46	)		—
Income (loss) before income taxes of the international and structured finance insurance segment and eliminations		1			(60	)		(20	)		(283	)
Adjustments to income before income taxes of the U.S. public finance insurance and corporate segments:
Mark-to-market gains (losses) on financial instruments(2)		(2	)		—			58			39
Foreign exchange gains (losses)(2)		(14	)		7			15			25
Net realized investment gains (losses)		(4	)		4			(40	)		5
Net gains (losses) on extinguishment of debt		—			—			5			30
Net investment losses related to impairments of securities(3)		—			—			(21	)		—
Adjusted net income adjustment to the (provision) benefit for income tax		(1	)		—			(1	)		—
Adjusted net income (loss)	$	15		$	(106	)	$	(145	)	$	(261	)
Adjusted net income (loss) per diluted common share	$	0.30		$	(2.13	)	$	(2.90	)	$	(5.27	)

(1) A non-GAAP measure; please see Explanation of non-GAAP Financial Measures.

(2) Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange” on the Company’s consolidated statements of operations.

(3) Reported within “Other net realized gains (losses)” on the Company’s consolidated statements of operations.

COMPONENTS OF BOOK VALUE PER SHARE

	As of December 31, 2022			As of December 31, 2021
Reported Book Value per Share	$	(16.07	)	$	(5.73	)
Management’s book value per share adjustments:
Remove negative book value of MBIA Corp.		(37.76	)		(35.94	)
Remove net unrealized gains (losses) on available-for-sale securities included in other comprehensive income (loss)		(3.96	)		2.02
Include net unearned premium revenue in excess of expected losses		3.08			3.58
Shares outstanding in millions		54.9			54.6

INSURANCE OPERATIONS

Selected Financial Data Computed on a Statutory Basis

(Dollars in millions)

National Public Finance Guarantee Corporation
	December 31, 2022			December 31, 2021
Policyholders’ surplus	$	1,545		$	1,569
Contingency reserves		379			402
Statutory capital		1,924			1,971
Unearned premiums		262			311
Present value of installment premiums (1)		110			121
Premium resources (2)		372			432
Net loss and loss adjustment expense reserves (1)		(140	)		(386	)
Salvage reserves on paid claims (1)		288			944
Gross loss and loss adjustment expense reserves		148			558
Total claims-paying resources	$	2,444		$	2,961
Net debt service outstanding	$	61,616		$	69,817
Gross par outstanding	$	31,652		$	36,451
Capital ratio (3)		32:1			35:1
Claims-paying ratio (4)		25:1			24:1
Leverage Ratio (5)		16:1			18:1
MBIA Insurance Corporation
	December 31, 2022			December 31, 2021
Policyholders’ surplus	$	164		$	97
Contingency reserves		5			37
Statutory capital		169			134
Unearned premiums		36			46
Present value of installment premiums (6) (8)		34			48
Premium resources (2)		70			94
Net loss and loss adjustment expense reserves (6)		35			266
Salvage reserves on paid claims (6) (7)		395			231
Gross loss and loss adjustment expense reserves		430			497
Total claims-paying resources	$	669		$	725
Net debt service outstanding	$	4,395		$	6,509
Capital ratio (3)		26:1			49:1
Claims-paying ratio (4)		7:1			9:1

(1) Calculated using discount rates of 4.29% and 3.65% as of December 31, 2022 and December 31, 2021, respectively.

(2) Includes financial guarantee and insured credit derivative related premiums.

(3) Net debt service outstanding divided by statutory capital.

(4) Net debt service outstanding divided by the sum of statutory capital, unearned premium reserve (after-tax), present value of installment premiums (after-tax), net loss and loss adjustment expense reserves and salvage reserves.

(5) Gross par outstanding divided by statutory capital.

(6) Calculated using discount rates of 5.53% and 4.99% as of December 31, 2022 and December 31, 2021, respectively.

(7) This amount primarily consists of expected recoveries related to the payment of claims on insured CDOs and RMBS.

(8) Based on the Company’s estimate of the remaining life for its insured exposures.