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Investor Relations14 Oct 2025
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MBIA (MBI) investor relations material
MBIA Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Consolidated GAAP net loss for Q2 2025 was $56 million ($1.12/share), a significant improvement from $254 million ($5.34/share) in Q2 2024, mainly due to lower losses and LAE, especially related to PREPA exposure at National and MBIA Corp.
For the first six months of 2025, consolidated GAAP net loss was $118 million ($2.40/share), compared to $340 million ($7.21/share) in the same period of 2024.
PREPA defaults led to gross claims payments of $13 million in January and $92 million in July 2025, with $657 million of insured debt service outstanding as of June 30, 2025.
National's insured portfolio gross par outstanding declined by $1.1 billion since year-end 2024, now at $24.2 billion as of June 30, 2025.
MBIA Mexico substantially completed liquidation, returning $12 million of capital to MBIA Corp. in H1 2025.
Financial highlights
Total revenues were $23 million for Q2 2025, up from a loss of $37 million in Q2 2024, mainly due to favorable fair value changes and VIE revenues.
Total expenses decreased to $79 million in Q2 2025 from $216 million in Q2 2024, with losses and LAE dropping to $8 million from $142 million year-over-year.
Book value per share was $(43.14) as of June 30, 2025, down from $(40.99) at December 31, 2024, mainly due to net loss in the first half of 2025.
Liquidity position totaled $355 million as of June 30, 2025, consisting of cash, cash equivalents, and liquid invested assets.
Adjusted net loss (non-GAAP) was $8 million ($0.17/share) for Q2 2025, compared to $138 million ($2.90/share) in Q2 2024.
Outlook and guidance
Resolution of PREPA exposure remains uncertain, with timing dependent on court proceedings and administrative expense claims.
Sale of the company and maximizing shareholder value are contingent on reducing PREPA-related uncertainties.
No new financial guarantee policies are expected to be written outside of remediation activities.
National is expected to remain the primary source of liquidity for the holding company, with future dividends subject to regulatory approval.
Recent changes in Puerto Rico's oversight board could impact the pace and outcome of PREPA negotiations, but effects remain speculative.
What is the immediate goal of converting PREPA claims to securities?
How will new PR Oversight Board impact PREPA timing?
Q2 PREPA reserve change: Was it recovery % or timing?
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Next MBIA earnings date
Q3 20255 Nov, 2025
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Frequently asked questions
MBIA Inc. provides financial guarantee insurance and related services to the public and private sectors. The company operates through its subsidiaries, offering credit enhancement for municipal bonds, structured finance securities, and other financial obligations. MBIA’s products are designed to reduce credit risk for issuers and investors, facilitating access to capital markets and supporting financial stability. The company is headquartered in Purchase, New York, and its shares are listed on the NYSE.
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