MBIA Q4 Earnings Call Highlights

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Sat, February 28, 2026 astatine 10:41 AM CST 7 min read

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Earnings improved connected PREPA benefit: MBIA's 2025 GAAP nett nonaccomplishment narrowed to $177 cardinal (‑$3.58/sh) from $447 cardinal successful 2024 and adjusted results turned to a $23 cardinal profit, driven chiefly by a LAE payment astatine National aft a custodial‑receipt merchantability and favorable PREPA loss‑estimate revisions.
Book worth remains profoundly negative: MBIA's publication worth per stock fell to negative $44.27 astatine year‑end 2025, with MBIA Insurance Corp. contributing negative $53.35, highlighting persistent superior strain contempt improved operating results.
PREPA is the cardinal unresolved risk: National inactive holds astir $425 million of PREPA gross par outstanding and absorption expects constricted near‑term advancement owed to ineligible issues, adjacent arsenic the insured portfolio runs disconnected (gross par down to ~$22 billion) and National's statutory superior (~$937 million) provides immoderate flexibility for dividends oregon strategical options.
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MBIA (NYSE:MBI) reported little nett losses for full-year 2025 compared with 2024, arsenic absorption pointed to a favorable plaything successful nonaccomplishment and nonaccomplishment accommodation disbursal (LAE) tied mostly to National Public Finance Guarantee Corporation’s Puerto Rico Electric Power Authority (PREPA) exposure. Results for the 4th fourth were comparable to the prior-year play connected a GAAP basis, according to executives connected the company’s year-end net call.

CEO Bill Fallon said MBIA posted “lower nett losses” successful 2025 versus 2024, portion the 4th quarters of 2025 and 2024 were “comparable.” A cardinal operator was National’s LAE line, wherever 2025 included a payment compared with incurred losses successful 2024.

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Fallon said National’s LAE successful some years “resulted chiefly from changes to nonaccomplishment estimates for its PREPA-related exposure.” He attributed the 2025 payment mostly to the merchantability of a custodial receipt associated with National’s PREPA bankruptcy claims astatine “prices amended than National’s nonaccomplishment estimates,” on with “favorably revised” nonaccomplishment estimates connected National’s remaining PREPA exposure.

CFO Joe Schachinger provided the GAAP comparisons:

Fourth-quarter 2025 GAAP nett loss: $51 million, oregon $(1.01) per share, versus a $51 cardinal loss, oregon $(1.07) per share, successful fourth-quarter 2024.
Full-year 2025 GAAP nett loss: $177 million, oregon $(3.58) per share, versus a $447 cardinal loss, oregon $(9.43) per share, successful 2024.

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