MBIA Inc. (MBI) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

developments regarding PREPA since our conference call last quarter, the path and timing for resolving PREPA's outstanding debt remains largely uncertain. While there have been rulings and decisions to support a more favorable outcome for PREPA bondholders, the bondholders and the oversight board appear far apart. Given the uncertainty associated with the possible outcomes for National's PREPA bankruptcy claim, which is in excess of $800 million, We continue to believe that the process to sell the company to maximize shareholder value will likely require substantially reducing the uncertainty regarding PREPA. Regarding the balance of Nationals Insured Portfolio, those credits have continued to perform generally consistent with our expectations. The gross par amount outstanding for Nationals Insured Portfolio has declined by approximately $3.1 billion from year end 2023 to about $25 billion at the end of 2024. National's leverage ratio of gross part of statutory capital was 28 to 1 at the end of 2024. As of December 31, 2024, National had total claims-paying resources of $1.5 billion and statutory capital in surplus in excess of $900 million. Now Joe will provide additional comments about our financial results. Thank you, Bill, and good morning all. I will begin with the review of our fourth quarter and full year 2024 GAAP and non-GAAP results, and then provide an overview of our statutory results. The company reported a consolidated GAAP net loss of $51 million, or a negative $1.07 per share, for the fourth quarter of 2024 compared to a consolidated gap net loss of $138 million or a negative $2.94 per share for the fourth quarter of 2023. The lower gap net loss this quarter was driven by several items. First was a favorable change in net realized investment losses. S...