) reported third-quarter adjusted reported net income of 68 cents
per share compared with 4 cents per share in the year-ago
Total revenue was $420 million, significantly improved from
revenues of $281 million in the year-ago quarter.
MBIA Inc.'s total premiums earned were $104 million, down from
$155 million in the year-ago quarter.
Net investment income was reported at $42 million, down from
$50 million in the year-ago quarter.
U.S. Public Finance Insurance
segment is managed by its subsidiary, National Public Finance,
and was set up in Feb 2009.
Total premiums earned in the U.S. public finance insurance
segment were $75 million, down 44% year over year.
Pre-tax income was $6.0 million compared with $164 million in
the prior-year quarter.
The Structured Finance and International
business operations are managed by MBIA Corp. The segment
suffered an adjusted pre-tax loss of $167 million compared with
an adjusted pre-tax loss of $224 million in the prior-year
quarter. Premiums earned were $40.0 million in the quarter up
5.3% year over year.
The Advisory Services
are managed by Cutwater Asset Management. Cutwater recorded a
pre-tax loss of $8 million compared with a pre-tax loss of $2
million in prior-year quarter. The increase in the pre-tax loss
was primarily due to lower fees from affiliates.
Adjusted book value per share (a non-GAAP measure) dropped to
$28.68 per share as of Dec 31, 2013, compared with $30.68 as of
Dec 31, 2012.
MBIA Corp.'s statutory capital stood at $1.0 billion as on Sep
30 and claims-paying resources were $3.5 billion.
Other companies in the same industry,
Old Republic International Corp.
) with a Zacks Rank #1 (Strong Buy) and
American International Group
) with a Zacks Rank #2 (Buy).
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