MBIA reports Q1 GAAP net loss of $73M; book value per share negative $10.29

MBIA INC

2022-Q1 EPS reported -$1.48 revenue$40,000,000

Consolidated GAAP net loss $73M ($1.48 per diluted share) vs. loss of $106M ($2.16) in Q1 2021.
Book value per share negative $10.29 as of March 31, 2022, down from negative $5.73 at Dec 31, 2021.
Loss improvement driven by lower losses on Puerto Rico credits at National and lower salvage reductions on Zohar CDO claims at MBIA Corp.
Net gains on financial instruments at fair value and foreign exchange decreased, partially offsetting loss improvement.
Unrealized losses on AFS investments due to higher interest rates contributed to book value decline.

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