MBIA Inc. reports third quarter 2026 adjusted loss of $0.06 missing estimates on PREPA exposure

MBIA Inc. reported a third quarter 2026 adjusted net loss of $0.06 per share, failing to meet the analyst consensus estimate of a $0.03 loss. The results were primarily driven by significant loss and loss adjustment expense (LAE) developments at its National subsidiary related to the Puerto Rico Electric Power Authority (PREPA) exposure, which outweighed interest-rate-driven benefits in the company's legacy RMBS portfolio.

Key Highlights

• Adjusted net loss reached $3 million for the quarter, a sharp decline from the $51 million adjusted net income reported in the third quarter of 2025.
• National Public Finance Guarantee's insured portfolio gross par outstanding fell to $19.7 billion, representing a $1.1 billion reduction during the quarter.
• Consolidated GAAP net loss widened to $24 million ($0.49 per share) from $8 million ($0.17 per share) year-over-year, largely due to reduced LAE benefits at National.
• Corporate liquidity at the MBIA Inc. level remained at $335 million with zero share repurchases conducted during the quarter.