MBIA Loses On Credit Derivatives
Insurer MBIA Inc. (NYSE:MBI) reported fourth-quarter net loss of $626 million or $3.23 per share, in stark contrast to a net income of $451 million or $2.24 per share in the prior-year quarter. The sharp year-over-year decline was primarily due to $1.7 billion of pre-tax losses on insured credit derivatives. This loss was, however, partially [...]
Insurer MBIA Inc. (NYSE:MBI) reported fourth-quarter net loss of $626 million or $3.23 per share, in stark contrast to a net income of $451 million or $2.24 per share in the prior-year quarter.
The sharp year-over-year decline was primarily due to $1.7 billion of pre-tax losses on insured credit derivatives. This loss was, however, partially offset by a $448 million income tax benefit, a $285 million benefit to loss and loss adjustment expenses related to an increase in expected recoveries from … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards