Mbia (MBI) saw its loss narrow to $72 million, or $0.55 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $78 million, or $0.58 a share.
Revenue during the quarter surged 140.62 percent to $77 million from $32 million in the previous year period. Net premium earned for the quarter dropped 34.67 percent or $26 million to $49 million.
Total expenses increase substantiallyBenefits, losses and expenses for the quarter were at $197 million, or 402.04 percent of premium earned from $133 million or 177.33 percent of premium earned in the last year period. Operating loss for the quarter was $120 million, compared with an operating loss of $101 million in the previous year period. Meanwhile, accident and health insurance division has received net premium of $28 million during the quarter, down 37.78 percent or $17 million from year-ago period.
Net investment income was at $52 million for the quarter, up 33.33 percent or $13 million from year-ago period. Meanwhile, income from fees and commission for the quarter jumped 100 percent or $1 million to $2 million. The company has booked a loss on investments of $34 million in the quarter compared with a loss of $96 million for the previous year period.
"National continues to execute on a disciplined and measured expansion of its business activities," said Bill Fallon, MBIA's chief operating officer. "Since re-entering the market in 2014, National has now insured business in 27 states, having insured transactions in 5 new states in 2016 and in another 7 new states in the first quarter of 2017. National’s business production in the first quarter of 2017 was its second-highest quarter by policies issued since it re-entered the market.” Mr. Fallon added, “More significantly, National’s capital position continues to strengthen, driven by an $8 billion net reduction of insured exposure during the quarter, which further improves its capacity for its first special dividend payment."
Total assets stood at $11,017million as on Mar. 31, 2017. On the other hand, total liabilities were at $7,791 million as on Mar. 31, 2017.
Return on assets was negative at 0.06 percent in the quarter. Return on equity for the quarter stood at negative 2.23 percent as compared to a negative 2.14 percent for the previous year period.
Total debt was at $3,254 million as on Mar. 31, 2017. Shareholders equity stood at $3,226 million as on Mar. 31, 2017, down 11.35 percent or $413 million from year-ago. As a result, debt to equity ratio was at 1.01 percent in the quarter.
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