MBIA Inc. (MBI) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $31 million, or $ 0.23 a share in the quarter, against a net loss of $35 million, or $0.23 a share in the last year period.
Revenue during the quarter surged 120.65 percent to $203 million from $92 million in the previous year period. Net premium earned for the quarter declined 8.33 percent or $7 million to $77 million.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $148 million, or 192.21 percent of premium earned from $147 million or 175 percent of premium earned in the last year period.
Operating income for the quarter was $55 million, compared with an operating loss of $55 million in the previous year period.
Meanwhile, accident and health insurance division has received net premium of $42 million during the quarter, down 10.64 percent or $5 million from year-ago period.
Net investment income was at $39 million for the quarter, up 2.63 percent or $1 million from year-ago period. Meanwhile, income from fees and commission for the quarter jumped 2,100 percent or $21 million to $22 million.
Assets, liabilities fall
Total assets decreased 21.69 percent or $3,264 million to $11,787 million on Sep. 30, 2016. On the other hand, total liabilities were at $8,117 million as on Sep. 30, 2016, down 28.40 percent or $3,220 million from year-ago.
Return on assets stood at 0.71 percent in the quarter, up 0.55 from 0.16 percent in the last year period. Return on equity was at 0.84 percent in the quarter against a negative 0.94 percent in the last year period.
Shareholders equity stood at $3,670 million as on Sep. 30, 2016, down 1.18 percent or $44 million from year-ago. As a result, debt to equity ratio went down 140 basis points to 0.91 percent in the quarter from 2.31 percent in the last year period.
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