MBIA : Insurance Corporation Statutory-Basis Financial Statements December 31, 2018 and 2017

MBIA Insurance CorporationStatutory-Basis Financial Statements December 31, 2018 and 2017

MBIA Insurance Corporation Table of Contents

December 31, 2018 and 2017

Page(s)

Independent Auditor's Report................................................................................................................. 1-2

Statutory-Basis Financial Statements

Statements of Admitted Assets, Liabilities and Capital and Surplus .............................................................. 3

Statements of Income ..................................................................................................................................... 4

Statements of Changes in Capital and Surplus ............................................................................................... 5

Statements of Cash Flows ............................................................................................................................... 6

Notes to Statutory-Basis Financial Statements ........................................................................................ 7 - 40

Supplemental Schedules

Summary Investment Schedule ..................................................................................................................... 41

Supplemental Investment Risks Interrogatories .................................................................................... 42 - 47

Supplemental Schedule of Reinsurance Disclosures ............................................................................. 48 - 49

MBIA INSURANCE CORPORATION

STATUTORY-BASIS STATEMENTS OF ADMITTED ASSETS, LIABILITIES and CAPITAL and SURPLUS

(Dollars in thousands except share and per share amounts)

December 31, 2018

December 31, 2017

Admitted Assets

Investments:

Fixed-maturity securities, (fair value $93,822 and $97,856) Investments in subsidiaries

Other investments

Total investments Cash and cash equivalents

Total cash and investments

$

86,425 $ 86,010

6,161 5,908

1

-92,587 91,918

140,499 166,113

233,086 258,031

Accrued investment income Current tax receivable Other assets

Total admitted assets

Liabilities, Capital and Surplus

Liabilities:

Deferred premium revenue

Loss and loss adjustment expense reserves

(net of salvage and subrogation recoverable) Contingency reserve

Borrowed money Other liabilities

Total liabilities

Capital and Surplus:

Common stock, par value $220.80 per share; authorized, issued and outstanding - 67,936 shares Series A non-cumulative perpetual preferred stock, par value $1,000 per share; liquidation value $100,000 per share; authorized - 4,000.08 shares, issued and outstanding - 2,759.08 shares

Surplus notes

Additional paid-in capital Unassigned surplus (deficit)

Total capital and surplus

1,132 859

- 37

1,675 3,504

$

235,893 $ 262,431

$

109,212 $ 194,409

(865,529)

(792,102)

198,836 226,917

429,055 385,508

8,378 11,164

(120,048) 25,896

15,000 15,000

2,759 275,908

952,655 952,655

1,055,941 782,792

(1,670,414)

(1,789,820)

355,941 236,535

Total liabilities, capital and surplus

$

235,893 $ 262,431

The accompanying notes are an integral part of the statutory-basis financial statements.

3