MBIA Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing a mixed performance compared to the previous fiscal period. Total revenues for the third quarter reached $33 million, a significant increase from $17 million in the same period of 2023. For the nine months, revenues totaled $98 million, up from $90 million year-over-year. The U.S. Public Finance segment contributed $20 million in Q3 2024, compared to $15 million in Q3 2023, while the International and Structured Finance segment saw a slight decline.

Despite the revenue growth, MBIA Inc. reported a net loss attributable to the company of $56 million for the third quarter, an improvement from a loss of $185 million in Q3 2023. For the nine months, the net loss was $396 million, compared to $353 million in the prior year. The net income (loss) per share for Q3 2024 was $(1.18), compared to $(3.94) in Q3 2023.

The company's total assets decreased to $2,758 million as of September 30, 2024, down from $2,974 million at the end of 2023. Investments also declined from $1,043 million to $997 million, while cash and cash equivalents fell from $104 million to $72 million. Total liabilities increased to $2,705 million, up from $2,585 million, leading to a decrease in total equity from $2,515 million to $2,483 million.

MBIA's financial performance was impacted by significant claims related to the Puerto Rico Electric Power Authority (PREPA), which defaulted on its debt obligations in January and July 2024, resulting in claims of $16 million and $122 million, respectively. The company has indicated that ongoing litigation and restructuring efforts related to PREPA could materially affect its loss reserves and recoveries.

In terms of strategic developments, MBIA Inc. has been actively managing its liquidity and capital structure. The company repurchased shares as part of a program approved by its Board of Directors, allowing for up to $100 million in share buybacks. Additionally, MBIA Corp. has focused on maximizing recoveries related to claims on policies insuring Class A-1 and A-2 notes issued by Zohar CDOs, although uncertainties remain regarding the realizable value of these assets.

Overall, while MBIA Inc. showed improvements in revenue and reduced losses in Q3 2024, challenges related to claims and asset management continue to pose risks to its financial stability.