A decline in net premiums earned and an increase in losses andloss adjustment expenses pushed MBIAInc.'s operating income down year over year in the first quarter.

The company recorded first-quarter non-GAAP combined operatingincome of $16 million, or 12 cents per share, compared with $34 million, or 18 centsper share, in the first quarter of 2015.

The GAAP net loss for the quarter was $78 million, or 58 centsper share, versus GAAP net income of $69 million, or 37 cents per share, in theyear-ago period.

The U.S. public finance insurance segment recorded operatingincome of $37 million for the first quarter, down year over year from $56 million.

Adjusted book value per share was $31.74 as of March 31, comparedwith $29.69 per share as of Dec. 31, 2015. The increase in adjusted book value pershare was driven primarily by a decrease in common shares outstanding resultingfrom share repurchases. The company repurchased 15 million of its common sharesduring the first quarter.