MBIA Inc. announced a second-quarter adjusted net loss of $76 million, or a loss of 90 cents per common share, compared with a loss of $51 million, or a loss of 58 cents per share, in the prior-year quarter.
The increase of subsidiary National Public Finance Guarantee Corp.'s loss and loss adjustment expense associated with its Puerto Rico exposures was the largest driver of adjusted net loss for the quarter, said MBIA CEO William Fallon.
The company reported a net loss of $170 million, or a loss of $2.02 per share, compared with a net loss of $146 million,or a loss of $1.64 per share, in the 2018 period.
Net investment income for the quarter was $30 million, down from $34 million in the year-ago period.
Book value per share as of June 30 stood at $12.26, compared with $12.46 as of Dec. 31, 2018. The decline in book value per share since year-end 2018 was primarily due to the year-to-date net loss partially offset by fewer shares outstanding due to buybacks since the start of 2019.