MBIA Inc. reported a fourth-quarter 2017 adjusted net loss of $167 million, or $1.52 per share, compared with an adjusted net loss of $6 million, or 5 cents share, in the same quarter of 2016.
The company's GAAP net loss in the quarter was $37 million, or 39 cents per share, which was an improvement from a net loss of $265 million, or $2.01 per share, in the year-ago quarter.
Book value per share was $15.44 as of Dec. 31, 2017, versus $23.87 at year-end 2016. Adjusted book value per share was $29.32 as of Dec. 31, 2017, compared with $31.88 as of Dec. 31, 2016.
For the full 2017 year, MBIA reported an adjusted net loss of $410 million, or $3.45 per share, compared with an adjusted net income of $30 million, or 23 cents per share, in 2016. The consolidated GAAP net loss for 2017 was $1.61 billion, or $13.50 per share, versus a net loss of $338 million, or $2.54 per share, in 2016.
The adjusted net loss figures were primarily due to the full valuation allowance of the company's net deferred tax asset, established in the second quarter of 2017, that drove a $945 million unfavorable change in its tax provision, as well as $463 million of additional loss and loss adjustment expenses. The increased loss and loss adjustment expenses were primarily from Puerto Rico-insured credits.
