MBIA reports Q4 operating EPS (5c), consensus 11c
Book value per share was $23.87 as of December 31, 2016 compared with $24.61 as of December 31, 2015. The decrease in book value per share since year-end 2015 was primarily due to the $324 million or $2.40 per share after-tax impairment recorded during the fourth quarter of 2016 associated with the sale of MBIA UK, partially offset by share repurchases that decreased common shares outstanding. Bill Fallon, MBIA Inc.'s President and COO said, "We are pleased with the growing acceptance of National as its new business production nearly tripled for 2016 versus last year. Regarding our financial results, while the sale of MBIA UK adversely impacted our consolidated GAAP results, it had no impact on our Combined Operating Income. The reduction in Combined Operating Income was primarily due to additions to our loss reserves and lower premium earnings that resulted from lower refunding activity and our decreasing unearned premiums at National."