MBIA reports Q3 EPS adjusted EPS (35c), consensus (19c)
Book value per share was $12.22 as of September 30 compared with $15.44 as of December 31, 2017. Adjusted Book Value per share was $26.80 compared with $28.77 as of December 31, 2017. "The decrease in ABV per share since year-end 2017 was primarily due to additional loss and loss adjustment expense reserves at National that are primarily related to its Puerto Rico exposures," the company said. It added, "The net loss for the third quarter of 2018 was driven by losses and loss adjustment expenses that were primarily related to its Puerto Rico exposures and an accounting loss related to the deconsolidation of variable interest entities. The decrease in the year-over-year consolidated GAAP net loss was primarily due to lower losses and loss adjustment expenses and lower net investment losses related to other than temporary impairments."