[1]	Includes net investment income of $15 million, $5 million, $3 million, and ($6) million for the U.S. Public Finance, Corporate, International and Structured Finance, and Eliminations segments, respectively.
[2]	Includes net investment income of $15 million, $6 million, $3 million, and ($5) million for the U.S. Public Finance, Corporate, International and Structured Finance, and Eliminations segments, respectively.
[3]	Includes net investment income of $30 million, $11 million, $6 million, and ($12) million for the U.S. Public Finance, Corporate, International and Structured Finance, and Eliminations segments, respectively.
[4]	Includes net investment income of $30 million, $13 million, $6 million, and ($12) million for the U.S. Public Finance, Corporate, International and Structured Finance, and Eliminations segments, respectively.
[5]	Includes approximately 1 million of participating securities that met the service condition and were eligible to receive nonforfeitable dividends or dividend equivalents for the three and six months ended June 30, 2026 and 2025.

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Premiums, fees and reimbursements received	$ 6	$ 8
Investment income received	24	25
Financial guarantee losses and loss adjustment expenses paid	(29)	(29)
Proceeds from recoveries and reinsurance, net of salvage paid to reinsurers	8	15
Operating expenses paid and other operating	(28)	(42)
Interest paid, net of interest converted to principal	(17)	(19)
Cash (used) by discontinued operations	(1)	0
Net cash provided (used) by operating activities	(37)	(42)
Cash flows from investing activities:
Purchases of available-for-sale investments	(151)	(173)
Sales of available-for-sale investments	0	123
Paydowns, maturities and other proceeds of available-for-sale investments	157	103
Purchases of investments at fair value	(34)	(22)
Sales, paydowns, maturities and other proceeds of investments at fair value	30	32
Sales, paydowns and maturities (purchases) of short-term investments, net	80	74
Other investing	3	1
Proceeds from discontinued operations	2	0
Net cash provided (used) by investing activities	87	138
Cash flows from financing activities:
Principal paydowns of investment agreements	0	(1)
Principal paydowns of variable interest entity debt	(3)	(8)
Purchases of treasury stock	(1)	(7)
Net cash provided (used) by financing activities	(4)	(16)
Net increase (decrease) in cash and cash equivalents	46	80
Cash and cash equivalents - beginning of period	71	87
Cash and cash equivalents - end of period	117	167
Reconciliation of net income (loss) to net cash provided (used) by operating activities:
Net income (loss)	(85)	(118)
Income (loss) from discontinued operations, net of income taxes	(1)	0
Income (loss) from continuing operations	(84)	(118)
Change in:
Unearned premium revenue	(12)	(13)
Loss and loss adjustment expense reserves	(9)	0
Insurance loss recoverable	(7)	0
Accrued interest payable	78	80
Other assets and liabilities	3	(12)
Net realized investment (gains) losses	0	6
Net (gains) losses on financial instruments at fair value and foreign exchange	(3)	17
Other net realized (gains) losses	1	(7)
Other operating	(4)	5
Total adjustments to income (loss) from continuing operations	47	76
Net cash provided (used) by operating activities	(37)	(42)
Non-cash financing activities:
Variable interest entity debt extinguishment	$ 0	$ 7

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Investments:
Assets held for sale	$ 0	$ 8
Total assets	1,979	2,013
Liabilities:
Liabilities held for sale	0	6
Total liabilities	4,297	4,243
Commitments and contingencies (Refer to Note 12: Commitments and Contingencies)
Equity:
Preferred stock, par value $1 per share; authorized shares—10,000,000; issued and outstanding—none	0	0
Common stock, par value $1 per share; authorized shares--400,000,000; issued shares--283,186,115	283	283
Additional paid-in capital	2,416	2,450
Retained earnings (deficit)	(1,854)	(1,768)
Accumulated other comprehensive income (loss), net of tax of $7 and $7	(100)	(95)
Treasury stock, at cost--232,170,115 and 232,675,865 shares	(3,071)	(3,107)
Total shareholders' equity of MBIA Inc.	(2,326)	(2,237)
Preferred stock of subsidiary and noncontrolling interests	8	7
Total equity	(2,318)	(2,230)
Total liabilities and equity	1,979	2,013
Non Variable Interest Entity [Member]
Investments:
Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $1,168 and $1,163)	1,040	1,042
Investments carried at fair value	231	223
Short-term investments, at fair value (amortized cost $335 and $409)	335	409
Other investments at amortized cost	1	1
Total investments	1,607	1,675
Cash and cash equivalents	115	69
Premiums receivable (net of allowance for credit losses of $- and $- )	117	121
Deferred acquisition costs	22	24
Insurance loss recoverable	50	43
Assets held for sale	0	8
Other assets	32	37
Liabilities:
Unearned premium revenue	160	172
Loss and loss adjustment expense reserves	445	454
Long-term debt	2,915	2,843
Medium-term notes (includes financial instruments carried at fair value of $43 and $46)	475	472
Investment agreements	175	174
Liabilities held for sale	0	6
Other liabilities	84	73
Variable Interest Entity, Primary Beneficiary [Member]
Investments:
Cash	2	2
Loans receivable at fair value	34	34
Liabilities:
Other liabilities	13	17
Variable interest entity debt (includes financial instruments carried at fair value of $23 and $25)	$ 30	$ 32