ADD to BW1069 (MBIA) REPORTS THIRD QUARTER EARNINGS INCREASE.ARMONK, N.Y.--(BUSINESS WIRE)--Nov. 1, 1994--ADD the following to BW1069, MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Inc. Reports Third Quarter Earnings Increase:
MBIA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(dollars in thousands except per share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
1994 1993 1994 1993
Revenues: Gross premiums written $ 80,099 $110,022 $274,385 $362,362 Ceded premiums (12,011) (6,487) (38,686) (35,646) Net premiums written 68,088 103,535 235,699 326,716 Increase in deferred premium revenue (13,358) (42,298) (72,829) (153,093) Premiums earned 54,730 61,237 162,870 173,623 Net investment income 49,551 44,932 144,241 131,850 Net realized gains 752 1,372 9,659 6,698 Non-insurance revenues 4,222 1,018 12,019 3,005 Non-insurance net realized losses (145) --- (603) --- Other income 902 1,663 1,527 4,293 Total revenues 110,012 110,222 329,713 319,469 . Expenses: Insurance: Losses and loss adjustment expenses 1,626 1,862 5,665 6,018 Policy acquisition costs, net 5,232 6,413 16,292 18,922 Operating expenses 10,816 9,102 30,453 27,721 Non-insurance expenses 2,646 1,279 7,592 3,362 Interest expense 6,759 6,719 20,214 20,181 Other expenses 420 442 1,053 1,077 Total expenses 27,499 25,817 81,269 77,281 Income before income taxes 82,513 84,405 248,444 242,188 Provision for income taxes 17,466 24,588 52,705 58,802 Income before cumulative effect of accounting changes 65,047 59,817 195,739 183,386 Cumulative effect of accounting changes --- --- --- 12,923 Net income $ 65,047 $ 59,817 $195,739 $196,309 Per common share: Income before cumulative effect of accounting changes $ 1.54 $ 1.41 $ 4.65 $ 4.32 Cumulative effect of accounting changes --- --- --- 0.30 Net income $ 1.54 $ 1.41 $ 4.65 $ 4.62 Weighted average number of common
shares outstanding 42,105,144 42,529,415 42,111,624 42,470,708
MBIA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands except per share amounts)
Sept. 30, 1994 Dec. 31, 1993 Sept. 30, 1993
(Unaudited) (Audited) (Unaudited)
Assets Investments: Fixed maturity securities, at amortized cost (market value $3,015,527 and $3,051,259) $ --- $2,796,699 $2,812,114 Fixed maturity securities held as available-for-sale at market (amortized cost
$3,064,590) 3,063,011 --- ---
Short-term investments 107,887 104,205 91,448
Other investments 17,633 104,681 88,690
3,188,531 3,005,585 2,992,252
Municipal investment agreement portfolio, at amortized cost (market value $536,590 and $46,580) --- 538,751 46,718 Municipal investment agreement portfolio, at market (amortized cost $1,542,360) 1,494,536 --- --- Total investments 4,683,067 3,544,336 3,038,970 Cash and cash equivalents 11,865 2,492 14,191 Accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. investment income 63,056 54,794 47,430 Deferred acquisition costs 128,044 120,484 117,766 Prepaid reinsurance premiums 183,150 170,551 171,646 Goodwill - net 112,509 116,279 117,546 Property and equipment - net 44,045 44,115 43,635 Receivable for investments sold 935 31,903 1,520 Other assets 37,335 21,359 21,586 Total assets $5,264,006 $4,106,313 $3,574,290 Liabilities and Shareholders' Equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. Liabilities: Deferred premium revenue $1,488,522 $1,402,807 $1,356,514 Loss and loss adjustment expense reserves (1) 38,811 33,735 32,980 Long-term debt 298,763 298,680 298,652 Municipal investment agreements 1,514,413 493,014 45,990 Current income taxes payable --- 1,811 4,436 Deferred income taxes 101,290 107,881 103,647 Payable for investments purchased 34,562 111,279 72,860 Other liabilities 73,464 60,748 100,684 Total liabilities 3,549,825 2,509,955 2,015,763 Shareholders' Equity: Common stock 42,077 42,074 42,051 Additional paid-in capital 719,973 719,281 718,103 Retained earnings 1,005,299 844,916 793,100 Cumulative translation adjustment 810 (1,218) (708) Unrealized (depreciation) appreciation - net (2) (31,357) 7,080 6,501 Treasury stock (22,621) (15,775) (520) Total shareholders' equity 1,714,181 1,596,358 1,558,527 Total liabilities and shareholders' equity $5,264,006 $4,106,313 $3,574,290 Book value per share (2) $ 41.09 $ 38.18 $ 37.08 (1) Includes net case reserves $23,276 $7,473 $7,784 (2) In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 115 accounting requirements, September September: see month. 1994 includes $32.1 million or $0.77 per share of net unrealized depreciation from fixed maturity securities.
MBIA INC. AND SUBSIDIARIES
COMPONENTS OF CORE EARNINGS PER SHARE
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
1994 1993 1994 1993
Reported earnings per share $1.54 $1.41 $4.65 $4.62 Cumulative effect of accounting changes --- --- --- 0.30 Earnings per share before cumulative effect of accounting changes 1.54 1.41 4.65 4.32 Adjustments: Realized gains 0.01 0.02 0.14 0.10 1993 tax rate increase (1) --- (0.11) --- (0.09) Net effect of sold operation --- --- 0.03 --- Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before per share (2) 1.53 1.50 4.47 4.30 Earnings per share from refunded issues 0.19 0.32 0.56 0.91 Core earnings per share (2) $1.34 $1.18 $3.92 $3.40 (1) Three months ended September 30, 1993 include retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a tax of ($0.02) per share from first six months of 1993. (2) Amounts may not add due to rounding.
MUNICIPAL BOND INVESTORS
ASSURANCE CORPORATION CONSOLIDATED
(wholly-owned subsidiary of MBIA Inc.)
Selected Financial Data Computed on a Statutory Basis:
(dollars in millions)
Sept. 30, 1994 Dec. 31, 1993 Sept. 30, 1993
(Unaudited) (Audited) (Unaudited)
Capital and surplus $ 1,083.0 $ 977.7 $ 950.6
Contingency reserve 597.3 539.1 511.5
Capital base 1,680.3 1,516.8 1,462.1
Unearned premium reserve 1,584.7 1,474.2 1,426.9
Loss and loss adjustment expense reserves 23.3 7.5 7.8 Total policyholders' reserves 3,288.3 2,998.5 2,896.8 Present value of installment premiums 192.2 186.5 183.3 Standby line of credit 600.0 575.0 550.0 Total capital resources $ 4,080.5 $ 3,760.0 $ 3,630.1 Net insurance in force $295,227.2 $266,784.3 $259,777.7 Capital ratio (1) 176:1 176:1 178:1 Capital resources ratio (2) 85:1 84:1 84:1 (1) Net debt service outstanding divided by capital base. (2) Net debt service outstanding divided by the sum of capital base, unearned premium reserve (after tax), present value of installment Regular, partial portion of the same debt, paid at successive periods as agreed by a debtor and creditor. An installment loan is designed to be repaid in certain specified, ordinarily equal amounts over a designated period, such as a year or a number of months. premiums (after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. ) and irrevocable Unable to cancel or recall; that which is unalterable or irreversible. IRREVOCABLE. That which cannot be revoked. 2. A will may at all times be revoked by the same person who made it, he having a disposing mind; but the moment the testator is standby standby Medtalk adjective Referring to the immediate availability of a certain specialist–anesthesiologist, surgeon, who can be deployed in a medical emergency. Cf Concurrent. claims-paying line of credit. CONTACT: MBIA Inc., Armonk Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. C. Ballinger Ballinger may refer to:
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