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CORRECT: MBIA Swings To 1Q Profit On Derivatives Gains

("MBIA Swings To 1Q Profit On Derivatives Gains," at 4:30 p.m. EDT, misstated the number of banks still suing MBIA in the fifth paragraph. The correct version follows.) DOW JONES NEWSWIRES MBIA Inc. (MBI) swung to a first-quarter profit as losses on derivatives continued to ease, though the insurer's core results worsened as earned premiums stagnated. "Our first quarter 2012 operating results were a disappointment due to the significant actions we took to reduce future volatility in our insured portfolio and lower liquidity risk at the holding company," President and Chief Financial Officer Chuck Chaplin said. MBIA has reported a string of choppy results in recent years, hinging on the varying performance of its insured derivatives. The company, one of the largest bond insurers in the world, suffered wide losses after the housing-market crash caused insurance on mortgage-related securities to backfire. In 2009, MBIA split off its public-finance business, calling it the National Public Finance Guarantee Corp., while the structured-finance guarantees--with all their obligations--remained with MBIA Insurance Corp. That move prompted many banks to sue MBIA, though the insurer reached settlements with most of them. The two banks still pursuing litigation argue that MBIA's restructuring was improper and will take the insurer to trial this month in New York State Supreme Court. Bank of America Corp. (BAC) and Societe Generale (GLE.FR, SCGLY) are alleging an MBIA unit they expected to pay them is effectively insolvent and unable to pay claims. Overall, MBIA posted a profit of $10 million, or 5 cents a share, compared with a year-earlier loss of $1.27 billion, or $6.37 a share. MBIA's adjusted pre-tax loss reached $548 million in the quarter, compared with a $25 million profit a year earlier. The insurer reported $383 million of revenue, compared with a negative $1.61 billion top line a year ago caused by $1.42 billion in losses on insured derivatives. Total premiums earned were flat at $137 million. MBIA's insured derivatives gained $299 million in value overall, compared with a $1.78 billion loss a year earlier. Investment income dropped 46%. Shares were off 1.2% at $9.70 after hours. The stock had fallen 15% so far this year through Thursday's close. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; andrew.fitzgerald@dowjones.com

Stock News for Bank of America (BAC)
DateTimeHeadline
10/01/201419:36:47Bank of America Board Gives Chairman Job to Brian Moynihan
10/01/201417:30:28BofA Board Gives Chairman Job to Moynihan
10/01/201412:40:18J.P. Morgan Expects $869 Million Credit for Mortgage Actions
10/01/201412:30:31J.P. Morgan Expects $869 Million in Credit for Consumer Mortgage...
09/29/201423:00:21Bank Branches in U.S. Dip to Lowest Since 2005
09/29/201422:52:12Bank Branches in U.S. Decline to Lowest Level Since 2005 -- Update
09/27/201420:43:31Bank of America Gets Back to Normal
09/23/201405:37:26Jimmy Choo Plans London Listing
09/22/201409:48:50U.S. Hot Stocks: Hot Stocks to Watch
09/16/201400:56:44Bank of America Releases Mid-Year Stress Test Results
09/03/201401:31:51J.P. Morgan in Talks to Sell Oil-Supply Agreement
08/28/201414:25:10J.P. Morgan Working With Law Enforcement on Cyber Attack -- 3rd...
08/28/201414:17:23J.P. Morgan Working With Law Enforcement on Cyber Attack -- 2nd...
08/21/201419:36:44BofA Settlement Earmarks $7 Billion for Homeowners
08/21/201415:16:08Private Bankers Notably Absent From Fed's Symposium This Year
08/21/201409:50:07Bank of America Reaches $16.65 Billion Settlement
08/18/201412:22:47Banks, Retailers Speed Up Drive to Add Chips to Credit, Debit...
08/12/201420:39:13Banks Retreat From Market That Keeps Cash Flowing
08/08/201412:36:06Gemalto to Buy SafeNet for $890 Million
08/05/201416:10:12Trustees Seek More Time on Citigroup Settlement

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