Book value per share decreased to a negative $43.14 as of June 30, 2025, from a negative $40.99 at year-end 2024, mainly due to the consolidated net loss for the first six months of 2025.
MBIA Insurance Corp. reported statutory net income of $4 million in Q2 2025 compared to a statutory net loss of $35 million in Q2 2024.
MBIA reported a consolidated GAAP net loss of $56 million for Q2 2025, a significant improvement from a $254 million net loss in Q2 2024.
National reported statutory net income of $6 million in Q2 2025 versus a statutory net loss of $131 million in Q2 2024.
The adjusted net loss was $8 million for Q2 2025 compared to $138 million in Q2 2024, primarily due to lower losses in Loss Adjustment Expenses (LAE) at National related to PREPA exposure.
Annualized net interest margin improved to 3.68%, up 25 basis points from the prior year and 11 basis points from Q1 2025.
Capital position remained strong with total stockholders' equity at $622.4 million, representing 10.6% of total assets and a book value of $54.61 per share.
Loan portfolio declined 3.3% to $4.6 billion due to higher loan payoffs, including a $30 million payoff on the last day of the quarter.
Net income for Q2 2025 was $19.8 million or $1.72 per diluted common share, up from $17.0 million or $1.45 per share in Q2 2024.
Net interest income increased to $51.0 million, an 8.9% improvement year-over-year, supported by higher loan and investment yields and lower funding costs.
Noninterest expenses declined 3.9% year-over-year to $35.0 million, driven by lower legal and professional fees and reduced expenses on other real estate owned, partially offset by increased technology investments.
Noninterest income decreased 16.5% year-over-year to $8.2 million, impacted by timing of tax credit partnership income and prior year software vendor termination income.
Nonperforming assets were $8.1 million or 0.14% of total assets, with net recoveries on loans of $111,000 and no provision for credit losses on outstanding loans.
The company redeemed $75 million of subordinated notes early, saving future interest costs, and repurchased nearly 176,000 shares in the quarter.
Total deposits were $4.68 billion at quarter end, up 1.7% from December 31, 2024, but down 1.6% from Q1 2025, with brokered deposits and checking accounts increasing while retail CDs declined.
Asia segment earnings were $350 million, down 22%, driven by less favorable investment and underwriting margins despite strong sales growth.
Corporate and Other segment reported an adjusted loss of $233 million, slightly worse than prior year.
EMEA segment earnings were $100 million, up 30%, reflecting strong volume and sales growth.
Group Benefits adjusted earnings were $400 million, down 25% from the prior year, impacted by less favorable life and non-medical health underwriting.
Latin America posted $233 million in adjusted earnings, up 3% and 15% on a constant currency basis, driven by volume growth and favorable Chilean encaje returns.
MetLife Holdings earnings were $144 million, down 6%, reflecting lower variable investment income and runoff of the business.
MetLife reported adjusted earnings of $1.4 billion or $2.02 per share for Q2 2025, down 16% year-over-year primarily due to less favorable underwriting and lower investment margins.
Retirement and Income Solutions (RIS) segment earnings were $368 million, down 10% due to lower recurring interest margins.
Dafinchi