MBIA (MBI) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 26, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000814585
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Trading Symbol	MBI
Entity Registrant Name	MBIA INC.
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,934,943
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity File Number	1-9583
Entity Tax Identification Number	06-1185706
Entity Address, Address Line One	1 Manhattanville Road, Suite 301
Entity Address, City or Town	Purchase
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10577
Entity Incorporation, State or Country Code	CT
City Area Code	914
Local Phone Number	273-4545

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments:
Assets held for sale	$ 88	$ 80
Total assets	3,257	3,375
Liabilities:
Liabilities held for sale	70	61
Total liabilities	4,245	4,251
Commitments and contingencies (Refer to Note 13: 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 and 283,186,115	283	283
Additional paid-in capital	2,915	2,925
Retained earnings (deficit)	(820)	(653)
Accumulated other comprehensive income (loss), net of tax of $7 and $8	(213)	(283)
Treasury stock, at cost—231,143,200 and 228,333,444 shares	(3,165)	(3,154)
Total shareholders' equity of MBIA Inc.	(1,000)	(882)
Preferred stock of subsidiary and noncontrolling interest held for sale	12	6
Total equity	(988)	(876)
Total liabilities and equity	3,257	3,375
Non Variable Interest Entity [Member]
Investments:
Fixed-maturity securities held as available-for-sale, at fair value (amortized cost $1,914 and $2,044)	1,725	1,812
Investments carried at fair value	346	511
Short-term investments, at fair value (amortized cost $374 and $353)	374	353
Total investments	2,445	2,676
Cash and cash equivalents	208	50
Premiums receivable (net of allowance for credit losses $0 and $0)	155	160
Deferred acquisition costs	33	35
Insurance loss recoverable	100	137
Assets held for sale	88	80
Other assets	65	73
Liabilities:
Unearned premium revenue	249	266
Loss and loss adjustment expense reserves	361	439
Long-term debt	2,505	2,428
Medium-term notes (includes financial instruments carried at fair value of $38 and $41)	494	501
Investment agreements	236	233
Derivative liabilities	48	49
Liabilities held for sale	70	61
Other liabilities	84	94
Variable Interest Entity Primary Beneficiary [Member]
Investments:
Investments carried at fair value	22	47
Other assets	64	23
Cash	7	16
Loans receivable at fair value	70	78
Liabilities:
Derivative liabilities	12	6
Variable interest entity debt (includes financial instruments carried at fair value of $183 and $172)	$ 186	$ 174

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value	$ 1	$ 1
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized shares	400,000,000	400,000,000
Common stock, issued shares	283,186,115	283,186,115
Accumulated other comprehensive income (loss), taxes	$ 7	$ 8
Treasury stock, shares	231,143,200	228,333,444
Non Variable Interest Entity [Member]
Fixed-maturity securities held as available-for-sale, amortized cost	$ 1,914	$ 2,044
Short-term investments, amortized cost	374	353
Premiums receivable (net of allowance for credit losses)	0	0
Medium-term notes, financial instruments carried at fair value	38	41
Variable Interest Entity Primary Beneficiary [Member]
Variable interest entity debt (includes financial instruments carried at fair value)	$ 183	$ 172

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Net realized investment gains (losses)				$ (10)	$ (24)
Net gains (losses) on financial instruments at fair value and foreign exchange		$ 11	$ 9	(1)	26
Net gains (losses) on extinguishment of debt		1	4	1	4
Fees and reimbursements		0	4	0	4
Total revenues		28	40	30	80
Expenses:
Losses and loss adjustment		28	20	35	69
Interest		53	43	104	84
Total expenses		106	76	191	189
Income (loss) from continuing operations before income taxes		(78)	(36)	(161)	(109)
Provision (benefit) for income taxes		0	0	0	0
Income (loss) from continuing operations		(78)	(36)	(161)	(109)
Income (loss) from discontinued operations, net of income taxes		3	0	0	0
Net income (loss)		(75)	(36)	(161)	(109)
Less: Net income from discontinued operations attributable to noncontrolling interest		(1)	0	6	0
Net income (loss) attributable to MBIA Inc.		$ (74)	$ (36)	$ (167)	$ (109)
Net income (loss) per common share attributable to MBIA Inc. - basic and diluted
Continuing operations - basic		$ (1.52)	$ (0.72)	$ (3.38)	$ (2.2)
Continuing operations - diluted		(1.52)	(0.72)	(3.38)	(2.2)
Discontinued operations - basic		0.06	0	(0.13)	0
Discontinued operations - diluted		0.06	0	(0.13)	0
Net income (loss) per common share attributable to MBIA Inc. - basic		(1.46)	(0.72)	(3.51)	(2.2)
Net income (loss) per common share attributable to MBIA Inc. - diluted		$ (1.46)	$ (0.72)	$ (3.51)	$ (2.2)
Weighted average number of common shares outstanding:
Basic	[1]	49,040,489	49,826,695	49,490,701	49,729,610
Diluted	[1]	49,040,489	49,826,695	49,490,701	49,729,610
Non Variable Interest Entity [Member]
Revenues:
Scheduled premiums earned		$ 8	$ 10	$ 18	$ 21
Refunding premiums earned		0	1	0	5
Premiums earned (net of ceded premiums of $0, $0, $0 and $1)		8	11	18	26
Net investment income		38	25	63	43
Net realized investment gains (losses)		(7)	(21)	(10)	(24)
Net gains (losses) on financial instruments at fair value and foreign exchange		11	9	(1)	26
Other net realized gains (losses)		1	(16)	1	(19)
Expenses:
Losses and loss adjustment		28	20	35	69
Amortization of deferred acquisition costs		1	1	2	3
Operating		20	11	42	30
Interest		53	43	104	84
Variable Interest Entity Primary Beneficiary [Member]
Revenues:
Net gains (losses) on financial instruments at fair value and foreign exchange		(21)	24	(24)	20
Other net realized gains (losses)		(3)	0	(18)	0
Expenses:
Operating		$ 4	$ 1	$ 8	$ 3
[1]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, 2023 and 2022.

Consolidated Statements Of Op_2

Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financial Guarantee Insurance Segment [Member]
Ceded premiums earned	$ 0	$ 0	$ 0	$ 1

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statements of Comprehensive Income (Loss)
Net income (loss) attributable to MBIA Inc.	$ (74)	$ (36)	$ (167)	$ (109)
Available-for-sale securities with no credit losses:
Unrealized gains (losses) arising during the period	(15)	(126)	28	(297)
Reclassification adjustments for (gains) losses included in net income (loss)	8	(2)	13	(2)
Available-for-sale securities with credit losses:
Unrealized gains (losses) arising during the period	0	(1)	0	(1)
Foreign currency translation:
Foreign currency translation gains (losses)	1	1	0	1
Instrument-specific credit risk of liabilities measured at fair value:
Unrealized gains (losses) arising during the period	(6)	(6)	(5)	(20)
Reclassification adjustments for (gains) losses included in net income (loss)	20	(15)	34	(12)
Total other comprehensive income (loss)	8	(149)	70	(331)
Comprehensive income (loss) attributable to MBIA Inc.	$ (66)	$ (185)	$ (97)	$ (440)

Consolidated Statements Of Chan

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total Shareholders' Equity Of MBIA Inc. [Member]	Preferred Stock [Member]	Preferred Stock And Non Controlling Interest Held For Sale [Member]
Total equity balance at Dec. 31, 2021		$ 283	$ 2,931	$ (458)	$ 100	$ (3,169)	$ (313)		$ 13
Balance (in common stock shares) at Dec. 31, 2021		283,186,115
Balance (in treasury stock shares) at Dec. 31, 2021						(228,630,003)
Net income (loss) attributable to MBIA Inc.	$ (109)			(109)
Other comprehensive income (loss)	(331)				(331)
Treasury shares acquired under share repurchase program						$ 0
Treasury shares acquired under share repurchase program (in shares)						0
Other						$ 17
Others (in shares)						343,604
Period change			(12)				(435)		0
Total equity balance at Jun. 30, 2022	(735)		2,919	(567)	(231)	$ (3,152)	(748)		13
Balance (in treasury stock shares) at Jun. 30, 2022						(228,286,399)
Balance (in preferred stock shares) at Jun. 30, 2022								1,315
Total equity balance at Mar. 31, 2022		$ 283	2,919	(531)	(82)	$ (3,154)	(565)		13
Balance (in common stock shares) at Mar. 31, 2022		283,186,115
Balance (in treasury stock shares) at Mar. 31, 2022						(228,329,115)
Net income (loss) attributable to MBIA Inc.	(36)			(36)
Other comprehensive income (loss)	(149)				(149)
Treasury shares acquired under share repurchase program						$ 0
Treasury shares acquired under share repurchase program (in shares)						0
Other						$ 2
Others (in shares)						42,716
Period change			0				(183)		0
Total equity balance at Jun. 30, 2022	(735)		2,919	(567)	(231)	$ (3,152)	(748)		13
Balance (in treasury stock shares) at Jun. 30, 2022						(228,286,399)
Balance (in preferred stock shares) at Jun. 30, 2022								1,315
Total equity balance at Dec. 31, 2022	$ (876)	$ 283	2,925	(653)	(283)	$ (3,154)	(882)		6
Balance (in common stock shares) at Dec. 31, 2022	283,186,115	283,186,115
Balance (in treasury stock shares) at Dec. 31, 2022	(228,333,444)					(228,333,444)
Net income (loss) attributable to MBIA Inc.	$ (167)			(167)
Other comprehensive income (loss)	70				70
Treasury shares acquired under share repurchase program						$ (23)
Treasury shares acquired under share repurchase program (in shares)						(2,896,820)
Other						$ 12
Others (in shares)						87,064
Period change			(10)				(118)		6
Total equity balance at Jun. 30, 2023	$ (988)		2,915	(820)	(213)	$ (3,165)	(1,000)		12
Balance (in treasury stock shares) at Jun. 30, 2023	(231,143,200)					(231,143,200)
Balance (in preferred stock shares) at Jun. 30, 2023	0							1,315
Total equity balance at Mar. 31, 2023		$ 283	2,915	(746)	(221)	$ (3,143)	(912)		13
Balance (in common stock shares) at Mar. 31, 2023		283,186,115
Balance (in treasury stock shares) at Mar. 31, 2023						(228,221,641)
Net income (loss) attributable to MBIA Inc.	$ (74)			(74)
Other comprehensive income (loss)	8				8
Treasury shares acquired under share repurchase program						$ (23)
Treasury shares acquired under share repurchase program (in shares)						(2,896,820)
Other						$ 1
Others (in shares)						(24,739)
Period change			0				(88)		(1)
Total equity balance at Jun. 30, 2023	$ (988)		$ 2,915	$ (820)	$ (213)	$ (3,165)	$ (1,000)		$ 12
Balance (in treasury stock shares) at Jun. 30, 2023	(231,143,200)					(231,143,200)
Balance (in preferred stock shares) at Jun. 30, 2023	0							1,315

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Premiums, fees and reimbursements received	$ 7	$ 12
Investment income received	50	41
Financial guarantee losses and loss adjustment expenses paid	(87)	(356)
Proceeds from recoveries and reinsurance, net of salvage paid to reinsurers	6	604
Operating expenses paid and other operating	(48)	(44)
Other proceeds from consolidated variable interest entities	28	0
Interest paid, net of interest converted to principal	(27)	(25)
Cash (used) provided by discontinued operations	(7)	0
Net cash provided (used) by operating activities	(78)	232
Cash flows from investing activities:
Purchases of available-for-sale investments	(295)	(662)
Sales of available-for-sale investments	272	520
Paydowns, maturities and other proceeds of available-for-sale investments	157	221
Purchases of investments at fair value	(45)	(82)
Sales, paydowns, maturities and other proceeds of investments at fair value	237	72
Sales, paydowns and maturities (purchases) of short-term investments, net	(16)	(78)
Paydowns and maturities of loans receivable	5	4
(Payments) proceeds for derivative settlements	(1)	(7)
Net cash provided (used) by investing activities	314	(12)
Cash flows from financing activities:
Proceeds from investment agreements	4	3
Principal paydowns of investment agreements	(1)	(2)
Principal paydowns of medium-term notes	(10)	(74)
Principal paydowns of variable interest entity debt	(59)	(68)
Principal paydowns of long-term debt	0	(29)
Purchases of treasury stock	(28)	(2)
Cash provided (used) by discontinued operations	6	0
Net cash provided (used) by financing activities	(88)	(172)
Effect of exchange rate changes on cash and cash equivalents	0	(1)
Net increase (decrease) in cash and cash equivalents	148	47
Cash and cash equivalents—beginning of period	78	160
Cash and cash equivalents—end of period	226	207
Reconciliation of net income (loss) to net cash provided (used) by operating activities:
Net income (loss)	(161)	(109)
Income (loss) from discontinued operations, net of income taxes	0	0
Income (loss) from continuing operations	(161)	(109)
Change in:
Unearned premium revenue	(17)	(25)
Loss and loss adjustment expense reserves	(87)	65
Insurance loss recoverable	36	302
Accrued interest payable	71	51
Other assets and liabilities	4	(54)
Net realized investment gains (losses)	10	24
Net (gains) losses on financial instruments at fair value and foreign exchange	25	(46)
Other net realized (gains) losses	17	19
Other operating	24	5
Total adjustments to income (loss) from continuing operations	83	341
Net cash provided (used) by operating activities	(78)	232
Supplementary Disclosure of Non-Cash Consolidated Cash Flow Information:
Fixed-maturity securities held as available-for-sale, received as salvage	0	459
Investments carried at fair value, received as salvage	$ 0	$ 112

Business Developments and Risks

Business Developments and Risks and Uncertainties	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Business Developments and Risks and Uncertainties	Note 1: Business Developments and Risks and Uncertainties Summary MBIA Inc., together with its consolidated subsidiaries, (collectively, “MBIA” or the “Company”) operates within the financial guarantee insurance industry. MBIA manages three operating segments: 1) United States (“U.S.”) public finance insurance; 2) corporate; and 3) international and structured finance insurance. The Company’s U.S. public finance insurance business is managed through National Public Finance Guarantee Corporation (“National”), the corporate segment is operated through MBIA Inc. and several of its subsidiaries, including its service company, MBIA Services Corporation (“MBIA Services”) and its international and structured finance insurance business is primarily operated through MBIA Insurance Corporation and its subsidiaries (“MBIA Corp.”). Refer to “Note 10: Business Segments” for further information about the Company’s operating segments. Business Developments Puerto Rico On January 1, 2023, the Puerto Rico Electric Power Authority (“PREPA”) defaulted on scheduled debt service for National insured bonds and National paid gross claims in the aggregate of $18 million. As of June 30, 2023, National had $1.0 billion of debt service outstanding related to the Commonwealth of Puerto Rico and certain of its instrumentalities (“Puerto Rico”), of which $926 million related to PREPA. In addition, on July 1, 2023, PREPA defaulted on scheduled debt service for National insured bonds and National paid gross claims in the aggregate of $119 million. PREPA On March 8, 2022, the Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”) and PREPA terminated the restructuring support agreement. On April 8, 2022, the Court appointed a new panel of judges to commence mediation among the Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”), the Ad Hoc creditor group of holders of PREPA Senior Bonds, Assured, National and Syncora. The mediation initially terminated on September 16, 2022; however on September 29, 2022 the Court entered an order restarting mediation through January 31, 2023. Mediation has since been further continued until July 28, 2023. On January 31, 2023, National entered into the PREPA Plan Support Agreement (“PREPA PSA”) with the Oversight Board, on behalf of itself and as the sole Title III representative of PREPA. On February 9, 2023, the Oversight Board filed an amendment to PREPA’s Plan of Adjustment originally filed with the Title III Court on December 16, 2022 (the “Amended Plan”), that reflects the entry into the PREPA PSA and the settlement described therein. On June 26, 2023, the Court entered an order reducing bondholder allowed net unsecured claims to $2.388 billion from approximately $ The plan filing date was subsequently moved to August 4, 2023. The PREPA PSA provides, among other things, for the consensual resolution of the treatment of claims held by National related to insured PREPA revenue bonds and the settlement of National’s participation in litigation related to such claims. The PREPA PSA provides that, upon the effective date of a plan of adjustment, National shall receive in exchange for its bond and reimbursement claims newly issued PREPA secured revenue bonds together with certain fees and expense reimbursement payments, including an interim payment subject to regulatory approval. The PREPA PSA also provides National with the potential to receive additional consideration. The PREPA PSA remains subject to a number of conditions, including (but not limited to) the Title III Court’s approval, and confirmation and effectiveness, of the Third Amended Plan. There is no assurance that the Third Amended Plan or a substantially similar plan of adjustment will ultimately be confirmed and go effective. In the event of a substantially different confirmed plan of adjustment from the PREPA PSA, National’s PREPA loss reserves and recoveries could be materially adversely affected. Refer to “Note 5: Loss and Loss Adjustment Expense Reserves” for a further discussion of the Company’s Puerto Rico reserves and recoveries. Zohar CDOs Payment of claims on MBIA Corp.’s policies insuring the Class A-1 and A-2 notes issued by Zohar collateralized debt obligation (“CDO”) 2003-1, Limited (“Zohar I”) and Zohar II 2005-1, Limited (“Zohar II”) (collectively, the “Zohar CDOs”), entitled MBIA Corp. to reimbursement of such amounts plus interest and expenses and/or to exercise certain rights and remedies to seek recovery of such amounts. MBIA Corp. has anticipated that it would receive substantial recoveries on the loans made to, and equity interests in, portfolio companies that, until late March of 2020, were purportedly controlled and managed by the sponsor and former collateral manager of the Zohar CDOs (collectively, the “Zohar Collateral”). Since March of 2018, MBIA Corp. had been pursuing those recoveries in a Delaware bankruptcy proceeding filed by the Zohar CDOs (“Zohar Funds Bankruptcy Cases”). Pursuant to a plan of liquidation that became effective in August of 2022, all remaining Zohar Collateral was distributed to MBIA Corp. either directly or in the form of interests in certain asset recovery entities. There still remains significant uncertainty with respect to the realizable value of the remaining loans and equity interests that formerly constituted the Zohar Collateral. Further, as the monetization of these assets unfolds, and new information concerning the financial condition of the portfolio companies is disclosed, the Company will continue to revise its expectations for recoveries. The interests in the asset recovery entities include various loans to and equity interest in portfolio companies. For those portfolio companies in which the Company does not have a majority of the voting interest, the Company recorded these assets as investments. For those portfolio companies in which the Company owns a majority of the voting interest, the Company consolidated the assets, liabilities, and financial results of these companies. In accordance with Accounting Standards Codification (“ASC”) 360-10, 205-20, Discontinued Operations For those Zohar-related portfolio companies in which the Company acquired an interest and which have met the criteria for held for sale classification in accordance with ASC 360, the Company classified these entities as held for disposition. Accordingly, the Company classified the assets and liabilities of consolidated portfolio companies and the interests in certain nonconsolidated portfolio companies as held for sale. Furthermore, as these entities met the one-year probable sale criteria on the acquisition date, and the remaining held for sale criteria within a short period following the acquisition date, these entities were classified as discontinued operations in accordance with ASC 205. As of June 30, 2023 and December 31, 2022, the assets and liabilities of these entities are presented within “Assets held for sale” and “Liabilities held for sale” on the Company’s consolidated balance sheet. Additionally, the results of operations for these entities are classified as “Income from discontinued operations, net of income taxes” on the Company’s consolidated statement of operations for the three and six months ended June 30, 2023. I The following table summarizes the components of assets and liab i As of In millions June 30, 2023 December 31, 2022 Assets held for sale Cash $ 11 $ 12 Accounts receivable 21 24 Goodwill 90 90 Other assets 14 8 Loss on disposal group (48) (54) Total assets held for sale $ 88 $ 80 Liabilities held for sale Accounts payable $ 10 $ 12 Debt 37 30 Accrued expenses and other 23 19 Total liabilities held for sale $ 70 $ 61 The results of operations from discontinued operations for the three and six months ended June 30, 2023 consist of the following: In millions Three months Ended June 30, 2023 Six Months Ended June 30, 2023 Revenues: Revenues $ 31 $ 63 Cost of sales 14 31 Total revenues from discontinued operations 17 32 Expenses: Operating 16 36 Interest 1 2 Increase (decrease) on loss on disposal group (3 ) (6 ) Total expenses from discontinued operations 14 32 Income (loss) before income taxes from discontinued operations 3 - Provision (benefit) for income taxes from discontinued operations - - Income (loss) from discontinued operations, net of income taxes $ 3 $ - Risks and Uncertainties The Company’s financial statements include estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The outcome of certain significant risks and uncertainties could cause the Company to revise its estimates and assumptions or could cause actual results to differ materially from the Company’s estimates. The discussion below highlights the significant risks and uncertainties that could have a material effect on the Company’s financial statements and business objectives in future periods. National’s Insured Portfolio National continues to monitor and remediate its existing insured portfolio and may also pursue other transactions, including a special dividend that could enhance shareholder value. Certain state and local governments and territory obligors that National insures are under financial and budgetary stress. This could lead to an increase in defaults by such entities on the payment of their obligations and losses or impairments on a greater number of National’s insured transactions. In particular, PREPA is currently in bankruptcy-like proceedings in the United States District Court for the District of Puerto Rico. While National has entered into an agreement to support a plan to resolve the PREPA proceeding, PREPA may continue to fail to make payments when due, which could cause National to make additional claims payments which could be material. There is no assurance the PREPA amended plan of adjustment will ultimately be confirmed and go effective. National monitors and analyzes these situations and other stressed credits closely, and the overall extent and duration of this stress is uncertain. MBIA Corp.’s Insured Portfolio MBIA Corp.’s primary objectives are to satisfy all claims by its policyholders and to maximize future recoveries, if any, for its surplus note holders, and then its preferred stock holders. MBIA Corp. is executing this strategy by, among other things, taking steps to maximize the collection of recoveries and by reducing and mitigating potential losses on its insurance exposures. MBIA Corp.’s insured portfolio performance could deteriorate and result in additional significant loss reserves and claim payments. MBIA Corp.’s ability to meet its obligations is limited by available liquidity and its ability to secure additional liquidity through financing and other transactions. There can be no assurance that MBIA Corp. will be successful in generating sufficient resources to meet its obligations. Recoveries In addition to the recoveries on the Zohar Collateral, MBIA Corp. also projects to collect recoveries from prior claims associated with insured residential mortgage-backed securities (“RMBS”); however, the amount and timing of these collections are uncertain. Failure to collect its expected recoveries could impede MBIA Corp.’s ability to make payments when due on other policies. MBIA Corp. believes that if the New York State Department of Financial Services (“NYSDFS”) concludes at any time that MBIA Insurance Corporation will not be able to pay its policyholder claims, the NYSDFS would likely put MBIA Insurance Corporation into a rehabilitation or liquidation proceeding under Article 74 of the New York Insurance Law (“NYIL”) and/or take such other actions as the NYSDFS may deem necessary to protect the interests of MBIA Insurance Corporation’s policyholders. The determination to commence such a proceeding or take other such actions is within the exclusive control of the NYSDFS. Given the separation of MBIA Inc. and MBIA Corp. as distinct legal entities, the absence of any cross defaults between the entities and the lack of reliance by MBIA Inc. on MBIA Corp. for dividends, the Company does not believe that a rehabilitation or liquidation proceeding with respect to MBIA Insurance Corporation would have any significant liquidity impact on MBIA Inc. Such a proceeding could have material adverse consequences for MBIA Corp., including the termination of derivative contracts for which counterparties may assert market-based claims, the acceleration of debt obligations issued by affiliates and insured by MBIA Corp., the loss of control of MBIA Insurance Corporation to a rehabilitator or liquidator, and unplanned costs. Refer to “Note 5: Loss and Loss Adjustment Expense Reserves” for additional information about MBIA Corp.’s recoveries. Corporate Liquidity Based on the Company’s projections of National’s dividends and other cash inflows, the Company expects that MBIA Inc. will have sufficient cash to satisfy its debt service and general corporate needs. However, MBIA Inc. continues to have liquidity risk that could be caused by interruption of or reduction in dividends from National, deterioration in the performance of invested assets, impaired access to the capital markets, as well as other factors, which are not anticipated at this time. Furthermore, failure by MBIA Inc. to settle liabilities that are insured by MBIA Corp. could result in claims on MB

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Significant Accounting Policies	Note 2: Significant Accounting Policies The Company has disclosed its significant accounting policies in “Note 2: Significant Accounting Policies” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K 10-K. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q S-X 10-K The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As additional information becomes available or actual amounts become determinable, the recorded estimates are revised and reflected in operating results. The results of operations for the three and six months ended J u 20

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Recent Accounting Pronouncements	Note 3: Recent Accounting Pronouncements Recently Adopted Accounting Standards In January of 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-01, 2020-04, 2022-06, 2020-04 The Company has identified LIBOR transition primarily effecting its insurance portfolio exposures that reference or are indexed to LIBOR, interest rate swaps referencing LIBOR, investments indexed to an interbank offered rate, including LIBOR, and MBIA Corp.’s surplus notes. The Company will be applying the accounting relief as relevant contract modifications are made through December 31, 2024. Contract modifications are expected to only include those that address a LIBOR transition. The Company has not adopted any other new accounting pronouncements that had a material impact on its consolidated financial statements.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Variable Interest Entities	Note 4: Variable Interest Entities Primarily through MBIA’s international and structured finance insurance segment, the Company provides credit protection to issuers of obligations that may involve issuer-sponsored special purpose entities (“SPEs”). An SPE may be considered a variable interest entity (“VIE”) to the extent the SPE’s total equity at risk is not sufficient to permit the SPE to finance its activities without additional subordinated financial support or its equity investors lack any one of the following characteristics: (i) the power to direct the activities of the SPE that most significantly impact the entity’s economic performance or (ii) the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity. A holder of a variable interest or interests in a VIE is required to assess whether it has a controlling financial interest, and thus is required to consolidate the entity as primary beneficiary. An assessment of a controlling financial interest identifies the primary beneficiary as the variable interest holder that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The primary beneficiary is required to consolidate the VIE. An ongoing reassessment of controlling financial interest is required to be performed based on any substantive changes in facts and circumstances involving the VIE and its variable interests. The Company evaluates issuer-sponsored SPEs initially to determine if an entity is a VIE, and is required to reconsider its initial determination if certain events occur. For all entities determined to be VIEs, MBIA performs an ongoing reassessment to determine whether its guarantee to provide credit protection on obligations issued by VIEs provides the Company with a controlling financial interest. Based on its ongoing reassessment of controlling financial interest, the Company determines whether a VIE is required to be consolidated or deconsolidated. The Company makes its determination for consolidation based on a qualitative assessment of the purpose and design of a VIE, the terms and characteristics of variable interests of an entity, and the risks a VIE is designed to create and pass through to holders of variable interests. The Company generally provides credit protection on obligations issued by VIEs, and holds certain contractual rights according to the purpose and design of a VIE. The Company may have the ability to direct certain activities of a VIE depending on facts and circumstances, including the occurrence of certain contingent events, and these activities may be considered the activities that most significantly impact the VIE’s economic performance. The Company generally considers its guarantee of principal and interest payments of insured obligations, given nonperformance by a VIE, to be an obligation to absorb losses of the entity that could potentially be significant to the VIE. At the time the Company determines it has the ability to direct the activities of a VIE that most significantly impact the economic performance of the entity based on facts and circumstances, MBIA is deemed to have a controlling financial interest in the VIE and is required to consolidate the entity as primary beneficiary. The Company performs an ongoing reassessment of controlling financial interest that may result in consolidation or deconsolidation of any VIE. Consolidated VIEs The carrying amounts of assets and liabilities are presented separately in “Assets of consolidated variable interest entities” and “Liabilities of consolidated variable interest entities” on the Company’s consolidated balance sheets. VIEs are consolidated or deconsolidated based on an ongoing reassessment of controlling financial interest, when events occur or circumstances arise, and whether the ability to exercise rights that constitute power to direct activities of any VIE are present according to the design and characteristics of these entities. During the second and first quarters of 2023, the Company deconsolidated one structured finance VIE each quarter due to the prepayments of the outstanding notes of the VIEs and recorded losses of $7 million and $15 million, respectively, primarily due to credit losses in AOCI that were released to earnings. During the second and first quarters of 2022, there were no consolidation or deconsolidation of VIEs by the Company. Consolidation and deconsolidation gains and losses, if any, are recorded within “Other net realized gains (losses)” under “Revenues of consolidated variable interest entities” on the Company’s consolidated statements of operations. Holders of insured obligations of issuer-sponsored VIEs do not have recourse to the general assets of the Company. In the event of nonpayment of an insured obligation issued by a consolidated VIE, the Company is obligated to pay principal and interest, when due, on the respective insured obligation only. The Company’s exposure to consolidated VIEs is limited to the credit protection provided on insured obligations and any additional variable interests held by the Company. Nonconsolidated VIEs The following tables present the Company’s maximum exposure to loss for nonconsolidated VIEs and carrying values of the assets and liabilities for its interests in these VIEs in its insurance operations as of June 30, 2023 and December 31, 2022. The maximum exposure to loss as a result of MBIA’s variable interests in VIEs is represented by insurance in force. Insurance in force is the maximum future payments of principal and interest which may be required under commitments to make payments on insured obligations issued by nonconsolidated VIEs. The Company has aggregated nonconsolidated VIEs based on the underlying credit exposure of the insured obligation. The nature of the Company’s variable interests in nonconsolidated VIEs is related to financial guarantees and any investments in obligations issued by nonconsolidated VIEs. June 30, 2023 Carrying Value of Assets Carrying Value of Liabilities In millions Maximum Exposure to Loss Investments Premiums Receivable Insurance Loss Recoverable Unearned Premium Revenue Loss and Loss Adjustment Expense Reserves Insurance: Global structured finance: Mortgage-backed residential $ 863 $ 42 $ 5 $ 21 $ 3 $ 239 Consumer asset-backed 140 - - 1 - 4 Corporate asset-backed 425 - 2 7 3 - Total global structured finance 1,428 42 7 29 6 243 Global public finance 230 - 5 - 4 - Total insurance $ 1,658 $ 42 $ 12 $ 29 $ 10 $ 243 December 31, 2022 Carrying Value of Assets Carrying Value of Liabilities In millions Maximum Exposure to Loss Investments Premiums Receivable Insurance Loss Recoverable Unearned Premium Revenue Loss and Loss Adjustment Insurance: Global structured finance: Mortgage-backed residential $ 996 $ 75 $ 6 $ 21 $ 4 $ 277 Consumer asset-backed 164 - - - 1 5 Corporate asset-backed 450 - 3 7 3 - Total global structured finance 1,610 75 9 28 8 282 Global public finance 230 - 5 - 4 - Total insurance $ 1,840 $ 75 $ 14 $ 28 $ 12 $ 282

Loss and Loss Adjustment Expens

Loss and Loss Adjustment Expense Reserves	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Loss and Loss Adjustment Expense Reserves	Note 5: Loss and Loss Adjustment Expense Reserves U.S. Public Finance Insurance U.S. public finance insured transactions consist of municipal bonds, including tax-exempt Puerto Rico In formulating loss reserves and recoveries for its Puerto Rico exposures, estimates in the Company’s probability-weighted scenarios include assumptions related to the nature, value, and timing of net cash flows considering the following: environmental, economic, and political developments on the island; litigation and ongoing discussions with creditors and obligors on the Title III proceedings; contractual debt service payments; any existing settlement agreements or proposals and deviations from these proposals; the remediation strategy for insured obligations that have defaulted or are expected to default; and values of other obligations of the issuer. Refer to “Note 1: Business Developments and Risks and Uncertainties” for further information on the Company’s Puerto Rico exposures and “Note 13: Commitments and Contingencies” for information on the Company’s Puerto Rico litigation. International and Structured Finance Insurance The international and structured finance insurance segment’s case basis reserves and insurance loss recoveries recorded in accordance with GAAP do not include reserves and recoveries on consolidated VIEs, since they are eliminated in consolidation. RMBS Case Basis Reserves (Financial Guarantees) The Company’s RMBS case basis reserves primarily relate to RMBS backed by alternative A-paper charged-off In calculating ultimate cumulative losses for RMBS, the Company estimates the amount of first-lien loans that are expected to be liquidated in the future through foreclosure or short sale, and estimates, the amount of second-lien loans that are expected to be charged-off (deemed uncollectible by servicers of the transactions). The time to liquidation for a defaulted loan is specific to the loan’s delinquency bucket. For all RMBS transactions, cash flow models consider allocations and other structural aspects and claims against MBIA Corp.’s insurance policy consistent with such policy’s terms and conditions. The estimated net claims from the procedure above are then discounted using a risk-free rate to a net present value reflecting MBIA’s general obligation to pay claims over time and not on an accelerated basis. The Company monitors RMBS portfolio performance on a monthly basis against projected performance, reviewing delinquencies, roll rates, and prepayment rates (including voluntary and involuntary). However, loan performance remains difficult to predict and losses may exceed expectations. In the event of a material deviation in actual performance from projected performance, the Company would increase or decrease the case basis reserves accordingly and re-evaluate RMBS Recoveries The Company’s RMBS recoveries relate to structural features within the trust structures that allow for the Company to be reimbursed for prior claims paid. These reimbursements for specific trusts include recoveries that are generated from the excess spread of the transactions. Excess spread within insured RMBS securitizations is the difference between interest inflows on mortgage loan collateral and interest outflows on the insured RMBS notes. CDO Reserves and Recoveries The Company also has loss and loss adjustment expense (“LAE”) reserves on certain transactions within its CDO portfolio, primarily its multi-sector CDO asset class that was insured in the form of financial guarantee policies. MBIA’s insured multi-sector CDOs are transactions that include a variety of collateral ranging from corporate bonds to structured finance assets (which includes, but are not limited to, RMBS, commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”) and CDO collateral). The Company’s process for estimating reserves and credit impairments on these policies is determined as the present value of the probability-weighted potential future losses, net of estimated recoveries, across multiple scenarios. The Company considers several factors when developing the range of potential outcomes and their impact on MBIA. A range of loss scenarios is considered under different default and severity rates for each transaction’s collateral. Additionally, each transaction is evaluated for its commutation potential. Summary of Loss and LAE Reserves and Recoveries The Company’s loss and LAE reserves and recoveries before consolidated VIE eliminations, along with amounts that were eliminated as a result of consolidating VIEs for the international and structured finance insurance segment, which are included in the Company’s consolidated balance sheets as of June 30, 2023 and December 31, 2022 are presented in the following table: As of June 30, 2023 As of December 31, 2022 In millions Balance Sheet Line Item Balance Sheet Line Item Insurance loss Loss and LAE (1) Insurance loss Loss and LAE (1) U.S. Public Finance Insurance $ 71 $ 118 $ 107 $ 154 International and Structured Finance Insurance: Before VIE eliminations 32 401 32 488 VIE eliminations (3 ) (158 ) (2 ) (203 ) Total international and structured fi 29 243 30 285 Total $ 100 $ 361 $ 137 $ 439 (1) - Amounts are net of estimated recoveries of expected future claims. Changes in Loss and LAE Reserves Loss and LAE reserves represent the Company’s estimate of future claims and LAE payments, net of any future recoveries of such payments. The following table presents changes in the Company’s loss and LAE reserves for the six months ended June 30, 2023. Changes in loss and LAE reserves, with the exception of loss and LAE payments and the impact of the revaluation of loss reserves denominated in amounts other than U.S. dollars, are recorded in “Losses and loss adjustment” expenses in the Company’s consolidated statements of operations. As of June 30, 2023, the weighted average risk-free rate used to discount the Company’s loss reserves (claim liability) was 4.17%. LAE reserves are generally expected to be settled within a one-year In millions Changes in Loss and LAE Reserves for the Six Months Ended June 30, 2023 Gross Loss Loss and Accretion Changes in Changes in (1) Changes in Gross Loss 2023 $439 $(87) $8 $(1) $1 $1 $361 (1) - Includes changes in amount and timing of estimated payments and recoveries. The Company’s loss and LAE reserves declined from December 31, 2022, primarily due to the termination of a first-lien RMBS insured transaction and claim payments on PREPA, partially offset by accretion. Changes in Insurance Loss Recoverable Insurance loss recoverable represents the Company’s estimate of expected recoveries on paid claims and LAE. The Company recognizes potential recoveries on paid claims based on the probability-weighted net cash inflows present valued at applicable risk-free rates as of the measurement date. The following table presents changes in the Company’s insurance loss recoverable for the six months ended June 30, 2023. Changes in insurance loss recoverable with the exception of collections, are recorded in “Losses and loss adjustment” expenses in the Company’s consolidated statements of operations. Changes in Insurance Loss Recoverable for the Six Months Ended June 30, 2023 In millions Gross Recoverable as of December 31, 2022 Collections for Cases Accretion of Changes in Discount Rates Changes in Assumptions Gross Recoverable as of June 30, 2023 Insurance loss recoverable $ 137 $ (5 ) $ 2 $ - $ (34 ) $ 100 The decrease in the Company’s insurance loss recoverable reflected in the preceding table was primarily due to updating PREPA scenarios to reflect the latest information about bondholder elections and the estimated value of recoveries under National’s settlement agreement. Loss and LAE Activity For the three and six months ended June 30, 2023, the incurred loss primarily relates to updating PREPA scenarios to reflect the latest information about bondholder elections and the estimated value of recoveries under National’s settlement agreement, which resulted in lower net expected recoveries. Changes in scenario assumptions include extending the effective date of a settlement until early 2024 and reflecting the potential that the Company receives less reimbursement of claims, partially offset by an increase in the market value of the bonds and a contingent value instrument (“CVI”) expected to be received upon settlement. In addition, the incurred loss included the termination of a first-lien RMBS insured transaction and accretion. This incurred loss was partially offset by an increase in risk-free rates, which caused future reserves, net of recoveries, to decline, primarily on the Company’s first-lien RMBS portfolio. For the three months ended June 30, 2022, loss and LAE incurred primarily related to changes in assumptions used to estimate the fair value of HTA CVI that National received in July of 2022. This was partially offset by an increase in risk-free rates during the second quarter of 2022, which resulted in a decrease in the present value of net case reserves on first-lien RMBS. For the six months ended June 30, 2022, loss and LAE incurred primarily related to changes in the Company’s estimate of expected recoveries on National’s PREPA exposure. PREPA loss reserves and recoveries include certain assumptions about the timing and amount of claims payments and recoveries, including assumptions about the values of recoveries on the date the Company expects to receive reimbursement under an implemented plan. During the six months ended June 30, 2022, the Company updated assumptions used to estimate the value of recoveries, the timing and amount of claim payments, as well as the timing of an implemented plan. These assumption changes resulted in a decrease in the Company’s estimated present value of PREPA recoveries. This was partially offset by loss benefits related to HTA and GO recoveries. During the six months ended June 30, 2022, the Company’s HTA recoveries increased, based on updates to the fair value of the HTA CVI that National received in July of 2022 and updated information relating to the values of the expected receipt of HTA bonds, including the consideration of the fair values of similar issued GO bonds. In addition, the Company recorded a loss benefit on its GO recoveries to reflect the fair values of the consideration received as of the acquisition date, which was higher than its previous estimate. Additionally, an increase in risk-free rates during the first six months of 2022, resulted in a decrease in the present value of net case reserves on first-lien RMBS. Costs associated with remediating insured obligations assigned to the Company’s surveillance categories are recorded as LAE and are included in “Losses and loss adjustment” expenses on the Company’s consolidated statements of operations. For the three months ended June 30, 2023 and 2022, gross LAE related to remediating insured obligations were $ 3 million and a benefit of $17 thousand, respectively. For the six months ended June 30, 2023 and 2022, gross LAE related to remediating insured obligations was $5 million. Surveillance Categories The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of June 30, 2023: Surveillance Categories $ in millions Caution Caution Caution Classified List Total Number of policies 39 1 - 98 138 Number of issues (1) 14 1 - 78 93 Remaining weighted average contract period (in years) 5.7 0.5 - 6.6 6.2 Gross insured contractual payments outstanding: (2) Principal $ 1,431 $ 2 $ - $ 1,371 $ 2,804 Interest 1,716 - - 519 2,235 Total $ 3,147 $ 2 $ - $ 1,890 $ 5,039 Gross Claim Liability (3) $ - $ - $ - $ 550 $ 550 Less: Gross Potential Recoveries (4) - - - 155 155 Discount, net (5) - - - 136 136 Net claim liability (recoverable) $ - $ - $ - $ 259 $ 259 Unearned premium revenue $ 10 $ - $ - $ 8 $ 18 Reinsurance recoverable on paid and unpaid losses (6) $ 4 (1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt. (2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA. (3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position. (4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position. (5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries. (6) - Included in “Other assets” on the Company’s consolidated balance sheets. The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of December , : Surveillance Categories $ in millions Caution Caution Caution Classified List Total Number of policies 57 3 - 101 161 Number of issues (1) 17 2 - 80 99 Remaining weighted average contract period (in years) 5.7 2.4 - 7.2 6.4 Gross insured contractual payments outstanding: (2) Principal $ 1,723 $ 4 $ - $ 1,458 $ 3,185 Interest 1,905 1 - 602 2,508 Total $ 3,628 $ 5 $ - $ 2,060 $ 5,693 Gross Claim Liability (3) $ - $ - $ - $ 677 $ 677 Less: Gross Potential Recoveries (4) - - - 198 198 Discount, net (5) - - - 179 179 Net claim liability (recoverable) $ - $ - $ - $ 300 $ 300 Unearned premium revenue $ 11 $ - $ - $ 9 $ 20 Reinsurance recoverable on paid and unpaid losses (6) $ 10 (1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt. (2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA. (3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position. (4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position. (5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries. (6) - Included in “Other assets” on the Company’s consolidated balance sheets.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Fair Value Of Financial Instruments	Note 6: Fair Value of Financial Instruments Fair Value Measurement Financial Assets and Liabilities Financial assets held by the Company primarily consist of investments in debt and equity securities and loans receivables at fair value held by consolidated VIEs. Financial liabilities, excluding derivative liabilities, issued by the Company primarily consist of debt issued for general corporate purposes within its corporate segment, MTNs, investment agreements, and debt issued by consolidated VIEs. The Company’s derivative liabilities are primarily interest rate swaps. Valuation Techniques Valuation techniques for financial instruments measured at fair value are described below. Fixed-Maturity Securities Held as Available-For-Sale, These investments include investments in U.S. Treasury and government agencies, state and municipal bonds, foreign governments, corporate obligations, MBS, ABS, money market securities, and equity investments. Substantially all of these investments are valued based on recently executed transaction prices or quoted market prices by independent third parties, including pricing services and brokers. When quoted market prices are not available, fair value is generally determined using quoted prices of similar investments or a valuation model based on observable and unobservable inputs. Inputs vary depending on the type of investment. Observable inputs include contractual cash flows, interest rate yield curves, credit default swap (“CDS”) spreads, prepayment and volatility scores, diversity scores, cross-currency basis index spreads, and credit spreads for structures similar to the financial instrument in terms of issuer, maturity and seniority. Unobservable inputs include cash flow projections, the value of any credit enhancement and for certain equity investments, EBITDA multiples, discount rates, hard asset values and type certificate values. Investments based on quoted market prices of identical investments in active markets are classified as Level 1 of the fair value hierarchy. Level 1 investments generally consist of U.S. Treasury and government agency, money market securities and equity investments. Quoted market prices of investments in less active markets, as well as investments which are valued based on other than quoted prices for which the inputs are observable, such as interest rate yield curves, are categorized in Level 2 of the fair value hierarchy. Investments that contain significant inputs that are not observable are categorized as Level 3. Cash and Cash Equivalents The carrying amounts of cash and cash equivalents approximate fair value due to the short-term nature and credit worthiness of these instruments and are categorized in Level 1 of the fair value hierarchy. Loans Receivable at Fair Value Loans receivable at fair value are assets held by consolidated VIEs consisting of residential mortgage loans and are categorized in Level 3 of the fair value hierarchy. Fair values of residential mortgage loans are determined using quoted prices for similar securities or internal cash flow models, adjusted for the fair values of the financial guarantees provided by MBIA Corp. on the related MBS. The fair values of the financial guarantees consider expected claim payments, net of recoveries, under MBIA Corp.’s policies. Other Assets Other assets include receivables representing the right to receive reimbursement payments on claim payments expected to be made on certain insured VIE liabilities due to risk mitigating transactions with third parties executed to effectively defease, or, in-substance Medium-term Notes at Fair Value The Company has elected to measure certain medium-term notes (“MTNs”) at fair value on a recurring basis. The fair values of certain MTNs are based on quoted market prices provided by third-party sources, where available. When quoted market prices are not available, the Company applies a matrix pricing grid to determine fair value based on the quoted market prices received for similar instruments and considering the MTNs’ stated maturity and interest rate. Nonperformance risk is included in the quoted market prices and the matrix pricing grid. MTNs are categorized in Level 3 of the fair value hierarchy and do not include accrued interest. Variable Interest Entity Debt The fair values of VIE debt are determined based on recently executed transaction prices or quoted prices where observable. When position-specific quoted prices are not observable, fair values are based on quoted prices of similar securities or internal cash flow models. Fair values based on quoted prices of similar securities and internal cash flow models may be adjusted for factors unique to the securities, including any credit enhancement. Observable inputs include interest rate yield curves, bond spreads of similar securities and MBIA Corp.’s CDS spreads. Unobservable inputs include the value of any credit enhancement. VIE debt are categorized in Level 3 of the fair value hierarchy based on the lowest level input that is significant to the fair value measurement in its entirety. Derivatives The corporate segment has entered into derivative transactions primarily consisting of interest rate swaps. Fair values of over-the-counter A VIE consolidated by the Company entered into a derivative instrument consisting of a cross currency swap. The cross currency swap was entered into to manage the variability in cash flows resulting from fluctuations in foreign currency rates. The fair value of the VIE derivative was determined based on the valuation provided by an independent third party, which is included in “Liabilities of consolidated variable interest entities – Derivative liabilities” on the Company’s consolidated balance sheets. As the significant inputs are unobservable, the derivative contract is categorized in Level 3 of the fair value hierarchy. Significant Unobservable Inputs The following tables provide quantitative information regarding the significant unobservable inputs used by the Company for assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022: In millions Fair Value as of 2023 Valuation Techniques Unobservable Input Range Assets: Equity Investments $ 115 Discounted cash flow EBITDA multiples (1) Discount rate (1) Sum of the parts Hard asset values (1) Type certificate values (1) Assets of consolidated VIEs: Loans receivable at fair value 70 Market prices of similar liabilities or internal cash flow models adjusted for financial guarantees provided to VIE obligations Impact of financial guarantee 12% - 188%(85%) (2) Liabilities of consolidated VIEs: Variable interest entity notes 183 Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities Impact of financial guarantee 72% - 72%(72%) (2) (1) - Range for EBITDA multiples, discount rate, hard asset values and type certificate values reflects their potential variability. (2) - Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value. In millions Fair Value as of Valuation Techniques Unobservable Input Range Assets: Equity Investments $ 115 Discounted cash flow EBITDA multiples (1) Discount rate (1) Sum of the parts Hard asset values (1) Type certificate values (1) Assets of consolidated VIEs: Loans receivable at fair value 78 Market prices of similar liabilities or internal cash flow models adjusted for financial guarantees provided to VIE obligations Impact of financial guarantee 12% - 88%(52%) (2) Liabilities of consolidated VIEs: Variable interest entity notes 172 Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities Impact of financial guarantee 34% - 82%(68%) (2) (1) - Range for EBITDA multiples, discount rate, hard asset values and type certificate values reflects their potential variability. (2) - Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value. S The significant unobservable inputs used in the fair value measurement of the Company’s equity investments at fair value are EBITDA multiples, the discount rate, hard asset values and type certificate values. The fair value of equity investments is determined by taking a weighted average of valuation scenarios. If there had been lower or higher EBITDA multiples, hard asset values or type certificate values, the value of equity investments would have been lower or higher, respectively. If there had been a lower or higher discount rate, the value of equity investments would have been higher or lower, respectively. The significant unobservable input used in the fair value measurement of the Company’s residential loans receivable at fair value of consolidated VIEs is the impact of the financial guarantee. The fair value of residential loans receivable is calculated by subtracting the value of the financial guarantee from the market value of similar instruments to that of the VIE liabilities or the market value derived from internal cash flow models. The value of a financial guarantee is estimated by the Company as the present value of expected cash payments, net of recoveries, under the policy. If there had been a lower expected cash flow on the underlying loans receivable of the VIE, the value of the financial guarantee provided by the Company under the insurance policy would have been higher. This would have resulted in a lower fair value of the residential loans receivable in relation to the obligations of the VIE. The significant unobservable input used in the fair value measurement of the Company’s VIE notes of consolidated VIEs is the impact of the financial guarantee. The fair value of VIE notes is calculated by adding the value of the financial guarantee to the market value of VIE assets. When the VIE note is backed by RMBS, the fair value of the VIE liability is calculated by applying the market value of similar instruments to that of the VIE liabilities or internal cash flow models. The value of a financial guarantee is estimated by the Company as the present value of expected cash payments under the policy. If the value of the guarantee provided by the Company to the obligations issued by the VIE had increased, the credit support would have added value to the liabilities of the VIE. This would have resulted in an increased fair value of the liabilities of the VIE. Fair Value Measurements The following tables present the fair value of the Company’s assets (including short-term investments) and liabilities measured and reported at fair value on a recurring basis as of June 30, 2023 and December 31, 2022: Fair Value Measurements at Reporting Date In millions Quoted Prices in Significant Significant (Level 3) Balance as of Assets: Fixed-maturity investments: U.S. Treasury and government agency $ 376 $ 55 $ - $ 431 State and municipal bonds - 127 - 127 Foreign governments - 24 - 24 Corporate obligations - 852 1 853 Mortgage-backed securities: Residential mortgage-backed agency - 199 - 199 Residential mortgage-backed non-agency - 56 - 56 Commercial mortgage-backed - 23 - 23 Asset-backed securities: Collateralized debt obligations - 161 - 161 Other asset-backed - 72 - 72 Total fixed-maturity investments 376 1,569 1 1,946 Money market securities 326 - - 326 Equity investments 39 19 115 173 Cash and cash equivalents 208 - - 208 Assets of consolidated VIEs: Mortgage-backed securities: Residential mortgage-backed non-agency - 11 - 11 Commercial mortgage-backed - 9 - 9 Asset-backed securities: Collateralized debt obligations - 1 - 1 Other asset-backed - 1 - 1 Cash 7 - - 7 Loans receivable at fair value: Residential loans receivable - - 70 70 Other assets: Other - - 2 2 Total assets $ 956 $ 1,610 $ 188 $ 2,754 Liabilities: Medium-term notes $ - $ - $ 38 $ 38 Derivative liabilities: Non-insured - 48 - 48 Liabilities of consolidated VIEs: Variable interest entity notes - - 183 183 Currency derivatives - - 12 12 Total liabilities $ - $ 48 $ 233 $ 281 Fair Value Measurements at Reporting Date Using In millions Quoted Prices in Significant Significant (Level 3) Balance as of Assets: Fixed-maturity investments: U.S. Treasury and government agency $ 463 $ 54 $ - $ 517 State and municipal bonds - 323 - 323 Foreign governments - 21 - 21 Corporate obligations - 797 - 797 Mortgage-backed securities: Residential mortgage-backed agency - 207 - 207 Residential mortgage-backed non-agency - 95 - 95 Commercial mortgage-backed - 24 - 24 Asset-backed securities: Collateralized debt obligations - 159 - 159 Other asset-backed - 127 - 127 Total fixed-maturity investments 463 1,807 - 2,270 Money market securities 234 - - 234 Equity investments 38 19 115 172 Cash and cash equivalents 50 - - 50 Assets of consolidated VIEs: Corporate obligations - 4 - 4 Mortgage-backed securities: Residential mortgage-backed non-agency - 22 - 22 Commercial mortgage-backed - 9 - 9 Asset-backed securities: Collateralized debt obligations - 5 - 5 Other asset-backed - 7 - 7 Cash 16 - - 16 Loans receivable at fair value: Residential loans receivable - - 78 78 Other assets: Other - - 23 23 Total assets $ 801 $ 1,873 $ 216 $ 2,890 Liabilities: Medium-term notes $ - $ - $ 41 $ 41 Derivative liabilities: Non-insured interest rate derivatives - 49 - 49 Liabilities of consolidated VIEs: Variable interest entity notes - - 172 172 Currency derivatives - - 6 6 Total liabilities $ - $ 49 $ 219 $ 268 Level 3 assets at fair value as of June 30, 2023 and December 31, 2022 represented approximately 7% of total assets measured at fair value. Level 3 liabilities at fair value as of June 30, 2023 and December 31, 2022 represented approximately 83% and 82%, respectively, of total liabilities measured at fair value. The following tables present the fair values and carrying values of the Company’s assets and liabilities that are disclosed at fair value but not reported at fair value on the Company’s consolidated balance sheets as of June 30, 2023 and December 31, 2022. The majority of the financial assets and liabilities that the Company requires fair value reporting or disclosures are valued based on the Company’s or a third-party’s estimate of discounted cash flow model estimates, or quoted market values for identical or similar products. Fair Value Measurements at Reporting Date Using In millions Quoted Prices in Significant (Level 2) Significant (Level 3) Fair Value Carry Value Liabilities: Long-term debt $ - $ 269 $ - $ 269 $ 2,505 Medium-term notes - - 284 284 455 Investment agreements - - 259 259 236 Liabilities of consolidated VIEs: Variable interest entity loans payable - - 3 3 3 Total liabilities $ - $ 269 $ 546 $ 815 $ 3,199 Financial Guarantees: Gross liability (recoverable) $ - $ - $ 820 $ 820 $ 510 Ceded recoverable (liability) - - 21 21 8 Fair Value Measurements at Reporting Date Using In millions Quoted Prices in Significant (Level 2) Significant (Level 3) Fair Value Carry Value Liabilities: Long-term debt $ - $ 330 $ - $ 330 $ 2,428 Medium-term notes - - 310 310 458 Investment agreements - - 257 257 233 Liabilities of consolidated VIEs: Variable interest entity loans payable - - 2 2 2 Total liabilities $ - $ 330 $ 569 $ 899 $ 3,121 Financial Guarantees: Gross liability (recoverable) $ - $ - $ 864 $ 864 $ 568 Ceded recoverable (liability) - - 21 21 15 The following tables present information about changes in Level 3 assets (including short-term investments) and liabilities measured at fair value on a recurring basis for the three months ended June 30, 2023 and 2022: Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 30, 2023 In millions Balance, Total Unrealized (1) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in as of Change in as of (1) Assets: Corporate obligations $ 1 $ - $ - $ - $ - $ - $ - $ - $ - $ 1 $ - $ - Equity investments 115 - - - - - - - - 115 - - Assets of consolidated Loans receivable - 83 (11 ) - - - (2 ) - - - 70 (12 ) - Other 9 2 - - - - (9 ) - - 2 (2 ) - Total assets $ 208 $ (9 ) $ - $ - $ - $ (2 ) $ (9 ) $ - $ - $ 188 $ (14 ) $ - In millions Balance, Total Unrealized (2) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in as of Change in (2) Liabilities: Medium-term notes $ 42 $ (3 ) $ (1 ) $ - $ - $ - $ - $ - $ - $ 38 $ (3 ) $ (1 ) Liabilities of consolidated VIE notes 154 17 (12 ) - 62 (22 ) (16 ) - - 183 (5 ) 7 Currency derivatives 11 1 - - - - - - - 12 1 - Total liabilities $ 207 $ 15 $ (13 ) $ - $ 62 $ (22 ) $ (16 ) $ - $ - $ 233 $ (7 ) $ 6 (1) - Reported within the “Unrealized gains (losses) on available-for-sale (2) - Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 30, 2022 In millions Balance, Total Unrealized (1) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in the Period Included in Earnings for Assets still held as of June 30, 2022 Change in the Period Included in OCI for Assets still held as of June 30, 2022 (1) Assets: Residential mortgage-backed non-agency $ 38 $ 1 $ (5 ) $ 21 $ - $ - $ - $ - $ - $ 55 $ - $ (3 ) Assets of consolidated VIEs: Loans receivable-residential 76 (6 ) - - - (2 ) - - - 68 (8 ) - Currency derivatives 9 - - - - - - - - 9 - - Other 15 1 - - - - - - - 16 1 - Total assets $ 138 $ (4 ) $ (5 ) $ 21 $ - $ (2 ) $ - $ - $ - $ 148 $ (7 ) $ (3 ) In millions Balance, Total Unrealized (2) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Change in (2) Liabilities: Medium-term notes $ 99 $ (13 ) $ 3 $ - $ - $ (47 ) $ - $ - $ - $ 42 $ (12 ) $ 5 Liabilities of consolidated VIEs: VIE notes 285 (30 ) 18 - - (56 ) - - - 217 (6 ) 3 Total liabilities $ 384 $ (43 ) $ 21 $ - $ - $ (103 ) $ - $ - $ - $ 259 $ (18 ) $ 8 (1) - Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. (2) - Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. For the three months ended June 30, 2023, sales include the impact of the deconsolidation of VIEs. Refer to “Note 4: Variable Interest Entities” for additional information about the deconsolidation of VIEs. For the three months ended June 30, 2023 and 2022, there were no transfers into or out of Level 3. The following tables present information about changes in Level 3 assets (including short-term investments) and liabilities measured at fair value on a recurring basis for the six months ended June 30, 2023 and 2022: Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2023 In millions Balance, Total Unrealized (1) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Unrealized Gains (Losses) for the Period Included in for Assets still held as of June 30, 2023 Change in Unrealized Gains (Losses) for the Period Included in OCI for Assets still held as of June 30, (1) Assets: Corporate obligations $ - $ - $ - $ - $ - $ - $ - $ 1 $ - $ 1 $ - $ - Equity investments 115 - - - - - - - - 115 - - Assets of consolidated VIEs: Loans receivable - residential 78 (3 ) - - - (5 ) - - - 70 (7 ) - Other 23 3 - - - - (24 ) - - 2 (1 ) - Total assets $ 216 $ - $ - $ - $ - $ (5 ) $ (24 ) $ 1 $ - $ 188 $ (8 ) $ - In millions Balance, Total Unrealized (2) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in as of Change in (2) Liabilities: Medium-term notes $ 41 $ - $ (3 ) $ - $ - $ - $ - $ - $ - $ 38 $ - $ (3 ) Liabilities of consolidated VIEs: VIE notes 172 33 (26 ) - 62 (24 ) (34 ) - - 183 (3 ) 7 Currency derivatives 6 6 - - - - - - - 12 6 - Total liabilities $ 219 $ 39 $ (29 ) $ - $ 62 $ (24 ) $ (34 ) $ - $ - $ 233 $ 3 $ 4 (1) - Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. (2) - Reported within the “Instrument-specific credit risk of liabilities measured at fair value Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2022 In millions Balance, Total Unrealized (1) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of June 30, 2022 Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of June 30, 2022 (1) Assets: Residential mortgage- non-agency $ - $ 1 $ (5 ) $ 59 $ - $ - $ - $ - $ - $ 55 $ - $ - Assets of consolidated VIEs: Collateralized debt obligations 4 - - - - (4 ) - - - - - - Loans receivable - residential 77 (5 ) - - - (4 ) - - - 68 (9 ) - Currency derivatives 9 - - - - - - - - 9 - - Other 14 2 - - - - - - - 16 2 - Total assets $ 104 $ (2 ) $ (5 ) $ 59 $ - $ (8 ) $ - $ - $ - $ 148 $ (7 ) $ - In millions Balance, Total Unrealized (2) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Change in (2) Liabilities: Medium-term notes $ 98 $ (22 ) $ 13 $ - $ - $ (47 ) $ - $ - $ - $ 42 $ (20 ) $ 14 Liabilities of consolidated VIEs: VIE notes 291 (26 ) 20 - - (68 ) - - - 217 (8 ) 6 Total liabilities $ 389 $ (48 ) $ 33 $ - $ - $ (115 ) $ - $ - $ - $ 259 $ (28 ) $ 20 (1) - Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. (2) - Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. For the six months ended June 30, 2023, sales include the impact of the deconsolidation of VIEs. Refer to “Note 4: Variable Interest Entities” for additional information about the deconsolidation of VIEs. For the six months ended June 30, 2023, transfers into Level 3 and out of Level 2 were related to corporate obligations, where inputs, which are significant to their valuation, became unobservable during the year. These inputs included spreads, prepayment speeds, default speeds, default severities, yield curves observable at commonly quoted intervals, and market corroborated inputs. There were no transfers out of Level 3. For the six months ended June 30, 2022, there were no transfers into or out of Level 3. Gains and losses (realized and unrealized) included in earnings related to Level 3 assets and liabilities for the three months ended June 30, 2023 and 2022 are reported on the Company’s consolidated statements of operations as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 In millions Total Gains in Earnings Change in Unrealized Total Gains in Earnings Change in Unrealized Revenues: Net gains (losses) on financial instruments at fair value and foreign exchange $ 3 $ 3 $ 14 $ 12 Revenues of consolidated VIEs: Net gains (losses) on (20 ) (10 ) 25 (1 ) Other net realized gains (losses) (7 ) - - - Tota $ (24 ) $ (7 ) $ 39 $ 11 Gains and losses (realized and unrealized) included in earnings relating to Level 3 assets and liabilities for the six months ended June 30, 2023 and 2022 are reported on the Company’s consolidated statements of operations as follows: Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 In millions Total Gains in Earnings Change in Unrealized Total Gains in Earnings Change in Unrealized Revenues: Net gains (losses) on financial instruments at fair value and foreign exchange $ - $ - $ 23 $ 20 Revenues of consolidated VIEs: Net gains (losses) on financial instruments at fair value and foreign exchange (18 ) (11 ) 23 1 Other net realized gains (losses) (21 ) - - - Tota $ (39 ) $ (11 ) $ 46 $ 21 Fair Value Option The Company elected to record at fair value certain financial instruments, including certain equity investments and financial instruments that are consolidated in connection with the adoption of the accounting guidance for consolidation of VIEs. The following table presents the gains and (losses) included in the Company’s consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 for financial instruments for which the fair value option was elected: Three Months Ended June 30, Six Months Ended June 30, In millions 2023 2022 2023 2022 Investments carried at fair value (1) $ - $ (26 ) $ 3 $ (34 ) Fixed-maturity securities held at fair value-VIE (3) - (2 ) (4 ) (3 ) Loans receivable at fair value: Residential mortgage loans (2) (11 ) (6 ) (3 ) (5 ) Other assets-VIE (3) 2 1 3 2 Medium-term notes (1) 3 13 - 22 Variable interest entity notes (3) (17 ) 28 (33 ) 23 (1) - Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange” on MBIA’s consolidated statements of operations. (2) - Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange-VIE” on MBIA’s consolidated statements of operations. (3) - Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange-VIE” and “Other net realized gains (losses)-VIE” on MBIA’s consolidated statements of operat ion The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of June 30, 2023 and December 31, 2022 for loans and notes for which the fair value option was elected: As of June 30, 2023 As of December 31, 2022 In millions Contractual Fair Difference Contractual Fair Difference Loans receivable at fair value: Residential mortgage loans - current $ 43 $ 43 $ - $ 39 $ 39 $ - Residential mortgage loans (90 days or more past due) 167 27 140 149 39 110 Total loans receivable and other instruments at fair value $ 210 $ 70 $ 140 $ 188 $ 78 $ 110 Variable interest entity notes $ 503 $ 183 $ 320 $ 780 $ 172 $ 608 Medium-term notes $ 55 $ 38 $ 17 $ 53 $ 41 $ 12 The differences between the contractual outstanding principal and the fair values on loans receivable, VIE notes and MTNs in the preceding table are primarily attributable to credit risk. This is due to the high rate of defaults on loans (90 days or more past due), the collateral supporting the VIE notes and the nonperformance risk of the Company on its MTNs, all of which resulted in depressed pricing of the financial instruments. Instrument-Specific Credit Risk of Liabilities Elected Under the Fair Value Option As of June 30, 2023 and December 31, 2022, the cumulative changes in instrument-specific credit risk of liabilities elected under the fair value option were losses of $16 million and $45 million, respectively, reported in “Accumulated other comprehensive income” on the Company’s consolidated balance sheets. Changes in value attributable to instrument-specific credit risk were derived principally from changes in the Company’s credit spread. For liabilities of VIEs, additional adjustments to instrument-specific credit risk are required, which is determined by an analysis of deal specific performance of collateral that support these liabilities. During the three months ended June 30, 2023 and 2022, the portions of instrument-specific credit risk included in AOCI that were recognized in earnings due to settlement of liabilities were losses of $20 million and gains of $15 million, respectively. During the six months ended June 30, 2023 and 2022, the portions of instrument-specific credit risk included in AOCI that were recognized in earnings due to settlement of liabilities were losses of $34 million and gains of $12 million, respectively.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Investments	Note 7: Investments Investments, excluding equity instruments, those elected under the fair value option and those classified as trading, consist of debt instruments classified as available-for-sale The following tables present the amortized cost, allowance for credit losses, corresponding gross unrealized gains and losses and fair value for AFS investments in the Company’s consolidated investment portfolio as of June 30, 2023 and December 31, 2022: June 30, 2023 In millions Amortized Allowance Gross Gross Fair AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 453 $ - $ 6 $ (34 ) $ 425 State and municipal bonds 134 - 2 (10 ) 126 Foreign governments 25 - 1 (2 ) 24 Corporate obligations 899 - 1 (123 ) 777 Mortgage-backed securities: Residential mortgage-backed agency 207 - - (21 ) 186 Residential mortgage-backed non-agency 54 - 2 (6 ) 50 Commercial mortgage-backed 23 - - (1 ) 22 Asset-backed securities: Collateralized debt obligations 114 - 1 (3 ) 112 Other asset-backed 53 - - (3 ) 50 Total AFS investments $ 1,962 $ - $ 13 $ (203 ) $ 1,772 December 31, 2022 In millions Amortized Allowance Gross Gross Fair AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 541 $ - $ 5 $ (38 ) $ 508 State and municipal bonds 173 - 2 (11 ) 164 Foreign governments 23 - - (3 ) 20 Corporate obligations 862 - 1 (148 ) 715 Mortgage-backed securities: Residential mortgage-backed agency 217 - - (22 ) 195 Residential mortgage-backed non-agency 96 - 3 (11 ) 88 Commercial mortgage-backed 24 - - (1 ) 23 Asset-backed securities: Collateralized debt obligations 117 - - (5 ) 112 Other asset-backed 110 - - (4 ) 106 Total AFS investments $ 2,163 $ - $ 11 $ (243 ) $ 1,931 The following table presents the distribution by contractual maturity of AFS fixed-maturity securities at amortized cost, net of allowance for credit losses, and fair value as of June 30, 2023. Contractual maturity may differ from expected maturity as borrowers may have the right to call or prepay obligations. AFS Securities In millions Net Fair Due in one year or less $ 119 $ 119 Due after one year through five years 353 341 Due after five years through ten years 310 269 Due after ten years 729 623 Mortgage-backed and asset-backed 451 420 Total fixed-maturity investments $ 1,962 $ 1,772 Deposited and Pledged Securities The fair value of securities on deposit with various regulatory authorities as of June 30, 2023 and December 31, 2022 was $10 million. These deposits are required to comply with state insurance laws. Investment agreement obligations require the Company to pledge securities as collateral. Securities pledged in connection with investment agreements may not be repledged by the investment agreement counterparty. As of June 30, 2023 and December 31, 2022, the fair value of securities pledged as collateral for these investment agreements approximated $233 million and $251 million, respectively. The Company’s collateral as of June 30, 2023 consisted principally of U.S. Treasury and government agency and corporate obligations, and was primarily held with major U.S. banks. Refer to “Note 8: Derivative Instruments” for information about securities posted to derivative counterparties. Impaired Investments The following tables present the non-credit June 30, 2023 Less than 12 Months 12 Months or Longer Total In millions Fair Unrealized Fair Unrealized Fair Unrealized AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 97 $ (5 ) $ 196 $ (29 ) $ 293 $ (34 ) State and municipal bonds 52 (2 ) 35 (8 ) 87 (10 ) Foreign governments 1 - 9 (2 ) 10 (2 ) Corporate obligations 195 (4 ) 509 (119 ) 704 (123 ) Mortgage-backed securities: Residential mortgage-backed agency 51 (2 ) 124 (19 ) 175 (21 ) Residential mortgage-backed non-agency - - 33 (6 ) 33 (6 ) Commercial mortgage-backed 15 - 7 (1 ) 22 (1 ) Asset-backed securities: Collateralized debt obligations 9 - 102 (3 ) 111 (3 ) Other asset-backed 7 - 36 (3 ) 43 (3 ) Total AFS investments $ 427 $ (13 ) $ 1,051 $ (190 ) $ 1,478 $ (203 ) December 31, 2022 Less than 12 Months 12 Months or Longer Total In millions Fair Unrealized Fair Unrealized Fair Unrealized AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 266 $ (34 ) $ 29 $ (4 ) $ 295 $ (38 ) State and municipal bonds 92 (10 ) 1 (1 ) 93 (11 ) Foreign governments 9 (3 ) - - 9 (3 ) Corporate obligations 508 (106 ) 141 (42 ) 649 (148 ) Mortgage-backed securities: Residential mortgage-backed agency 112 (9 ) 65 (13 ) 177 (22 ) Residential mortgage-backed non-agency 65 (10 ) 2 (1 ) 67 (11 ) Commercial mortgage-backed 18 (1 ) 1 - 19 (1 ) Asset-backed securities: Collateralized debt obligations 51 (1 ) 60 (4 ) 111 (5 ) Other asset-backed 44 (3 ) 24 (1 ) 68 (4 ) Total AFS investments $ 1,165 $ (177 ) $ 323 $ (66 ) $ 1,488 $ (243 ) Gross unrealized losses on AFS investments decreased as of June 30, 2023 compared with December 31, 2022 primarily due to tightening credit spreads, and to a lesser extent, lower interest rates on longer dated securities. With the weighting applied on the fair value of each security relative to the total fair value, the weighted average contractual maturity of securities in an unrealized loss position as of June 30, 2023 and December 31, 2022 was 14 years. As of June 30, 2023 and December 31, 2022, there were 597 and 210 securities, respectively, that were in an unrealized loss position for a continuous twelve-month period or longer, of which, fair values of 546 and 190 securities, respectively, were below book value by more than 5%. The following table presents the distribution of securities in an unrealized loss position for a continuous twelve-month period or longer where fair value was below book value by more than 5% as of June 30, 2023: AFS Securities Percentage of Fair Value Below Book Value Number of Book Value Fair Value > 5% to 15% 253 $ 474 $ 426 > 15% to 25% 191 430 347 > 25% to 50% 100 184 128 > 50% 2 - - Total 546 $ 1,088 $ 901 As of June 30, 2023, the Company concluded that it does not have the intent to sell securities in an unrealized loss position and it is more likely than not, that it would not have to sell these securities before recovery of their cost basis. In making this conclusion, the Company examined the cash flow projections for its investment portfolios, the potential sources and uses of cash in its businesses, and the cash resources available to its business other than sales of securities. It also considered the existence of any risk management or other plans as of June 30, 2023 that would require the sale of impaired securities. For the three and six months ended June 30, 2022, impairment loss due to intent to sell securities in an unrealized loss position was $19 million and reported in “Other net realized gains (losses)” on the Company’s consolidated results of operation. Credit Losses on Investments The Company’s fixed-maturity securities for which fair value is less than amortized cost are reviewed quarterly in order to determine whether a credit loss exists. If the Company determines that the declines in the fair value are related to credit loss, the Company will establish an allowance for credit losses and recognize the credit component through earnings. Refer to “Note 8: Investments” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K Allowance for Credit Losses Rollforward for AFS The following tables present the rollforward of allowance for credit losses on AFS investments for the three and six months ended June 30, 2022. The additions to the allowance for credit losses for the six months ended June 30, 2022 were related to concerns on an issuer’s credit deterioration as a result of the Ukraine and Russia conflict. The Company did not establish an allowance for credit losses for AFS securities for the three or six months ended June 30, 2023. Three Months Ended June 30, 2022 In millions Balance as of 2022 Additions Additions Reductions Reductions- Change in Write Offs Recoveries Balance AFS Investments Fixed-maturity Corporate obligations $ 3 $ - $ - $ - $ - $ - $ - $ - $ 3 Total Allowance on AFS investments $ 3 $ - $ - $ - $ - $ - $ - $ - $ 3 Six Months Ended June 30, 2022 In millions Balance as of December 31, Additions Additions Reductions Reductions- Change in Write Offs Recoveries Balance as of June 30, 2022 AFS Investments Fixed-maturity Corporate $ - $ 3 $ - $ - $ - $ - $ - $ - $ 3 Total Allowance $ - $ 3 $ - $ - $ - $ - $ - $ - $ 3 The Company does not recognize credit losses on securities insured by MBIA Corp. and National since those securities, whether or not owned by the Company, are evaluated for impairments in accordance with its loss reserving policy. The following table provides information about securities held by the Company as of June 30, 2023 that were in an unrealized loss position and insured by a financial guarantor, along with the amount of insurance loss reserves corresponding to the par amount owned by the Company. The Company did not hold any securities in an unrealized loss position that were insured by a third-party financial guarantor as of June 30, 2023. In millions Fair Unrealized Insurance (1) Mortgage-backed $ 25 $ (5) $ 29 Corporate obligations 84 (25) - Total $ 109 $ (30) $ 29 (1) - Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured and are discounted using a discount rate equal to the risk-free rate applicable to the currency and weighted average remaining life of the insurance contract and may differ from the fair value. Sales of Available-for-Sale Gross realized gains and losses from sales of AFS investments are recorded within “Net realized investment gains (losses)” on the Company’s consolidated statements of operations. The proceeds and the gross realized gains and losses from sales of fixed-maturity securities held as AFS for the three and six months ended June 30, 2023 and 2022 are as follows: Three Months Ended June 30, Six Months Ended June 30, In millions 2023 2022 2023 2022 Proceeds from sales $ 174 $ 414 $ 272 $ 520 Gross realized gains $ - $ 1 $ 1 $ 1 Gross realized losses $ (7 ) $ (22 ) $ (11 ) $ (25 ) Equity and Trading Investments Equity and trading investments are included within “Investments carried at fair value” on the Company’s consolidated balance sheets. Unrealized gains and losses recognized on equity and trading investments held as of the end of each period for the three and six months ended June 30, 2023 and 2022 are as follows: Three Months Ended June 30, Six Months Ended June 30, In millions 2023 2022 2023 2022 Net gains (losses) recognized during the period on equity and trading securities $ 2 $ (18 ) $ 3 $ (28 ) Less: Net gains (losses) recognized during the period on equity and trading securities sold during the period - (1 ) - - Unrealized gains (losses) recognized during the period on equity and trading securities still held at the reporting date $ 2 $ (17 ) $ 3 $ (28 )

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Derivative Instruments	Note 8: Derivative Instruments The Company has primarily entered into derivative instruments consisting of interest rate swaps to manage the risks associated with fluctuations in interest rates affecting the value of certain assets in the corporate segment. Additionally, the Company has insured interest rate swaps and inflation-linked swaps related to its insured debt issuances in the U.S. public finance insurance and the international and structured finance insurance segments. These derivatives do not qualify for the financial guarantee scope exception and are accounted for as derivative instruments. The Company’s international and structured finance insurance segment consolidated a VIE which is party to a cross currency swap, entered into to manage the variability in cash flows resulting from fluctuations in foreign currency rates. Credit Derivatives Sold The following tables present information about credit derivatives sold by the Company’s insurance operations that were outstanding as of June 30, 2023 and December 31, 2022. Credit ratings represent the lower of underlying ratings assigned to the collateral by Moody’s Investor Services (“Moody’s”), Standard & Poor’s Financial Services, LLC (“S&P”) or MBIA. $ in millions As of June 30, 2023 Credit Derivatives Sold Weighted AAA AA A BBB Below Total Fair Value Insured swaps 13.5 Years $ - $ 47 $ 1,005 $ 210 $ 60 $ 1,322 $ - Total fair value $ - $ - $ - $ - $ - $ - $ in millions As of December 31, 2022 Credit Derivatives Sold Weighted AAA AA A BBB Below Total Fair Value Insured swaps 13.7 Years $ - $ 50 $ 1,013 $ 227 $ 60 $ 1,350 $ - Total fair value $ - $ - $ - $ - $ - $ - Internal credit ratings assigned by MBIA on the underlying credit exposures are assigned by the Company’s surveillance group. In assigning an internal rating, current status reports from issuers and trustees, as well as publicly available transaction-specific information, are reviewed. The maximum potential amount of future payments (undiscounted) on insured swaps that are primarily insured interest rate swaps is estimated as the net interest settlements plus principal payments where applicable, on amortizing swaps. MBIA may hold recourse provisions through subrogation rights of the swap counterparty, whereby if MBIA makes a claim payment, it may be entitled to receive net swap settlements from the issuer under the swap agreement. Counterparty Credit Risk The Company manages counterparty credit risk on an individual counterparty basis through master netting agreements covering derivative instruments in the corporate segment. These agreements allow the Company to contractually net amounts due from a counterparty with those amounts due to such counterparty when certain triggering events occur. The Company only executes swaps under master netting agreements, which typically contain mutual credit downgrade provisions that generally provide the ability to require assignment or termination in the event either MBIA or the counterparty is downgraded below a specified credit rating. Under these agreements, the Company may receive or provide cash, U.S. Treasury or other highly rated securities to secure counterparties’ exposure to the Company or its exposure to counterparties, respectively. Such collateral is available to the holder to pay for replacing the counterparty in the event that the counterparty defaults. As of June 30, 2023 and December 31, 2022, the Company did not hold or post cash collateral to derivative counterparties. As of June 30, 2023 and December 31, 2022, the Company had securities with a fair value of $73 million posted to derivative counterparties, and these amounts are included within “Fixed-maturity securities held as available-for-sale, As of June 30, 2023 and December 31, 2022, the fair value on one Credit Support Annex (“CSA”) was a liability of $1 million. This CSA governs collateral posting requirements between MBIA and its derivative counterparties. The Company did not receive collateral due to the Company’s credit rating, which was below the CSA minimum credit ratings level for holding counterparty collateral. As of June 30, 2023 and December 31, 2022, the counterparty was rated Aa3 by Moody’s and A+ by S&P. Financial Statement Presentation The fair value of amounts recognized for eligible derivative contracts executed with the same counterparty under a master netting agreement, including any cash collateral that may have been received or posted by the Company, is presented on a net basis in accordance with accounting guidance for the offsetting of fair value amounts related to derivative instruments. Insured swaps are not subject to master netting agreements. VIE derivative assets and liabilities are not presented net of any master netting agreements. Counterparty netting of derivative assets and liabilities offsets balances in “Interest rate swaps”, when applicable. The following tables present the total fair value of the Company’s derivative assets and liabilities by instrument and balance sheet location, before counterparty netting, as of June 30, 2023 and December 31, 2022: June 30, 2023 In millions Derivative Assets (1) Derivative Liabilities (1) Derivative Instruments Notional Balance Sheet Location Fair Value Balance Sheet Location Fair Not designated as hedging instruments: Insured swaps $ 1,322 Other assets $ - Derivative liabilities $ - Interest rate swaps 378 Other assets - Derivative liabilities (48 ) Interest rate swaps-embedded 199 Medium-term notes 2 Medium-term notes (1 ) Currency swaps-VIE 14 Other assets-VIE - Derivative liabilities-VIE (12 ) Total non-designated derivatives $ 1,913 $ 2 $ (61 ) (1) - In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract. December 31, 2022 In millions Derivative Assets (1) Derivative Liabilities (1) Derivative Instruments Notional Balance Sheet Location Fair Value Balance Sheet Location Fair Not designated as hedging instruments: Insured swaps $ 1,350 Other assets $ - Derivative liabilities $ - Interest rate swaps 380 Other assets - Derivative liabilities (49 ) Interest rate swaps-embedded 194 Medium-term notes 1 Medium-term notes (2 ) Currency swaps-VIE 36 Other assets-VIE - Derivative liabilities-VIE (6 ) Total non-designated derivatives $ 1,960 $ 1 $ (57 ) (1) - In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract. The following table presents the effect of derivative instruments on the consolidated statements of operations for the three months ended June 30, 2023 and 2022: In millions Derivatives Not Designated as Three Months Ended June 30, Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative 2023 2022 Insured swaps Net gains (losses) on financial instruments at fair value and foreign exchange $ - $ 1 Interest rate swaps Net gains (losses) on financial instruments at fair value and foreign exchange 10 26 Currency swaps-VIE Net gains (losses) on financial instruments at fair value and foreign exchange-VIE (1 ) - Total $ 9 $ 27 The following table presents the effect of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2023 and 2022: In millions Derivatives Not Designated as Six Months Ended June 30, Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative 2023 2022 Insured swaps Net gains (losses) on financial instruments at fair value and foreign exchange $ - $ 1 Interest rate swaps Net gains (losses) on financial instruments at fair value and foreign exchange 1 56 Currency swaps-VIE Net gains (losses) on financial instruments at fair value and foreign exchange-VIE (6 ) - Total $ (5 ) $ 57

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 9: Income Taxes The Company’s income taxes and the related effective tax rates for the three and six months ended June 30, 2023 and 2022 are as follows: Three Months Ended June 30, Six Months Ended June 30, In millions 2023 2022 2023 2022 Income (loss) from continuing operations before income taxes $ (78 ) $ (36 ) $ (161 ) $ (109 ) Provision (benefit) for income taxes $ - $ - $ - $ - Effective tax rate 0.0 % 0.0 % 0.0 % 0.0 % For the six months ended June 30, 2023 and 2022, the Company’s effective tax rate applied to its loss from continuing operations before income taxes was lower than the U.S. statutory tax rate due to the full valuation allowance on the changes in its net deferred tax asset. Deferred Tax Asset, Net of Valuation Allowance The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of its existing deferred tax assets. A significant piece of objective negative evidence evaluated was the Company having a three-year cumulative loss. Such objective evidence limits the ability to consider other subjective evidence, such as the Company’s projections of pre-tax 1.2 Net operating losses (“NOLs”) of property and casualty insurance companies are permitted to be carried back two years and carried forward 20 years. NOLs of property and casualty insurance companies are not subject to the 80 percent taxable income limitation and indefinite lived carryforward period required by the Tax Cuts and Jobs Act applicable to general corporate NOLs. Accounting for Uncertainty in Income Taxes The Company’s policy is to record and disclose any change in unrecognized tax benefit (“UTB”) and related interest and/or penalties to income tax in the consolidated statements of operations. The Company includes interest as a component of income tax expense. As of June 30, 2023 and December 31, 2022, the Company had no Federal income tax returns through 2011 have been examined or surveyed. As of June 30, 2023, the Company’s NOL is approximately $3.9 billion. NOLs generated prior to tax reform and property and casualty NOLs generated after tax reform will expire between tax years 2026 through 2043. As of June 30, 2023, the Company has a foreign tax credit carryforward of $57 million, which will expire between tax years 2023 through 2033. Section 382 of the Internal Revenue Code Included in the Company’s Amended By-Laws By-Laws 5 Inflation Reduction Act On August 16, 2022, the Inflation Reduction Act (“IRA”) was signed into law and includes several tax changes, notably a new 15% minimum tax on the book income of large corporations and a 1% excise tax on most stock buybacks. The IRA will not have a material impact on the Company’s financial results.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Business Segments	Note 10: Business Segments As defined by segment reporting, an operating segment is a component of a company (i) that engages in business activities from which it earns revenue and incurs expenses, (ii) whose operating results are regularly reviewed by the Chief Operating Decision Maker to assess the performance of the segment and to make decisions about the allocation of resources to the segment and, (iii) for which discrete financial information is available. The Company manages its businesses across three operating segments: 1) U.S. public finance insurance; 2) corporate; and 3) international and structured finance insurance. The Company’s U.S. public finance insurance business is operated through National and its international and structured finance insurance business is operated through MBIA Corp. The following sections provide a description of each of the Company’s reportable operating segments. U.S. Public Finance Insurance The Company’s U.S. public finance insurance portfolio is managed through National. The financial guarantees issued by National provide unconditional and irrevocable guarantees of the payment of the principal of, and interest or other amounts owing on, U.S. public finance insured obligations when due. The obligations are not subject to acceleration, except that National may have the right, at its discretion, to accelerate insured obligations upon default or otherwise. National’s guarantees insure municipal bonds, including tax-exempt Corporate The Company’s corporate segment consists of general corporate activities, including providing support services to MBIA Inc.’s subsidiaries as well as asset and capital management. Support services are provided by the Company’s service company, MBIA Services, and include, among others, management, legal, accounting, treasury, information technology, and insurance portfolio surveillance, on a fee-for-service International and Structured Finance Insurance The Company’s international and structured finance insurance segment is principally conducted through MBIA Corp. The financial guarantees issued by MBIA Corp. generally provide unconditional and irrevocable guarantees of the payment of principal of, and interest or other amounts owing on, non-U.S. public finance and global structured finance insured obligations when due, or in the event MBIA Corp. has the right, at its discretion, to accelerate insured obligations upon default or otherwise. MBIA Corp. insures non-U.S. public finance and global structured finance obligations, including asset-backed obligations. MBIA Corp. has insured sovereign-related and sub-sovereign bonds, utilities, privately issued bonds used for the financing of projects that include toll roads, bridges, public transportation facilities, and other types of infrastructure projects serving a substantial public purpose. Global structured finance and asset-backed obligations typically are securities repayable from expected cash flows generated by a specified pool of assets, such as residential and commercial mortgages, structured settlements, consumer loans, and corporate loans and bonds. MBIA Corp. insures the investment contracts written by MBIA Inc., and if MBIA Inc. were to have insufficient assets to pay amounts due upon maturity or termination, MBIA Corp. would make such payments. MBIA Insurance Corporation also insures debt obligations of GFL. MBIA Corp. has also written policies guaranteeing obligations under certain derivative contracts, including termination payments that may become due upon certain insolvency or payment defaults of the financial guarantor or the issuer. MBIA Corp. has not written any meaningful amount of business since 2008. Segments Results The following tables provide the Company’s segment results for the three months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 U.S. Public International and Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ 19 $ 3 $ 17 $ 1 $ 40 Net gains (losses) on financial instruments at fair value and foreign exchange - 13 (2 ) - 11 Net gains (losses) on extinguishment of debt - 1 - - 1 Revenues of consolidated VIEs - - (24 ) - (24 ) Inter-segment revenues (2) 7 14 1 (22 ) - Total revenues 26 31 (8 ) (21 ) 28 Losses and loss adjustment 26 - 2 - 28 Amortization of deferred acquisition costs and operating 2 18 2 (1 ) 21 Interest - 14 40 (1 ) 53 Expenses of consolidated VIEs - - 4 - 4 Inter-segment expenses (2) 9 5 5 (19 ) - Total expenses 37 37 53 (21 ) 106 Income (loss) from continuing operations before income taxes $ (11 ) $ (6 ) $ (61 ) $ - $ (78 ) Identifiable assets per segment $ 2,453 $ 611 $ 1,038 $ (933 ) (3) $ 3,169 Assets held for sale - - - - 88 Total identifiable assets $ 2,453 $ 611 $ 1,038 $ (933 ) $ 3,257 (1) - Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses. (3) - Consists principally of intercompany reinsurance balances. Three Months Ended June 30, 2022 U.S. Public International and Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ (13 ) $ 4 $ 12 $ - $ 3 Net gains (losses) on financial instruments at fair value and foreign exchange (21 ) 37 (7 ) - 9 Net gains (losses) on extinguishment of debt - 4 - - 4 Revenues of consolidated VIEs - - 24 - 24 Inter-segment revenues (2) 6 14 2 (22 ) - Total revenues (28 ) 59 31 (22 ) 40 Losses and loss adjustment 49 - (29 ) - 20 Amortization of deferred acquisition costs and operating 1 8 3 - 12 Interest - 14 29 - 43 Expenses of consolidated VIEs - - 1 - 1 Inter-segment expenses (2) 10 6 5 (21 ) - Total expenses 60 28 9 (21 ) 76 Income (loss) from continuing operations before income taxes $ (88 ) $ 31 $ 22 $ (1 ) $ (36 ) (1) - Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses. The following tables provide the Company’s segment results for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 U.S. Public International and Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ 41 $ 7 $ 24 $ - $ 72 Net gains (losses) on financial instruments at fair value and foreign exchange 2 2 (5 ) - (1 ) Net gains (losses) on extinguishment of debt - 1 - - 1 Revenues of consolidated VIEs - - (42 ) - (42 ) Inter-segment revenues (2) 14 28 3 (45 ) - Total revenues 57 38 (20 ) (45 ) 30 Losses and loss adjustment 26 - 9 - 35 Amortization of deferred acquisition costs and operating 4 36 5 (1 ) 44 Interest - 28 76 - 104 Expenses of consolidated VIEs - - 8 - 8 Inter-segment expenses (2) 21 11 12 (44 ) - Total expenses 51 75 110 (45 ) 191 Income (loss) from continuing operations before income taxes $ 6 $ (37 ) $ (130 ) $ - $ (161 ) Identifiable assets per segment $ 2,453 $ 611 $ 1,038 $ (933 ) (3) $ 3,169 Assets held for sale - - - - 88 Total identifiable assets $ 2,453 $ 611 $ 1,038 $ (933 ) $ 3,257 (1) - Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses. (3) - Consists principally of intercompany reinsurance balances. Six Months Ended June 30, 2022 U.S. Public International and Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ 7 $ 6 $ 17 $ - $ 30 Net gains (losses) on financial instruments at fair value and foreign exchange (37 ) 76 (13 ) - 26 Net gains (losses) on extinguishment of debt - 4 - - 4 Revenues of consolidated VIEs - - 20 - 20 Inter-segment revenues (2) 14 31 5 (50 ) - Total revenues (16 ) 117 29 (50 ) 80 Losses and loss adjustment 136 - (67 ) - 69 Amortization of deferred acquisition costs and operating 4 23 6 - 33 Interest - 28 56 - 84 Expenses of consolidated VIEs - - 3 - 3 Inter-segment expenses (2) 23 12 14 (49 ) - Total expenses 163 63 12 (49 ) 189 Income (loss) from continuing operations before income $ (179 ) $ 54 $ 17 $ (1 ) $ (109 ) (1) - Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Earnings Per Share	Note 11: Earnings Per Share Earnings per share is calculated using the two-class non-employee Basic earnings per share excludes dilution and is reported separately for continuing operations and discontinued operations. Basic earnings per share for continuing operations and discontinued operations is computed by dividing net income from continuing operations and discontinued operations available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the dilutive effect of all unvested restricted stock outstanding during the period that could potentially result in the issuance of common stock. The dilution from unvested restricted stock is calculated by applying the two-class The following table presents the computation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, In millions except per share amounts 2023 2022 2023 2022 Basic and diluted earnings per share: Net income (loss) from continuing operations available to common shareholders $ (78 ) $ (36 ) $ (161 ) $ (109 ) Income (loss) from discontinued operations, net of income taxes 3 - - - Less: Net income (loss) from discontinued operations attributable to noncontrolling interests (1 ) - 6 - Net income (loss) from discontinued operations attributable to MBIA Inc. 4 - (6 ) - Net income (loss) attributable to MBIA Inc. $ (74 ) $ (36 ) $ (167 ) $ (109 ) Basic and diluted weighted average shares (1) 49.0 49.8 49.5 49.7 Net income (loss) per common share attributable to MBIA Inc. - basic and diluted: Continuing operations $ (1.52 ) $ (0.72 ) $ (3.38 ) $ (2.20 ) Discontinued operations 0.06 - (0.13 ) - Net income (loss) per share attributable to MBIA Inc. - basic and diluted $ (1.46 ) $ (0.72 ) $ (3.51 ) $ (2.20 ) Potentially dilutive securities excluded from the calculation of diluted EPS because of antidilutive affect 4.8 5.0 4.8 5.0 (1) - 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, 2023 and 2022.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Accumulated Other Comprehensive Income	Note 12: Accumulated Other Comprehensive Income The following table presents the changes in the components of AOCI for the six months ended June 30, 2023: In millions Unrealized Foreign Instrument- Total Balance, December 31, 2022 $ (234 ) $ (4 ) $ (45 ) $ (283 ) Other comprehensive income (loss) before reclassifications 28 - (5 ) 23 Amounts reclassified from AOCI 13 - 34 47 Net period other comprehensive income (loss) 41 - 29 70 Balance, June 30, 2023 $ (193 ) $ (4 ) $ (16 ) $ (213 ) The following table presents the details of the reclassifications from AOCI for the three and six months ended June 30, 2023 and 2022: In millions Amounts Reclassified from AOCI Three Months Ended June 30, Six Months Ended June 30, Details about AOCI Components 2023 2022 2023 2022 Affected Line Item on the Statements of Operations Unrealized gains (losses) on AFS securities: Realized gains (losses) on sale $ (8 ) $ 2 $ (13 ) $ 2 Net realized investment gains (losses) Instrument-specific credit risk of liabilities: Deconsolidation of VIEs (7 ) - (21 ) - Other net realized gains (losses) - VIE Settlement of liabilities (13 ) 15 (13 ) 12 Net gains (losses) on financial instruments at fair value and foreign exchange - VIE Total reclassifications for the period $ (28 ) $ 17 $ (47 ) $ 14 Net income (loss)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Commitments and Contingencies	Note 13: Commitments and Contingencies The following commitments and contingencies provide an update of those discussed in “Note 19: Commitments and Contingencies” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K 10-K. Litigation Complaint Objecting to Defendant’s Claims and Seeking Related Relief On July 1, 2019, the Oversight Board and AAFAF filed an adversary complaint against the Trustee for the PREPA bonds, challenging the validity of the liens arising under the Trust Agreement securing the insurance obligations of National. On September 30, 2022, the Oversight Board filed an amended complaint objecting to: (1) the secured claims asserted by the Trustee in PREPA’s assets; and (2) all unsecured claims of the Trustee, including as a result of the disallowance of the Trustee’s claims. The Oversight Board alleges that the Trustee’s security interest in PREPA’s property is limited to moneys deposited to the credit of the sinking fund and subordinate funds, and are non-recourse For those aforementioned actions in which it is a defendant, the Company is defending against those actions and expects ultimately to prevail on the merits. There is no assurance, however, that the Company will prevail in these actions. Adverse rulings in these actions could have a material adverse effect on the Company’s ability to implement its strategy and on its business, results of operations, cash flows and financial condition. At this stage of the litigation, there has not been a determination as to the amount, if any, of damages. Accordingly, the Company is not able to estimate any amount of loss or range of loss. The Company similarly can provide no assurance that it will be successful in those actions in which it is a plaintiff. There are no other material lawsuits pending or, to the knowledge of the Company, threatened, to which the Company or any of its subsidiaries is a party. Lease Commitments The Company has a lease agreement for its headquarters in Purchase, New York. The initial lease term expires in 2030 with the option to terminate the lease in 2025 upon the payment of a termination amount. This lease agreement included an incentive amount to fund certain leasehold improvements, renewal options, escalation clauses and a free rent period. This lease agreement has been classified as an operating lease, and operating rent expense is recognized on a straight-line basis. The following table provides information about the Company’s leases as of June 30, 2023: $ in millions As of Balance Sheet Location Right-of-use $ 16 Other asset Lease liability $ 16 Other liabilitie Weighted average remaining lease term (years) 6.9 Discount rate used for operating leases 7.5% Total future minimum lease payments $ 22

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q S-X 10-K The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As additional information becomes available or actual amounts become determinable, the recorded estimates are revised and reflected in operating results. The results of operations for the three and six months ended J u 20
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In January of 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-01, 2020-04, 2022-06, 2020-04 The Company has identified LIBOR transition primarily effecting its insurance portfolio exposures that reference or are indexed to LIBOR, interest rate swaps referencing LIBOR, investments indexed to an interbank offered rate, including LIBOR, and MBIA Corp.’s surplus notes. The Company will be applying the accounting relief as relevant contract modifications are made through December 31, 2024. Contract modifications are expected to only include those that address a LIBOR transition. The Company has not adopted any other new accounting pronouncements that had a material impact on its consolidated financial statements.

Business Developments and Ris_2

Business Developments and Risks and Uncertainties (Tables)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Schedule of Discontinued Operations Components of Assets and Liabilities Held for Sale	The following table summarizes the components of assets and liab i As of In millions June 30, 2023 December 31, 2022 Assets held for sale Cash $ 11 $ 12 Accounts receivable 21 24 Goodwill 90 90 Other assets 14 8 Loss on disposal group (48) (54) Total assets held for sale $ 88 $ 80 Liabilities held for sale Accounts payable $ 10 $ 12 Debt 37 30 Accrued expenses and other 23 19 Total liabilities held for sale $ 70 $ 61
Schedule of Results of Operations from Discontinued Operation	The results of operations from discontinued operations for the three and six months ended June 30, 2023 consist of the following: In millions Three months Ended June 30, 2023 Six Months Ended June 30, 2023 Revenues: Revenues $ 31 $ 63 Cost of sales 14 31 Total revenues from discontinued operations 17 32 Expenses: Operating 16 36 Interest 1 2 Increase (decrease) on loss on disposal group (3 ) (6 ) Total expenses from discontinued operations 14 32 Income (loss) before income taxes from discontinued operations 3 - Provision (benefit) for income taxes from discontinued operations - - Income (loss) from discontinued operations, net of income taxes $ 3 $ -

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Summary of Nonconsolidated VIEs Assets and Liabilities	June 30, 2023 Carrying Value of Assets Carrying Value of Liabilities In millions Maximum Exposure to Loss Investments Premiums Receivable Insurance Loss Recoverable Unearned Premium Revenue Loss and Loss Adjustment Expense Reserves Insurance: Global structured finance: Mortgage-backed residential $ 863 $ 42 $ 5 $ 21 $ 3 $ 239 Consumer asset-backed 140 - - 1 - 4 Corporate asset-backed 425 - 2 7 3 - Total global structured finance 1,428 42 7 29 6 243 Global public finance 230 - 5 - 4 - Total insurance $ 1,658 $ 42 $ 12 $ 29 $ 10 $ 243 December 31, 2022 Carrying Value of Assets Carrying Value of Liabilities In millions Maximum Exposure to Loss Investments Premiums Receivable Insurance Loss Recoverable Unearned Premium Revenue Loss and Loss Adjustment Insurance: Global structured finance: Mortgage-backed residential $ 996 $ 75 $ 6 $ 21 $ 4 $ 277 Consumer asset-backed 164 - - - 1 5 Corporate asset-backed 450 - 3 7 3 - Total global structured finance 1,610 75 9 28 8 282 Global public finance 230 - 5 - 4 - Total insurance $ 1,840 $ 75 $ 14 $ 28 $ 12 $ 282

Loss and Loss Adjustment Expe_2

Loss and Loss Adjustment Expense Reserves (Tables)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Present Value Of The Probability-Weighted Future Claim Payments And Recoveries	As of June 30, 2023 As of December 31, 2022 In millions Balance Sheet Line Item Balance Sheet Line Item Insurance loss Loss and LAE (1) Insurance loss Loss and LAE (1) U.S. Public Finance Insurance $ 71 $ 118 $ 107 $ 154 International and Structured Finance Insurance: Before VIE eliminations 32 401 32 488 VIE eliminations (3 ) (158 ) (2 ) (203 ) Total international and structured fi 29 243 30 285 Total $ 100 $ 361 $ 137 $ 439 (1) - Amounts are net of estimated recoveries of expected future claims.
Schedule Of Loss And Loss Adjustment Expenses Reserves	In millions Changes in Loss and LAE Reserves for the Six Months Ended June 30, 2023 Gross Loss Loss and Accretion Changes in Changes in (1) Changes in Gross Loss 2023 $439 $(87) $8 $(1) $1 $1 $361
Schedule Of Insurance Loss Recoverable	Changes in Insurance Loss Recoverable for the Six Months Ended June 30, 2023 In millions Gross Recoverable as of December 31, 2022 Collections for Cases Accretion of Changes in Discount Rates Changes in Assumptions Gross Recoverable as of June 30, 2023 Insurance loss recoverable $ 137 $ (5 ) $ 2 $ - $ (34 ) $ 100
Schedule Of Financial Guarantees And Related Claim Liability	The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of June 30, 2023: Surveillance Categories $ in millions Caution Caution Caution Classified List Total Number of policies 39 1 - 98 138 Number of issues (1) 14 1 - 78 93 Remaining weighted average contract period (in years) 5.7 0.5 - 6.6 6.2 Gross insured contractual payments outstanding: (2) Principal $ 1,431 $ 2 $ - $ 1,371 $ 2,804 Interest 1,716 - - 519 2,235 Total $ 3,147 $ 2 $ - $ 1,890 $ 5,039 Gross Claim Liability (3) $ - $ - $ - $ 550 $ 550 Less: Gross Potential Recoveries (4) - - - 155 155 Discount, net (5) - - - 136 136 Net claim liability (recoverable) $ - $ - $ - $ 259 $ 259 Unearned premium revenue $ 10 $ - $ - $ 8 $ 18 Reinsurance recoverable on paid and unpaid losses (6) $ 4 (1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt. (2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA. (3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position. (4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position. (5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries. (6) - Included in “Other assets” on the Company’s consolidated balance sheets. The following table provides information about the financial guarantees and related claim liability included in each of MBIA’s surveillance categories as of December , : Surveillance Categories $ in millions Caution Caution Caution Classified List Total Number of policies 57 3 - 101 161 Number of issues (1) 17 2 - 80 99 Remaining weighted average contract period (in years) 5.7 2.4 - 7.2 6.4 Gross insured contractual payments outstanding: (2) Principal $ 1,723 $ 4 $ - $ 1,458 $ 3,185 Interest 1,905 1 - 602 2,508 Total $ 3,628 $ 5 $ - $ 2,060 $ 5,693 Gross Claim Liability (3) $ - $ - $ - $ 677 $ 677 Less: Gross Potential Recoveries (4) - - - 198 198 Discount, net (5) - - - 179 179 Net claim liability (recoverable) $ - $ - $ - $ 300 $ 300 Unearned premium revenue $ 11 $ - $ - $ 9 $ 20 Reinsurance recoverable on paid and unpaid losses (6) $ 10 (1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt. (2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA. (3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position. (4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position. (5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries. (6) - Included in “Other assets” on the Company’s consolidated balance sheets.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Quantitative Information Regarding The Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On A Recurring Basis	In millions Fair Value as of 2023 Valuation Techniques Unobservable Input Range Assets: Equity Investments $ 115 Discounted cash flow EBITDA multiples (1) Discount rate (1) Sum of the parts Hard asset values (1) Type certificate values (1) Assets of consolidated VIEs: Loans receivable at fair value 70 Market prices of similar liabilities or internal cash flow models adjusted for financial guarantees provided to VIE obligations Impact of financial guarantee 12% - 188%(85%) (2) Liabilities of consolidated VIEs: Variable interest entity notes 183 Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities Impact of financial guarantee 72% - 72%(72%) (2) (1) - Range for EBITDA multiples, discount rate, hard asset values and type certificate values reflects their potential variability. (2) - Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value. In millions Fair Value as of Valuation Techniques Unobservable Input Range Assets: Equity Investments $ 115 Discounted cash flow EBITDA multiples (1) Discount rate (1) Sum of the parts Hard asset values (1) Type certificate values (1) Assets of consolidated VIEs: Loans receivable at fair value 78 Market prices of similar liabilities or internal cash flow models adjusted for financial guarantees provided to VIE obligations Impact of financial guarantee 12% - 88%(52%) (2) Liabilities of consolidated VIEs: Variable interest entity notes 172 Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities Impact of financial guarantee 34% - 82%(68%) (2) (1) - Range for EBITDA multiples, discount rate, hard asset values and type certificate values reflects their potential variability. (2) - Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.
Company's Assets And Liabilities Measured At Fair Value On Recurring Basis	The following tables present the fair value of the Company’s assets (including short-term investments) and liabilities measured and reported at fair value on a recurring basis as of June 30, 2023 and December 31, 2022: Fair Value Measurements at Reporting Date In millions Quoted Prices in Significant Significant (Level 3) Balance as of Assets: Fixed-maturity investments: U.S. Treasury and government agency $ 376 $ 55 $ - $ 431 State and municipal bonds - 127 - 127 Foreign governments - 24 - 24 Corporate obligations - 852 1 853 Mortgage-backed securities: Residential mortgage-backed agency - 199 - 199 Residential mortgage-backed non-agency - 56 - 56 Commercial mortgage-backed - 23 - 23 Asset-backed securities: Collateralized debt obligations - 161 - 161 Other asset-backed - 72 - 72 Total fixed-maturity investments 376 1,569 1 1,946 Money market securities 326 - - 326 Equity investments 39 19 115 173 Cash and cash equivalents 208 - - 208 Assets of consolidated VIEs: Mortgage-backed securities: Residential mortgage-backed non-agency - 11 - 11 Commercial mortgage-backed - 9 - 9 Asset-backed securities: Collateralized debt obligations - 1 - 1 Other asset-backed - 1 - 1 Cash 7 - - 7 Loans receivable at fair value: Residential loans receivable - - 70 70 Other assets: Other - - 2 2 Total assets $ 956 $ 1,610 $ 188 $ 2,754 Liabilities: Medium-term notes $ - $ - $ 38 $ 38 Derivative liabilities: Non-insured - 48 - 48 Liabilities of consolidated VIEs: Variable interest entity notes - - 183 183 Currency derivatives - - 12 12 Total liabilities $ - $ 48 $ 233 $ 281 Fair Value Measurements at Reporting Date Using In millions Quoted Prices in Significant Significant (Level 3) Balance as of Assets: Fixed-maturity investments: U.S. Treasury and government agency $ 463 $ 54 $ - $ 517 State and municipal bonds - 323 - 323 Foreign governments - 21 - 21 Corporate obligations - 797 - 797 Mortgage-backed securities: Residential mortgage-backed agency - 207 - 207 Residential mortgage-backed non-agency - 95 - 95 Commercial mortgage-backed - 24 - 24 Asset-backed securities: Collateralized debt obligations - 159 - 159 Other asset-backed - 127 - 127 Total fixed-maturity investments 463 1,807 - 2,270 Money market securities 234 - - 234 Equity investments 38 19 115 172 Cash and cash equivalents 50 - - 50 Assets of consolidated VIEs: Corporate obligations - 4 - 4 Mortgage-backed securities: Residential mortgage-backed non-agency - 22 - 22 Commercial mortgage-backed - 9 - 9 Asset-backed securities: Collateralized debt obligations - 5 - 5 Other asset-backed - 7 - 7 Cash 16 - - 16 Loans receivable at fair value: Residential loans receivable - - 78 78 Other assets: Other - - 23 23 Total assets $ 801 $ 1,873 $ 216 $ 2,890 Liabilities: Medium-term notes $ - $ - $ 41 $ 41 Derivative liabilities: Non-insured interest rate derivatives - 49 - 49 Liabilities of consolidated VIEs: Variable interest entity notes - - 172 172 Currency derivatives - - 6 6 Total liabilities $ - $ 49 $ 219 $ 268
Fair Value Hierarchy Table Presents The Company's Assets And Liabilities Not Recorded At Fair Value On The Company's Consolidated Balance Sheet	Fair Value Measurements at Reporting Date Using In millions Quoted Prices in Significant (Level 2) Significant (Level 3) Fair Value Carry Value Liabilities: Long-term debt $ - $ 269 $ - $ 269 $ 2,505 Medium-term notes - - 284 284 455 Investment agreements - - 259 259 236 Liabilities of consolidated VIEs: Variable interest entity loans payable - - 3 3 3 Total liabilities $ - $ 269 $ 546 $ 815 $ 3,199 Financial Guarantees: Gross liability (recoverable) $ - $ - $ 820 $ 820 $ 510 Ceded recoverable (liability) - - 21 21 8 Fair Value Measurements at Reporting Date Using In millions Quoted Prices in Significant (Level 2) Significant (Level 3) Fair Value Carry Value Liabilities: Long-term debt $ - $ 330 $ - $ 330 $ 2,428 Medium-term notes - - 310 310 458 Investment agreements - - 257 257 233 Liabilities of consolidated VIEs: Variable interest entity loans payable - - 2 2 2 Total liabilities $ - $ 330 $ 569 $ 899 $ 3,121 Financial Guarantees: Gross liability (recoverable) $ - $ - $ 864 $ 864 $ 568 Ceded recoverable (liability) - - 21 21 15
Changes In Level 3 Assets Measured At Fair Value On A Recurring Basis	In millions Balance, Total Unrealized (1) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in as of Change in as of (1) Assets: Corporate obligations $ 1 $ - $ - $ - $ - $ - $ - $ - $ - $ 1 $ - $ - Equity investments 115 - - - - - - - - 115 - - Assets of consolidated Loans receivable - 83 (11 ) - - - (2 ) - - - 70 (12 ) - Other 9 2 - - - - (9 ) - - 2 (2 ) - Total assets $ 208 $ (9 ) $ - $ - $ - $ (2 ) $ (9 ) $ - $ - $ 188 $ (14 ) $ - In millions Balance, Total Unrealized (1) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in the Period Included in Earnings for Assets still held as of June 30, 2022 Change in the Period Included in OCI for Assets still held as of June 30, 2022 (1) Assets: Residential mortgage-backed non-agency $ 38 $ 1 $ (5 ) $ 21 $ - $ - $ - $ - $ - $ 55 $ - $ (3 ) Assets of consolidated VIEs: Loans receivable-residential 76 (6 ) - - - (2 ) - - - 68 (8 ) - Currency derivatives 9 - - - - - - - - 9 - - Other 15 1 - - - - - - - 16 1 - Total assets $ 138 $ (4 ) $ (5 ) $ 21 $ - $ (2 ) $ - $ - $ - $ 148 $ (7 ) $ (3 ) (1) - Reported within the “Unrealized gains (losses) on available-for-sale (2) - Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. In millions Balance, Total Unrealized (1) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Unrealized Gains (Losses) for the Period Included in for Assets still held as of June 30, 2023 Change in Unrealized Gains (Losses) for the Period Included in OCI for Assets still held as of June 30, (1) Assets: Corporate obligations $ - $ - $ - $ - $ - $ - $ - $ 1 $ - $ 1 $ - $ - Equity investments 115 - - - - - - - - 115 - - Assets of consolidated VIEs: Loans receivable - residential 78 (3 ) - - - (5 ) - - - 70 (7 ) - Other 23 3 - - - - (24 ) - - 2 (1 ) - Total assets $ 216 $ - $ - $ - $ - $ (5 ) $ (24 ) $ 1 $ - $ 188 $ (8 ) $ - In millions Balance, Total Unrealized (1) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of June 30, 2022 Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of June 30, 2022 (1) Assets: Residential mortgage- non-agency $ - $ 1 $ (5 ) $ 59 $ - $ - $ - $ - $ - $ 55 $ - $ - Assets of consolidated VIEs: Collateralized debt obligations 4 - - - - (4 ) - - - - - - Loans receivable - residential 77 (5 ) - - - (4 ) - - - 68 (9 ) - Currency derivatives 9 - - - - - - - - 9 - - Other 14 2 - - - - - - - 16 2 - Total assets $ 104 $ (2 ) $ (5 ) $ 59 $ - $ (8 ) $ - $ - $ - $ 148 $ (7 ) $ - (1) - Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. (2) - Reported within the “Instrument-specific credit risk of liabilities measured at fair value
Changes In Level 3 Liabilities Measured At Fair Value On A Recurring Basis	In millions Balance, Total Unrealized (2) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in as of Change in (2) Liabilities: Medium-term notes $ 42 $ (3 ) $ (1 ) $ - $ - $ - $ - $ - $ - $ 38 $ (3 ) $ (1 ) Liabilities of consolidated VIE notes 154 17 (12 ) - 62 (22 ) (16 ) - - 183 (5 ) 7 Currency derivatives 11 1 - - - - - - - 12 1 - Total liabilities $ 207 $ 15 $ (13 ) $ - $ 62 $ (22 ) $ (16 ) $ - $ - $ 233 $ (7 ) $ 6 In millions Balance, Total Unrealized (2) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Change in (2) Liabilities: Medium-term notes $ 99 $ (13 ) $ 3 $ - $ - $ (47 ) $ - $ - $ - $ 42 $ (12 ) $ 5 Liabilities of consolidated VIEs: VIE notes 285 (30 ) 18 - - (56 ) - - - 217 (6 ) 3 Total liabilities $ 384 $ (43 ) $ 21 $ - $ - $ (103 ) $ - $ - $ - $ 259 $ (18 ) $ 8 (1) - Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. (2) - Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. In millions Balance, Total Unrealized (2) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in as of Change in (2) Liabilities: Medium-term notes $ 41 $ - $ (3 ) $ - $ - $ - $ - $ - $ - $ 38 $ - $ (3 ) Liabilities of consolidated VIEs: VIE notes 172 33 (26 ) - 62 (24 ) (34 ) - - 183 (3 ) 7 Currency derivatives 6 6 - - - - - - - 12 6 - Total liabilities $ 219 $ 39 $ (29 ) $ - $ 62 $ (24 ) $ (34 ) $ - $ - $ 233 $ 3 $ 4 In millions Balance, Total Unrealized (2) Purchases Issuances Settlements Sales Transfers Transfers Ending Change in Change in (2) Liabilities: Medium-term notes $ 98 $ (22 ) $ 13 $ - $ - $ (47 ) $ - $ - $ - $ 42 $ (20 ) $ 14 Liabilities of consolidated VIEs: VIE notes 291 (26 ) 20 - - (68 ) - - - 217 (8 ) 6 Total liabilities $ 389 $ (48 ) $ 33 $ - $ - $ (115 ) $ - $ - $ - $ 259 $ (28 ) $ 20 (1) - Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss. (2) - Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
Gains And Losses (Realized And Unrealized) Included In Earnings Pertaining To Level 3 Assets And Liabilities	Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 In millions Total Gains in Earnings Change in Unrealized Total Gains in Earnings Change in Unrealized Revenues: Net gains (losses) on financial instruments at fair value and foreign exchange $ 3 $ 3 $ 14 $ 12 Revenues of consolidated VIEs: Net gains (losses) on (20 ) (10 ) 25 (1 ) Other net realized gains (losses) (7 ) - - - Tota $ (24 ) $ (7 ) $ 39 $ 11 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 In millions Total Gains in Earnings Change in Unrealized Total Gains in Earnings Change in Unrealized Revenues: Net gains (losses) on financial instruments at fair value and foreign exchange $ - $ - $ 23 $ 20 Revenues of consolidated VIEs: Net gains (losses) on financial instruments at fair value and foreign exchange (18 ) (11 ) 23 1 Other net realized gains (losses) (21 ) - - - Tota $ (39 ) $ (11 ) $ 46 $ 21
Changes In Fair Value Included In The Company's Consolidated Statements Of Operations	Three Months Ended June 30, Six Months Ended June 30, In millions 2023 2022 2023 2022 Investments carried at fair value (1) $ - $ (26 ) $ 3 $ (34 ) Fixed-maturity securities held at fair value-VIE (3) - (2 ) (4 ) (3 ) Loans receivable at fair value: Residential mortgage loans (2) (11 ) (6 ) (3 ) (5 ) Other assets-VIE (3) 2 1 3 2 Medium-term notes (1) 3 13 - 22 Variable interest entity notes (3) (17 ) 28 (33 ) 23 (1) - Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange” on MBIA’s consolidated statements of operations. (2) - Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange-VIE” on MBIA’s consolidated statements of operations. (3) - Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange-VIE” and “Other net realized gains (losses)-VIE” on MBIA’s consolidated statements of operat ion
Difference Between Aggregate Fair Value And The Aggregate Remaining Contractual Principal Balance Outstanding	As of June 30, 2023 As of December 31, 2022 In millions Contractual Fair Difference Contractual Fair Difference Loans receivable at fair value: Residential mortgage loans - current $ 43 $ 43 $ - $ 39 $ 39 $ - Residential mortgage loans (90 days or more past due) 167 27 140 149 39 110 Total loans receivable and other instruments at fair value $ 210 $ 70 $ 140 $ 188 $ 78 $ 110 Variable interest entity notes $ 503 $ 183 $ 320 $ 780 $ 172 $ 608 Medium-term notes $ 55 $ 38 $ 17 $ 53 $ 41 $ 12

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios	The following tables present the amortized cost, allowance for credit losses, corresponding gross unrealized gains and losses and fair value for AFS investments in the Company’s consolidated investment portfolio as of June 30, 2023 and December 31, 2022: June 30, 2023 In millions Amortized Allowance Gross Gross Fair AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 453 $ - $ 6 $ (34 ) $ 425 State and municipal bonds 134 - 2 (10 ) 126 Foreign governments 25 - 1 (2 ) 24 Corporate obligations 899 - 1 (123 ) 777 Mortgage-backed securities: Residential mortgage-backed agency 207 - - (21 ) 186 Residential mortgage-backed non-agency 54 - 2 (6 ) 50 Commercial mortgage-backed 23 - - (1 ) 22 Asset-backed securities: Collateralized debt obligations 114 - 1 (3 ) 112 Other asset-backed 53 - - (3 ) 50 Total AFS investments $ 1,962 $ - $ 13 $ (203 ) $ 1,772 December 31, 2022 In millions Amortized Allowance Gross Gross Fair AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 541 $ - $ 5 $ (38 ) $ 508 State and municipal bonds 173 - 2 (11 ) 164 Foreign governments 23 - - (3 ) 20 Corporate obligations 862 - 1 (148 ) 715 Mortgage-backed securities: Residential mortgage-backed agency 217 - - (22 ) 195 Residential mortgage-backed non-agency 96 - 3 (11 ) 88 Commercial mortgage-backed 24 - - (1 ) 23 Asset-backed securities: Collateralized debt obligations 117 - - (5 ) 112 Other asset-backed 110 - - (4 ) 106 Total AFS investments $ 2,163 $ - $ 11 $ (243 ) $ 1,931
Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments	The following table presents the distribution by contractual maturity of AFS fixed-maturity securities at amortized cost, net of allowance for credit losses, and fair value as of June 30, 2023. Contractual maturity may differ from expected maturity as borrowers may have the right to call or prepay obligations. AFS Securities In millions Net Fair Due in one year or less $ 119 $ 119 Due after one year through five years 353 341 Due after five years through ten years 310 269 Due after ten years 729 623 Mortgage-backed and asset-backed 451 420 Total fixed-maturity investments $ 1,962 $ 1,772
Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments	The following tables present the non-credit June 30, 2023 Less than 12 Months 12 Months or Longer Total In millions Fair Unrealized Fair Unrealized Fair Unrealized AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 97 $ (5 ) $ 196 $ (29 ) $ 293 $ (34 ) State and municipal bonds 52 (2 ) 35 (8 ) 87 (10 ) Foreign governments 1 - 9 (2 ) 10 (2 ) Corporate obligations 195 (4 ) 509 (119 ) 704 (123 ) Mortgage-backed securities: Residential mortgage-backed agency 51 (2 ) 124 (19 ) 175 (21 ) Residential mortgage-backed non-agency - - 33 (6 ) 33 (6 ) Commercial mortgage-backed 15 - 7 (1 ) 22 (1 ) Asset-backed securities: Collateralized debt obligations 9 - 102 (3 ) 111 (3 ) Other asset-backed 7 - 36 (3 ) 43 (3 ) Total AFS investments $ 427 $ (13 ) $ 1,051 $ (190 ) $ 1,478 $ (203 ) December 31, 2022 Less than 12 Months 12 Months or Longer Total In millions Fair Unrealized Fair Unrealized Fair Unrealized AFS Investments Fixed-maturity investments: U.S. Treasury and government agency $ 266 $ (34 ) $ 29 $ (4 ) $ 295 $ (38 ) State and municipal bonds 92 (10 ) 1 (1 ) 93 (11 ) Foreign governments 9 (3 ) - - 9 (3 ) Corporate obligations 508 (106 ) 141 (42 ) 649 (148 ) Mortgage-backed securities: Residential mortgage-backed agency 112 (9 ) 65 (13 ) 177 (22 ) Residential mortgage-backed non-agency 65 (10 ) 2 (1 ) 67 (11 ) Commercial mortgage-backed 18 (1 ) 1 - 19 (1 ) Asset-backed securities: Collateralized debt obligations 51 (1 ) 60 (4 ) 111 (5 ) Other asset-backed 44 (3 ) 24 (1 ) 68 (4 ) Total AFS investments $ 1,165 $ (177 ) $ 323 $ (66 ) $ 1,488 $ (243 )
Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5%	The following table presents the distribution of securities in an unrealized loss position for a continuous twelve-month period or longer where fair value was below book value by more than 5% as of June 30, 2023: AFS Securities Percentage of Fair Value Below Book Value Number of Book Value Fair Value > 5% to 15% 253 $ 474 $ 426 > 15% to 25% 191 430 347 > 25% to 50% 100 184 128 > 50% 2 - - Total 546 $ 1,088 $ 901
Summary of Allowance for Credit Losses on AFS Investments	The following tables present the rollforward of allowance for credit losses on AFS investments for the three and six months ended June 30, 2022. The additions to the allowance for credit losses for the six months ended June 30, 2022 were related to concerns on an issuer’s credit deterioration as a result of the Ukraine and Russia conflict. The Company did not establish an allowance for credit losses for AFS securities for the three or six months ended June 30, 2023. Three Months Ended June 30, 2022 In millions Balance as of 2022 Additions Additions Reductions Reductions- Change in Write Offs Recoveries Balance AFS Investments Fixed-maturity Corporate obligations $ 3 $ - $ - $ - $ - $ - $ - $ - $ 3 Total Allowance on AFS investments $ 3 $ - $ - $ - $ - $ - $ - $ - $ 3 Six Months Ended June 30, 2022 In millions Balance as of December 31, Additions Additions Reductions Reductions- Change in Write Offs Recoveries Balance as of June 30, 2022 AFS Investments Fixed-maturity Corporate $ - $ 3 $ - $ - $ - $ - $ - $ - $ 3 Total Allowance $ - $ 3 $ - $ - $ - $ - $ - $ - $ 3
Securities Held In Unrealized Loss Position And Insured By Financial Guarantor and The Related Insurance Loss Reserve On Company Insured Investments	The following table provides information about securities held by the Company as of June 30, 2023 that were in an unrealized loss position and insured by a financial guarantor, along with the amount of insurance loss reserves corresponding to the par amount owned by the Company. The Company did not hold any securities in an unrealized loss position that were insured by a third-party financial guarantor as of June 30, 2023. In millions Fair Unrealized Insurance (1) Mortgage-backed $ 25 $ (5) $ 29 Corporate obligations 84 (25) - Total $ 109 $ (30) $ 29 (1) - Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured and are discounted using a discount rate equal to the risk-free rate applicable to the currency and weighted average remaining life of the insurance contract and may differ from the fair value.
Gross Realized Gains and Losses From Sales Of Available-For-Sale Securities	The proceeds and the gross realized gains and losses from sales of fixed-maturity securities held as AFS for the three and six months ended June 30, 2023 and 2022 are as follows: Three Months Ended June 30, Six Months Ended June 30, In millions 2023 2022 2023 2022 Proceeds from sales $ 174 $ 414 $ 272 $ 520 Gross realized gains $ - $ 1 $ 1 $ 1 Gross realized losses $ (7 ) $ (22 ) $ (11 ) $ (25 )
Portion Of Unrealized Gains Losses Recognized On Equity Investments	Three Months Ended June 30, Six Months Ended June 30, In millions 2023 2022 2023 2022 Net gains (losses) recognized during the period on equity and trading securities $ 2 $ (18 ) $ 3 $ (28 ) Less: Net gains (losses) recognized during the period on equity and trading securities sold during the period - (1 ) - - Unrealized gains (losses) recognized during the period on equity and trading securities still held at the reporting date $ 2 $ (17 ) $ 3 $ (28 )

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Credit Derivatives Sold	$ in millions As of June 30, 2023 Credit Derivatives Sold Weighted AAA AA A BBB Below Total Fair Value Insured swaps 13.5 Years $ - $ 47 $ 1,005 $ 210 $ 60 $ 1,322 $ - Total fair value $ - $ - $ - $ - $ - $ - $ in millions As of December 31, 2022 Credit Derivatives Sold Weighted AAA AA A BBB Below Total Fair Value Insured swaps 13.7 Years $ - $ 50 $ 1,013 $ 227 $ 60 $ 1,350 $ - Total fair value $ - $ - $ - $ - $ - $ -
Total Fair Value Of Company's Derivative Assets And Liabilities By Instrument And Balance Sheet Location, Before Counterparty Netting	The following tables present the total fair value of the Company’s derivative assets and liabilities by instrument and balance sheet location, before counterparty netting, as of June 30, 2023 and December 31, 2022: June 30, 2023 In millions Derivative Assets (1) Derivative Liabilities (1) Derivative Instruments Notional Balance Sheet Location Fair Value Balance Sheet Location Fair Not designated as hedging instruments: Insured swaps $ 1,322 Other assets $ - Derivative liabilities $ - Interest rate swaps 378 Other assets - Derivative liabilities (48 ) Interest rate swaps-embedded 199 Medium-term notes 2 Medium-term notes (1 ) Currency swaps-VIE 14 Other assets-VIE - Derivative liabilities-VIE (12 ) Total non-designated derivatives $ 1,913 $ 2 $ (61 ) (1) - In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract. December 31, 2022 In millions Derivative Assets (1) Derivative Liabilities (1) Derivative Instruments Notional Balance Sheet Location Fair Value Balance Sheet Location Fair Not designated as hedging instruments: Insured swaps $ 1,350 Other assets $ - Derivative liabilities $ - Interest rate swaps 380 Other assets - Derivative liabilities (49 ) Interest rate swaps-embedded 194 Medium-term notes 1 Medium-term notes (2 ) Currency swaps-VIE 36 Other assets-VIE - Derivative liabilities-VIE (6 ) Total non-designated derivatives $ 1,960 $ 1 $ (57 ) (1) - In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract.
Effect Of Derivative Instruments On Consolidated Statements Of Operations	The following table presents the effect of derivative instruments on the consolidated statements of operations for the three months ended June 30, 2023 and 2022: In millions Derivatives Not Designated as Three Months Ended June 30, Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative 2023 2022 Insured swaps Net gains (losses) on financial instruments at fair value and foreign exchange $ - $ 1 Interest rate swaps Net gains (losses) on financial instruments at fair value and foreign exchange 10 26 Currency swaps-VIE Net gains (losses) on financial instruments at fair value and foreign exchange-VIE (1 ) - Total $ 9 $ 27 The following table presents the effect of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2023 and 2022: In millions Derivatives Not Designated as Six Months Ended June 30, Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative 2023 2022 Insured swaps Net gains (losses) on financial instruments at fair value and foreign exchange $ - $ 1 Interest rate swaps Net gains (losses) on financial instruments at fair value and foreign exchange 1 56 Currency swaps-VIE Net gains (losses) on financial instruments at fair value and foreign exchange-VIE (6 ) - Total $ (5 ) $ 57

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax rate reconciliation from statutory to effective tax rate	The Company’s income taxes and the related effective tax rates for the three and six months ended June 30, 2023 and 2022 are as follows: Three Months Ended June 30, Six Months Ended June 30, In millions 2023 2022 2023 2022 Income (loss) from continuing operations before income taxes $ (78 ) $ (36 ) $ (161 ) $ (109 ) Provision (benefit) for income taxes $ - $ - $ - $ - Effective tax rate 0.0 % 0.0 % 0.0 % 0.0 %

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Summary of company's segment results	The following tables provide the Company’s segment results for the three months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 U.S. Public International and Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ 19 $ 3 $ 17 $ 1 $ 40 Net gains (losses) on financial instruments at fair value and foreign exchange - 13 (2 ) - 11 Net gains (losses) on extinguishment of debt - 1 - - 1 Revenues of consolidated VIEs - - (24 ) - (24 ) Inter-segment revenues (2) 7 14 1 (22 ) - Total revenues 26 31 (8 ) (21 ) 28 Losses and loss adjustment 26 - 2 - 28 Amortization of deferred acquisition costs and operating 2 18 2 (1 ) 21 Interest - 14 40 (1 ) 53 Expenses of consolidated VIEs - - 4 - 4 Inter-segment expenses (2) 9 5 5 (19 ) - Total expenses 37 37 53 (21 ) 106 Income (loss) from continuing operations before income taxes $ (11 ) $ (6 ) $ (61 ) $ - $ (78 ) Identifiable assets per segment $ 2,453 $ 611 $ 1,038 $ (933 ) (3) $ 3,169 Assets held for sale - - - - 88 Total identifiable assets $ 2,453 $ 611 $ 1,038 $ (933 ) $ 3,257 (1) - Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses. (3) - Consists principally of intercompany reinsurance balances. Three Months Ended June 30, 2022 U.S. Public International and Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ (13 ) $ 4 $ 12 $ - $ 3 Net gains (losses) on financial instruments at fair value and foreign exchange (21 ) 37 (7 ) - 9 Net gains (losses) on extinguishment of debt - 4 - - 4 Revenues of consolidated VIEs - - 24 - 24 Inter-segment revenues (2) 6 14 2 (22 ) - Total revenues (28 ) 59 31 (22 ) 40 Losses and loss adjustment 49 - (29 ) - 20 Amortization of deferred acquisition costs and operating 1 8 3 - 12 Interest - 14 29 - 43 Expenses of consolidated VIEs - - 1 - 1 Inter-segment expenses (2) 10 6 5 (21 ) - Total expenses 60 28 9 (21 ) 76 Income (loss) from continuing operations before income taxes $ (88 ) $ 31 $ 22 $ (1 ) $ (36 ) (1) - Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses. The following tables provide the Company’s segment results for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 U.S. Public International and Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ 41 $ 7 $ 24 $ - $ 72 Net gains (losses) on financial instruments at fair value and foreign exchange 2 2 (5 ) - (1 ) Net gains (losses) on extinguishment of debt - 1 - - 1 Revenues of consolidated VIEs - - (42 ) - (42 ) Inter-segment revenues (2) 14 28 3 (45 ) - Total revenues 57 38 (20 ) (45 ) 30 Losses and loss adjustment 26 - 9 - 35 Amortization of deferred acquisition costs and operating 4 36 5 (1 ) 44 Interest - 28 76 - 104 Expenses of consolidated VIEs - - 8 - 8 Inter-segment expenses (2) 21 11 12 (44 ) - Total expenses 51 75 110 (45 ) 191 Income (loss) from continuing operations before income taxes $ 6 $ (37 ) $ (130 ) $ - $ (161 ) Identifiable assets per segment $ 2,453 $ 611 $ 1,038 $ (933 ) (3) $ 3,169 Assets held for sale - - - - 88 Total identifiable assets $ 2,453 $ 611 $ 1,038 $ (933 ) $ 3,257 (1) - Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses. (3) - Consists principally of intercompany reinsurance balances. Six Months Ended June 30, 2022 U.S. Public International and Finance Finance In millions Insurance Corporate Insurance Eliminations Consolidated Revenues (1) $ 7 $ 6 $ 17 $ - $ 30 Net gains (losses) on financial instruments at fair value and foreign exchange (37 ) 76 (13 ) - 26 Net gains (losses) on extinguishment of debt - 4 - - 4 Revenues of consolidated VIEs - - 20 - 20 Inter-segment revenues (2) 14 31 5 (50 ) - Total revenues (16 ) 117 29 (50 ) 80 Losses and loss adjustment 136 - (67 ) - 69 Amortization of deferred acquisition costs and operating 4 23 6 - 33 Interest - 28 56 - 84 Expenses of consolidated VIEs - - 3 - 3 Inter-segment expenses (2) 23 12 14 (49 ) - Total expenses 163 63 12 (49 ) 189 Income (loss) from continuing operations before income $ (179 ) $ 54 $ 17 $ (1 ) $ (109 ) (1) - Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Schedule Of Basic And Diluted Earnings Per Share	The following table presents the computation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, In millions except per share amounts 2023 2022 2023 2022 Basic and diluted earnings per share: Net income (loss) from continuing operations available to common shareholders $ (78 ) $ (36 ) $ (161 ) $ (109 ) Income (loss) from discontinued operations, net of income taxes 3 - - - Less: Net income (loss) from discontinued operations attributable to noncontrolling interests (1 ) - 6 - Net income (loss) from discontinued operations attributable to MBIA Inc. 4 - (6 ) - Net income (loss) attributable to MBIA Inc. $ (74 ) $ (36 ) $ (167 ) $ (109 ) Basic and diluted weighted average shares (1) 49.0 49.8 49.5 49.7 Net income (loss) per common share attributable to MBIA Inc. - basic and diluted: Continuing operations $ (1.52 ) $ (0.72 ) $ (3.38 ) $ (2.20 ) Discontinued operations 0.06 - (0.13 ) - Net income (loss) per share attributable to MBIA Inc. - basic and diluted $ (1.46 ) $ (0.72 ) $ (3.51 ) $ (2.20 ) Potentially dilutive securities excluded from the calculation of diluted EPS because of antidilutive affect 4.8 5.0 4.8 5.0 (1) - 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, 2023 and 2022.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Changes In The Components Of AOCI	The following table presents the changes in the components of AOCI for the six months ended June 30, 2023: In millions Unrealized Foreign Instrument- Total Balance, December 31, 2022 $ (234 ) $ (4 ) $ (45 ) $ (283 ) Other comprehensive income (loss) before reclassifications 28 - (5 ) 23 Amounts reclassified from AOCI 13 - 34 47 Net period other comprehensive income (loss) 41 - 29 70 Balance, June 30, 2023 $ (193 ) $ (4 ) $ (16 ) $ (213 )
Reclassifications From AOCI	The following table presents the details of the reclassifications from AOCI for the three and six months ended June 30, 2023 and 2022: In millions Amounts Reclassified from AOCI Three Months Ended June 30, Six Months Ended June 30, Details about AOCI Components 2023 2022 2023 2022 Affected Line Item on the Statements of Operations Unrealized gains (losses) on AFS securities: Realized gains (losses) on sale $ (8 ) $ 2 $ (13 ) $ 2 Net realized investment gains (losses) Instrument-specific credit risk of liabilities: Deconsolidation of VIEs (7 ) - (21 ) - Other net realized gains (losses) - VIE Settlement of liabilities (13 ) 15 (13 ) 12 Net gains (losses) on financial instruments at fair value and foreign exchange - VIE Total reclassifications for the period $ (28 ) $ 17 $ (47 ) $ 14 Net income (loss)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Operating Leases Of Lessee Disclosure	$ in millions As of Balance Sheet Location Right-of-use $ 16 Other asset Lease liability $ 16 Other liabilitie Weighted average remaining lease term (years) 6.9 Discount rate used for operating leases 7.5% Total future minimum lease payments $ 22

Business Developments And Ris_3

Business Developments And Risks And Uncertainties (Narrative) (Detail) $ in Millions			3 Months Ended	6 Months Ended
	Jul. 01, 2023 USD ($)	Jan. 01, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) segments	Jun. 26, 2023 USD ($)
Business Acquisition [Line Items]
Number of operating segments | segments				3
Correction of error income (loss) from discontinued operations, net of tax			$ 18
Noncontrolling Interest [Member]
Business Acquisition [Line Items]
Correction of error income (loss) from discontinued operations, net of tax			$ 8
Puerto Rico Electric Power Authority [Member]
Business Acquisition [Line Items]
Outstanding bonds				$ 926
Maximum [Member]
Business Acquisition [Line Items]
Liabilities Subject to Compromise, Provision for Expected and Allowed Claims					$ 7,600
Minimum [Member]
Business Acquisition [Line Items]
Liabilities Subject to Compromise, Provision for Expected and Allowed Claims					$ 2,388
Puerto Rico [Member]
Business Acquisition [Line Items]
Outstanding bonds				$ 1,000
Puerto Rico [Member] | National Public Finance Guarantee Corporation [Member]
Business Acquisition [Line Items]
Claims payments		$ 18
Puerto Rico [Member] | Subsequent Event [Member] | National Public Finance Guarantee Corporation [Member]
Business Acquisition [Line Items]
Claims payments	$ 119

Business Developments and Ris_4

Business Developments and Risks and Uncertainties (Schedule of Discontinued Operations Components of Assets and Liabilities Held for Sale) (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets held for sale
Cash	$ 11	$ 12
Accounts receivable	21	24
Goodwill	90	90
Other assets	14	8
Loss on disposal group	(48)	(54)
Total assets held for sale	88	80
Liabilities held for sale
Accounts payable	10	12
Debt	37	30
Accrued expenses and other	23	19
Total liabilities held for sale	$ 70	$ 61

Business Developments and Ris_5

Business Developments and Risks and Uncertainties (Schedule of Results of Operations from Discontinued Operation) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Revenues	$ 31		$ 63
Cost of sales	14		31
Total revenues from discontinued operations	17		32
Expenses:
Operating	16		36
Interest	1		2
Increase (decrease) on loss on disposal group	(3)		(6)
Total expenses from discontinued operations	14		32
Income (loss) before income taxes from discontinued operations	3		0
Provision (benefit) for income taxes from discontinued operations	0		0
Income (loss) from discontinued operations, net of income taxes	$ 3	$ 0	$ 0	$ 0

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Detail) - Variable Interest Entity Primary Beneficiary [Member] - Structured Finance and International Insurance [Member] $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022	Mar. 31, 2022
Variable Interest Entity [Line Items]
Number of variable interest entities deconsolidated	1	1	0	0
Recorded Due To Credit Losses in AOCI [Member]
Variable Interest Entity [Line Items]
Net realized gains (losses) related to deconsolidation	$ (7)	$ (15)

Variable Interest Entities (Sum

Variable Interest Entities (Summary of Nonconsolidated VIEs Assets and Liabilities) (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 1,658	$ 1,840
Carrying Value of VIE Assets	3,257	3,375
Carrying Value of VIE Liabilities	4,245	4,251
Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	42	75
Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	12	14
Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	29	28
Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	10	12
Loss And Loss Adjustment Expense Reserves [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	243	282
Global Structured Finance [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	1,428	1,610
Global Structured Finance [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	42	75
Global Structured Finance [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	7	9
Global Structured Finance [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	29	28
Global Structured Finance [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	6	8
Global Structured Finance [Member] | Loss And Loss Adjustment Expense Reserves [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	243	282
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	863	996
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	42	75
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	5	6
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	21	21
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	3	4
Global Structured Finance [Member] | Residential Mortgage Backed Securities [Member] | Loss And Loss Adjustment Expense Reserves [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	239	277
Global Structured Finance [Member] | Consumer Asset Backed [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	140	164
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	0	0
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	0	0
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	1	0
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	0	1
Global Structured Finance [Member] | Consumer Asset Backed [Member] | Loss And Loss Adjustment Expense Reserves [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	4	5
Global Structured Finance [Member] | Corporate Asset Backed [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	425	450
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	0	0
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	2	3
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	7	7
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	3	3
Global Structured Finance [Member] | Corporate Asset Backed [Member] | Loss And Loss Adjustment Expense Reserves [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	0	0
Global Public Finance [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	230	230
Global Public Finance [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	0	0
Global Public Finance [Member] | Premiums Receivable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	5	5
Global Public Finance [Member] | Insurance Loss Recoverable [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Assets	0	0
Global Public Finance [Member] | Unearned Premium Revenue [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	4	4
Global Public Finance [Member] | Loss And Loss Adjustment Expense Reserves [Member]
Variable Interest Entity [Line Items]
Carrying Value of VIE Liabilities	$ 0	$ 0

Loss And Loss Adjustment Expe_3

Loss And Loss Adjustment Expense Reserves (Loss And LAE Activity) (Narrative) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Loss And Loss Adjustment Expense Reserves [Line Items]
Weighted average risk-free rate used to discount claim liability			4.17%
Lae [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Losses and loss adjustment	$ 3,000	$ 17	$ 5,000	$ 5,000
Loss and loss adjustment expense reserves	$ 10,000		$ 10,000		$ 12,000
Changes in Loss and LAE Reserves			one-year

Loss and Loss Adjustment Expe_4

Loss and Loss Adjustment Expense Reserves (Schedule of Losses and Loss Adjustment Expenses Reserves and Recoveries) (Detail) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Loss And Lae Reserves [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Loss and loss adjustment expense reserves	[1]	$ 361	$ 439
Insurance Loss Recoverable [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		100	137
Non Variable Interest Entity [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		100	137
Loss and loss adjustment expense reserves		361	439
US Public Finance Insurance [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		71	107
Loss and loss adjustment expense reserves	[1]	118	154
International And Structured Finance Insurance [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		32	32
Loss and loss adjustment expense reserves	[1]	401	488
International And Structured Finance Insurance [Member] | Non Variable Interest Entity [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		29	30
Loss and loss adjustment expense reserves	[1]	243	285
Consolidation Elimination [Member] | International And Structured Finance Insurance [Member] | Variable Interest Entity Primary Beneficiary [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Insurance Loss Recoverable		(3)	(2)
Loss and loss adjustment expense reserves	[1]	$ (158)	$ (203)
[1]Amounts are net of estimated recoveries of expected future claims.

Loss and Loss Adjustment Expe_5

Loss and Loss Adjustment Expense Reserves (Schedule of Loss and Loss Adjustment Expenses Reserves) (Detail) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Loss And Loss Adjustment Expense Reserves [Line Items]
Changes in unearned premium revenue		$ 17	$ 25
Loss And Lae Reserves [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Gross loss and LAE reserve, beginning balance	[1]	439
Loss payments for cases		(87)
Accretion of claim liability discount		8
Changes in discount rates		(1)
Changes in assumptions	[2]	1
Changes in unearned premium revenue		1
Gross loss and LAE reserve, ending balance	[1]	$ 361
[1]Amounts are net of estimated recoveries of expected future claims.[2]Includes changes in amount and timing of estimated payments and recoveries.

Loss and Loss Adjustment Expe_6

Loss and Loss Adjustment Expense Reserves (Schedule of Insurance Loss Recoverable) (Detail) - Insurance Loss Recoverable [Member] $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Roll forward of Insurance Loss Recoverable [Line Items]
Gross Reserve beginning balance, Insurance loss recoverable	$ 137
Collections for Cases	(5)
Accretion of Recoveries	2
Changes in Discount Rates	0
Changes in Assumptions	(34)
Gross Reserve ending balance, Insurance loss recoverable	$ 100

Loss And Loss Adjustment Expe_7

Loss And Loss Adjustment Expense Reserves (Schedule Of Financial Guarantees And Related Claim Liability) (Detail) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2023 USD ($) issue policy	Dec. 31, 2022 USD ($) issue policy
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		138	161
Number of issues | issue	[1]	93	99
Remaining weighted average contract period (in years)		6 years 2 months 12 days	6 years 4 months 24 days
Principal	[2]	$ 2,804	$ 3,185
Interest	[2]	2,235	2,508
Total	[2]	5,039	5,693
Gross claim liability	[3]	550	677
Less: Gross potential recoveries	[4]	155	198
Discount, net	[5]	136	179
Net claim liability (recoverable)		259	300
Unearned premium revenue		18	20
Reinsurance recoverable on paid and unpaid losses	[6]	$ 4	$ 10
Caution List Low [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		39	57
Number of issues | issue	[1]	14	17
Remaining weighted average contract period (in years)		5 years 8 months 12 days	5 years 8 months 12 days
Principal	[2]	$ 1,431	$ 1,723
Interest	[2]	1,716	1,905
Total	[2]	3,147	3,628
Gross claim liability	[3]	0	0
Less: Gross potential recoveries	[4]	0	0
Discount, net	[5]	0	0
Net claim liability (recoverable)		0	0
Unearned premium revenue		$ 10	$ 11
Caution List Medium [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		1	3
Number of issues | issue	[1]	1	2
Remaining weighted average contract period (in years)		6 months	2 years 4 months 24 days
Principal	[2]	$ 2	$ 4
Interest	[2]	0	1
Total	[2]	2	5
Gross claim liability	[3]	0	0
Less: Gross potential recoveries	[4]	0	0
Discount, net	[5]	0	0
Net claim liability (recoverable)		0	0
Unearned premium revenue		$ 0	$ 0
Caution List High [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		0	0
Number of issues | issue	[1]	0	0
Principal	[2]	$ 0	$ 0
Interest	[2]	0	0
Total	[2]	0	0
Gross claim liability	[3]	0	0
Less: Gross potential recoveries	[4]	0	0
Discount, net	[5]	0	0
Net claim liability (recoverable)		0	0
Unearned premium revenue		$ 0	$ 0
Classified List [Member]
Loss And Loss Adjustment Expense Reserves [Line Items]
Number of policies | policy		98	101
Number of issues | issue	[1]	78	80
Remaining weighted average contract period (in years)		6 years 7 months 6 days	7 years 2 months 12 days
Principal	[2]	$ 1,371	$ 1,458
Interest	[2]	519	602
Total	[2]	1,890	2,060
Gross claim liability	[3]	550	677
Less: Gross potential recoveries	[4]	155	198
Discount, net	[5]	136	179
Net claim liability (recoverable)		259	300
Unearned premium revenue		$ 8	$ 9
[1]An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt.[2]Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.[3]The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position.[4]Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position.[5]Represents discount related to Gross Claim Liability and Gross Potential Recoveries.[6]Included in “Other assets” on the Company’s consolidated balance sheets.

Fair Value Of Financial Instr_3

Fair Value Of Financial Instruments (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of level 3 assets at fair value in total assets measured at fair value value	7%		7%		7%
Percentage of level 3 liabilities at fair value in total liabilities measured at fair value	83%		83%		82%
Gain (loss) on cumulative changes in instrument-specific credit risk of liabilities elected under the fair value option	$ (213)		$ (213)		$ (283)
Instrument-specific credit risk of liabilities measured at fair value, net [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain (loss) on cumulative changes in instrument-specific credit risk of liabilities elected under the fair value option	(16)		(16)		$ (45)
Gain (loss) on instrument-specific credit risk recognized in earnings	$ (20)	$ 15	$ (34)	$ 12

Fair Value Of Financial Instr_4

Fair Value Of Financial Instruments (Quantitative Information Regarding The Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Discounted Cash Flow [Member] | Equity Investments [Member] | EBITDA Multiples Discount Rate Hard Asset Values Type Certificate Values [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, assets		$ 115	$ 115
Variable Interest Entity Primary Beneficiary [Member] | Variable Interest Entity Notes [Member] | Impact Of Financial Guarantee [Member] | Market Prices Of VIE Assets Adjusted For Financial Guarantees Provided Or Market Prices Of Similar Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, liabilities		183	172
Variable Interest Entity Primary Beneficiary [Member] | Loans Receivable and Other Instruments at Fair Value [Member] | Impact Of Financial Guarantee [Member] | Market Prices of Similar Liabilities Adjusted for Financial Guarantees Provided to VIE Obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, assets		$ 70	$ 78
Variable Interest Entity Primary Beneficiary [Member] | Minimum [Member] | Variable Interest Entity Notes [Member] | Impact Of Financial Guarantee [Member] | Market Prices Of VIE Assets Adjusted For Financial Guarantees Provided Or Market Prices Of Similar Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage	[1]	72%	34%
Variable Interest Entity Primary Beneficiary [Member] | Minimum [Member] | Loans Receivable and Other Instruments at Fair Value [Member] | Impact Of Financial Guarantee [Member] | Market Prices of Similar Liabilities Adjusted for Financial Guarantees Provided to VIE Obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage	[1]	12%	12%
Variable Interest Entity Primary Beneficiary [Member] | Maximum [Member] | Variable Interest Entity Notes [Member] | Impact Of Financial Guarantee [Member] | Market Prices Of VIE Assets Adjusted For Financial Guarantees Provided Or Market Prices Of Similar Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage	[1]	72%	82%
Variable Interest Entity Primary Beneficiary [Member] | Maximum [Member] | Loans Receivable and Other Instruments at Fair Value [Member] | Impact Of Financial Guarantee [Member] | Market Prices of Similar Liabilities Adjusted for Financial Guarantees Provided to VIE Obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage	[1]	188%	88%
Variable Interest Entity Primary Beneficiary [Member] | Weighted Average [Member] | Variable Interest Entity Notes [Member] | Impact Of Financial Guarantee [Member] | Market Prices Of VIE Assets Adjusted For Financial Guarantees Provided Or Market Prices Of Similar Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage	[1]	72%	68%
Variable Interest Entity Primary Beneficiary [Member] | Weighted Average [Member] | Loans Receivable and Other Instruments at Fair Value [Member] | Impact Of Financial Guarantee [Member] | Market Prices of Similar Liabilities Adjusted for Financial Guarantees Provided to VIE Obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range percentage	[1]	85%	52%
[1]Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.

Fair Value Of Financial Instr_5

Fair Value Of Financial Instruments (Company's Assets And Liabilities Measured At Fair Value On Recurring Basis) (Detail) - Fair Value Measurements Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	$ 2,754	$ 2,890
Fair value financial liabilities measured on recurring basis	281	268
Money Market Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	326	234
Medium-term Notes [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	38	41
Equity investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	173	172
Cash and Cash Equivalents [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	208	50
Fixed Maturities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1,946	2,270
Fixed Maturities [Member] | U S Treasury And Government [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	431	517
Fixed Maturities [Member] | State and municipal bonds [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	127	323
Fixed Maturities [Member] | Foreign Government Debt [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	24	21
Fixed Maturities [Member] | Corporate Obligations [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	853	797
Fixed Maturities [Member] | Residential Mortgage Backed Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	199	207
Fixed Maturities [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	56	95
Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	23	24
Fixed Maturities [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	161	159
Fixed Maturities [Member] | Other Asset Backed [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	72	127
Assets Of Consolidated V I Es [Member] | Corporate Obligations [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		4
Assets Of Consolidated V I Es [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	11	22
Assets Of Consolidated V I Es [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	9	9
Assets Of Consolidated V I Es [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1	5
Assets Of Consolidated V I Es [Member] | Other Asset Backed [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1	7
Assets Of Consolidated V I Es [Member] | Loans Receivable and Other Instruments At Fair Value [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Residential Loans Receivable [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	70	78
Assets Of Consolidated V I Es [Member] | Cash and Cash Equivalents [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	7	16
Assets Of Consolidated V I Es [Member] | Other [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	2	23
Derivative Liabilities [Member] | Interest rate derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	48	49
Liabilities Of Consolidated Vies [Member] | Currency Derivatives [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	12	6
Liabilities Of Consolidated Vies [Member] | Variable Interest Entity Notes [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	183	172
Fair Value Inputs Level 1 [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	956	801
Fair value financial liabilities measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Money Market Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	326	234
Fair Value Inputs Level 1 [Member] | Medium-term Notes [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Equity investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	39	38
Fair Value Inputs Level 1 [Member] | Cash and Cash Equivalents [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	208	50
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	376	463
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | U S Treasury And Government [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	376	463
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | State and municipal bonds [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Foreign Government Debt [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Corporate Obligations [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Fixed Maturities [Member] | Other Asset Backed [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Corporate Obligations [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Other Asset Backed [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Loans Receivable and Other Instruments At Fair Value [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Residential Loans Receivable [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Cash and Cash Equivalents [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	7	16
Fair Value Inputs Level 1 [Member] | Assets Of Consolidated V I Es [Member] | Other [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Derivative Liabilities [Member] | Interest rate derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Liabilities Of Consolidated Vies [Member] | Currency Derivatives [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0	0
Fair Value Inputs Level 1 [Member] | Liabilities Of Consolidated Vies [Member] | Variable Interest Entity Notes [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0	0
Fair Value Inputs Level 2 [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1,610	1,873
Fair value financial liabilities measured on recurring basis	48	49
Fair Value Inputs Level 2 [Member] | Money Market Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 2 [Member] | Medium-term Notes [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0	0
Fair Value Inputs Level 2 [Member] | Equity investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	19	19
Fair Value Inputs Level 2 [Member] | Cash and Cash Equivalents [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1,569	1,807
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | U S Treasury And Government [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	55	54
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | State and municipal bonds [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	127	323
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Foreign Government Debt [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	24	21
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Corporate Obligations [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	852	797
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	199	207
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	56	95
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	23	24
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	161	159
Fair Value Inputs Level 2 [Member] | Fixed Maturities [Member] | Other Asset Backed [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	72	127
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Corporate Obligations [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		4
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	11	22
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	9	9
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1	5
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Other Asset Backed [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1	7
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Loans Receivable and Other Instruments At Fair Value [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Residential Loans Receivable [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Cash and Cash Equivalents [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 2 [Member] | Assets Of Consolidated V I Es [Member] | Other [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 2 [Member] | Derivative Liabilities [Member] | Interest rate derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	48	49
Fair Value Inputs Level 2 [Member] | Liabilities Of Consolidated Vies [Member] | Currency Derivatives [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0	0
Fair Value Inputs Level 2 [Member] | Liabilities Of Consolidated Vies [Member] | Variable Interest Entity Notes [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	188	216
Fair value financial liabilities measured on recurring basis	233	219
Fair Value Inputs Level 3 [Member] | Money Market Securities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Medium-term Notes [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	38	41
Fair Value Inputs Level 3 [Member] | Equity investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	115	115
Fair Value Inputs Level 3 [Member] | Cash and Cash Equivalents [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1	0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | U S Treasury And Government [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | State and municipal bonds [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Foreign Government Debt [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Corporate Obligations [Member] | Other Fixed Maturity Investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	1	0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Fixed Maturities [Member] | Other Asset Backed [Member] | Asset-backed [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Corporate Obligations [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis		0
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Residential Mortgage Backed Non Agency [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Commercial Mortgage Backed Securities [Member] | Mortgage-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Collateralized Debt Obligations [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Other Asset Backed [Member] | Asset-backed [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Loans Receivable and Other Instruments At Fair Value [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Residential Loans Receivable [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	70	78
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Cash and Cash Equivalents [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Assets Of Consolidated V I Es [Member] | Other [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial assets measured on recurring basis	2	23
Fair Value Inputs Level 3 [Member] | Derivative Liabilities [Member] | Interest rate derivatives [Member] | Non-insured interest rate derivatives [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	0	0
Fair Value Inputs Level 3 [Member] | Liabilities Of Consolidated Vies [Member] | Currency Derivatives [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	12	6
Fair Value Inputs Level 3 [Member] | Liabilities Of Consolidated Vies [Member] | Variable Interest Entity Notes [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Fair value financial liabilities measured on recurring basis	$ 183	$ 172

Fair Value Of Financial Instr_6

Fair Value Of Financial Instruments (Fair Value Hierarchy Table Presents The Company's Assets And Liabilities At Fair Value Not Recorded On The Company's Consolidated Balance Sheet) (Detail) - Value Disclosed At Fair Value Not Recorded At Fair Value [Member] - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Carrying Reported Amount Fair Value Disclosure [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Long-term debt	$ 2,505	$ 2,428
Medium-term notes	455	458
Investment agreements	236	233
Variable interest entity loans payable	3	2
Total liabilities	3,199	3,121
Gross liability (recoverable)	510	568
Ceded recoverable (liability)	8	15
Fair Value [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Long-term debt	269	330
Medium-term notes	284	310
Investment agreements	259	257
Variable interest entity loans payable	3	2
Total liabilities	815	899
Gross liability (recoverable)	820	864
Ceded recoverable (liability)	21	21
Fair Value [Member] | Fair Value Inputs Level 1 [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Long-term debt	0	0
Medium-term notes	0	0
Investment agreements	0	0
Variable interest entity loans payable	0	0
Total liabilities	0	0
Gross liability (recoverable)	0	0
Ceded recoverable (liability)	0	0
Fair Value [Member] | Fair Value Inputs Level 2 [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Long-term debt	269	330
Medium-term notes	0	0
Investment agreements	0	0
Variable interest entity loans payable	0	0
Total liabilities	269	330
Gross liability (recoverable)	0	0
Ceded recoverable (liability)	0	0
Fair Value [Member] | Fair Value Inputs Level 3 [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Long-term debt	0	0
Medium-term notes	284	310
Investment agreements	259	257
Variable interest entity loans payable	3	2
Total liabilities	546	569
Gross liability (recoverable)	820	864
Ceded recoverable (liability)	$ 21	$ 21

Fair Value Of Financial Instr_7

Fair Value Of Financial Instruments (Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - Fair Value Inputs Level 3 [Member] - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		$ 208	$ 138	$ 216	$ 104
Total gains/(losses) included in earnings, assets		(9)	(4)	0	(2)
Unrealized gains/(losses) included in OCI, assets	[1]	0	(5)	0	(5)
Purchases, assets		0	21	0	59
Issuances, assets		0	0	0	0
Settlements, assets		(2)	(2)	(5)	(8)
Sales, assets		(9)	0	(24)	0
Transfers into level 3, assets		0	0	1	0
Transfers out of level 3, assets		0	0	0	0
Ending balance, fair value assets		188	148	188	148
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		(14)	(7)	(8)	(7)
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]	0	(3)	0	0
Beginning balance, fair value liabilities		207	384	219	389
Total (gains)/losses included in earnings, liabilities		15	(43)	39	(48)
Unrealized (gains)/losses included in OCI, liabilities	[2]	(13)	21	(29)	33
Purchases, liabilities		0	0	0	0
Issuances, liabilities		62	0	62	0
Settlements, liabilities		(22)	(103)	(24)	(115)
Sales, liabilities		(16)	0	(34)	0
Transfers into Level 3, liabilities		0	0	0	0
Transfers out of Level 3, liabilities		0	0	0	0
Ending balance, fair value liabilities		233	259	233	259
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities		(7)	(18)	3	(28)
Change in Unrealized Gains/ (Losses) for the Period Included in OCI for Liabilities still held	[2]	6	8	4	20
Loans receivable - residential [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		83	76	78	77
Total gains/(losses) included in earnings, assets		(11)	(6)	(3)	(5)
Unrealized gains/(losses) included in OCI, assets	[1]	0	0	0	0
Purchases, assets		0	0	0	0
Issuances, assets		0	0	0	0
Settlements, assets		(2)	(2)	(5)	(4)
Sales, assets		0	0	0	0
Transfers into level 3, assets		0	0	0	0
Transfers out of level 3, assets		0	0	0	0
Ending balance, fair value assets		70	68	70	68
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		(12)	(8)	(7)	(9)
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]	0	0	0	0
Residential Mortgage-Backed Non-Agency [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets			38		0
Total gains/(losses) included in earnings, assets			1		1
Unrealized gains/(losses) included in OCI, assets	[1]		(5)		(5)
Purchases, assets			21		59
Issuances, assets			0		0
Settlements, assets			0		0
Sales, assets			0		0
Transfers into level 3, assets			0		0
Transfers out of level 3, assets			0		0
Ending balance, fair value assets			55		55
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets			0		0
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]		(3)		0
Corporate Obligations [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		1		0
Total gains/(losses) included in earnings, assets		0		0
Unrealized gains/(losses) included in OCI, assets	[1]	0		0
Purchases, assets		0		0
Issuances, assets		0		0
Settlements, assets		0		0
Sales, assets		0		0
Transfers into level 3, assets		0		1
Transfers out of level 3, assets		0		0
Ending balance, fair value assets		1		1
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		0		0
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]	0		0
Equity investments [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		115		115
Total gains/(losses) included in earnings, assets		0		0
Unrealized gains/(losses) included in OCI, assets	[1]	0		0
Purchases, assets		0		0
Issuances, assets		0		0
Settlements, assets		0		0
Sales, assets		0		0
Transfers into level 3, assets		0		0
Transfers out of level 3, assets		0		0
Ending balance, fair value assets		115		115
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		0		0
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]	0		0
Collateralized Debt Obligations [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets					4
Total gains/(losses) included in earnings, assets					0
Unrealized gains/(losses) included in OCI, assets	[1]				0
Purchases, assets					0
Issuances, assets					0
Settlements, assets					(4)
Sales, assets					0
Transfers into level 3, assets					0
Transfers out of level 3, assets					0
Ending balance, fair value assets			0		0
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets					0
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]				0
Medium Term Notes [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value liabilities		42	99	41	98
Total (gains)/losses included in earnings, liabilities		(3)	(13)	0	(22)
Unrealized (gains)/losses included in OCI, liabilities	[2]	(1)	3	(3)	13
Purchases, liabilities		0	0	0	0
Issuances, liabilities		0	0	0	0
Settlements, liabilities		0	(47)	0	(47)
Sales, liabilities		0	0	0	0
Transfers into Level 3, liabilities		0	0	0	0
Transfers out of Level 3, liabilities		0	0	0	0
Ending balance, fair value liabilities		38	42	38	42
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities		(3)	(12)	0	(20)
Change in Unrealized Gains/ (Losses) for the Period Included in OCI for Liabilities still held	[2]	(1)	5	(3)	14
Variable Interest Entity Notes [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value liabilities		154	285	172	291
Total (gains)/losses included in earnings, liabilities		17	(30)	33	(26)
Unrealized (gains)/losses included in OCI, liabilities	[2]	(12)	18	(26)	20
Purchases, liabilities		0	0	0	0
Issuances, liabilities		62	0	62	0
Settlements, liabilities		(22)	(56)	(24)	(68)
Sales, liabilities		(16)	0	(34)	0
Transfers into Level 3, liabilities		0	0	0	0
Transfers out of Level 3, liabilities		0	0	0	0
Ending balance, fair value liabilities		183	217	183	217
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities		(5)	(6)	(3)	(8)
Change in Unrealized Gains/ (Losses) for the Period Included in OCI for Liabilities still held	[2]	7	3	7	6
Currency Derivatives [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets			9		9
Total gains/(losses) included in earnings, assets			0		0
Unrealized gains/(losses) included in OCI, assets	[1]		0		0
Purchases, assets			0		0
Issuances, assets			0		0
Settlements, assets			0		0
Sales, assets			0		0
Transfers into level 3, assets			0		0
Transfers out of level 3, assets			0		0
Ending balance, fair value assets			9		9
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets			0		0
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]		0		0
Beginning balance, fair value liabilities		11		6
Total (gains)/losses included in earnings, liabilities		1		6
Unrealized (gains)/losses included in OCI, liabilities	[2]	0		0
Purchases, liabilities		0		0
Issuances, liabilities		0		0
Settlements, liabilities		0		0
Sales, liabilities		0		0
Transfers into Level 3, liabilities		0		0
Transfers out of Level 3, liabilities		0		0
Ending balance, fair value liabilities		12		12
Change in unrealized gains/(losses) for the period included in earnings for liabilities still held, liabilities		1		6
Change in Unrealized Gains/ (Losses) for the Period Included in OCI for Liabilities still held	[2]	0		0
Other Assets [Member] | Variable Interest Entity Primary Beneficiary [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning balance, fair value assets		9	15	23	14
Total gains/(losses) included in earnings, assets		2	1	3	2
Unrealized gains/(losses) included in OCI, assets	[1]	0	0	0	0
Purchases, assets		0	0	0	0
Issuances, assets		0	0	0	0
Settlements, assets		0	0	0	0
Sales, assets		(9)	0	(24)	0
Transfers into level 3, assets		0	0	0	0
Transfers out of level 3, assets		0	0	0	0
Ending balance, fair value assets		2	16	2	16
Change in unrealized gains/(losses) for the period included in earnings for assets still held, assets		(2)	1	(1)	2
Change in unrealized gains/(losses) for the period included in OCI for Liabilities still held	[1]	$ 0	$ 0	$ 0	$ 0
[1]Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.[2]Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.

Fair Value Of Financial Instr_8

Fair Value Of Financial Instruments (Realized And Unrealized Gains And Losses Included In Earnings Pertaining To Level 3 Assets And Liabilities) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	$ 11	$ 9	$ (1)	$ 26
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized Investment Gains (Losses)		Realized Investment Gains (Losses)
Variable Interest Entity Primary Beneficiary [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	$ (21)	24	$ (24)	20
Other net realized gains (losses)	(3)	0	(18)	0
Fair Value Inputs Level 3 [Member] | Total Gains (Losses) Included in Earnings [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	3	14	0	23
Total revenues	(24)	39	(39)	46
Fair Value Inputs Level 3 [Member] | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets and Liabilities still held [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	3	12	0	20
Total revenues	(7)	11	(11)	21
Fair Value Inputs Level 3 [Member] | Variable Interest Entity Primary Beneficiary [Member] | Total Gains (Losses) Included in Earnings [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	(20)	25	(18)	23
Other net realized gains (losses)	(7)	0	(21)	0
Fair Value Inputs Level 3 [Member] | Variable Interest Entity Primary Beneficiary [Member] | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets and Liabilities still held [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	(10)	(1)	(11)	1
Other net realized gains (losses)	$ 0	$ 0	$ 0	$ 0

Fair Value Of Financial Instr_9

Fair Value Of Financial Instruments (Gains And Losses On Fair Value Option Included In The Company's Consolidated Statements Of Operations) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	$ 11	$ 9	$ (1)	$ 26
Non Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	11	9	(1)	26
Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	(21)	24	(24)	20
Investments Carried At Fair Value [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	0	(26)	3	(34)
Fixed Maturity Securities Held At Fair Value - VIE [Member] | Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	0	(2)	(4)	(3)
Loans Receivable and Other Instruments at Fair Value [Member] | Variable Interest Entity [Member] | Residential Mortgage Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	(11)	(6)	(3)	(5)
Other Assets [Member] | Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	2	1	3	2
Medium Term Notes [Member] | Non Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	3	13	0	22
Variable Interest Entity Notes [Member] | Variable Interest Entity [Member]
Accounts Notes And Loans Receivable [Line Items]
Net gains (losses) on financial instruments at fair value and foreign exchange	$ (17)	$ 28	$ (33)	$ 23

Fair Value Of Financial Inst_10

Fair Value Of Financial Instruments (Aggregate Fair Value And Remaining Contractual Principal Balance Outstanding On Fair Value Option) (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Residential Mortgage Loans [Member] | Loans Receivable [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Loans receivable and other instruments, contractual outstanding principal	$ 43	$ 39
Loans receivable and other instruments, 90 days or more past due, contractual outstanding principal	167	149
Loans receivable and other instruments, fair value	43	39
Loans receivable and other instruments, 90 days or more past due, fair value	27	39
Loans receivable and other instruments, difference	0	0
Loans receivable and other instruments, 90 days or more past due, difference	140	110
Total Loans Receivable and Other Instruments [Member] | Loans Receivable [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Loans receivable and other instruments, contractual outstanding principal	210	188
Loans receivable and other instruments, fair value	70	78
Loans receivable and other instruments, difference	140	110
Variable Interest Entity Notes [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Long-term debt instruments, contractual outstanding principal	503	780
Long-term debt instruments, fair value	183	172
Long-term debt instruments, difference	320	608
Medium Term Notes [Member]
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items]
Long-term debt instruments, contractual outstanding principal	55	53
Long-term debt instruments, fair value	38	41
Long-term debt instruments, difference	$ 17	$ 12

Investments (Narrative) (Detail

Investments (Narrative) (Detail) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) security
Schedule Of Investments [Line Items]
Fair value of securities on deposit with various regulatory authorities		$ 10		$ 10
Number of securities in unrealized loss position for a continuous 12 month period | security		597		210
Rate that a security's fair value is below book value		5%		5%
Increase decrease in other net realized (gains) losses		$ 17	$ 19
Asset Pledged as Collateral [Member]
Schedule Of Investments [Line Items]
Fair value of securities pledged as collateral		$ 233		$ 251
Securities In Unrealized Loss Position [Member]
Schedule Of Investments [Line Items]
Weighted average contractual maturity period in years for securities in an unrealized loss position		14 years		14 years
Increase decrease in other net realized (gains) losses	$ 19		$ 19
Fair Value Below Book Value Greater Than Five Percent [Member]
Schedule Of Investments [Line Items]
Number of securities in unrealized loss position for a continuous 12 month period | security		546		190

Investments (Amortized Cost And

Investments (Amortized Cost And Fair Value Of Available-For-Sale and Held-To-Maturity Investment Portfolios) (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
U S Treasury And Government [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	$ 453	$ 541
Allowance for Credit Losess	0	0
Gross unrealized gains	6	5
Gross unrealized losses	(34)	(38)
Total available-for-sale, fair value	425	508
US States And Political Subdivisions [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	134	173
Allowance for Credit Losess	0	0
Gross unrealized gains	2	2
Gross unrealized losses	(10)	(11)
Total available-for-sale, fair value	126	164
Foreign Governments [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	25	23
Allowance for Credit Losess	0	0
Gross unrealized gains	1	0
Gross unrealized losses	(2)	(3)
Total available-for-sale, fair value	24	20
Corporate Obligations [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	899	862
Allowance for Credit Losess	0	0
Gross unrealized gains	1	1
Gross unrealized losses	(123)	(148)
Total available-for-sale, fair value	777	715
Residential Mortgage-Backed Agency [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	207	217
Allowance for Credit Losess	0	0
Gross unrealized gains	0	0
Gross unrealized losses	(21)	(22)
Total available-for-sale, fair value	186	195
Residential Mortgage-Backed Non-Agency [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	54	96
Allowance for Credit Losess	0	0
Gross unrealized gains	2	3
Gross unrealized losses	(6)	(11)
Total available-for-sale, fair value	50	88
Commercial Mortgage-Backed [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	23	24
Allowance for Credit Losess	0	0
Gross unrealized gains	0	0
Gross unrealized losses	(1)	(1)
Total available-for-sale, fair value	22	23
Collateralized Debt Obligations [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	114	117
Allowance for Credit Losess	0	0
Gross unrealized gains	1	0
Gross unrealized losses	(3)	(5)
Total available-for-sale, fair value	112	112
Other Asset-Backed [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	53	110
Allowance for Credit Losess	0	0
Gross unrealized gains	0	0
Gross unrealized losses	(3)	(4)
Total available-for-sale, fair value	50	106
Fixed Maturities [Member]
Available For Sale Securities [Abstract]
Total available-for-sale, amortized cost	1,962	2,163
Allowance for Credit Losess	0	0
Gross unrealized gains	13	11
Gross unrealized losses	(203)	(243)
Total available-for-sale, fair value	$ 1,772	$ 1,931

Investments (Distribution By Co

Investments (Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments) (Detail) - Fixed Maturities [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Available For Sale Securities [Abstract]
Due in one year or less	$ 119
Due after one year through five years	353
Due after five years through ten years	310
Due after ten years	729
Mortgage-backed and asset-backed	451
Total fixed-maturity investments	1,962
Due in one year or less	119
Due after one year through five years	341
Due after five years through ten years	269
Due after ten years	623
Mortgage-backed and asset-backed	420
Total fixed-maturity investments	$ 1,772	$ 1,931

Investments (Gross Unrealized L

Investments (Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments) (Detail) - Fixed Maturities [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Available For Sale Securities [Abstract]
Less than 12 months, fair value	$ 427	$ 1,165
Less than 12 months, unrealized losses	(13)	(177)
12 months or longer, fair value	1,051	323
12 months or longer, unrealized losses	(190)	(66)
Total, fair value	1,478	1,488
Tota, unrealized losses	(203)	(243)
U.S. Treasury and government agency [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	97	266
Less than 12 months, unrealized losses	(5)	(34)
12 months or longer, fair value	196	29
12 months or longer, unrealized losses	(29)	(4)
Total, fair value	293	295
Tota, unrealized losses	(34)	(38)
State and municipal bonds [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	52	92
Less than 12 months, unrealized losses	(2)	(10)
12 months or longer, fair value	35	1
12 months or longer, unrealized losses	(8)	(1)
Total, fair value	87	93
Tota, unrealized losses	(10)	(11)
Foreign Governments [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	1	9
Less than 12 months, unrealized losses	0	(3)
12 months or longer, fair value	9	0
12 months or longer, unrealized losses	(2)	0
Total, fair value	10	9
Tota, unrealized losses	(2)	(3)
Corporate Obligations [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	195	508
Less than 12 months, unrealized losses	(4)	(106)
12 months or longer, fair value	509	141
12 months or longer, unrealized losses	(119)	(42)
Total, fair value	704	649
Tota, unrealized losses	(123)	(148)
Residential Mortgage backed Agency [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	51	112
Less than 12 months, unrealized losses	(2)	(9)
12 months or longer, fair value	124	65
12 months or longer, unrealized losses	(19)	(13)
Total, fair value	175	177
Tota, unrealized losses	(21)	(22)
Residential Mortgage backed Non Agency [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	0	65
Less than 12 months, unrealized losses	0	(10)
12 months or longer, fair value	33	2
12 months or longer, unrealized losses	(6)	(1)
Total, fair value	33	67
Tota, unrealized losses	(6)	(11)
Commercial mortgage backed Securities [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	15	18
Less than 12 months, unrealized losses	0	(1)
12 months or longer, fair value	7	1
12 months or longer, unrealized losses	(1)	0
Total, fair value	22	19
Tota, unrealized losses	(1)	(1)
Collateralized debt obligations [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	9	51
Less than 12 months, unrealized losses	0	(1)
12 months or longer, fair value	102	60
12 months or longer, unrealized losses	(3)	(4)
Total, fair value	111	111
Tota, unrealized losses	(3)	(5)
Other asset backed [Member]
Available For Sale Securities [Abstract]
Less than 12 months, fair value	7	44
Less than 12 months, unrealized losses	0	(3)
12 months or longer, fair value	36	24
12 months or longer, unrealized losses	(3)	(1)
Total, fair value	43	68
Tota, unrealized losses	$ (3)	$ (4)

Investments (Distribution Of Se

Investments (Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5% For A Continuous Twelve Month Period Or Longer) (Detail) - Unrealized loss position > 12 months [Member] $ in Millions	Jun. 30, 2023 USD ($) security
> 5% To 15% [Member]
Available For Sale Securities [Abstract]
Number of securities | security	253
Book Value	$ 474
Fair Value	$ 426
Held To Maturity Securities [Abstract]
Percentage Of Fair Value Below Book Value Minimum	5%
Percentage Of Fair Value Below Book Value Maximum	15%
> 15% To 25% [Member]
Available For Sale Securities [Abstract]
Number of securities | security	191
Book Value	$ 430
Fair Value	$ 347
Held To Maturity Securities [Abstract]
Percentage Of Fair Value Below Book Value Minimum	15%
Percentage Of Fair Value Below Book Value Maximum	25%
> 25% To 50% [Member]
Available For Sale Securities [Abstract]
Number of securities | security	100
Book Value	$ 184
Fair Value	$ 128
Held To Maturity Securities [Abstract]
Percentage Of Fair Value Below Book Value Minimum	25%
Percentage Of Fair Value Below Book Value Maximum	50%
> 50% [Member]
Available For Sale Securities [Abstract]
Number of securities | security	2
Book Value	$ 0
Fair Value	$ 0
Held To Maturity Securities [Abstract]
Percentage Of Fair Value Below Book Value Minimum	50%
Greater Than 5% [Member]
Available For Sale Securities [Abstract]
Number of securities | security	546
Book Value	$ 1,088
Fair Value	$ 901

Investments (Summary of Allowan

Investments (Summary of Allowance for Credit Losses on AFS Investments) (Detail) - Accounting Standards Update 2016-13 [Member] - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Beginning Balance	$ 3	$ 0
Additions not previously recorded	0	3
Additions arising from PCD Assets	0	0
Reductions from Securities Sold	0	0
Reductions – Intent to sell or MLTN	0	0
Change in Allowance Previously Recorded	0	0
Write- Offs	0	0
Recoveries	0	0
Ending balance	3	3
Corporate Obligations [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Beginning Balance	3	0
Additions not previously recorded	0	3
Additions arising from PCD Assets	0	0
Reductions from Securities Sold	0	0
Reductions – Intent to sell or MLTN	0	0
Change in Allowance Previously Recorded	0	0
Write- Offs	0	0
Recoveries	0	0
Ending balance	$ 3	$ 3

Investments (Securities Held In

Investments (Securities Held In Unrealized Loss Position And Insured By Financial Guarantor) (Detail) - Financial Guarantee [Member] $ in Millions	Jun. 30, 2023 USD ($)
Schedule Of Investments [Line Items]
Fair value	$ 109
Unrealized loss	(30)
Insurance loss reserve	29
Mortgage-backed [Member]
Schedule Of Investments [Line Items]
Fair value	25
Unrealized loss	(5)
Insurance loss reserve	29
Corporate Obligations [Member]
Schedule Of Investments [Line Items]
Fair value	84
Unrealized loss	(25)
Insurance loss reserve	$ 0

Investments (Net Realized Gains

Investments (Net Realized Gains (Losses) From Sales Of Available-For-Sale Securities) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments [Abstract]
Proceeds from sales	$ 174	$ 414	$ 272	$ 520
Available For Sale Securities Realized Gain Loss [Abstract]
Gross realized gains	0	1	1	1
Gross realized losses	$ (7)	$ (22)	$ (11)	$ (25)

Investments (Portion Of Unreali

Investments (Portion Of Unrealized Gains And Losses On Equity Investments Held) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)			$ (10)	$ (24)
Equity and Trading securities [Member] | Net gains (losses) recognized during the period on equity and trading securities [Member]
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	$ 2	$ (18)	3	(28)
Equity and Trading securities [Member] | Net gains (losses) recognized during the period on equity and trading securities sold during the period [Member]
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	0	(1)	0	0
Equity and Trading securities [Member] | Unrealized gains (losses) recognized during the period on equity and trading securities still held at the reporting date [Member]
Gain (Loss) on Investments [Line Items]
Realized investment gains (losses)	$ 2	$ (17)	$ 3	$ (28)

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Detail) $ in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Cash collateral posted to derivative counterparties	$ 0	$ 0
Securities posted as collateral to derivative counterparties	$ 73	$ 73
Number of credit support annexes	1	1
Fair value of credit support annexes	$ (1)	$ (1)

Derivative Instruments (Credit

Derivative Instruments (Credit Derivatives Sold) (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Insured Swaps [Member]
Derivative [Line Items]
Weighted average remaining expected maturity	13 years 6 months	13 years 8 months 12 days
Insurance Operations [Member]
Derivative [Line Items]
Total fair value of credit derivatives	$ 0	$ 0
Insurance Operations [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	1,322	1,350
Total fair value of credit derivatives	0	0
Credit Rating Aaa [Member] | Insurance Operations [Member]
Derivative [Line Items]
Total fair value of credit derivatives	0	0
Credit Rating Aaa [Member] | Insurance Operations [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	0	0
Credit Rating Aa [Member] | Insurance Operations [Member]
Derivative [Line Items]
Total fair value of credit derivatives	0	0
Credit Rating Aa [Member] | Insurance Operations [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	47	50
Credit Rating A [Member] | Insurance Operations [Member]
Derivative [Line Items]
Total fair value of credit derivatives	0	0
Credit Rating A [Member] | Insurance Operations [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	1,005	1,013
Credit Rating Bbb [Member] | Insurance Operations [Member]
Derivative [Line Items]
Total fair value of credit derivatives	0	0
Credit Rating Bbb [Member] | Insurance Operations [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	210	227
Credit Rating Below Investment Grade [Member] | Insurance Operations [Member]
Derivative [Line Items]
Total fair value of credit derivatives	0	0
Credit Rating Below Investment Grade [Member] | Insurance Operations [Member] | Insured Swaps [Member]
Derivative [Line Items]
Derivative notional amount	$ 60	$ 60

Derivative Instruments (Total F

Derivative Instruments (Total Fair Value Of Company's Derivative Assets And Liabilities By Instrument And Balance Sheet Location, Before Counterparty Netting) (Detail) - Not Designated as Hedging Instrument [Member] - Derivative Instrument [Member] - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative notional amount		$ 1,913	$ 1,960
Derivative Assets, Not designated, Fair Value	[1]	2	1
Derivative Liabilities, Not designated, Fair Value	[1]	(61)	(57)
Insured swaps [Member]
Derivative [Line Items]
Derivative notional amount		1,322	1,350
Insured swaps [Member] | Other assets [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]	0	0
Insured swaps [Member] | Derivative liabilities [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	0	0
Interest rate swaps [Member]
Derivative [Line Items]
Derivative notional amount		378	380
Interest rate swaps [Member] | Other assets [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]	0	0
Interest rate swaps [Member] | Derivative liabilities [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	(48)	(49)
Interest rate swaps-embedded [Member]
Derivative [Line Items]
Derivative notional amount		199	194
Interest rate swaps-embedded [Member] | Medium-term notes [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]	2	1
Derivative Liabilities, Not designated, Fair Value	[1]	(1)	(2)
Currency swaps-VIE [Member]
Derivative [Line Items]
Derivative notional amount		14	36
Currency swaps-VIE [Member] | Other assets-VIE [Member]
Derivative [Line Items]
Derivative Assets, Not designated, Fair Value	[1]	0	0
Currency swaps-VIE [Member] | Derivative liabilities-VIE [Member]
Derivative [Line Items]
Derivative Liabilities, Not designated, Fair Value	[1]	$ (12)	$ (6)
[1]In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract.

Derivative Instruments (Effect

Derivative Instruments (Effect Of Derivative Instruments On Consolidated Statements Of Operations) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative [Line Items]
Net gain/(loss) recognized in income	$ 9	$ 27	$ (5)	$ 57
Insured swaps [Member]
Derivative [Line Items]
Net gain/(loss) recognized in income	0	1	0	1
Interest Rate Swap [Member]
Derivative [Line Items]
Net gain/(loss) recognized in income	10	26	1	56
Currency swaps-VIE [Member]
Derivative [Line Items]
Net gain/(loss) recognized in income	$ (1)	$ 0	$ (6)	$ 0

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Detail) $ in Millions	Aug. 16, 2022	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Non Variable Interest Entities [Line Items]
NOL carryforward		$ 3,900
Foreign tax credit		57
Unrecognized Tax Benefits		0	$ 0
Valuation allowance on net deferred tax asset		$ 1,200	$ 1,200
Effective income tax rate reconciliation, alternative minimum tax on the book income of large corporations, percent	15
Effective income tax rate reconciliation, excise tax on most stock buybacks, percent.	1

Income Taxes (Income Taxes And

Income Taxes (Income Taxes And Related Effective Tax Rates) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure Income Taxes Income Taxes And Related Effective Tax Rates [Abstract]
Income (loss) from continuing operations before income taxes	$ (78)	$ (36)	$ (161)	$ (109)
Provision (benefit) for income taxes	$ 0	$ 0	$ 0	$ 0
Effective tax rate	0%	0%	0%	0%

Business Segments (Narrative) (

Business Segments (Narrative) (Detail)	6 Months Ended
	Jun. 30, 2023 segments
Segment Reporting Information [Line Items]
Number of operating segments	3

Business Segments (Summary Of C

Business Segments (Summary Of Company's Segment Results) (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	[1]	$ 40	$ 3	$ 72	$ 30
Net gains (losses) on financial instruments at fair value and foreign exchange		11	9	(1)	26
Net gains (losses) on extinguishment of debt		1	4	1	4
Revenues of consolidated VIEs		(24)	24	(42)	20
Inter-segment revenues	[2]	0	0	0	0
Total revenues		28	40	30	80
Losses and loss adjustment		28	20	35	69
Amortization of deferred acquisition costs and operating		21	12	44	33
Interest		53	43	104	84
Expenses of consolidated VIEs		4	1	8	3
Inter-segment expenses	[2]	0	0	0	0
Total expenses		106	76	191	189
Income (loss) from continuing operations before income taxes		(78)	(36)	(161)	(109)
Identifiable assets per segment		3,169		3,169
Assets held for sale		88		88
Total identifiable assets		3,257		3,257		$ 3,375
Operating Segments [Member] | US Public Finance Insurance [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	19	(13)	41	7
Net gains (losses) on financial instruments at fair value and foreign exchange		0	(21)	2	(37)
Net gains (losses) on extinguishment of debt		0	0	0	0
Revenues of consolidated VIEs		0	0	0	0
Inter-segment revenues	[2]	7	6	14	14
Total revenues		26	(28)	57	(16)
Losses and loss adjustment		26	49	26	136
Amortization of deferred acquisition costs and operating		2	1	4	4
Interest		0	0	0	0
Expenses of consolidated VIEs		0	0	0	0
Inter-segment expenses	[2]	9	10	21	23
Total expenses		37	60	51	163
Income (loss) from continuing operations before income taxes		(11)	(88)	6	(179)
Identifiable assets per segment		2,453		2,453
Assets held for sale		0		0
Total identifiable assets		2,453		2,453
Operating Segments [Member] | Corporate Operations [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	3	4	7	6
Net gains (losses) on financial instruments at fair value and foreign exchange		13	37	2	76
Net gains (losses) on extinguishment of debt		1	4	1	4
Revenues of consolidated VIEs		0	0	0	0
Inter-segment revenues	[2]	14	14	28	31
Total revenues		31	59	38	117
Losses and loss adjustment		0	0	0	0
Amortization of deferred acquisition costs and operating		18	8	36	23
Interest		14	14	28	28
Expenses of consolidated VIEs		0	0	0	0
Inter-segment expenses	[2]	5	6	11	12
Total expenses		37	28	75	63
Income (loss) from continuing operations before income taxes		(6)	31	(37)	54
Identifiable assets per segment		611		611
Assets held for sale		0		0
Total identifiable assets		611		611
Operating Segments [Member] | International And Structured Finance Insurance [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	17	12	24	17
Net gains (losses) on financial instruments at fair value and foreign exchange		(2)	(7)	(5)	(13)
Net gains (losses) on extinguishment of debt		0	0	0	0
Revenues of consolidated VIEs		(24)	24	(42)	20
Inter-segment revenues	[2]	1	2	3	5
Total revenues		(8)	31	(20)	29
Losses and loss adjustment		2	(29)	9	(67)
Amortization of deferred acquisition costs and operating		2	3	5	6
Interest		40	29	76	56
Expenses of consolidated VIEs		4	1	8	3
Inter-segment expenses	[2]	5	5	12	14
Total expenses		53	9	110	12
Income (loss) from continuing operations before income taxes		(61)	22	(130)	17
Identifiable assets per segment		1,038		1,038
Assets held for sale		0		0
Total identifiable assets		1,038		1,038
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	1	0	0	0
Net gains (losses) on financial instruments at fair value and foreign exchange		0	0	0	0
Net gains (losses) on extinguishment of debt		0	0	0	0
Revenues of consolidated VIEs		0	0	0	0
Inter-segment revenues	[2]	(22)	(22)	(45)	(50)
Total revenues		(21)	(22)	(45)	(50)
Losses and loss adjustment		0	0	0	0
Amortization of deferred acquisition costs and operating		(1)	0	(1)	0
Interest		(1)	0	0	0
Expenses of consolidated VIEs		0	0	0	0
Inter-segment expenses	[2]	(19)	(21)	(44)	(49)
Total expenses		(21)	(21)	(45)	(49)
Income (loss) from continuing operations before income taxes		0	$ (1)	0	$ (1)
Identifiable assets per segment	[3]	(933)		(933)
Assets held for sale		0		0
Total identifiable assets		$ (933)		$ (933)
[1]Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).[2]Primarily represents intercompany service charges and intercompany net investment income and expenses.[3]Consists principally of intercompany reinsurance balances.

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Shares [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1	1	1	1

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic and diluted earnings per share:
Net income (loss) from continuing operations available to common shareholders - Basic		$ (78)	$ (36)	$ (161)	$ (109)
Net income (loss) from continuing operations available to common shareholders - Diluted		(78)	(36)	(161)	(109)
Income (loss) from discontinued operations, net of income taxes		3	0	0	0
Less: Net income (loss) from discontinued operations attributable to noncontrolling interests		(1)	0	6	0
Net income (loss) from discontinued operations attributable to MBIA Inc.		4	0	(6)	0
Net income (loss) attributable to MBIA Inc.		$ (74)	$ (36)	$ (167)	$ (109)
Basic weighted average shares	[1]	49,040,489	49,826,695	49,490,701	49,729,610
Diluted weighted average shares	[1]	49,040,489	49,826,695	49,490,701	49,729,610
Continuing operations - Basic		$ (1.52)	$ (0.72)	$ (3.38)	$ (2.2)
Continuing operations - Diluted		(1.52)	(0.72)	(3.38)	(2.2)
Discontinued operations - Basic		0.06	0	(0.13)	0
Discontinued operations - Diluted		0.06	0	(0.13)	0
Net income (loss) per share attributable to MBIA Inc. - basic		(1.46)	(0.72)	(3.51)	(2.2)
Net income (loss) per share attributable to MBIA Inc. - diluted		$ (1.46)	$ (0.72)	$ (3.51)	$ (2.2)
Potentially dilutive securities excluded from the calculation of diluted EPS because of antidilutive affect		4,800,000	5,000,000	4,800,000	5,000,000
[1]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, 2023 and 2022.

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Changes In The Components Of AOCI) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Beginning balance			$ (283)
Other comprehensive income (loss) before reclassifications			23
Amounts reclassified from AOCI			47
Total other comprehensive income (loss)	$ 8	$ (149)	70	$ (331)
Ending balance	(213)		(213)
Unrealized gains (losses) on AFS, net [Member]
Beginning balance			(234)
Other comprehensive income (loss) before reclassifications			28
Amounts reclassified from AOCI			13
Total other comprehensive income (loss)			41
Ending balance	(193)		(193)
Foreign currency translation, net [Member]
Beginning balance			(4)
Other comprehensive income (loss) before reclassifications			0
Amounts reclassified from AOCI			0
Total other comprehensive income (loss)			0
Ending balance	(4)		(4)
Instrument-specific credit risk of liabilities measured at fair value, net [Member]
Beginning balance			(45)
Other comprehensive income (loss) before reclassifications			(5)
Amounts reclassified from AOCI			34
Total other comprehensive income (loss)			29
Ending balance	$ (16)		$ (16)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Details Of The Reclassification From AOCI) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net gains (losses) on financial instruments at fair value and foreign exchange	$ 11	$ 9	$ (1)	$ 26
Net income (loss)	(74)	(36)	(167)	(109)
Amounts reclassified from AOCI [Member]
Net income (loss)	(28)	17	(47)	14
Unrealized gains (losses) on AFS, net [Member] | Amounts reclassified from AOCI [Member]
Net realized investment gains (losses)	(8)	2	(13)	2
Instrument-specific credit risk of liabilities measured at fair value, net [Member] | Amounts reclassified from AOCI [Member]
Other net realized gains (losses)	(7)	0	(21)	0
Net gains (losses) on financial instruments at fair value and foreign exchange	$ (13)	$ 15	$ (13)	$ 12

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Detail)	Jun. 30, 2023 Lawsuits
Commitments And Contingencies [Line Items]
Other material lawsuits pending	0

Commitments and Contingencies_3

Commitments and Contingencies (Lease Disclosures) (Detail) $ in Millions	Jun. 30, 2023 USD ($)
Operating lease right of use asset	$ 16
Operating lease liability	$ 16
Operating lease weighted average remaining lease term	6 years 10 months 24 days
Operating lease weighted average discount rate percent	7.50%
Operating leases future minimum payments due	$ 22
Operating lease right of use asset	Other Assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities