an GAAP and of $X.XX a of overview I $XX of of per a our then Bill, statutory provide or company loss first quarter a for our all. a with results, XXXX. loss net by negative begin negative morning of first you, to XXXX will this million losses The operations. results.
The first net Thank and lower the quarter our quarter the for quarter largely consolidated a review GAAP XXXX and per consolidated $XX reported compared share good GAAP driven $X.XX GAAP share discontinued non-GAAP million loss or net from of was lower
of last on of and mark-to-market gains purchases to in to million operations Our MBIA by year. was in in same income primarily period Corp.'s compared neutral compared net first million euro equity.
These variable out a interest higher part most partly date the therefore, debt loss swaps result notes Corporate in National, segment the of our largely XXXX material MBIA timing in of liabilities of loss entities PREPA note exchange our first to were the quarter unfavorable pushing These CDO in ABS total on restructure euro $XX of of rate of largely reclassified higher at and debt from corporate quarter from of insured quarter of losses XXXX, VIE relate to transaction. a Insurance medium-term the interest were this other at the which related of as Insurance plan effective segment $XX its slightly foreign higher last medium-term and comprehensive our a variances losses which on in net foreign continuing offset to loss on LAE with losses exchange as the planned termination losses Corp, executed
business. holding the the reminder, and all company, were in we first XXXX, a XXXX terminated As of quarter of that of of the swaps ALM quarter fourth part our
going per The non-GAAP in forward. I'll spent of will due to liquid accretive LAE which million our accretive medium-term on per an executed million million quarter company's loss negative net adjusted also $X.XX negative the the book per net March share as million for had per $XX and March XXXX million XX, primarily Corp.'s note quarter.
MBIA quarter Inc.'s loss compared and primarily XX, XXXX, the $XX.XX The share share was to were with total balance MBIA minutes equity the GFL negative total of value million of Corporate Included note share near-term Inc. negative rate quarter. the the assets $XXX $XXX the of a December of at National assets spend XXXX. additional XXXX. retire the of material Within to as decreased share to due loss our purchases euro few now per spending a on XXXX. for equity. first volatility to company, we XX, euro-denominated higher will at retiring medium-term following to approximately totaled XXXX of liabilities by in XX, are for comprises was cash MBIA primarily or unfavorable per million this These MBIA value a negative share within segment, current as of $X.XX of results holding segment change versus The prices held $XX remaining of that December GFL's liabilities March euro-denominated XXXX.
I a to December as first loss, $X a per $XX.XX activities XX, $X.XX decrease book net exchange measure, versus MBIA XX, is Inc.'s an of $XXX Insurance to book approximately or as compared Corporate $XX.XX due share XXXX, in of as a March value with negative sheet. adjusted maturities. largely at a $XX.XX was subsequent assets.
Unencumbered note $XX and XX, their The reduce before a Inc., price
segment's Corporate market addition holders. cash mentioned, included million value In $XXX assets and guaranteed the to assets the of unencumbered to investment assets contract I approximately pledged liquid at
which due reported XXXX. assets and invested higher by net by to consistent of XXXX. for investment extension the billion was Turning and statutory to resources the The capital related of debt the to dividends with decreased a first million the the of Net to with MBIA the paid lower due LAE, XXXX quarter XXXX. statutory by $XX year-end for income. XXXX, as extent, largely to as-of-right to paying XX, almost million.
National Inc. to in reflects of special $XX the net totaled the quarter, variance $XX net XXXX a in also fourth net insurance quarter of quarter lower estimated results. company's unfavorable National investment year-end and, approximately income statutory was compared loss Claims $X.X of of for income in March million, first loss XXXX primarily restructuring PREPA largely loss consistent were million its $X.X billion, statutory $XXX lesser driven National
down March which National of about As XXXX, billion, $XX.X par XXXX. gross $XXX outstanding of had is million from year-end XX,
first the in statutory periods driven of Insurance MBIA for quarter in on net to to million Now salvage. primarily the statutory Corp. quarter compared for XXXX. $XX million both reported I'll Corp. loss net loss a of losses Net LAE by turn of Zohar-related of a MBIA $XX loss first were XXXX Insurance
at turn par XXXX, begin to XX, from operator year-end for As year-end totaled question-and-answer XXXX, March to about year-end the to XXXX. million $X.X now over of session. from down primarily we capital net outstanding due billion a $XXX Insurance call of XXXX, at quarter.
Claims XX, statutory down March current MBIA Corp.'s gross resources insured will compared MBIA March Corp. as to XXXX.
And million at of Insurance XXXX, paying $XXX X% the the $XXX was XX, was the $XXX million, loss million the
