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MBIA posts $2.41bn quarter loss

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Date: Monday 12 May 2008

LONDON (ShareCast) - Bond insurer MBIA saw first quarter losses of $2.41bn as it incurred hefty charges due to the continued weakness in the credit markets.

Operating loss of $3.01 a share was more than twice some analyst’s expectations and versus a profit $1.46 per share in the year-earlier quarter.

The group incurred the losses after the value of derivatives tumbled $3.58bn.

Taking into consideration unrealised losses, MBIA posted negative revenue of $2.95bn versus revenue of $729.9 million a year before.

Net premiums written slumped to $97.3m from $171.3m last year.

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