MBIA (NYSE: MBI) reported Q3 EPS of ($0.91), versus $0.04 reported last year. Revenue for the quarter came in at $33 million versus the consensus estimate of $52.1 million.

Book value per share was $13.88 as of September 30, 2017 compared with $23.87 as of December 31, 2016. The decrease in book value per share since year-end 2016 was mainly due to the full valuation allowance on the Company’s deferred tax asset that was established in the second quarter of 2017 and additional loss and loss adjustment expense reserves, partially offset by the reduction of shares outstanding resulting from the repurchase of 11.7 million MBIA common shares during the first nine months of 2017. Subsequent to quarter-end, the Company exhausted its $250 million share repurchase authorization that was approved in June 2017 by acquiring, through its subsidiary, National, an additional 31.3 million of MBIA Inc. common shares at an average price of $7.17 per share.

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