MBIA reports quarterly loss on derivative charge

Wed Aug 7, 2013 4:31pm EDT

Aug 7 (Reuters) - Bond insurer MBIA Inc reported a quarterly loss, compared to a year earlier profit as the company took a $182 million loss on the value its insured derivatives.

The company reported a net loss of $178 million, or 92 cents per share, in the second quarter, compared with net income of $581 million, or $2.98 per share, a year earlier.

The company had realized a $1.2 billion pre-tax gain on insured credit derivatives in the year-ago quarter.

In the latest quarter, MBIA's adjusted pre-tax loss widened sightly to $160 million from $152 million.

The company also said it was working on relaunching its municipal bond insurance unit, National Public Finance Guarantee Corp.

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