MBIA Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total premiums earned of $120 million against $137 million a year ago. Net investment income was $38 million against $62 million a year ago. Pretax income was $215 million against $21 million a year ago. Net income was $164 million against $10 million a year ago. Reported book value per share was $17.04. Adjusted book value per share was $30.56. Net income per basic and diluted common share was $0.84 against $0.05 a year ago. Adjusted pre-tax loss, a non-GAAP measure, was $20 million for the first quarter of 2013 compared with an adjusted pre-tax loss of $548 million for the first quarter of 2012. Net income available to common shareholders was $164 million, or $0.84 per share, for the first quarter of 2013, compared with net income of $10 million, or $0.05 per share, for the first quarter of 2012. The lower adjusted pre-tax loss for the three months ended March 31, 2013 compared to the three months ended March 31, 2012 was driven primarily by lower net losses on insured exposures, the absence of net investment losses related to other-than-temporary impairments, gains on sales of investments and lower operating expenses due to significantly lower legal and litigation-related costs. These positive drivers of the improvement in net income were partially offset by $73 million of unrealized losses on insured derivatives in the first quarter of 2013 compared with $303 million of unrealized gains on insured derivatives in the first quarter of 2012.

MBIA Inc. agreed to pay Societe Generale $350 million to settle litigation over the bond insurer's restructuring. Societe General was the last remaining bank out of 18 financial institutions to challenge MBIA's 2009 split.

MBIA Inc., Annual General Meeting, May 02, 2013., at 10:00 US Eastern Standard Time. Location: 113 King Street. Agenda: To elect nine directors for a term of one year, expiring at the 2014 annual meeting; to express their opinion, on an advisory basis, on the compensation paid to the company’s named executive officers; to ratify the selection of PricewaterhouseCoopers LLP, certified public accountants, as independent auditors for the company for the year 2013; and to transact any other business as may properly come before the meeting.