MBIA Inc. still expects to pay more claims as the credit quality of the debt it insures erodes, even for some policies in its public finance book.

The Armonk, N.Y.-based bond insurer late Tuesday posted fourth-quarter income of $451 million, or $2.24 per share, compared with a loss of $240 million, or $1.16 per share, for the fourth quarter of 2009.

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