Earnings season continued yesterday, with the parent companies of two bond insurers reporting first-quarter results heavily dependant on the values of credit derivatives. MBIA Inc. reported a net loss of $2.4 billion and said it would contribute $900 million to its financial guaranty subsidiary, while Radian Group Inc. reported a net gain of $195.6 million.

The loss for MBIA, the parent of financial guarantor MBIA Insurance Corp., reflected a $3.6 billion unrealized mark-to-market fall in value on the credit default swaps used by the company to insure structured finance credits. The total also included $827 million in actual impairments on nine collateralized debt obligation transactions, the company said, which it expects to pay out over the next four to 40 years.

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