NEW YORK (Reuters) - MBIA Inc , once the largest U.S. bond insurer, swung to a first-quarter profit on Monday, compared with a huge loss in the year ago period, sending shares higher.
In a quarterly regulatory filing with the U.S. Securities and Exchange Commission, MBIA said it recorded a quarterly net income of $696.7 million, versus a loss of $2.4 billion in the year-ago period.
On a per share basis, MBIA earned $3.34 in the quarter, compared with a $12.92 per share loss last year.
Shares rose 16 percent after the filing.
(Reporting by Lilla Zuill, editing by Leslie Gevirtz)
