Armonk, N.Y.-based bond insurer MBIA Inc. reported a first-quarter loss of $2.4 billion, compared with net income of $198.6 million during the same period in 2007.

The company said its first-quarter net loss per share was $13.03, compared with net income per share of $1.46 for the period last year.

MBIA said its insured portfolio totaled $668 billion at the quarter's end and continued to generate revenue in the quarter, even though new business production was off from the same period of the prior year.

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