Armonk, N.Y.-based MBIA Inc., the holding company for rating-challenged bond insurer MBIA Insurance Corp., reported today that second quarter net income shot up nearly 800 percent.

For the period, net income was $1.7 billion ($7.14 per share), compared with $211.8 million ($1.61 per share) for the same quarter of 2007, the company said.

Net income in the quarter was driven primarily by unrealized gains on insured credit derivatives, which totaled $3.3 billion on a pre-tax basis, MBIA said.

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