MBIA is posting a large first-quarter loss, as the struggling bond insurer took heavy charges to write down the value of certain liabilities amid continued deterioration in the credit markets.

Armonk, N.Y.-based MBIA Inc. lost $2.41 billion, or $13.03 per share, compared with year-ago earnings of $198.6 million, or $1.46 per share.

Revenue totaled a loss of $2.96 billion compared with revenue of $729.9 million a year ago, as net premiums written fell by nearly half and losses on insured derivatives soared to $3.58 billion.

Level 3 assets totaled $7.33 billion at March 31, representing about 22.5 percent of total assets.

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AP Business Writer Jennifer Malloy