Ambac Q2 2020 Earnings Report
Key Takeaways
Ambac Financial Group reported a net loss of $35 million and an adjusted loss of $24 million for the second quarter of 2020. The lower net loss compared to the previous quarter was due to lower loss and loss expenses and the partial reversal of the financial market disruption from the first quarter. Results were positively impacted by improvements in investment income, net gains on derivative contracts, and lower interest and operating expenses.
Net loss attributable to common stockholders was $35 million, or $0.77 per diluted share.
Adjusted loss was $24 million, or $0.52 per diluted share.
Book Value per Share increased to $23.34, while Adjusted Book Value per Share decreased to $21.06.
Net investment income was $52 million, driven by unrealized mark-to-market gains within Ambac's pooled investment funds.
Ambac
Ambac
Forward Guidance
The company did not provide forward guidance in the earnings report.