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Jun 30, 2022
Ambac Q2 2022 Earnings Report
Reported net income of $5 million and adjusted earnings of $13 million, driven by growth in Specialty P&C production and material de-risking of the Legacy Financial Guarantee portfolio.
Key Takeaways
Ambac Financial Group reported a net income of $5 million and adjusted earnings of $13 million for the quarter ended June 30, 2022. The growth in the Specialty P&C Insurance Platform and the de-risking of the Legacy Financial Guarantee Watch List and Adversely Classified Credits contributed to the positive results. The company also repurchased $133 million of AAC debt and $14 million of AFG common stock.
Net income attributable to common stockholders was $5 million, or $0.11 per diluted share.
Adjusted earnings were $13 million, or $0.28 per diluted share.
Specialty P&C Insurance Platform production totaled $65 million, up 168% from the second quarter of 2021.
Legacy Financial Guarantee Watch List and Adversely Classified Credits insured net par reduced 11%.
Ambac
Ambac
Ambac Revenue by Segment
Revenue by Segment
Insurance Distribution Revenue
CapyFin.com Forward Guidance
No specific forward guidance was provided in the press release.