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Mar 31, 2024
Ambac Q1 2024 Earnings Report
Ambac reported a solid start to 2024, with all three business segments generating positive net income.
Key Takeaways
Ambac Financial Group reported a net income of $20 million or $0.43 per diluted share and Adjusted net income of $38 million or $0.82 per diluted share for Q1 2024. The specialty P&C platform continues to deliver growth, with a 45% increase in premium production. The Legacy Financial Guarantee segment also generated positive net income.
Net income of $20 million or $0.43 per diluted share and Adjusted net income of $38 million or $0.82 per diluted share
Legacy Financial Guarantee segment generated net income of $20 million
Specialty P&C Insurance produced a 98.4% combined ratio compared to 121.9% in the first quarter of 2023
Insurance Distribution generated net income of $3 million and EBITDA of $5 million on $90 million of premiums placed
Forward Guidance
The strategic review of the Legacy Financial Guarantee Business is proceeding as planned. The company hopes to provide an update on the process on or before the 2nd quarter reporting.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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