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Dec 31, 2022
Ambac Q4 2022 Earnings Report
Reported net income of $175 million and adjusted earnings of $190 million, reduced debt and accrued interest by $1.8 billion, and saw specialty P&C Insurance premium production increase by 172%.
Key Takeaways
Ambac Financial Group, Inc. reported a strong fourth quarter with net income of $175 million and adjusted earnings of $190 million. The company reduced debt and accrued interest by $1.8 billion and experienced significant growth in its Specialty P&C Insurance business. Book value and adjusted book value per share also saw substantial increases.
Net income attributable to common stockholders was $175 million, or $3.86 per diluted share.
Adjusted earnings were $190 million, or $4.18 per diluted share.
Debt and accrued interest reduced by $1.8 billion.
Specialty P&C Insurance premium production increased 172% to $90 million.
Forward Guidance
Ambac is well-positioned to progress its strategic priorities for 2023 and beyond, focusing on growing its Specialty P&C businesses and continuing to manage its legacy business.
Positive Outlook
- Settlement of legacy RMBS litigations for approximately $2 billion.
- Resolution of HTA, the final remaining Puerto Rico exposure.
- Significant reduction of financial leverage by redeeming and repurchasing $1.8 billion of debt and accrued interest.
- 24% growth in book value in the quarter.
- Continued material progress and growth of Specialty P&C businesses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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