Ambac Reports First Quarter 2021 Results
Ambac Financial Group reported a net income of $17 million, or $0.08 per diluted share, for Q1 2021, a turnaround from a net loss of $14 million in Q4 2020.
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Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), a financial services holding company, today reported Net Income attributable to common stockholders of
The results for the first quarter of 2021 as compared to the fourth quarter of 2020 were primarily driven by
Claude LeBlanc, President and Chief Executive Officer, stated, “Our results for the first quarter of 2021 were positively impacted by the advancement of our strategic priorities, particularly gains of
Ambac's First Quarter 2021 Summary Results |
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Better (Worse) |
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($ in millions, except per share data) |
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1Q2021 |
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4Q2020 |
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Amount |
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Percent |
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Net premiums earned |
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$ |
14 |
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$ |
18 |
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$ |
(4 |
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(21 |
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% |
Net investment income |
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49 |
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53 |
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(4 |
) |
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(7 |
) |
% |
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Net realized investment gains (losses) |
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2 |
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2 |
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1 |
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32 |
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% |
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Net gains (losses) on derivative contracts |
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25 |
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12 |
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14 |
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116 |
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% |
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Net realized gains (losses) on extinguishment of debt |
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33 |
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— |
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33 |
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— |
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% |
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Losses and loss expenses (benefit) |
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8 |
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9 |
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1 |
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12 |
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% |
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Operating expenses |
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33 |
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|
26 |
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(8 |
) |
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(30 |
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% |
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Interest expense |
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50 |
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50 |
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— |
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1 |
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% |
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Intangible amortization |
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19 |
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16 |
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(3 |
) |
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