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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 $17 million or $0.08(1) per diluted share and Adjusted Earnings(2) of $41 million or $0.59 per diluted share for the quarter ended March 31, 2021. This compares to a Net Loss attributable to common stockholders of $14 million or $0.31 per diluted share and Adjusted Earnings of $4 million or $0.08 per diluted share in the fourth quarter of 2020. Book Value per Share decreased $0.55 to $23.02 and Adjusted Book Value per Share(2) decreased $0.39 to $19.66 from December 31, 2020, to March 31, 2021.
The results for the first quarter of 2021 as compared to the fourth quarter of 2020 were primarily driven by $37 million of gains from junior surplus note exchanges, higher gains from interest rate derivatives and the inclusion of Xchange's results, partially offset by incremental Puerto Rico incurred losses.
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 $37 million recognized from the junior surplus note exchanges, which further simplified our capital structure, and the inclusion of results from Xchange." Mr. LeBlanc continued, "During the first quarter we also regained significant momentum towards de-risking the insured portfolio and materially progressed our specialty property and casualty insurance strategy, all in line with the goal of increasing long-term value for our shareholders."
Ambac's First Quarter 2021 Summary Results
Better (Worse)
($ in millions, except per share data)
1Q2021
4Q2020
Amount
Percent
Net premiums earned
$
14
$
18
$
(4
)
(21
)
%
Net investment income
49
53
(4
)
(7
)
%
Net realized investment gains (losses)
2
2
1
32
%
Net gains (losses) on derivative contracts
25
12
14
116
%
Net realized gains (losses) on extinguishment of debt
ambac financial group, inc. (“ambac”), headquartered in new york city, is a holding company whose subsidiaries, including its principal operating subsidiary, ambac assurance corporation (“ambac assurance”), everspan financial guarantee corporation, and ambac assurance uk limited, provided financial guarantees and other financial services to clients in both the public and private sectors globally. ambac assurance, including the segregated account of ambac assurance (in rehabilitation), is a guarantor of public finance and structured finance obligations. ambac is also exploring opportunities involving the development or acquisition of new financial services businesses. ambac’s common stock trades on the nasdaq global select market (nasdaq: ambc)
