Growth in Specialty P&C Production and Material De-Risking of the Legacy Financial Guarantee Portfolio Advances Ambac’s Strategic Priorities
Net income of $5 million and adjusted earnings of $13 million
Specialty P&C Insurance Platform production totaled $65 million, up 168% from second quarter of 2021
Legacy Financial Guarantee Watch List and Adversely Classified Credits insured net par reduced 11%
Repurchased $133 million of AAC debt and $14 million of AFG common stock
NEW YORK–(BUSINESS WIRE)– Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac” or “AFG”), a financial services holding company, today reported net income attributable to common stockholders of $5 million or $0.11(1) per diluted share and adjusted earnings(2) of $13 million or $0.28(1) per diluted share for the quarter ended June 30, 2022. This compares to a net loss attributable to common stockholders of $29 million or $0.63 per diluted share and an adjusted loss of $13 million or $0.30 per diluted share in the second quarter of 2021. Book value per share decreased $2.21 to $17.44 and adjusted book value per share(2) decreased $0.87 to $17.20 from March 31, 2022, to June 30, 2022.