AMBAC FINANCIAL GROUP INC

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 27, 2024

OSG$5.27+5.6%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets

(Dollars in millions, except share data) December 31,	2023	2022
Assets:
Investments:
Fixed maturity securities, at fair value (amortized cost of $1,744 and $1,469)	$1,710	$1,395
Fixed maturity securities - trading, at fair value	27	59
Short-term investments, at fair value (amortized cost of $426 and $507)	426	507
Short-term investments pledged as collateral, at fair value (amortized cost of $27 and $64)	27	64
Other investments (includes $463 and $556 at fair value)	475	568
Total investments (net of allowance for credit losses of $3 and $0)	2,664	2,593
Cash and cash equivalents (including $12 and $14 of restricted cash)	28	44
Premium receivables (net of allowance for credit losses of $4 and $5)	290	269
Reinsurance recoverable on paid and unpaid losses (net of allowance for credit losses of $0 and $0)	195	115
Deferred ceded premium	204	124
Deferred acquisition costs	11	3
Subrogation recoverable	137	271
Intangible assets, less accumulated amortization	307	326
Goodwill	70	61
Other assets	129	112
Variable interest entity assets:
Fixed maturity securities, at fair value	2,167	1,967
Restricted cash	246	17
Loans, at fair value	1,663	1,829
Derivative and other assets	318	241
Total assets	$8,428	$7,973
Liabilities and Stockholders’ Equity:
Liabilities:
Unearned premiums	$422	$372
Loss and loss adjustment expense reserves	893	805
Ceded premiums payable	90	39
Deferred program fees and reinsurance commissions	6	5
Long-term debt	508	639
Accrued interest payable	475	427
Other liabilities	199	201
Variable interest entity liabilities:
Long-term debt (includes $2,710 and $2,788 at fair value)	2,967	3,107
Derivative liabilities	1,197	1,048
Other liabilities	240	5
Total liabilities	6,997	6,647
Commitments and contingencies (See Note 19)
Redeemable noncontrolling interest	17	20
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 20,000,000 shares authorized shares; issued and outstanding shares—none	—	—
Common stock, par value $0.01 per share; 130,000,000 shares authorized; issued shares: 46,659,144 and 46,658,990	—	—
Additional paid-in capital	292	274
Accumulated other comprehensive income (loss)	(160)	(253)
Retained earnings	1,246	1,245
Treasury stock, shares at cost: 1,463,774 and 1,685,233	(17)	(15)
Total Ambac Financial Group, Inc. stockholders’ equity	1,362	1,252
Nonredeemable noncontrolling interest	53	53
Total stockholders’ equity	1,415	1,305
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$8,428	$7,973

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.