AMBAC FINANCIAL GROUP INC
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
OSG$5.41+2.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Total Comprehensive Income (Loss)
| (Dollars in millions, except share data) Year Ended December 31, | 2023 | 2022 | 2021 |
|---|---|---|---|
| Revenues: | |||
| Net premiums earned | $78 | $56 | $47 |
| Commission income | 51 | 31 | 26 |
| Program fees | 8 | 3 | — |
| Net investment income | 140 | 17 | 139 |
| Net investment gains (losses), including impairments | (22) | 31 | 7 |
| Net gains (losses) on derivative contracts | (1) | 129 | 22 |
| Net realized gains on extinguishment of debt | — | 81 | 33 |
| Income (loss) on variable interest entities | 3 | 21 | 7 |
| Other income | 11 | 10 | 1 |
| Litigation recoveries | — | 126 | — |
| Total revenues and other income | 269 | 505 | 282 |
| Expenses: | |||
| Losses and loss adjustment expenses | (33) | (396) | (88) |
| Amortization of deferred acquisition costs, net | 11 | 3 | 1 |
| Commission expense | 29 | 18 | 15 |
| General and administrative expenses | 156 | 141 | 111 |
| Intangible amortization | 29 | 47 | 55 |
| Interest expense | 64 | 168 | 187 |
| Total expenses | 257 | (20) | 281 |
| Pretax income (loss) | 12 | 525 | 2 |
| Provision (benefit) for income taxes | 7 | 2 | 18 |
| Net income (loss) | 5 | 522 | (16) |
| Less: net (gain) loss attributable to noncontrolling interest | (1) | (1) | (1) |
| Plus: gain on purchase of auction market preferred shares | — | 1 | — |
| Net income (loss) attributable to common stockholders | $4 | $522 | $(17) |
| Other comprehensive income (loss), after tax | |||
| Net income (loss) | $5 | $522 | $(16) |
| Unrealized gains (losses) on securities, net of income tax provision (benefit) of $2, $(6) and $(2) | 51 | (225) | (12) |
| Gains (losses) on foreign currency translation, net of income tax provision (benefit) of $0, $0 and $0 | 40 | (85) | (8) |
| Credit risk changes of fair value option liabilities, net of income tax provision (benefit) of $0, $0 and $0 | — | — | (1) |
| Changes to postretirement benefit, net of income tax provision (benefit) of $0, $0 and $0 | 2 | (1) | (1) |
| Total other comprehensive income (loss), net of income tax | 93 | (310) | (21) |
| Total comprehensive income, net of income tax | 98 | 212 | (38) |
| Less: net (gain) loss attributable to noncontrolling interest | (1) | (1) | (1) |
| Plus: gain on purchase of auction market preferred shares | — | 1 | — |
| Total comprehensive income attributable to common stockholders | $96 | $212 | $(38) |
| Net income (loss) per shared attributable to common stockholders | |||
| Basic | $0.18 | $11.48 | $(0.61) |
| Diluted | $0.18 | $11.31 | $(0.61) |
| Weighted average number of common shares outstanding: | |||
| Basic | 45,636,649 | 45,719,906 | 46,535,001 |
| Diluted | 46,540,706 | 46,414,830 | 46,535,001 |
Consolidated Statements of Stockholders’ Equity
| Ambac Financial Group, Inc. | ||||||||
|---|---|---|---|---|---|---|---|---|
| ($ in Millions) | Total | Preferred Stock | Common Stock | Additional Paid-inCapital | AccumulatedOtherComprehensiveIncome (Loss) | Retained Earnings | Common Stock Held in Treasury, at Cost | Nonredeemable NoncontrollingInterest |
| Balance at December 31, 2020 | $1,140 | $— | $— | $242 | $79 | $759 | $(1) | $60 |
| Total comprehensive income (loss) | (38) | — | — | — | (21) | (17) | — | — |
| Stock-based compensation | 14 | — | — | 14 | — | — | — | — |
| Cost of shares (acquired) issued under equity plan | (6) | — | — | — | — | (4) | (2) | — |
| Changes to noncontrolling interest | (12) | — | — | — | — | (12) | — | — |
| Balance at December 31, 2021 | $1,098 | $— | $— | $257 | $58 | $726 | $(3) | $60 |
| Total comprehensive income (loss) | 211 | — | — | — | (310) | 521 | — | — |
| Stock-based compensation | 17 | — | — | 17 | — | — | — | — |
| Cost of shares (acquired) issued under equity plan | (4) | — | — | — | — | (5) | 2 | — |
| Cost of shares repurchased | (14) | — | — | — | — | — | (14) | — |
| Changes to noncontrolling interest | 3 | — | — | — | — | 3 | — | — |
| Sale of noncontrolling interest in subsidiary | 2 | — | — | — | — | — | — | 2 |
| Purchase of Ambac Assurance auction market preferred shares | (8) | — | — | — | — | 1 | — | (9) |
| Balance at December 31, 2022 | $1,305 | $— | $— | $274 | $(253) | $1,245 | $(15) | $53 |
| Total comprehensive income (loss) | 96 | — | — | — | 93 | 4 | — | — |
| Stock-based compensation | 17 | — | — | 17 | — | — | — | — |
| Cost of shares (acquired) issued under equity plan | (5) | — | — | — | — | (8) | 3 | — |
| Cost of shares repurchased | (5) | — | — | — | — | — | (5) | — |
| Changes to noncontrolling interest | 5 | — | — | — | — | 5 | — | — |
| Balance at December 31, 2023 | $1,415 | $— | $— | $292 | $(160) | $1,246 | $(17) | $53 |
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