AMBAC FINANCIAL GROUP INC
For the period ended Jun 30, 2024. Filed Aug 5, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 5, 2024
OSG$4.99-2.9%Stored close · as of Nov 6, 2026
Contents
Item 1. Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets
| June 30, | December 31, | |
|---|---|---|
| (Dollars in millions, except share data) (June 30, 2024 (Unaudited)) | 2024 | 2023 |
| Assets: | ||
| Investments: | ||
| Fixed maturity securities - available-for-sale, at fair value (amortized cost of $1,737 and $1,744) | $1,703 | $1,710 |
| Fixed maturity securities pledged as collateral, at fair value (amortized cost of $27 and $0) | 25 | — |
| Fixed maturity securities - trading, at fair value | 31 | 27 |
| Short-term investments, at fair value (amortized cost of $314 and $426) | 314 | 426 |
| Short-term investments pledged as collateral, at fair value (amortized cost of $0 and $27) | — | 27 |
| Other investments (includes $533 and $463 at fair value) | 558 | 475 |
| Total investments (net of allowance for credit losses of $3 and $3) | 2,632 | 2,664 |
| Cash and cash equivalents (including $11 and $12 of restricted cash) | 35 | 28 |
| Premium receivables (net of allowance for credit losses of $3 and $4) | 317 | 290 |
| Reinsurance recoverable on paid and unpaid losses (net of allowance for credit losses of $0 and $0) | 277 | 195 |
| Deferred ceded premium | 232 | 204 |
| Deferred acquisition costs | 12 | 11 |
| Subrogation recoverable | 128 | 137 |
| Intangible assets, less accumulated amortization | 285 | 307 |
| Goodwill | 70 | 70 |
| Other assets | 163 | 129 |
| Variable interest entity assets: | ||
| Fixed maturity securities, at fair value | 2,101 | 2,167 |
| Restricted cash | 62 | 246 |
| Loans, at fair value | 1,567 | 1,663 |
| Derivative and other assets | 303 | 318 |
| Total assets | $8,184 | $8,428 |
| Liabilities and Stockholders’ Equity: | ||
| Liabilities: | ||
| Unearned premiums | $445 | $422 |
| Loss and loss adjustment expense reserves | 890 | 893 |
| Ceded premiums payable | 140 | 90 |
| Deferred program fees and reinsurance commissions | 7 | 6 |
| Long-term debt | 515 | 508 |
| Accrued interest payable | 500 | 475 |
| Other liabilities | 203 | 199 |
| Variable interest entity liabilities: | ||
| Long-term debt (includes $2,599 and $2,710 at fair value) | 2,853 | 2,967 |
| Derivative liabilities | 1,136 | 1,197 |
| Other liabilities | 59 | 240 |
| Total liabilities | 6,748 | 6,997 |
| Commitments and contingencies (See Note 14) | ||
| Redeemable noncontrolling interest | 17 | 17 |
| 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 46,659,144 | — | — |
| Additional paid-in capital | 295 | 292 |
| Accumulated other comprehensive income (loss) | (175) | (160) |
| Retained earnings | 1,265 | 1,246 |
| Treasury stock, shares at cost: 1,434,172 and 1,463,774 | (17) | (17) |
| Total Ambac Financial Group, Inc. stockholders’ equity | 1,368 | 1,362 |
| Nonredeemable noncontrolling interest | 51 | 53 |
| Total stockholders’ equity | 1,419 | 1,415 |
| Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $8,184 | $8,428 |
| Ambac Financial Group, Inc. | 2 | Second Quarter 2024 Form 10-Q |
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