AMBAC FINANCIAL GROUP INC
For the period ended Jun 30, 2024. Filed Aug 5, 2024.
View on SEC.govAbout this filing
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$5.41+2.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Total Comprehensive Income (Loss) (Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| (Dollars in millions, except share data) | 2024 | 2023 | 2024 | 2023 |
| Revenues: | ||||
| Net premiums earned | $33 | $15 | $66 | 29 |
| Commission income | 13 | 10 | 31 | 25 |
| Program fees | 3 | 2 | 6 | 4 |
| Net investment income | 36 | 35 | 78 | 69 |
| Net investment gains (losses), including impairments | 4 | (3) | 4 | (8) |
| Net gains (losses) on derivative contracts | — | — | 2 | (3) |
| Other income | 16 | 2 | 18 | 5 |
| Income (loss) on variable interest entities | — | — | 2 | (1) |
| Total revenues and other income | 105 | 62 | 207 | 120 |
| Expenses: | ||||
| Losses and loss adjustment expenses (benefit) | 18 | 7 | 16 | 25 |
| Amortization of deferred acquisition costs, net | 5 | 1 | 10 | 3 |
| Commission expense | 8 | 6 | 18 | 14 |
| General and administrative expenses | 47 | 36 | 83 | 72 |
| Intangible amortization | 8 | 7 | 21 | 13 |
| Interest expense | 16 | 16 | 32 | 32 |
| Total expenses | 103 | 73 | 180 | 160 |
| Pretax income (loss) | 2 | (11) | 27 | (40) |
| Provision for income taxes | 2 | 2 | 7 | 6 |
| Net income (loss) | (1) | (13) | 20 | (46) |
| Less: net (gain) attributable to noncontrolling interest | — | — | (1) | (1) |
| Net income (loss) attributable to common stockholders | $(1) | $(13) | $19 | $(47) |
| Other comprehensive income (loss), after tax | ||||
| Net income (loss) | $(1) | $(13) | $20 | $(46) |
| Unrealized gains (losses) on securities, net of income tax provision (benefit) of $0, $(3), $0 and $(1) | 4 | (13) | (3) | 5 |
| Gains (losses) on foreign currency translation, net of income tax provision (benefit) of $0, $0, $0 and $0 | 1 | 21 | (7) | 37 |
| Credit risk changes of fair value option liabilities, net of income tax provision (benefit) of $0, $0, $0 and $0 | — | — | — | — |
| Changes to postretirement benefit, net of income tax provision (benefit) of $0, $0, $0 and $0 | (5) | — | (5) | 2 |
| Total other comprehensive income (loss), net of income tax | — | 8 | (15) | 44 |
| Total comprehensive income (loss), net of income tax | — | (5) | 5 | (2) |
| Less: comprehensive (gain) loss attributable to the noncontrolling interest | — | — | (1) | (1) |
| Total comprehensive income (loss) attributable to common stockholders | $— | $(6) | $4 | $(3) |
| Net income (loss) per share attributable to common stockholders: | ||||
| Basic | $(0.02) | $(0.29) | $0.42 | $(1.02) |
| Diluted | $(0.02) | $(0.29) | $0.41 | $(1.02) |
| Weighted average number of common shares outstanding: | ||||
| Basic | 46,209,250 | 45,757,234 | 46,019,145 | 45,661,288 |
| Diluted | 46,209,250 | 45,757,234 | 46,568,862 | 45,661,288 |
| Ambac Financial Group, Inc. | 3 | Second Quarter 2024 Form 10-Q |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.