AMBAC FINANCIAL GROUP INC
For the period ended Dec 31, 2024. Filed Mar 6, 2025.
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FY2024 · Filed Mar 6, 2025
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 thousands, except share data) Year Ended December 31, | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenues: | |||
| Net premiums earned | $99,005 | $51,911 | $13,869 |
| Commission income | 92,023 | 51,281 | 30,695 |
| Program fees | 13,506 | 8,437 | 3,095 |
| Net investment income | 14,448 | 13,159 | 4,503 |
| Net investment gains (losses), including impairments | (497) | 19 | (62) |
| Net gains (losses) on derivative contracts | 4,016 | (279) | 935 |
| Other revenue | 13,314 | 200 | 577 |
| Total revenues and other income | 235,815 | 124,728 | 53,612 |
| Expenses: | |||
| Losses and loss adjustment expenses | 72,626 | 36,712 | 9,071 |
| Policy acquisition costs | 23,666 | 10,557 | 2,535 |
| Commission expense | 40,876 | 29,465 | 17,641 |
| General and administrative expenses | 129,166 | 66,985 | 56,278 |
| Depreciation expense | 2,345 | 1,078 | 872 |
| Intangible amortization | 17,602 | 4,152 | 2,921 |
| Interest expense | 9,379 | — | — |
| Total expenses | 295,660 | 148,949 | 89,318 |
| Pretax income (loss) from continuing operations | (59,845) | (24,221) | (35,706) |
| Provision (benefit) for income taxes from continuing operations | (924) | (989) | (462) |
| Net income (loss) from continuing operations | (58,921) | (23,232) | (35,244) |
| Net income (loss) from discontinued operations, net of tax (including loss on disposal of $570,145 in 2024) | (497,167) | 28,183 | 557,364 |
| Net income (loss) | (556,088) | 4,951 | 522,120 |
| Less: net (gain) loss attributable to noncontrolling interest | (361) | (1,319) | (871) |
| Plus: gain on purchase of auction market preferred shares | — | — | 1,131 |
| Net income (loss) attributable to Ambac shareholders | $(556,449) | $3,632 | $522,380 |
| Net income (loss) attributable to Ambac shareholders | |||
| Continuing operations | $(59,282) | $(24,551) | $(36,115) |
| Discontinued operations | (497,167) | 28,183 | 558,495 |
| Total | $(556,449) | $3,632 | $522,380 |
| Other comprehensive income (loss), after tax | |||
| Net income (loss) | $(556,088) | $4,951 | $522,120 |
| Unrealized gains (losses) on securities, net of income tax provision (benefit) of $1,295, $2,095 and $(6,264) | (939) | 51,184 | (225,341) |
| Gains (losses) on foreign currency translation, net of income tax provision (benefit) of $0, $0 and $0 | (22,156) | 40,132 | (84,520) |
| Credit risk changes of fair value option liabilities, net of income tax provision (benefit) of $(118), $177 and $79 | (356) | (88) | 340 |
| Changes to postretirement benefit, net of income tax provision (benefit) of $0, $0 and $0 | (4,939) | 1,569 | (933) |
| Total other comprehensive income (loss), net of income tax | (28,390) | 92,797 | (310,454) |
| Total comprehensive income (loss), net of income tax | (584,478) | 97,748 | 211,666 |
| Less: net (gain) loss attributable to noncontrolling interest | (361) | (1,319) | (871) |
| Less: (gain) loss on foreign currency translation attributable to noncontrolling interest | 3,074 | — | — |
| Plus: gain on purchase of auction market preferred shares | — | — | 1,131 |
| Total comprehensive income (loss) attributable to Ambac shareholders | $(581,765) | $96,429 | $211,926 |
| Net income (loss) from continuing operations per share attributable to Ambac shareholders | |||
| Basic | $(0.13) | $(0.43) | $(0.74) |
| Diluted | $(0.13) | $(0.43) | $(0.74) |
| Net income (loss) from discontinued operations per share attributable to Ambac shareholders | |||
| Basic | $(10.58) | $0.62 | $12.22 |
| Diluted | $(10.58) | $0.62 | $12.22 |
| Net income (loss) per share attributable to Ambac shareholders | |||
| Basic | $(10.71) | $0.18 | $11.48 |
| Diluted | $(10.71) | $0.18 | $11.48 |
| Weighted average number of common shares outstanding: | |||
| Basic | 46,969,708 | 45,636,649 | 45,719,906 |
| Diluted | 46,969,708 | 45,636,649 | 45,719,906 |
Consolidated Statements of Stockholders’ Equity
| Ambac Financial Group, Inc. | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ($ in thousands) · 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, 2021 | $1,098,073 | $— | $465 | $256,906 | $57,611 | $726,054 | $(2,931) | $59,968 | ||||||||
| Total comprehensive income (loss) | 210,794 | (310,454) | 521,248 | |||||||||||||
| Stock-based compensation | 17,408 | 17,408 | ||||||||||||||
| Cost of shares (acquired) issued under equity plan | (3,568) | (5,446) | 1,878 | |||||||||||||
| Cost of shares repurchased | (14,217) | (14,217) | ||||||||||||||
| Changes to NCI | 2,504 | 2,504 | ||||||||||||||
| Sale or NCI in subsidiary | 2,173 | 172 | 2,001 | |||||||||||||
| Issuance of common stock | 2 | 2 | ||||||||||||||
| Purchase of Ambac Assurance auction market preferred shares | (7,919) | 1,131 | (9,050) | |||||||||||||
| Balance at December 31, 2022 | $1,305,250 | $— | $467 | $274,486 | $(252,843) | $1,245,491 | $(15,270) | $52,919 | ||||||||
| Total comprehensive income (loss) | 96,428 | 92,796 | 3,632 | |||||||||||||
| Stock-based compensation | 17,275 | 17,275 | ||||||||||||||
| Cost of shares (acquired) issued under equity plan | (4,665) | (7,872) | 3,207 | |||||||||||||
| Cost of shares repurchased | (4,510) | (4,510) | ||||||||||||||
| Changes to NCI | 4,836 | 4,797 | 39 | |||||||||||||
| Balance at December 31, 2023 | $1,414,614 | $— | $467 | $291,761 | $(160,047) | $1,246,048 | $(16,573) | $52,958 | ||||||||
| Total comprehensive income (loss) | (584,839) | (28,390) | (556,449) | |||||||||||||
| Stock-based compensation | 8,995 | 8,995 | ||||||||||||||
| Cost of shares (acquired) issued under equity plan | (701) | (634) | (67) | |||||||||||||
| Cost of shares repurchased | (11,699) | (11,699) | ||||||||||||||
| Changes to NCI | 49,966 | 1,044 | 53,220 | (4,298) | ||||||||||||
| Issuance of common stock | 29,229 | 22 | 29,207 | |||||||||||||
| Fair value of nonredeemable NCI in Beat Capital Partners at acquisition | 149,095 | 149,095 | ||||||||||||||
| Balance at December 31, 2024 | $1,054,661 | $— | $489 | $331,007 | $(188,436) | $742,185 | $(28,339) | $197,755 | ||||||||
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