Ambac Financial Posts $392M Loss In 1st Quarter
Stock quotes in this article:
ABK
NEW YORK (AP) — Bond insurer Ambac Financial Group Inc. said Monday it lost $392.2 million in the first quarter, a narrower loss than the year before, in part due to a rise in value in credit derivatives.
Ambac lost $1.36 per share in the quarter that ended March 31. That compares to a loss of $1.66 billion, or $11.69 per share, a year earlier. Analysts polled by Thomson Reuters had expected a loss of 93 cents per share. Revenue moved into positive territory to $1.13 billion, improved from year-earlier negative revenue of $1.66 billion. Negative revenue usually occurs when a company is forced to reverse gains it recorded as revenue in an earlier period. Net premiums earned rose 5 percent to $196.8 million. Like others in its industry, Ambac was hit hard in the past two years by losses on its coverage of risky financial instruments such as mortgage-backed securities and has been working to reduce its exposure to such debt instruments. Ambac said its quarterly results included $279.7 million in pretax income from a rise in the value of credit derivatives. During the quarter Ambac increased its deferred tax asset valuation allowance by about $600 million. In morning trading, Ambac shares rose 21 cents, or 13 percent, to $1.82.- Loading Comments...
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