Ambac Financial Group Posts Q3 Attributable Net Loss Of $391.0 Mln

(RTTNews) - Ambac Financial Group, Inc. (AMBC) reported that its net loss attributable to common shareholders for the third quarter of 2015 was $391.0 million, or $8.66 per share, compared to net income of $282.7 million, or $6.05 per diluted share, in the second quarter of 2015. The third quarter 2015 net loss was due to a $514.5 million goodwill impairment charge.

Operating earnings in the third quarter of 2015 were $170.5 million, or $3.77 per share, compared to $266.0 million, or $5.70 per diluted share in the second quarter of 2015.

As a result of the application of Fresh Start accounting in connection with Ambac's emergence from bankruptcy in 2013, goodwill of $514.5 million was recorded representing the excess reorganization value which could not be attributed to the fair value of specific identified tangible and intangible assets.

For the third quarter of 2015, net premiums earned were $71.5 million, as compared to $60.9 million in the second quarter of 2015, including accelerations of $28.4 million and $13.7 million, respectively.

Net investment income for the third quarter of 2015 was $64.2 million, as compared to $64.8 million for the second quarter of 2015.