Ambac Financial Q1 Earnings Rise

(RTTNews) - Bond insurer Ambac Financial Group, Inc. (AMBC) reported net income for the first quarter of $215 million or $4.57 per share, compared to $156 million or $3.31 per share for the year-ago quarter.

Operating earnings for the latest quarter were $247.6 million or $5.27 per share.

Net premium earned for the first quarter fell to $66 million from $83 million a year ago. Net investment incoe for the quarter grew to $73 million from $71 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.98 per share on revenue of $120.58 million for the first quarter. Analysts' estimates typically exclude special items.