Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today
announced a second quarter 2009 net loss of $2,396.6 million, or a
net loss of $8.33 per share. This compares to a second quarter 2008
net income of $823.1 million, or income of $2.80 on a fully-diluted
per share basis. The second quarter 2009 results reflect higher
loss and loss expenses primarily related to the residential
mortgage-backed securities (RMBS) insured portfolio and
other-than-temporary impairment losses in its investment portfolios
related to RMBS and tax-exempt municipal securities that it is
prepared to sell. Additionally, during the quarter Ambac increased
its deferred tax asset valuation allowance. In 2008, Ambac’s second
quarter results reflected a positive change in fair value of credit
derivatives amounting to $961.6 million, primarily related to its
own credit spreads widening; and a reduction of loss reserves
amounting to $339.3 million, primarily related to the insured
second lien residential mortgage-backed securities portfolio.
Quarter Summary
Net loss and loss expenses incurred amounted to $1,230.8 million
for the quarter, primarily relating to second-lien and Alt-A RMBS
transactions.
AAC and the investment agreement business recorded
other-than-temporary impairment losses amounting to $675.4 million
and $186.7 million, respectively, related to the decision during
the second quarter 2009 to sell certain investment portfolio
securities.
The deferred tax asset valuation allowance currently represents
substantially all of the gross deferred tax asset at June 30, 2009.
The increased estimate in the valuation allowance was primarily
driven by continued weakening in Ambac Assurance Corporation’s
(AAC’s) insured RMBS transactions and the resultant decreased
ability to reliably project future taxable income.
During July 2009, Ambac reduced a significant portion of its
exposure under a collateralized debt obligation of asset-backed
securities (CDO of ABS) transaction via a settlement, and commuted
all of its exposure under another CDO of ABS transaction. The two
transactions, with an aggregate of approximately $2.8 billion net
notional outstanding at June 30, 2009, were settled with
counterparties for a total cash payment of approximately $746
million.
FAS 163 was implemented on January 1, 2009. Due to changes in
calculations of certain income statement items such as net premiums
earned and loss and loss expenses, 2009 and 2008 amounts are not
comparable, as described in detail in our Operating Supplement.
Estimated statutory impairment losses within the credit
derivatives portfolio amounted to $1,568.7 million during the
quarter, driven by rising forward LIBOR rates, which increase
estimated future cash outflows, and further deterioration of the
underlying collateral within CDO of ABS transactions.
Statutory loss and loss expenses incurred amounted to $751.0
million for the quarter ended June 30, 2009.
Statutory capital and surplus of AAC amounts to $305.6 million
at June 30, 2009. The Office of the Commissioner of Insurance of
the State of Wisconsin (OCI) permitted AAC to release approximately
$1.8 billion of contingency reserves, thereby increasing its
capital and surplus by that amount.
On July 15, 2009, Ambac completed its acquisition of the asset
management and advisory business of NSM Capital Management LLC.
Ambac’s President and Chief Executive Officer, David Wallis,
commented, “The quarter’s financial results are obviously very
disappointing, as continued poor performance of the
mortgage-related portfolios and rising forward interest rates have
escalated projections of future claims.” Mr. Wallis continued,
“While overshadowed by our results, we continue to work hard and
make progress in our expanding risk management activity.”
Financial
Results
Net Premiums Earned
Net premiums earned for the second quarter of 2009 were $177.7
million, down 45% from $325.5 million earned in the second quarter
of 2008. Normal earned premiums amounted to $143.9 million and
$166.2 million in the second quarter 2009 and 2008, respectively.
As a result of the implementation of FAS 163, as discussed above,
normal earned premium amounts reported in 2009 are not comparable
to amounts that were reported in 2008.
Net premiums earned include accelerated premiums, which result
from refundings, calls and other accelerations recognized during
the quarter. Accelerated premiums were $33.8 million in the second
quarter of 2009, down significantly from $159.2 million in the
second quarter 2008. During the second quarter 2008, a lack of
liquidity in the auction rate and variable rate bond markets had
resulted in significant refinancing activity in the municipal
sector.
Net Investment Income
Net investment income excluding variable interest entities for
the second quarter of 2009 was $120.4 million, representing a
decrease of 5% from $127.3 million in the comparable period of
2008. The decrease was primarily due to lower invested assets
driven by reductions in the portfolio to pay commutations on CDO of
ABS transactions and RMBS claim payments, partially offset by $800
million proceeds from the issuance of AAC preferred stock in
December 2008 and January 2009, and cash flow from the collection
of financial guarantee premiums, tax refunds and fees and coupon
receipts on invested assets.
Other-Than-Temporary Impairment Losses
Other-than-temporary losses in the AAC investment portfolio
amounted to ($675.4) million in the second quarter of 2009,
compared to a net loss of ($2.4) million in the second quarter
2008. In connection with the Company’s revised investment
strategies, during the second quarter 2009, management determined
its intent to sell certain investment securities (primarily Alt-A
RMBS securities rated below investment grade by Moody’s or S&P
and tax-exempt municipal securities) held in the insurance company
investment portfolio. As a result of this decision,
other-than-temporary impairment charges were recorded through
earnings on such securities that were in an unrealized loss
position. These amounts represent the entire difference between the
amortized cost and estimated fair value of the impacted securities
as of June 30, 2009. Prior to management’s decision to sell these
securities, unrealized losses were recorded in stockholders’
equity.
Net Change in Fair Value of Credit Derivatives
The net change in fair value of credit derivatives, which
comprises realized gains/(losses) and other settlements from credit
derivatives and unrealized gains/(losses) on credit derivatives,
was a gain of $1.0 million for the second quarter of 2009, compared
to a gain of $976.6 million in the comparable period of 2008.
Realized gains/(losses) and other settlements from credit
derivative contracts represents the normal accretion into income of
premiums received for transactions executed in credit derivative
format, offset by loss and settlement payments on such
transactions. Net realized gains/(losses) and other settlements
from credit derivative contracts in the second quarter of 2009 and
2008 amounted to ($5.0) million and $15.0 million, respectively.
Second quarter 2009 premiums received of $12.2 million were offset
by paid losses of $17.2 million while second quarter 2008 premiums
received of $16.7 million were offset by $1.7 million of losses
paid.
Net unrealized gains/(losses) on credit derivative contracts
were $6.0 million in the three months ended June 30, 2009, compared
to $961.6 million in the three months ended June 30, 2008. The net
gain during the second quarter of 2009 is primarily the result of:
(i) improvement in the average pricing level of CLO reference
obligations; and (ii) amortization of notional outstanding in the
CDO of ABS portfolio. The positive effects were largely offset by:
(i) the adverse effect of higher default probabilities in our fair
value model caused by internal ratings downgrades; and (ii) the net
increase in mark-to-market liabilities due to the effect of
movements in AAC’s credit spreads (FAS 157 adjustment). The second
quarter 2008 gain was driven by significant increases in AAC’s
credit spreads, partially offset by negative adjustments for
internal ratings downgrades and lower quoted values on the
reference obligations.
During July 2009, Ambac reduced a significant portion of its
exposure under a CDO of ABS transaction via a settlement, and
commuted all of its exposure under another CDO of ABS transaction.
The two transactions, with an aggregate of approximately $2.8
billion net notional outstanding at June 30, 2009, were settled
with counterparties for cash payments totaling approximately $746
million.
Financial Guarantee Loss Reserves
Total net loss and loss expenses were $1,230.8 million in the
second quarter 2009, compared to a net reduction in loss reserves
amounting to ($339.3) million recorded in the second quarter of
2008. Losses and loss expenses in the second quarter 2009 were
primarily related to second-lien and Alt-A RMBS insured securities
as continued deterioration beyond that which had been expected at
March 31, 2009, continues to be observed.
In accordance with provisions of FAS 163, Ambac changed the
discount rate it uses to estimate the present value of future loss
payments from 4.5% in 2008 to the weighted average estimated
risk-free rate of approximately 2.2%.
Total net claims paid of $400.8 million, exclusive of amounts
received under reinsurance commutations during the quarter, were
primarily related to RMBS transactions and highly concentrated in
the second-lien portfolio.
Loss and loss expense reserves for all RMBS insurance exposures
at June 30, 2009 total $3,216.1 million. RMBS reserves are net of
$1,162.1 million of estimated remediation recoveries. The
remediation benefit increased $280.1 million from $882.0 million at
June 30, 2009, directly as a result of continued identification of
representation and warranty breaches observed during a continuing
intense loan re-underwriting initiative during the second
quarter.
Financial Services
The financial services segment comprises the investment
agreement business and the derivative products business. Gross
interest income less gross interest expense from investment and
payment agreements plus results from the derivative products
business, excluding net realized investment gains and losses and
unrealized gains and losses on total return swaps and non-trading
derivative contracts, was ($33.5) million in the second quarter of
2009, down from ($16.7) million in the second quarter of 2008.
Derivative products results declined by $28.7 million,
primarily due to losses realized on transactions professional
derivative counterparties terminated as a result of the downgrades
of AAC as guarantor of the swaps. The majority of our professional
derivative counterparties retain the right to terminate contracts
and, accordingly, we may have similar losses in the future. The
negative effect of swap termination costs was partially offset by
the reduction of high rate resets associated with cost of funds
swaps, which resets have been limited through mitigation strategies
and less volatility in market rates. Net investment income from the
investment agreement business improved by $11.5 million primarily
as a result of favorable variable interest rate reset adjustments
as compared to the second quarter of 2008 and the effects of
intercompany loans from AAC.
Other-than-temporary losses in the investment agreement
investment portfolio amounted to ($186.7) million in the second
quarter of 2009. Similar to the insurance company strategy
discussed above, during the second quarter 2009 management
determined its intent to sell certain investment securities
(primarily Alt-A RMBS securities rated below investment grade by
Moody’s or S&P) held in the investment agreement investment
portfolio.
The interest rate swap and investment agreement businesses are
in run-off. The investment and payment agreement portfolio has been
reduced by approximately $1.1 billion during the first six months
of 2009 to approximately $1.5 billion at June 30, 2009, through
negotiated terminations, terminations contractually triggered by
rating downgrades of AAC, and scheduled amortization.
Taxes
Due to continued deterioration in Ambac’s exposures to
mortgage-related securities and the resultant decreased ability to
reliably project future taxable income, the tax benefit generated
during the quarter was fully offset by a valuation reserve.
Additionally, during the quarter Ambac recorded a $573.9 million
valuation allowance against the balance of the unreserved deferred
tax asset from the prior quarter.
Balance Sheet and
Liquidity
Total assets declined by approximately $139.4 million during the
second quarter 2009, primarily due to lower invested securities in
the AAC and investment agreement investment portfolios and lower
net deferred tax asset offset by the consolidation of certain
trusts that AAC has insured and consolidated under accounting
pronouncement FIN 46R. At June 30, 2009, Ambac consolidated six
transactions with total assets amounting to approximately $2.1
billion, including five newly consolidated trusts that had been
insured in prior years but reconsidered for consolidation upon the
occurrence of our reinsurance commutation with Ram Re during the
quarter. Associated liabilities on the six consolidated entities
also amounted to approximately $2.1 billion and the impact to
equity was approximately ($5.5) million.
The fair value of the consolidated investment portfolio
increased from $9.6 billion (amortized cost of $11.3 billion) at
March 31, 2009 to $9.9 billion (amortized cost of $10.4 billion) at
June 30, 2009. The increase in fair value was primarily due to the
inclusion of approximately $484 million of securities related to
the consolidation of certain trusts insured by AAC, as discussed
above, partially offset by liquidations in the investment agreement
portfolio to pay terminated agreements during the quarter. The
net deferred tax asset declined to $105.5 million as a result of
the increase in the deferred tax asset valuation allowance during
the quarter.
AAC’s investment portfolio has a fair value of $8.0 billion
(amortized cost of $8.3 billion) at June 30, 2009, and includes
$893.5 million of short-term securities. The portfolio consists of
high quality municipal bonds, Treasuries, U.S. Agencies and Agency
MBS as well as mortgage and asset-backed securities purchased from
the investment agreement business in late 2008 and early 2009. At
June 30, 2009, the difference between fair value and amortized cost
in the financial guarantee investment portfolio is related to
mortgage and asset-backed securities.
As previously announced, in order to preserve cash and statutory
surplus at AAC, it has discontinued the payment of monthly
dividends on its outstanding auction market preferred shares.
Ambac’s total financial guarantee net par exposure has decreased
5% from $434.3 billion at December 31, 2008 to $411.8 billion at
June 30, 2009, driven by amortization and refundings during the
period offset by the recapture of exposure resulting from
reinsurance commutations.
Cash and short-term securities at the holding company amounted
to $164.1 million at June 30, 2009. Ambac’s annual debt service
costs amount to approximately $89.0 million. AAC is not permitted
to make dividend payments to the holding company in 2009 without
first receiving permission from OCI. AAC has not requested
permission to pay a dividend in 2009. As previously announced, in
order to preserve cash at the holding company, Ambac has
discontinued the payment of semi-annual interest payments on its
directly-issued subordinated capital securities (DISCs). The
deferment of interest on these securities is permitted for a period
of ten years.
Overview of Statutory
Results
At June 30, 2009, AAC reported statutory capital and surplus of
$305.6 million and contingency reserves of $173.6 million, down
from $372.8 million and $1,946.6 million, respectively, at March
31, 2009. AAC statutory capital and surplus was negatively impacted
by the net loss recorded during the quarter. The primary drivers of
the statutory net loss were: (i) statutory impairment losses on
credit derivatives amounting to $1,568.7 million; and (ii)
statutory loss and loss expenses incurred of $751.0 million during
the second quarter. The statutory impairment losses, which relate
to AAC’s insured portfolio of CDOs of ABS, was driven by rising
forward LIBOR rates, which increase estimated future cash outflows,
and further deterioration of the underlying collateral within the
CDO of ABS transactions. The statutory loss and loss expenses
relate primarily to deterioration in AAC’s second-lien and Alt-A
mortgage-backed securities financial guarantee portfolios, as
discussed above under “Financial Guarantee Loss Reserves.”
Statutory capital and surplus was positively impacted by a
release of contingency reserves amounting to approximately $1.8
billion as of June 30, 2009, as approved by the OCI. AAC’s
claims-paying resources amount to approximately $11.9 billion at
June 30, 2009, flat to March 31, 2009, as net cash outflows driven
by increasing RMBS claims paid were offset by ongoing cash inflows
from installment premiums and investments. The approximate $746
million of payments related to the two CDO of ABS transactions that
were settled/commuted in July, discussed above, will negatively
impact claims-paying resources.
NSM Acquisition
On July 15, 2009, Ambac acquired the asset management and
advisory business of NSM Capital Management LLC and Structured
Credit Solutions (“NSM”). NSM provides investment advisory,
consulting, valuation and research services to the structured
credit markets and is located in Greenwich, Connecticut. In
addition to using NSM’s services to augment the management of its
investment portfolios and mortgage-related and other asset-backed
financial guarantee liabilities, Ambac intends for NSM to continue
to provide investment advisory and asset management services to
outside parties and will seek to grow and expand such services. NSM
is an indirect subsidiary of Ambac Financial Group, Inc.
About Ambac
Ambac Financial Group, Inc., headquartered in New York City, is
a holding company whose affiliates provide financial guarantees and
financial services to clients in both the public and private
sectors around the world. Ambac's principal operating subsidiary,
Ambac Assurance Corporation, a guarantor of public finance and
structured finance obligations, has a Caa2 rating (developing
outlook) from Moody's Investors Service, Inc. and a CC rating
(outlook developing) from Standard & Poor's Ratings Services.
Ambac Financial Group, Inc. common stock is listed on the New York
Stock Exchange (ticker symbol ABK).
Forward-Looking
Statements
This release contains statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Any or all of management’s forward-looking statements here or in
other publications may turn out to be wrong and are based on
Ambac’s management current belief or opinions. Ambac’s actual
results may vary materially, and there are no guarantees about the
performance of Ambac’s securities. Among events, risks,
uncertainties or factors that could cause actual results to differ
materially are: (1) difficult economic conditions, which may
not improve in the near future, and adverse changes in the
economic, credit, foreign currency or interest rate environment in
the United States and abroad; (2) the actions of the U. S.
Government, Federal Reserve and other government and regulatory
bodies to stabilize the financial markets; (3) the risk that
market risks impact assets in our investment portfolio or the value
of our assets posted as collateral in respect of investment
agreements and interest rate swap and currency swap transactions;
(4) changes in Ambac’s and/or Ambac Assurance’s credit or
financial strength ratings; (5) risks relating to the
re-launch of Connie Lee as Everspan Financial Guarantee Corp.;
(6) competitive conditions, pricing levels and reduction in
demand for financial guarantee products; (7) credit and
liquidity risks due to unscheduled and unanticipated withdrawals on
investment agreements; (8) inadequacy of reserves established
for losses and loss expenses; (9) changes in capital
requirements whether resulting from downgrades in our insured
portfolio or changes in rating agencies’ rating criteria or other
reasons; (10) the risk that we may be required to raise
additional capital, which could have a dilutive effect on our
outstanding equity capital and/or future earnings; (11) our
ability or inability to raise additional capital, including the
risks that regulatory or other approvals for any plan to raise
capital are not obtained, or that various conditions to such a
plan, either imposed by third parties or imposed by Ambac or its
Board of Directors, are not satisfied and thus potentially
necessary capital raising transactions do not occur, or the risk
that for other reasons the Company cannot accomplish any
potentially necessary capital raising transactions;
(12) credit risk throughout our business, including credit
risk related to residential mortgage-backed securities and
collateralized debt obligations (“CDOs”) and large single exposures
to reinsurers; (13) market spreads and pricing on insured CDOs
and other derivative products insured or issued by Ambac;
(14) the risk that holders of debt securities or
counterparties on credit default swaps or other similar agreements
seek to declare events of default or seek judicial relief or bring
claims alleging violation or breach of covenants by Ambac or one of
its subsidiaries; (15) default by one or more of Ambac
Assurance’s portfolio investments, insured issuers,
counterparties or reinsurers; (16) Ambac’s financial position
and lack of financial flexibility, resulting principally from the
uncertainty of Ambac Assurance’s ability to pay dividends to Ambac
without the consent of the office of the Commissioner of Insurance
of the State of Wisconsin; (17) legislative and regulatory
developments, including the Troubled Asset Relief Program and other
programs under the Emergency Economic Stabilization Act and other
similar programs; (18) changes in accounting principles or
practices relating to the financial guarantee industry or that may
impact Ambac’s reported financial results; (19) changes in
expectations regarding future realization of gross deferred tax
assets; (20) the risk of volatility in income and earnings,
including volatility due to the application of fair value
accounting, required under SFAS 133, to the portion of our credit
enhancement business which is executed in credit derivative form,
and due to the adoption of SFAS 163, which, among other things,
introduces volatility in the recognition of premium earnings and
losses; (21) the risk that our underwriting and risk
management policies and practices do not anticipate certain risks
and/or the magnitude of potential for loss as a result of
unforeseen risks; (22) operational risks, including with
respect to internal processes, risk models, systems and employees;
(23) factors that may influence the amount of installment
premiums paid to Ambac; (24) the risk of litigation and
regulatory inquiries or investigations, and the risk of adverse
outcomes in connection therewith, which could have a material
adverse effect on our business, operations, financial position,
profitability or cash flows; (25) the risk that reinsurers may
dispute amounts owed us under our reinsurance agreements;
(26) changes in tax laws; (27) other factors described in
the Risk Factors section in Part I, Item 1A of our Annual
Report on Form 10-K for the fiscal year ended December 31,
2008 and also disclosed from time to time by Ambac in its
subsequent reports on Form 10-Q and Form 8-K, which are or will be
available on the Ambac website at www.ambac.com and at the SEC’s
website, www.sec.gov; and (28) other risks and uncertainties
that have not been identified at this time. Readers are cautioned
that forward-looking statements speak only as of the date they are
made and that Ambac does not undertake to update forward-looking
statements to reflect circumstances or events that arise after the
date the statements are made. You are therefore advised to consult
any further disclosures we make on related subjects in Ambac’s
reports to the SEC.
Ambac Financial Group, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
For the Three and Six Months Ended June 30, 2009 and 2008
(Dollars in Thousands Except Share Data)
Three Months Ended Six Months Ended
June 30, June 30, 2009 2008
2009 2008 Revenues: Financial
Guarantee: Net premiums earned $177,732
$325,471 $374,544 $512,337 Net investment
income 122,909 130,740 223,180
254,385 Other-than-temporary impairment losses:
Total other-than-temporary impairment losses (675,394
) (2,372 ) (1,421,153 )
(2,372 ) Portion of loss recognized in other
comprehensive income - - -
- Net other-than temporary impairment
losses recognized in earnings (675,394 )
(2,372 ) (1,421,153 ) (2,372
) Net realized investment gains 12,789
1,245 15,643 23,457 Change in fair value of
credit derivatives: Realized losses and gains and other
settlements (5,053 ) 15,035 1,570
32,008 Unrealized gains (losses) 6,016
961,580 1,545,243 (763,592
) Net change in fair value of credit derivatives
963 976,615 1,546,813 (731,584 )
Other income 11,451 2,053 13,174
10,510 Financial Services: Investment income
19,004 56,722 39,888 141,648
Derivative products (44,219 ) (15,527
) (58,418 ) (84,858 )
Other-than-temporary impairment losses: Total
other-than-temporary impairment losses (186,708 )
(150,058 ) (272,198 ) (327,652
) Portion of loss recognized in other comprehensive
income - - - -
Net other-than temporary impairment losses recognized in
earnings (186,708 ) (150,058 )
(272,198 ) (327,652 ) Net realized
investment (losses) gains (2,310 ) 8,082
114,236 15,884 Net change in fair value on total
return swaps 22,052 (4,281 ) 11,671
(44,698 ) Net mark-to-market gains on non-trading
derivatives 7,529 2,095 7,690 262
Corporate: Net investment income 32,000
1,037 32,216 1,864 Net realized investment
gains - - 33 -
Total revenues (502,202 )
1,331,822 627,319 (230,817
) Expenses: Financial Guarantee:
Loss and loss expenses 1,230,847 (339,294
) 1,970,677 703,467 Underwriting and
operating expenses 48,861 61,955 105,498
110,858 Interest expense on variable interest entity
notes 2,430 3,379 5,177 6,936
Financial Services: Interest on investment and payment
agreements 8,311 57,914 21,100
146,917 Operating expenses 3,541 3,297
7,492 6,686 Interest 29,837
30,075 59,683 54,452 Corporate
(3,337 ) 7,113 684
23,189 Total expenses 1,320,490
(175,561 ) 2,170,311 1,052,505
(Loss) income before income taxes (1,822,692
) 1,507,383 (1,542,992 )
(1,283,322 ) Provision (benefit) for income
taxes 573,861 684,251
1,245,761 (446,190 ) Net (loss)
income (2,396,553 ) 823,132
(2,788,753 ) (837,132 ) Less: net
income (loss) attributable to noncontrolling interest 11
(2 ) (2 ) 77
Net (loss) income attributable to Ambac Financial Group,
Inc. ($2,396,564 ) $823,134
($2,788,751 ) ($837,209 ) Net
(loss) income per share ($8.33 ) $2.85
($9.70 ) ($3.90 ) Net (loss)
income per diluted share ($8.33 ) $2.80
($9.70 ) ($3.90 )
Weighted average number of common shares outstanding:
Basic 287,639,234 288,397,701
287,602,413 214,833,072 Diluted
287,639,234 294,857,435
287,602,413 214,833,072 Ambac
Financial Group, Inc. and Subsidiaries Consolidated Balance
Sheets June 30, 2009 and December 31, 2008 (Dollars
in Thousands Except Share Data)
June 30, 2009 December 31,
2008 (unaudited)
Assets
Investments: Fixed income securities, at fair
value
(amortized cost of $9,127,383
in 2009 and $11,080,723 in 2008)
$8,685,953 $8,537,676 Fixed income securities
pledged as collateral, at fair value (amortized cost of
$176,247 in 2009 and $277,291 in 2008) 180,375
286,853 Short-term investments (approximates fair
value) 1,062,072 1,454,229 Other (cost of $754
in 2009 and $13,956 in 2008) 754 14,059
Total investments 9,929,154 10,292,817
Cash and cash equivalents 1,130,259
107,811 Receivable for securities sold 102,166
15,483 Investment income due and accrued
81,840 116,769 Premium receivables
4,360,680 28,895 Reinsurance recoverable on paid
and unpaid losses 210,891 157,627 Deferred
ceded premium 959,411 292,837 Subrogation
recoverable 198,431 10,088 Deferred taxes
105,549 2,127,499 Current taxes 190,495
192,669 Deferred acquisition costs 210,368
207,229 Loans 581,463 798,848
Derivative assets 1,550,781 2,187,214 Other
assets 433,677 723,887 Total
assets $20,045,165 $17,259,673
Liabilities and Stockholders'
Equity
Liabilities: Unearned premiums
$6,594,046 $2,382,152 Loss and loss expense
reserve 4,115,037 2,275,948 Ceded premiums
payable 576,944 15,597 Obligations under
investment and payment agreements 1,594,623
3,244,098 Obligations under investment repurchase
agreements 113,496 113,737 Long-term debt
3,640,243 1,868,690 Accrued interest payable
67,517 68,806 Derivative liabilities
7,608,133 10,089,895 Other liabilities
341,594 279,616 Payable for securities
purchased 7,746 10,256 Total
liabilities 24,659,379 20,348,795
Stockholders' equity: Ambac Financial Group,
Inc.: Preferred stock - - Common
stock 2,944 2,944 Additional paid-in
capital 2,038,540 2,030,031 Accumulated other
comprehensive loss (224,665 ) (1,670,198
) Retained deficit (6,657,817 )
(3,550,768 ) Common stock held in treasury at
cost (565,904 ) (594,318 ) Total
Ambac Financial Group, Inc. stockholders' equity
(5,406,902 ) (3,782,309 )
Non-controlling interest: 792,688
693,187 Total stockholders' equity
(4,614,214 ) (3,089,122 ) Total
liabilities and stockholders' equity $20,045,165
$17,259,673 Number of shares outstanding
(net of treasury shares) 287,554,206
287,239,482 Book value per share
($18.80 ) ($13.17 )
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