Ambac Financial Group (NASDAQ:AMBC) Q4 adjusted earnings of $10.8M, or 24 cents per share, compares with adjusted loss of $76.0M, or $1.66 per share, in Q3.
• “During the fourth quarter of 2018, we achieved significant results in de-risking our insured portfolio, with Adversely Classified and Watch List Credits decreasing $1.5B or 7% from the third quarter," says President and CEO Claude LeBlanc.
• Execution of the COFINA Plan of Adjustment in Q1 2019 resolved 78% of Ambac's total exposure to Puerto Rico; net par exposure to Puerto Rico's COFINA bonds reduced by 75%.
• Q4 net premiums earned of $28.7M rose 12% from $25.6M in Q3.
• Q4 net investment income of $37.5M fell 36% from $58.3M in Q3.
• Adjusted book value per share of $27.58 at Dec. 31, 2018 fell 3% from $28.50 at Sept. 30, 2018.
• Conference call on March 1 at 8:30 AM ET.