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Ambac Financial Group Inc (AMBC) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Ambac Financial Group Inc

CIK: 874501 Ticker: AMBC

Exhibit 99.1
ambaclogojpega18.jpg
Ambac Reports Fourth Quarter 2021 Results
NEW YORK, NY, February 24, 2022 (BUSINESS WIRE) -- Ambac Financial Group, Inc. (NYSE: AM
BC) ("Ambac" or "AFG"), a financial services holding company, today reported a net loss attributable to common stockholders of $22 million or $0.42(1) per diluted share and an adjusted loss(2) of $10 million or $0.16 per diluted share for the quarter ended December 31, 2021. This compares to net income attributable to common stockholders of $17 million or $0.35 per diluted share and adjusted earnings of $25 million or $0.53 per diluted share in the third quarter of 2021. Book value per share decreased $0.49 to $22.42 and adjusted book value per share(2) decreased $0.17 to $18.88 from September 30, 2021, to December 31, 2021.
Results for the fourth quarter, as compared to the third quarter of 2021, were primarily driven by a lower benefit from loss and loss expenses.
Claude LeBlanc, President and Chief Executive Officer, stated, “2021 was a transitional year for Ambac during which we made material progress advancing our specialty property and casualty insurance platform while continuing to aggressively pursue risk mitigation and loss recovery initiatives in our legacy financial guarantee companies." Mr. LeBlanc continued, "We are very pleased about the progress we have made and look forward to building on our momentum in 2022."
Ambac's Fourth Quarter 2021 Summary Results
Better (Worse)
($ in millions, except per share data)4Q20213Q2021AmountPercent
Net premiums earned$11 $11 $(1)(5)%
Net investment income27 21 27 %
Net realized investment gains (losses), including impairments(1)(17)%
Net gains (losses) on derivative contracts(1)(27)%
Other income (expense)— %
Losses and loss expenses (benefit)(15)(55)(40)(73)%
Operating expenses33 32 — (1)%
Interest expense44 44 — — %
Intangible amortization11 11 — (3)%
Provision for income taxes(1)(22)%
Net income (loss) attributable to Common Stockholders(22)17 (39)(231)%
Net income (loss) per diluted share1
$(0.42)$0.35 $(0.77)(220)%
Adjusted earnings (loss) 2
(10)25 (35)(139)%
Adjusted earnings (loss) per diluted share 2
$(0.16)$0.53 $(0.69)(130)%
Total Ambac Financial Group, Inc. stockholders' equity1,038 1,061 (22)(2)%
Total Ambac Financial Group, Inc. stockholders' equity per share$22.42 $22.91 $(0.49)(2)%
Adjusted book value 2
874 882 (8)(1)%
Adjusted book value per share 2
$18.88 $19.05 $(0.17)(1)%
Weighted-average diluted shares outstanding (in millions)47 47 — %
(1) Per Diluted share includes the impact of adjusting the Xchange related noncontrolling interest to current redemption value
(2) See Non-GAAP Financial Data section of this press release for further information.
(3) Some financial data in this press release may not add up due to rounding
1

The following information was filed by Ambac Financial Group Inc (AMBC) on Thursday, February 24, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ambac Financial Group Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Total Comprehensive Income
Background And Basis Of Presentation - Surplus Note Exchange (Details)
Background And Business Description
Background And Business Description - Additional Information (Detail)
Background And Business Description Amps Exchange (Details)
Background And Business Description Rehabilitation Exit Support Agreement (Details)
Background And Business Description Tier 2 Commitment (Details)
Basis Of Presentation And Significant Accounting Policies (Notes)
Basis Of Presentation And Significant Accounting Policies (Policies)
Basis Of Presentation And Significant Accounting Policies Additional Information (Details)
Basis Of Presentation And Significant Accounting Policies Adoption Of New Accounting Standards (Details)
Basis Of Presentation And Significant Accounting Policies Fx Gain (Loss) (Details)
Basis Of Presentation And Significant Accounting Policies Goodwill (Details)
Basis Of Presentation And Significant Accounting Policies Incentive Compensation (Details)
Basis Of Presentation And Significant Accounting Policies Noncontrolling Interest (Details)
Basis Of Presentation And Significant Accounting Policies Supplemental Cash Flow Information (Details)
Basis Of Presentation And Significant Accounting Policies Supplemental Cash Flow Information (Tables)
Business Combinations
Business Combinations (Details)
Business Combinations (Tables)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Comprehensive Income
Comprehensive Income (Tables)
Comprehensive Income - Schedule Of Amounts Reclassed Out Of Each Component Of Accumulated Other Comprehensive Income (Detail)
Comprehensive Income - Schedule Of Changes In Balances Of Each Component Of Accumulated Other Comprehensive Income (Detail)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Additional Information (Detail)
Derivative Instruments - Summarize Information By Major Category Of Cds Contracts (Detail)
Derivative Instruments - Summary Of Gross Fair Values Of Individual Derivative Instruments (Detail)
Derivative Instruments - Summary Of Gross Principal Notional Outstanding For Cds Contracts (Detail)
Derivative Instruments - Summary Of Location And Amount Of Gains And Losses Of Derivative Contracts (Detail)
Derivative Instruments - Summary Of Notional Amounts Of Afs's Trading Derivative Products (Detail)
Derivative Instruments - Summary Of Notional For Vie Derivatives Outstanding (Detail)
Employment Benefit Plans (Notes)
Employment Benefit Plans (Tables)
Employment Benefit Plans Performance Units (Details)
Employment Benefit Plans Postretirement Health Care And Other Benefits (Details)
Employment Benefit Plans Restricted Stock Units (Details)
Employment Benefit Plans Savings Plan (Details)
Employment Benefit Plans Stock Compensation (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Information About Valuation Inputs For Fixed Income Securities Classified As Level 3 (Detail)
Fair Value Measurements - Information About Valuation Inputs For Variable Interest Entity Assets And Liabilities Classified As Level 3 (Detail)
Fair Value Measurements - Summary Of Carrying Amount And Fair Value Of Ambac's Financial Assets And Liabilities (Detail)
Fair Value Measurements - Summary Of Changes In Level 3 Fair Value Category (Detail)
Fair Value Measurements - Summary Of Gains And Losses (Realized And Unrealized) Relating To Level 3 Assets And Liabilities Included In Earnings (Detail)
Fair Value Measurements - Summary Of Information About Described Model Inputs Used To Determine Fair Value Of Each Class Of Credit Derivatives (Detail)
Fair Value Measurements - Summary Of Information About Described Model Inputs Used To Determine Fair Value Of Each Class Of Credit Derivatives (Detail2)
Financial Guarantee Insurance - Summary Of Percentage Ceded To Reinsurers And Reinsurance Recoverable And Rating Levels (Detail)
Financial Guarantee Insurance Contracts
Financial Guarantee Insurance Contracts (Tables)
Financial Guarantee Insurance Contracts - Additional Information (Detail)
Financial Guarantee Insurance Contracts - Effect Of Reinsurance On Premiums Written And Earned (Detail)
Financial Guarantee Insurance Contracts - Estimated Future Amortization Expense For Insurance Intangible Asset (Detail)
Financial Guarantee Insurance Contracts - Summarized Future Gross Undiscounted Premiums Expected To Be Collected, And Future Expected Premiums Earned, Net Of Reinsurance (Detail)
Financial Guarantee Insurance Contracts - Summary Of Balance Of Rmbs Subrogation Recoveries And Related Claim Liabilities, By Estimation Approach (Detail)
Financial Guarantee Insurance Contracts - Summary Of Gross Premium Receivable Roll-Forward (Direct And Assumed Contracts) (Detail)
Financial Guarantee Insurance Contracts - Summary Of Gross Premium Receivable Roll-Forward (Direct And Assumed Contracts) (Details)
Financial Guarantee Insurance Contracts - Summary Of Information Related To Policies Currently Included In Ambac's Loss Reserves Or Subrogation Recoverable (Detail)
Financial Guarantee Insurance Contracts - Summary Of Loss Reserve Roll-Forward, Net Of Subrogation Recoverable And Reinsurance (Detail)
Financial Guarantee Insurance Contracts - Summary Of Rollforward Of Rmbs Subrogation, By Estimation Approach (Detail)
Financial Guarantee Insurance Contracts Financial Guarantee Insurance Contracts - Components Of Loss And Loss Expense Reserves And Subrogation Recoverable (Details)
Financial Guarantee Insurance Contracts Financial Guarantee Insurance Contracts Earned Premiums By Geographic Location (Details)
Financial Guarantees In Force (Notes)
Financial Guarantees In Force (Tables)
Financial Guarantees In Force - Additional Information (Detail)
Financial Guarantees In Force - Summary Of Financial Guarantee Portfolio Diversification By Type Of Guaranteed Bond (Detail)
Financial Guarantees In Force - Summary Of International Finance Guaranteed Portfolio (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Significant Portions Of Deferred Tax Liabilities And Deferred Tax Assets (Detail)
Income Taxes Impact Of New Tax Legislation (Details)
Income Taxes Income Taxes - Effect Of Income Taxes On Net Income And Stockholders' Equity (Details)
Income Taxes Income Taxes - Effective Tax Rates Differing From Prevailing Federal Corporate Income Tax Rates (Details)
Income Taxes Income Taxes - Nol Usage Table (Details)
Income Taxes Income Taxes - Provision For Income Taxes Charged To Income From Continuing Operations (Details)
Income Taxes Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details)
Income Taxes Schedule Of Income Before Income Taxes (Details)
Insurance Regulatory Restrictions (Notes)
Insurance Regulatory Restrictions Additional Details (Details)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Investments
Investments (Tables)
Investments - Additional Information (Detail)
Investments - Summary Of Amortized Cost And Estimated Fair Value Of Available-For-Sale Investments, Excluding Vie Investments (Detail)
Investments - Summary Of Amortized Cost And Estimated Fair Value Of Available-For-Sale Investments, Excluding Vie Investments Held By Successor Ambac, By Contractual Maturity (Detail)
Investments - Summary Of Amounts Included In Net Realized (Losses) Gains And Other-Than-Temporary Impairments (Detail)
Investments - Summary Of Fair Value, Including Financial Guarantee, And Weighted-Average Underlying Rating, Excluding Financial Guarantee, Of Insured Securities (Detail)
Investments - Summary Of Fair Value, Including Financial Guarantee, And Weighted-Average Underlying Rating, Excluding Financial Guarantee, Of Insured Securities (Detail2)
Investments - Summary Of Gross Unrealized Losses And Fair Values Of Ambac's Available-For-Sale Investments (Detail)
Investments - Summary Of Net Investment Income (Detail)
Investments - Summary Of Roll-Forward Of Ambac's Cumulative Credit Losses On Debt Securities For Which Portion Of Other-Than-Temporary Impairment Was Recognized In Other Comprehensive Income (Detail)
Investments - Summary Of Sources Of Collateral Received And Various Investment Agreement In Which Collateral Pledged (Detail)
Leases (Notes)
Leases (Tables)
Leases Statement (Details)
Long-Term Debt (Details)
Long-Term Debt (Notes)
Long-Term Debt (Tables)
Net Income Per Share
Net Income Per Share (Tables)
Net Income Per Share - Additional Information (Detail)
Net Income Per Share - Reconciliation Of Common Shares Used For Basic And Diluted Earnings Per Share (Detail)
Revenue From Contract With Customer
Revenue From Contract With Customer (Details)
Revenue From Contract With Customer (Tables)
Schedule I - Summary Of Investments (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company Only) - Condensed Balance Sheet (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company Only) - Condensed Statement Of Total Comprehensive Income (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company Only) - Condensed Statements Of Cash Flows (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company Only) - Condensed Statements Of Stockholders' Equity (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company Only) Schedule Ii - Condensed Financial Information Of Registrant - Additional Information (Details)
Schedule Ii - Condensed Financial Information Of Registrant (Parent Company Only) Schedule Ii - Condensed Financial Information Of Registrant - Income Taxes (Details)
Schedule Iv - Reinsurance (Detail)
Sec Schedule, Article 12-04, Condensed Financial Information Of Registrant
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Additional Information (Detail)
Variable Interest Entities - Summary Of Carrying Amount Of Assets, Liabilities And Maximum Exposure To Loss Of Ambac's Variable Interests In Non-Consolidated Variable Interest Entities (Detail)
Variable Interest Entities - Summary Of Fair Value Of Fixed Income Securities, By Asset-Type, Held By Consolidated Variable Interest Entities (Detail)
Variable Interest Entities - Supplemental Information About Loans Held As Assets And Long-Term Debt Associated With Consolidated Variable Interest Entities (Detail)
Variable Interest Entities Special Purpose Entities, Including Variable Interest Entities - Summary Of Assets And Liabilities (Details)
Variable Interest Entities Variabile Interest Entities - Carry Value Of Secured Notes From Lsni (Details)
Variable Interest Entities Variable Interest Entity - Change In Fair Value Of Assets And Liabilities (Details)
Ticker: AMBC
CIK: 874501
Form Type: 10-K Annual Report
Accession Number: 0000874501-22-000019
Submitted to the SEC: Thu Feb 24 2022 4:23:15 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: Surety Insurance

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