- Continued progress towards executing key strategic priorities during the third quarter included:
• Significant progress made toward a final resolution ofPuerto Rico's debt restructuring with signed COFINA Plan Support Agreement and term sheet
• Adversely Classified Credits reduced by$0.8 billion or 6.4% to$11.1 billion
• Insured net par reduced by$4.3 billion or 7.5% to$52.2 billion
• Executed Auction Market Preferred Shares exchange transaction, simplifying capital structure and capturing a fair value discount of approximately$250 million
- Net Loss of
$(22.2) million or$(0.48) per Diluted Share for the Quarter Ended September 30, 2018 - Net Loss attributable to common stockholders of
$(103.8) million or$(2.27) per Diluted Share and Adjusted Loss1 of$(76.0) million or$(1.66) per Diluted Share for the Quarter Ended September 30, 2018 primarily driven by the financial statement impact of the Auction Market Preferred Shares exchange transaction
AMPS Exchange Transaction
On
Ambac's Third Quarter 2018 Summary Results | |||||||||||||||
Better (Worse) | |||||||||||||||
($ in millions, except per share data) | 3Q2018 | 2Q2018 | Amount | Percent | |||||||||||
Net premiums earned | $ | 25.6 | $ | 25.8 | $ | (0.2 | ) | (1 | )% | ||||||
Net investment income | 58.3 | 66.7 | (8.4 | ) | (13 | )% | |||||||||
Net realized investment gains (losses) | 30.2 | 47.1 | (16.9 | ) | (36 | )% | |||||||||
Net gains (losses) on interest rate derivatives | 17.3 | 9.1 | 8.2 | 90 | % | ||||||||||
Income (loss) on Variable Interest Entities ("VIEs") | 1.8 | 0.6 | 1.2 | 200 | % | ||||||||||
Losses and loss expenses (benefit) | 33.5 | 32.6 | (0.9 | ) | (3 | )% | |||||||||
Operating expenses | 28.4 | 26.1 | (2.3 | ) | (9 | )% | |||||||||
Interest expense | 65.7 | 62.4 | (3.3 | ) | (5 | )% | |||||||||
Insurance intangible amortization | 26.4 | 23.2 | (3.2 | ) | (14 | )% | |||||||||
Provision for income taxes | 2.2 | 2.0 | (0.2 | ) | (10 | )% | |||||||||
Net income (loss) | (22.2 | ) | 4.3 | (26.5 | ) | (616 | )% | ||||||||
Net income (loss) attributable to Common Stockholders | (103.8 | ) | 4.3 | (108.1 | ) | (2,514 | )% | ||||||||
Net income (loss) per diluted share | $ | (2.27 | ) | $ | 0.09 | $ | (2.36 | ) | (2,622 | )% | |||||
Adjusted earnings (loss) 1 | (76.0 | ) | 36.5 | (112.5 | ) | (308 | )% | ||||||||
Adjusted earnings (loss) per diluted share 1 | $ | (1.66 | ) | $ | 0.78 | $ | (2.44 | ) | (313 | )% | |||||
Total Ambac Financial Group, Inc. stockholders' equity | 1,757.7 | 1,799.8 | (42.1 | ) | (2 | )% | |||||||||
Total Ambac Financial Group, Inc. stockholders' equity per share | $ | 38.77 | $ | 39.70 | $ | (0.93 | ) | (2 | )% | ||||||
Adjusted book value 1 | 1,291.9 | 1,398.0 | (106.1 | ) | (8 | )% | |||||||||
Adjusted book value per share 1 | $ | 28.50 | $ | 30.84 | $ | (2.34 | ) | (8 | )% | ||||||
Weighted-average diluted shares outstanding (in millions) | 45.7 | 46.5 | 0.8 | 2 | % |
1 See Non-GAAP Financial Data section of this press release for further information
Net Premiums Earned
During the third quarter of 2018, net premiums earned were
The following table provides a summary of net premiums earned for the three month periods ended September 30, 2018 and June 30, 2018, respectively:
Three Months Ended | ||||||||
($ in millions) | September 30, 2018 | June 30, 2018 | ||||||
Public Finance | $ | 9.2 | $ | 9.7 | ||||
Structured Finance | 4.2 | 4.1 | ||||||
International Finance | 5.5 | 5.9 | ||||||
Total normal premiums earned | 18.9 | 19.7 | ||||||
Accelerated earnings | 6.7 | 6.1 | ||||||
Total net premiums earned | $ | 25.6 | $ | 25.8 |
Net Investment Income and Net Realized Investment Gains
Net investment income for the third quarter of 2018 and the second quarter of 2018 was
The decrease in the fair value of the consolidated investment portfolio of approximately
Third quarter 2018 net realized investment gains were
Losses and Loss Expenses and Loss Reserves
Losses and loss expenses for the third quarter of 2018 were
The following table provides losses and loss expenses incurred by bond type for the three month periods ended September 30, 2018 and June 30, 2018:
Three Months Ended | ||||||||
($ in millions) | September 30, 2018 | June 30, 2018 | ||||||
RMBS | $ | 19.2 | $ | (26.1 | ) | |||
Domestic public finance | 9.1 | 44.1 | ||||||
Student loan | 4.0 | (4.3 | ) | |||||
Ambac UK and other credits | 1.2 | 18.9 | ||||||
Total losses and loss expenses | $ | 33.5 | $ | 32.6 |
Third quarter of 2018 RMBS losses and loss expenses of
Domestic public finance losses and loss expenses in the third quarter of 2018 were
During the third quarter of 2018, claim and loss expenses paid (net of reinsurance) were
Loss and loss expense reserves (gross of reinsurance) were
The following table provides loss and loss expense (gross of reinsurance) reserves by bond type at September 30, 2018, and June 30, 2018:
($ in millions) | September 30, 2018 | June 30, 2018 | ||||||
RMBS | $ | (1,273 | ) | $ | (1,264 | ) | ||
Domestic public finance | 637 | 773 | ||||||
Student loans | 235 | 309 | ||||||
Ambac UK and other credits | 266 | 289 | ||||||
Loss expenses | 105 | 74 | ||||||
Total loss and loss expense reserves | $ | (30 | ) | $ | 181 |
Net Gains (Losses) on Interest Rate Derivatives
Net gains on interest rate derivatives were
Expenses
Operating expenses for the third quarter of 2018 increased by
Interest expense for the third quarter of 2018 increased
Taxes and Net Operating Loss Carry-Forwards ("NOLs")
Income taxes were
At September 30, 2018, the Ambac consolidated group had approximately
As a result of taxable income at AAC during 2018, AAC utilized NOLs in an amount that resulted in the accrual of
Balance Sheet
Total assets decreased by
Total liabilities decreased by
Total
Stockholders’ equity at September 30, 2018, was down 2% to
Financial Guarantee Insured Portfolio
The financial guarantee insurance portfolio net par amount outstanding declined 7.5% during the quarter ended
Details of financial guarantee insurance portfolio are highlighted in the below table.
Net Par Outstanding | September 30, 2018 | June 30, 2018 | ||||
By Sector: | ||||||
Public finance | 52 | % | 51 | % | ||
Structured Finance | 21 | % | 21 | % | ||
International | 27 | % | 28 | % | ||
By Financial Guarantor: | ||||||
Ambac Assurance | 74 | % | 73 | % | ||
Ambac UK | 26 | % | 27 | % |
Adversely Classified Credits decreased by a net
Subsequent Events
On
Reinsurance Agreement
As part of Ambac's active risk mitigation efforts, in
Non-GAAP Financial Data
In addition to reporting Ambac’s quarterly financial results in accordance with GAAP, Ambac reports two non-GAAP financial measures: Adjusted Earnings and Adjusted Book Value. A non-GAAP financial measure is a numerical measure of financial performance or financial position that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. The most directly comparable GAAP measures are net income attributable to common stockholders for
Ambac has a significant tax NOL that is offset by a full valuation allowance in the GAAP consolidated financial statements. As a result of this and other considerations, for purposes of non-GAAP measures, we utilize a 0% effective tax rate, which is subject to change in the future.
Adjusted Earnings (Loss). Adjusted Earnings (Loss) is defined as net income (loss) attributable to common stockholders, as reported under GAAP, adjusted on an after-tax basis for the following:
- Non-credit impairment fair value (gain) loss on credit derivatives: Elimination of the non-credit impairment fair value gains (losses) on credit derivatives, which is the amount in excess of the present value of the expected estimated credit losses. Such fair value adjustments are affected by, and in part fluctuate with, changes in market factors such as interest rates and credit spreads, including the market’s perception of Ambac’s credit risk (“Ambac CVA”), and are not expected to result in an economic gain or loss. These adjustments allow for all financial guarantee contracts to be accounted for consistent with the Financial Services – Insurance Topic of ASC, whether or not they are subject to derivative accounting rules.
- Insurance intangible amortization: Elimination of the amortization of the financial guarantee insurance intangible asset that arose as a result of Ambac’s emergence from bankruptcy and the implementation of Fresh Start reporting. This adjustment ensures that all financial guarantee contracts are accounted for consistent with the provisions of the Financial Services – Insurance Topic of the ASC.
- Foreign exchange (gains) losses: Elimination of the foreign exchange gains (losses) on the re-measurement of assets, liabilities and transactions in non-functional currencies. This adjustment eliminates the foreign exchange gains (losses) on all assets, liabilities and transactions in non-functional currencies, which enables users of our financial statements to better view the business results without the impact of fluctuations in foreign currency exchange rates and facilitates period-to-period comparisons of Ambac's operating performance.
Adjusted Loss was
The following table reconciles net income (loss) attributable to common stockholders to the non-GAAP measure, Adjusted Earnings (Loss), for the three month periods ended September 30, 2018, and June 30, 2018, respectively:
Three Months Ended | ||||||||||||||||
September 30, 2018 | June 30, 2018 | |||||||||||||||
($ in millions, other than per share data) | $ Amount | Per Diluted Share | $ Amount | Per Diluted Share | ||||||||||||
Net income (loss) attributable to common stockholders | $ | (103.8 | ) | $ | (2.27 | ) | $ | 4.3 | $ | 0.09 | ||||||
Adjustments: | ||||||||||||||||
Non-credit impairment fair value (gain) loss on credit derivatives | (0.2 | ) | — | 0.3 | 0.01 | |||||||||||
Insurance intangible amortization | 26.4 | 0.58 | 23.2 | 0.50 | ||||||||||||
Foreign exchange (gains) losses | 1.6 | 0.03 | 8.6 | 0.18 | ||||||||||||
Adjusted Earnings (loss) | $ | (76.0 | ) | $ | (1.66 | ) | $ | 36.5 | $ | 0.78 | ||||||
Weighted-average diluted shares outstanding (in millions) | 45.7 | 46.5 |
Adjusted Book Value. Adjusted Book Value is defined as
- Non-credit impairment fair value losses on credit derivatives: Elimination of the non-credit impairment fair value loss on credit derivatives, which is the amount in excess of the present value of the expected estimated economic credit loss. GAAP fair values are affected by, and in part fluctuate with, changes in market factors such as interest rates, credit spreads, including Ambac’s CVA that are not expected to result in an economic gain or loss. These adjustments allow for all financial guarantee contracts to be accounted for within Adjusted Book Value consistent with the provisions of the Financial Services—Insurance Topic of the ASC, whether or not they are subject to derivative accounting rules.
- Insurance intangible asset: Elimination of the financial guarantee insurance intangible asset that arose as a result of Ambac’s emergence from bankruptcy and the implementation of Fresh Start reporting. This adjustment ensures that all financial guarantee contracts are accounted for within Adjusted Book Value consistent with the provisions of the Financial Services—Insurance Topic of the ASC.
- Net unearned premiums and fees in excess of expected losses: Addition of the value of the unearned premium revenue ("UPR") on financial guarantee contracts, in excess of expected losses, net of reinsurance. This non-GAAP adjustment presents the economics of UPR and expected losses for financial guarantee contracts on a consistent basis. In accordance with GAAP, stockholders’ equity reflects a reduction for expected losses only to the extent they exceed UPR. However, when expected losses are less than UPR for a financial guarantee contract, neither expected losses nor UPR have an impact on stockholders’ equity. This non-GAAP adjustment adds UPR in excess of expected losses, net of reinsurance, to stockholders’ equity for financial guarantee contracts where expected losses are less than UPR.
- Net unrealized investment (gains) losses in Accumulated Other Comprehensive Income: Elimination of the unrealized gains and losses on the Company’s investments that are recorded as a component of accumulated other comprehensive income (“AOCI”). The AOCI component of the fair value adjustment on the investment portfolio may differ from realized gains and losses ultimately recognized by the Company based on the Company’s investment strategy. This adjustment only allows for such gains and losses in Adjusted Book Value when realized.
Adjusted Book Value was
The following table reconciles
September 30, 2018 | June 30, 2018 | |||||||||||||||
($ in millions, other than per share data) | $ Amount | Per Share | $ Amount | Per Share | ||||||||||||
Total Ambac Financial Group, Inc. stockholders’ equity | $ | 1,757.7 | $ | 38.77 | $ | 1,799.8 | $ | 39.70 | ||||||||
Adjustments: | ||||||||||||||||
Non-credit impairment fair value losses on credit derivatives | 1.2 | 0.03 | 1.3 | 0.03 | ||||||||||||
Insurance intangible asset | (755.7 | ) | (16.67 | ) | (786.2 | ) | (17.34 | ) | ||||||||
Net unearned premiums and fees in excess of expected losses | 503.2 | 11.10 | 536.7 | 11.84 | ||||||||||||
Net unrealized investment (gains) losses in Accumulated Other Comprehensive Income | (214.4 | ) | (4.73 | ) | (153.6 | ) | (3.39 | ) | ||||||||
Adjusted Book Value | $ | 1,291.9 | $ | 28.50 | $ | 1,398.0 | $ | 30.84 | ||||||||
Shares outstanding (in millions) | 45.3 | 45.3 |
Earnings Call and Webcast
On November 8, 2018 at
The webcast will be archived on Ambac's website. A replay of the call will be available through
Additional information is included in an operating supplement and presentations at Ambac's website at www.ambac.com.
About Ambac
Contact
Managing Director, Investor Relations
(212) 208-3177
lkampf@ambac.com
Forward-Looking Statements
In this press release, statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “project,” “plan,” “believe,” “anticipate,” “intend,” “planned,” “potential” and similar expressions, or future or conditional verbs such as “will,” “should,” “would,” “could,” and “may,” or the negative of those expressions or verbs, identify forward-looking statements. We caution readers that these statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain and some of which may be outside our control. These statements may relate to plans and objectives with respect to the future, among other things which may change. We are alerting you to the possibility that our actual results may differ, possibly materially, from the expected objectives or anticipated results that may be suggested, expressed or implied by these forward-looking statements. Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed under “Risk Factors” in our most recent
Any or all of management’s forward-looking statements here or in other publications may turn out to be incorrect and are based on management’s 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) the highly speculative nature of Ambac’s common stock and volatility in the price of Ambac’s common stock; (2) uncertainty concerning the Company’s ability to achieve value for holders of its securities, whether from
Consolidated Statements of Income (Loss) (Unaudited)
Three Months Ended | ||||||||
($ in Thousands, except share data) | September 30, 2018 |
June 30, 2018 |
||||||
Revenues: | ||||||||
Net premiums earned | $ | 25,640 | $ | 25,836 | ||||
Net investment income: | ||||||||
Securities available-for-sale and short-term | 49,985 | 61,742 | ||||||
Other investments | 8,347 | 4,920 | ||||||
Total net investment income | 58,332 | 66,662 | ||||||
Other-than-temporary impairment losses: | ||||||||
Total other-than-temporary impairment losses | (266 | ) | (1,010 | ) | ||||
Portion of other-than-temporary impairment recognized in other comprehensive income | — | (4 | ) | |||||
Net other-than-temporary impairment losses recognized in earnings | (266 | ) | (1,014 | ) | ||||
Net realized investment gains (losses) | 30,201 | 47,148 | ||||||
Change in fair value of credit derivatives: | ||||||||
Realized gains and other settlements | 99 | 91 | ||||||
Unrealized gains (losses) | 151 | (308 | ) | |||||
Net change in fair value of credit derivatives | 250 | (217 | ) | |||||
Net gains (losses) on interest rate derivatives | 17,333 | 9,149 | ||||||
Net realized gains on extinguishment of debt | — | 6 | ||||||
Other income (expense) | 694 | 2,491 | ||||||
Income (loss) on variable interest entities | 1,831 | 577 | ||||||
Total revenues | 134,015 | 150,638 | ||||||
Expenses: | ||||||||
Losses and loss expense (benefit) | 33,501 | 32,579 | ||||||
Insurance intangible amortization | 26,421 | 23,242 | ||||||
Operating expenses | 28,368 | 26,063 | ||||||
Interest expense | 65,673 | 62,446 | ||||||
Total expenses | 153,963 | 144,330 | ||||||
Pre-tax income (loss) | (19,948 | ) | 6,308 | |||||
Provision for income taxes | 2,211 | 1,995 | ||||||
Net income (loss) | $ | (22,159 | ) | $ | 4,313 | |||
Less: exchange of auction market preferred shares | 81,686 | — | ||||||
Net income (loss) attributable to common stockholders | $ | (103,845 | ) | $ | 4,313 | |||
Net income (loss) per basic share | $ | (2.27 | ) | $ | 0.09 | |||
Net income (loss) per diluted share | $ | (2.27 | ) | $ | 0.09 | |||
Weighted-average number of common shares outstanding: | ||||||||
Basic | 45,749,252 | 45,683,058 | ||||||
Diluted | 45,749,252 | 46,472,375 | ||||||
Consolidated Statements of Income (Loss) (Unaudited)
Nine Months Ended September 30, | ||||||||||||
($ in Thousands, except share data) | 2018 | 2017 | ||||||||||
Revenues: | ||||||||||||
Net premiums earned | $ | 82,359 | $ | 143,754 | ||||||||
Net investment income: | ||||||||||||
Securities available-for-sale and short-term | 222,278 | 235,092 | ||||||||||
Other investments | 12,956 | 18,804 | ||||||||||
Total net investment income | 235,234 | 253,896 | ||||||||||
Other-than-temporary impairment losses: | ||||||||||||
Total other-than-temporary impairment losses | (1,617 | ) | (48,581 | ) | ||||||||
Portion of other-than-temporary impairment recognized in other comprehensive income | 38 | 29,366 | ||||||||||
Net other-than-temporary impairment losses recognized in earnings | (1,579 | ) | (19,215 | ) | ||||||||
Net realized investment gains (losses) | 82,211 | 5,434 | ||||||||||
Change in fair value of credit derivatives: | ||||||||||||
Realized gains and other settlements | 296 | 1,467 | ||||||||||
Unrealized gains (losses) | (609 | ) | 6,388 | |||||||||
Net change in fair value of credit derivatives | (313 | ) | 7,855 | |||||||||
Net gains (losses) on interest rate derivatives | 52,019 | 36,538 | ||||||||||
Net realized gains on extinguishment of debt | 3,121 | 4,920 | ||||||||||
Other income (expense) | 2,676 | 1,107 | ||||||||||
Income (loss) on variable interest entities | 2,982 | (1,567 | ) | |||||||||
Total revenues | 458,710 | 432,722 | ||||||||||
Expenses: | ||||||||||||
Losses and loss expense (benefit) | (181,315 | ) | 410,917 | |||||||||
Insurance intangible amortization | 78,299 | 116,686 | ||||||||||
Operating expenses | 90,865 | 93,502 | ||||||||||
Interest expense | 176,192 | 88,951 | ||||||||||
Total expenses | 164,041 | 710,056 | ||||||||||
Pre-tax income (loss) | 294,669 | (277,334 | ) | |||||||||
Provision for income taxes | 6,811 | 31,902 | ||||||||||
Net income (loss) | $ | 287,858 | $ | (309,236 | ) | |||||||
Less: exchange of auction market preferred shares | 81,686 | — | ||||||||||
Net income (loss) attributable to common stockholders | $ | 206,172 | $ | (309,236 | ) | |||||||
Net income (loss) per basic share | $ | 4.52 | $ | (6.82 | ) | |||||||
Net income (loss) per diluted share | $ | 4.43 | $ | (6.82 | ) | |||||||
Weighted-average number of common shares outstanding: | ||||||||||||
Basic | 45,635,483 | 45,355,671 | ||||||||||
Diluted | 46,510,795 | 45,355,671 | ||||||||||
Consolidated Balance Sheets (Unaudited)
$ in Thousands, except share data) | September 30, 2018 |
June 30, 2018 |
||||||||||
Assets: | ||||||||||||
Investments: | ||||||||||||
Fixed income securities, at fair value (amortized cost: $3,001,432 and $3,355,223) | $ | 3,221,301 | $ | 3,514,927 | ||||||||
Fixed income securities pledged as collateral, at fair value (amortized cost: $84,186 and $84,641) | 84,186 | 84,641 | ||||||||||
Short-term investments, at fair value (amortized cost: $562,111 and $393,516) | 562,060 | 393,447 | ||||||||||
Other investments (includes $372,774 and $356,899 at fair value) | 411,604 | 394,396 | ||||||||||
Total investments | 4,279,151 | 4,387,411 | ||||||||||
Cash and cash equivalents | 52,505 | 44,398 | ||||||||||
Receivable for securities | 46,376 | 82,513 | ||||||||||
Investment income due and accrued | 10,709 | 12,157 | ||||||||||
Premium receivables | 517,197 | 553,958 | ||||||||||
Reinsurance recoverable on paid and unpaid losses | 25,511 | 39,071 | ||||||||||
Deferred ceded premium | 45,204 | 47,886 | ||||||||||
Subrogation recoverable | 1,898,611 | 1,876,188 | ||||||||||
Loans | 10,082 | 10,007 | ||||||||||
Derivative assets | 50,262 | 56,510 | ||||||||||
Current taxes | 32,509 | 34,619 | ||||||||||
Insurance intangible asset | 755,734 | 786,208 | ||||||||||
Other assets | 22,191 | 33,631 | ||||||||||
Variable interest entity assets: | ||||||||||||
Fixed income securities, at fair value | 2,718,377 | 2,756,924 | ||||||||||
Restricted cash | 1,024 | 1,052 | ||||||||||
Loans, at fair value | 4,563,091 | 10,751,199 | ||||||||||
Derivative assets | 61,543 | 60,403 | ||||||||||
Other assets | 3,387 | 1,088 | ||||||||||
Total assets | $ | 15,093,464 | $ | 21,535,223 | ||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||
Liabilities: | ||||||||||||
Unearned premiums | $ | 669,820 | $ | 721,689 | ||||||||
Loss and loss expense reserves | 1,868,484 | 2,057,334 | ||||||||||
Ceded premiums payable | 34,306 | 35,594 | ||||||||||
Deferred taxes | 27,537 | 32,781 | ||||||||||
Long-term debt | 2,937,771 | 2,796,389 | ||||||||||
Accrued interest payable | 356,711 | 237,558 | ||||||||||
Derivative liabilities | 61,331 | 67,648 | ||||||||||
Other liabilities | 61,533 | 58,191 | ||||||||||
Payable for securities purchased | 31,292 | 16,556 | ||||||||||
Variable interest entity liabilities: | ||||||||||||
Accrued interest payable | 2,817 | 550 | ||||||||||
Long-term debt, at fair value | 5,585,860 | 11,454,746 | ||||||||||
Derivative liabilities | 1,657,173 | 1,992,227 | ||||||||||
Other liabilities | 20 | 39 | ||||||||||
Total liabilities | 13,294,655 | 19,471,302 | ||||||||||
Stockholders’ equity: | ||||||||||||
Preferred stock, par value $0.01 per share; 20,000,000 shares authorized; issued and outstanding shares—none | — | — | ||||||||||
Common stock, par value $0.01 per share; 130,000,000 shares authorized; issued and outstanding shares: 45,365,170 and 45,365,170 | 454 | 454 | ||||||||||
Additional paid-in capital | 218,050 | 208,328 | ||||||||||
Accumulated other comprehensive income | 97,825 | 45,854 | ||||||||||
Retained earnings | 1,441,857 | 1,545,702 | ||||||||||
Treasury stock, shares at cost: 32,956 and 32,956 | (527 | ) | (527 | ) | ||||||||
Total Ambac Financial Group, Inc. stockholders’ equity | 1,757,659 | 1,799,811 | ||||||||||
Noncontrolling interest | 41,150 | 264,110 | ||||||||||
Total stockholders’ equity | 1,798,809 | 2,063,921 | ||||||||||
Total liabilities and stockholders’ equity | $ | 15,093,464 | $ | 21,535,223 |
Source: Ambac Financial Group, Inc.