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Ambac Financial Group (AMBCW) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $125.44 million, or $ 2.77 a share in the quarter, against a net profit of $9.42 million, or $0.21 a share in the last year period. On an adjusted basis, net loss for the quarter stood at $91.20 million, or $2.01 a share. Revenue during the quarter surged 646.82 percent to $126.23 million from $16.90 million in the previous year period. Net premium earned for the quarter declined 9.82 percent or $5.19 million to $47.61 million.
Total expenses increase substantially Benefits, losses and expenses for the quarter were at $232.09 million, or 487.45 percent of premium earned from $4.05 million or 7.67 percent of premium earned in the last year period. Operating loss for the quarter was $105.86 million, compared with an operating income of $12.85 million in the previous year period.
Net investment income was at $81.56 million for the quarter, up 34.10 percent or $20.74 million from year-ago period. The company has booked a loss on investments of $9.30 million in the quarter compared with a loss of $78.79 million for the previous year period.
Commenting on Ambac's first quarter 2017 results, Claude LeBlanc, president and chief executive officer, stated, "While our results this quarter were heavily influenced by an increase in reserves related to Puerto Rico, we continued to successfully execute against our current priorities, focused on improving Ambac's risk profile and financial stability." Mr. LeBlanc continued, "During the quarter, we purchased over $200 million of Ambac insured securities and acquired $114 million par of surplus notes, while our litigation strategies resulted in recoveries and reduced risk."
Total assets increased 1,286.05 percent or $21,121.22 million to $22,763.56 million on Mar. 31, 2017. On the other hand, total liabilities were at $20,874.64 million as on Mar. 31, 2017.
Return on assets was negative at 0.41 percent in the quarter against a positive 2.43 percent in the last year period. Return on equity was negative at 6.64 percent in the quarter against a positive 0.47 percent in the last year period.
Investments stood at $9,148.22 million as on Mar. 31, 2017. Meanwhile, yield on investments was at 0.89 percent in the quarter.
Liability for future policy benefits, unpaid claims and claims adjustment expense was at $4,510.33 million as on Mar. 31, 2017.
Total debt was at $12,579.58 million as on Mar. 31, 2017. Shareholders equity stood at $1,888.92 million as on Mar. 31, 2017, down 6.10 percent or $122.72 million from year-ago. As a result, debt to equity ratio was at 6.66 percent in the quarter.
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