Ambac Financial Q1 Profit Declines

(RTTNews) - Ambac Financial Group, Inc. (ABKFQ.PK) posted first-quarter net income of $155.9 million, down from $282.3 million in the comparable quarter last year. Earnings per share for the latest first quarter rose to $3.31 from $0.93 last year.

Operating earnings were $176.6 million or $3.75 per share, compared with $297.4 million or $0.98 per share in the prior year quarter.

Net premiums earned for the latest quarter declined to $82.5 million from $100.3 million last year. The decrease in net premiums earned was primarily driven by decreases in public finance and structured finance normal earned premiums resulting from the run-off of the associated insured portfolios.