WASHINGTON (dpa-AFX) - Ambac Financial Group Inc. (ABKFQ.PK) reported first quarter 2012 net profit of $253.3 million, or a net profit of $0.84 per share, compared to a net loss of $819.3 million, or a net loss of $2.71 per share in the first quarter 2011.
Relative to first quarter 2011, first quarter 2012 results were primarily driven by lower net loss and loss expenses, and higher net investment income, derivative product revenues, and other income.
Net premiums earned for the first quarter of 2011 were $95.0 million, up 3% from $91.8 million earned in the first quarter of 2011. Total revenues before expenses and reorganization items increased to $324.14 million from $203.28 million in the prior year quarter.
In addition, Ambac said its principal operating subsidiary, Ambac Assurance Corporation's Board, has approved the exercise of all options to purchase surplus notes with an aggregate par amount of approximately $940 million.
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© 2012 AFX News
