WASHINGTON (dpa-AFX) - Ambac Financial Group Inc. (ABKFQ.PK) posted a wider loss in the second-quarter, primarily due to higher net loss and loss expenses, a net loss relating to the extinguishment of Ambac Assurance surplus notes, and higher derivative product losses, partially offset by higher net realized investment gains.
Net loss attributable to common shareholders for the quarter widened to $811.1 million, or $2.68 per share, from $102.4 million, or $0.34 per share in the year ago quarter.
Net premiums earned for the second quarter of 2012 were $103.0 million, up 4% from $99.3 million earned in the second quarter of 2011. Other income for the quarter was $36.1 million, compared to $9.2 million last year. The increase was primarily driven by mark-to-market gains of $39.0 million relating to Ambac's option to call certain bank surplus notes that were free-standing derivatives for accounting purposes.
Negative total revenues, before expenses and reorganization items, was $5.96 million, compared to positive total revenues of $148.20 million in the same quarter last year.
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