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Article: Ambac Financial Group, Inc. Announces Third Quarter Net Income of $2,188.3 Million.
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
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Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced third quarter 2009 net income of $2,188.3 million, or net income of $7.58 per diluted share. This compares to third quarter 2008 net loss of $2,431.2 million, or net loss of $8.45 on a per share basis. The third quarter 2009 results reflect significant unrealized mark-to-market gains in the credit derivatives portfolio and gains resulting from reinsurance cancellations during the quarter. In 2008, Ambac's third quarter results reflected a significant negative net change in fair value of credit derivatives. Quarter Summary Net change in fair value of credit derivatives amounted to positive $2,132.9 million, driven ...