Ambac Q4 net income $175M ($3.86/diluted); adjusted earnings $190M; book value up 24% to $27.85

OCTAVE SPECIALTY GROUP INC

2022-12-31 EPS reported $11.31 revenue$505,000,000

Net income $175M ($3.86 diluted) vs loss of $22M in Q4 2021; adjusted earnings $190M ($4.18 diluted).
Reduced debt and accrued interest by $1.8B; $121M net gain from RMBS litigation settlements with Bank of America and Nomura.
Specialty P&C premium production $90M, up 172% YoY; full year $282M, up 116%.
Book value per share $27.85 (+24% from prior quarter); adjusted book value $28.29 (+22%).
Acquired controlling interests in All Trans Risk Solutions and Capacity Marine, adding ~$60M annual premiums.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

OCTAVE SPECIALTY GROUP INC reported fourth quarter ended December 31, 2022 results: net income $175 million, EPS $3.86 per diluted share.

Period: fourth quarter ended December 31, 2022
Net income: $175 million
EPS: $3.86 per diluted share
Result: reported results

Exact text from the filing

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported net income attributable to common stockholders of $175 million or $3.86 (1) per diluted share and adjusted earnings (2) of $190 million or $4.18 (1) per diluted share for the quarter ended December 31, 2022.

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3 earnings releases filed in the last 30 days. Browse all earnings releases →

OCTAVE SPECIALTY GROUP INC filing history →

Source: SEC EDGAR

accession 0000874501-23-000035

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