Ambac Financial Group has reported revenues of $566.6m for the fourth quarter of 2009, an increase of 180% compared to $202.2m for the same period in 2008.
The company’s net premiums earned for the fourth quarter were $184.4m, a decrease of 19% compared to from $228.1m for the same period last year.
For the fourth quarter ended December 31, 2009, the company posted a net income of $558.1m, or $1.93 per share compared to a net loss of $2.3bn, or $8.14 per share for the same period last year.
For the full year ended 2009, the company has reported revenues of $3.9bn compared to $2.7bn in 2008. Net premiums in 2009 were $797.3m compared to $1.02bn in 2008. Net loss of $14.6m in 2009 compared to a net loss of $5.6bn in 2008.
Headquartered in New York City, Ambac Financial Group is a holding company whose affiliates provided financial guarantees and financial services to clients in both public and private sectors. It’s principal operating subsidiary, Ambac Assurance is a guarantor of public finance and structured finance obligations.