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Ambac sees sequential increase in earnings for Q2

Ambac Financial Group Inc. posted second-quarter adjusted income of $70.4 million, or $1.54 per share, compared with an adjusted loss of $91.2 million, or a loss of $2.01 per share, in the first quarter.

Net income to common shareholders was $7.1 million, or 16 cents per share, versus a net loss of $125.4 million, or a loss of $2.77 per share, in the first quarter.

The second-quarter adjusted earnings relative to the first quarter were positively impacted by gains from the insured interest rate swap commutation, lower losses and loss expenses incurred and foreign taxes.

Net investment income for the quarter came in at $85.2 million, compared to $81.6 million in the first quarter. Losses and loss expenses for the period were $66.1 million, compared to $135.0 million in the previous quarter.

Net premiums earned for the quarter were $43.2 million, versus $47.6 million in the first quarter.

Adjusted book value per share was $28.35 as of June 30, compared with $27.09 as of March 31.