Ambac Financial Group Inc. reported fourth-quarter 2017 adjusted earnings of $5.5 million, or 12 cents per share, compared with an adjusted loss of $149.8 million, or $3.30 per share, in the third quarter of 2017.
Net loss attributable to common shareholders was $19.5 million, or 43 cents per share, compared with a loss of $190.9 million, or $4.20 per share, in the previous quarter.
The improvement in net loss and increase in adjusted earnings in the quarter were driven by lower public finance losses, higher investment returns, higher income on variable interest entities, higher gains from credit and interest rate derivatives and lower operating expenses, partially offset by lower premiums earned.
Net premiums earned for the quarter were $31.5 million, down from $53.0 million in the previous quarter.
Net investment income was $107.1 million, compared with $87.2 million in the third quarter.
For the full year 2017, the company booked an adjusted loss of $165.1 million, or $3.64 per share, versus adjusted earnings of $314.8 million, or $6.89 per share, in 2016. The net loss attributable to common shareholders was $328.7 million, or $7.25 per share, compared with income of $74.8 million, or $1.64 per share, the previous year.
Adjusted book value per share was $24.34 as of Dec. 31, 2017, down a tick from $24.56 at the end of the previous quarter.
