XML 71 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Total Comprehensive Income - Successor [Member] - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:        
Net premiums earned $ 60,879 $ 65,013 $ 126,597 $ 147,560
Net investment income:        
Securities available-for-sale and short-term 62,278 76,882 125,610 145,689
Other investments 2,475 3,211 12,126 5,205
Total net investment income 64,753 80,093 137,736 150,894
Other-than-temporary impairment losses:        
Total other-than-temporary impairment losses (1,391) (7,392) (11,752) (15,022)
Portion of other-than-temporary impairment recognized in other comprehensive income 371 (1,362) 7,613 (4,124)
Net other-than-temporary impairments (1,020) (8,754) (4,139) (19,146)
Net realized investment (losses) gains (5,353) 3,067 48,748 19,356
Change in fair value of credit derivatives:        
Realized gains and other settlements 407 717 826 1,492
Unrealized gains (losses) 9,886 (1,936) 6,968 4,671
Net change in fair value of credit derivatives 10,293 (1,219) 7,794 6,163
Derivative products 50,999 (47,985) 13,225 (101,826)
Net realized losses on extinguishment of debt (1,246) 0 (1,339) 0
Other income (expense) (1,156) 5,266 (1,944) 7,160
Income (loss) on variable interest entities 52,603 (38,148) 59,565 (43,690)
Total revenues 230,752 57,333 386,243 166,471
Expenses:        
Losses and loss expense (benefit) (147,477) 175,317 (298,429) 35,306
Insurance intangible amortization 38,088 36,256 75,520 67,970
Underwriting and operating expenses 25,873 24,033 50,396 49,819
Interest expense 28,173 31,953 56,081 64,281
Total expenses (benefit) (55,343) 267,559 (116,432) 217,376
Pre-tax income (loss) before reorganization items 286,095 (210,226) 502,675 (50,905)
Reorganization items 0 186 0 209
Pre-tax income (loss) 286,095 (210,412) 502,675 (51,114)
Provision (benefit) for income taxes 3,917 (2,179) 5,626 1,070
Net income (loss) 282,178 (208,233) 497,049 (52,184)
Less: net (gain) loss attributable to noncontrolling interest (517) (328) (357) (221)
Net income (loss) attributable to common shareholders 282,695 (207,905) 497,406 (51,963)
Other comprehensive income (loss), after tax:        
Net income (loss) 282,178 (208,233) 497,049 (52,184)
Unrealized gains (losses) on securities, net of deferred income taxes of $0 (113,839) 185,163 (131,287) 273,885
Gains (losses) on foreign currency translation, net of deferred income taxes of $0 40,490 17,144 6,685 21,428
Changes to postretirement benefit, net of tax of $0 (220) (204) (247) (408)
Total other comprehensive income (loss), net of tax (73,569) 202,103 (124,849) 294,905
Total comprehensive income (loss) 208,609 (6,130) 372,200 242,721
Less: comprehensive (loss) gain attributable to the noncontrolling interest:        
Net (gain) loss (517) (328) (357) (221)
Currency translation adjustments 398 192 72 238
Total comprehensive income attributable to Ambac Financial Group, Inc. $ 208,728 $ (5,994) $ 372,485 $ 242,704
Net income (loss) per share attributable to Ambac Financial Group, Inc. common shareholders        
Basic $ 6.26 $ (4.61) $ 11.01 $ (1.15)
Diluted $ 6.05 $ (4.61) $ 10.62 $ (1.15)