XML 21 R4.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Total Comprehensive Income - USD ($)
$ in Thousands
4 Months Ended 8 Months Ended 12 Months Ended
Apr. 30, 2013
Dec. 31, 2013
Dec. 31, 2015
Dec. 31, 2014
Successor [Member]        
Revenues:        
Net premiums earned   $ 213,518 $ 312,595 $ 246,360
Net investment income:        
Securities available-for-sale and short-term   142,866 249,337 292,838
Other investments   3,580 16,952 8,108
Total net investment income   146,446 266,289 300,946
Other-than-temporary impairment losses:        
Total other-than-temporary impairment losses   (47,418) (66,692) (26,632)
Portion of other -than-temporary impairment recognized in other comprehensive income   654 41,033 838
Net other-than-temporary impairments   (46,764) (25,659) (25,794)
Net realized investment gains   4,467 53,476 58,777
Change in fair value of credit derivatives:        
Realized gains and other settlements   9,778 2,785 3,043
Unrealized gains (losses)   183,091 38,916 20,863
Net change in fair value of credit derivatives   192,869 41,701 23,906
Derivative products   114,771 (42,544) (181,087)
Net realized gains (losses) on extinguishment of debt   0 81 (74,724)
Other income   4,364 7,150 12,498
Income (loss) on variable interest entities   (48,623) 31,569 (32,212)
Total revenues before expenses and reorganization items   581,048 644,658 328,670
Expenses:        
Losses and loss expenses (benefit)   (185,138) (768,707) (545,574)
Insurance intangible amortization   99,658 169,557 151,830
Underwriting and operating expenses   68,769 102,702 101,474
Interest expense   84,950 116,537 127,476
Goodwill, Impairment Loss     514,511 0
Total expenses (benefit) before reorganization items   68,239 134,600 (164,794)
Pre-tax income before reorganization items   512,809 510,058 493,464
Reorganization items   493 0 211
Pre-tax income   512,316 510,058 493,253
Provision for income taxes   7,514 17,364 9,557
Net income (loss)   504,802 492,694 483,696
Less: net (gain) loss attributable to noncontrolling interest   (417) (709) (375)
Net income attributable to common shareholders   505,219 493,403 484,071
Other comprehensive income (loss), after tax:        
Net income (loss)   504,802 492,694 483,696
Unrealized gains (losses) on securities, net of deferred income taxes of $0   (41,910) (159,730) 252,603
Gains (losses) on foreign currency translation, net of deferred income taxes of $0   43,165 (45,025) (43,599)
Changes to postretirement benefit, net of tax of $0   10,847 (687) (816)
Total other comprehensive income (loss), net of tax   12,102 (205,442) 208,188
Total comprehensive income   516,904 287,252 691,884
Less: comprehensive (loss) gain attributable to the noncontrolling interest:        
Net (gain) loss   (417) (709) (375)
Currency translation adjustments   441 (374) (434)
Total comprehensive income attributable to Ambac Financial Group, Inc.   $ 516,880 $ 288,335 $ 692,693
Basic   $ 11.23 $ 10.92 $ 10.73
Diluted   $ 10.91 $ 10.72 $ 10.31
Predecessor [Member]        
Revenues:        
Net premiums earned $ 130,000      
Net investment income:        
Securities available-for-sale and short-term 116,371      
Other investments 369      
Total net investment income 116,740      
Other-than-temporary impairment losses:        
Total other-than-temporary impairment losses (467)      
Portion of other -than-temporary impairment recognized in other comprehensive income 0      
Net other-than-temporary impairments (467)      
Net realized investment gains 53,305      
Change in fair value of credit derivatives:        
Realized gains and other settlements 3,444      
Unrealized gains (losses) (63,828)      
Net change in fair value of credit derivatives (60,384)      
Derivative products (33,735)      
Net realized gains (losses) on extinguishment of debt 0      
Other income 8,363      
Income (loss) on variable interest entities 426,566      
Total revenues before expenses and reorganization items 640,388      
Expenses:        
Losses and loss expenses (benefit) (38,056)      
Insurance intangible amortization 0      
Underwriting and operating expenses 44,566      
Interest expense 31,025      
Total expenses (benefit) before reorganization items 37,535      
Pre-tax income before reorganization items 602,853      
Reorganization items (2,745,180)      
Pre-tax income 3,348,033      
Provision for income taxes 755      
Net income (loss) 3,347,278      
Less: net (gain) loss attributable to noncontrolling interest (1,771)      
Net income attributable to common shareholders 3,349,049      
Other comprehensive income (loss), after tax:        
Net income (loss) 3,347,278      
Unrealized gains (losses) on securities, net of deferred income taxes of $0 175,347      
Gains (losses) on foreign currency translation, net of deferred income taxes of $0 (428)      
Changes to postretirement benefit, net of tax of $0 185      
Total other comprehensive income (loss), net of tax 175,104      
Total comprehensive income 3,522,382      
Less: comprehensive (loss) gain attributable to the noncontrolling interest:        
Net (gain) loss (1,771)      
Currency translation adjustments 229      
Total comprehensive income attributable to Ambac Financial Group, Inc. $ 3,523,924      
Basic $ 11.07      
Diluted $ 11.07