WASHINGTON (dpa-AFX) - Ambac Financial Group, Inc. (AMBC) reported net income of $58.6 million, or $1.29 per share, for the three months ended June 30, 2016. Operating earnings in the second quarter of 2016 were $115.0 million, or $2.54 per share. The company noted that net income and operating earnings in the second quarter of 2016 were favorably impacted by net investment income and a loss and loss expenses incurred benefit, partially offset by derivative product losses.
Nader Tavakoli, CEO, said, 'During the quarter we reduced our insured portfolio by $7 billion, or 7% to $94 billion and our Adversely Classified Credits by $1 billion, or 5.4%, to $18 billion. Importantly, we continued our substantial progress across the company in asset liability, loss and expense management.'
For the second quarter of 2016, net premiums earned were $41.4 million. Normal premiums earned were adversely impacted by the runoff of the insured portfolio. Net investment income for the second quarter of 2016 was $70.8 million.
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