Bond insurer Ambac Financial Group Inc. first quarter net profit grew 11 percent as it saw increases in net premiums earned and investment gains.
The company says net income was up $29 million to $282.3 million while total revenues decreased $33 million to $291 million. Ambac says lower loss and loss expenses, higher net realized investment gains and income from variable interest entities drove its results; partially offset by lower net investment income, derivative product revenues and other income.
The company, which filed for Chapter 11 Bankruptcy in 2010, officially emerged from reorganization on April 29, 2013. Going forward, the company says it is exploring opportunities involving the development or acquisition of new financial services businesses.
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