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Ambac Financial Q2 net loss widens

Ambac Financial Group has reported a net loss of $102.43m, or $0.34 per diluted share, for the second quarter of 2011, compared to net loss of $57.56m, or $0.20 per diluted share, for the same period in 2010.

Total revenues for the second quarter of 2011 were $148.2m, compared to $381.17m for the same period in the previous year.

Net premiums earned were $99.3m, down 41% from $167m earned in the second quarter of 2010. They include accelerated premiums, which result from calls, terminations and other accelerations recognized during the quarter.

Net investment income was $88m, up 28%, over $69m earned in the second quarter of 2010. The increase was primarily attributable to a higher average portfolio yield and an increase in the size of the long term invested asset base.

Total assets were $27.94bn for the current quarter, compared to $29.05bn for the same period in the previous year.

Net loss and loss expenses incurred amounted to $196.4m for the current quarter, down from $323.3m in the second quarter of 2010.