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View Annual Report 2005 Annual Report 2005 Annual Financial Peace of Mind 2005 Annual Report > AMBAC’S GUARANTEE Ambac’s financial guarantee insurance provides an unconditional and irrevoca- ble promise to pay scheduled interest and principal if the issuer fails to meet its obligations. Ambac’s triple-A backing lowers financing costs for issuers, reassures investors and streamlines bond marketing for underwriters. > GLOBAL PUBLIC FINANCE Drawing on 35 years of municipal finance experience, Ambac helps local and regional governments worldwide structure and issue efficient and inno- vative financings to meet long-term needs, finance privatization efforts and enable projects that include both public and private sector participation. > GLOBAL STRUCTURED FINANCE Ambac provides guarantees for a broad range of asset classes, including groundbreaking structures backed by assets, receivables and future flows. page Ambac creatively applies structured products and securitization techniques to meet unique financing needs of corporate issuers, financial institutions and insurance companies worldwide.1 > CAPITAL MARKETS Extensive participation in capital markets around the world enables Ambac to help clients optimize their financial resources while managing risk and return through targeted application of derivatives (primarily interest rate and foreign exchange swaps) and investment agreements, strengthened with the Ambac guarantee. > RISK MANAGEMENT Ambac combines the insight of experi- enced risk management professionals with rigorous application of advanced analytical and modeling tools to constantly assess, measure and control risk. This critical competency safeguards Ambac’s financial strength and valuable triple-A rating. d n i M f o > AMBAC FINANCIAL GROUP, INC., headquartered in New York City, e is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors c around the world. Ambac’s principal operating subsidiary, Ambac a Assurance Corporation, is a leading guarantor of public and structured finance obligations. It has earned triple-A ratings, the highest ratings e available, from Moody’s Investors Service, Standard & Poor’s Ratings Services, Fitch, Inc. and Rating and Investment Information, Inc. P l a i c n a n i F Ambac Financial Group, Inc. 2005 Annual Report Our estimated future premium revenue stream continued to grow in 2005, to over $5.5 billion, up more than $300 million from year-end 2004. We generated a healthy $1 billion in cash flow from operations and our 45% net profit margin remains one of the highest in the S&P 500. Our business is impacted by credit cycles. Those who closely follow our industry are aware that this is a difficult point in the cycle, further complicated by excess liquidity in the market and investor acceptance of modest risk premiums. > ROBERT J. GENADER Despite these challenges, Ambac has successfully persevered. We can attribute President and Chief Executive Officer these results in part to the expertise of our professionals and the seeds we have sown over the years to cultivate new business and develop new sectors. Strong client relationships, fortified by years of service and excellent execution, have also carried us through difficult points of the cycle, enabling us to continue to write business in traditional segments. I am particularly proud of our experienced staff Dear Fellow Stockholders and their ability to continually find new and attractive transactions to underwrite. > TEAMWORK, INNOVATION AND DISCIPLINE When faced with unfavorable market conditions or complex financing needs, page page Ambac’s professionals draw upon our reservoir of intellectual capital, often n 2005, Ambac’s net income rose reaching across sectors, disciplines and continents to formulate creative solutions. 4% to $751.0 million. Normal earned This teamwork is crucial to the overall winning formula that continues to fuel 2 results for our clients and stockholders. 3 premiums and credit enhancement fees The discipline we embrace when underwriting and pricing keeps us rose 6% to $722.8 million. Our credit financially strong. We refuse to compromise our credit criteria and engage only in business that meets our return targets. We do not measure success by market enhancement production decreased share, which can be too easily garnered by making poor credit and/or pricing 3% to $1,249.4 million. decisions. We closely manage our capacity limits – by geography, sector and issuer – to ensure diversity in our book of business and to maintain the flexibility needed At first glance, our 2005 financial to respond to client needs in each of our principal business areas: public finance, results may appear lackluster compared structured finance and international finance. Iwith prior years. However, when > PUBLIC FINANCE Public finance – backing the financial obligations of state and local governments evaluated against the prevailing market and their agencies – continues to be a significant and attractive business for environment – tight spreads, increased Ambac. Record issuance in 2005 totaling $406 billion was accompanied by a high demand for the financial guarantee product as overall market penetration competition and the unprecedented also reached record levels. We believe issuance will remain strong in 2006: many destruction from Hurricane Katrina – state and local government budgets continue to be under stress, and pressing Ambac’s results were solid. infrastructure needs remain for both renewal and expansion. Ambac’s strategy of cautiously managing capacity for large issuers helps fuel our success, enabling us to take advantage of opportunities when spreads widen or when competitors exhaust their capacity. Ambac Financial Group, Inc. 2005 Annual Report Our estimated future premium revenue stream continued to grow in 2005, to over $5.5 billion, up more than $300 million from year-end 2004. We generated a healthy $1 billion in cash flow from operations and our 45% net profit margin remains one of the highest in the S&P 500. Our business is impacted by credit cycles. Those who closely follow our industry are aware that this is a difficult point in the cycle, further complicated by excess liquidity in the market and investor acceptance of modest risk premiums. > ROBERT J. GENADER Despite these challenges, Ambac has successfully persevered. We can attribute President and Chief Executive Officer these results in part to the expertise of our professionals and the seeds we have sown over the years to cultivate new business and develop new sectors. Strong client relationships, fortified by years of service and excellent execution, have also carried us through difficult points of the cycle, enabling us to continue to write business in traditional segments. I am particularly proud of our experienced staff Dear Fellow Stockholders and their ability to continually find new and attractive transactions to underwrite. > TEAMWORK, INNOVATION AND DISCIPLINE When faced with unfavorable market conditions or complex financing needs, page page Ambac’s professionals draw upon our reservoir of intellectual capital, often n 2005, Ambac’s net income rose reaching across sectors, disciplines and continents to formulate creative solutions. 4% to $751.0 million. Normal earned This teamwork is crucial to the overall winning formula that continues to fuel 2 results for our clients and stockholders. 3 premiums and credit enhancement fees The discipline we embrace when underwriting and pricing keeps us rose 6% to $722.8 million. Our credit financially strong. We refuse to compromise our credit criteria and engage only in business that meets our return targets. We do not measure success by market enhancement production decreased share, which can be too easily garnered by making poor credit and/or pricing 3% to $1,249.4 million. decisions. We closely manage our capacity limits – by geography, sector and issuer – to ensure diversity in our book of business and to maintain the flexibility needed At first glance, our 2005 financial to respond to client needs in each of our principal business areas: public finance, results may appear lackluster compared structured finance and international finance. Iwith prior years. However, when > PUBLIC FINANCE Public finance – backing the financial obligations of state and local governments evaluated against the prevailing market and their agencies – continues to be a significant and attractive business for environment – tight spreads, increased Ambac. Record issuance in 2005 totaling $406 billion was accompanied by a high demand for the financial guarantee product as overall market penetration competition and the unprecedented also reached record levels. We believe issuance will remain strong in 2006: many destruction from Hurricane Katrina – state and local government budgets continue to be under stress, and pressing Ambac’s results were solid. infrastructure needs remain for both renewal and expansion. Ambac’s strategy of cautiously managing capacity for large issuers helps fuel our success, enabling us to take advantage of opportunities when spreads widen or when competitors exhaust their capacity. Ambac Financial Group, Inc. 2005 Annual Report Throughout this established market, Ambac adds value with our triple-A Other growing areas of structured finance include commercial asset-backed guarantee and significant breadth of capabilities. The use of non-traditional activities such as securitizations of intellectual property rights, operating assets, financing
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