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Ambac Financial Group, Inc. 2017 Annual Report About Ambac

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Ambac Financial Group, Inc. 2017 Annual Report About Ambac AMBAC FINANCIAL GROUP, INC. 2017 ANNUAL REPORT ABOUT AMBAC Ambac Financial Group, Inc. (“Ambac” or “AFG”), headquartered in New York City, is a holding company whose subsidiaries, including its principal operating subsidiaries, Ambac Assurance Corporation (“AAC”), Everspan Financial Guarantee Corp. and Ambac Assurance UK Limited (“Ambac UK”), provide financial guarantees of obligations in both the public and private sectors globally. AAC is a guarantor of public finance and structured finance obligations. Ambac’s common stock trades on the NASDAQ Global Select Market under the symbol “AMBC”. The Amended and Restated Certificate of Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac’s common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Ambac’s common stock or a holder of 5% or more of Ambac’s common stock increases its ownership interest. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates to the status of certain residential mortgage backed securities litigations. For more information, please go to www.ambac.com. Forward-Looking Statements In this Annual Report, we have included statements that may constitute “forward- looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “project,” “plan,” “believe,” “anticipate,” “intend,” “plan,” “potential” and similar expressions, or future or conditional verbs such as “will,” “should,” “would,” “could,” and “may,” or the negative of those expressions or verbs, identify forward-looking statements. We caution readers that these statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which, may by their nature be inherently uncertain and some of which may be outside our control. These statements may relate to plans and objectives with respect to the future, among other things which may change. We are alerting you to the possibility that our actual results may differ, possibly materially, from the expected objectives or anticipated results that may be suggested, expressed or implied by these forward-looking statements. Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed under “Risk Factors” in our most recently filed quarterly or annual report with the SEC. DEAR FELLOW SHAREHOLDERS “Our 2017 accomplishments reflect our focus and commitment to delivering long-term shareholder value.” CLAUDE LeBLANC President and Chief Executive Officer In January of 2017, we outlined our plans to build upon Ambac’s strong foundation and position the company for future growth. Throughout 2017, we executed on these plans and successfully accomplished several key MILESTONE RESTRUCTURING financial, operational and regulatory objectives. TRANSACTION BENEFITS As part of these accomplishments, during the year n Creation of material value for we laid the ground work for the successful execution our shareholders of a transformational restructuring transaction. As a result of our efforts in 2017 we were able to conclude • Estimated increase to Pro forma the rehabilitation of AAC’s Segregated Account in December 31, 2017 Book Value of February 2018. approximately $7.56 per share or a 25% increase over year-end reported In addition, for the first time since 2008, Ambac Book Value Financial Group’s 2017 audited financial statements were filed without the expression of substantial doubt about n Greater financial and strategic flexibility the company’s ability to continue as a going concern. This is a strong indication of Ambac’s materially n A financially stronger AAC, making improved financial health and further demonstrates full payment on all future policy claims our commitment towards positioning the company for future growth. As we move forward in 2018 we remain n Material reduction in ongoing focused on our targeted strategic priorities, including rehabilitation and restructuring costs successful risk management and implementing growth and other related expenses strategies that will drive sustainable long-term value for our shareholders. 1 Book Value/Share Adjusted Book Value/Share (1) (4) 49% CAGR $37.94 $38.08 +$28.13 $40 $37.41 40$35 $31.90 35 $29.48 $35 $31.09 $30.52 35$30 $28.15 30 $30 $24.34 30$25 25 $25 25 $20 20 $20 $15.62 20 $15.01 $15 15 $15 15 $10 $8.32 $10 $6.38 10 10 $3.77 $5 $55 5 $0 $00 0 June Dec Dec Dec Dec Dec Pro forma(5) June Dec Dec Dec Dec Dec Pro forma(5) 2013 2013 2014 2015 2016 2017 2017 2013 2013 2014 2015 2016 2017 2017 KEY 2017 PERFORMANCE HIGHLIGHTS: Ambac’s key business activities are focused on risk management and stabilizing our insurance platform. • Milestone achievement of the successful exit During the year we took significant steps to deliver on from rehabilitation of AAC’s Segregated Account this goal, reorganizing our Risk Group to sharpen and • Decreased our insured portfolio(2) by 21%, from expand our focus on risk remediation activities. Our $79.3 billion to $62.7 billion, and decreased ACCs focus is not only on our Adversely Classified Credits by 17% from $17.0 billion to $14.1 billion (“ACCs”) but also Watch List Credits. Watch List Credits represent exposures for which there may be • Opportunistically purchased $815.2 million of Ambac-insured securities; we currently own heightened potential for future adverse development 58% of AAC’s insured COFINA bonds and based on qualitative and quantitative stress assumptions. 29% of AAC-insured PRIFA bonds We will target ACCs and Watch List Credits in our efforts to improve the overall quality of AAC’s insured portfolio • Reorganized operations and reduced costs- and balance sheet. We believe that a focus on the long- significant headcount reductions and future annual term stability of our balance sheet and quality of our compensation savings of approximately 20% book value is key to achieving our goal of delivering • Strengthened public finance loss reserves, long-term shareholder value. resulting in a net loss of $(328.7) million, Consistent with our strategic focus, during 2017 or $(7.25) per diluted share, and an Adjusted we successfully decreased our ACCs by 17% from $17.0 Loss (1) of $(165.1) million, or $(3.64) per billion to $14.1 billion including through several targeted diluted share de-risking initiatives. • Ended 2017 with total AFG stockholders’ Our actions drove the improvement of our overall equity (“book value“) of $1.4 billion, or $30.52 risk profile by decreasing our insured portfolio from per share, Adjusted Book Value (1) of $1.1 billion, or $79.3 billion to $62.7 billion, or 21%. $24.34 per share, Pro forma Book Value(5) of $1.7 Notwithstanding our many achievements during billion or $38.08 per share and Pro forma Adjusted the year, Ambac and the financial guaranty sector Book Value(5) of $1.4 billion or $31.90 per share as a whole experienced increased uncertainty from exposure to Puerto Rico, leading to downward pressure • Accrued $30.5 million of tolling payments on share prices. resulting from the utilization of Net Operating Losses (“NOLs”) at AAC, which will be paid to AFG in May 2018, bringing AFG’s assets to over $400 million 2 believe much work remains to be done. The fundamental requirements of and Congressional intent behind the PROMESA law are the stabilization of Puerto Rico’s SELECT DE-RISKING financial and economic profile, institutionalization of fiscal ACTIVITIES responsibility, and restoration of capital market access. However, none of these objectives can be achieved without increased transparency and accountability from n Commuted certain interest rate swaps the Commonwealth and Oversight Board, respect for between Augusta Funding Limited lawful priorities and liens, and effective comprehensive IV and Ambac Financial Services fiscal reform with a focus on economic growth. resulting in a gain of $43.4 million Furthermore, the Commonwealth and Oversight Board and approximately $2.6 million in will need to make material changes to their approach accelerated premiums with creditors to avoid long and protracted litigation which will come at the expense of the residents of n Facilitated an international asset-backed Puerto Rico and U.S. tax payers. issuer’s refinancing of £188.1 million In 2018, we hope to see increased clarity around the of Ambac-insured debt, resulting in accelerated premiums to Ambac UK issues surrounding Puerto Rico. Ambac will continue to of $11.2 million actively pursue dialogue with local and federal officials and progress all aspects of our strategy with respect to n Terminated 20 RMBS transactions, mitigating losses on our Puerto Rico exposure. resulting in the reduction of adversely classified net par exposure by $422.5 million Insured Portfolio (2) n Realized a benefit of $91.6 million as a result of the settlement between Ballantyne and JPMorgan Investment Management, Inc. International n Commuted/refinanced approximately 27% $220.1 million of net par exposure Public Finance related to several other distressed exposures 51% Structured Finance 22% While our exposure to Puerto Rico remains one of our biggest challenges, we believe that we are better $62.7 BILLION NET PAR positioned to manage our risk based on actions we have taken. During the year, we increased our public finance reserves largely as a result of developments related to Puerto Rico, including Hurricane Maria.
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