Ambac Financial Group, Inc. (NYSE:AMBC) Q4 2023 Results Conference Call February 28, 2024 8:30 AM ET
Company Participants
Charles Sebaski - Head of IR
Claude LeBlanc - President and CEO
David Trick - EVP, CFO and Treasurer
Conference Call Participants
Dennis Chua - Repertoire Partners
Operator
Greetings, and welcome to the Ambac Financial Group, Inc. Fourth Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to turn the call over to Charles Sebaski, Head of Investor Relations.
Charles Sebaski
Thank you. Good morning, and welcome to Ambac's fourth quarter 2023 call to discuss financial results.
Speaking today will be Claude LeBlanc, President and CEO; and David Trick, Chief Financial Officer. They will discuss the financial results of our business and the current market environment. And after prepared remarks, we'll take your questions. For those of you following along on the webcast, during the prepared remarks, we'll be highlighting some slides from the investor presentation, which can be located on our website.
Our call today includes forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described under the forward-looking statements in our earnings press release and our most recent 10-Q and 10-K filed with the SEC. We do not undertake any obligation to update forward-looking statements.
Also in our prepared remarks or responses to questions, we may mention some non-GAAP financial measures. Reconciliation to those non-GAAP measures are included in our recent earnings press release, operating supplement and other materials available in the Investor Relations section of our website, ambac.com.
I would now like to turn the call over to Mr. Claude LeBlanc.
Claude LeBlanc
Thank you, Chuck, and welcome to everyone joining today's call.
On a consolidated basis, for the full year 2023, we generated net income of $4 million and adjusted net income of $93 million. Book value per share stands at $30.13, up 8% from the start of the year. David will discuss our fourth quarter financial results shortly.
Turning to our strategic priorities for 2023. Our focus during the year was twofold: one, scaling our Specialty P&C Insurance platform; and two, progressing additional value-enhancing initiatives for our Legacy Financial Guarantee business.