4 unchanged sentences
On February 26, 2021, there were 20 stockholders of record of AFG’s common stock and 60 holders of record of AFG's warrants.
−Removed: T he Company did not pay cash dividends on its common stock during 2019 and 2018 .
+Added: The Company did not pay cash dividends on its common stock during 2020 and 2019.
Information concerning restrictions on the payment of dividends from Ambac's insurance subsidiaries is set forth in Item 1 above under the caption “Dividend Restrictions, Including Contractual Restrictions" and in Note 9.
1 unchanged sentence
Purchases of Equity Securities By the Issuer and Affiliated Purchasers
−Removed: The following table summarizes AFG's share purchases during the fourth quarter of 2019 .
−Removed: When restricted stock unit awards issued by AFG vest or settle, they become taxable compensation to employees.
−Removed: For certain awards, shares may be withheld to cover the employee's portion of withholding taxes.
−Removed: In the fourth quarter of 2019 , AFG purchased shares from employees that settled restricted stock units to meet employee tax withholdings.
−Removed: November 2019
−Removed: December 2019
−Removed: Fourth Quarter 2019
−Removed: Total Shares Purchased (1)
−Removed: Average Price Paid Per Share
−Removed: Total Number of Shares Purchased as Part of Publicly Announced Plan (1)
−Removed: Maximum Number of Shares That may Yet be Purchased Under the Plan
−Removed: There were no other repurchases of equity securities made during the three months ended December 31, 2019 .
−Removed: AFG does not have a stock repurchase program.
+Added: There were no repurchases of equity securities during the fourth quarter of 2020.
+Added: Ambac does not have a stock repurchase program.
Each warrant represents the right to purchase one share of AFG common stock.
11 unchanged sentences
24 2020 FORM 10-K |
+Added: Table of Co ntents
Stock Performance Graph
3 unchanged sentences
The performance shown in the graph represents past performance and should not be considered an indication of future performance.
+Added: 2015 2016 2017 2018 2019 2020
Ambac Financial Group, Inc.
+Added: $100 $160 $113 $122 $153 $109
Russell 2000 Index $100 $120 $136 $119 $148 $175
2 unchanged sentences
25 2020 FORM 10-K |
+Added: Table of Co ntents
Selected Financial Data
7 unchanged sentences
Net investment income (2)
−Removed: Other than temporary impairment losses
+Added: 122 227 273 361 313
Net realized investment gains 22 81 108 $ (15) 17
4 unchanged sentences
Losses and loss expenses (benefit) (1) (2)
+Added: 225 13 (224) 513 (11)
Operating expenses (2)
+Added: 92 103 112 122 114
Interest expense (2)
+Added: 222 269 242 120 124
Insurance intangible amortization 57 295 107 151 175
−Removed: Goodwill impairment
Pre-tax income (loss) (440) (183) 273 (284) 105
2 unchanged sentences
Total comprehensive income attributable to Ambac Financial Group, Inc.
+Added: (400) (125) 192 (335) 21
Net income (loss) per share:
+Added: Basic $ (9.47) $ (4.69) $ 4.07 $ (7.25) $ 1.66
+Added: Diluted $ (9.47) $ (4.69) $ 3.99 $ (7.25) $ 1.64
(1) Ambac records the impact of estimated recoveries related to securitized loans in RMBS transactions that breached certain representations and warranties within losses and loss expenses (benefit).
The expense (benefit) associated with changes to our estimated recoveries for the years ended December 31, 2020, 2019, 2018, 2017 and 2016 were $(23), $42, $62, $72, and $(71), respectively.
−Removed: On February 12, 2018, Ambac Assurance executed the Rehabilitation Exit Transactions (as defined in Note 1.
+Added: (2) On February 12, 2018, AAC executed the Rehabilitation Exit Transactions (as defined in Note 1.
Background and Business Description to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K).
4 unchanged sentences
Refer to Results of Operations included in Item 7 of this Form 10-K for a further discussion of the Rehabilitation Exit Transactions and their impact on financial results in 2018.
−Removed: Other income also includes proceeds received by Ambac Assurance in September 2019 in connection with an SEC action against Citigroup Global Markets Inc.
+Added: (3) Other income also includes proceeds received by AAC in September 2019 in connection with an SEC action against Citigroup Global Markets Inc.
in the amount of $142.
3 unchanged sentences
26 2020 FORM 10-K |
+Added: Table of Co ntents
($ in millions) December 31 2020 2019 2018 2017 2016
5 unchanged sentences
Subrogation recoverable (1)
+Added: 2,156 2,029 1,933 631 685
Deferred ceded premium 70 82 61 52 70
Total VIE assets 6,398 6,286 7,093 14,501 13,368
+Added: Total assets 13,220 13,320 14,589 23,192 22,636
Unearned premiums 456 518 630 783 967
Loss and loss expense reserves (1)
+Added: 1,759 1,548 1,826 4,745 4,381
Long-term debt (2)
+Added: 2,739 2,822 2,929 992 1,114
Derivative liabilities 114 90 77 83 319
5 unchanged sentences
Ambac has recorded gross estimated R&W recoveries of $1,751, $1,727, $1,771, $1,834, and $1,907 at December 31, 2020, 2019, 2018, 2017 and 2016, respectively.
−Removed: Long-term debt includes Ambac Assurance surplus notes and junior surplus notes, the Ambac Note and Tier 2 Notes issued in connection with the Rehabilitation Exit Transactions in 2018 and the Ambac UK debt issued in connection with the Ballantyne commutation in 2019.
+Added: (2) Long-term debt includes AAC surplus notes and junior surplus notes, the Ambac Note and Tier 2 Notes issued in connection with the Rehabilitation Exit Transactions in 2018 and the Ambac UK debt issued in connection with the Ballantyne commutation in 2019.
Long-term debt for all years excludes the portion of long-term debt associated with variable interest entities.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.