AMBAC Inc. announced yesterday that profits for the first half of 1993 jumped 44% from last year's first six months, rising to $89.9 million from $62.3 million.
In the second quarter alone, net income rose 51%, to $46.4 million from $30.7 million.
"Our very strong second quarter reflects the record-setting performance of the municipal market, fueled by continued high refunding levels," said Phillip B. Lassiter, AMBAC's chairman and chief executive officer. "Excluding refundings and capital gains, AMBAC's second-quarter earnings grew at a robust 18% over last year."
AMBAC insured $10.1 billion in par value bonds during the second quarter of 1993, an increase of 58% from $6.4 billion in the second quarter of 1992.
AMBAC also announced yesterday its regular quarterly dividend of 11 cents per share. The dividend is payable on Sept. 1, 1993 to stockholders of record on Aug. 10. 1993.
Net premiums earned for the first six months of 1993 were $78.7 million, including $44.7 million from refundings and calls. In the first half of 1992, $13 million of the $41.5 million in net premiums earned were attributable to refundings and calls.
Financial Guaranty Insurance Co. earlier this month reported a 27% increase in profits for the first half of 1993, with net income rising to $83 million from $65.2 million.
Municipal Bond Investors Assurance Corp. is expected to release its earnings on Aug. 3, a spokesman said.