Ambac Financial Group Inc. will not release its fourth-quarter results until March 16, but earlier this week its principal subsidiary posted to its Web site an annual report that gives an idea of where things stood at year-end. The results aren’t too promising.

Ambac Assurance Corp. — once the second-largest municipal bond insurer before the financial crisis reduced its ratings to junk — reported a year-end surplus to policyholders of $802 million, down from $856 million in the third quarter and well below the $1.55 billion reported at the end of 2008.

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