Assured Guaranty Ltd (Bermuda)

Latest Results (14.05.2026):

Assured Guaranty Ltd (Bermuda) — Fourth quarter 2025: The company reported GAAP net income attributable to Assured Guaranty Ltd. of $119 million ($2.53 per diluted share) for 4Q25 and adjusted operating income of $109 million ($2.32 per diluted share). At December 31, 2025, shareholders’ equity attributable to the company was $125.32 per share, adjusted operating shareholders’ equity per share was $126.78 and adjusted book value (ABV) per share was $186.43. Fourth‑quarter new business included $61 million of gross written premiums (GWP) and $92 million of present value of new business production (PVP). Capital returned to shareholders in 4Q25 totaled $147 million (share repurchases of $131 million and dividends of $16 million).

GAAP results — Q4 2025

Net income attributable to Assured Guaranty Ltd. was $119 million in 4Q25 ($2.53 per diluted share). Shareholders’ equity attributable to the company was $5.663 billion, or $125.32 per share, as of December 31, 2025. Full‑year 2025 GAAP net income was $503 million ($10.26 per share).

Adjusted operating (non‑GAAP) metrics — Q4 2025

Adjusted operating income was $109 million in 4Q25 ($2.32 per diluted share). Adjusted operating shareholders’ equity per share was $126.78 and ABV per share was $186.43 as of December 31, 2025. Full‑year adjusted operating income was $445 million ($9.08 per share).

New business — Q4 2025

Gross written premiums were $61 million and PVP was $92 million in 4Q25. U.S. public finance accounted for the bulk of GWP (U.S. public finance GWP $55 million in the quarter); non‑U.S. public finance GWP was negative due to early repayments of certain U.K. sub‑sovereign credits.

Insurance segment highlights

Insurance segment adjusted operating income rose to $119 million in 4Q25 (from $98 million a year earlier), helped by a $23 million gain on the sale of a leased building tied to a loss‑mitigation strategy and lower losses/LAE. Net earned premiums and credit derivative revenues were $110 million and loss expense was $19 million in the quarter.

Investment portfolio and alternatives

Net investment income was $89 million in 4Q25 with a pre‑tax book yield of 4.76% as of December 31, 2025. Total investments were $8.487 billion at year end, including $1.0 billion of alternative investments with an inception‑to‑date annualized IRR of 13%.

Capital return and share repurchases

Assured Guaranty returned $147 million of capital in 4Q25 (repurchased 1.5 million shares for $131 million; dividends $16 million). For FY2025, capital returned totaled $569 million (repurchases $500 million; dividends $69 million). The Board authorized an additional $100 million repurchase in November 2025; as of February 25, 2026, $204 million remained authorized.

Strategic / market position

The company said it led the U.S. municipal bond insurance market in 2025 with 58.5% of new‑issue insured par sold and expects a robust pipeline for 2026 across U.S. public finance, non‑U.S. infrastructure finance and global structured finance. On January 21, 2026, it entered the annuity reinsurance market via acquisition and rebranding to Assured Life Re.