ASSURED GUARANTY LTD

Listed Company

AGOCIK 0001273813NYSELarge AcceleratedSurety InsuranceD0FY ends Dec 31

Period

FY 2025

Revenue

$1.11B

Net Income

$503.00M

Total Assets

$12.18B

Equity

$5.66B

Shares Out

44.95M

Op. Cash Flow

$259.00M

Business

Assured Guaranty Ltd. is a Bermuda-based holding company that provides credit protection products to public finance, infrastructure and structured finance markets and participates in asset management. The company offers financial guaranty insurance, credit derivatives (such as CDS), reinsurance, specialty insurance and alternative investment exposure through its ownership interest in Sound Point. Its key operating components include insurance subsidiaries (including AG, AGUK, AGE, AG Re and AGRO), asset management and alternative investments, underwriting and risk management, and capital management. It markets and underwrites guarantees principally in the U.S., the U.K. and Western Europe and distributes directly to issuers, underwriters and investors as well as through reinsurance and bilateral transactions.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net earned premiums	380	403	344	494	414
Net investment income	359	340	365	269	269
Asset management fees	0	0	53	93	88
Net realized investment gains (losses)	−40	9	−14	−56	15
Fair value gains (losses) on credit derivatives	121	24	114	−11	−58
Fair value gains (losses) on committed capital securities	20	−10	−35	24	−28
Fair value gains (losses) on financial guaranty variable interest entities	6	−11	8	22	23
Fair value gains (losses) on consolidated investment vehicles	79	69	88	17	127
Foreign exchange gains (losses) on remeasurement	96	−27	53	−112	−23
Fair value gains (losses) on trading securities	13	52	74	−34	0
Gain on sale of asset management subsidiaries	0	0	262	0	0
Other income (loss)	76	23	61	17	21
Total revenues	1,110	872	1,373	723	848
Loss and loss adjustment expenses (benefit)	56	−26	162	16	−220
Interest expense	89	91	90	81	—
Amortization of deferred acquisition costs	22	20	13	14	14
Employee compensation and benefit expenses	209	202	251	258	230
Other operating expenses	174	159	217	167	179
Total expenses	550	446	733	536	465
Income (loss) before income taxes and equity in earnings (losses) of investees	560	426	640	187	383
Equity in earnings (losses) of investees	102	62	28	−39	94
Income (loss) before income taxes	662	488	668	148	477
Current	124	100	63	14	96
Deferred	−5	−4	−156	−3	−38
Total provision (benefit) for income taxes	119	96	−93	11	58
Net income (loss)	543	392	761	137	419
Less: Noncontrolling interest	40	16	22	13	30
Net income (loss) attributable to Assured Guaranty Ltd.	503	376	739	124	389
Basic (in dollars per share)	10.39	7.01	12.54	1.95	5.29
Diluted (in dollars per share)	10.26	6.87	12.3	1.92	5.23

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed-maturity securities, available-for-sale	6,369	6,369	6,307	7,119	8,202
Fixed-maturity securities, trading, at fair value	124	147	318	303	0
Short-term investments, at fair value	903	1,221	1,661	810	1,225
Other invested assets (includes $3 and $4, at fair value)	1,091	926	829	133	181
Total investments	8,487	8,663	9,115	8,365	9,608
Cash	388	121	97	107	120
Premiums receivable, net of commissions payable, net of allowance for credit losses of $3 and $	1,572	1,551	1,468	1,298	1,372
Deferred acquisition costs	192	176	161	147	131
Salvage and subrogation recoverable	449	396	298	257	801
Financial guaranty variable interest entities assets (includes $172 and $147, at fair value)	212	147	328	416	260
Assets of consolidated investment vehicles (includes $167 and $99, at fair value)	175	101	366	5,493	5,271
Other assets (includes $174 and $131, at fair value)	701	746	706	597	470
Total assets	12,176	11,901	12,539	16,843	18,208
Unearned premium reserve	3,625	3,719	3,658	3,620	3,716
Loss and loss adjustment expense reserve	309	268	376	296	869
Long-term debt	1,704	1,699	1,694	1,675	1,673
Financial guaranty variable interest entities liabilities (includes $197 and $164, at fair value, $182 and $155 with recourse, $16 and $9 without recourse)	198	164	—	—	—
Other liabilities (includes $21000000 and $34000000 at fair value)	551	498	492	457	569
Total liabilities	6,387	6,348	6,774	11,551	11,708
Commitments and contingencies (Notes 3, 4, 7, 17)	—	—	—	—	—
Common shares ($0.01 par value, 500,000,000 shares authorized; 45,184,791 and 50,505,320 shares issued and outstanding)	0	1	1	1	1
Retained earnings	5,830	5,878	6,070	5,577	5,990
Accumulated other comprehensive income (loss), net of tax of $(39) and $(75)	−168	−385	−359	−515	300
Deferred equity compensation	1	1	1	1	1
Total shareholders equity attributable to Assured Guaranty Ltd.	5,663	5,495	5,713	5,064	6,292
Non-redeemable noncontrolling interest (Note 8)	126	58	52	228	186
Total shareholders equity	5,789	5,553	5,765	5,292	6,478
Total liabilities and shareholders equity	12,176	11,901	12,539	16,843	18,208

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash interest and operating expenses	66	66	58	65	69
Net amortization of premium (discount) on investments	−62	−23	−37	5	0
Net realized investment losses (gains)	40	−9	14	56	−15
Change in premiums receivable, net of premiums and commissions payable	−18	−80	−157	74	0
Change in unearned premium reserve, net	−96	62	26	−93	−17
Change in loss and loss adjustment expense reserve and salvage and subrogation recoverable, net	−10	−202	35	−1,207	−99
Change in current income taxes	63	−6	72	−106	64
Change in credit derivative assets and liabilities, net	−14	−21	−112	8	54
Distributions from equity method investments	56	47	7	10	—
Other	−101	−19	−97	−47	−8
Purchases of securities	0	−97	−340	−3,201	−4,957
Sales of securities	0	41	675	1,513	2,161
Maturities and paydowns of securities	0	0	60	156	430
Proceeds from (purchases of) money market funds	0	0	66	6	−6
Other changes in consolidated investment vehicles	−68	4	−85	134	−100
Net cash flows provided by (used in) operating activities	259	47	461	−2,479	−1,937
Purchases	−1,581	−1,354	−540	−371	−1,236
Sales	624	649	862	717	428
Maturities and paydowns	1,274	853	746	682	1,148
Purchases	−3	−1	−16	−63	0
Sales	0	0	4	0	0
Maturities and paydowns	0	5	36	36	36
Net sales (purchases) of short-term investments with original maturities of less than three months	326	437	−872	439	−410
Sales of fixed-maturity securities, trading	8	233	0	121	0
Maturities and paydowns of fixed-maturity securities, trading	28	21	63	87	—
Purchases of and contributions to other invested assets	−160	−119	−198	−25	−79
Sales of and return of capital from other invested assets	44	41	29	36	—
Paydowns on financial guaranty variable interest entities assets	20	23	175	84	62
Net proceeds from sale of assets and liabilities held for sale	49	0	0	—	—
Other	12	−8	−3	−3	−6
Net cash flows provided by (used in) investing activities	641	780	286	1,740	23
Dividends paid	−68	−68	−67	−64	−66
Repurchases of common shares	−500	−502	−199	−500	−496
Net paydowns of financial guaranty variable interest entities liabilities	−16	−375	−149	−99	−53
Issuance of long-term debt, net of issuance costs	0	0	345	0	889
Redemptions and purchases of debt, including make-whole payment	0	0	−330	−2	−620
Payments related to tax withholding for share-based compensation	−34	−30	−20	−14	—
Other	2	2	1	8	26
Repayment of warehouse financing debt	0	0	−166	−796	−1,537
Distributions to noncontrolling interest from consolidated investment vehicles	0	−10	−80	−26	—
Other	0	0	−5	—	—
Net cash flows provided by (used in) financing activities	−616	−983	−670	612	1,960
Effect of foreign exchange rate changes	7	−2	2	−8	−2
Increase (decrease) in cash and cash equivalents and restricted cash	291	−158	79	−135	44
Receipt of fixed-maturity securities, available-for-sale	9	0	1	986	0
Contributions from noncontrolling interest	0	0	20	36	1
Distributions to noncontrolling interest	0	0	27	56	1
Assets acquired	0	0	437	—	—
Assets transferred	0	0	240	—	—
Liabilities transferred	0	0	66	—	—

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