ASSURED GUARANTY LTD
Business
Assured Guaranty Ltd is a Bermuda-based holding company that provides financial guaranty insurance and reinsurance protecting holders of debt instruments from obligor defaults in the U.S. and non-U.S. public finance and structured finance markets. The Company offers credit protection products including financial guaranty insurance, credit derivatives and specialty insurance, with operations in infrastructure, municipal bonds, utilities and asset-backed securities. The Company also participates in asset management through ownership of Sound Point Capital Management and recently entered life and annuity reinsurance through the acquisition of Assured Life Re.
Summary from 10-K filed 2026-02-27
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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 | — | — |
Filings
Material Events
Insiders
Institutional Holders
Insider Activity
Person — ASSURED GUARANTY LTD
- CIK
- 0001273813
- Insider filer
- Yes
Positions
| Company | Ticker | Role | Title | Tenure |
|---|---|---|---|---|
| Sound Point Alternative Income Fund | SAFTX | ten_percent | — | 2026-06-18 |
| Sound Point Direct Lending BDC | NONE | ten_percent | — | 2026-05-01 |
| Sound Point Meridian Capital, Inc. | SPMC | ten_percent | — | 2025-10-14 → 2026-01-27 |
Frequently asked questions
What is ASSURED GUARANTY LTD's CIK number?
ASSURED GUARANTY LTD's SEC CIK number is 0001273813 (1273813). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find ASSURED GUARANTY LTD's SEC filings?
All of ASSURED GUARANTY LTD's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did ASSURED GUARANTY LTD last report earnings?
ASSURED GUARANTY LTD (AGO) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001273813-26-000063). This is ASSURED GUARANTY LTD's most recent earnings filing of record — not a forecast of its next earnings date.
What is ASSURED GUARANTY LTD's most recent earnings 8-K?
ASSURED GUARANTY LTD's latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001273813-26-000063. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View ASSURED GUARANTY LTD's latest earnings 8-K →
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