Fixed Income Investor Presentation March 31, 2025 Table of Contents | | Page | | --- | --- | | Forward-Looking Statements and Safe Harbor Disclosure | 3 | | Conventions and Non-GAAP Financial Measures | 4 | | Assured Guaranty Overview | 5 | | New Business Activity | 16 | | Asset Management and Alternative Investments | 23 | | Assured Guaranty Insured Portfolio | 25 | | AG Insured Portfolio | 36 | | AGUK, AGE, AG Re and AGRO | 40 | | Appendix | 43 | 2 ASSURED GUARANTY INC. Forward-Looking Statements and Safe ...

Assured Guaranty (AGO) Q1 2025 Earnings Call May 09, 2025 08:00 AM ET Company Participants Robert Tucker - Senior Managing Director of Investor Relations & Corporate CommunicationsDominic Frederico - President & CEORobert Bailenson - Chief Operating OfficerBenjamin Rosenblum - Chief Financial OfficerTommy McJoynt - Director - Equity Research Conference Call Participants Marissa Lobo - Analyst Operator Good morning, and welcome to the Assured Guaranty Limited First Quarter twenty twenty five Earnings Confere ...

Assured Guaranty (AGO) Q1 2025 Earnings Call May 09, 2025 08:00 AM ET Speaker0 Good morning, and welcome to the Assured Guaranty Limited First Quarter twenty twenty five Earnings Conference Call. My name is Ezra, and I will be the operator for today's call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference over to our host, Robert Tucker, Senior Managi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition Period from to Commission File No. 001-32141 ASSURED GUARANTY LTD. (Exact name of registrant a ...

Assured Guaranty (AGO) came out with quarterly earnings of $3.18 per share, beating the Zacks Consensus Estimate of $3.15 per share. This compares to earnings of $1.96 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 0.95%. A quarter ago, it was expected that this insurance holding company would post earnings of $1.48 per share when it actually produced earnings of $1.27, delivering a surprise of -14.19%.Over the last four quar ...

Assured Guaranty Ltd. March 31, 2025 Financial Supplement | Table of Contents | Page | | --- | --- | | Selected Financial Highlights | 1 | | Condensed Consolidated Statements of Operations (unaudited) | 3 | | Condensed Consolidated Balance Sheets (unaudited) | 4 | | Selected Financial Highlights GAAP to Non-GAAP Reconciliations | 5 | | Income Components | 8 | | Fixed-Maturity Securities, Short-Term Investments and Cash | 10 | | Investment Portfolio, Cash and CIVs | 11 | | Income from Investment Portfolio an ...

Financial Performance - Net income attributable to Assured Guaranty Ltd. for Q4 2024 was $18 million, a decrease of 95.2% from $376 million in Q4 2023[6]. - Adjusted operating income for Q4 2024 was $66 million, down 80.5% from $338 million in Q4 2023[6]. - The company reported a diluted earnings per share of $0.35 for Q4 2024, a significant decrease from $6.40 in Q4 2023[6]. - Total revenues for the year ended December 31, 2024, were $872 million, down from $1,373 million in 2023, a decrease of 36.6%[15]. - The company reported a basic earnings per share of $0.36 for Q4 2024, down from $6.54 in Q4 2023, a decline of 94.5%[15]. - The company reported a total of $98 million in net income for Q4 2024, compared to $339 million in Q4 2023[30]. - Net income attributable to AGL for 2024 was $376 million, a decrease of 49% compared to $739 million in 2023[153]. Revenue and Premiums - Gross written premiums (GWP) increased to $186 million in Q4 2024, up 37% from $136 million in Q4 2023[6]. - Net earned premiums increased to $103 million in Q4 2024 from $83 million in Q4 2023, representing a 24% growth[15]. - Net earned premiums for the insurance segment increased to $104 million in Q4 2024, compared to $83 million in Q4 2023, reflecting a growth of 25.3%[30]. - Net earned premiums rose to $406 million in 2024, compared to $344 million in 2023, reflecting an increase of 18%[33][36]. - Total Gross Written Premium (GWP) for Q4 2024 was $186 million, an increase from $136 million in Q4 2023, representing a growth of 37%[67]. - The company reported total GWP of $357 million for 2023, with an increase to $440 million anticipated for 2024[76]. Assets and Equity - Total shareholders' equity attributable to Assured Guaranty Ltd. decreased to $5,495 million as of December 31, 2024, from $5,713 million a year earlier[11]. - Total assets decreased to $11,901 million as of December 31, 2024, from $12,539 million as of December 31, 2023, a decline of 5.1%[17]. - Shareholders' equity attributable to AGL decreased to $5,495 million as of December 31, 2024, from $5,713 million as of December 31, 2023, a decrease of 3.8%[17]. - Shareholders' equity attributable to AGL per share increased to $108.80 in 2024 from $101.63 in 2023[153]. - Adjusted operating shareholders' equity was $5,795 million in 2024, down from $5,990 million in 2023, a decrease of about 3.25%[160]. Investment Income - Net investment income remained stable at $93 million for Q4 2024, consistent with the previous quarter[27]. - Net investment income decreased slightly to $340 million in 2024 from $365 million in 2023, a decline of approximately 7%[33][36]. - Total net investment income for the year ended December 31, 2024, was $340 million, a decrease of 8.3% from $365 million in 2023[56]. - The company reported a total of $15 million in net investment income from funds in the fourth quarter of 2024, down from a loss of $2 million in the same quarter of 2023[53][55]. Claims and Reserves - Claims-paying resources were reported at $10,211 million as of December 31, 2024, down from $10,665 million a year prior[11]. - The loss and LAE reserve decreased to $268 million as of December 31, 2024, from $376 million as of December 31, 2023, a decline of 28.8%[17]. - The total claims-paying resources decreased to $10,211 million in 2024 from $10,665 million in 2023[153]. Tax and Expenses - The effective tax rate on net income for Q4 2024 was 26.6%, compared to an effective tax rate of (87.9)% in Q4 2023[6]. - Total expenses for Q4 2024 were $106 million, a slight increase from $81 million in Q4 2023[30]. - Total expenses for 2024 were $446 million, down from $733 million in 2023, indicating a reduction of 39%[33][36]. - Interest expenses for the Corporate Division remained stable at $101 million in 2024, compared to $99 million in 2023, reflecting a slight increase of about 2.02%[144]. Market and Business Outlook - The company plans to continue expanding its market presence and exploring new business opportunities in both U.S. and non-U.S. public finance sectors[67]. - The company expects installment premiums to contribute $294 million to total PVP in 2023, decreasing to $262 million in 2024[76]. - The company anticipates a total of $1,304 million in net expected loss to be paid from 2025 to 2029[84]. Financial Metrics and Ratios - The adjusted operating return on equity (ROE) for Q4 2024 was 4.5%, down from 23.1% in Q4 2023[6]. - The capital ratio improved to 73:1 in 2024 from 66:1 in 2023, indicating stronger capital adequacy[62]. - The unrealized loss on the investment portfolio was $(397) million in 2024, compared to $(361) million in 2023, indicating a worsening of approximately 9.97%[160]. Corporate Division Performance - Total revenues for the Corporate Division for the year ended December 31, 2024, were $17 million, down from $275 million in 2023, indicating a decline of approximately 93.82%[144]. - Adjusted operating income (loss) for the Corporate Division was $(135) million for the year ended December 31, 2024, compared to $45 million in 2023, marking a significant decline[144]. - Total revenues for Other Results in the three months ended December 31, 2024, were $10 million, compared to $33 million in the same period of 2023, a decrease of approximately 69.7%[148].

Financial Data and Key Metrics Changes - Adjusted operating income for Q4 2024 was $66 million, or $1.27 per share, compared to $338 million, or $5.75 per share in Q4 2023, which included non-recurring tax benefits [28][29] - Full year 2024 adjusted operating income was $389 million, or $7.10 per share, down from $648 million, or $10.78 per share in 2023 [39][40] - Adjusted book value per share reached $170.12, and adjusted operating shareholders' equity per share was $114.75 [8][44] Business Line Data and Key Metrics Changes - PVP across three financial guaranty businesses topped $400 million for the second consecutive year, up from $375 million in 2022 [16][17] - US Public Finance PVP reached $270 million, the highest in four years, with a total insured municipal par sold exceeding $24 billion, the most since 2010 [9][18] - Non-US Public Finance contributed $67 million of PVP, while Global Structured Finance generated $65 million of PVP [24][25] Market Data and Key Metrics Changes - The US municipal bond market started 2025 with strong new issue volume, with some analysts projecting that 2025 volume may rival or exceed the record volume of 2024 [13] - The bond insurance industry’s annual penetration rate was 8.3% of par issued, marking the fourth consecutive year above 8% [17] Company Strategy and Development Direction - The company merged its two primary insurance subsidiaries into one, creating a more efficient capital structure and a larger insurer with a diversified portfolio [11] - Geographic expansion efforts included opening offices in Australia and Singapore, with a focus on opportunities in Continental Europe and Asia [10][26] - The company aims to diversify earnings through its Asset Management segment and improve investment results via alternative investments [34][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the UK water sector, particularly regarding Thames Water, and noted that the macroeconomic background appears favorable [52][54] - The company remains committed to resolving its Puerto Rico exposure and is optimistic about the political landscape aiding in this process [106][108] - Management highlighted the resilience of the business model and the potential for untapped opportunities globally [14] Other Important Information - The company repurchased 6.2 million shares for $502 million in 2024, representing 11% of shares outstanding as of December 31, 2023 [43][44] - A pre-tax gain of approximately $103 million from litigation with Lehman Brothers International Europe will be recognized in Q1 2025 [45] Q&A Session Summary Question: Recent developments on Thames Water and reserve provisioning - Management noted that the UK government does not plan to nationalize water utilities and Thames Water is making progress in regulatory determinations [52][54] Question: Impact of California wildfires on exposures - Management confirmed no significant exposure to California wildfires, with no missed debt service payments [63] Question: Non-US structured finance par written this quarter - Management indicated that the UK dominates, but opportunities are emerging in Australia and Continental Europe [65][66] Question: Return on equity with current premium rates - Management discussed that ROE varies based on the mix of business, with structured finance and international infrastructure yielding higher returns [79][84] Question: AOCI and its impact on book value - Management acknowledged that interest rates fluctuate, affecting unrealized gains and losses, but noted the upcoming gain from Lehman Brothers will positively impact book value [90][91]

Equity Investor Presentation December 31, 2024 Forward-Looking Statements and Safe Harbor Disclosure 2 ASSURED GUARANTY LTD. • This presentation contains information that includes or is based upon forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements give the expectations or forecasts of future events of Assured Guaranty Ltd. (AGL) and its subsidiaries (collectively with AGL, Assured Guaranty or the Company). These statements can be ...

Assured Guaranty (AGO) Q4 2024 Earnings Call February 28, 2025 08:00 AM ET Company Participants Robert Tucker - Senior Managing Director of Investor Relations & Corporate CommunicationsDominic Frederico - Deputy Chairman, President & CEORobert Bailenson - Chief Operating OfficerBenjamin Rosenblum - Chief Financial OfficerJordan Hymowitz - Portfolio ManagerTommy McJoynt-Griffith - Director Conference Call Participants Marissa Lobo - Analyst Operator Good morning and welcome to the Assured Guaranty Limited Fo ...