Financial Performance - Net income attributable to Assured Guaranty Ltd. for Q4 2025 was $119 million, compared to $18 million in Q4 2024, representing a significant increase of 561%[6] - Adjusted operating income for the year ended December 31, 2025, was $445 million, up from $389 million in 2024, reflecting a growth of 14.4%[6] - Total revenues for the year ended December 31, 2025, reached $1,110 million, a significant increase of 27.3% compared to $872 million in 2024[14] - Net income attributable to AGL for the year ended December 31, 2025, was $503 million, up 33.8% from $376 million in 2024[14] - Basic earnings per share increased to $10.39 for the year ended December 31, 2025, compared to $7.01 in 2024, reflecting a growth of 48.8%[14] - Total expenses for the year ended December 31, 2025, amounted to $550 million, with employee compensation and benefits expenses at $209 million and interest expense at $89 million[32] - The company experienced a net realized investment loss of $40 million for the year ended December 31, 2025, while reporting a net realized investment gain of $9 million for the year ended December 31, 2024[32][35] Revenue and Premiums - Gross written premiums (GWP) for Q4 2025 were $61 million, a decrease from $186 million in Q4 2024, indicating a decline of 67.4%[6] - The present value of new business production (PVP) for Q4 2025 was $92 million, down from $121 million in Q4 2024, a decrease of 24.0%[6] - The total present value of premiums (PVP) for the year ended December 31, 2025, was $286 million, compared to $402 million in 2024[67] - Net earned premiums for the three months ended December 31, 2025, were $(1) million, consistent with the same period in 2024[142] - Net earned premiums for 2025 were $380 million, a decrease of 5.7% from $403 million in 2024[147] Shareholder Returns - Total capital returned to common shareholders in 2025 was $569 million, slightly down from $570 million in 2024[6] - The company repurchased $500 million in common shares during 2025, compared to $502 million in 2024, indicating a stable capital return strategy[6] - Shareholders' equity attributable to AGL increased to $5,663 million as of December 31, 2025, up from $5,495 million in 2024, representing a growth of 3.1%[11] - Adjusted operating shareholders' equity per share increased to $126.78 in 2025 from $114.75 in 2024, reflecting a growth of approximately 9%[156] Assets and Liabilities - Total assets increased to $12,176 million as of December 31, 2025, compared to $11,901 million in 2024, indicating a growth of 2.3%[16] - Total liabilities were $6,387 million as of December 31, 2025, compared to $6,348 million in 2024, reflecting a marginal increase of 0.6%[16] - Financial guaranty net debt service outstanding rose to $440.8 billion as of December 31, 2025, compared to $416.0 billion in 2024, marking a 6.7% increase[11] Investment Performance - The company reported fair value gains on credit derivatives of $121 million for the year ended December 31, 2025, compared to $24 million in 2024, showing a substantial increase[14] - The company reported a fair value gain on credit derivatives of $3 million for the three months ended December 31, 2025[26] - The total net investment income for the year ended December 31, 2025, was $359 million, slightly down from $340 million in 2024, a decrease of 5.6%[55] - Fair value gains on trading securities for the Insurance segment were $2 million in Q4 2025, compared to no gains in Q4 2024[59] Segment Performance - The insurance segment reported an adjusted operating income of $508 million for the year, compared to $525 million in 2024, a decrease of 3.2%[6] - The asset management segment generated an adjusted operating income of $20 million in 2025, up from $5 million in 2024, reflecting a significant increase of 300%[6] - Segment revenues for the Insurance segment in Q4 2025 reached $226 million, up from $199 million in Q4 2024, representing a growth of 13.6%[59] - The total funds managed by Sound Point and AHP generated $24 million in earnings in Q4 2025, compared to $15 million in Q4 2024, an increase of 60%[51] Tax and Regulatory - The effective tax rate on net income for 2025 was 17.9%, compared to 19.7% in 2024, showing a reduction of 1.8 percentage points[6] - The provision for income taxes for the year ended December 31, 2025, was $119 million, while it was $96 million for the year ended December 31, 2024[32][35] Future Projections - The company expects a total of $1,314 million in future credit derivative revenues from 2026 to 2030[77] - The company anticipates a total of $3,615 million in future financial guaranty net premium revenue by the end of 2025[77] - Estimated net debt service amortization for 2025 is projected at $440.8 billion, with a gradual decrease expected in subsequent years[77] Market Strategy - The company continues to focus on expanding its market presence in the U.K. and Spain, particularly in renewable energy and infrastructure finance sectors[174]

Core Insights - Assured Guaranty reported record financial metrics for 2025, including adjusted operating income of $445 million, or $9.08 per share, compared to $389 million, or $7.10 per share, in 2024 [2][6] - The company achieved significant growth in the municipal bond insurance market, guaranteeing over $27 billion of municipal par, a 16% increase from 2024, and capturing a 58% share of new-issue insured par [6][8] - Strategic diversification into alternative investments and life reinsurance is underway, with alternatives surpassing $1 billion in fair value and generating $160 million in pre-tax operating income, a 33% year-over-year increase [5][13] Financial Performance - Fourth-quarter 2025 adjusted operating income was reported at $109 million, or $2.32 per share, compared to $66 million, or $1.27 per share, in the fourth quarter of 2024 [2] - The adjusted book value per share reached $186.43 at year-end 2025, marking a new high [3][4] - The company repurchased 12% of its common shares outstanding and increased its quarterly dividend by 12% from $0.34 to $0.38, continuing a trend of 14 consecutive years of dividend growth [14] Market Activity - Assured Guaranty produced $286 million in present value of new business production (PVP) in 2025, with a strong demand for U.S. municipal bond insurance amid record municipal issuance [7][8] - Secondary insured par written increased over 240% year-over-year to approximately $2 billion, generating $44 million of PVP [9][10] - The company insured 51 primary market issues with insured par of approximately $12.6 billion, the highest annual number of $100 million-plus municipal transactions in over a decade [11] Strategic Initiatives - The acquisition of Warwick Re Limited, now Assured Life Reinsurance Limited, positions the company to enter the life and annuity reinsurance market [16] - Management emphasized a strategic push into life and annuity reinsurance following the acquisition, focusing on reinsuring fixed-term annuities [16] - The company is committed to capital management, balancing capital deployment between share buybacks and the reinsurance platform based on market opportunities [16] Investment Performance - Alternative investments generated $47 million of pre-tax adjusted operating income in the fourth quarter and $160 million for the full year, with an annualized internal rate of return of 13% [13] - The fair value of alternative investments increased to over $1 billion as of December 31, 2025, compared to $884 million at the end of 2024 [13]

Financial Data and Key Metrics Changes - Adjusted operating income for Q4 2025 was $109 million or $2.32 per share, an 83% increase from $66 million or $1.27 per share in Q4 2024 [20] - Full-year 2025 adjusted operating income was $445 million or $9.08 per share, a 28% increase from $389 million or $7.10 per share in 2024 [21] - The company achieved new per-share highs for adjusted book value at $186.43, adjusted operating shareholders' equity at $126.78, and shareholders' equity at $125.32 by year-end 2025 [5] Business Line Data and Key Metrics Changes - The present value of new business production (PVP) totaled $286 million, with significant contributions from all three financial guarantee underwriting groups [5] - In U.S. public finance, PVP originated was $206 million, with a 19% increase in the second half of 2025 compared to the second half of 2024 [10] - The company guaranteed over $27 billion of municipal par, a 16% increase from 2024, and achieved a 15-year high in new issue municipal par sold, representing 58% of the market [11] Market Data and Key Metrics Changes - The U.S. municipal market experienced a second consecutive year of record issuance, driving strong demand for municipal bond insurance [10] - Non-U.S. public finance and global structured finance originations contributed $80 million in PVP for 2025, with notable transactions in the U.K. and European Union [17] Company Strategy and Development Direction - The company is focused on sustainable long-term growth and has successfully diversified revenue sources through the acquisition of Warwick Re Limited, now Assured Life Reinsurance [8] - Strategic efforts to expand the U.S. municipal secondary market business resulted in a more than tripled performance compared to the previous year [6] - The company aims to leverage its strengths in credit and structured finance to grow in the life and annuity reinsurance business [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the U.S. public finance market and the potential for continued growth in 2026 [27][28] - The company highlighted the resilience of its business model, which has been proven during financial crises and other challenging economic conditions [9] - Management noted a robust transaction pipeline for 2026, expecting strong results across all financial guarantee product lines [19] Other Important Information - The company repurchased 12% of its common shares outstanding as of December 31, 2024, and distributed $69 million to shareholders through dividends [6] - Alternative investments generated a pre-tax adjusted operating income of $160 million for the full year, representing a year-over-year increase of 33% [23] - The board approved a 12% increase in the quarterly dividend per share, marking 14 consecutive years of dividend growth [6][25] Q&A Session Summary Question: Update on issuance in triple B credits and outlook for 2026 - Management noted a recovery in triple B credits and a strong start in Q1 2026, with several transactions already closed in U.S. public finance and infrastructure finance in Europe [27][28] Question: Outlook on U.K. utilities and Brightline - Management provided an update on U.K. utilities, indicating a positive outlook following upgrades, with Thames being the only problematic exposure [29] - For Brightline, management expressed confidence in the recovery and highlighted a strong capital position below them in the capital stack [31] Question: Exposure in alternative investments and private credit - Management clarified that while they are invested in the CLO market, they do not take direct exposure to private credit and remain confident in their portfolio's health [36][37] Question: Capital allocation between annuity reinsurance and stock buybacks - Management indicated that capital management opportunities, including stock buybacks, will be assessed based on market conditions and opportunities in the annuity reinsurance market [38]

Financial Data and Key Metrics Changes - At year-end 2025, the company achieved new per-share highs for adjusted book value at $186.43, adjusted operating shareholders' equity at $126.78, and shareholders' equity at $125.32 [5] - Adjusted operating income per share increased to $9.08 in 2025 from $7.10 in 2024, representing a 28% increase [19][20] - Fourth quarter 2025 adjusted operating income was $109 million or $2.32 per share, an 83% increase from $66 million or $1.27 per share in the fourth quarter of 2024 [19] Business Line Data and Key Metrics Changes - The present value of new business production (PVP) totaled $286 million in 2025, with significant contributions from all three financial guarantee underwriting groups [5] - The company guaranteed over $27 billion of municipal par, a 16% increase from 2024, and achieved a 15-year high in new issue insured par sold, representing 58% of the market [11] - The U.S. public finance segment originated $206 million in PVP, with a 19% increase in the second half of 2025 compared to the same period in 2024 [10] Market Data and Key Metrics Changes - The U.S. municipal market experienced a second consecutive year of record issuance, driving strong demand for municipal bond insurance [10] - The company saw a 240% year-over-year increase in U.S. public finance secondary insured par written, totaling approximately $2 billion [11] - Non-U.S. public finance and global structured finance originations contributed $80 million in PVP for 2025, with strong performance in the U.K. and European markets [16] Company Strategy and Development Direction - The company is focused on sustainable long-term growth and has successfully expanded its U.S. municipal secondary market business [5] - The acquisition of Warwick Re Limited, renamed Assured Life Reinsurance, diversifies revenue sources and leverages the company's strengths in credit and structured finance [8] - The company aims to enhance its investment returns and has seen significant growth in alternative investments, achieving a fair value of over $1 billion by year-end 2025 [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the U.S. public finance market and the potential for continued growth in 2026 [26] - The company remains optimistic about its position in the annuity reinsurance market and is actively pursuing new business opportunities [24] - Management highlighted the resilience of the business model, which has been demonstrated during financial crises and other challenging economic conditions [9] Other Important Information - The company repurchased 12% of its common shares outstanding at the end of 2024, totaling $500 million, and increased its quarterly dividend per share by 12% [6][24] - The alternative investments segment generated a year-over-year increase of 33% in pre-tax adjusted operating income for 2025 [22] Q&A Session Summary Question: Update on issuance in triple B credits and outlook for 2026 - Management noted a positive trend in the fourth quarter and a strong start in the first quarter of 2026, with several transactions already closed in U.S. public finance and infrastructure finance in Europe [26] Question: Outlook on U.K. utilities and Brightline - Management provided an update on U.K. utilities, indicating a focus on Thames as the only problematic exposure, and expressed confidence in the recovery of Brightline due to strong subordination below their position [28][30] Question: Exposure in alternative investments and private credit - Management clarified that while they are invested in the CLO market, they do not have direct exposure to private credit and remain confident in the health of their portfolio [35] Question: Capital allocation between annuity reinsurance and stock buybacks - Management indicated that capital management opportunities, including stock buybacks, will be assessed based on market conditions and opportunities in the life and annuity sector [37]

Financial Data and Key Metrics Changes - At year-end 2025, the company achieved new per-share highs for adjusted book value at $186.43, adjusted operating shareholders' equity at $126.78, and shareholders' equity at $125.32 [5] - Adjusted operating income per share increased to $9.08 in 2025 from $7.10 in 2024, representing a 28% increase [21] - Fourth quarter 2025 adjusted operating income was $109 million or $2.32 per share, an 83% increase from $66 million or $1.27 per share in the fourth quarter of 2024 [21] Business Line Data and Key Metrics Changes - The present value of new business production (PVP) totaled $286 million in 2025, with significant contributions from all three financial guarantee underwriting groups [5] - The company guaranteed over $27 billion of municipal par, a 16% increase from 2024, and achieved a 15-year high in new issue municipal par sold, representing 58% of the market [12] - The U.S. public finance segment originated $206 million in PVP, with a 19% increase in the second half of 2025 compared to the same period in 2024 [11] Market Data and Key Metrics Changes - The U.S. municipal market experienced a second consecutive year of record issuance, driving strong demand for municipal bond insurance [11] - Non-U.S. public finance and global structured finance originations contributed $80 million in PVP for 2025, with notable transactions in the U.K. and European Union [18] Company Strategy and Development Direction - The company is focused on sustainable long-term growth, having successfully expanded its U.S. municipal secondary market business, which saw a more than tripling in performance compared to the previous year [6] - The acquisition of Warwick Re Limited, renamed Assured Life Reinsurance, diversifies revenue sources and leverages the company's strengths in credit and structured finance [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the U.S. public finance market and infrastructure finance in Europe, anticipating continued strong performance in 2026 [27] - The company highlighted the strength of its underwriting and the successful resolution of previously troubled exposures, which contributed positively to financial results [22] Other Important Information - The company repurchased 12% of its common shares outstanding at the end of 2024, meeting its target of $500 million in share repurchases [6] - A 12% increase in the quarterly dividend per share was announced, marking 14 consecutive years of dividend growth [6] Q&A Session Summary Question: Update on issuance in triple B credits and outlook for 2026 - Management noted a positive trend in the fourth quarter and a strong start in the first quarter of 2026, with several transactions already closed in U.S. public finance and infrastructure finance in Europe [27] Question: Outlook on U.K. utilities and Brightline - Management provided an update on U.K. utilities, indicating an upgrade for Southern Water and focusing on Thames as the only problematic exposure, with active engagement in finding a market-based solution [28] - Regarding Brightline, management expressed confidence in the recovery and highlighted a strong position in the capital stack [30] Question: Exposure in alternative investment portfolio and private credit - Management clarified that while they are invested in the CLO market, they do not take direct exposure to private credit and remain confident in the health of their portfolio [35] Question: Capital allocation between annuity reinsurance and stock buyback - Management indicated that capital management opportunities, including stock buybacks, will be assessed based on market conditions and opportunities in the life and annuity space [36]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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 Number 001-32141 ASSURED GUARANTY LTD. (Exact name of Registrant as specified in its ...

Equity Investor Presentation December 31, 2025 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 ...

Core Viewpoint - Assured Guaranty Ltd. has announced a quarterly dividend increase of 12% from the previous quarter, reflecting the company's strong financial performance and commitment to returning value to shareholders [1]. Dividend Announcement - The company declared a quarterly dividend of $0.38 per common share, up from $0.34 per common share declared on November 5, 2025 [1]. - The dividend is scheduled to be paid on March 20, 2026, to shareholders of record as of the close of business on March 6, 2026 [1]. Company Overview - Assured Guaranty Ltd. is a publicly traded holding company based in Bermuda, listed on the NYSE under the ticker symbol AGO [1]. - The company, through its subsidiaries, provides credit enhancement products [1].

Core Viewpoint - Assured Guaranty (Europe) SA has issued a €175 million debt service reserve guarantee for XpFibre Groupe, marking its second transaction with the company [1] Group 1: Company Actions - The €175 million DSR guarantee replaces a portion of an existing DSR facility provided by various banks [1] - The transaction was completed on December 30, 2025 [1]

Core Viewpoint - Assured Guaranty Ltd. (AGO) is showing potential for a bullish breakout due to a recent "golden cross" in its moving averages, indicating a key technical support level has been reached [1][2]. Technical Analysis - AGO's 50-day simple moving average has crossed above its 200-day simple moving average, a pattern known as a "golden cross," which typically signals a bullish trend [1][2]. - A golden cross consists of three stages: a downtrend that bottoms out, a crossover of the shorter moving average above the longer one, and continued upward momentum in stock prices [3]. Performance Metrics - AGO has experienced an 8.9% rally over the past four weeks, suggesting strong momentum [4]. - The company currently holds a 2 (Buy) rating on the Zacks Rank, indicating positive market sentiment [4]. Earnings Outlook - AGO's earnings outlook for the current quarter is positive, with one upward revision in earnings estimates over the past 60 days and no downward revisions [4]. - The Zacks Consensus Estimate for AGO has also increased, further supporting the bullish case for the stock [4][6]. Investment Consideration - Investors are encouraged to monitor AGO for potential gains, given its technical indicators and favorable earnings estimate revisions [6].