Equity Investor Presentation Year-to-Date through September 30, 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). T ...

Core Viewpoint - Assured Guaranty Ltd. will release its financial results for the third quarter ended September 30, 2025, on November 6, 2025, after 4:00 p.m. Eastern Time [1] Financial Results Announcement - The financial results press release will be available in the Investor Information section of the Company's website [1] - The release will include the Financial Supplement for September 30, 2025 [1]

Financial Highlights - Adjusted operating income was $50 million, or $1.01 per share, for the second quarter of 2025[9] - The company insured $10 billion of new business par in the second quarter of 2025, the largest second-quarter amount in a decade[9] - The company generated $64 million of new business production (PVP) in the second quarter of 2025[9] - Pretax adjusted operating income from asset management was $5 million in the second quarter of 2025[9] - Pretax adjusted operating income from the alternative investment portfolio was $16 million in the second quarter of 2025[9] - Capital returned to shareholders in the second quarter of 2025 was $150 million, including share repurchases of $131 million (1.5 million shares) and dividends of $19 million[9] - Adjusted operating income was $212 million, or $4.21 per share, in the first half of 2025, a 23% increase compared to the first half of 2024[11] - The company insured $15 billion of new business par in the first half of 2025, the largest amount of first-half par insured in a decade[15] - The company generated $103 million of PVP in the first half of 2025[15] - The company repurchased nearly 3 million shares at a total cost of $251 million in the first half of 2025, representing nearly 6% of shares outstanding on December 31, 2024[15]

Financial Highlights - As of March 31, 2025, Assured Guaranty's net par outstanding was $2636 billion[8] - The company's total investment portfolio and cash amounted to $88 billion[8] - Claims-paying resources totaled $103 billion as of March 31, 2025[8, 10] New Business Activity (Q1 2025) - Assured Guaranty insured $5 billion of aggregate par[49] - The company generated $39 million of aggregate PVP[51] - The average premium rate (PVP to gross par written) was 078%[51] U S Public Finance (Q1 2025) - U S public finance insured $4 billion of total par[55] - U S public finance PVP was $25 million[55] - Assured Guaranty insured 64% of par of all primary insured deals[55] Alternative Investments - As of March 31, 2025, the value of alternative investments was $892 million[73] - The inception-to-date return on alternative investments was 13%[73] Insured Portfolio - BIG (Below Investment Grade) exposure is $95 billion, representing 36% of the total net par outstanding[91, 95]

Financial Highlights - Adjusted operating income was $389 million ($7.10 per share) for the full year 2024[19], and $66 million ($1.27 per share) for the fourth quarter[16] - Shareholders' equity attributable to AGL, adjusted operating shareholders' equity and adjusted book value reached record highs of $108.80, $114.75 and $170.12 per share, respectively[16] - Alternative investments portfolio increased to a fair value of approximately $884 million[14] - The company repurchased over 6 million shares at a total cost of $502 million, representing 11% of shares outstanding on December 31, 2023[25] Insurance Business - The company insured $32 billion of new business par in 2024, the largest amount in a decade[24, 29] - New business production (PVP) generated $402 million in 2024, exceeding $400 million for the second consecutive year[24] - U S public finance PVP in 2024 was 27% higher than in 2023[31] - The average premium rate (PVP to gross par written) was 126% in 2024[31] Portfolio Overview - Insured net par outstanding was $2616 billion as of December 31, 2024, with $2012 billion in U S public finance, $492 billion in non-U S public finance, and $112 billion in global structured finance[40] - Claims-paying resources totaled $102 billion[40] - BIG (below investment grade) exposure was $102 billion, representing 39% of total net par outstanding[150]

Financial Data and Key Metrics Changes - Adjusted operating income per share for 2024 was $7.1, down from $10.78 in 2023, reflecting a decrease in overall profitability [29] - 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, primarily due to non-recurring tax benefits in the prior year [21][22] - Total insured municipal par sold reached $24 billion in 2024, the highest since 2010, with a 14-year high for annual new issue insured par [13][14] Business Line Data and Key Metrics Changes - U.S. Public Finance PVP reached $270 million in 2024, significantly contributing to the overall PVP of over $400 million across all business lines [12][13] - Non-U.S. Public Finance contributed $67 million of PBP in 2024, with strong performance in secondary market guarantees and liquidity guarantees [18] - Global structured finance generated $65 million of PVP, focusing on insurance securitizations and bank balance sheet relief [18][19] Market Data and Key Metrics Changes - The bond insurance industry maintained an annual penetration rate of 8.3% of par issued, marking the fourth consecutive year above 8% [13] - The U.S. Municipal bond market started 2025 with strong new issue volume, with projections suggesting it may rival or exceed 2024's record volume [10] Company Strategy and Development Direction - The company merged its two primary insurance subsidiaries to create a more efficient capital structure and a larger insurer with a diversified portfolio [9] - Geographic expansion efforts included opening offices in Australia and Singapore, with a focus on opportunities in Continental Europe and Asia [8][20] - The company aims to diversify earnings through its asset management segment and improve investment results via alternative investments, which have generated an annualized return of approximately 13% [30][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the UK water sector, particularly regarding Thames Water, citing a positive macroeconomic background and potential for improved financials [36][38] - The company remains committed to resolving its Puerto Rico exposure, with ongoing mediation efforts and a strong legal position affirmed by the courts [10][86] - Management anticipates continued growth in new business production and a strong performance in the municipal bond market for 2025 [10][30] 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 [32][33] - A pre-tax gain of approximately $103 million from litigation with Lehman Brothers International Europe will be recognized in Q1 2025 [34] Q&A Session Summary Question: Recent developments on Thames Water and Southern Water - Management highlighted the UK government's stance against nationalization and positive regulatory developments for Thames Water, expressing optimism for future outcomes [36][38] Question: Impact of California wildfires on exposure - Management confirmed no significant exposure to California wildfires, with all debt service payments being met [48] Question: Non-U.S. structured finance par written this quarter - Management noted strong performance in Australia and other regions, with a focus on shorter-dated structured finance transactions [49][51] Question: Return on equity expectations - Management indicated that return on equity is influenced by the mix of business, with structured finance and international infrastructure yielding higher returns [61][62] Question: Interest rates and AOCI impact - Management acknowledged that interest rates fluctuate, affecting unrealized gains and losses, but confirmed the positive impact of the Lehman Brothers gain on per-share earnings [70][71] Question: Exposure in the D.C. market - Management stated minimal exposure in the D.C. market and expressed no significant concerns regarding potential disruptions [78][79] Question: Financial troubles in healthcare facilities - Management explained that healthcare facilities face operational risks, including high labor costs, but emphasized their proactive management approach [81][82] Question: Political changes and PREPA resolution - Management expressed cautious optimism regarding the new political landscape's potential to facilitate a resolution for PREPA, while maintaining a strong legal position [86][87]