ASSURED GUARANTY LTD (AGO) financial statements: income statement, balance sheet and cash flow

ASSURED GUARANTY LTD's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), ASSURED GUARANTY LTD reported revenue of $1.1B (+27.3% year on year) and net income of $543.0M (+38.5% year on year).

Income statement

ASSURED GUARANTY LTD income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net earned premiums	$380.0M	$403.0M	$344.0M	$494.0M
Net investment income	$359.0M	$340.0M	$365.0M	$269.0M
Asset management fees	$0	$0	$53.0M	$93.0M
Net realized investment gains (losses)	($40.0M)	$9.0M	($14.0M)	($56.0M)
Fair value gains (losses) on credit derivatives	$121.0M	$24.0M	$114.0M	($11.0M)
Fair value gains (losses) on committed capital securities	$20.0M	($10.0M)	($35.0M)	$24.0M
Fair value gains (losses) on financial guaranty variable interest entities	$6.0M	($11.0M)	$8.0M	$22.0M
Fair value gains (losses) on consolidated investment vehicles	$79.0M	$69.0M	$88.0M	$17.0M
Foreign exchange gains (losses) on remeasurement	$96.0M	($27.0M)	$53.0M	($112.0M)
Fair value gains (losses) on trading securities	$13.0M	$52.0M	$74.0M	($34.0M)
Gain on sale of asset management subsidiaries	$0	$0	$262.0M	—
Other income (loss)	$76.0M	$23.0M	$61.0M	$15.0M
Total revenues	$1.1B	$872.0M	$1.4B	$723.0M
Loss and loss adjustment expenses (benefit)	$56.0M	($26.0M)	$162.0M	$16.0M
Interest expense	$89.0M	$91.0M	$90.0M	$81.0M
Amortization of deferred acquisition costs	$22.0M	$20.0M	$13.0M	$14.0M
Employee compensation and benefit expenses	$209.0M	$202.0M	$251.0M	$258.0M
Other operating expenses	$174.0M	$159.0M	$217.0M	$167.0M
Total expenses	$550.0M	$446.0M	$733.0M	$536.0M
Income (loss) before income taxes and equity in earnings (losses) of investees	$560.0M	$426.0M	$640.0M	$187.0M
Equity in earnings (losses) of investees	$102.0M	$62.0M	$28.0M	($39.0M)
Income (loss) before income taxes	$662.0M	$488.0M	$668.0M	$148.0M
Current	$124.0M	$100.0M	$63.0M	$14.0M
Deferred	($5.0M)	($4.0M)	($156.0M)	($3.0M)
Total provision (benefit) for income taxes	$119.0M	$96.0M	($93.0M)	$11.0M
Net income (loss)	$543.0M	$392.0M	$761.0M	$137.0M
Less: Noncontrolling interest	$40.0M	$16.0M	$22.0M	$13.0M
Net income (loss) attributable to Assured Guaranty Ltd.	$503.0M	$376.0M	$739.0M	$124.0M
Basic (in dollars per share)	$10.39	$7.01	$12.54	$1.95
Diluted (in dollars per share)	$10.26	$6.87	$12.30	$1.92

ASSURED GUARANTY LTD income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Net earned premiums	$102.0M	$82.0M	$94.0M	$89.0M
Net investment income	$98.0M	$92.0M	$94.0M	$89.0M
Net realized investment gains (losses)	($10.0M)	($15.0M)	($10.0M)	($6.0M)
Fair value gains (losses) on derivatives	$5.0M	$2.0M	$5.0M	$1.0M
Fair value gains (losses) on committed capital securities	($7.0M)	$6.0M	$8.0M	($1.0M)
Gains (losses) on financial guaranty variable interest entities	$2.0M	($5.0M)	$3.0M	$2.0M
Fair value gains (losses) on consolidated investment vehicles	$0	$9.0M	$17.0M	$4.0M
Foreign exchange gains (losses) on remeasurement	($2.0M)	($19.0M)	($23.0M)	$79.0M
Fair value gains (losses) on trading securities	$7.0M	$6.0M	$8.0M	$2.0M
Asset management revenues	$0	$94.0M	—	—
Other income (loss)	$0	$9.0M	$11.0M	$22.0M
Total revenues	$195.0M	$261.0M	$207.0M	$281.0M
Loss and loss adjustment expenses (benefit)	$4.0M	$17.0M	($30.0M)	$28.0M
Benefit expense for annuity reinsurance contracts	$8.0M	$7.0M	—	—
Interest expense	$22.0M	$22.0M	$22.0M	$23.0M
Amortization of deferred acquisition costs	$5.0M	$5.0M	$6.0M	$5.0M
Employee compensation and benefit expenses	$57.0M	$63.0M	$50.0M	$50.0M
Asset management expenses	$0	$68.0M	—	—
Other operating expenses	$39.0M	$45.0M	$44.0M	$45.0M
Total expenses	$135.0M	$227.0M	$92.0M	$151.0M
Income (loss) before income taxes and equity in earnings (losses) of investees	$60.0M	$34.0M	$115.0M	$130.0M
Equity in Earnings (Losses) of Investees	($11.0M)	$31.0M	$20.0M	$3.0M
Income (loss) before income taxes	$49.0M	$65.0M	$135.0M	$133.0M
Less: Provision (benefit) for income taxes	$9.0M	($20.0M)	$21.0M	$27.0M
Net income (loss)	$40.0M	$85.0M	$114.0M	$106.0M
Less: Noncontrolling interest	$1.0M	($3.0M)	$9.0M	$3.0M
Net income (loss) attributable to Assured Guaranty Ltd.	$39.0M	$88.0M	$105.0M	$103.0M
Basic (in dollars per share)	$0.88	$1.94	$2.20	$2.10
Diluted (in dollars per share)	$0.88	$1.91	$2.18	$2.08

Balance sheet

ASSURED GUARANTY LTD balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Fixed-maturity securities, available-for-sale	$6.4B	$6.4B	$6.3B	$7.1B
Fixed-maturity securities, trading, at fair value	$124.0M	$147.0M	$318.0M	$303.0M
Short-term investments, at fair value	$903.0M	$1.2B	$1.7B	$810.0M
Other invested assets (includes $3 and $4, at fair value)	$1.1B	$926.0M	$829.0M	$133.0M
Total investments	$8.5B	$8.7B	$9.1B	$8.4B
Cash	$388.0M	$121.0M	$97.0M	$107.0M
Premiums receivable, net of commissions payable, net of allowance for credit losses of $3 and $–	$1.6B	$1.6B	$1.5B	$1.3B
Deferred acquisition costs	$192.0M	$176.0M	$161.0M	$147.0M
Salvage and subrogation recoverable	$449.0M	$396.0M	$298.0M	$257.0M
Financial guaranty variable interest entities’ assets (includes $172 and $147, at fair value)	$212.0M	$147.0M	$328.0M	$416.0M
Assets of consolidated investment vehicles (includes $167 and $99, at fair value)	$175.0M	$101.0M	$366.0M	$5.5B
Other assets (includes $174 and $131, at fair value)	$701.0M	$746.0M	$700.0M	$597.0M
Total assets	$12.2B	$11.9B	$12.5B	$16.8B
Unearned premium reserve	$3.6B	$3.7B	$3.7B	$3.6B
Loss and loss adjustment expense reserve	$309.0M	$268.0M	$376.0M	$296.0M
Long-term debt	$1.7B	$1.7B	$1.7B	$1.7B
Financial guaranty variable interest entities’ liabilities (includes $197 and $164, at fair value, $182 and $155 with recourse, $16 and $9 without recourse)	$198.0M	—	—	—
Other liabilities (includes $21000000 and $34000000 at fair value)	$551.0M	$498.0M	$435.0M	$457.0M
Total liabilities	$6.4B	$6.3B	$6.8B	$11.6B
Common shares ($0.01 par value, 500,000,000 shares authorized; 45,184,791 and 50,505,320 shares issued and outstanding)	0	1.0M	1.0M	1.0M
Retained earnings	$5.8B	$5.9B	$6.1B	$5.6B
Accumulated other comprehensive income (loss), net of tax of $(39) and $(75)	($168.0M)	($385.0M)	($359.0M)	($515.0M)
Deferred equity compensation	$1.0M	$1.0M	$1.0M	$1.0M
Total shareholders’ equity attributable to Assured Guaranty Ltd.	$5.7B	$5.5B	$5.7B	$5.1B
Non-redeemable noncontrolling interest (Note 8)	$126.0M	$58.0M	$52.0M	$228.0M
Total shareholders’ equity	$5.8B	$5.6B	$5.8B	$5.3B
Total liabilities and shareholders’ equity	$12.2B	$11.9B	$12.5B	$16.8B

ASSURED GUARANTY LTD balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of $72 and $54 (amortized cost of $7,147 and $6,572)	$6.8B	$6.9B	$6.3B	$6.5B
Fixed-maturity securities, trading, at fair value	$131.0M	$127.0M	$136.0M	$137.0M
Short-term investments, at fair value	$792.0M	$768.0M	$1.3B	$939.0M
Other invested assets (includes $3 and $3, at fair value)	$1.2B	$1.1B	$1.0B	$995.0M
Total investments	$8.9B	$8.9B	$8.8B	$8.6B
Cash	$310.0M	$312.0M	$157.0M	$301.0M
Premiums receivable, net of commissions payable, net of allowance for credit losses of $7 and $3	$1.5B	$1.5B	$1.6B	$1.6B
Funds withheld, at fair value	$296.0M	$296.0M	—	—
Deferred acquisition costs	$201.0M	$197.0M	$190.0M	$185.0M
Salvage and subrogation recoverable	$428.0M	$437.0M	$453.0M	$382.0M
Financial guaranty variable interest entities’ assets (includes $164 and $172, at fair value)	$198.0M	$201.0M	$145.0M	$211.0M
Assets of consolidated investment vehicles (includes $– and $167, at fair value)	$0	$0	$136.0M	$121.0M
Other assets (includes $187 and $174, at fair value)	$755.0M	$743.0M	$679.0M	$695.0M
Total assets	$12.6B	$12.6B	$12.1B	$12.1B
Unearned premium reserve	$3.6B	$3.6B	$3.7B	$3.7B
Loss and loss adjustment expense reserve	$306.0M	$310.0M	$308.0M	$315.0M
Future policy benefits for annuity reinsurance contracts	$484.0M	$475.0M	—	—
Policyholder account balances for annuity reinsurance contracts	$256.0M	$263.0M	—	—
Long-term debt	$1.7B	$1.7B	$1.7B	$1.7B
Financial guaranty variable interest entities’ liabilities (includes $147 and $197, at fair value, $172 and $182 with recourse, $16 and $16 without recourse)	$188.0M	$194.0M	$159.0M	$202.0M
Other liabilities (includes $27 and $21, at fair value)	$519.0M	$511.0M	$532.0M	$473.0M
Total liabilities	$7.1B	$7.1B	$6.4B	$6.4B
Common shares ($0.01 par value, 500,000,000 shares authorized; 44,055,227 and 45,184,791 shares issued and outstanding)	0	0	0	0
Retained earnings	$5.8B	$5.8B	$5.8B	$5.9B
Accumulated other comprehensive income (loss), net of tax of $(55) and $(39)	($251.0M)	($280.0M)	($179.0M)	($227.0M)
Deferred equity compensation	$1.0M	$1.0M	$1.0M	$1.0M
Total shareholders’ equity attributable to Assured Guaranty Ltd.	$5.6B	$5.5B	$5.7B	$5.6B
Non-redeemable noncontrolling interest (Note 10)	$23.0M	$22.0M	$79.0M	$96.0M
Total shareholders’ equity	$5.6B	$5.6B	$5.7B	$5.7B
Total liabilities and shareholders’ equity	$12.6B	$12.6B	$12.1B	$12.1B

Cash flow statement

ASSURED GUARANTY LTD cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income (loss)	$543.0M	$392.0M	$761.0M	$137.0M
Non-cash interest and operating expenses	$66.0M	$66.0M	$58.0M	$65.0M
Net amortization of premium (discount) on investments	($62.0M)	($23.0M)	($37.0M)	—
Provision (benefit) for deferred income taxes	($5.0M)	($4.0M)	($156.0M)	($3.0M)
Net realized investment losses (gains)	$40.0M	($9.0M)	$14.0M	$56.0M
Equity in (earnings) losses of investees	($102.0M)	($62.0M)	($28.0M)	$39.0M
Fair value gains (losses) on committed capital securities	($20.0M)	$10.0M	$35.0M	—
Fair value losses (gains) on trading securities	($13.0M)	($52.0M)	($74.0M)	$34.0M
Gain on sale of asset management subsidiaries	$0	$0	($262.0M)	—
Change in premiums receivable, net of premiums and commissions payable	($18.0M)	($80.0M)	($157.0M)	$74.0M
Change in unearned premium reserve, net	($96.0M)	$62.0M	$26.0M	($93.0M)
Change in loss and loss adjustment expense reserve and salvage and subrogation recoverable, net	($10.0M)	($202.0M)	$35.0M	($1.2B)
Change in current income taxes	$63.0M	($6.0M)	$72.0M	($106.0M)
Change in credit derivative assets and liabilities, net	($14.0M)	($21.0M)	($112.0M)	$8.0M
Distributions from equity method investments	$56.0M	$47.0M	—	—
Other	($101.0M)	($19.0M)	($90.0M)	($56.0M)
Purchases of securities	$0	($97.0M)	($340.0M)	($3.2B)
Sales of securities	$0	$41.0M	$675.0M	$1.5B
Maturities and paydowns of securities	$0	$0	$60.0M	$156.0M
Proceeds from (purchases of) money market funds	$0	$0	$66.0M	$6.0M
Other changes in consolidated investment vehicles	($68.0M)	$4.0M	($85.0M)	$134.0M
Net cash flows provided by (used in) operating activities	$259.0M	$47.0M	$461.0M	($2.5B)
Purchases	($1.6B)	($1.4B)	($540.0M)	($371.0M)
Sales	$624.0M	$649.0M	$862.0M	$717.0M
Maturities and paydowns	$1.3B	$853.0M	$746.0M	$682.0M
Purchases	($3.0M)	($1.0M)	($16.0M)	($63.0M)
Sales	$0	$0	$4.0M	$0
Maturities and paydowns	$0	$5.0M	$36.0M	$36.0M
Net sales (purchases) of short-term investments with original maturities of less than three months	$326.0M	$437.0M	($872.0M)	$439.0M
Sales of fixed-maturity securities, trading	$8.0M	$233.0M	$0	$121.0M
Maturities and paydowns of fixed-maturity securities, trading	$28.0M	$21.0M	—	—
Purchases of and contributions to other invested assets	($160.0M)	($119.0M)	($198.0M)	($25.0M)
Sales of and return of capital from other invested assets	$44.0M	$41.0M	—	—
Paydowns on financial guaranty variable interest entities’ assets	$20.0M	$23.0M	$175.0M	$84.0M
Net proceeds from sale of assets and liabilities held for sale	$49.0M	—	—	—
Other	$12.0M	($8.0M)	($3.0M)	($3.0M)
Net cash flows provided by (used in) investing activities	$641.0M	$780.0M	$286.0M	$1.7B
Dividends paid	($68.0M)	($68.0M)	($67.0M)	($64.0M)
Repurchases of common shares	-500.0M	-502.0M	-199.0M	-500.0M
Net paydowns of financial guaranty variable interest entities’ liabilities	($16.0M)	($375.0M)	($149.0M)	($99.0M)
Issuance of long-term debt, net of issuance costs	$0	$0	$345.0M	$0
Redemptions and purchases of debt, including make-whole payment	$0	$0	($330.0M)	($2.0M)
Payments related to tax withholding for share-based compensation	($34.0M)	($30.0M)	—	—
Other	$2.0M	$2.0M	($19.0M)	($6.0M)
Repayment of warehouse financing debt	$0	$0	($166.0M)	($796.0M)

ASSURED GUARANTY LTD cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net cash flows provided by (used in) operating activities	$230.0M	$190.0M	$220.0M	$165.0M
Purchases	($826.0M)	($286.0M)	($1.2B)	($754.0M)
Sales	$585.0M	$93.0M	$533.0M	$427.0M
Maturities and paydowns	$314.0M	$153.0M	$1.1B	$424.0M
Purchases	$0	$0	($3.0M)	($3.0M)
Sales	$1.0M	—	—	—
Maturities and paydowns	$2.0M	$2.0M	$0	$0
Net sales (purchases) of short-term investments with original maturities of less than three months	$115.0M	$141.0M	($103.0M)	$291.0M
Sales of fixed-maturity securities, trading	$0	$0	$8.0M	$8.0M
Maturities and paydowns of fixed-maturity securities, trading	$6.0M	$2.0M	$14.0M	$5.0M
Paydowns of financial guaranty variable interest entities’ assets	$10.0M	$4.0M	$16.0M	$10.0M
Purchases of and contributions to other invested assets	($153.0M)	($27.0M)	($95.0M)	($73.0M)
Sales of and return of capital from other invested assets	$57.0M	$43.0M	$39.0M	$23.0M
Assured Life Reinsurance, Ltd. acquisition, net of cash acquired (see Note 2)	($145.0M)	($145.0M)	—	—
Other	($1.0M)	$0	($9.0M)	($7.0M)
Net cash flows provided by (used in) investing activities	($35.0M)	($60.0M)	$278.0M	$351.0M
Dividends paid	($36.0M)	($19.0M)	($53.0M)	($36.0M)
Repurchases of common shares	-120.0M	-75.0M	-369.0M	-251.0M
Net paydowns of financial guaranty variable interest entities’ liabilities	($8.0M)	($3.0M)	($13.0M)	($8.0M)
Payments related to tax withholding for share-based compensation	($20.0M)	($20.0M)	($34.0M)	($34.0M)
Other	$1.0M	$0	$2.0M	$2.0M
Distributions to noncontrolling interest from consolidated investment vehicles	($97.0M)	($97.0M)	$0	$0
Net cash flows provided by (used in) financing activities	($280.0M)	($214.0M)	($467.0M)	($327.0M)
Effect of foreign exchange rate changes	($3.0M)	($2.0M)	$5.0M	$8.0M
Increase (decrease) in cash and cash equivalents and restricted cash	($88.0M)	($86.0M)	$36.0M	$197.0M
Cash and cash equivalents and restricted cash at beginning of period	$419.0M	$419.0M	$128.0M	$128.0M
Receipt of fixed-maturity securities, available-for-sale	$0	$0	$9.0M	$7.0M
Cash	$310.0M	$312.0M	$157.0M	$301.0M
Cash and cash equivalents of financial guaranty variable interest entities	$20.0M	$21.0M	—	$23.0M
Restricted cash (included in other assets)	$1.0M	$0	$3.0M	$1.0M
Cash and cash equivalents and restricted cash at end of period	$331.0M	$333.0M	$164.0M	$325.0M

ASSURED GUARANTY LTD score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.