Form 8-K
8-K — ASSURED GUARANTY LTD
Accession: 0001273813-26-000075
Filed: 2026-08-06
Period: 2026-08-06
CIK: 0001273813
SIC: 6351 (SURETY INSURANCE)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — ago-20260806.htm (Primary)
EX-99.1 — AGL PRESS RELEASE (agl2q26earningsrelease.htm)
EX-99.2 — AGL FINANCIAL SUPPLEMENT (agl2q26supplement.htm)
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8-K
8-K (Primary)
Filename: ago-20260806.htm · Sequence: 1
ago-20260806
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)—August 6, 2026
ASSURED GUARANTY LTD.
(Exact name of registrant as specified in its charter)
Bermuda 001-32141 98-0429991
(State or other jurisdiction
of incorporation or organization)
(Commission File Number) (I.R.S. Employer
Identification No.)
30 Woodbourne Avenue
Hamilton HM 08 Bermuda
(Address of principal executive offices)
Registrant’s telephone number, including area code: (441) 279-5700
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Trading Symbol(s) Name of exchange on which registered
Common Shares $0.01 par value per share AGO New York Stock Exchange
Assured Guaranty US Holdings Inc. 6.125% Senior Notes due 2028 (and the related guarantee of Registrant) AGO/28 New York Stock Exchange
Assured Guaranty US Holdings Inc. 3.150% Senior Notes due 2031 (and the related guarantee of Registrant) AGO/31 New York Stock Exchange
Assured Guaranty US Holdings Inc. 3.600% Senior Notes due 2051 (and the related guarantee of Registrant) AGO/51 New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02
Results of Operations and Financial Condition.
On August 6, 2026, Assured Guaranty Ltd. issued a press release reporting its second quarter 2026 results and the availability of its June 30, 2026 financial supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Description
99.1
Assured Guaranty Ltd. Press Release dated August 6, 2026 reporting second quarter 2026 results
99.2
June 30, 2026 Financial Supplement of Assured Guaranty Ltd.
104.1 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Assured Guaranty Ltd.
By:
/s/ BENJAMIN G. ROSENBLUM
Name: Benjamin G. Rosenblum
Title: Chief Financial Officer
DATE: August 6, 2026
3
EX-99.1 — AGL PRESS RELEASE
EX-99.1
Filename: agl2q26earningsrelease.htm · Sequence: 2
Document
Assured Guaranty Ltd. Reports Results for Second Quarter 2026
•GAAP Highlights:
•Net income attributable to Assured Guaranty Ltd. was $39 million, or $0.88 per share,(1) for second quarter 2026.
•Shareholders’ equity attributable to Assured Guaranty Ltd. per share was $126.18 as of June 30, 2026.
•Gross written premiums (GWP) were $81 million for second quarter 2026.
•Non-GAAP Highlights:
•Adjusted operating income(2) was $55 million, or $1.23 per share, for second quarter 2026.
•Adjusted operating shareholders’ equity per share(2) and adjusted book value (ABV) per share(2) were $129.94 and $189.72, respectively, as of June 30, 2026.
•Present value of new business production (PVP)(2) was $79 million for second quarter 2026.
•Return of Capital to Shareholders:
•Second quarter 2026 capital returned to shareholders was $62 million including share repurchases of $45 million and dividends of $17 million.
Hamilton, Bermuda, August 6, 2026 -- Assured Guaranty Ltd. (NYSE: AGO) (AGL and, together with its subsidiaries, Assured Guaranty or the Company) announced today its financial results for the three-month period ended June 30, 2026 (second quarter 2026).
Dominic Frederico, President and CEO, said: “At the midway point of 2026, Assured Guaranty’s key valuation metrics - shareholders’ equity, adjusted operating shareholders’ equity, and adjusted book value - all reached per share record highs, finishing at $126.18, $129.94 and $189.72, respectively.
“In the first half of 2026, we saw solid new business production. Both GWP and PVP exceeded last year’s first half totals, increasing by 26% and 48%, respectively, led by results in our U.S. public finance and global structured finance businesses.
“We continue to see positive developments in our global structured finance business. As for our annuity reinsurance platform, Assured Life Re, we are pleased with the progress we have made and the market’s reception of it.”
(1) All per share information for net income and adjusted operating income is based on diluted shares.
(2) Please see “Explanation of Non-GAAP Financial Measures” at the end of this press release.
1
Summary Financial Results
(in millions, except per share amounts)
Quarter Ended
June 30,
2026 2025
GAAP (1)
Net income (loss) attributable to AGL $ 39 $ 103
Net income (loss) attributable to AGL per diluted share $ 0.88 $ 2.08
Weighted average diluted shares 44.6 49.4
Non-GAAP (2)
Adjusted operating income (loss)
$ 55 $ 50
Adjusted operating income per diluted share $ 1.23 $ 1.01
Weighted average diluted shares 44.6 49.4
Components of total adjusted operating income (loss)
Financial Guaranty segment $ 85 $ 76
Annuity Reinsurance segment 2 —
Asset Management segment (4) 4
Corporate division (28) (29)
Other — (1)
Adjusted operating income (loss) $ 55 $ 50
As of
June 30, 2026 December 31, 2025
Amount Per Share Amount Per Share
Shareholders’ equity attributable to AGL $ 5,559 $ 126.18 $ 5,663 $ 125.32
Adjusted operating shareholders’ equity (2)
5,724 129.94 5,729 126.78
ABV (2)
8,358 189.72 8,424 186.43
Common Shares Outstanding 44.1 45.2
________________________________________
(1) Generally accepted accounting principles in the United States of America.
(2) Please see “Explanation of Non-GAAP Financial Measures” at the end of this press release.
On a per share basis, shareholders’ equity attributable to AGL increased to $126.18 as of June 30, 2026 from $125.32 as of December 31, 2025, primarily due to net income and share repurchases, partially offset by unrealized losses on the investment portfolio and dividends. On a per share basis, ABV increased to $189.72 as of June 30, 2026 from $186.43 as of December 31, 2025, primarily due to adjusted operating income, new business production, share repurchases, and the accretive effect of the acquisition of Assured Life Reinsurance Ltd. (Assured Life Re), partially offset by dividends.
Financial Guaranty Segment
The Financial Guaranty segment primarily consists of (i) the Company’s financial guaranty insurance subsidiaries that provide credit protection products to the United States (U.S.) and non-U.S. public finance (including infrastructure) and structured finance markets, excluding the effect of variable interest entity (VIE) consolidations, and (ii) Assured Guaranty Inc.’s investment subsidiary, AG Asset Strategies LLC.
2
Financial Guaranty Segment New Business Production
Financial Guaranty Segment
New Business Production
(in millions)
Quarter Ended June 30,
2026 2025
GWP
PVP (1)
Gross Par Written (2)
GWP
PVP (1)
Gross Par Written (2)
Public finance - U.S. $ 54 $ 58 $ 6,104 $ 73 $ 49 $ 8,861
Public finance - non-U.S. 8 3 362 8 7 275
Structured finance - U.S. 11 9 399 (1) 1 5
Structured finance - non-U.S. 8 9 1,486 5 7 1,255
Total $ 81 $ 79 $ 8,351 $ 85 $ 64 $ 10,396
________________________________________
(1) PVP, a non-GAAP financial measure, measures the value of the Financial Guaranty segment’s new business production for all contracts regardless of form or GAAP accounting model. See “Explanation of Non-GAAP Financial Measures” at the end of this press release. PVP is based on “close date,” when the transaction settles. PVP was discounted at 4.5% and 5.0% in second quarter 2026 and in the three-month period ended June 30, 2025 (second quarter 2025), respectively.
(2) Gross Par Written is based on “close date,” when the transaction settles.
U.S. public finance GWP and PVP include transactions closed in both the primary and secondary markets. U.S. public finance GWP in second quarter 2026 decreased compared with second quarter 2025 due to additional installment premiums in second quarter 2025 on a transportation revenue transaction. PVP increased in second quarter 2026 compared with second quarter 2025, primarily due to infrastructure finance transactions that were written in second quarter 2026.
The Company’s primary par written represented 51% of the total U.S. municipal market insured par sold in second quarter 2026, compared with 64% in second quarter 2025, and the Company’s penetration of all municipal issuance was 3.3% in second quarter 2026, compared with 6.0% in second quarter 2025.
Non-U.S. public finance GWP and PVP in second quarter 2026 included a regulated utility in Spain and a secondary market regulated utility in the United Kingdom (U.K.).
U.S. and non-U.S. structured finance GWP and PVP in second quarter 2026 increased 375% and 125%, respectively, compared with second quarter 2025, and included fund finance and financial guaranties for life insurance capital management purposes.
Business activity in the non-U.S. public finance and structured finance markets often has long lead times and therefore may vary from period to period.
Financial Guaranty Segment Adjusted Operating Income
Financial Guaranty segment adjusted operating income increased to $85 million in second quarter 2026 from $76 million in second quarter 2025 primarily due to lower loss expense of $22 million primarily related to the U.S. and non-U.S. public finance sectors and the increase of $14 million in net earned premiums and credit derivative revenues in second quarter 2026. These increases were partially offset by the decreases of $12 million in equity in earnings of investees stemming primarily from losses generated by the Company’s investment in a collateralized loan obligation (CLO) equity fund, a decrease of $10 million in foreign exchange remeasurement gains related primarily to cash, and lower other income primarily due to $6 million of interest received on late financial guaranty premiums in second quarter 2025.
3
Financial Guaranty Segment Results
(in millions)
Quarter Ended
June 30,
2026 2025
Segment revenues
Net earned premiums and credit derivative revenues $ 106 $ 92
Net investment income 89 89
Foreign exchange gains (losses) on remeasurement (2) 8
Fair value gains (losses) on trading securities 7 2
Other income (loss) (1) 8
Total segment revenues 199 199
Segment expenses
Loss expense (benefit) 5 27
Amortization of deferred acquisition costs (DAC) 5 5
Employee compensation and benefit expenses 47 44
Other operating expenses 30 29
Total segment expenses 87 105
Equity in earnings (losses) of investees (10) 2
Segment adjusted operating income (loss) before income taxes 102 96
Less: Provision (benefit) for income taxes 17 20
Segment adjusted operating income (loss) $ 85 $ 76
The components of the Financial Guaranty segment’s premiums, losses and income from the investment portfolio are presented below.
Financial Guaranty Segment Net Earned Premiums and Credit Derivative Revenues
Financial Guaranty Segment
Net Earned Premiums and Credit Derivative Revenues
(in millions)
Quarter Ended
June 30,
2026 2025
Scheduled net earned premiums and credit derivative revenues $ 95 $ 88
Accelerations and modifications 11 4
Total $ 106 $ 92
Scheduled net earned premiums and credit derivative revenues increased to $95 million in second quarter 2026 from $88 million in second quarter 2025 primarily due to continued growth in shorter duration strategies like fund finance that complement the rest of our long duration model.
Financial Guaranty Segment Loss Expense (Benefit) and the Roll Forward of Expected Losses
Loss expense is a function of net economic loss development (benefit) and deferred premium revenue. The difference between loss expense and economic development in a given period represents the amount of deferred premium revenue absorbing expected losses to be paid.
4
Financial Guaranty Segment
Loss Expense (Benefit)
(in millions)
Quarter Ended
June 30,
2026 2025
Public finance $ 1 $ 29
U.S. Residential Mortgage-Backed Securities (RMBS) 2 (1)
Other structured finance 2 (1)
Total $ 5 $ 27
Loss expense attributable to public finance decreased in second quarter 2026 compared with second quarter 2025 primarily due to lower loss expenses on a U.K. regulated utility, certain healthcare exposures and certain U.S. municipal revenue exposures in second quarter 2026 compared with second quarter 2025.
The table below presents the roll forward of net expected losses for second quarter 2026.
Roll Forward of Net Expected Loss to be Paid (Recovered) (1)
(in millions)
Net Expected Loss to be Paid (Recovered) as of March 31, 2026 Net
Economic Loss Development (Benefit) Net (Paid) Recovered
Losses Net Expected Loss to be Paid (Recovered) as of June 30, 2026
Public finance $ 131 $ 48 $ (5) $ 174
U.S. RMBS (48) (1) 9 (40)
Other structured finance 58 1 (1) 58
Total $ 141 $ 48 $ 3 $ 192
_________________________________________________
(1) Net economic loss development (benefit) represents the change in net expected loss to be paid (recovered) attributable to the effects of changes in the economic performance of insured transactions, changes in assumptions based on observed market trends, changes in discount rates, accretion of discount and the economic effects of loss mitigation efforts, each net of reinsurance. Net economic loss development (benefit) is the principal measure that the Company uses to evaluate the loss experience in its insured portfolio. Expected loss to be paid (recovered) includes all transactions insured by the Company, regardless of the accounting model prescribed under GAAP and without consideration of deferred premium revenue.
Net economic loss development in second quarter 2026 was primarily attributable to Brightline Trains Florida LLC (Brightline). The Company insures a portion of the senior revenue bonds issued by Brightline, which are secured by a continuing senior lien on Brightline’s assets.
5
Financial Guaranty Segment Income from the Investment Portfolio
Financial Guaranty Segment
Income from the Investment Portfolio
(in millions)
Quarter Ended
June 30,
2026 2025
Net investment income $ 89 $ 89
Fair value gains (losses) on trading securities 7 2
Equity in earnings (losses) of investees (1)
(10) 2
Total
$ 86 $ 93
_________________________________________________
(1) Equity in earnings (losses) of investees primarily relates to funds managed by Sound Point Capital Management, LP and certain of its investment management subsidiaries (Sound Point) and Assured Healthcare Partners, LLC. Investments in funds are reported on a one-quarter lag.
Net investment income represents interest income on available-for-sale fixed-maturity securities and short-term investments, which had an overall pre-tax book yield of 4.92% as of June 30, 2026 and 4.67% as of June 30, 2025.
Equity in earnings (losses) of investees was a loss of $10 million in second quarter 2026, compared with a gain of $2 million in second quarter 2025, primarily due to $19 million in mark-to-market losses in second quarter 2026 related to CLO investments. Equity in earnings (losses) of investees may be more volatile than net investment income on available-for-sale fixed-maturity securities and short-term investments, due to mark-to-market changes associated with certain alternative investments.
As of June 30, 2026, the Company had $928 million in alternative investments across a variety of asset classes: $726 million in the Financial Guaranty segment consisting primarily of CLO equity tranches in the available-for-sale fixed-maturity securities portfolio and investments in funds focused on asset classes such as private healthcare investing, asset-based/specialty finance, commercial real estate finance and CLOs. The remaining alternative investments are in the Corporate division. The inception-to-date annualized internal rate of return for all alternative investments was 12% as of June 30, 2026.
6
Annuity Reinsurance Segment
On January 21, 2026, the Company expanded its insurance operations to include annuity reinsurance through the acquisition of Warwick Re Limited, which it renamed Assured Life Re. The Annuity Reinsurance segment consists of the results of Assured Life Re and the other subsidiaries acquired as part of that transaction.
Annuity Reinsurance Segment Results
(in millions)
Quarter Ended
June 30, 2026
Segment revenues
Net investment income (1)
$ 11
Fair value gains (losses) on derivatives (2)
4
Total segment revenues 15
Segment expenses
Benefit expense for annuity reinsurance contracts (3)
8
Employee compensation and benefit expenses 3
Other operating expenses 2
Total segment expenses 13
Segment adjusted operating income (loss) before income taxes 2
Less: Provision (benefit) for income taxes —
Segment adjusted operating income (loss) $ 2
_________________________________________
(1) Represents primarily net investment income on assets supporting the U.K. bulk purchase annuities (pension risk transfers, PRT) contract.
(2) Represents the change in the fair value of the embedded derivative in funds withheld, excluding realized and unrealized gains (losses) on the underlying investments of the funds withheld account supporting Assured Life Re’s U.S. multi-year guaranteed annuities (MYGA) contract.
(3) Benefit expense for annuity reinsurance contracts includes $5 million related to PRT benefit expense and $3 million related to MYGA interest expense.
Assured Life Re reinsures a block of PRT business, with reserves of $484 million, supported by a $596 million asset portfolio that consists primarily of U.S. and U.K. corporate and government bonds, including a portfolio of inflation-linked bonds. The asset portfolio also includes derivatives that economically hedge the currency, inflation and interest rate mismatches between the PRT liabilities, which are long-dated inflation-linked obligations denominated in pound sterling, and the investment portfolio, which includes certain U.S. dollar denominated and non-inflation linked securities. See “Reconciliation to GAAP.”
Assured Life Re also reinsures a block of MYGA business with a policyholder account value of $256 million. The MYGA policyholder account balances for annuity reinsurance contracts are supported by assets in a funds withheld arrangement with the cedant and primarily consist of mortgage and other asset-backed securities for which the Company reports a funds withheld receivable of $296 million.
Asset Management Segment
Asset management adjusted operating loss was $4 million in second quarter 2026 and income of $4 million in second quarter 2025. It includes the Company’s ownership interest in Sound Point and the related amortization of intangible assets, as well as net carried interest in second quarter 2025, which related to the sale of the underlying assets in a single asset-fund in the first quarter of 2026.
7
Corporate Division
Corporate Division Results
(in millions)
Quarter Ended
June 30,
2026 2025
Revenues $ 3 $ 4
Expenses
Interest expense 24 26
Employee compensation and benefit expenses 7 6
Other operating expenses 7 7
Total expenses 38 39
Equity in earnings (losses) of investees 4 3
Adjusted operating income (loss) before income taxes (31) (32)
Less: Provision (benefit) for income taxes (3) (3)
Adjusted operating income (loss) $ (28) $ (29)
The Corporate division primarily consists of interest expense on the debt of Assured Guaranty US Holdings Inc. and Assured Guaranty Municipal Holdings Inc. as well as expenses attributed to the holding companies’ activities. The Corporate division also includes equity in earnings (losses) of investees related to certain alternative investments.
8
Reconciliation to GAAP
The following table presents a reconciliation of net income (loss) attributable to AGL to adjusted operating income (loss).
Reconciliation of Net Income (Loss) Attributable to AGL to
Adjusted Operating Income (Loss)
(in millions, except per share amounts)
Quarter Ended
June 30,
2026 2025
Total Per Diluted Share Total Per Diluted Share
Net income (loss) attributable to AGL $ 39 $ 0.88 $ 103 $ 2.08
Less pre-tax adjustments:
Realized gains (losses) on investments (10) (0.21) (6) (0.12)
Non-credit impairment-related fair value gains (losses) on credit derivatives (1) (0.01) (1) (0.03)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment (1) (0.04) — —
Realized and unrealized fair value gains (losses) of the embedded derivative in funds withheld — — — —
Fair value gains (losses) on committed capital securities (CCS) (7) (0.16) (1) (0.01)
Foreign exchange gains (losses) on remeasurement of certain assets and liabilities (1) (0.02) 71 1.43
Total pre-tax adjustments (20) (0.44) 63 1.27
Less tax effect on pre-tax adjustments 4 0.09 (10) (0.20)
Adjusted operating income (loss) $ 55 $ 1.23 $ 50 $ 1.01
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income (1)
$ — $ — $ (1) $ (0.02)
________________________________________
(1) The effect of consolidating financial guaranty (FG) VIEs and consolidated investment vehicles (CIVs).
Realized losses on investments were primarily due to credit losses on CLO equity tranches in both periods.
Except for credit impairment, the fair value adjustments on credit derivatives in the insured portfolio are non-economic adjustments that reverse to zero over the remaining term of that portfolio.
The Company purchases swaps and forwards to economically hedge foreign currency, interest rate and inflation risks in the annuity reinsurance business. These derivatives are freestanding and not in designated hedging relationships in accordance with GAAP.
The funds withheld arrangement includes the Company’s right to receive the total return on the assets supporting the funds withheld coinsurance agreement, which represents an embedded derivative. The fair value of this embedded derivative is included in funds withheld on the condensed consolidated balance sheets and the change in its fair value is based on the unrealized gains and losses of the underlying assets. The changes in fair value of the embedded derivative in funds withheld related to realized and unrealized gains and losses of the underlying investment portfolio are not included in adjusted operating income.
Fair value of CCS is heavily affected by, and in part fluctuates with, changes in market interest rates, credit spreads and other market factors and is not expected to result in an economic gain or loss.
9
Foreign exchange gains (losses) primarily relate to remeasurement of certain assets and liabilities such as premiums receivables and insurance liabilities that are long term in nature and are mainly due to changes in exchange rates relative to the U.S. dollar of the pound sterling and, to a lesser extent, the euro.
Common Share Repurchases
Since the launch of its share repurchase program in 2013, the Company has returned $6 billion of capital to shareholders, having repurchased 81% of its common shares outstanding at the beginning of the program.
Summary of Share Repurchases
(in millions, except per share amounts)
Amount (1)
Number of Shares Average Price Per Share
2026 (January 1 - March 31) $ 75 0.882 $ 85.58
2026 (April 1 - June 30) 45 0.554 80.68
2026 (July 1 - August 5)
10 0.123 83.78
Total 2026 $ 130 1.559 83.70
_________________________________________________
(1) Excludes commissions.
As of August 5, 2026, the Company was authorized to repurchase an additional $121 million of its common shares.
As part of its overall capital management strategy, the Company evaluates on a quarterly basis planned uses of available capital, which may include growth opportunities in its financial guaranty insurance and annuity reinsurance businesses, maintaining a capital cushion to support its existing business and share repurchases.
The timing, form and amount of any future share repurchases will be determined at the Company’s discretion and will depend on various factors, including alternative uses for capital, the Company’s regulatory capital position, rating agency capital considerations, availability of cash at the parent company, market conditions and legal and regulatory requirements. Any such share repurchases may be made from time to time through open-market purchases or privately negotiated transactions, and there can be no assurance of the amount of share repurchases that will occur in the future.
10
Financial Statements
Condensed Consolidated Statements of Operations (unaudited)
(in millions)
Quarter Ended
June 30,
2026 2025
Revenues
Net earned premiums $ 102 $ 89
Net investment income 98 89
Net realized investment gains (losses) (10) (6)
Fair value gains (losses) on derivatives 5 1
Fair value gains (losses) on CCS (7) (1)
Gains (losses) on FG VIEs 2 2
Fair value gains (losses) on CIVs — 4
Foreign exchange gains (losses) on remeasurement (2) 79
Fair value gains (losses) on trading securities 7 2
Asset management revenues — 13
Other income (loss) — 9
Total revenues 195 281
Expenses
Loss and LAE (benefit) 4 28
Benefit expense for annuity reinsurance contracts 8 —
Interest expense 22 23
Amortization of DAC 5 5
Employee compensation and benefit expenses 57 50
Asset management expenses — 9
Other operating expenses 39 36
Total expenses 135 151
Income (loss) before income taxes and equity in earnings (losses) of investees 60 130
Equity in earnings (losses) of investees (11) 3
Income (loss) before income taxes 49 133
Less: Provision (benefit) for income taxes 9 27
Net income (loss) 40 106
Less: Noncontrolling interest 1 3
Net income (loss) attributable to AGL $ 39 $ 103
11
Condensed Consolidated Balance Sheets (unaudited)
(in millions)
As of
June 30, 2026 December 31, 2025
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value $ 6,817 $ 6,369
Fixed-maturity securities, trading, at fair value 131 124
Short-term investments, at fair value 792 903
Other invested assets 1,190 1,091
Total investments 8,930 8,487
Cash 310 388
Premiums receivable, net of commissions payable 1,523 1,572
Funds withheld, at fair value 296 —
DAC 201 192
Salvage and subrogation recoverable 428 449
FG VIEs’ assets 198 212
Assets of CIVs — 175
Other assets 755 701
Total assets $ 12,641 $ 12,176
Liabilities
Unearned premium reserve $ 3,600 $ 3,625
Loss and LAE reserve 306 309
Future policy benefits for annuity reinsurance contracts 484 —
Policyholder account balances for annuity reinsurance contracts 256 —
Long-term debt 1,706 1,704
FG VIEs’ liabilities 188 198
Other liabilities 519 551
Total liabilities 7,059 6,387
Shareholders’ equity
Common shares — —
Retained earnings 5,809 5,830
Accumulated other comprehensive income (loss) (251) (168)
Deferred equity compensation 1 1
Total shareholders’ equity attributable to AGL 5,559 5,663
Non-redeemable noncontrolling interest 23 126
Total shareholders’ equity 5,582 5,789
Total liabilities and shareholders’ equity $ 12,641 $ 12,176
12
Explanation of Non-GAAP Financial Measures
The Company discloses both: (i) financial measures determined in accordance with GAAP; and (ii) financial measures not determined in accordance with GAAP (non-GAAP financial measures). Financial measures identified as non-GAAP should not be considered substitutes for GAAP financial measures. The primary limitation of non-GAAP financial measures is the potential lack of comparability to financial measures of other companies, whose definitions of non-GAAP financial measures may differ from those of the Company.
The Company’s management believes that many investors, analysts and financial news reporters use adjusted operating shareholders’ equity and/or ABV, each further adjusted to remove the effect of FG VIE and CIV consolidation, as the principal financial measures for valuing AGL’s current share price or projected share price and also as the basis of their decision to recommend, buy or sell AGL’s common shares and provides information that is necessary for analysts to calculate their estimates of Assured Guaranty’s financial results in their research reports on Assured Guaranty.
Adjusted operating income, further adjusted for the effect of FG VIE and CIV consolidation, enables investors and analysts to evaluate the Company’s financial results in comparison with the consensus analyst estimates distributed publicly by financial databases.
GAAP requires the Company to consolidate entities where it is deemed to be the primary beneficiary which include FG VIEs, which the Company does not own and where its exposure is limited to its obligation under the financial guaranty insurance contract, and certain CIVs in which subsidiaries invest.
The Company discloses the effect of FG VIE and CIV consolidation that is embedded in each non-GAAP financial measure, as applicable. The Company believes this information may also be useful to analysts and investors evaluating Assured Guaranty’s financial results. In the case of both the consolidated FG VIEs and the CIVs, the economic effect on the Company of each of the consolidated FG VIEs and CIVs is reflected primarily in the results of the Financial Guaranty segment.
The Company’s management and AGL’s Board of Directors use non-GAAP financial measures further adjusted to remove the effect of FG VIE and CIV consolidation when the consolidation effects are not consistent with the Company’s economic interest or exposure to those entities (which the Company refers to as its core financial measures), as well as GAAP financial measures and other factors, to evaluate the Company’s results of operations, financial condition and progress towards long-term goals. The Company uses core financial measures in its decision-making process and as a basis for establishing target levels and awards under the Company’s executive incentive compensation programs. The financial measures that the Company uses to help determine compensation are: (i) adjusted operating income per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core operating income per share); (ii) adjusted operating shareholders’ equity per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core operating shareholders’ equity per share); (iii) ABV per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core ABV per share); (iv) core operating return on equity, which is calculated as core operating income divided by the average of core operating shareholders’ equity at the beginning and end of the period; and (v) PVP.
The following paragraphs define each non-GAAP financial measure disclosed by the Company and describe why it is useful. To the extent there is a directly comparable GAAP financial measure, a reconciliation of the non-GAAP financial measure and the most directly comparable GAAP financial measure is presented below.
Adjusted Operating Income
The Company’s management believes that adjusted operating income is a useful measure because it clarifies the understanding of the operating results of the Company and excludes certain items including (i) items that, under GAAP, may vary significantly from period to period due to near-term market conditions or are otherwise not
13
directly comparable or reflective of the underlying performance of the Company’s business, (ii) items that, under GAAP, result in asymmetrical accounting adjustments, and/or (iii) non-economic gains and losses. Adjusted operating income is defined as net income (loss) attributable to AGL, as reported under GAAP, adjusted for the following:
1) Elimination of realized gains (losses) on investments that are recognized in net income (loss) attributable to AGL, except for gains and losses on securities classified as trading. The timing of realized gains and losses, which depends largely on market credit cycles, can vary considerably across periods. The timing of sales is largely subject to the Company’s discretion and influenced by market opportunities, as well as the Company’s tax and capital profile.
2) Elimination of non-credit impairment-related fair value gains (losses) on credit derivatives that are recognized in net income (loss) attributable to AGL, which is the amount of fair value gains (losses) in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, the Company’s credit spreads and other market factors and are not expected to result in an economic gain or loss.
3) Elimination of changes in fair value of freestanding derivatives in the Annuity Reinsurance segment that economically hedge market movements in financial instruments and insurance liabilities (but are not in designated hedging relationships in accordance with GAAP). Certain mark-to-market movements of the hedged market risks are not reported in net income (loss) attributable to AGL, such as changes in the unrealized gains and losses on the available-for-sale investment portfolio due to fluctuations in exchange rates, and interest rates, and certain components of changes in insurance liabilities as a result of changes in interest rates.
4) Elimination of the changes in fair value of the embedded derivative in funds withheld that are recognized in net income (loss) attributable to AGL related to realized and unrealized gains (losses) of the underlying investment portfolio, whose value may change significantly from period to period due to near term market conditions.
5) Elimination of fair value gains (losses) on CCS that are recognized in net income (loss) attributable to AGL. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss.
6) Elimination of foreign exchange gains (losses) on remeasurement of assets and liabilities such as net premium receivables and insurance liabilities that are long-term in nature that are recognized in net income (loss) attributable to AGL. Long-dated receivables and insurance reserves represent the present value of future contractual or expected cash flows. Therefore, the current period’s foreign exchange remeasurement gains (losses) are not necessarily indicative of the total foreign exchange gains (losses) that the Company will ultimately recognize.
7) Income tax allocated to the adjustments above.
Adjusted operating income per share is calculated by dividing adjusted operating income by the weighted average diluted shares. The method for calculating weighted average diluted shares is in accordance with GAAP. See “Reconciliation to GAAP” above for a reconciliation of net income (loss) attributable to AGL to adjusted operating income (loss).
Adjusted Operating Shareholders’ Equity and ABV
The Company’s management believes that adjusted operating shareholders’ equity is a useful measure because it excludes the fair value adjustments that are not expected to result in economic gain or loss. The Company’s management uses ABV, further adjusted to remove the effect of FG VIE and CIV consolidation, to measure the
14
intrinsic value of the Company, excluding franchise value. The Company’s management believes that ABV is a useful measure because it enables an evaluation of the Company’s in-force premiums and revenues net of expected losses.
Adjusted operating shareholders’ equity per share and ABV per share, each further adjusted for FG VIE and CIV consolidation (core operating shareholders’ equity per share and core ABV per share, respectively), are two of the key financial measures used in determining the amount of certain long-term compensation elements to management and employees and used by rating agencies and investors.
Adjusted operating shareholders’ equity is defined as shareholders’ equity attributable to AGL, as reported under GAAP, adjusted for the following:
1) Elimination of non-credit impairment-related fair value gains (losses) on credit derivatives that are reported on the consolidated balance sheet, which is the amount of fair value gains (losses) in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.
2) Elimination of fair value gains (losses) on CCS that are reported on the consolidated balance sheet. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss.
3) Elimination of unrealized gains (losses) on investments that are recorded as a component of accumulated other comprehensive income (AOCI). The AOCI component of the fair value adjustment on the investment portfolio is not deemed economic because the Company generally holds these investments to maturity and therefore would not result in an economic gain or loss.
4) Elimination of the fair value of freestanding derivatives in the Annuity Reinsurance segment that economically hedge market movements in financial instruments and insurance liabilities (but are not in designated hedging relationships in accordance with GAAP), such as changes in fair value on derivatives that hedge fluctuations in foreign exchange, interest rates and inflation on Assured Life Re’s available-for-sale investment portfolio.
5) Elimination of the unrealized gains (losses) of the underlying investments in funds withheld arrangements.
6) Income tax allocated to the adjustments above.
ABV is adjusted operating shareholders’ equity, as defined above, further adjusted for the following:
1) Elimination of deferred acquisition costs, net. These amounts represent net deferred expenses that have already been paid or accrued and will be expensed in future accounting periods.
2) Addition of the net present value of estimated net future revenue. See below.
3) Addition of deferred income on insurance contracts (including deferred profit liability and, in the case of financial guaranty insurance contracts, the amount of deferred premium revenue in excess of expected loss to be expensed, net of reinsurance).
4) Income tax allocated to the adjustments above.
Shares outstanding as of the end of the reporting period are used to calculate adjusted operating shareholders’ equity per share and ABV per share.
15
The unearned premiums and revenues included in ABV will be earned in future periods, but actual earnings may differ materially from the estimated amounts used in determining current ABV due to changes in foreign exchange rates, prepayment speeds, terminations, modifications, credit defaults, changes in assumptions for or actual experience of the annuity insurance business and other factors.
Reconciliation of Shareholders’ Equity Attributable to AGL to
Adjusted Operating Shareholders’ Equity and ABV
(in millions, except per share amounts)
As of
June 30, 2026 December 31, 2025
Total Per Share Total Per Share
Shareholders’ equity attributable to AGL $ 5,559 $ 126.18 $ 5,663 $ 125.32
Less pre-tax adjustments:
Non-credit impairment-related fair value gains (losses) on credit derivatives 52 1.18 55 1.21
Fair value gains (losses) on CCS 20 0.46 22 0.48
Unrealized gains (losses) on investment portfolio (258) (5.87) (149) (3.28)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment (5) (0.12) — —
Fair value gains (losses) of the embedded derivative in funds withheld (1) (0.03) — —
Less taxes 27 0.62 6 0.13
Adjusted operating shareholders’ equity 5,724 129.94 5,729 126.78
Pre-tax adjustments:
Less: DAC 201 4.57 192 4.25
Plus: Net present value of estimated net future revenue 188 4.27 194 4.30
Plus: Net deferred revenues on insurance contracts 3,305 75.01 3,367 74.51
Plus taxes (658) (14.93) (674) (14.91)
ABV $ 8,358 $ 189.72 $ 8,424 $ 186.43
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity $ (8) $ (0.16) $ 8 $ 0.18
ABV (12) (0.26) 3 0.07
Shares outstanding at the end of the period 44.1 45.2
Net Present Value of Estimated Net Future Revenue
The Company’s management believes that this amount is a useful measure because it enables an evaluation of the present value of estimated net future revenue for non-financial guaranty insurance contracts. This amount represents the net present value of estimated future revenue from these contracts (other than credit derivatives with net expected losses), net of reinsurance, ceding commissions and premium taxes.
Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Net present value of estimated future revenue for an obligation may change from period to period due to a change in the discount rate or due to a change in estimated net future revenue for the obligation, which may change due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation. There is no corresponding GAAP financial measure.
16
PVP or Present Value of New Business Production
The Company’s management believes that PVP is a useful measure because it enables the evaluation of the value of new business production in the Financial Guaranty segment by taking into account the value of estimated future installment premiums on all new contracts underwritten in a reporting period as well as additional installment premiums and fees on existing contracts (which may result from supplements or fees or from the issuer not calling an insured obligation the Company projected would be called), regardless of form, which management believes GAAP GWP and changes in fair value of credit derivatives do not adequately measure. PVP in respect of contracts written in a specified period is defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums.
Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Under GAAP, financial guaranty installment premiums are discounted at a risk-free rate. Additionally, under GAAP, management records future installment premiums on financial guaranty insurance contracts covering non-homogeneous pools of assets based on the contractual term of the transaction, whereas for PVP purposes, management records an estimate of the future installment premiums the Company expects to receive, which may be based upon a shorter period of time than the contractual term of the transaction.
Actual installment premiums may differ from those estimated in the Company’s PVP calculation due to factors including, but not limited to, changes in foreign exchange rates, prepayment speeds, terminations, amendments to policies, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation.
Reconciliation of GWP to PVP
(in millions)
Quarter Ended
June 30, 2026
Public Finance Structured Finance
U.S. Non - U.S. U.S. Non - U.S. Total
GWP $ 54 $ 8 $ 11 $ 8 $ 81
Less: Installment GWP and other GAAP adjustments (1)
6 8 11 8 33
Upfront GWP 48 — — — 48
Plus: Installment premiums and other (2)
10 3 9 9 31
PVP $ 58 $ 3 $ 9 $ 9 $ 79
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Quarter Ended
June 30, 2025
Public Finance Structured Finance
U.S. Non - U.S. U.S. Non - U.S. Total
GWP $ 73 $ 8 $ (1) $ 5 $ 85
Less: Installment GWP and other GAAP adjustments (1)
30 8 — 5 43
Upfront GWP 43 — (1) — 42
Plus: Installment premiums and other (2)
6 7 2 7 22
PVP $ 49 $ 7 $ 1 $ 7 $ 64
_________________________________________________
(1) Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, and GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.
(2) Includes the present value of future premiums and fees on new business paid in installments discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities.
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Conference Call and Webcast Information
The Company will host a conference call for investors at 8:00 a.m. Eastern Time (9:00 a.m. Atlantic Time) on Friday, August 7, 2026. The conference call will be available via live webcast in the Investor Information section of the Company’s website at AssuredGuaranty.com or by dialing 1-833-461-5787 (in the U.S.) or 1-585-542-9983 (International); the access code is 348883485.
A webcast replay of the conference call will be available approximately three hours after the call ends. The webcast replay will be available for one year in the Investor Information section of the Company’s website at AssuredGuaranty.com.
Please refer to Assured Guaranty’s June 30, 2026 Financial Supplement, which is posted on the Company’s website at assuredguaranty.com/agldata, for more information on the Company’s financial guaranty portfolio, investment portfolio and other items. In addition, the Company is posting at assuredguaranty.com/presentations its “June 30, 2026 Equity Investor Presentation.”
The Company plans to post by early next week on its website at assuredguaranty.com/agldata the following:
•“Public Finance Transactions in 2Q 2026,” which lists the U.S. public finance new issues insured by the Company in second quarter 2026, and
•“Structured Finance Transactions at June 30, 2026,” which lists the Company’s structured finance exposure as of that date.
In addition, the Company will post on its website, when available, Assured Guaranty Inc.’s financial supplement and its “Fixed Income Presentation” for the current quarter. Those documents will be furnished to the Securities and Exchange Commission in a Current Report on Form 8-K.
# # #
Assured Guaranty Ltd. is a publicly traded (NYSE: AGO), Bermuda-based holding company. Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and non-U.S. public finance, infrastructure and structured finance markets. Assured Guaranty also participates in the asset management business through its ownership interest in Sound Point Capital Management, LP and certain of its investment management affiliates, and in the annuity reinsurance business through Assured Life Reinsurance Ltd. More information on Assured Guaranty Ltd. and its subsidiaries can be found at AssuredGuaranty.com.
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Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this press release reflect the Company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Among factors that could cause actual results to differ materially are:
(i) significant changes in inflation, interest rates, the world’s credit markets or segments thereof, credit spreads, foreign exchange rates, tariff regimes or general economic conditions, including the possibility of a recession or stagflation; (ii) geopolitical risk, terrorism and political violence risk, including regional and global military conflicts, and strategic competition and trade confrontation; (iii) cybersecurity risk and the impacts of artificial intelligence, machine learning and other technological advances, including the possibility of malicious cyber attacks, dissemination of misinformation, and disruption of markets in which Assured Guaranty participates; (iv) the impact of a United States (U.S.) government shutdown and/or the possibility of payment defaults on the debt of the U.S. government or instruments issued, insured or guaranteed by related institutions, agencies or instrumentalities, and downgrades to their credit ratings; (v) developments in the world’s financial and capital markets, including stresses in banking institutions, and the possibility that increasing participation of unregulated financial institutions in these markets results in losses or lower valuations of assets, reduced liquidity and credit and/or contraction of these markets, that adversely affect repayment rates of insured obligors, Assured Guaranty’s insurance loss or recovery experience, or investments of Assured Guaranty; (vi) reduction in the amount or market rates of return of available insurance or reinsurance opportunities and/or the demand for Assured Guaranty’s insurance and reinsurance; (vii) the failure or ineffectiveness of Assured Guaranty’s risk mitigation strategies or activities, including distressed credit workouts, management of exposure limits, hedging activities, and the procurement of third-party reinsurance for insured exposures; (viii) any rating agency action in relation to Assured Guaranty, and/or of any securities Assured Guaranty has issued, and/or of transactions that Assured Guaranty has insured, including requirements to maintain rating agency capital redundancy and to hold additional capital against certain insured exposures; (ix) the possibility that investments made by Assured Guaranty for its investment portfolio do not result in the benefits anticipated or subject Assured Guaranty to negative consequences; (x) the possibility that Assured Guaranty’s strategies or strategic transactions do not result in the benefits anticipated and/or subject Assured Guaranty to negative consequences; (xi) the impact of the announcement of Assured Guaranty’s strategies on Assured Guaranty and the perception of Assured Guaranty by its investors, regulators, rating agencies, and employees; (xii) risks related to the expansion into annuity reinsurance and the launching of Assured Life Reinsurance Ltd.; (xiii) the failure of Assured Guaranty to successfully integrate acquired businesses, including Assured Guaranty’s acquisition of Warwick Company (UK) Limited; (xiv) loss of key personnel; (xv) the possibility that longevity, mortality, lapse, withdrawal or surrender experience in Assured Guaranty’s annuity reinsurance business is less favorable than the rates Assured Guaranty used in pricing its reinsurance agreements; (xvi) the inability to control the business, management or policies of entities in which Assured Guaranty holds a noncontrolling interest; (xvii) the impact of market volatility on the fair value of Assured Guaranty’s assets and liabilities subject to mark-to-market, including certain of its investments, contracts accounted for as derivatives, its committed capital securities, and its consolidated variable interest entities; (xviii) the possibility that budget or pension shortfalls, difficulties in obtaining additional financing, changes in applicable laws or regulations or other factors will result in credit losses or liquidity claims on obligations that Assured Guaranty insures or reinsures; (xix) insured losses, including losses with respect to related legal proceedings, in excess of those expected by Assured Guaranty or the failure of Assured Guaranty to realize loss recoveries that are assumed in its expected loss estimates for insurance exposures; (xx) the possibility that underwriting insurance in new jurisdictions and/or covering new sectors, lines or classes of business does not result in the benefits anticipated or subjects Assured Guaranty to negative consequences; (xxi) increased competition, including from new market entrants and alternative forms of credit protection; (xxii) the inability of Assured Guaranty to access capital on acceptable terms or have sufficient liquidity to cover unexpected stress; (xxiii) noncompliance with, and/or changes in, applicable laws or regulations, including insurance, bankruptcy and tax laws, tariffs, or other governmental actions; (xxiv) the possibility that legal or regulatory decisions or determinations subject Assured Guaranty or obligations that it insures or reinsures to
20
negative consequences; (xxv) difficulties or delays with the execution of Assured Guaranty’s business strategy; (xxvi) changes in applicable accounting policies or practices; (xxvii) public health crises, including pandemics and endemics, and the governmental and private actions taken in response to such events; (xxviii) natural or man-made catastrophes; (xxix) the impact of climate change on Assured Guaranty’s business and regulatory actions taken related to such risk; (xxx) other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission; (xxxi) other risks and uncertainties that have not been identified at this time; and (xxxii) management’s response to these factors.
Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made as of August 6, 2026, and Assured Guaranty undertakes no obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Contact Information
Robert Tucker
Senior Managing Director, Investor Relations and Corporate Communications
212-339-0861
rtucker@agltd.com
Ashweeta Durani
Director, Media Relations
212-408-6042
adurani@agltd.com
21
EX-99.2 — AGL FINANCIAL SUPPLEMENT
EX-99.2
Filename: agl2q26supplement.htm · Sequence: 3
Document
Assured Guaranty Ltd.
June 30, 2026
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
12
Investment Portfolio, Cash and CIVs
13
Income from Investment Portfolio and CIVs
15
Financial Guaranty Segment:
17
Financial Guaranty Segment Results
18
Financial Guaranty Claims-Paying Resources
19
New Business Production
20
Gross Par Written
21
New Business Production by Quarter
22
Estimated Net Exposure Amortization and Estimated Future Financial Guaranty Net Premium and Credit Derivative Revenues
23
Roll Forward of Net Expected Loss and Loss Adjustment Expenses to be Paid (Recovered)
24
Loss Measures
25
Net Expected Loss to be Expensed
26
Financial Guaranty Profile
27
Specialty Business
30
Expected Amortization of Net Par Outstanding
31
Puerto Rico Profile
32
Direct Pooled Corporate Obligations Profile
33
Below Investment Grade Exposures
34
Largest Exposures by Sector
37
Annuity Reinsurance Segment
40
Annuity Reinsurance Segment Results
41
Asset Management Segment
42
Asset Management Segment Results
43
Corporate Division
44
Corporate Division Results
45
Other
46
Other Results
47
Summary
49
Summary of Financial and Statistical Data
50
Summary of GAAP to Non-GAAP Reconciliations
51
Glossary
53
Non-GAAP Financial Measures
56
This financial supplement should be read in conjunction with documents filed by Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty or the Company) with the United States (U.S.) Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2025 and its Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026. Certain prior year balances have been reclassified to conform to the current year’s presentation.
Cautionary Statement Regarding Forward Looking Statements
Any forward looking statements made in this supplement reflect the current views of Assured Guaranty with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Assured Guaranty’s forward looking statements could be affected by many events. These events include: (i) significant changes in inflation, interest rates, the world’s credit markets or segments thereof, credit spreads, foreign exchange rates, tariff regimes or general economic conditions, including the possibility of a recession or stagflation; (ii) geopolitical risk, terrorism and political violence risk, including regional and global military conflicts, and strategic competition and trade confrontation; (iii) cybersecurity risk and the impacts of artificial intelligence, machine learning and other technological advances, including the possibility of malicious cyber attacks, dissemination of misinformation, and disruption of markets in which Assured Guaranty participates; (iv) the impact of a United States (U.S.) government shutdown and/or the possibility of payment defaults on the debt of the U.S. government or instruments issued, insured or guaranteed by related institutions, agencies or instrumentalities, and downgrades to their credit ratings; (v) developments in the world’s financial and capital markets, including stresses in banking institutions, and the possibility that increasing participation of unregulated financial institutions in these markets results in losses or lower valuations of assets, reduced liquidity and credit and/or contraction of these markets, that adversely affect repayment rates of insured obligors, Assured Guaranty’s insurance loss or recovery experience, or investments of Assured Guaranty; (vi) reduction in the amount or market rates of return of available insurance or reinsurance opportunities and/or the demand for Assured Guaranty’s insurance and reinsurance; (vii) the failure or ineffectiveness of Assured Guaranty’s risk mitigation strategies or activities, including distressed credit workouts, management of exposure limits, hedging activities, and the procurement of third-party reinsurance for insured exposures; (viii) any rating agency action in relation to Assured Guaranty, and/or of any securities Assured Guaranty has issued, and/or of transactions that Assured Guaranty has insured, including requirements to maintain rating agency capital redundancy and to hold additional capital against certain insured exposures; (ix) the possibility that investments made by Assured Guaranty for its investment portfolio do not result in the benefits anticipated or subject Assured Guaranty to negative consequences; (x) the possibility that Assured Guaranty’s strategies or strategic transactions do not result in the benefits anticipated and/or subject Assured Guaranty to negative consequences; (xi) the impact of the announcement of Assured Guaranty’s strategies on Assured Guaranty and the perception of Assured Guaranty by its investors, regulators, rating agencies, and employees; (xii) risks related to the expansion into annuity reinsurance and the launching of Assured Life Reinsurance Ltd.; (xiii) the failure of Assured Guaranty to successfully integrate acquired businesses, including Assured Guaranty’s acquisition of Warwick Company (UK) Limited; (xiv) loss of key personnel; (xv) the possibility that longevity, mortality, lapse, withdrawal or surrender experience in Assured Guaranty’s annuity reinsurance business is less favorable than the rates Assured Guaranty used in pricing its reinsurance agreements; (xvi) the inability to control the business, management or policies of entities in which Assured Guaranty holds a noncontrolling interest; (xvii) the impact of market volatility on the fair value of Assured Guaranty’s assets and liabilities subject to mark-to-market, including certain of its investments, contracts accounted for as derivatives, its committed capital securities, and its consolidated variable interest entities; (xviii) the possibility that budget or pension shortfalls, difficulties in obtaining additional financing, changes in applicable laws or regulations or other factors will result in credit losses or liquidity claims on obligations that Assured Guaranty insures or reinsures; (xix) insured losses, including losses with respect to related legal proceedings, in excess of those expected by Assured Guaranty or the failure of Assured Guaranty to realize loss recoveries that are assumed in its expected loss estimates for insurance exposures; (xx) the possibility that underwriting insurance in new jurisdictions and/or covering new sectors, lines or classes of business does not result in the benefits anticipated or subjects Assured Guaranty to negative consequences; (xxi) increased competition, including from new market entrants and alternative forms of credit protection; (xxii) the inability of Assured Guaranty to access capital on acceptable terms or have sufficient liquidity to cover unexpected stress; (xxiii) noncompliance with, and/or changes in, applicable laws or regulations, including insurance, bankruptcy and tax laws, tariffs, or other governmental actions; (xxiv) the possibility that legal or regulatory decisions or determinations subject Assured Guaranty or obligations that it insures or reinsures to negative consequences; (xxv) difficulties or delays with the execution of Assured Guaranty’s business strategy; (xxvi) changes in applicable accounting policies or practices; (xxvii) public health crises, including pandemics and endemics, and the governmental and private actions taken in response to such events; (xxviii) natural or man-made catastrophes; (xxix) the impact of climate change on Assured Guaranty’s business and regulatory actions taken related to such risk; (xxx) other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission; (xxxi) other risks and uncertainties that have not been identified at this time; and (xxxii) management’s response to these factors. Assured Guaranty undertakes no obligation to update or review any forward looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Assured Guaranty Ltd.
Selected Financial Highlights (1 of 2)
(dollars in millions, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
GAAP (1) Highlights
Net income (loss) attributable to AGL $ 39 $ 103 $ 127 $ 279
Net income (loss) attributable to AGL per diluted share $ 0.88 $ 2.08 $ 2.80 $ 5.54
Weighted average shares outstanding
Basic shares outstanding 44.3 48.9 44.6 49.5
Diluted shares outstanding
44.6 49.4 45.0 50.1
Effective tax rate on net income 18.0 % 20.9 % (9.9) % 19.7 %
GAAP return on equity (ROE) (2)
2.8 % 7.4 % 4.5 % 10.0 %
Non-GAAP Highlights (3)
Adjusted operating income (loss) $ 55 $ 50 $ 170 $ 212
Adjusted operating income (loss) per diluted share (3)
$ 1.23 $ 1.01 $ 3.74 $ 4.21
Weighted average diluted shares outstanding 44.6 49.4 45.0 50.1
Effective tax rate on adjusted operating income (4)
19.1 % 25.8 % (0.8) % 20.6 %
Adjusted operating ROE (2)(3)
3.8 % 3.5 % 5.9 % 7.3 %
Components of adjusted operating income (loss) (3)
Financial Guaranty segment $ 85 $ 76 $ 187 $ 244
Annuity Reinsurance segment 2 — 2 —
Asset Management segment (4) 4 40 16
Corporate division (28) (29) (43) (49)
Other (5)
— (1) (16) 1
Adjusted operating income (loss) $ 55 $ 50 $ 170 $ 212
Capital Returned to Common Shareholders
Common share repurchases (6)
$ 45 $ 131 $ 120 $ 251
Dividends 17 19 35 37
Total capital returned to common shareholders $ 62 $ 150 $ 155 $ 288
Financial Guaranty Segment
Gross written premiums (GWP) $ 81 $ 85 $ 151 $ 120
Present value of new business production (PVP) (3)
79 64 152 103
Gross par written 8,351 10,396 15,862 15,398
Effect of refundings, terminations and modifications on GAAP measures:
Net earned premiums, pre-tax $ 11 $ 4 $ 5 $ 9
Fair value gains (losses) of credit derivatives, pre-tax — — 1 40
Net income effect (loss) 8 3 4 39
Net income per diluted share (loss) 0.19 0.07 0.10 0.78
Effect of refundings, terminations and modifications on non-GAAP measures:
Operating net earned premiums and credit derivative revenues (7), pre-tax
$ 11 $ 4 $ 6 $ 49
Adjusted operating income (loss) (7) effect
8 3 4 39
Adjusted operating income (loss) per diluted share (7)
0.19 0.07 0.10 0.78
1) Accounting principles generally accepted in the United States of America (GAAP).
2) Quarterly ROE calculations represent annualized returns. See page 6 for additional information on calculation.
3) Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.
4) Represents the ratio of adjusted operating provision for income taxes to adjusted operating income before income taxes.
5) Represents the effect of consolidating financial guaranty variable interest entities (FG VIEs) and consolidated investment vehicles (CIVs) (FG VIE and CIV consolidation).
6) Excludes commissions.
7) Condensed consolidated statement of operations items mentioned in this Financial Supplement that are described as operating (i.e., operating net earned premiums and credit derivative revenues) are non-GAAP measures and represent components of adjusted operating income. Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.
1
Assured Guaranty Ltd.
Selected Financial Highlights (2 of 2)
As of
June 30, 2026 December 31, 2025
Amount Per Share Amount Per Share
(in millions, except per share amounts)
Shareholders’ equity attributable to AGL $ 5,559 $ 126.18 $ 5,663 $ 125.32
Adjusted operating shareholders’ equity (1)
5,724 129.94 5,729 126.78
Adjusted book value (ABV) (1)
8,358 189.72 8,424 186.43
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity (8) (0.16) 8 0.18
ABV (12) (0.26) 3 0.07
Shares outstanding at the end of period 44.1 45.2
Financial guaranty claims-paying resources (2)
$ 9,978 $ 10,094
As of
June 30, 2026 December 31, 2025
Exposure (in billions)
Financial guaranty net debt service outstanding $ 446.6 $ 440.8
Financial guaranty net par outstanding:
Investment grade $ 272.9 $ 268.3
Below-investment-grade (BIG) 8.5 8.8
Total $ 281.4 $ 277.1
1) Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.
2) See page 19 for additional detail on financial guaranty claims-paying resources.
2
Assured Guaranty Ltd.
Condensed Consolidated Statements of Operations (unaudited)
(in millions, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Revenues
Net earned premiums $ 102 $ 89 $ 184 $ 180
Net investment income 98 89 190 176
Net realized investment gains (losses) (10) (6) (25) (22)
Fair value gains (losses) on derivatives 5 1 7 105
Fair value gains (losses) on committed capital securities (CCS) (7) (1) (1) 1
Gains (losses) on FG VIEs 2 2 (3) 3
Fair value gains (losses) on CIVs — 4 9 23
Foreign exchange gains (losses) on remeasurement (2) 79 (21) 116
Fair value gains (losses) on trading securities 7 2 13 3
Asset management revenues — 13 94 18
Other income (loss) — 9 9 23
Total revenues 195 281 456 626
Expenses
Loss and loss adjustment expense (LAE) (benefit) 4 28 21 68
Benefit expense for annuity reinsurance contracts 8 — 15 —
Interest expense 22 23 44 45
Amortization of deferred acquisition costs (DAC) 5 5 10 10
Employee compensation and benefit expenses 57 50 120 110
Asset management expenses — 9 68 13
Other operating expenses 39 36 84 74
Total expenses 135 151 362 320
Income (loss) before income taxes and equity in earnings (losses) of investees 60 130 94 306
Equity in earnings (losses) of investees (11) 3 20 56
Income (loss) before income taxes 49 133 114 362
Less: Provision (benefit) for income taxes 9 27 (11) 71
Net income (loss) 40 106 125 291
Less: Noncontrolling interest 1 3 (2) 12
Net income (loss) attributable to AGL $ 39 $ 103 $ 127 $ 279
Earnings per share:
Basic $ 0.88 $ 2.10 $ 2.82 $ 5.60
Diluted $ 0.88 $ 2.08 $ 2.80 $ 5.54
3
Assured Guaranty Ltd.
Condensed Consolidated Balance Sheets (unaudited)
(in millions)
As of
June 30, December 31,
2026 2025
Assets
Investments:
Fixed-maturity securities, available-for-sale, at fair value $ 6,817 $ 6,369
Fixed-maturity securities, trading, at fair value 131 124
Short-term investments, at fair value 792 903
Other invested assets 1,190 1,091
Total investments 8,930 8,487
Cash 310 388
Premiums receivable, net of commissions payable 1,523 1,572
Funds withheld, at fair value 296 —
DAC 201 192
Salvage and subrogation recoverable 428 449
FG VIEs’ assets 198 212
Assets of CIVs — 175
Other assets 755 701
Total assets $ 12,641 $ 12,176
Liabilities
Unearned premium reserve $ 3,600 $ 3,625
Loss and LAE reserve 306 309
Future policy benefits for annuity reinsurance contracts 484 —
Policyholder account balances for annuity reinsurance contracts 256 —
Long-term debt 1,706 1,704
FG VIEs’ liabilities 188 198
Other liabilities 519 551
Total liabilities 7,059 6,387
Shareholders’ equity
Common shares — —
Retained earnings 5,809 5,830
Accumulated other comprehensive income (loss) (251) (168)
Deferred equity compensation 1 1
Total shareholders’ equity attributable to AGL 5,559 5,663
Non-redeemable noncontrolling interest 23 126
Total shareholders’ equity 5,582 5,789
Total liabilities and shareholders’ equity $ 12,641 $ 12,176
4
Assured Guaranty Ltd.
Selected Financial Highlights
GAAP to Non-GAAP Reconciliations (1 of 3)
(in millions, except per share amounts)
Adjusted Operating Income Reconciliation Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Net income (loss) attributable to AGL $ 39 $ 103 $ 127 $ 279
Less pre-tax adjustments:
Realized gains (losses) on investments (10) (6) (25) (22)
Non-credit impairment-related fair value gains (losses) on credit derivatives (1) (1) (3) (3)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment (1) — (3) —
Realized and unrealized fair value gains (losses) of the embedded derivative in funds withheld — — (2) —
Fair value gains (losses) on CCS (7) (1) (1) 1
Foreign exchange gains (losses) on remeasurement of certain assets and liabilities (1) 71 (19) 104
Total pre-tax adjustments (20) 63 (53) 80
Less tax effect on pre-tax adjustments 4 (10) 10 (13)
Adjusted operating income (loss) $ 55 $ 50 $ 170 $ 212
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income $ — $ (1) $ (16) $ 1
Components of adjusted operating income:
Segments:
Financial Guaranty $ 85 $ 76 $ 187 $ 244
Annuity Reinsurance 2 — 2 —
Asset Management (4) 4 40 16
Total segments 83 80 229 260
Corporate division (28) (29) (43) (49)
Other — (1) (16) 1
Adjusted operating income (loss) $ 55 $ 50 $ 170 $ 212
Per diluted share:
Net income (loss) attributable to AGL $ 0.88 $ 2.08 $ 2.80 $ 5.54
Less pre-tax adjustments:
Realized gains (losses) on investments (0.21) (0.12) (0.54) (0.43)
Non-credit impairment-related fair value gains (losses) on credit derivatives (0.01) (0.03) (0.06) (0.07)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment (0.04) — (0.08) —
Realized and unrealized fair value gains (losses) of the embedded derivative in funds withheld — — (0.04) —
Fair value gains (losses) on CCS (0.16) (0.01) (0.03) 0.02
Foreign exchange gains (losses) on remeasurement of certain assets and liabilities (0.02) 1.43 (0.41) 2.06
Total pre-tax adjustments (0.44) 1.27 (1.16) 1.58
Less tax effect on pre-tax adjustments 0.09 (0.20) 0.22 (0.25)
Adjusted operating income (loss) $ 1.23 $ 1.01 $ 3.74 $ 4.21
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income $ — $ (0.02) $ (0.36) $ 0.02
Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.
5
Assured Guaranty Ltd.
Selected Financial Highlights
GAAP to Non-GAAP Reconciliations (2 of 3)
(dollars in millions)
ROE Reconciliation and Calculation As of
June 30, March 31, December 31, June 30, March 31, December 31,
2026 2026 2025 2025 2025 2024
Shareholders’ equity attributable to AGL $ 5,559 $ 5,542 $ 5,663 $ 5,633 $ 5,590 $ 5,495
Adjusted operating shareholders’ equity 5,724 5,735 5,729 5,778 5,818 5,795
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating shareholders’ equity (8) (8) 8 1 3 —
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Net income (loss) attributable to AGL $ 39 $ 103 $ 127 $ 279
Adjusted operating income (loss) 55 50 170 212
Average shareholders’ equity attributable to AGL $ 5,551 $ 5,612 $ 5,611 $ 5,564
Average adjusted operating shareholders’ equity 5,730 5,798 5,727 5,787
Gain (loss) related to FG VIE and CIV consolidation included in average adjusted operating shareholders’ equity (8) 2 — 1
GAAP ROE (1)
2.8 % 7.4 % 4.5 % 10.0 %
Adjusted operating ROE (1)
3.8 % 3.5 % 5.9 % 7.3 %
1) Quarterly ROE calculations represent annualized returns.
Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.
6
Assured Guaranty Ltd.
Selected Financial Highlights
GAAP to Non-GAAP Reconciliations (3 of 3)
(in millions)
As of
June 30, March 31, December 31, June 30, March 31, December 31,
2026 2026 2025 2025 2025 2024
Reconciliation of shareholders’ equity attributable to AGL to ABV:
Shareholders’ equity attributable to AGL $ 5,559 $ 5,542 $ 5,663 $ 5,633 $ 5,590 $ 5,495
Less pre-tax reconciling items:
Non-credit impairment-related fair value gains (losses) on credit derivatives 52 52 55 45 47 49
Fair value gains (losses) on CCS 20 28 22 3 4 2
Unrealized gains (losses) on investment portfolio (258) (304) (149) (218) (313) (397)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment (5) (3) — — — —
Fair value gains (losses) of the embedded derivative in funds withheld (1) 1 — — — —
Less taxes 27 33 6 25 34 46
Adjusted operating shareholders' equity 5,724 5,735 5,729 5,778 5,818 5,795
Pre-tax reconciling items:
Less: DAC 201 197 192 185 181 176
Plus: Net present value of estimated net future revenue (1)
188 190 194 196 199 202
Plus: Net deferred revenues on insurance contracts (1)
3,305 3,358 3,367 3,409 3,415 3,473
Plus taxes (658) (670) (674) (685) (689) (702)
ABV $ 8,358 $ 8,416 $ 8,424 $ 8,513 $ 8,562 $ 8,592
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity (net of tax provision (benefit) of $(2), $(2), $2, $0, $0 and $0)
$ (8) $ (8) $ 8 $ 1 $ 3 $ —
ABV (net of tax provision (benefit) of $(3), $(3), $1, $(1), $(1) and $(2))
$ (12) $ (13) $ 3 $ (4) $ (4) $ (6)
1) The timing and cumulative amount of actual collections and net earned premiums may differ from expected collections and expected net earned premiums due to factors such as foreign exchange rate fluctuations, counterparty collectability issues, accelerations, commutations, restructurings, changes in consumer price indices, changes in expected lives, new business and changes in ratings of the insured obligations and/or the Company’s insurance subsidiaries.
Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.
7
Assured Guaranty Ltd.
Income Components (1 of 4)
(in millions)
Components of Income for the Three Months Ended June 30, 2026
Segments Corporate and Other
Financial Guaranty Annuity Reinsurance Asset Management Corporate
Other (1)
Reconciling Items Consolidated
Revenues
Net earned premiums $ 103 $ — $ — $ — $ (1) $ — $ 102
Net investment income 89 11 — 1 (3) — 98
Net realized investment gains (losses) — — — — — (10) (10)
Fair value gains (losses) on derivatives 3 4 — — — (2) 5
Fair value gains (losses) on CCS — — — — — (7) (7)
Gains (losses) on FG VIEs — — — — 2 — 2
Fair value gains (losses) on CIVs — — — — — — —
Foreign exchange gains (losses) on remeasurement (2) — — 1 — (1) (2)
Fair value gains (losses) on trading securities 7 — — — — — 7
Other income (loss) (1) — — 1 — — —
Total revenues 199 15 — 3 (2) (20) 195
Expenses
Loss and LAE (benefit) 5 — — — (1) — 4
Benefit expense for annuity reinsurance contracts — 8 — — — — 8
Interest expense — — — 24 (2) — 22
Amortization of DAC 5 — — — — — 5
Employee compensation and benefit expenses 47 3 — 7 — — 57
Other operating expenses 30 2 — 7 — — 39
Total expenses 87 13 — 38 (3) — 135
Equity in earnings (losses) of investees (10) — (5) 4 — — (11)
Less: Provision (benefit) for income taxes 17 — (1) (3) — (4) 9
Less: Noncontrolling interest — — — — 1 — 1
Total $ 85 $ 2 $ (4) $ (28) $ — $ (16) $ 39
1) Includes the consolidation of FG VIEs and CIVs and intersegment eliminations.
8
Assured Guaranty Ltd.
Income Components (2 of 4)
(in millions)
Components of Income for the Three Months Ended June 30, 2025
Segments Corporate and Other
Financial Guaranty Asset Management Corporate
Other (1)
Reconciling Items Consolidated
Revenues
Net earned premiums $ 90 $ — $ — $ (1) $ — $ 89
Net investment income 89 — 3 (3) — 89
Net realized investment gains (losses) — — — — (6) (6)
Fair value gains (losses) on derivatives 2 — — — (1) 1
Fair value gains (losses) on CCS — — — — (1) (1)
Gains (losses) on FG VIEs — — — 2 — 2
Fair value gains (losses) on CIVs — — — 4 — 4
Foreign exchange gains (losses) on remeasurement 8 — — — 71 79
Fair value gains (losses) on trading securities 2 — — — — 2
Asset management revenues — 15 — (2) — 13
Other income (loss) 8 — 1 — — 9
Total revenues 199 15 4 — 63 281
Expenses
Loss and LAE (benefit) 27 — — 1 — 28
Interest expense — — 26 (3) — 23
Amortization of DAC 5 — — — — 5
Employee compensation and benefit expenses 44 — 6 — — 50
Asset management expenses — 9 — — — 9
Other operating expenses 29 — 7 — — 36
Total expenses 105 9 39 (2) — 151
Equity in earnings (losses) of investees 2 (1) 3 (1) — 3
Less: Provision (benefit) for income taxes 20 1 (3) (1) 10 27
Less: Noncontrolling interest — — — 3 — 3
Total $ 76 $ 4 $ (29) $ (1) $ 53 $ 103
1) Includes the consolidation of FG VIEs and CIVs and intersegment eliminations.
9
Assured Guaranty Ltd.
Income Components (3 of 4)
(in millions)
Components of Income for the Six Months Ended June 30, 2026
Segments Corporate and Other
Financial Guaranty Annuity Reinsurance Asset Management Corporate
Other (1)
Reconciling Items Consolidated
Revenues
Net earned premiums $ 186 $ — $ — $ — $ (2) $ — $ 184
Net investment income 177 16 — 3 (6) — 190
Net realized investment gains (losses) — — — — — (25) (25)
Fair value gains (losses) on derivatives 6 9 — — — (8) 7
Fair value gains (losses) on CCS — — — — — (1) (1)
Gains (losses) on FG VIEs — — — — (3) — (3)
Fair value gains (losses) on CIVs — — — — 9 — 9
Foreign exchange gains (losses) on remeasurement (3) — — 1 — (19) (21)
Fair value gains (losses) on trading securities 13 — — — — — 13
Asset management revenues — — 118 — (24) — 94
Other income (loss) 2 — — 7 — — 9
Total revenues 381 25 118 11 (26) (53) 456
Expenses
Loss and LAE (benefit)
22 — — — (1) — 21
Benefit expense for annuity reinsurance contracts — 15 — — — — 15
Interest expense — — — 48 (4) — 44
Amortization of DAC 10 — — — — — 10
Employee compensation and benefit expenses 101 5 — 14 — — 120
Asset management expenses — — 68 — — — 68
Other operating expenses 61 4 — 19 — — 84
Total expenses 194 24 68 81 (5) — 362
Equity in earnings (losses) of investees (2) — 1 23 (2) — 20
Less: Provision (benefit) for income taxes (2) (1) 11 (4) (5) (10) (11)
Less: Noncontrolling interest — — — — (2) — (2)
Total $ 187 $ 2 $ 40 $ (43) $ (16) $ (43) $ 127
1) Includes the consolidation of FG VIEs and CIVs and intersegment eliminations.
10
Assured Guaranty Ltd.
Income Components (4 of 4)
(in millions)
Components of Income for the Six Months Ended June 30, 2025
Segments Corporate and Other
Financial Guaranty Asset Management Corporate
Other (1)
Reconciling Items Consolidated
Revenues
Net earned premiums $ 181 $ — $ — $ (1) $ — $ 180
Net investment income 175 — 7 (6) — 176
Net realized investment gains (losses) — — — — (22) (22)
Fair value gains (losses) on derivatives 45 — — — 60 105
Fair value gains (losses) on CCS — — — — 1 1
Gains (losses) on FG VIEs — — — 3 — 3
Fair value gains (losses) on CIVs — — — 23 — 23
Foreign exchange gains (losses) on remeasurement 12 — — — 104 116
Fair value gains (losses) on trading securities 3 — — — — 3
Asset management revenues — 21 — (3) — 18
Other income (loss) 22 — 1 — — 23
Total revenues 438 21 8 16 143 626
Expenses
Loss and LAE (benefit)
4 — — 1 63 68
Interest expense — — 50 (5) — 45
Amortization of DAC 10 — — — — 10
Employee compensation and benefit expenses 96 — 14 — — 110
Asset management expenses — 13 — — — 13
Other operating expenses 59 — 15 — — 74
Total expenses 169 13 79 (4) 63 320
Equity in earnings (losses) of investees 32 12 19 (7) — 56
Less: Provision (benefit) for income taxes 57 4 (3) — 13 71
Less: Noncontrolling interest — — — 12 — 12
Total $ 244 $ 16 $ (49) $ 1 $ 67 $ 279
1) Includes the consolidation of FG VIEs and CIVs and intersegment eliminations.
11
Assured Guaranty Ltd.
Fixed-Maturity Securities, Short-Term Investments and Cash
As of June 30, 2026
(dollars in millions)
Amortized Cost Allowance for Credit Losses Pre-Tax Book Yield After-Tax Book Yield Fair Value
Annualized Investment Income (1)
Fixed maturity securities, available-for-sale:
Obligations of states and political subdivisions (2)
$ 1,523 $ (13) 4.20 % 3.55 % $ 1,469 $ 64
U.S. government and agencies 49 — 3.77 3.17 45 2
Corporate securities (2)
3,556 (7) 4.78 3.96 3,439 170
Mortgage-backed securities:
Residential mortgage-backed securities (RMBS) (2)(3)
781 (28) 5.23 4.17 726 41
Commercial mortgage-backed securities 284 — 4.85 3.85 282 14
Asset-backed securities (ABS)
Collateralized loan obligation (CLOs) 485 (24) 9.96 7.87 401 48
Other ABS (2)
238 — 5.92 4.68 240 14
Non-U.S. government securities 231 — 2.88 2.69 215 6
Total fixed maturity securities, available-for-sale 7,147 (72) 5.03 4.13 6,817 359
Short-term investments 792 — 3.51 2.81 792 28
Cash (4)
310 — — — 310 —
Total $ 8,249 $ (72) 4.88 % 4.00 % $ 7,919 $ 387
Fixed maturity securities, trading (5)
$ 131
Ratings (6):
Fair Value % of Portfolio
U.S. government and agencies $ 45 0.7 %
AAA/Aaa 930 13.6
AA/Aa 2,191 32.1
A/A 1,886 27.7
BBB 1,258 18.5
BIG
303 4.4
Not rated (7)
204 3.0
Total fixed maturity securities, available-for-sale $ 6,817 100.0 %
Duration of available-for-sale fixed maturity securities and short-term investments (in years): 4.9
1) Represents annualized investment income based on amortized cost and pre-tax book yields.
2) Includes securities insured by the Company with expected losses that it subsequently purchased in order to mitigate the economic effect of such insured expected losses (Loss Mitigation Securities) or securities obtained as part of loss mitigation or other risk management strategies. Corporate securities include taxable securities issued by universities and hospitals.
3) Includes fair value of $144 million in subprime RMBS, of which 93% were rated BIG.
4) Cash is not included in the yield calculation.
5) Primarily includes contingent value instruments received in connection with the resolution of the Company’s exposure to insured Puerto Rico credits experiencing payment default other than Puerto Rico Electric Power Authority (PREPA) in 2022. These securities are not rated.
6) Ratings generally reflect the lower of Moody’s Investors Service, Inc. or Standard & Poor’s Financial Services LLC classifications except for Loss Mitigation Securities and certain other securities, which use internal ratings classifications. Loss Mitigation Securities and other securities total $492 million in par with carrying value of $360 million and are primarily included in the BIG category.
7) Primarily includes CLO equity tranches.
12
Assured Guaranty Ltd.
Investment Portfolio, Cash and CIVs
GAAP (1 of 2)
(dollars in millions)
Investment Portfolio and Cash as of June 30, 2026
Insurance Related Subsidiaries (1)
Holding Companies (2)
Other AGL Consolidated
Fixed-maturity securities, available-for-sale $ 6,792 $ 25 $ — $ 6,817
Fixed-maturity securities, trading 131 — — 131
Total fixed-maturity securities 6,923 25 — 6,948
Short-term investments 650 141 1 792
Cash 255 15 40 310
Total short-term investments and cash 905 156 41 1,102
Other invested assets
Equity method investments:
Ownership interest in Sound Point Capital Management, LP (Sound Point, LP) — 398 — 398
Funds:
CLOs 48 — — 48
Private healthcare investing 165 41 — 206
Asset-based/specialty finance 114 — — 114
Private minority stakes in alternative asset manager — 110 — 110
Commercial real estate finance 101 — — 101
Other 47 47 — 94
Total funds 475 198 — 673
Other — 3 — 3
Total equity method investments 475 599 — 1,074
Other 115 1 — 116
Other invested assets 590 600 — 1,190
Total investment portfolio and cash (3)
$ 8,418 $ 781 $ 41 $ 9,240
1) Includes the Company’s financial guaranty insurance subsidiaries, AG Asset Strategies LLC (AGAS), and annuity reinsurance subsidiary.
2) Includes AGL, Assured Guaranty US Holdings Inc. (AGUS), Assured Guaranty Municipal Holdings Inc. (AGMH) and Assured Guaranty UK Holdings Ltd.
3) The alternative investments, which do not include the Company’s ownership interest in Sound Point, had an inception-to-date annualized internal rate of return (IRR) of 12%. The return is calculated using the cash basis IRR method.
13
Assured Guaranty Ltd.
Investment Portfolio, Cash and CIVs
GAAP (2 of 2)
(dollars in millions)
Investment Portfolio, Cash and CIVs as of December 31, 2025
Insurance Related Subsidiaries (1)
Holding Companies (2)
Other (3)
AGL Consolidated
Fixed-maturity securities, available-for-sale $ 6,343 $ 26 $ — $ 6,369
Fixed-maturity securities, trading 124 — — 124
Total fixed-maturity securities 6,467 26 — 6,493
Short-term investments 805 97 1 903
Cash 150 14 224 388
Total short-term investments and cash 955 111 225 1,291
Other invested assets
Equity method investments:
Ownership interest in Sound Point — 415 — 415
Funds:
CLOs 85 — — 85
Private healthcare investing 149 38 — 187
Asset-based/specialty finance 184 — (57) 127
Private minority stakes in alternative asset manager — 95 — 95
Commercial real estate finance 81 — — 81
Other 35 51 — 86
Total funds 534 184 (57) 661
Other — 3 — 3
Total equity method investments 534 602 (57) 1,079
Other 12 — — 12
Other invested assets 546 602 (57) 1,091
Total investment portfolio and cash (4)
$ 7,968 $ 739 $ 168 $ 8,875
CIVs
Assets of CIVs $ — $ — $ 175 $ 175
Liabilities of CIVs — — — —
Non-redeemable noncontrolling interest — — (98) (98)
Total CIVs $ — $ — $ 77 $ 77
1) Includes the Company’s financial guaranty insurance subsidiaries and AGAS (excluding the effect of consolidating CIVs).
2) Includes AGL, AGUS, AGMH.
3) Includes the Company’s non-insurance subsidiaries, non-U.S. holding companies, CIVs and related intercompany eliminations.
4) The alternative investments, which do not include the Company’s ownership interest in Sound Point, had an inception-to-date annualized IRR of 13%. The return is calculated using the cash basis IRR method.
14
Assured Guaranty Ltd.
Income from Investment Portfolio and CIVs by Segment (1 of 2)
(in millions)
Three Months Ended June 30, 2026
Financial Guaranty Annuity Reinsurance Asset Management Corporate Other Total
Net investment income
Fixed-maturity securities, available-for-sale $ 79 $ 11 $ — $ — $ (1) $ 89
Short-term investments 7 — — 1 — 8
Other 3 — — — (2) 1
Total net investment income $ 89 $ 11 $ — $ 1 $ (3) $ 98
Fair value gains (losses) on trading securities $ 7 $ — $ — $ — $ — $ 7
Equity in earnings (losses) of investees
Ownership interest in Sound Point $ — $ — $ (5) $ — $ — $ (5)
Funds:
CLOs (19) — — — — (19)
Private healthcare investing 2 — — 1 — 3
Asset-based/specialty finance 5 — — — — 5
Private minority stakes in alternative asset manager — — — 2 — 2
Commercial real estate finance 2 — — — — 2
Other — — — 1 — 1
Total funds (1)
(10) — — 4 — (6)
Total equity in earnings (losses) of investees $ (10) $ — $ (5) $ 4 $ — $ (11)
CIVs
Fair value gains (losses) on CIVs $ — $ — $ — $ — $ — $ —
Noncontrolling interest — — — — — —
Total CIVs $ — $ — $ — $ — $ — $ —
Three Months Ended June 30, 2025
Financial Guaranty Asset Management Corporate Other Total
Net investment income
Fixed-maturity securities, available-for-sale $ 76 $ — $ — $ — $ 76
Short-term investments 9 — 3 — 12
Other 4 — — (3) 1
Total net investment income $ 89 $ — $ 3 $ (3) $ 89
Fair value gains (losses) on trading securities $ 2 $ — $ — $ — $ 2
Equity in earnings (losses) of investees
Ownership interest in Sound Point $ — $ (1) $ — $ — $ (1)
Funds:
CLOs (5) — — — (5)
Private healthcare investing 1 — — — 1
Asset-based/specialty finance 5 — — (1) 4
Private minority stakes in alternative asset manager — — 1 — 1
Other 1 — 2 — 3
Total funds (1)
2 — 3 (1) 4
Total equity in earnings (losses) of investees $ 2 $ (1) $ 3 $ (1) $ 3
CIVs
Fair value gains (losses) on CIVs $ — $ — $ — $ 4 $ 4
Noncontrolling interest — — — (3) (3)
Total CIVs $ — $ — $ — $ 1 $ 1
1) Relates to funds managed by Sound Point and Assured Healthcare Partners LLC (AHP), and certain other managers. Investments in funds are generally reported on a one-quarter lag.
15
Assured Guaranty Ltd.
Income from Investment Portfolio and CIVs by Segment (2 of 2)
(dollars in millions)
Six Months Ended June 30, 2026
Financial Guaranty Annuity Reinsurance Asset Management Corporate Other Total
Net investment income
Fixed-maturity securities, available-for-sale $ 157 $ 16 $ — $ 1 $ (2) $ 172
Short-term investments 14 — — 2 — 16
Other 6 — — — (4) 2
Total net investment income $ 177 $ 16 $ — $ 3 $ (6) $ 190
Fair value gains (losses) on trading securities $ 13 $ — $ — $ — $ — $ 13
Equity in earnings (losses) of investees
Ownership interest in Sound Point $ — $ — $ 1 $ — $ — $ 1
Funds:
CLOs (30) — — — — (30)
Private healthcare investing 14 — — 4 — 18
Asset-based/specialty finance 11 — — — (2) 9
Private minority stakes in alternative asset managers — — — 16 — 16
Commercial real estate finance 3 — — — — 3
Other — — — 3 — 3
Total funds (1)
(2) — — 23 (2) 19
Other — — — — — —
Equity in earnings (losses) of investees $ (2) $ — $ 1 $ 23 $ (2) $ 20
CIVs
Fair value gains (losses) on CIVs $ — $ — $ — $ — $ 9 $ 9
Noncontrolling interest — — — — (3) (3)
Total CIVs $ — $ — $ — $ — $ 6 $ 6
Six Months Ended June 30, 2025
Financial Guaranty Asset Management Corporate Other Total
Net investment income
Fixed-maturity securities, available-for-sale $ 150 $ — $ — $ (1) $ 149
Short-term investments 18 — 7 — 25
Other 7 — — (5) 2
Total net investment income $ 175 $ — $ 7 $ (6) $ 176
Fair value gains (losses) on trading securities $ 3 $ 3
Equity in earnings (losses) of investees
Ownership interest in Sound Point $ — $ 12 $ — $ — $ 12
Funds:
CLOs 3 — — — 3
Private healthcare investing 13 — — — 13
Asset-based/specialty finance 14 — — (7) 7
Private minority stakes in alternative asset managers — — 15 — 15
Other 2 — 4 — 6
Total funds (1)
32 — 19 (7) 44
Equity in earnings (losses) of investees $ 32 $ 12 $ 19 $ (7) $ 56
CIVs
Fair value gains (losses) on CIVs $ — $ — $ — $ 23 $ 23
Noncontrolling interest — — — (12) (12)
Total CIVs $ — $ — $ — $ 11 $ 11
1) Relates to funds managed by Sound Point and AHP, and certain other managers. Investments in funds are generally reported on a one-quarter lag.
16
Financial Guaranty Segment
17
Assured Guaranty Ltd.
Financial Guaranty Segment Results
(in millions)
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Segment revenues
Net earned premiums and credit derivative revenues $ 106 $ 92 $ 192 $ 226
Net investment income 89 89 177 175
Foreign exchange gains (losses) on remeasurement and other income (loss) (3) 16 (1) 34
Fair value gains (losses) on trading securities 7 2 13 3
Total segment revenues 199 199 381 438
Segment expenses
Loss expense (benefit) 5 27 22 4
Amortization of DAC 5 5 10 10
Employee compensation and benefit expenses 47 44 101 96
Other operating expenses 30 29 61 59
Total segment expenses 87 105 194 169
Equity in earnings (losses) of investees (10) 2 (2) 32
Segment adjusted operating income (loss) before income taxes 102 96 185 301
Less: Provision (benefit) for income taxes 17 20 (2) 57
Segment adjusted operating income (loss) $ 85 $ 76 $ 187 $ 244
18
Assured Guaranty Ltd.
Financial Guaranty Claims-Paying Resources
As of June 30, 2026
AG
AG Re (2)
Eliminations (3)
Total
(in millions)
Financial guaranty claims-paying resources
Policyholders’ surplus $ 3,088 $ 673 $ 49 $ 3,810
Contingency reserve 1,569 — — 1,569
Qualified statutory capital 4,657 673 49 5,379
Unearned premium reserve and net deferred ceding commission income (1)
2,411 632 (49) 2,994
Loss and LAE reserves (1)(4)
— 50 — 50
Total policyholders’ surplus and reserves 7,068 1,355 — 8,423
Present value of installment premium (1)(8)(9)
870 285 — 1,155
CCS 400 — — 400
Total financial guaranty claims-paying resources $ 8,338 $ 1,640 $ — $ 9,978
AG
AG Re (2)
Eliminations (3)
Total
(dollars in billions)
Statutory net exposure (1)(5)
$ 214.2 $ 70.9 $ (0.5) $ 284.6
Net debt service outstanding (1)(5)
$ 342.9 $ 107.6 $ (0.9) $ 449.6
Ratios:
Net exposure to qualified statutory capital 46:1 105:1 53:1
Capital ratio (6)
74:1 160:1 84:1
Financial resources ratio (7)
41:1 66:1 45:1
Statutory net exposure to financial guaranty claims-paying resources 26:1 43:1 29:1
AG AG Re
Separate company statutory basis: (in millions)
Admitted assets $ 6,839 $ 1,342
Total liabilities 3,751 669
Loss and LAE reserves (recoverable) (113) 50
Paid in capital stock 197 826
1) The numbers shown for Assured Guaranty Inc (AG) include those of its insurance subsidiaries, Assured Guaranty UK Limited and Assured Guaranty (Europe) SA.
2) Except for contingency reserves, Assured Guaranty Re Ltd. (AG Re) numbers represent the Company’s estimate for AG Re and Assured Guaranty Re Overseas Ltd. on a U.S. statutory basis.
3) Eliminations consist of intercompany deferred ceding commissions. Net exposure and net debt service outstanding eliminations relate to second-to-pay policies under which an Assured Guaranty financial guaranty insurance subsidiary guarantees an obligation already insured by another Assured Guaranty financial guaranty insurance subsidiary.
4) Loss and LAE reserves exclude adjustments to financial guaranty claims-paying resources for AG because the balance was in a net recoverable position of $95 million.
5) Net exposure and net debt service outstanding are presented on a statutory basis. Includes $4.3 billion of specialty business.
6) The capital ratio is calculated by dividing net debt service outstanding by qualified statutory capital.
7) The financial resources ratio is calculated by dividing net debt service outstanding by total financial guaranty claims-paying resources.
8) The timing and cumulative amount of actual collections and net earned premiums may differ from expected collections and expected net earned premiums due to factors such as foreign exchange rate fluctuations, counterparty collectability issues, accelerations, commutations, restructurings, changes in the consumer price indices, changes in expected lives, new business and changes in ratings of the insured obligations and/or the Company’s financial guaranty insurance subsidiaries.
9) Present value of installment premium is discounted at a rate of 4.5%, which is based on prior year purchases of fixed-maturity securities by external investment managers, usually applying a materiality threshold of 50 basis points.
Please refer to the Glossary for an explanation of the presentation of net debt service and net par outstanding.
19
Assured Guaranty Ltd.
New Business Production
(in millions)
Reconciliation of GWP to PVP
Three Months Ended Three Months Ended
June 30, 2026 June 30, 2025
Public Finance Structured Finance Public Finance Structured Finance
U.S. Non - U.S.
U.S.
Non - U.S. Total U.S. Non - U.S. U.S. Non - U.S. Total
Total GWP $ 54 $ 8 $ 11 $ 8 $ 81 $ 73 $ 8 $ (1) $ 5 $ 85
Less: Installment GWP and other GAAP adjustments (1)
6 8 11 8 33 30 8 — 5 43
Upfront GWP 48 — — — 48 43 — (1) — 42
Plus: Installment premiums and other (2)
10 3 9 9 31 6 7 2 7 22
Total PVP $ 58 $ 3 $ 9 $ 9 $ 79 $ 49 $ 7 $ 1 $ 7 $ 64
Gross par written $ 6,104 $ 362 $ 399 $ 1,486 $ 8,351 $ 8,861 $ 275 $ 5 $ 1,255 $ 10,396
Six Months Ended Six Months Ended
June 30, 2026 June 30, 2025
Public Finance Structured Finance Public Finance Structured Finance
U.S. Non - U.S.
U.S.
Non - U.S. Total U.S. Non - U.S. U.S. Non - U.S. Total
Total GWP $ 102 $ 16 $ 17 $ 16 $ 151 $ 98 $ 7 $ 6 $ 9 $ 120
Less: Installment GWP and other GAAP adjustments (1)
20 16 17 16 69 32 7 6 9 54
Upfront GWP 82 — — — 82 66 — — — 66
Plus: Installment premiums and other (2)
24 11 16 19 70 8 14 3 12 37
Total PVP $ 106 $ 11 $ 16 $ 19 $ 152 $ 74 $ 14 $ 3 $ 12 $ 103
Gross par written $ 10,061 $ 454 $ 1,933 $ 3,414 $ 15,862 $ 13,130 $ 472 $ 126 $ 1,670 $ 15,398
1) Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, and GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.
2) Includes the present value of future premiums and fees on new business paid in installments discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities.
Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.
20
Assured Guaranty Ltd.
Gross Par Written
(in millions)
Gross Par Written by Asset Type
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Sector:
U.S. public finance:
General obligation $ 3,306 $ 3,498 $ 5,149 $ 5,066
Tax backed 1,048 2,299 1,348 2,984
Healthcare 388 1,162 1,211 1,468
Infrastructure finance 496 53 940 140
Municipal utilities 317 534 830 1,467
Transportation 425 801 438 1,029
Higher education 85 483 106 945
Other public finance 39 31 39 31
Total U.S. public finance 6,104 8,861 10,061 13,130
Non-U.S. public finance:
Regulated utilities 362 — 362 140
Infrastructure finance — 228 59 228
Sovereign and sub-sovereign — 47 33 104
Total non-U.S. public finance 362 275 454 472
Total public finance 6,466 9,136 10,515 13,602
U.S. structured finance:
Fund finance facilities 4 3 1,218 95
Insurance securitizations — — 320 —
Pooled corporate obligations — 2 — 19
Other structured finance 395 — 395 12
Total U.S. structured finance 399 5 1,933 126
Non-U.S. structured finance:
Fund finance facilities 1,193 1,108 3,121 1,523
Pooled corporate obligations 293 147 293 147
Total non-U.S. structured finance 1,486 1,255 3,414 1,670
Total structured finance 1,885 1,260 5,347 1,796
Total gross par written $ 8,351 $ 10,396 $ 15,862 $ 15,398
Please refer to the Glossary for a description of sectors.
21
Assured Guaranty Ltd.
New Business Production by Quarter
(in millions)
Six Months
1Q-25 2Q-25 3Q-25 4Q-25 1Q-26 2Q-26 2026 2025
PVP:
Public finance - U.S. $ 25 $ 49 $ 78 $ 54 $ 48 $ 58 $ 106 $ 74
Public finance - non-U.S. 7 7 5 18 8 3 11 14
Structured finance - U.S. 2 1 — 10 7 9 16 3
Structured finance - non-U.S. 5 7 8 10 10 9 19 12
Total PVP (1)
$ 39 $ 64 $ 91 $ 92 $ 73 $ 79 $ 152 $ 103
Reconciliation of GWP to PVP:
Total GWP $ 35 $ 85 $ 75 $ 61 $ 70 $ 81 $ 151 $ 120
Less: Installment GWP and other GAAP adjustments 11 43 29 22 36 33 69 54
Upfront GWP 24 42 46 39 34 48 82 66
Plus: Installment premiums and other (2)
15 22 45 53 39 31 70 37
Total PVP $ 39 $ 64 $ 91 $ 92 $ 73 $ 79 $ 152 $ 103
Gross par written:
Public finance - U.S. $ 4,269 $ 8,861 $ 7,851 $ 6,467 $ 3,957 $ 6,104 $ 10,061 $ 13,130
Public finance - non-U.S. 197 275 243 670 92 362 454 472
Structured finance - U.S. 121 5 42 335 1,534 399 1,933 126
Structured finance - non-U.S. (1)
415 1,255 1,005 905 1,928 1,486 3,414 1,670
Total $ 5,002 $ 10,396 $ 9,141 $ 8,377 $ 7,511 $ 8,351 $ 15,862 $ 15,398
1) PVP and gross par written include the present value of future premiums and total exposure, respectively, associated with other guaranties written by the Company that, under GAAP, are accounted for under Accounting Standards Codification (ASC) 460, Guarantees.
2) Includes the present value of future premiums and fees on new business paid in installments discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities.
Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement. Please refer to the Glossary for a description of sectors.
22
Assured Guaranty Ltd.
Estimated Net Exposure Amortization (1) and Estimated Future Financial Guaranty Net Premium
and Credit Derivative Revenues
Financial Guaranty Insurance (2)
Estimated Net Debt Service Amortization Estimated Ending Net Debt Service Outstanding Earnings of Deferred Premium Revenue Accretion of Discount Effect of FG VIE Consolidation on Earnings of Deferred Premium Revenue and Accretion of Discount
Future Credit Derivative Revenues (3)
(in billions) (in millions)
2026 (as of June 30) $ 446.6
2026 Q3 $ 7.7 438.9 $ 81 $ 10 $ 1 $ 3
2026 Q4 6.4 432.5 80 10 1 2
2027 24.2 408.3 297 37 4 9
2028 23.1 385.2 275 35 2 8
2029 23.4 361.8 253 33 2 7
2030 24.0 337.8 235 31 2 6
2026-2030 108.8 337.8 1,221 156 12 35
2031-2035 104.0 233.8 917 132 9 24
2036-2040 81.0 152.8 592 96 3 18
2041-2045 57.3 95.5 395 63 — 12
2046-2050 45.2 50.3 255 35 — 4
2051-2055 30.8 19.5 124 15 — —
After 2055 19.5 — 88 10 — —
Total $ 446.6 $ 3,592 $ 507 $ 24 $ 93
Reconciliation of Net Deferred Premium Revenue to Net Unearned Premium Reserve (4)
GAAP Effect of FG VIE Consolidation on Net Unearned Premium Reserve
(in millions)
Net deferred premium revenue:
Financial guaranty $ 3,592 $ 23
Specialty 4 —
Net deferred premium revenue 3,596 23
Contra-paid (22) (2)
Net unearned premium reserve $ 3,574 $ 21
1) Represents the future expected amortization of current debt service outstanding (principal and interest), assuming no advance refundings, as of June 30, 2026. Actual amortization differs from expected maturities because borrowers may have the right to call or prepay guaranteed obligations, terminations and because of management’s assumptions on structured finance amortization.
2) See also page 26, for ‘‘Net Expected Loss to be Expensed.’’
3) Represents expected future premiums on insured credit derivatives.
4) Unearned premium reserve represents deferred premium revenue less claim payments made (net of recoveries received) that have been recognized in the statement of operations (contra-paid).
23
Assured Guaranty Ltd.
Roll Forward of Net Expected Loss and LAE to be Paid (Recovered)
(in millions)
Roll Forward of Net Expected Loss and LAE to be Paid (Recovered) (1) for the Three Months Ended June 30, 2026
Net Expected Loss to be Paid (Recovered) as of March 31, 2026 Net Economic Loss Development (Benefit) During 2Q-26 Net (Paid) Recovered Losses During 2Q-26 Net Expected Loss to be Paid (Recovered) as of June 30, 2026
Public Finance:
U.S. public finance $ 3 $ 44 $ (5) $ 42
Non-U.S. public finance 128 4 — 132
Public Finance 131 48 (5) 174
Structured Finance:
U.S. RMBS (48) (1) 9 (40)
Other structured finance 58 1 (1) 58
Structured Finance 10 — 8 18
Total $ 141 $ 48 $ 3 $ 192
Roll Forward of Net Expected Loss and LAE to be Paid (Recovered) (1) for the Six Months Ended June 30, 2026
Net Expected Loss to be Paid (Recovered) as of December 31, 2025 Net Economic Loss Development (Benefit) During 2026 Net (Paid) Recovered Losses During 2026 Net Expected Loss to be Paid (Recovered) as of June 30, 2026
Public Finance:
U.S. public finance $ (31) $ 89 $ (16) $ 42
Non-U.S. public finance 126 6 — 132
Public Finance 95 95 (16) 174
Structured Finance:
U.S. RMBS (54) (3) 17 (40)
Other structured finance 60 — (2) 58
Structured Finance 6 (3) 15 18
Total $ 101 $ 92 $ (1) $ 192
1) Includes net expected loss to be paid (recovered), economic loss development (benefit) and (paid) recovered losses for all contracts (i.e., those accounted for as insurance, credit derivatives and FG VIEs).
Please refer to the Glossary for a description of sectors.
24
Assured Guaranty Ltd.
Loss Measures
As of June 30, 2026 Three Months Ended June 30, 2026
Total Net Par Outstanding for BIG Transactions Net Economic Loss Development (Benefit)
GAAP Loss and LAE (1)
Loss and LAE included in Adjusted Operating Income (2)
Financial Guaranty Segment
Loss and LAE (3)
(in billions) (in millions)
Public finance:
U.S. public finance $ 3.40 $ 44 $ (3) $ (3) $ (3)
Non-U.S. public finance 4.29 4 4 4 4
Public finance 7.69 48 1 1 1
Structured finance:
U.S. RMBS 0.74 (1) 2 1 2
Other structured finance 0.07 1 1 2 2
Structured finance 0.81 — 3 3 4
Total $ 8.50 $ 48 $ 4 $ 4 $ 5
As of June 30, 2026 Six Months Ended June 30, 2026
Total Net Par Outstanding for BIG Transactions Net Economic Loss Development (Benefit)
GAAP Loss and LAE (1)
Loss and LAE included in Adjusted Operating Income (2)
Financial Guaranty Segment
Loss and LAE (3)
(in billions) (in millions)
Public finance:
U.S. public finance $ 3.40 $ 89 $ 9 $ 9 $ 9
Non-U.S. public finance 4.29 6 11 11 11
Public finance 7.69 95 20 20 20
Structured finance:
U.S. RMBS 0.74 (3) 1 — 1
Other structured finance 0.07 — — 1 1
Structured finance 0.81 (3) 1 1 2
Total $ 8.50 $ 92 $ 21 $ 21 $ 22
1) Includes loss expense related to contracts that are accounted for as insurance contracts.
2) Includes loss expense related to contracts that are accounted for as insurance contracts and credit derivatives.
3) Includes loss expense related to contracts that are accounted for as insurance contracts, credit derivatives, and consolidated FG VIEs.
Please refer to the Glossary for an explanation of the presentation of net par outstanding and of the various sectors.
25
Assured Guaranty Ltd.
Net Expected Loss to be Expensed (1)
As of June 30, 2026
(dollars in millions)
GAAP
2026 Q3 $ 4
2026 Q4 4
2027 19
2028 21
2029 22
2030 21
2026-2030 91
2031-2035 88
2036-2040 50
2041-2045 39
2046-2050 34
2051-2055 16
After 2055 3
Total expected present value of net expected loss to be expensed (2)
321
Future expected accretion (39)
Total expected future loss and LAE $ 282
1) The present value of net expected loss to be paid is discounted using risk free rates for U.S. and non-U.S. currencies rates ranging from 2.18% to 5.67%.
2) Excludes $18 million related to FG VIEs, which are eliminated in consolidation.
26
Assured Guaranty Ltd.
Financial Guaranty Profile (1 of 3)
(in billions)
Net Par Outstanding by Asset Type
As of June 30, 2026 As of December 31, 2025
U.S. public finance:
General obligation $ 84.8 $ 82.3
Tax backed 36.6 36.1
Municipal utilities 31.7 31.4
Transportation 27.9 23.5
Healthcare 17.7 16.8
Infrastructure finance 11.2 15.1
Higher education 8.2 8.4
Renewable energy 0.1 0.2
Other public finance 1.2 1.2
Total U.S. public finance 219.4 215.0
Non-U.S. public finance:
Regulated utilities 23.3 23.5
Infrastructure finance 15.5 16.0
Sovereign and sub-sovereign 7.7 8.3
Renewable energy 1.5 1.7
Pooled infrastructure 1.1 1.1
Total non-U.S. public finance 49.1 50.6
Total public finance 268.5 265.6
U.S. structured finance:
Insurance reserve financings and securitizations 4.4 4.4
RMBS 1.3 1.4
Fund finance facilities 0.8 0.1
Pooled corporate obligations 0.5 0.6
Financial products 0.4 0.4
Other structured finance 1.2 1.0
Total U.S. structured finance 8.6 7.9
Non-U.S. structured finance:
Fund finance facilities 2.5 1.6
Pooled corporate obligations 0.3 0.5
RMBS 0.2 0.2
Other structured finance 1.3 1.3
Total non-U.S. structured finance 4.3 3.6
Total structured finance 12.9 11.5
Total net par outstanding $ 281.4 $ 277.1
Please refer to the Glossary for an explanation of the presentation of net par outstanding and various sectors.
27
Assured Guaranty Ltd.
Financial Guaranty Profile (2 of 3)
As of June 30, 2026
(dollars in billions)
Distribution by Rating of Financial Guaranty Portfolio
Public Finance -
U.S. Public Finance - Non-U.S. Structured Finance - U.S. Structured Finance - Non-U.S. Total
Ratings: Net Par Outstanding % Net Par Outstanding % Net Par Outstanding % Net Par Outstanding % Net Par Outstanding %
AAA $ — — % $ 1.4 2.9 % $ 0.5 4.8 % $ 0.3 8.0 % $ 2.2 0.8 %
AA 18.6 8.5 1.4 2.8 5.7 66.6 1.2 27.3 26.9 9.5
A 128.4 58.5 11.5 23.5 1.2 14.7 2.8 64.5 143.9 51.2
BBB 69.0 31.5 30.5 62.1 0.4 4.5 — 0.2 99.9 35.5
BIG 3.4 1.5 4.3 8.7 0.8 9.4 — — 8.5 3.0
Net Par Outstanding (1)
$ 219.4 100.0 % $ 49.1 100.0 % $ 8.6 100.0 % $ 4.3 100.0 % $ 281.4 100.0 %
1) As of June 30, 2026, the Company excluded $0.8 billion of net par outstanding attributable to Loss Mitigation Securities.
Please refer to the Glossary for an explanation of the presentation of net par outstanding and the Company's internal rating approach, and of the various sectors.
28
Assured Guaranty Ltd.
Financial Guaranty Profile (3 of 3)
As of June 30, 2026
(dollars in billions)
Geographic Distribution of Financial Guaranty Portfolio
Net Par Outstanding % of Total
U.S.:
U.S. public finance:
California $ 38.0 13.5 %
Texas 29.2 10.4
New York 21.8 7.7
Pennsylvania 18.6 6.6
Illinois 13.1 4.7
Florida 13.1 4.6
New Jersey 7.2 2.5
Colorado 5.4 1.9
Michigan 5.3 1.9
Louisiana 5.2 1.9
Other 62.5 22.2
Total U.S. public finance 219.4 77.9
U.S. structured finance (multiple states) 8.6 3.1
Total U.S. 228.0 81.0
Non-U.S.:
United Kingdom 41.0 14.6
Spain 2.1 0.8
Australia 1.9 0.7
France 1.8 0.6
Canada 1.1 0.4
Other 5.5 1.9
Total non-U.S. 53.4 19.0
Total net par outstanding $ 281.4 100.0 %
Please refer to the Glossary for an explanation of the presentation of net par outstanding.
29
Assured Guaranty Ltd.
Specialty Business
As of June 30, 2026 As of December 31, 2025
Gross Exposure (1)
Net Exposure (1)
Gross Exposure (1)
Net Exposure (1)
(in billions)
Diversified real estate $ 1.9 $ 1.9 $ 2.0 $ 2.0
Insurance reserve financings and securitizations 1.6 1.3 1.5 1.2
Pooled corporate obligations 1.0 1.0 0.9 0.9
Aircraft residual value insurance (RVI) 0.2 0.1 0.2 0.1
1) All of the exposure was rated investment grade except for $5 million of gross and net exposure of RVI that was rated BIG as of December 31, 2025.
Please refer to the Glossary for a description of sectors.
30
Assured Guaranty Ltd.
Expected Amortization of Net Par Outstanding
(in billions)
Public Finance Structured Finance
U.S. Public Finance Non-U.S. Public Finance Total Estimated Ending Net Par Outstanding Total Estimated Ending Net Par Outstanding
2026 (as of June 30) $ 268.5 $ 12.9
2026 Q3 $ 3.2 $ 0.6 $ 3.8 264.7 $ 0.8 12.1
2026 Q4 2.5 0.6 3.1 261.6 0.5 11.6
2027 8.7 1.2 9.9 251.7 2.5 9.1
2028 9.1 1.1 10.2 241.5 1.7 7.4
2029 9.3 2.0 11.3 230.2 1.6 5.8
2030 9.8 3.5 13.3 216.9 0.6 5.2
2026-2030 42.6 9.0 51.6 216.9 7.7 5.2
2031-2035 48.1 11.0 59.1 157.8 2.8 2.4
2036-2040 41.4 8.4 49.8 108.0 1.3 1.1
2041-2045 33.9 2.5 36.4 71.6 0.2 0.9
2046-2050 28.9 3.0 31.9 39.7 0.5 0.4
2051-2055 17.8 6.3 24.1 15.6 0.4 —
After 2055 6.7 8.9 15.6 — — —
Total $ 219.4 $ 49.1 $ 268.5 $ 12.9
Net par outstanding (end of period)
1Q-25 2Q-25 3Q-25 4Q-25 1Q-26 2Q-26
Public finance - U.S. $ 202.4 $ 208.7 $ 212.1 $ 215.0 $ 216.4 $ 219.4
Public finance - non-U.S. 50.1 53.1 51.3 50.6 49.5 49.1
Structured finance - U.S. 8.4 8.2 8.1 7.9 8.3 8.6
Structured finance - non-U.S. 2.7 2.8 3.4 3.6 4.4 4.3
Net par outstanding $ 263.6 $ 272.8 $ 274.9 $ 277.1 $ 278.6 $ 281.4
Please refer to the Glossary for an explanation of the presentation of net par outstanding and of the various sectors.
31
Assured Guaranty Ltd.
Puerto Rico Profile
As of June 30, 2026
(in millions)
Net Par Outstanding
AG AG Re Total Net Par Outstanding Gross Par Outstanding
Defaulted Puerto Rico Exposure
PREPA $ 322 $ 142 $ 464 $ 470
Resolved Puerto Rico Exposure
Puerto Rico Highway and Transportation Authority $ — $ 13 $ 13 $ 13
Non-Defaulting Puerto Rico Exposure
Puerto Rico Municipal Finance Agency (MFA) $ 64 $ 11 $ 75 $ 81
University of Puerto Rico 1 — 1 1
Total non-defaulting $ 65 $ 11 $ 76 $ 82
PREPA Amortization Schedule
Scheduled Net Par Amortization Scheduled Net Debt Service Amortization
2026 (July 1 - September 30) $ 106 $ 114
2026 (October 1 - December 31) — 1
Subtotal 2026 106 115
2027 106 122
2028 68 80
2029 39 47
2030 44 52
2031-2037 101 110
Total $ 464 $ 526
32
Assured Guaranty Ltd.
Direct Pooled Corporate Obligations Profile
As of June 30, 2026
(dollars in billions)
Distribution of Direct Pooled Corporate Obligations by Rating
Net Par Outstanding % of Total Average Initial Credit Enhancement Average Current Credit Enhancement
Ratings:
AAA $ 0.36 43.6 % 41.1% 49.4%
AA 0.29 35.4 60.1% 43.4%
A 0.17 20.0 36.8% 40.8%
BBB 0.01 1.0 22.9% 22.3%
Total exposures $ 0.83 100.0 % 46.7% 45.3%
Distribution of Direct Pooled Corporate Obligations by Asset Class
Net Par Outstanding % of Total Average Initial Credit Enhancement Average Current Credit Enhancement Number of Transactions
Asset class:
Trust preferred $ 0.18 21.9 % 43.5% 68.4% 9
CLOs 0.65 78.1 47.7% 38.8% 9
Total exposures $ 0.83 100.0 % 46.7% 45.3% 18
Please refer to the Glossary for an explanation of internal ratings, performance indicators and sectors.
33
Assured Guaranty Ltd.
Below Investment Grade Exposures (1 of 3)
(in billions)
BIG Exposures by Asset Exposure Type
As of
June 30, December 31,
2026 2025
U.S. public finance:
Transportation $ 1.23 $ 0.10
Healthcare 0.92 0.92
Municipal utilities 0.69 0.75
General obligation 0.23 0.24
Tax backed 0.10 0.10
Infrastructure finance 0.08 1.21
Other public finance 0.15 0.16
Total U.S. public finance 3.40 3.48
Non-U.S. public finance:
Regulated utilities 2.37 2.40
Infrastructure finance 1.09 1.14
Renewable energy 0.83 0.90
Total non-U.S. public finance 4.29 4.44
Total public finance 7.69 7.92
U.S. structured finance:
RMBS 0.74 0.77
Insurance reserve financings and securitizations 0.04 0.04
Other structured finance 0.03 0.03
Total U.S. structured finance 0.81 0.84
Non-U.S. structured finance:
Total non-U.S. structured finance — —
Total structured finance 0.81 0.84
Total BIG net par outstanding $ 8.50 $ 8.76
Please refer to the Glossary for an explanation of the Company's presentation of net par outstanding and a description of various sectors.
34
Assured Guaranty Ltd.
Below Investment Grade Exposures (2 of 3)
(dollars in billions)
Net Par Outstanding by BIG Surveillance Category (1)
As of
June 30, December 31,
2026 2025
BIG Category 1
U.S. public finance $ 1.22 $ 2.48
Non-U.S. public finance 1.00 1.09
U.S. structured finance 0.17 0.17
Non-U.S. structured finance — —
Total BIG Category 1 2.39 3.74
BIG Category 2
U.S. public finance 1.60 0.42
Non-U.S. public finance 3.29 3.35
U.S. structured finance 0.05 0.04
Non-U.S. structured finance — —
Total BIG Category 2 4.94 3.81
BIG Category 3
U.S. public finance 0.58 0.58
Non-U.S. public finance — —
U.S. structured finance 0.59 0.63
Non-U.S. structured finance — —
Total BIG Category 3 1.17 1.21
BIG Total $ 8.50 $ 8.76
1) The Company assigns each BIG exposure to one of the three BIG surveillance categories below, which generally represent the following: BIG 1: Below-investment-grade exposures for which there are possible future losses, on a present value basis, and the aggregate probability weighting of scenarios with future losses is less than 50%, regardless of whether the Company has or has not paid a claim for which it expects to be reimbursed within one year (liquidity claim). BIG 2: Below-investment-grade exposures for which there are possible future losses, on a present value basis, and the aggregate probability weighting of scenarios with future losses is 50% or more, but for which no claims (other than liquidity claims) have yet been paid. BIG 3: Below-investment-grade exposures for which future losses are expected, on a present value basis, and the aggregate probability weighting of scenarios with future losses is 50% or more, and for which claims, other than liquidity claims have been paid.
For purposes of classifying BIG exposures into one of the three BIG categories, the Company calculates the present value of projected claim payments and recoveries using the pre-tax book yield of the investment portfolio as the applicable discount rate.
For financial statement measurement purposes, the Company uses risk-free rates (as determined each quarter) for discounting, rather than pre-tax book yield of the investment portfolio, to calculate the expected losses to be paid. Expected losses to be paid (recovered) are based on probability weighted scenarios and serve as the basis for the loss reserves reported in accordance with U.S. GAAP.
Please refer to the Glossary for an explanation of the Company's internal rating approach, presentation of net par outstanding and a description of various sectors.
35
Assured Guaranty Ltd.
Below Investment Grade Exposures (3 of 3)
As of June 30, 2026
(dollars in millions)
Public Finance and Structured Finance BIG Exposures with Revenue Sources Greater Than $50 Million
Net Par Outstanding
Internal
Rating (1)
60+ Day Delinquencies
Name or description
U.S. public finance:
Brightline Trains Florida LLC $ 1,133 CCC
Westchester Medical Center 540 BB+
PREPA 464 CCC
Palomar Health 374 CCC
Jackson Water & Sewer System, Mississippi 140 BB
Stockton City, California 82 B
MFA 75 B
Harrisburg Parking System, Pennsylvania 70 B
Indiana University of Pennsylvania, Pennsylvania 51 CCC
Total U.S. public finance 2,929
Non-U.S. public finance:
Thames Water Utilities Finance Plc 2,365 B
Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc 542 B+
University of Essex, United Kingdom 385 BB
Q Energy - Phase II - Pride Investments, S.A. 255 BB+
Hypersol Solar Inversiones, S.A.U. 245 BB
Q Energy - Phase III - FSL Issuer, S.A.U. 234 B+
Dartford & Gravesham NHS Trust The Hospital Company (Dartford) Plc 100 BB+
Q Energy - Phase IV - Anselma Issuer, S.A. 97 BB+
Road Management Services PLC (A13 Highway) 61 BB-
Total non-U.S. public finance 4,284
Total public finance 7,213
U.S. structured finance:
RMBS:
Option One Mortgage Loan Trust 2007-HL1 93 CCC 18.8%
Argent Securities Inc. 2005-W4 93 CCC 8.2%
Option One 2007-FXD2 86 BB 14.9%
Total RMBS-U.S. structured finance 272
Total non-U.S. structured finance —
Total structured finance 272
Total $ 7,485
1) Transactions rated below B- are categorized as CCC.
Please refer to the Glossary for an explanation of the Company's internal rating approach, presentation of net par outstanding and a description of performance indicators and sectors.
36
Assured Guaranty Ltd.
Largest Exposures by Sector (1 of 3)
As of June 30, 2026
(in millions)
50 Largest U.S. Public Finance Exposures by Revenue Source
Credit Name: Net Par Outstanding Internal Rating
JFK New Terminal One, New York $ 2,209 BBB-
Pennsylvania (Commonwealth of) 1,775 BBB
Metro Washington Airports Authority (Dulles Toll Road) 1,642 BBB+
New Jersey (State of) 1,593 BBB
Alameda Corridor Transportation Authority, California 1,455 BBB
South Carolina Public Service Authority - Santee Cooper 1,324 A-
New York Power Authority 1,306 AA-
Lower Colorado River Authority (LCRA Transmission Services Corporation Project) 1,291 A
Foothill/Eastern Transportation Corridor Agency, California 1,286 A-
North Texas Tollway Authority 1,260 A+
New York Metropolitan Transportation Authority 1,254 A-
CommonSpirit Health, Illinois 1,230 A-
Brightline Trains Florida LLC 1,133 CCC
Philadelphia Water & Wastewater, Pennsylvania 1,133 A
Montefiore Medical Center, New York 1,126 BBB-
North Carolina Turnpike Authority 1,055 BBB
Pittsburgh International Airport, Pennsylvania 1,049 A-
Central Florida Expressway Authority, Florida 1,048 A+
San Joaquin Hills Transportation, California 955 BBB+
JFK Terminal 6, New York 929 BBB-
ProMedica Healthcare Obligated Group, Ohio 923 BBB-
Thomas Jefferson University 916 A-
Yankee Stadium LLC New York City Industrial Development Authority 907 BBB
Houston Hotel Occupancy Tax, Texas 907 A-
Pittsburgh Water & Sewer, Pennsylvania 901 A-
Municipal Electric Authority of Georgia 887 BBB+
Maine (State of) 877 A
Metropolitan Pier and Exposition Authority, Illinois 859 BBB-
San Diego Family Housing, LLC 854 AA
Chicago Water, Illinois 843 BBB+
Downtown Revitalization Public Infrastructure District, Utah 837 A
Sacramento City Unified School District, California 837 BBB-
Harris County - Houston Sports Authority, Texas 814 A-
Philadelphia School District, Pennsylvania 787 A-
Clark County School District, Nevada 781 A-
Houston Airport System, Texas 767 A
Dade County Seaport, Florida 758 A-
Alabama Highway Authority 730 AA-
Beth Israel Lahey Health, Massachusetts 709 A-
Illinois (State of) 672 BBB
California (State of) 672 AA-
Chicago Public Schools, Illinois 658 BBB-
Chicago-O'Hare International Airport, Illinois 646 A-
Tucson (City of), Arizona 641 A+
Palomar Health 637 B-
New York Transportation Development Corporation (LaGuardia Airport Terminal Redevelopment Project) 628 BBB
Anaheim (City of), California 626 A-
Nassau County, New York 620 AA-
Massachusetts (Commonwealth of) Water Resources 605 AA
Chicago (City of) Wastewater Transmission, Illinois 605 BBB+
Total top 50 U.S. public finance exposures $ 48,957
Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.
37
Assured Guaranty Ltd.
Largest Exposures by Sector (2 of 3)
As of June 30, 2026
(in millions)
25 Largest U.S. Structured Finance Exposures
Credit Name: Net Par Outstanding
Internal Rating (1)
Private US Insurance Reserve Financing $ 1,100 AA
Private US Insurance Reserve Financing 1,098 AA-
Private US Insurance Reserve Financing 1,000 AA-
Private US Insurance Reserve Financing 429 AA-
Private Collateralized Transaction 395 AA+
Private US Insurance Reserve Financing 391 AA-
Private US Insurance Securitization 186 A
Private Middle Market CLO 184 AA
Private Fund Finance Transaction 175 A+
Private Fund Finance Transaction 138 A+
Private Middle Market CLO 125 A
Private US Insurance Securitization 112 AA
Private Fund Finance Transaction 103 AA-
Private Balloon Note Guarantee 100 A
Option One Mortgage Loan Trust 2007-HL1 93 CCC
Argent Securities Inc. 2005-W4 93 CCC
CWABS 2007-4 89 BBB+
Private Fund Finance Transaction 86 A
Option One 2007-FXD2 86 BB
Private Fund Finance Transaction 81 A-
SLM Student Loan Trust 2007-A 75 A
Private Fund Finance Transaction 67 A
Private Balloon Note Guarantee 59 BBB
Private Fund Finance Transaction 53 AA-
Private US Insurance Securitization 50 AA
Total top 25 U.S. structured finance exposures $ 6,368
1) Transactions rated below B- are categorized as CCC.
Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.
38
Assured Guaranty Ltd.
Largest Exposures by Sector (3 of 3)
As of June 30, 2026
(in millions)
50 Largest Non-U.S. Exposures by Revenue Source
Credit Name: Country Net Par Outstanding Internal Rating
Southern Water Services Limited United Kingdom $ 2,837 BBB-
Thames Water Utilities Finance Plc United Kingdom 2,365 B
Dwr Cymru Financing Limited United Kingdom 2,042 A-
Anglian Water Services Financing PLC United Kingdom 1,877 BBB+
National Grid Gas PLC United Kingdom 1,852 A-
Channel Link Enterprises Finance PLC France, United Kingdom 1,283 BBB
Yorkshire Water Services Finance Plc United Kingdom 1,157 BBB
Severn Trent Water Utilities Finance Plc United Kingdom 1,076 BBB+
Capital Hospitals (Issuer) PLC United Kingdom 1,033 BBB-
United Utilities Water PLC United Kingdom 973 BBB+
Southern Gas Networks PLC United Kingdom 973 BBB+
Private Other Structured Finance Transaction Australia 903 A-
British Broadcasting Corporation (BBC) United Kingdom 897 A+
Quebec Province Canada 832 A+
National Grid Company plc United Kingdom 825 BBB+
Wessex Water Services Finance Plc United Kingdom 810 BBB+
South West Water UK United Kingdom 775 BBB+
Aspire Defence Finance plc United Kingdom 718 BBB+
South East Water United Kingdom 712 BBB-
Verdun Participations 2 S.A.S. France 704 BBB-
Heathrow Funding Limited United Kingdom 662 BBB
Private International Sub-Sovereign Transaction United Kingdom 569 A+
University of Sussex United Kingdom 547 BBB
Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc United Kingdom 542 B+
NewHospitals (St Helens & Knowsley) Finance PLC United Kingdom 532 BBB+
North Staffordshire, United Kingdom United Kingdom 506 BBB-
Campania Region - Healthcare receivable Italy 502 BBB-
Central Nottinghamshire Hospitals PLC United Kingdom 501 BBB-
Sydney Airport Finance Company Australia 488 BBB+
University of Essex, United Kingdom United Kingdom 477 BB+
Derby Healthcare PLC United Kingdom 457 BBB
Sutton and East Surrey Water plc United Kingdom 435 BBB
The Hospital Company (QAH Portsmouth) Limited United Kingdom 435 BBB
Western Power Distribution (South West) plc United Kingdom 382 BBB+
South Lanarkshire Schools United Kingdom 365 BBB
Spanish Electricity System Receivables Caixa Spain 362 A-
International Infrastructure Pool United Kingdom 362 AAA
International Infrastructure Pool United Kingdom 362 AAA
International Infrastructure Pool United Kingdom 362 AAA
Northumbrian Water PLC United Kingdom 344 BBB
Verbund, Lease and Sublease of Hydro-Electric Equipment Austria 336 AAA
Private International Sub-Sovereign Transaction United Kingdom 330 A
Private Fund Finance Transaction Intl-Multi Country 326 A
Catalyst Healthcare (Romford) Financing PLC United Kingdom 325 BBB
Portsmouth Water, United Kingdom United Kingdom 315 BBB
South Staffordshire Water PLC United Kingdom 313 BBB+
Western Power Distribution (South Wales) plc United Kingdom 298 BBB+
Scotland Gas Networks plc United Kingdom 292 BBB+
Bakethin Finance Plc United Kingdom 287 A-
XpFibre Group France 286 BBB-
Total top 50 non-U.S. exposures $ 36,944
Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.
39
Annuity Reinsurance Segment
40
Assured Guaranty Ltd.
Annuity Reinsurance Segment Results
(in millions)
Three Months Ended Six Months Ended
June 30, 2026 June 30, 2026
Segment revenues
Net investment income $ 11 $ 16
Fair value gains (losses) on derivatives 4 9
Total segment revenues 15 25
Segment expenses
Benefit expense for annuity reinsurance contracts 8 15
Employee compensation and benefit expenses 3 5
Other operating expenses 2 4
Total segment expenses 13 24
Segment adjusted operating income (loss) before income taxes 2 1
Less: Provision (benefit) for income taxes — (1)
Segment adjusted operating income (loss) $ 2 $ 2
41
Asset Management Segment
42
Assured Guaranty Ltd.
Asset Management Segment Results
(in millions)
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Segment revenues $ — $ 15 $ 118 $ 21
Segment expenses — 9 68 13
Equity in earnings (losses) of investees (5) (1) 1 12
Segment adjusted operating income (loss) before income taxes (5) 5 51 20
Less: Provision (benefit) for income taxes (1) 1 11 4
Segment adjusted operating income (loss) $ (4) $ 4 $ 40 $ 16
43
Corporate Division
44
Assured Guaranty Ltd.
Corporate Division Results
(in millions)
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Revenues
Bargain purchase gain $ — $ — $ 6 $ —
Other 3 4 5 8
Total revenues 3 4 11 8
Expenses
Interest expense 24 26 48 50
Employee compensation and benefit expenses 7 6 14 14
Other operating expenses 7 7 19 15
Total expenses 38 39 81 79
Equity in earnings (losses) of investees 4 3 23 19
Adjusted operating income (loss) before income taxes (31) (32) (47) (52)
Less: Provision (benefit) for income taxes (3) (3) (4) (3)
Adjusted operating income (loss) $ (28) $ (29) $ (43) $ (49)
45
Other
46
Assured Guaranty Ltd.
Other Results (1 of 2)
(in millions)
Three Months Ended June 30, 2026
FG VIEs CIVs Intersegment Eliminations and Reclassifications Total Other
Revenues
Net earned premiums $ (1) $ — $ — $ (1)
Net investment income (1) — (2) (3)
Gains (losses) on FG VIEs 2 — — 2
Total revenues — — (2) (2)
Expenses
Loss expense (benefit) (1) — — (1)
Interest expense — — (2) (2)
Total expenses (1) — (2) (3)
Equity in earnings (losses) of investees — — — —
Adjusted operating income (loss) before income taxes 1 — — 1
Less: Provision (benefit) for income taxes — — — —
Less: Noncontrolling interest 1 — — 1
Adjusted operating income (loss) $ — $ — $ — $ —
Three Months Ended June 30, 2025
FG VIEs CIVs Intersegment Eliminations and Reclassifications Total Other
Revenues
Net earned premiums $ (1) $ — $ — $ (1)
Net investment income — — (3) (3)
Gains (losses) on FG VIEs 2 — — 2
Fair value gains (losses) on CIVs — 4 — 4
Asset management revenues — (2) — (2)
Other income (loss) — — — —
Total revenues 1 2 (3) —
Expenses
Loss expense (benefit) 1 — — 1
Interest expense — — (3) (3)
Total expenses 1 — (3) (2)
Equity in earnings (losses) of investees — (1) — (1)
Adjusted operating income (loss) before income taxes — 1 — 1
Less: Provision (benefit) for income taxes — (1) — (1)
Less: Noncontrolling interest — 3 — 3
Adjusted operating income (loss) $ — $ (1) $ — $ (1)
47
Assured Guaranty Ltd.
Other Results (2 of 2)
(dollars in millions)
Six Months Ended June 30, 2026
FG VIEs CIVs Intersegment Eliminations and Reclassifications Total Other
(in millions)
Revenues
Net earned premiums $ (2) $ — $ — $ (2)
Net investment income (2) — (4) (6)
Gains (losses) on FG VIEs (3) — — (3)
Fair value gains (losses) on CIVs — 9 — 9
Asset management revenues — (24) — (24)
Other income (loss) — — — —
Total revenues (7) (15) (4) (26)
Expenses
Loss expense (benefit) (1) — — (1)
Interest expense — — (4) (4)
Total expenses (1) — (4) (5)
Equity in earnings (losses) of investees — (2) — (2)
Adjusted operating income (loss) before income taxes (6) (17) — (23)
Less: Provision (benefit) for income taxes (1) (4) — (5)
Less: Noncontrolling interest (5) 3 — (2)
Adjusted operating income (loss) $ — $ (16) $ — $ (16)
Six Months Ended June 30, 2025
FG VIEs CIVs Intersegment Eliminations and Reclassifications Total Other
(in millions)
Revenues
Net earned premiums $ (1) $ — $ — $ (1)
Net investment income (1) — (5) (6)
Gains (losses) on FG VIEs 3 — — 3
Fair value gains (losses) on CIVs — 23 — 23
Asset management revenues — (3) — (3)
Other income (loss) — — — —
Total revenues 1 20 (5) 16
Expenses
Loss expense (benefit) 1 — — 1
Interest expense — — (5) (5)
Total expenses 1 — (5) (4)
Equity in earnings (losses) of investees — (7) — (7)
Adjusted operating income (loss) before income taxes — 13 — 13
Less: Provision (benefit) for income taxes — — — —
Less: Noncontrolling interest — 12 — 12
Adjusted operating income (loss) $ — $ 1 $ — $ 1
48
Summary
49
Assured Guaranty Ltd.
Summary of Financial and Statistical Data
As of and for the Six Months Ended June 30, 2026 Year Ended December 31,
2025 2024 2023 2022
(dollars in millions, except per share amounts)
GAAP Summary Statements of Operations Data
Net earned premiums $ 184 $ 380 $ 403 $ 344 $ 494
Net investment income 190 359 340 365 269
Total expenses 362 550 446 733 536
Income (loss) before income taxes and equity in earnings (losses) of investees 94 560 426 640 187
Income (loss) before income taxes 114 662 488 668 148
Net income (loss) attributable to AGL 127 503 376 739 124
Net income (loss) attributable to AGL per diluted share 2.80 10.26 6.87 12.30 1.92
GAAP Summary Balance Sheet Data
Total investments and cash $ 9,240 $ 8,875 $ 8,784 $ 9,212 $ 8,472
Total assets 12,641 12,176 11,901 12,539 16,843
Unearned premium reserve 3,600 3,625 3,719 3,658 3,620
Loss and LAE reserve 306 309 268 376 296
Long-term debt 1,706 1,704 1,699 1,694 1,675
Shareholders’ equity attributable to AGL 5,559 5,663 5,495 5,713 5,064
Shareholders’ equity attributable to AGL per share 126.18 125.32 108.80 101.63 85.80
Financial Guaranty Claims-Paying Resources (1)(2)
Policyholders' surplus $ 3,810 $ 4,033 $ 4,329 $ 4,807 $ 5,155
Contingency reserve 1,569 1,511 1,392 1,296 1,202
Qualified statutory capital 5,379 5,544 5,721 6,103 6,357
Unearned premium reserve and net deferred ceding commission income 2,994 2,982 2,964 2,955 2,941
Loss and LAE reserves 50 43 53 145 165
Total policyholders' surplus and reserves 8,423 8,569 8,738 9,203 9,463
Present value of installment premium 1,155 1,125 1,073 1,062 955
CCS and standby line of credit 400 400 400 400 400
Total financial guaranty claims-paying resources $ 9,978 $ 10,094 $ 10,211 $ 10,665 $ 10,818
Ratios:
Net exposure to qualified statutory capital 53:1 51:1 46:1 41:1 36:1
Capital ratio 84:1 80:1 73:1 66:1 58:1
Financial resources ratio 45:1 44:1 41:1 37:1 34:1
Adjusted statutory net exposure to financial guaranty claims-paying resources 29:1 28:1 26:1 24:1 21:1
Par and Debt Service Written (Financial Guaranty and Specialty)
Gross debt service written:
Public finance - U.S. $ 18,105 $ 48,974 $ 44,019 $ 41,902 $ 36,954
Public finance - non-U.S. 539 1,657 3,302 3,286 756
Structured finance - U.S. 1,933 530 1,495 2,130 1,120
Structured finance - non-U.S. 3,414 3,864 4,078 3,084 551
Total gross debt service written $ 23,991 $ 55,025 $ 52,894 $ 50,402 $ 39,381
Net debt service written $ 23,987 $ 55,020 $ 52,760 $ 50,402 $ 39,381
Net par written 15,859 32,911 31,695 28,960 22,047
Gross par written 15,862 32,916 31,829 28,960 22,047
As of June 30, 2026 As of December 31,
Other Financial Information 2025 2024 2023 2022
(in billions)
GAAP Basis - Financial Guaranty
Net debt service outstanding (end of period) $ 446.6 $ 440.8 $ 416.0 $ 397.6 $ 370.0
Gross debt service outstanding (end of period) 447.2 441.4 416.5 398.0 370.2
Net par outstanding (end of period) 281.4 277.1 261.6 249.2 233.3
Gross par outstanding (end of period) 282.0 277.6 262.0 249.5 233.4
Statutory Basis - Financial Guaranty (2)
Net debt service outstanding (end of period) $ 445.3 $ 439.4 $ 415.5 $ 396.4 $ 366.9
Gross debt service outstanding (end of period) 445.9 440.0 416.0 396.8 367.1
Net par outstanding (end of period) 280.3 275.9 260.9 247.8 230.3
Gross par outstanding (end of period) 280.9 276.5 261.4 248.2 230.5
1) See page 19 for additional detail on financial guaranty claims-paying resources.
2) Statutory amounts prepared on a consolidated basis. The National Association of Insurance Commissioners Annual Statements for the Company’s U.S. domiciled insurance subsidiary, AG, are prepared on a stand-alone basis. As of June 30, 2026 and December 31, 2025 par outstanding and debt service outstanding exclude par associated with Loss Mitigation Securities.
Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.
Please refer to the Glossary for an explanation of the presentation of net debt service and net par outstanding and of the various sectors.
50
Assured Guaranty Ltd.
Summary of GAAP to Non-GAAP Reconciliations (1) (1 of 2)
(in millions, except per share amounts)
Six Months Ended
June 30, 2026 Year Ended December 31,
2025 2024 2023 2022
Total GWP $ 151 $ 256 $ 440 $ 357 $ 360
Less: Installment GWP and other GAAP adjustments (2)
69 105 300 247 145
Upfront GWP 82 151 140 110 215
Plus: Installment premiums and other (3)
70 135 262 294 160
Total PVP $ 152 $ 286 $ 402 $ 404 $ 375
PVP:
Public finance - U.S. $ 106 $ 206 $ 270 $ 212 $ 257
Public finance - non-U.S. 11 37 67 83 68
Structured finance - U.S. 16 13 25 68 43
Structured finance - non-U.S. 19 30 40 41 7
Total PVP $ 152 $ 286 $ 402 $ 404 $ 375
Adjusted operating income reconciliation:
Net income (loss) attributable to AGL $ 127 $ 503 $ 376 $ 739 $ 124
Less pre-tax adjustments:
Realized gains (losses) on investments (25) (40) 9 (14) (56)
Non-credit impairment-related fair value gains (losses) on credit derivatives (3) 6 14 106 (18)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment (3) — — — —
Realized and unrealized fair value gains (losses) of the embedded derivative in funds withheld (2) — — — —
Fair value gains (losses) on CCS (1) 20 (10) (35) 24
Foreign exchange gains (losses) on remeasurement of certain assets and liabilities (19) 85 (26) 51 (110)
Total pre-tax adjustments (53) 71 (13) 108 (160)
Less tax effect on pre-tax adjustments 10 (13) — (17) 17
Adjusted operating income (loss) $ 170 $ 445 $ 389 $ 648 $ 267
Adjusted operating income per diluted share reconciliation:
Net income (loss) attributable to AGL per diluted share $ 2.80 $ 10.26 $ 6.87 $ 12.30 $ 1.92
Less pre-tax adjustments:
Realized gains (losses) on investments (0.54) (0.82) 0.16 (0.23) (0.87)
Non-credit impairment-related fair value gains (losses) on credit derivatives (0.06) 0.12 0.27 1.75 (0.27)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment (0.08) — — — —
Realized and unrealized fair value gains (losses) of the embedded derivative in funds withheld (0.04) — — — —
Fair value gains (losses) on CCS (0.03) 0.40 (0.19) (0.57) 0.37
Foreign exchange gains (losses) on remeasurement of certain assets and liabilities (0.41) 1.74 (0.47) 0.84 (1.72)
Total pre-tax adjustments (1.16) 1.44 (0.23) 1.79 (2.49)
Tax effect on pre-tax adjustments 0.22 (0.26) — (0.27) 0.27
Adjusted operating income (loss) per diluted share $ 3.74 $ 9.08 $ 7.10 $ 10.78 $ 4.14
1) Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.
2) Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, and GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.
3) Includes the present value of future premiums and fees on new business paid in installments, discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. Includes the present value of future premiums and fees associated with other business written by the Company that, under GAAP, are accounted for under ASC 460, Guarantees.
51
Assured Guaranty Ltd.
Summary of GAAP to Non-GAAP Reconciliations(1) (2 of 2)
(in millions, except per share amounts)
As of June 30, 2026 As of December 31,
2025 2024 2023 2022
ABV reconciliation:
Shareholders’ equity attributable to AGL $ 5,559 $ 5,663 $ 5,495 $ 5,713 $ 5,064
Less pre-tax adjustments:
Non-credit impairment-related fair value gains (losses) on credit derivatives 52 55 49 34 (71)
Fair value gains (losses) on CCS 20 22 2 13 47
Unrealized gains (losses) on investment portfolio (258) (149) (397) (361) (523)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment (5) — — — —
Fair value gains (losses) of the embedded derivative in funds withheld (1) — — — —
Less taxes 27 6 46 37 68
Adjusted operating shareholders’ equity 5,724 5,729 5,795 5,990 5,543
Pre-tax adjustments:
Less: DAC 201 192 176 161 147
Plus: Net present value of estimated net future revenue 188 194 202 199 157
Plus: Net deferred revenues on insurance contracts (1)
3,305 3,367 3,473 3,436 3,428
Plus taxes (658) (674) (702) (699) (602)
ABV $ 8,358 $ 8,424 $ 8,592 $ 8,765 $ 8,379
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity (net of tax provision (benefit) of $(2), $2, $0, $1, and $4)
$ (8) $ 8 $ — $ 5 $ 17
ABV (net of tax provision (benefit) of $(3), $1, $(2), $0, and $3)
$ (12) $ 3 $ (6) $ — $ 11
ABV per share reconciliation:
Shareholders’ equity attributable to AGL per share $ 126.18 $ 125.32 $ 108.80 $ 101.63 $ 85.80
Less pre-tax adjustments:
Non-credit impairment-related fair value gains (losses) on credit derivatives 1.18 1.21 0.96 0.61 (1.21)
Fair value gains (losses) on CCS 0.46 0.48 0.05 0.22 0.80
Unrealized gains (losses) on investment portfolio (5.87) (3.28) (7.86) (6.40) (8.86)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment (0.12) — — — —
Fair value gains (losses) of the embedded derivative in funds withheld (0.03) — — — —
Less taxes 0.62 0.13 0.90 0.66 1.15
Adjusted operating shareholders’ equity per share 129.94 126.78 114.75 106.54 93.92
Pre-tax adjustments:
Less: DAC 4.57 4.25 3.47 2.87 2.48
Plus: Net present value of estimated net future revenue 4.27 4.30 3.99 3.54 2.66
Plus: Net deferred revenues on insurance contracts (1)
75.01 74.51 68.75 61.12 58.10
Plus taxes (14.93) (14.91) (13.90) (12.41) (10.22)
ABV per share $ 189.72 $ 186.43 $ 170.12 $ 155.92 $ 141.98
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity per share $ (0.16) $ 0.18 $ 0.01 $ 0.07 $ 0.28
ABV per share $ (0.26) $ 0.07 $ (0.13) $ — $ 0.19
1) See Non-GAAP Financial Measures set forth at the end of this Financial Supplement.
52
Glossary
Financial Guaranty Insurance
Net Par Outstanding and Internal Ratings
Net Par Outstanding is insured par exposure, net of reinsurance cessions. Unless otherwise indicated, net par outstanding amounts exclude amounts as a result of loss mitigation strategies, including securities the Company has purchased for loss mitigation purposes that are held in the investment portfolio.
Internal Rating utilizes the Company’s ratings scale, which is similar to that used by the nationally recognized statistical rating organizations; however, the ratings in the tables may not be the same as ratings assigned by any such rating agency.
Statutory Net Par and Net Debt Service Outstanding. Under statutory accounting, net par and net debt service outstanding would be reduced both when an outstanding issue is legally defeased (i.e., an issuer has legally discharged its obligations with respect to a municipal security by satisfying conditions set forth in defeasance provisions contained in transaction documents and is no longer responsible for the payment of debt service with respect to such obligations) and when such issue is economically defeased (i.e., transaction documents for a municipal security do not contain defeasance provisions but the issuer establishes an escrow account with U.S. government securities in amounts sufficient to pay the refunded bonds when due; the refunded bonds are not considered paid and continue to be outstanding under the transaction documents and the issuer remains responsible to pay debt service when due to the extent monies on deposit in the escrow account are insufficient for such purpose).
Performance Indicators
The performance information described below is obtained from third parties and/or provided by the trustee and may be subject to revision as updated or additional information is obtained:
60+ Day Delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or real estate owned divided by current collateral balance.
Average Credit Enhancement is intended to provide a measure of the amount of equity and/or subordinated tranches that are junior in the capital structure to Assured Guaranty’s exposure, expressed as a percentage of the total transaction size, and reflects any reduction of that credit support resulting from defaults or other factors. For transactions where excess spread may be available to absorb certain losses, the amounts shown do not include any benefit from excess spread. The calculation methodologies differ for the various asset classes to reflect differences in transaction structures in order to provide a measure that management believes is comparable across asset classes. Some asset classes may not have subordinated tranches so they are excluded from the weighted averages.
Sectors
Below are brief descriptions of selected types of public and structured finance obligations that the Company insures and reinsures. For a more complete description, please refer to Assured Guaranty Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2025.
U.S. Public Finance:
General Obligation Bonds are full faith and credit obligations that are issued by states, their political subdivisions and other municipal issuers, and are supported by the general obligation of the issuer to pay from available funds and by a pledge of the issuer to levy property taxes in an amount sufficient to provide for the full payment of the bonds.
Tax-Backed Bonds are obligations that are supported by the issuer from specific and discrete sources of taxation and tax-backed revenue bonds. Tax-backed obligations may be secured by a lien on specific pledged tax revenues, such as a gasoline or excise tax, or an income tax, or incrementally from growth in property tax revenue associated with growth in property values. These obligations also include obligations secured by special assessments levied against property owners and often benefit from issuer covenants to enforce collections of such assessments and to foreclose on delinquent properties. Lease revenue bonds typically are general fund obligations of a municipality or other governmental authority that are subject to annual appropriation or abatement; projects financed and subject to such lease payments ordinarily include real estate or equipment serving an essential public purpose.
Municipal Utility Bonds are obligations of all forms of municipal utilities, including electric, water and sewer utilities and resource recovery revenue bonds. These utilities may be organized in various forms, including municipal enterprise systems, authorities or joint action agencies.
Transportation Bonds include a wide variety of revenue-supported obligations, such as bonds for airports, ports, tunnels, municipal parking facilities, toll roads and toll bridges.
Healthcare Bonds are obligations of healthcare facilities, including community-based hospitals and systems, and hospital districts.
Infrastructure Bonds include obligations issued by a variety of entities engaged in the financing of infrastructure projects, such as roads, airports, ports, military housing, social infrastructure, student accommodation and other physical assets delivering essential services supported by long-term concession arrangements with a public sector entity.
53
Glossary (continued)
Sectors (continued)
Higher Education Bonds are obligations secured by revenue collected by either public or private secondary schools, colleges and universities. Such revenue can encompass all of an institution’s revenue, including tuition and fees, or in other cases, can be specifically restricted to certain auxiliary sources of revenue or revenue relating to student accommodation.
Renewable Energy Bonds are obligations backed by revenue from renewable energy sources.
Other Public Finance Bonds include other debt issued, guaranteed or otherwise supported by U.S. national or local governmental authorities, as well as student loans, revenue bonds, housing revenue bonds and obligations of some not-for-profit organizations.
Non-U.S. Public Finance:
Regulated Utility Obligations are obligations issued by government-regulated providers of essential services and commodities, including electric, water and gas utilities, supported by the rates and charges paid by the utilities’ customers. The majority of the Company’s non-U.S. regulated utility business is conducted in the U.K.
Infrastructure Finance Obligations are obligations issued by a variety of entities engaged in the financing of non-U.S. infrastructure projects, such as roads, airports, ports, social infrastructure, student accommodation, stadiums, and other physical assets delivering essential services supported either by long-term concession arrangements or a regulatory regime. The majority of the Company’s non-U.S. infrastructure business is conducted in the U.K.
Sovereign and Sub-Sovereign Obligations primarily includes obligations of local, municipal, regional or national governmental authorities or agencies outside of the U.S.
Renewable Energy Bonds are obligations secured by revenues relating to renewable energy sources, typically solar or wind farms. These transactions often benefit from regulatory support in the form of regulated minimum prices for the electricity produced. The majority of the Company’s non-U.S. renewable energy business is conducted in Spain.
Pooled Infrastructure Obligations are synthetic asset-backed obligations that take the form of credit default swap obligations or credit-linked notes that reference either infrastructure finance obligations or a pool of such obligations, with a defined deductible to cover credit risks associated with the referenced obligations. The Company has not entered into a pooled infrastructure transaction since 2006.
Structured Finance:
Insurance Reserve Financings and Securitizations are transactions, including life insurance transactions, where obligations are secured by the future earnings from pools of various types of insurance/reinsurance policies and income produced by invested assets.
Residential Mortgage Backed Securities are obligations backed by first and second lien mortgage loans on residential properties. The credit quality of borrowers covers a broad range, including “prime,” “subprime” and “Alt-A.” A prime borrower is generally defined as one with strong risk characteristics as measured by factors such as payment history, credit score, and debt-to-income ratio. A subprime borrower is a borrower with higher risk characteristics. An Alt-A borrower is generally defined as a prime quality borrower that lacks certain ancillary characteristics, such as fully documented income. RMBS include home equity lines of credit, which refers to a type of residential mortgage-backed transaction backed by second-lien loan collateral. The Company has not provided insurance for RMBS in the primary market since 2008.
Fund Finance Facilities are primarily subscription finance which are credit facilities provided to closed-end private market funds, most frequently private-equity funds. The facilities are secured by the uncalled capital commitments of the limited partners (LPs) to the fund. The Company may guarantee new or existing facilities and on a single facility or portfolio basis. Assured Guaranty’s exposures are generally to facilities with characteristics that include a high-quality fund sponsor with strong historical performance, a diverse LP base composed primarily of institutional LPs and experienced bank lenders.
Pooled Corporate Obligations are securities primarily backed by various types of corporate debt obligations, such as secured or unsecured bonds, bank loans or loan participations and trust preferred securities. These securities are often issued in “tranches,” with subordinated tranches providing credit support to the more senior tranches. The Company’s financial guaranty exposures generally are to the more senior tranches of these issues.
Financial Products is the guarantee of certain business written by financial products companies owned by Dexia SA, which comprised guaranteed investment contracts, medium term notes and equity payment undertaking agreements associated with leveraged lease business. This business is being run off with the final maturity due in 2031. Assured Guaranty is indemnified by Dexia SA and certain of its affiliates against loss from the financial products business.
54
Glossary (continued)
Sectors (continued)
Other Structured Finance Obligations are obligations backed by assets not generally described in any of the other U.S. and Non-U.S. Structured Finance Obligations categories above.
Specialty Business
The Company also guarantees specialty business with similar risk profiles to its structured finance exposures written in financial guaranty form. Specialty business includes, for example, diversified real estate, insurance reserve financings and securitizations, pooled corporate obligations and aircraft residual value insurance transactions.
55
Non-GAAP Financial Measures
The Company discloses both: (i) financial measures determined in accordance with GAAP; and (ii) financial measures not determined in accordance with GAAP (non-GAAP financial measures). Financial measures identified as non-GAAP should not be considered substitutes for GAAP financial measures. The primary limitation of non-GAAP financial measures is the potential lack of comparability to financial measures of other companies, whose definitions of non-GAAP financial measures may differ from those of the Company.
The Company’s management believes that many investors, analysts and financial news reporters use adjusted operating shareholders’ equity and/or ABV, each further adjusted to remove the effect of FG VIE and CIV consolidation, as the principal financial measures for valuing AGL’s current share price or projected share price and also as the basis of their decision to recommend, buy or sell AGL’s common shares and provides information that is necessary for analysts to calculate their estimates of Assured Guaranty’s financial results in their research reports on Assured Guaranty.
Adjusted operating income, further adjusted for the effect of FG VIE and CIV consolidation, enables investors and analysts to evaluate the Company’s financial results in comparison with the consensus analyst estimates distributed publicly by financial databases.
GAAP requires the Company to consolidate entities where it is deemed to be the primary beneficiary which include FG VIEs, which the Company does not own and where its exposure is limited to its obligation under the financial guaranty insurance contract, and certain CIVs in which subsidiaries invest.
The Company discloses the effect of FG VIE and CIV consolidation that is embedded in each non-GAAP financial measure, as applicable. The Company believes this information may also be useful to analysts and investors evaluating Assured Guaranty’s financial results. In the case of both the consolidated FG VIEs and the CIVs, the economic effect on the Company of each of the consolidated FG VIEs and CIVs is reflected primarily in the results of the Financial Guaranty segment.
The Company’s management and AGL’s Board of Directors use non-GAAP financial measures further adjusted to remove the effect of FG VIE and CIV consolidation when the consolidation effects are not consistent with the Company’s economic interest or exposure to those entities (which the Company refers to as its core financial measures), as well as GAAP financial measures and other factors, to evaluate the Company’s results of operations, financial condition and progress towards long-term goals. The Company uses core financial measures in its decision-making process and as a basis for establishing target levels and awards under the Company’s executive incentive compensation programs. The financial measures that the Company uses to help determine compensation are: (i) adjusted operating income per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core operating income per share); (ii) adjusted operating shareholders’ equity per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core operating shareholders’ equity per share); (iii) ABV per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core ABV per share); (iv) core operating return on equity, which is calculated as core operating income divided by the average of core operating shareholders’ equity at the beginning and end of the period; and (v) PVP.
The following paragraphs define each non-GAAP financial measure disclosed by the Company and describe why it is useful. To the extent there is a directly comparable GAAP financial measure, a reconciliation of the non-GAAP financial measure and the most directly comparable GAAP financial measure is presented within this financial supplement.
Adjusted Operating Income: The Company’s management believes that adjusted operating income is a useful measure because it clarifies the understanding of the operating results of the Company and excludes certain items including (i) items that, under GAAP, may vary significantly from period to period due to near-term market conditions or are otherwise not directly comparable or reflective of the underlying performance of the Company’s business, (ii) items that, under GAAP, result in asymmetrical accounting adjustments, and/or (iii) non-economic gains and losses. Adjusted operating income is defined as net income (loss) attributable to AGL, as reported under GAAP, adjusted for the following:
1) Elimination of realized gains (losses) on investments that are recognized in net income (loss) attributable to AGL, except for gains and losses on securities classified as trading. The timing of realized gains and losses, which depends largely on market credit cycles, can vary considerably across periods. The timing of sales is largely subject to the Company’s discretion and influenced by market opportunities, as well as the Company’s tax and capital profile.
2) Elimination of non-credit impairment-related fair value gains (losses) on credit derivatives that are recognized in net income (loss) attributable to AGL, which is the amount of fair value gains (losses) in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, the Company’s credit spreads and other market factors and are not expected to result in an economic gain or loss.
3) Elimination of changes in fair value of freestanding derivatives in the Annuity Reinsurance segment that economically hedge market movements in financial instruments and insurance liabilities (but are not in designated hedging relationships in accordance with GAAP). Certain mark-to-market movements of the hedged market risks are not reported in net income (loss) attributable to AGL, such as changes in the unrealized gains and losses on the available-for-sale investment portfolio due to fluctuations in exchange rates, and interest rates, and certain components of changes in insurance liabilities as a result of changes in interest rates.
56
Non-GAAP Financial Measures (continued)
4) Elimination of the changes in fair value of the embedded derivative in funds withheld that are recognized in net income (loss) attributable to AGL related to realized and unrealized gains (losses) of the underlying investment portfolio, whose value may change significantly from period to period due to near term market conditions.
5) Elimination of fair value gains (losses) on CCS that are recognized in net income (loss) attributable to AGL. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss.
6) Elimination of foreign exchange gains (losses) on remeasurement of assets and liabilities such as net premium receivables and insurance liabilities that are long-term in nature that are recognized in net income (loss) attributable to AGL. Long-dated receivables and insurance reserves represent the present value of future contractual or expected cash flows. Therefore, the current period’s foreign exchange remeasurement gains (losses) are not necessarily indicative of the total foreign exchange gains (losses) that the Company will ultimately recognize.
7) Income tax allocated to the adjustments above.
Adjusted operating income per share is calculated by dividing adjusted operating income by the weighted average diluted shares. The method for calculating weighted average diluted shares is in accordance with GAAP.
Adjusted Operating Shareholders’ Equity and ABV: The Company’s management believes that adjusted operating shareholders’ equity is a useful measure because it excludes the fair value adjustments that are not expected to result in economic gain or loss. The Company’s management uses ABV, further adjusted to remove the effect of FG VIE and CIV consolidation, to measure the intrinsic value of the Company, excluding franchise value. The Company’s management believes that ABV is a useful measure because it enables an evaluation of the Company’s in-force premiums and revenues net of expected losses.
Adjusted operating shareholders’ equity per share and ABV per share, each further adjusted for FG VIE and CIV consolidation (core operating shareholders’ equity per share and core ABV per share, respectively), are two of the key financial measures used in determining the amount of certain long-term compensation elements to management and employees and used by rating agencies and investors.
Adjusted operating shareholders’ equity is defined as shareholders’ equity attributable to AGL, as reported under GAAP, adjusted for the following:
1) Elimination of non-credit impairment-related fair value gains (losses) on credit derivatives that are reported on the consolidated balance sheet, which is the amount of fair value gains (losses) in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.
2) Elimination of fair value gains (losses) on CCS that are reported on the consolidated balance sheet. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss.
3) Elimination of unrealized gains (losses) on investments that are recorded as a component of accumulated other comprehensive income (AOCI). The AOCI component of the fair value adjustment on the investment portfolio is not deemed economic because the Company generally holds these investments to maturity and therefore would not result in an economic gain or loss.
4) Elimination of the fair value of freestanding derivatives in the Annuity Reinsurance segment that economically hedge market movements in financial instruments and insurance liabilities (but are not in designated hedging relationships in accordance with GAAP), such as changes in fair value on derivatives that hedge fluctuations in foreign exchange, interest rates and inflation on Assured Life Re’s available-for-sale investment portfolio.
5) Elimination of the unrealized gains (losses) of the underlying investments in funds withheld arrangements.
6) Income tax allocated to the adjustments above.
ABV is adjusted operating shareholders’ equity, as defined above, further adjusted for the following:
1) Elimination of deferred acquisition costs, net. These amounts represent net deferred expenses that have already been paid or accrued and will be expensed in future accounting periods.
2) Addition of the net present value of estimated net future revenue. See below.
57
Non-GAAP Financial Measures (continued)
3) Addition of deferred income on insurance contracts (including deferred profit liability and, in the case of financial guaranty insurance contracts, the amount of deferred premium revenue in excess of expected loss to be expensed, net of reinsurance).
4) Income tax allocated to the adjustments above.
Shares outstanding as of the end of the reporting period are used to calculate adjusted operating shareholders’ equity per share and ABV per share.
The unearned premiums and revenues included in ABV will be earned in future periods, but actual earnings may differ materially from the estimated amounts used in determining current ABV due to changes in foreign exchange rates, prepayment speeds, terminations, modifications, credit defaults, changes in assumptions for or actual experience of the annuity insurance business and other factors.
Adjusted Operating ROE: Adjusted Operating ROE represents adjusted operating income for a specified period divided by the average of adjusted operating shareholders’ equity at the beginning and the end of that period. Management believes that adjusted operating ROE is a useful measure to evaluate the Company’s return on invested capital. Many investors, analysts and members of the financial news media use adjusted operating ROE, adjusted for VIE consolidation, to evaluate AGL’s share price and as the basis of their decision to recommend, buy or sell the AGL common shares. Quarterly and year-to-date adjusted operating ROE are calculated on an annualized basis. Adjusted operating ROE, adjusted for VIE consolidation, is one of the key management financial measures used in determining the amount of certain long-term compensation to management and employees and used by rating agencies and investors.
Net Present Value of Estimated Net Future Revenue: The Company’s management believes that this amount is a useful measure because it enables an evaluation of the present value of estimated net future revenue for non-financial guaranty insurance contracts. This amount represents the net present value of estimated future revenue from these contracts (other than credit derivatives with net expected losses), net of reinsurance, ceding commissions and premium taxes.
Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Net present value of estimated future revenue for an obligation may change from period to period due to a change in the discount rate or due to a change in estimated net future revenue for the obligation, which may change due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation. There is no corresponding GAAP financial measure.
PVP or Present Value of New Business Production: The Company’s management believes that PVP is a useful measure because it enables the evaluation of the value of new business production in the Financial Guaranty segment by taking into account the value of estimated future installment premiums on all new contracts underwritten in a reporting period as well as additional installment premiums and fees on existing contracts (which may result from supplements or fees or from the issuer not calling an insured obligation the Company projected would be called), regardless of form, which management believes GAAP GWP and changes in fair value of credit derivatives do not adequately measure. PVP in respect of contracts written in a specified period is defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums.
Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Under GAAP, financial guaranty installment premiums are discounted at a risk-free rate. Additionally, under GAAP, management records future installment premiums on financial guaranty insurance contracts covering non-homogeneous pools of assets based on the contractual term of the transaction, whereas for PVP purposes, management records an estimate of the future installment premiums the Company expects to receive, which may be based upon a shorter period of time than the contractual term of the transaction.
Actual installment premiums may differ from those estimated in the Company’s PVP calculation due to factors including, but not limited to, changes in foreign exchange rates, prepayment speeds, terminations, amendments to policies, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation.
58
Assured Guaranty Ltd.
30 Woodbourne Avenue
Hamilton HM 08
Bermuda
(441) 279-5705
www.assuredguaranty.com
Contacts:
Equity and Fixed Income Investors:
Robert Tucker
Senior Managing Director, Investor Relations and Corporate Communications
(212) 339-0861
rtucker@agltd.com
Michael Walker
Managing Director, Fixed Income Investor Relations
(212) 261-5575
mwalker@agltd.com
Andre Thomas
Managing Director, Equity Investor Relations
(212) 339-3551
athomas@agltd.com
Media:
Ashweeta Durani
Director, Media Relations
(212) 408-6042
adurani@agltd.com
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Cover Page Cover Page
Aug. 06, 2026
Entity Information [Line Items]
Document Type
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Document Period End Date
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Entity Registrant Name
ASSURED GUARANTY LTD.
Entity Incorporation, State or Country Code
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Entity File Number
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Entity Tax Identification Number
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Entity Address, Address Line One
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Entity Address, City or Town
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Entity Address, Postal Zip Code
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City Area Code
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Common Shares | New York Stock Exchange
Entity Information [Line Items]
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Common Shares
Trading Symbol
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Security Exchange Name
NYSE
Assured Guaranty US Holdings Inc. 6.125% Senior Notes Due 2028 | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security
Assured Guaranty US Holdings Inc. 6.125% Senior Notes due 2028 (and the related guarantee of Registrant)
Trading Symbol
AGO/28
Security Exchange Name
NYSE
Assured Guaranty US Holdings Inc. 3.150% Senior Notes due 2031 | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security
Assured Guaranty US Holdings Inc. 3.150% Senior Notes due 2031 (and the related guarantee of Registrant)
Trading Symbol
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Security Exchange Name
NYSE
Assured Guaranty US Holdings Inc. 3.600% Senior Notes due 2051 | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security
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Security Exchange Name
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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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Local phone number for entity.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
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Title of a 12(b) registered security.
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Name of the Exchange on which a security is registered.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
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Trading symbol of an instrument as listed on an exchange.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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