NYSE : AGO
Assured Guaranty Ltd. — Financial statements
Financials · Insurance - Specialty · Bermuda
Last price 70.88 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.12B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 384.00M | 380.00M | 403.00M | 344.00M | 494.00M | 414.00M |
| Total Interest & Dividend Income | 373.00M | 359.00M | 340.00M | 365.00M | 269.00M | 269.00M |
| Gain (Loss) on Sale of Investments | -2.00M | -7.00M | 51.00M | 25.00M | -66.00M | -13.00M |
| Other Revenue | -41.00M | 77.00M | 36.00M | 183.00M | 28.00M | -14.00M |
| Total Revenue | 813.00M | 832.00M | 830.00M | 970.00M | 818.00M | 744.00M |
| Policy Benefits | 24.00M | 56.00M | -26.00M | 162.00M | 16.00M | -220.00M |
| Policy Acquisition & Underwriting Costs | 22.00M | 22.00M | 20.00M | 13.00M | 14.00M | 14.00M |
| Other Operating Expenses | 180.00M | 174.00M | 157.00M | 214.00M | 167.00M | 163.00M |
| Total Operating Expenses | 500.00M | 461.00M | 353.00M | 640.00M | 455.00M | 187.00M |
| Operating Income | 313.00M | 371.00M | 477.00M | 330.00M | 363.00M | 557.00M |
| Interest Expense | -88.00M | -89.00M | -91.00M | -90.00M | -81.00M | -87.00M |
| Earnings From Equity Investments | 66.00M | 102.00M | 62.00M | 28.00M | -39.00M | 94.00M |
| Currency Exchange Gain (Loss) | -41.00M | 96.00M | -27.00M | 53.00M | -112.00M | -23.00M |
| EBT Excluding Unusual Items | 250.00M | 480.00M | 421.00M | 321.00M | 131.00M | 541.00M |
| Merger & Restructuring Charges | -4.00M | |||||
| Gain (Loss) on Sale of Assets | 262.00M | |||||
| Asset Writedown | 65.00M | 79.00M | 67.00M | 85.00M | 17.00M | 111.00M |
| Legal Settlements | 103.00M | 103.00M | ||||
| Other Unusual Items | -175.00M | |||||
| Pretax Income | 414.00M | 662.00M | 488.00M | 668.00M | 148.00M | 477.00M |
| Income Tax Expense | 37.00M | 119.00M | 96.00M | -93.00M | 11.00M | 58.00M |
| Earnings From Continuing Ops. | 377.00M | 543.00M | 392.00M | 761.00M | 137.00M | 419.00M |
| Minority Interest in Earnings | -26.00M | -40.00M | -16.00M | -22.00M | -13.00M | -30.00M |
| Net Income | 351.00M | 503.00M | 376.00M | 739.00M | 124.00M | 389.00M |
| Preferred Dividends & Other Adjustments | 3.00M | 4.00M | 3.00M | 6.00M | 1.00M | |
| Net Income to Common | 348.00M | 499.00M | 373.00M | 733.00M | 123.00M | 389.00M |
| Shares Outstanding (Basic) | 45.65M | 48.10M | 53.30M | 58.40M | 62.90M | 73.50M |
| Shares Outstanding (Diluted) | 46.15M | 48.70M | 54.30M | 59.60M | 63.90M | 74.30M |
| EPS (Basic) | 7.62 | 10.37 | 7.00 | 12.55 | 1.96 | 5.29 |
| EPS (Diluted) | 7.54 | 10.26 | 6.87 | 12.30 | 1.92 | 5.23 |
| Dividend Per Share | 1.44 | 1.36 | 1.24 | 1.12 | 1.00 | 0.88 |
| Operating Margin | 38.50% | 44.59% | 57.47% | 34.02% | 44.38% | 74.87% |
| Profit Margin | 42.80% | 59.98% | 44.94% | 75.57% | 15.04% | 52.29% |
| EBITDA | 479.00M | 332.00M | 374.00M | 569.00M | ||
| EBITDA Margin | 57.71% | 34.23% | 45.72% | 76.48% | ||
| D&A For EBITDA | 2.00M | 2.00M | 11.00M | 12.00M | ||
| EBIT | 313.00M | 371.00M | 477.00M | 330.00M | 363.00M | 557.00M |
| EBIT Margin | 38.50% | 44.59% | 57.47% | 34.02% | 44.38% | 74.87% |
| Effective Tax Rate | 8.94% | 17.98% | 19.67% | 7.43% | 12.16% | |
| Revenue as Reported | 940.00M | 1.11B | 872.00M | 1.37B | 723.00M | 848.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 6.82B | 6.37B | 6.37B | 6.31B | 7.12B | 8.30B |
| Investments in Equity & Preferred Securities | 1.07B | 1.25B | 1.01B | 906.00M | 557.00M | 421.00M |
| Other Investments | 911.00M | 915.00M | 1.23B | 1.92B | 1.18B | 1.54B |
| Total Investments | 8.93B | 8.65B | 8.76B | 9.45B | 9.16B | 10.27B |
| Cash & Equivalents | 317.00M | 396.00M | 123.00M | 132.00M | 204.00M | 340.00M |
| Reinsurance Recoverable | 3.00M | 5.00M | ||||
| Other Receivables | 2.04B | 2.09B | 2.02B | 1.84B | 6.30B | 6.64B |
| Deferred Policy Acquisition Cost | 201.00M | 192.00M | 176.00M | 161.00M | 147.00M | 131.00M |
| Property, Plant & Equipment | 54.00M | 60.00M | 71.00M | 87.00M | 100.00M | |
| Goodwill | 117.00M | 117.00M | ||||
| Other Intangible Assets | 46.00M | 58.00M | ||||
| Restricted Cash | 1.00M | 1.00M | 5.00M | 1.00M | 2.00M | |
| Other Current Assets | 296.00M | 30.00M | ||||
| Long-Term Deferred Tax Assets | 246.00M | 262.00M | 250.00M | 114.00M | ||
| Other Long-Term Assets | 856.00M | 510.00M | 492.00M | 642.00M | 664.00M | 546.00M |
| Total Assets | 12.64B | 12.18B | 11.90B | 12.54B | 16.84B | 18.21B |
| Accrued Expenses | 112.00M | 570.00M | ||||
| Insurance & Annuity Liabilities | 1.05B | 309.00M | 268.00M | 376.00M | 296.00M | 869.00M |
| Unearned Premiums | 3.60B | 3.62B | 3.72B | 3.66B | 3.62B | 3.72B |
| Reinsurance Payable | 16.00M | |||||
| Current Portion of Leases | 13.00M | |||||
| Short-Term Debt | 35.00M | 37.00M | ||||
| Current Income Taxes Payable | 68.00M | 13.00M | 9.00M | 43.00M | ||
| Long-Term Debt | 1.71B | 1.70B | 1.70B | 1.69B | 1.99B | 1.80B |
| Long-Term Leases | 62.00M | 84.00M | 97.00M | 116.00M | 136.00M | |
| Long-Term Deferred Tax Liabilities | 33.00M | |||||
| Other Current Liabilities | 14.00M | 19.00M | 29.00M | 53.00M | 184.00M | 197.00M |
| Other Long-Term Liabilities | 693.00M | 587.00M | 536.00M | 887.00M | 5.20B | 4.29B |
| Total Liabilities | 7.06B | 6.39B | 6.35B | 6.77B | 11.55B | 11.71B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | ||
| Retained Earnings | 5.81B | 5.83B | 5.88B | 6.07B | 5.58B | 5.99B |
| Comprehensive Income & Other | -250.00M | -167.00M | -384.00M | -358.00M | -514.00M | 301.00M |
| Total Common Equity | 5.56B | 5.66B | 5.50B | 5.71B | 5.06B | 6.29B |
| Minority Interest | 23.00M | 126.00M | 58.00M | 52.00M | 228.00M | 208.00M |
| Shareholders' Equity | 5.58B | 5.79B | 5.55B | 5.76B | 5.29B | 6.50B |
| Total Liabilities & Equity | 12.64B | 12.18B | 11.90B | 12.54B | 16.84B | 18.21B |
| Filing Date Shares Outstanding | 43.96M | 44.93M | 50.08M | 55.42M | 59.02M | 66.01M |
| Total Common Shares Outstanding | 44.03M | 45.16M | 50.48M | 56.18M | 58.98M | 67.47M |
| Total Debt | 1.71B | 1.78B | 1.78B | 1.79B | 2.14B | 1.97B |
| Net Cash (Debt) | -1.39B | -1.38B | -1.66B | -1.66B | -1.94B | -1.63B |
| Net Cash Per Share | -30.10 | -28.40 | -30.57 | -27.84 | -30.28 | -21.97 |
| Book Value Per Share | 126.25 | 125.39 | 108.85 | 101.69 | 85.86 | 93.25 |
| Tangible Book Value | 5.56B | 5.66B | 5.50B | 5.71B | 4.90B | 6.12B |
| Tangible Book Value Per Share | 126.25 | 125.39 | 108.85 | 101.69 | 83.10 | 90.66 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 351.00M | 503.00M | 376.00M | 739.00M | 124.00M | 389.00M |
| Depreciation & Amortization | 12.00M | |||||
| Gain (Loss) on Sale of Assets | -262.00M | |||||
| Gain (Loss) on Sale of Investments | -55.00M | -55.00M | -74.00M | -62.00M | 71.00M | 13.00M |
| Change in Accounts Receivable | -18.00M | -18.00M | -80.00M | -157.00M | 74.00M | |
| Change in Unearned Revenue | -96.00M | -96.00M | 62.00M | 26.00M | -93.00M | -17.00M |
| Change in Income Taxes | 63.00M | 63.00M | -6.00M | 72.00M | -106.00M | 64.00M |
| Change in Insurance Reserves / Liabilities | -10.00M | -10.00M | -202.00M | 35.00M | -1.21B | -99.00M |
| Change in Other Net Operating Assets | -115.00M | -115.00M | -40.00M | -209.00M | -39.00M | 46.00M |
| Other Operating Activities | 250.00M | 33.00M | 26.00M | 300.00M | -1.35B | -2.25B |
| Operating Cash Flow | 324.00M | 259.00M | 47.00M | 461.00M | -2.48B | -1.94B |
| Cash Acquisitions | -145.00M | |||||
| Investment in Securities | 313.00M | 560.00M | 765.00M | 114.00M | 1.66B | -33.00M |
| Other Investing Activities | 87.00M | 81.00M | 15.00M | 172.00M | 81.00M | 56.00M |
| Investing Cash Flow | 255.00M | 641.00M | 780.00M | 286.00M | 1.74B | 23.00M |
| Long-Term Debt Issued | 345.00M | 2.40B | 5.50B | |||
| Total Debt Repaid | -16.00M | -16.00M | -375.00M | -645.00M | -1.27B | -3.03B |
| Net Debt Issued (Repaid) | -16.00M | -16.00M | -375.00M | -300.00M | 1.13B | 2.47B |
| Repurchases of Common Stock | -389.00M | -534.00M | -532.00M | -219.00M | -514.00M | -496.00M |
| Common Dividends Paid | -68.00M | -68.00M | -68.00M | -67.00M | -64.00M | -66.00M |
| Other Financing Activities | -96.00M | 2.00M | -8.00M | -84.00M | 56.00M | 53.00M |
| Financing Cash Flow | -569.00M | -616.00M | -983.00M | -670.00M | 612.00M | 1.96B |
| Foreign Exchange Rate Adjustments | -4.00M | 7.00M | -2.00M | 2.00M | -8.00M | -2.00M |
| Net Cash Flow | 6.00M | 291.00M | -158.00M | 79.00M | -135.00M | 44.00M |
| Levered Free Cash Flow | 14.62M | 411.25M | 738.25M | -843.00M | 381.25M | 407.75M |
| Unlevered Free Cash Flow | 69.62M | 466.88M | 795.12M | -786.75M | 431.88M | 462.12M |
| Cash Interest Paid | 85.00M | 85.00M | 88.00M | 77.00M | 77.00M | 80.00M |
| Cash Income Tax Paid | 51.00M | 51.00M | 90.00M | 4.00M | 105.00M | 24.00M |
| Change in Working Capital | -176.00M | -176.00M | -266.00M | -233.00M | -1.37B | -6.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.10B | 4.14B | 4.58B | 4.28B | 3.73B | 3.50B |
| Enterprise Value | 4.49B | 5.77B | 6.18B | 5.91B | 5.64B | 5.33B |
| PE Ratio | 9.34 | 8.30 | 12.28 | 5.84 | 30.35 | 9.01 |
| PS Ratio | 3.81 | 4.98 | 5.52 | 4.41 | 4.56 | 4.71 |
| PB Ratio | 0.56 | 0.71 | 0.82 | 0.74 | 0.70 | 0.54 |
| P/OCF Ratio | 9.56 | 15.99 | 97.44 | 9.29 | ||
| EV/Sales Ratio | 5.52 | 6.93 | 7.45 | 6.09 | 6.89 | 7.16 |
| EV/EBITDA Ratio | 12.91 | 17.80 | 15.08 | 9.36 | ||
| EV/EBIT Ratio | 14.34 | 15.54 | 12.97 | 17.91 | 15.53 | 9.56 |
| Debt / Equity Ratio | 0.31 | 0.31 | 0.32 | 0.31 | 0.40 | 0.30 |
| Debt / EBITDA Ratio | 5.23 | 4.63 | 3.64 | 5.21 | 5.54 | 3.38 |
| Net Debt / Equity Ratio | 0.25 | 0.24 | 0.30 | 0.29 | 0.37 | 0.25 |
| Net Debt / EBITDA Ratio | 3.47 | 5.00 | 5.17 | 2.87 | ||
| Quick Ratio | 0.88 | 0.93 | 0.92 | 1.04 | 0.79 | 0.88 |
| Current Ratio | 0.99 | 0.95 | 0.94 | 1.06 | 0.81 | 0.90 |
| Asset Turnover | 0.07 | 0.07 | 0.07 | 0.07 | 0.05 | 0.04 |
| Return on Equity (ROE) | 6.67% | 9.57% | 6.93% | 13.76% | 2.32% | 6.35% |
| Return on Assets (ROA) | 1.58% | 1.93% | 2.44% | 1.40% | 1.29% | 2.08% |
| Return on Invested Capital (ROIC) | 3.92% | 4.08% | 5.15% | 4.40% | 4.23% | 5.91% |
| Earnings Yield | 10.70% | 12.14% | 8.21% | 17.26% | 3.32% | 11.10% |
| Dividend Yield | 2.16% | 1.48% | 1.37% | 1.47% | 1.58% | 1.69% |
| Payout Ratio | 20.15% | 13.52% | 18.09% | 9.07% | 51.61% | 16.97% |
| Buyback Yield / Dilution | 10.04% | 10.31% | 8.89% | 6.73% | 14.00% | 13.80% |
| Total Shareholder Return | 12.20% | 11.80% | 10.26% | 8.20% | 15.58% | 15.50% |