Assured Guaranty ( (AGO) ) has released its Q3 earnings. Here is a breakdown of the information Assured Guaranty presented to its investors.
Assured Guaranty Ltd., a Bermuda-based company, provides credit enhancement products to public finance, infrastructure, and structured finance markets in the U.S. and internationally, and participates in asset management through its interest in Sound Point Capital Management.
In the third quarter of 2024, Assured Guaranty reported a net income of $171 million, or $3.17 per share, while adjusted operating income was $130 million, or $2.42 per share. The company continues to return capital to shareholders with $147 million returned in the quarter, including $131 million in share repurchases and $16 million in dividends.
Key financial highlights include an increase in shareholders’ equity to $111.09 per share and a record adjusted book value per share of $166.47. The insurance segment showed strong new business production, with gross written premiums at $61 million and the present value of new business production at $63 million, both surpassing the previous year’s figures. The asset management segment contributed $4 million in adjusted operating income, reflecting the company’s interest in Sound Point.
The company authorized an additional $250 million for share repurchases, indicating confidence in its financial health and future growth potential. It is well-positioned for growth following the merger of its subsidiaries and aims to expand into new markets and products.
Looking ahead, Assured Guaranty remains optimistic about its growth trajectory, supported by robust business production and strategic capital management, despite global economic uncertainties and market volatility.
