Three Months Ended June 30, 2026
Filed Aug 6, 2026Assured Guaranty reported $39 million of GAAP net income attributable to AGL and $55 million of adjusted operating income for the three months ended June 30, 2026, while financial guaranty PVP was $79 million.
Quarterly GAAP net income attributable to AGL was $39 million versus $103 million in the prior-year period, while adjusted operating income was $55 million versus $50 million. Financial guaranty PVP was $79 million versus $64 million, but gross written premiums and gross par written were below the prior-year period.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income (loss) attributable to AGLGAAP | $39 million | – | – |
| Net income (loss) attributable to AGL per diluted shareGAAP | $0.88 | – | – |
| Weighted average basic shares outstandingGAAP | 44.3 million | – | – |
| Weighted average diluted shares outstandingGAAP | 44.6 million | – | – |
| Effective tax rate on net incomeGAAP | 18.0% | – | – |
| GAAP return on equity (ROE)GAAP | 2.8% | – | – |
| Adjusted operating income (loss)non-GAAP | $55 million | – | – |
| Adjusted operating income (loss) per diluted sharenon-GAAP | $1.23 | – | – |
| Weighted average diluted shares outstandingnon-GAAP | 44.6 million | – | – |
| Effective tax rate on adjusted operating incomenon-GAAP | 19.1% | – | – |
| Adjusted operating ROEnon-GAAP | 3.8% | – | – |
| Financial Guaranty segment adjusted operating income (loss)non-GAAP | $85 million | – | – |
| Annuity Reinsurance segment adjusted operating income (loss)non-GAAP | $2 million | – | – |
| Asset Management segment adjusted operating income (loss)non-GAAP | $4 million | – | – |
| Corporate division adjusted operating income (loss)non-GAAP | $(28) million | – | – |
| Other adjusted operating income (loss)non-GAAP | $(5) million | – | – |
| Financial Guaranty segment gross written premiums (GWP)other | $81 million | – | – |
| Financial Guaranty segment present value of new business production (PVP)non-GAAP | $79 million | – | – |
| Financial Guaranty segment gross par writtenother | $8,351 million | – | – |
| Net earned premiums, pre-tax effect of refundings, terminations and modificationsGAAP | $11 million | – | – |
| Fair value gains (losses) of credit derivatives, pre-tax effect of refundings, terminations and modificationsGAAP | — | – | – |
| Net income effect (loss) of refundings, terminations and modificationsGAAP | $8 million | – | – |
| Net income per diluted share (loss) effect of refundings, terminations and modificationsGAAP | $0.19 | – | – |
| Operating net earned premiums and credit derivative revenues, pre-tax effect of refundings, terminations and modificationsnon-GAAP | $11 million | – | – |
| Adjusted operating income (loss) effect of refundings, terminations and modificationsnon-GAAP | $8 million | – | – |
| Adjusted operating income (loss) per diluted share effect of refundings, terminations and modificationsnon-GAAP | $0.19 | – | – |
| Six months ended June 30, 2026 net income (loss) attributable to AGLGAAP | $127 million | – | – |
| Six months ended June 30, 2026 adjusted operating income (loss)non-GAAP | $170 million | – | – |
| Six months ended June 30, 2026 Financial Guaranty segment gross written premiums (GWP)other | $151 million | – | – |
| Six months ended June 30, 2026 Financial Guaranty segment present value of new business production (PVP)non-GAAP | $152 million | – | – |
| Six months ended June 30, 2026 Financial Guaranty segment gross par writtenother | $15,862 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Financial GuarantyGross written premiums were $81 million, PVP was $79 million, and gross par written was $8,351 million. | $85 million adjusted operating income (loss) | – | – |
| Annuity ReinsuranceThe financial supplement reported $2 million of adjusted operating income (loss). | $2 million adjusted operating income (loss) | – | – |
| Asset ManagementThe financial supplement reported $4 million of adjusted operating income (loss). | $4 million adjusted operating income (loss) | – | – |
| Corporate divisionThe financial supplement reported $(28) million of adjusted operating income (loss). | $(28) million adjusted operating income (loss) | – | – |
| OtherRepresents the effect of consolidating financial guaranty variable interest entities and consolidated investment vehicles. | $(5) million adjusted operating income (loss) | – | – |
Capital returns
- Common share repurchases: $45 million
- Dividends: $17 million
- Total capital returned to common shareholders: $62 million
- Six months ended June 30, 2026 common share repurchases: $120 million
- Six months ended June 30, 2026 dividends: $35 million
- Six months ended June 30, 2026 total capital returned to common shareholders: $155 million
What drove it
- Financial Guaranty segment PVP was $79 million, compared with $64 million in the prior-year period.
- Financial Guaranty segment adjusted operating income (loss) was $85 million, compared with $76 million in the prior-year period.
- The effect of refundings, terminations and modifications on GAAP net earned premiums, pre-tax was $11 million, compared with $4 million in the prior-year period.
- The effect of refundings, terminations and modifications on adjusted operating income (loss) was $8 million, compared with $3 million in the prior-year period.
Concerns
- GAAP net income attributable to AGL was $39 million, compared with $103 million in the prior-year period.
- GAAP diluted earnings per share was $0.88, compared with $2.08 in the prior-year period.
- Financial Guaranty gross written premiums were $81 million, compared with $85 million in the prior-year period.
- Financial Guaranty gross par written was $8,351 million, compared with $10,396 million in the prior-year period.
- Six-month GAAP net income attributable to AGL was $127 million, compared with $279 million in the prior-year period.
- Six-month adjusted operating income was $170 million, compared with $212 million in the prior-year period.
What to watch
- Financial Guaranty gross written premiums, PVP and gross par written.
- The contribution from the Annuity Reinsurance segment, which reported $2 million of adjusted operating income (loss).
- The level of common share repurchases and dividends.
- The effect of refundings, terminations and modifications on net earned premiums and adjusted operating income.
Analysis
Assured Guaranty reported $39 million of GAAP net income attributable to AGL, or $0.88 per diluted share, for the three months ended June 30, 2026. This compared with $103 million, or $2.08 per diluted share, in the prior-year period. GAAP ROE was 2.8%, compared with 7.4%, while the effective tax rate on net income was 18.0%, compared with 20.9%.
Adjusted operating income was $55 million, or $1.23 per diluted share, compared with $50 million, or $1.01 per diluted share. Adjusted operating ROE was 3.8%, compared with 3.5%. The Financial Guaranty segment contributed $85 million of adjusted operating income, compared with $76 million, offset by $(28) million in the Corporate division and $(5) million in Other.
Financial Guaranty production was mixed across the disclosed measures. PVP was $79 million compared with $64 million in the prior-year period, while gross written premiums were $81 million compared with $85 million and gross par written was $8,351 million compared with $10,396 million. The Annuity Reinsurance segment reported $2 million of adjusted operating income, and the Asset Management segment reported $4 million.
Refundings, terminations and modifications contributed $11 million to GAAP net earned premiums, pre-tax, and an $8 million net income effect. The equivalent non-GAAP effect included $11 million of operating net earned premiums and credit derivative revenues, pre-tax, and an $8 million adjusted operating income effect. These items were higher than the respective $4 million and $3 million prior-year-period effects.
Capital returned to common shareholders was $62 million in the quarter, consisting of $45 million of common share repurchases and $17 million of dividends. For the six months ended June 30, 2026, GAAP net income attributable to AGL was $127 million compared with $279 million, while adjusted operating income was $170 million compared with $212 million. No forward guidance was included in the provided filing text.
Not in the filing
stated, not guessed- Total revenue
- Segment revenue
- Gross margin
- Operating income
- Operating expenses
- Total revenue growth rates
- Segment revenue growth rates
- Prior-quarter comparisons
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Detailed balance-sheet figures
- Forward guidance
- Management earnings commentary
- Named executive quotes
- Complete financial supplement tables following the truncated excerpt
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.