AGO · Assured Guaranty Ltd.

Assured Guaranty Ltd. reported solid Q1 2026 results with GAAP net income of $88 million or $1.91 per diluted share, down from $176 million or $3.44 per share in Q1 2025, primarily due to the absence of a $103 million pre-tax gain from the LBIE litigation resolution in the prior year. Non-GAAP adjusted operating income was $115 million or $2.50 per share, compared to $162 million or $3.18 per share last year, reflecting ongoing core operations. The Financial Guaranty segment drove $102 million in adjusted operating income, down from $168 million, impacted by lower equity earnings from CLO funds ($22 million decrease) but offset by a $33 million U.K. tax benefit and reduced public finance loss expenses. New business production strengthened significantly, with GWP at $70 million (double Q1 2025) and PVP at $73 million (nearly double), led by U.S. public finance growth in healthcare and infrastructure, plus activity in non-U.S. public finance (U.K., France) and structured finance. Asset Management contributed $44 million, up from $12 million. Shareholders’ equity per share dipped slightly to $124.28 from $125.32 at year-end due to unrealized investment losses, while ABV rose to $188.74. The company returned $93 million to shareholders, including $75 million in repurchases reducing shares outstanding to 44.6 million. CEO Dominic Frederico highlighted strong new business across all sectors and strategic asset management returns. No forward guidance was provided.