Assured Guaranty Ltd., together with its subsidiaries, provides credit protection products to public finance and structured finance markets in the United States and internationally. It operates through Insurance and Asset Management segments. The company offers financial guaranty insurance that protects holders of debt instruments and other monetary obligations from defaults in scheduled payments. It also provides specialty insurance and reinsurance on transactions with risk profiles similar to those of its structured finance exposures written in financial guaranty form, as well as offers credit protection through reinsurance. In addition, the company insures and reinsures various the U.S. public finance obligations, such as general obligation, tax-backed bonds, municipal utility, transportation, healthcare, higher education, infrastructure, housing revenue, investor-owned utility, renewable energy, and other public finance bonds. Further, it involved in insuring and reinsuring of non-U.S. public finance obligations comprising regulated utilities, infrastructure finance, sovereign and sub-sovereign, renewable energy bonds, and pooled infrastructure obligations; and the U.S. and non-U.S. structured finance obligations, including residential mortgage-backed securities, life insurance transactions, pooled corporate obligations, and financial products. Additionally, the company offers specialty business, such as diversified real estate, insurance reserve financing and securitizations, pooled corporate obligations, and aircraft residual value insurance (RVI) transactions; and asset management services comprising investment advisory services. It markets its financial guaranty insurance directly to issuers and underwriters of public finance and structured finance securities, as well as to investors. Assured Guaranty Ltd. was incorporated in 2003 and is headquartered in Hamilton, Bermuda.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.0B | - | $503M | $259M | 8.9% | 25.9% | 33.8% |
| 2024 | $814M | - | $376M | $47M | 6.8% | -19.8% | -49.1% |
| 2023 | $1.0B | - | $739M | $461M | 12.9% | 48.4% | 496.0% |
| 2022 | $684M | - | $124M | $-2.5B | 2.4% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 684 | 1,015 | 814 | 1,025 |
| Operating Revenue | - | 684 | 1,015 | 814 | 1,025 |
| Selling General And Administration | - | 258 | 251 | 202 | 209 |
| Total Expenses | - | 536 | 347 | 326 | 363 |
| EBIT | - | 229 | 758 | 579 | 751 |
| Interest Income | 204 | - | - | - | - |
| Interest Expense | - | 81 | 90 | 91 | 89 |
| Net Interest Income | - | -81 | -90 | -91 | -89 |
| Other Income Expense | - | 17 | 61 | 23 | 76 |
| Interest Expense Non Operating | - | 81 | 90 | 91 | 89 |
| Net Non Operating Interest Income Expense | - | -81 | -90 | -91 | -89 |
| Pretax Income | - | 148 | 668 | 488 | 662 |
| Tax Provision | - | 11 | -93 | 96 | 119 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 55.02 | 0 | 0 |
| Net Income Continuous Operations | - | 137 | 761 | 392 | 543 |
| Net Income From Continuing And Discontinued Operation | - | 124 | 739 | 376 | 503 |
| Net Income From Continuing Operation Net Minority Interest | - | 124 | 739 | 376 | 503 |
| Net Income | - | 124 | 739 | 376 | 503 |
| Net Income Common Stockholders | - | 123 | 733 | 373 | 499 |
| Net Income Including Noncontrolling Interests | - | 137 | 761 | 392 | 543 |
| Normalized Income | - | 124 | 532.02 | 376 | 503 |
| Diluted NI Availto Com Stockholders | - | 123 | 733 | 373 | 499 |
| Basic Average Shares | - | 59.01 | 58.40 | 50.51 | 45.18 |
| Diluted Average Shares | - | 63.90 | 59.60 | 50.51 | 48.70 |
| Total Unusual Items | - | 0 | 262 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | - | 0 | 262 | 0 | 0 |
| Minority Interests | - | -13 | -22 | -16 | -40 |
| Special Income Charges | - | 0 | 262 | 0 | 0 |
| Other Special Charges | 175 | - | -262 | - | - |
| General And Administrative Expense | - | 258 | 251 | 202 | 209 |
| Salaries And Wages | - | 258 | 251 | 202 | 209 |
| Other Operating Expenses | - | 167 | 217 | 159 | 174 |
| Otherunder Preferred Stock Dividend | - | 1 | 6 | 3 | 4 |
| Average Dilution Earnings | - | 0 | 0 | 0 | 0 |
| Loss Adjustment Expense | - | 16 | 162 | -26 | 56 |
| Net Policyholder Benefits And Claims | - | 16 | 162 | -26 | 56 |
| Policyholder Benefits Gross | - | 15 | 165 | -27 | 57 |
| Policyholder Benefits Ceded | - | -1 | 3 | -1 | 1 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Assured Guaranty Ltd.this co. | AGO | $3.3B | 6.50β discount | 0.58 | 8.9% | - |
| First Interstate BancSystem, Inc. | FIBK | $3.5B | 11.49 | 1.01 | 8.8% | - |
| BankUnited, Inc. | BKU | $3.4B | 12.80 | 1.13 | 8.8% | - |
| Community Financial System, Inc. | CBU | $3.3B | 15.84 | 1.66 | 10.5% | - |
| First Hawaiian, Inc. | FHB | $3.3B |
| - |
| - |
| - |
| - |
| - |
| 11.99 |
| 1.20 |
| 10.0% |
| - |
| Genworth Financial, Inc. | GNW | $3.2B | 14.56 | 0.37 | 2.5% | - |
| First Financial Bancorp. | FFBC | $3.2B | 12.54 | 1.16 | 9.2% | - |
| Park National Corporation | PRK | $3.1B | 17.38 | 2.31 | 13.3% | - |
| Simmons First National Corporation | SFNC | $3.1B | -7.86 | 0.91 | -11.6% | - |
| Peer Median | - | 12.67 | 1.14 | 9.0% | - | |