Assured Guaranty Ltd. Reports 2015 Q3 Results
Assured Guaranty Ltd. reported financial results for the three-month period ended September 30, 2015, with President and CEO Dominic Frederico saying the company “had a successful third quarter in 2015.
“We continued to lead the U.S. municipal market in terms of both par and number of new issues insured. We also repurchased 5.4 million shares and finished the quarter with a record adjusted book value per share just shy of $60,” added Mr Frederico.
Operating Highlights
- Net income was $129 million, or $0.88 per share, for third quarter 2015, compared with $355 million, or $2.09 per share, for third quarter 2014. Net income was $627 million, or $4.13 per share, for nine months 2015, compared with $556 million, or $3.13 per share, for nine months 2014.
- Operating income was $164 million, or $1.12 per share, for third quarter 2015, compared with $177 million, or $1.05 per share, for third quarter 2014. Operating income was $582 million, or $3.84 per share for nine months 2015, compared with $410 million, or $2.31 per share, for nine months 2014.
- Operating shareholders’ equity per share and adjusted book value per share reached new records of $41.87 and $59.97, respectively.
- Third quarter 2015 share repurchases totaled $135 million, or 5.4 million shares.
- By reaching agreements in early October with certain providers of representations and warranties [R&W], the Company has completed its direct pursuit of R&W claims in its insured residential mortgage-backed securities portfolio.
