Assured Guaranty Reports Q2 Financial Results
Assured Guaranty Ltd. [AGL and, together with its subsidiaries, Assured Guaranty or the Company] announced its financial results for the three-month period ended June 30, 2025 [second quarter 2025].
“Assured Guaranty’s shareholder value increased again in the first half of 2025,” said Dominic Frederico, President and CEO. “Shareholders’ equity per share on June 30, 2025 was a record $117.10. Adjusted book value per share also set a record at $176.95, as did adjusted operating shareholders’ equity per share at $120.11. Net income increased to $5.54 per share in the first six months of 2025, up 67% year-over-year, and adjusted operating income for the first six months of 2025 was $4.21 per share, up 23% year-over-year.
“U.S. municipal issuance continued at a record pace in the first half of 2025, and the total primary market par sold that was insured by Assured Guaranty increased by approximately $3.3 billion year-over-year. Our primary market par written represented 64% of the total U.S. municipal market insured par sold in the first half of 2025, which is a testament to the strength of our value proposition. Further, 32% of the U.S. public finance par we closed during the quarter had a double-A category underlying rating by S&P or Moody’s. In the secondary market, we saw continued success, insuring close to $900 million of par in the first half of 2025, or 1.5 times the full year 2024 amount.
“In our capital management program, as of August 6, 2025, the Company had repurchased 6.8% of the shares that were outstanding on December 31, 2024, and in August our board authorized an additional $300 million of share repurchases.”
