Assured Guaranty Third-Quarter Adjusted Operating Income of $86 Million, or $1.94 Per Share; New Business PVP of $128 Million and Record Adjusted Book Value of
HAMILTON, Bermuda — Assured Guaranty Ltd. (NYSE: AGO) announced on November 5 its financial results for the three-month period ended September 30, 2026. According to the company's official earnings release, third-quarter adjusted operating income was $86 million, or $1.94 per diluted share, compared with $124 million, or $2.57 per share, a year earlier. On a GAAP basis, net income attributable to the company was $78 million, or $1.75 per diluted share, compared with $105 million, or $2.18 per share, a year earlier.
The Financial Guaranty segment's adjusted operating income decreased to $115 million from $145 million a year earlier. The release attributed the decrease primarily to a $1 million loss expense in the quarter compared with a $31 million benefit a year earlier, fair value losses on trading securities of $2 million compared with gains of $8 million, and a $7 million decrease in equity in earnings of investees, partially offset by a $16 million increase in net earned premiums and credit derivative revenues, which rose to $115 million from $99 million. Financial guaranty loss expense was $1 million in the quarter, and net economic loss development was a benefit of $27 million.
New business production in the quarter, measured by present value of new business production (PVP), was $128 million, with gross written premiums of $127 million and gross par written of $7,541 million. For the first nine months of 2026, the company generated $278 million of GWP and $280 million of PVP, and said all three markets — U.S. public finance, non-U.S. public finance and global structured finance — achieved significant year-over-year increases in both measures, with global structured finance doubling its GWP and PVP.
As of September 30, 2026, adjusted operating shareholders' equity per share was $131.99 and adjusted book value (ABV) per share was $192.60, which the release said were the highest per-share levels in the company's history. Shareholders' equity per share was $122.91, down from $125.32 at December 31, 2025, primarily due to unrealized losses in the investment portfolio in the rising interest rate environment. President and Chief Executive Officer Dominic Frederico said in the release that strong new business production in the first nine months demonstrated the success of the company's current growth strategy across its financial guaranty franchise.
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Source: Athene and AGO
Published by GSM · USA (original Chinese edition)
Photo: 百慕大汉密尔顿市景，AGO 总部所在地（资料图）。（图／Wikimedia Commons，CC BY-SA 4.0）| Hamilton, Bermuda, home to AGO headquarters (file photo). (Photo: Wikimedia Commons, CC BY-SA 4.0)
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