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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Assured Guaranty
Assured Guaranty (AGO) investor relations material
Assured Guaranty Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Achieved record per-share highs for adjusted book value ($186.43), adjusted operating shareholders' equity ($126.78), and shareholders' equity ($125.32) at year-end 2025.
Adjusted operating income for 2025 was $445 million ($9.08 per share), up 28% per share year-over-year; Q4 2025 was $109 million ($2.32 per share), up 83% per share from Q4 2024.
Net income attributable to shareholders was $503 million for 2025, a 34% increase year-over-year, and $119 million in Q4 2025, up 561% from Q4 2024.
Led the U.S. municipal bond insurance market in 2025, insuring 58.5% of new issue insured par and $33 billion of new business par, the highest in a decade.
Completed acquisition of Warwick Re (renamed Assured Life Re) in January 2026, diversifying into annuity reinsurance.
Financial highlights
Full year 2025 adjusted operating income reached $445 million ($9.08 per share), up 28% per share year-over-year.
$286 million in present value of new business production (PVP) in 2025, with $206 million from U.S. public finance.
Over $27 billion of municipal par insured in 2025, a 16% increase from 2024.
Net investment income for 2025 was $359 million, up 6% year-over-year.
Capital returned to shareholders in FY 2025 was $569 million (5.8 million shares repurchased for $500 million, $69 million in dividends).
Outlook and guidance
Robust transaction pipeline for 2026 across all financial guarantee product lines, with several large deals already closed.
Expect continued growth in annuity reinsurance business and further investments in this segment.
Quarterly dividend increased to $0.38 per share in February 2026, continuing annual increases since 2012.
Board authorized an additional $100 million in share repurchases in November 2025, with $204 million authorized as of February 2026.
Expected 2026 dividend capacity: $245 million for AG and $213 million for AG Re.
How does Assured Life Re diversify revenue sources
What drives variability in non-U.S. new business
Role of alternative investments in portfolio returns
Assured Life Re: capital deployment outlook
Secondary muni market growth drivers for 2025
Thames Water: progress on market-based solution?
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Next Assured Guaranty earnings date
Q1 20268 May, 2026
Assured Guaranty
Next Assured Guaranty earnings date
Q1 20268 May, 2026
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Frequently asked questions
Assured Guaranty Ltd. is a Bermuda-based holding company primarily engaged in providing financial guaranty insurance. The company offers insurance, reinsurance, and other financial products to the public finance, structured finance, and infrastructure sectors. Its services include insuring municipal bonds, infrastructure projects, and structured finance securities, thereby enhancing their credit quality and reducing the risk for investors. Assured Guaranty Ltd. operates through various subsidiaries, which are involved in underwriting, credit analysis, and portfolio management to ensure the stability and reliability of its insurance products. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the NYSE.
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