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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Assured Guaranty
Assured Guaranty (AGO) investor relations material
Assured Guaranty Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary7 Aug, 2026
Executive summary
Adjusted operating income for Q2 2026 was $55 million ($1.23 per share), up 22% year-over-year, with $170 million ($3.74 per share) for the first half; net income was $39 million for Q2 and $127 million for the first half, both lower year-over-year due to FX losses and lower equity in earnings of investees.
Shareholders' equity per share, adjusted operating shareholders' equity per share, and adjusted book value per share reached record highs of $126.18, $129.94, and $189.72, respectively, as of June 30, 2026.
New business production delivered $152 million of PVP in the first half, up nearly 50% year-over-year, led by U.S. public finance and global structured finance.
The acquisition of Assured Life Re (formerly Warwick Re) expanded operations into annuity reinsurance, with the platform progressing ahead of schedule and strong market reception.
Capital returned to shareholders totaled $62 million in Q2 2026, including $45 million in share repurchases and $17 million in dividends; $6 billion has been returned since 2013, reducing outstanding shares by 81%.
Financial highlights
Net earned premiums rose 15% in Q2 2026 and 2% for the first half year-over-year, driven by higher refundings and growth in shorter duration strategies.
Net investment income increased 10% in Q2 and 8% for the first half year-over-year, with alternative investments maintaining a 12% inception-to-date annualized IRR.
Loss and LAE dropped from $28 million in Q2 2025 to $4 million in Q2 2026, and from $68 million to $21 million for the first half.
Net income attributable to shareholders was $39 million in Q2 2026 (down 62% year-over-year) and $127 million for the first half (down 54% year-over-year), primarily due to FX losses and lower equity in earnings of investees.
Gross written premiums for Q2 2026 were $81 million; PVP was $79 million.
Outlook and guidance
Management expects continued strong new business production, robust demand for core products, and attractive prospects for annuity reinsurance in the second half of 2026.
Strong pipeline for the third quarter, with $42 million of PVP already expected from new transactions.
Plans to pay a $72 million dividend in Q3 2026; remaining dividend capacity for 2026 is $144 million for AG and $153 million for AG Re.
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Next Assured Guaranty earnings date
Q3 20266 Nov, 2026
Assured Guaranty
Next Assured Guaranty earnings date
Q3 20266 Nov, 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.