Assured Guaranty (AGO) Q4 2025 earnings summary

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.