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), a 28% per-share increase 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.

• Entered the life and annuity reinsurance business with the acquisition of Warwick Re (renamed Assured Life Re) in January 2026, diversifying revenue streams.

• Led the U.S. municipal bond insurance market in 2025, insuring 58.5% of new issue insured par sold, with significant growth in secondary market insured par.

Financial highlights

• Full year 2025 adjusted operating income reached $445 million ($9.08 per share), a 28% per-share increase year-over-year; Q4 2025 was $109 million ($2.32 per share), up 83% per share from Q4 2024.

• Net income for FY 2025 was $503 million ($10.26 per share), up 49% year-over-year; Q4 2025 was $119 million ($2.53 per share).

• Alternative investments generated $160 million pre-tax adjusted operating income in 2025, up 33% year-over-year, with a fair value exceeding $1 billion and a 13% IRR since inception.

• Achieved a $103 million gain from the LBIE litigation resolution and $15 million in workout credit fees.

• Insurance segment insured $33 billion of new business par in 2025, the highest in a decade.

Outlook and guidance

• Expect continued growth in financial guarantee and annuity reinsurance businesses, with a robust transaction pipeline for 2026.

• Anticipate strong results from all three financial guarantee product lines and ongoing expansion in Europe and Australia.

• Confident in the recovery of BBB credit issuance and positive trends in U.S. public finance and infrastructure finance.

• Board authorized an additional $100 million in share repurchases in November 2025, with $204 million authorized as of February 2026.

• Quarterly dividend increased to $0.38 per share in February 2026, continuing annual increases since 2012.