ASSURED GUARANTY LTD AGO
Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty or the Company) is a Bermuda-based holding company that provides, through its wholly-owned operating subsidiaries, credit protection products to the U.S. and non-U.S. public finance (including infrastructure) and structured finance markets. Assured Guaranty also participates in the asset management business.
Through its financial guaranty insurance subsidiaries, the Company applies its credit underwriting judgment, risk management skills and capital markets experience primarily to offer financial guaranty insurance, including nonpayment insurance, that protects holders of debt instruments and other monetary obligations from defaults in scheduled payments. If an obligor defaults on a scheduled payment due on an obligation, such as scheduled principal or interest payment (collectively, debt service), the Company is required under its unconditional and irrevocable financial guaranty to pay the shortfall of the scheduled amount to the holder of the obligation, but generally cannot be required by the holder to pay on an accelerated basis. The Company markets its financial guaranty insurance directly to issuers and underwriters of public finance and structured finance securities as well as to investors in such obligations. The Company guarantees obligations issued principally in the U.S. and the United Kingdom (U.K.), and also guarantees obligations issued in other countries and regions, including Western Europe and Australia. The Company also provides specialty insurance and reinsurance on transactions with risk profiles similar to those of its structured finance exposures written in financial guaranty form.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $53.0M | $93.0M | $88.0M | $89.0M | $22.0M | $0 | $0 | $1.68B |
| Interest expense | — | — | $90.0M | $81.0M | $87.0M | $85.0M | $89.0M | $94.0M | $97.0M | $102.0M |
| Pre-tax income | $662.0M | $488.0M | $668.0M | $148.0M | $477.0M | $413.0M | $464.0M | $580.0M | $991.0M | $1.02B |
| Income tax | $119.0M | $96.0M | $93.0M | $11.0M | $58.0M | $45.0M | $63.0M | $59.0M | $261.0M | $136.0M |
| Net income | $503.0M | $376.0M | $739.0M | $124.0M | $389.0M | $362.0M | $402.0M | $521.0M | $730.0M | $881.0M |
| EPS, basic | 10.39 | 7.01 | 12.54 | 1.95 | 5.29 | 4.22 | 4.04 | 4.73 | 6.05 | 6.61 |
| EPS, diluted | 10.26 | 6.87 | 12.30 | 1.92 | 5.23 | 4.19 | 4.00 | 4.68 | 5.96 | 6.56 |
| Shares, diluted (wtd. avg.) | $48.7M | $54.3M | $59.6M | $63.9M | $74.3M | $86.2M | $100.2M | $111.3M | $122.3M | $134.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $419.0M | $128.0M | $286.0M | $207.0M | $342.0M | $298.0M | $183.0M | $104.0M | $144.0M | $127.0M |
| Short-term investments | $903.0M | $1.22B | $1.66B | $810.0M | $1.23B | $851.0M | $1.27B | $729.0M | $627.0M | $590.0M |
| Goodwill | — | — | $0 | $117.0M | $117.0M | $117.0M | $117.0M | $0 | — | — |
| Other intangibles | — | — | $0 | $40.0M | $52.0M | $64.0M | $77.0M | $2.0M | — | — |
| Total assets | $12.18B | $11.90B | $12.54B | $16.84B | $18.21B | $15.33B | $14.33B | $13.60B | $14.43B | $14.15B |
| Long-term debt | $1.70B | $1.70B | $1.69B | $1.68B | $1.67B | $1.22B | $1.24B | $1.23B | $1.29B | $1.31B |
| Total liabilities | $6.39B | $6.35B | $6.77B | $11.55B | $11.71B | $8.63B | $7.67B | $7.05B | $7.59B | $7.65B |
| Retained earnings | $5.83B | $5.88B | $6.07B | $5.58B | $5.99B | $6.14B | $6.29B | $6.37B | $5.89B | $5.29B |
| Total equity | $5.66B | $5.50B | $5.76B | $5.29B | $6.48B | $6.68B | $6.64B | $6.55B | $6.84B | $6.50B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $259.0M | $47.0M | $461.0M | -$2.48B | -$1.94B | -$853.0M | -$509.0M | $462.0M | $433.0M | -$132.0M |
| Investing cash flow | $641.0M | $780.0M | $286.0M | $1.74B | $23.0M | $788.0M | $1.17B | $297.0M | $345.0M | $1.08B |
| Financing cash flow | -$616.0M | -$983.0M | -$670.0M | $612.0M | $1.96B | $183.0M | -$584.0M | -$795.0M | -$766.0M | -$978.0M |
| Dividends paid | $68.0M | $68.0M | $67.0M | $64.0M | $66.0M | $69.0M | $74.0M | $71.0M | $70.0M | $69.0M |
| Buybacks | $500.0M | $502.0M | $199.0M | $500.0M | $496.0M | $446.0M | $500.0M | $500.0M | $501.0M | $306.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001273813-26-000011.
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