Assured Guaranty Ltd. (AGL), a Bermuda-based holding company, reported a net income attributable to AGL of $503 million for the fiscal year 2025, compared to $376 million in 2024. The company provides credit protection products, primarily financial guaranty insurance, to the U.S. and non-U.S. public finance and structured finance markets. AGL also participates in the asset management business through its ownership interest in Sound Point Capital Management, LP.
The increase in net income was primarily driven by foreign exchange remeasurement gains of $96 million, compared with losses of $27 million in the prior year, and a $103 million gain on credit derivatives related to the resolution of the LBIE litigation. Higher equity in earnings of investees, primarily generated by the Company’s investments in Sound Point, healthcare funds and legacy alternative investments, also contributed to the increase. These positive factors were partially offset by a loss and LAE expense of $56 million, compared with a benefit of $26 million in 2024, and lower net earned premiums due to lower refundings of financial guaranty insurance exposures.
In January 2026, AGL acquired all of the outstanding share capital in Warwick Company (UK) Limited, the indirect owner of Assured Life Reinsurance Ltd. (Assured Life Re), for $158 million. This acquisition marks AGL's entry into the life and annuity reinsurance business, aiming to diversify its risk profile and revenue opportunities. Assured Life Re focuses on annuity reinsurance, including U.K. bulk purchase annuities and U.S. multi-year guaranteed annuity transactions.
Key operational developments include a shift in the co-guarantee structure with Assured Guaranty UK Limited (AGUK), where AGUK directly guarantees 50% of obligations issued in a particular transaction, subject to a limit of £100 million per transaction, with AG directly guaranteeing the remaining amounts. In the U.S. public finance market, AGL insured approximately 58% of the new bonds sold with insurance in 2025, while Build America Mutual Assurance Company (BAM) insured approximately 42%. As of December 31, 2025, the investment portfolio had a carrying value of $8.5 billion, with $7.4 billion in fixed-maturity securities and short-term investments. The Company anticipates continuing to invest with Sound Point pursuant to the terms of the Letter Agreement.
About ASSURED GUARANTY LTD
Assured Guaranty Ltd. is a Bermuda-based holding company specializing in credit protection products, primarily through financial guaranty insurance for public finance and structured finance markets. With a focus on mitigating default risks, it targets issuers and investors in the U.S. and U.K. The company is expanding its asset management segment and pursuing strategic acquisitions to enhance growth and diversify revenue streams, capitalizing on a robust market demand for credit enhancement solutions.
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