Assured Guaranty Ltd.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $872.0M | $1.37B | $723.0M | $848.0M | $1.12B | $963.0M | $1.00B |
| Net earned premiums | $380.0M | $403.0M | $344.0M | $494.0M | $414.0M | $485.0M | $476.0M | $548.0M |
| Net investment income | $359.0M | $340.0M | $365.0M | $269.0M | $269.0M | $297.0M | $378.0M | $395.0M |
| Net realized investment gains (losses) | $-40.0M | $9.0M | $-14.0M | $-56.0M | $15.0M | $18.0M | $22.0M | $-32.0M |
| Fair value gains (losses) on credit derivatives | $121.0M | $24.0M | $114.0M | $-11.0M | $-58.0M | $81.0M | $-6.0M | $112.0M |
| Fair value gains (losses) on committed capital securities | $20.0M | $-10.0M | $-35.0M | $24.0M | $-28.0M | $-1.0M | $0 | $0 |
| Fair value gains (losses) on financial guaranty variable interest entities | $6.0M | $-11.0M | $8.0M | $22.0M | $23.0M | $-10.0M | $42.0M | $14.0M |
| Foreign exchange gains (losses) on remeasurement | $96.0M | $-27.0M | $53.0M | $-112.0M | $-23.0M | $39.0M | $24.0M | $-37.0M |
| Bargain purchase gain and settlement of pre-existing relationships | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Commutation gains (losses) | $0 | $0 | $0 | $2.0M | $0 | $38.0M | $1.0M | $-16.0M |
| Asset management fees | $0 | $0 | $53.0M | $93.0M | $88.0M | $89.0M | $22.0M | $0 |
| Fair value gains (losses) on consolidated investment vehicles | $79.0M | $69.0M | $88.0M | $17.0M | $127.0M | $41.0M | $0 | $0 |
| Fair value gains (losses) on trading securities | $13.0M | $52.0M | $74.0M | $-34.0M | $0 | $0 | $0 | $0 |
| Gain on sale of asset management subsidiaries | $0 | $0 | $262.0M | $0 | $0 | $0 | $0 | $0 |
| Other income (loss) | $76.0M | $23.0M | $61.0M | $15.0M | $21.0M | $38.0M | $4.0M | $17.0M |
| Cost of Revenue | — | — | — | — | — | — | — | — |
| Gross Profit | — | — | — | — | — | — | — | — |
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | — | — | — | — | — | — | — | — |
| Operating Income | $662.0M | $488.0M | $758.0M | $229.0M | $564.0M | $498.0M | $553.0M | $674.0M |
| Operating Margin | 59.6% | 56.0% | 55.2% | 31.7% | 66.5% | 44.7% | 57.4% | 67.3% |
| Interest Expense | — | — | $90.0M | $81.0M | $87.0M | $85.0M | $89.0M | $94.0M |
| Pretax Income | $662.0M | $488.0M | $668.0M | $148.0M | $477.0M | $413.0M | $464.0M | $580.0M |
| Income Tax Expense | $119.0M | $96.0M | $-93.0M | $11.0M | $58.0M | $45.0M | $63.0M | $59.0M |
| Net Income | $503.0M | $376.0M | $739.0M | $124.0M | $389.0M | $362.0M | $402.0M | $521.0M |
| Net Margin | 45.3% | 43.1% | 53.8% | 17.2% | 45.9% | 32.5% | 41.7% | 52.0% |
| EPS (Basic) | $10.39 | $7.01 | $12.54 | $1.95 | $5.29 | $4.22 | $4.04 | $4.73 |
| EPS (Diluted) | $10.26 | $6.87 | $12.30 | $1.92 | $5.23 | $4.19 | $4.00 | $4.68 |
| Shares Outstanding (Basic) | 48.1M | 53.3M | 58.4M | 62.9M | 73.5M | 85.5M | 99.3M | 110.0M |
| Shares Outstanding (Diluted) | 48.7M | 54.3M | 59.6M | 63.9M | 74.3M | 86.2M | 100.2M | 111.3M |
| Dividends Per Share | $1.36 | $1.24 | $1.12 | $1.00 | $0.88 | $0.80 | $0.72 | $0.64 |