Assured Guaranty’s 2025 net income tops $500m
Assured Guaranty Ltd delivered a year of sharply higher earnings and record per‑share value metrics in 2025, highlighting strengthened new business production and continued share repurchases, in a statement released by the company.
The Bermudian-based bond insurer reported full‑year net income of $503 million, up from $376 million a year earlier. Earnings per diluted share jumped 49 per cent to $10.26 as the company continued to shrink its share count through repurchases.
Adjusted operating income — the company’s preferred non‑GAAP measure — rose to $445 million, or $9.08 per share, compared with $7.10 in 2024.
For the fourth quarter, Assured Guaranty reported net income of $119 million, or $2.53 per share, a significant rebound from $18 million in the same period a year earlier.
CEO Dominic Frederico said: “At year end 2025, Assured Guaranty again reached record highs in our key shareholder value metrics.
“Year-over-year, shareholders’ equity per share rose 15 per cent to $125.32, adjusted operating shareholders’ equity per share rose over 10 per cent to $126.78, and adjusted book value per share increased 10 per cent to $186.43.
“In 2025, Assured Guaranty earned net income per share of $10.26, (some) 49 per cent higher than in 2024, and adjusted operating income per share grew to $9.08, a 28 per cent year-over-year increase, as we continued to create significant future earnings from financial guaranty originations in US public finance, non-US infrastructure finance and global structured finance.
“We led the US municipal bond insurance market in 2025 with 58.5 per cent of new issue insured par sold, and in the secondary market we saw strong results insuring $2.0 billion of par, which is almost three-and-a-half times the amount we insured in 2024.
“In looking toward par and PVP production in 2026, we have a robust transaction pipeline and are expecting strong results from each of our three financial guaranty product lines.
“In our capital management program, we repurchased 11.5 per cent of the common shares that were outstanding on December 31, 2024, and met our 2025 target of $500 million in common share repurchases.
“Additionally, on January 21, 2026, we entered the annuity reinsurance market by acquiring a life and annuity reinsurance company, which we renamed Assured Life Re. This furthers our strategic objective to diversify our revenue sources in support of our future growth.”
The company said the jump in profit primarily due to foreign exchange remeasurement gains of $96 million in 2025 compared with losses of $27 million in 2024, a gain related to the resolution of the Lehman Brothers International (Europe) (in administration) litigation of $103 million in 2025, a gain of $23 million recognized in connection with the sale in 2025 of a commercially leased building that was part of a loss mitigation strategy for a troubled insured exposure, and a $40 million increase in equity in earnings of investees.
These increases were offset in part by a $66 million increase in public finance loss and LAE primarily attributable to higher reserves for PREPA and certain UK regulated utility exposures, $49 million in net realized investment losses and $39 million in lower fair value gains on trading securities.
Adjusted operating income in FY 2025 was $445 million, compared with $389 million in FY 2024. The increase was primarily due to the gain related to the resolution of the LBIE litigation in 2025, a $40 million increase in equity in earnings of investees and a gain of $23 million recognized in connection with the sale of a commercially leased building that was part of a loss mitigation strategy for a troubled insured exposure, offset in part by a higher loss expense in public finance sectors, lower fair value gains on the trading portfolio and lower earned premiums on refundings of financial guaranty insurance contracts in 2025.
The company will hold its investor call on February 27, 2026, and publish further disclosures on its website in the coming days.
• For more on Assured Guaranty Ltd’s Results Q4 and full year 2025 results, see Related Media
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