Assured Guaranty Q3 net income falls, premiums rise on new business
AGO•Assured Guaranty reported third-quarter net income of $78 million and adjusted operating income of $86 million, both down year over year, while gross written premiums rose to $127 million. The company returned $27 million to shareholders, including $10 million in share repurchases.
1. Quarterly results
Assured Guaranty’s third-quarter net income and adjusted operating income declined year over year. Net income was $78 million, adjusted operating income was $86 million, and gross written premiums totaled $127 million.
2. Premiums and capital
The company said growth in U.S. public finance, non-U.S. public finance and global structured finance drove higher gross written premiums. It returned $27 million to shareholders during the quarter, including $10 million in share repurchases.
3. Factors affecting income
Assured Guaranty said a lower loss benefit, fair value losses on trading securities and reduced equity in earnings of investees weighed on segment operating income. It said rising interest rates have affected investment portfolio valuations and that it will evaluate capital uses quarterly, including growth, its capital cushion and share repurchases.
