Assured Guaranty Q4 Income Rises 65%, Full-Year Operating Income $445M
Assured Guaranty’s Q4 2025 adjusted income rose to $109M ($2.32/share) from $66M ($1.27), lifting full-year adjusted income to $445M ($9.08/share) versus $389M ($7.10). Adjusted book value reached $186.43 per share, alternatives fair value surpassed $1B generating $160M, and municipal par grew to $27B.
1. Q4 and Full-Year 2025 Earnings Performance
Assured Guaranty reported adjusted operating income of $109M ($2.32/share) in Q4 2025, up from $66M ($1.27/share) in Q4 2024, driving full-year adjusted operating income to $445M ($9.08/share), a 14% increase over $389M ($7.10/share) in 2024.
2. Shareholder Value Metrics and Litigation Gain
A $103M gain from Lehman litigation resolution, $15M in workout fees and a $20M asset management contribution underpinned year-end strength, lifting adjusted book value to $186.43 per share and adjusted operating shareholders’ equity to $126.78.
3. Municipal Bond Insurance Growth
The company guaranteed over $27B of municipal par in 2025, a 16% increase, capturing a 58% share of new-issue insured par and expanding secondary insured par 240% to approximately $2B, generating $44M of present value of new business production.
4. Diversification into Alternatives and Life Reinsurance
Alternative investments exceeded $1B in fair value, produced $160M of pre-tax income with a 13% IRR, and the January 2026 acquisition of Warwick Re establishes Assured’s entry into life and annuity reinsurance for future growth potential.