The following is a summary of the Assured Guaranty Ltd (AGO) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Assured Guaranty reported Q2 2024 adjusted operating income per share at $1.44, in comparison to $0.60 in Q2 2023.

• The insurance segment contributed $116 million to the adjusted operating income in Q2 2024, up from $106 million in Q2 2023.

• No loss expense was reported in Q2 2024 compared with $44 million in Q2 2023, reflecting strong financial management and fewer claims.

• Equity in earnings increased by $10 million due to gains in CLO equity tranches and higher invested balances.

Business Progress:

• Assured Guaranty completed the merger of Assured Guaranty Municipal into Assured Guaranty Inc. aiming to consolidate capital and increase operating efficiencies.

• Introduced a $500 million share repurchase program, highlighting strong financial positioning.

• Assured Guaranty has diversified new business across U.S. public finance, international infrastructure, and global structured finance with first half PVP of $218 million, the highest since 2009.

Opportunities:

• The merger of Assured Guaranty Municipal into Assured Guaranty Inc. simplifies the brand and operational structure, enhancing capital efficiency and offering growth potential.

• Focused growth in U.S. public finance, international infrastructure, and global structured finance, capitalizing on diversified business areas.

Risks:

• Economic, geopolitical, and financial volatility continues, posing risks to business operations and potential fluctuations in quarterly financial results.

• Legal uncertainties and potential appeals in ongoing restructuring cases like PREPA could impact financial stability and projected earnings.

More details: Assured Guaranty IR

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