The following is a summary of the Assured Guaranty Ltd (AGO) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Assured Guaranty reported third quarter 2024 adjusted operating income of $130 million, or $2.42 per share, driven by benefits in loss expense.

• The company highlighted record-high adjusted book value per share at $166.47 and adjusted operating shareholders' equity per share at $113.96.

• Year-to-date adjusted operating income was $5.80 per share, an increase of 13% over the previous year.

• Record-high new business production with PVP (present value of new business premiums) of $281 million, up $32 million from the previous year.

Business Progress:

• Assured Guaranty has been focusing on expanding into new markets, including international structured finance with transactions such as an Australian bank protection deal.

• The company continues to lead in the U.S. municipal bond insurance market, insuring 57% of all insured pars sold year-to-date.

• After the merger of AGM into AG, the company highlights improved operating efficiency and better capital utilization.

Opportunities:

• Expansion of international business, with a focus on infrastructure transactions and public finance in regions outside of the U.S.

• Continued dominance in the U.S. municipal bond market with an increasing number of large high-profile transactions.

Risks:

• Uncertainties in the U.K. regulated utility sector could impact financial outcomes, especially regarding the necessary capital investments for improvements.

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