On this page of StockholderLetter.com we present the latest annual shareholder letter from ASSURED GUARANTY LTD — ticker symbol AGO. Reading current and past AGO letters to shareholders can bring important insights into the investment thesis.

 •  3/19/2025 Letter Continued (Full PDF)
 •  3/22/2023 AGO Stockholder Letter
 •  3/20/2024 AGO Stockholder Letter
 •  More "Insurance Brokers" Category Stockholder Letters
 •  AGO Benford's Law Stock Score = 71

AGO Shareholder/Stockholder Letter Transcript:

STRONGER
BOND
STRONGER
FUTURE
2024 Annual Repor t

CEO LETTER
ENVIRONMENTAL / SOCIAL
LEADERSHIP
FINANCIAL HIGHLIGHTS
BOARD OF DIRECTORS
CORPORATE INFORMATION
STRONGER BOND, STRONGER FUTURE
For four decades, Assured Guaranty has helped to lower the cost of
building and maintaining essential public infrastructure. Bond issuers use
our credit enhancement to gain more efficient access to capital markets.
Bond investors rely on our unconditional and irrevocable guaranty
of timely debt service payments and enjoy the added value of our
credit selection, underwriting and surveillance. We have assisted
in expanding the buying power of consumers and the financial
resources of businesses by guaranteeing structured financings, and
have provided tools and resources for institutions to manage
capital more efficiently. With this value proposition and our
financial strength; risk management discipline; and strategic
vision, execution and diversification, Assured Guaranty is
well positioned for future growth.
Assured Guaranty Ltd. is a publicly traded (NYSE: AGO), Bermuda-based holding
company. Through its subsidiaries, Assured Guaranty Ltd. (together with its subsidiaries,
Assured Guaranty) provides credit enhancement products to the U.S. and non-U.S.
public finance, infrastructure and structured finance markets. Assured Guaranty also
participates in the asset management business through its ownership interest in Sound
Point Capital Management, LP and certain of its investment management affiliates.
More information on Assured Guaranty Ltd. can be found at AssuredGuaranty.com.
Please see the inside back cover for the forward-looking statements disclaimer.
FORM 10-K

CEO
CEO LETTER
LETTER
ENVIRONMENTAL
ENVIRONMENTAL // SOCIAL
SOCIAL
LEADERSHIP
LEADERSHIP
FINANCIAL
FINANCIAL HIGHLIGHTS
HIGHLIGHTS
BOARD
BOARD OF
OF DIRECTORS
DIRECTORS
CORPORATE
CORPORATE INFORMATION
INFORMATION
FORM
FORM 10-K
10-K
Dominic J. Frederico
PRESIDENT AND CHIEF EXECUTIVE OFFICER
To Our Shareholders, Policyholders and Clients
Assured Guaranty   s Success in 2024
Positioned It for Further Growth.
Assured Guaranty produced many significant achievements
in 2024 as we entered our 40 year in business and
th
celebrated our 20 year as a publicly traded company.
      AGO   s common share price rose 20% for the year
to $90.01.
th
      In our capital management program, we repurchased
      We earned adjusted operating income* per share of
11% of the common shares that were outstanding at
$7.10 and created significant future earnings from
December 31, 2023, and exceeded our 2024 target
strong financial guaranty originations.
of repurchasing $500 million of our shares, further
      Once again, we reached record year-end highs for
adjusted book value* per share, at $170.12, adjusted
operating shareholders    equity* per share, at $114.75,
managing our excess capital. We paid an additional
$68 million to shareholders through dividends.
      Our present value of new business production (PVP*)
and shareholders    equity per share, at $108.80. We
across our three financial guaranty businesses topped
continued to build value for both our shareholders
$400 million for the second year in a row.
and policyholders.
      U.S. public finance originated $270 million in PVP,*
its highest annual total in four years, and both
*  On all pages, an asterisk denotes a non-GAAP financial measure. For definitions, please refer to the section entitled    Non-GAAP Financial Measures    on pages 92-96 in
the Form 10-K at the back of this book. For five-year reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures, please refer to
pages 3, 5 and 17 of this Annual Report.
ASSURED GUARANTY
2024 ANNUAL REPORT
1

CEO LETTER
ENVIRONMENTAL / SOCIAL
LEADERSHIP
Bond Buyer
Northeast
Region
Winner
$1,600,000,000
JFK International Airport
New Terminal One
FINANCIAL HIGHLIGHTS
Bond Buyer
Innovative
Financing
Winner
BOARD OF DIRECTORS
BOND BUYER
OVERALL DEAL
OF THE YEAR
WINNER
$1,133,440,000
Brightline Florida
Passenger Rail Project
CORPORATE INFORMATION
FORM 10-K
Bond Buyer
Health Care
Financing
Winner
$258,580,000
Westchester Medical
Center Health Network
NEW YORK TRANSPORTATION
FLORIDA DEVELOPMENT FINANCE
WESTCHESTER COUNTY
DEVELOPMENT CORP. INSURED SPECIAL
CORPORATION INSURED REVENUE BONDS
LOCAL DEVELOPMENT CORP.
FACILITIES REVENUE BONDS
BRIGHTLINE TRAINS FLORIDA LLC ISSUE
INSURED REVENUE BONDS
SERIES 2023 & SERIES 2024
SERIES 2024 (TAX-EXEMPT)
SERIES 2023
non-U.S. public finance and global structured finance
      Our investment returns continued to benefit from our
saw strong production and built solid pipelines for
increased use of alternative investments. Our alternative
2025 and beyond.
investments have an annualized inception-to-date
      We insured the winner of the Bond Buyer   s overall
2024 Deal of the Year award, and the Health Care
Financing, Northeast Region, and Innovative Financing
managed by Sound Point Capital Management, LP
(Sound Point) and Assured Healthcare Partners LLC.
      We came closer to resolving our exposure to the Puerto
category winners, as detailed on page 8.
Rico Electric Power Authority (PREPA), our last unresolved
      We completed the consolidation of our two
primary insurance subsidiaries into one, by merging
Assured Guaranty Municipal Corp. (AGM) into
Assured Guaranty Inc. (AG), thereby creating a more
efficient capital structure, as well as a larger insurer with
a more diversified insured portfolio, larger capital base,
and greater claims-paying resources. This was one of
several strategic moves we have made in recent years
that better position us for growth, profitability, and
corporate efficiencies.
rate of return of approximately 13%, including funds
defaulting Puerto Rico exposure. The United States
Court of Appeals for the First Circuit confirmed that
bondholders, whose rights we obtain under our policy,
have a security interest in PREPA   s past, current and
future net revenues.
The PREPA ruling is a good example of our determination to
defend our legal rights. Another example of this occurred
in February 2025, when we successfully concluded litigation with Lehman Brothers International (Europe), which
will allow us to record a pre-tax gain of approximately
$103 million in the first quarter of 2025.
ASSURED GUARANTY
2024 ANNUAL REPORT
2

CEO
CEO LETTER
LETTER
ENVIRONMENTAL
ENVIRONMENTAL // SOCIAL
SOCIAL
LEADERSHIP
LEADERSHIP
FINANCIAL
FINANCIAL HIGHLIGHTS
HIGHLIGHTS
BOARD
BOARD OF
OF DIRECTORS
DIRECTORS
Adjusted Operating Income* Reconciliation
Total
Net income (loss) attributable to Assured Guaranty Ltd. (AGL)
FORM
FORM 10-K
10-K
Year Ended December 31,
2024
(dollars in millions, except per share amounts)
CORPORATE
CORPORATE INFORMATION
INFORMATION
2023
Per
Diluted
Share
2022
Per
Diluted
Share
Total
$376
$6.87
9
0.16
(14)
       Non-credit impairment-related unrealized fair value gains (losses)
on credit derivatives
14
0.27
       Fair value gains (losses) on committed capital securities (CCS)
(10)
       Foreign exchange gains (losses) on remeasurement of premiums
receivable and loss and loss adjustment expense (LAE) reserves
Total pre-tax adjustments
Per
Diluted
Share
Total
$739 $12.30
2021
2020
Per
Diluted
Share
Total
Total
Per
Diluted
Share
$124
$1.92
$389
$5.23
$362
$4.19
(0.23)
(56)
(0.87)
15
0.20
18
0.21
106
1.75
(18)
(0.27)
(64)
(0.85)
65
0.75
(0.19)
(35)
(0.57)
24
0.37
(28)
(0.38)
(1)
(0.01)
(26)
(0.47)
51
0.84
(110)
(1.72)
(21)
(0.29)
42
0.49
(13)
(0.23)
108
1.79
(160)
(2.49)
(98)
(1.32)
124
1.44


(17)
(0.27)
17
0.27
17
0.23
(18)
(0.22)
$389
$7.10
$648 $10.78
$267
$4.14
$470
$6.32
$256
$2.97
Less pre-tax adjustments:
       Realized gains (losses) on investments
Less tax effect on pre-tax adjustments
Adjusted Operating Income*
Net Investment Income
Adjusted Operating Income*
Per Share
(dollars in millions)
Adjusted Operating Income* 
Per Share
Net Investment Income
 (dollars in millions)
$365
$10.78
$297
$7.10
$6.32
$269
$297
$269 $269
$365
$340
$340
$269
$4.14
$2.97
   20
   21
   22
   23
   24
Insurance Segment    20
   21
   20    22
   21
$278
   24
   23
   24
$370
$339
$310
Fair value gains (losses) on trading securities


(34)
74
52
Insurance segment equity in earnings
61
144
(51)
82
102
$371
$424
$193
$526
$493
Total
$280
   23    22
Insurance Segment Net Investment Income
 Segment equity in earnings and net investment income (NII) differ from consolidated
equity in earnings and NIl because of the effects of consolidated variable interest
entities including certain funds.
ASSURED GUARANTY
2024 ANNUAL REPORT
3



 3/19/2025 Letter Continued (Full PDF)