Q1 2026 Assured Guaranty Ltd Earnings Call Transcript
Key Points
- Assured Guaranty Ltd (AGO) reported a strong first quarter with adjusted operating income per share of USD2.50.
- The company achieved USD73 million of PVP in new business production, nearly doubling from the previous year.
- Asset Management segment generated USD44 million in adjusted operating income, a significant increase from the prior year.
- The company has successfully integrated its staff with Assured Life Re, enhancing its annuity reinsurance business.
- Assured Guaranty Ltd (AGO) maintained a high inception-to-date annualized internal rate of return of 12% on alternative investments.
- Adjusted operating income decreased to USD115 million from USD162 million in the first quarter of 2025.
- Economic loss development was USD44 million, primarily due to Brightline and PREPA.
- The company plans to reduce share repurchases over the next three months to allocate capital for growth opportunities.
- CLO investments experienced a decline in value quarter-over-quarter.
- The company faces economic uncertainty and geopolitical risks, which could impact future performance.
Good morning, and welcome to the Assured Guaranty Limited first quarter 2026 earnings conference call. My name is Ed, and I'll be the operator for today's call. (Operator Instructions)
Please note that this event is being recorded. I would now like to turn the conference over to our host, Robert Tucker, Senior Managing Director, Investor Relations and Corporate Communications. Please go ahead.
Thank you, operator, and thank you all for joining Assured Guaranty for our first quarter 2026 financial results conference call.
Today's presentation is made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The presentation may contain forward-looking statements about our new business and credit outlooks, market conditions, credit spreads, financial ratings, loss reserves, financial results or other items that may affect our future results. These statements are subject to change due to new
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