Assured Guaranty Ltd Announces Second Quarter 2024 Financial Results
Intellectia.AI2024-08-08
Assured Guaranty Ltd. Announces Second Quarter 2024 Financial Results
Assured Guaranty Ltd. (NYSE:AGO) reported its financial results for the three-month period ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 Actual | Consensus Estimates | Difference (Actual vs. Estimate) |
|---|---|---|---|
| Net Income (GAAP) | $78M | Not Provided | Not Applicable |
| Earnings Per Share (GAAP) | $1.41 | $1.39 | $0.02 |
| Adjusted Operating Income | $80M | Not Provided | Not Applicable |
| Adjusted Earnings Per Share | $1.44 | Not Provided | Not Applicable |
Interpretation: Assured Guaranty's financial performance in the second quarter of 2024 demonstrated positive EPS results, exceeding consensus estimates with $1.41 earnings per share compared to the estimated $1.39. Despite not having the total revenue information for a detailed comparison, the net income and earnings per share suggest a solid operational performance.
Revenue Performance by Segments
| Segment | Q2 2024 Revenue | Performance vs. Guidance |
|---|---|---|
| U.S. Public Finance GWP | $132M | Not Applicable |
Interpretation: The U.S. public finance saw a remarkable gross written premium (GWP) of $132 million for Q2 2024, driven by key infrastructure transactions and strong performance in the U.S. municipal bond market.
Key Operational Data
| Metric | Q2 2024 |
|---|---|
| Gross Written Premiums (GWP) | $132M |
| Present Value of New Business Production (PVP) | $155M |
| Shareholders' Equity per Share | $104.15 |
| Adjusted Operating Shareholders' Equity | $109.88 |
| Adjusted Book Value (ABV) | $161.65 |
Officer Comments
Dominic Frederico, President and CEO, remarked that the company has set a strong foundation for new business production, marking the second best direct GWP and the best direct PVP in a second quarter since 2009, fueled by numerous large infrastructure deals and a strong municipal bond market. He also highlighted the enhancements in key shareholder value measures on a per-share basis and the recent merger of AGM into AG.
Dividends and Share Repurchase Program
In Q2 2024, Assured Guaranty returned $169 million to shareholders, which included $152 million in share repurchases and $17 million in dividends. Furthermore, the company's U.S. insurance subsidiaries redeemed a total of $400 million in stock.
Forward Guidance
No forward guidance was provided in the earnings release.
Stock Price Movement
After the earnings release, Assured Guaranty's stock price experienced a slight drop of 0.23%.
Overall, Assured Guaranty Ltd.'s second quarter 2024 results demonstrated operational strength and strategic capital management, despite the lack of some specific financial metrics.
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