- Assured Guaranty ( NYSE: AGO ) trades in red until noon trading today after the company swung to net loss of $47M in Q2 (or $0.74/share) from $98M (or $1.29/share) in year ago quarter.
- "While Assured Guaranty's June 30 shareholders' equity per share was impacted by unrealized losses in the investment portfolio due largely to the rising interest rate environment, we achieved the highest per-share levels of adjusted operating shareholders’ equity and adj. book value in our history," President and CEO Dominic Frederico commented.
- Adj. operating income stood at $30M for Q2 which includes after-tax losses of $27M on alternative investments and $15M on trading securities.
- Adj. operating shareholders' equity per share and adjusted book value per share were $90.18 and $134.91, respectively, as of June 30, 2022.
- "New business production in our insurance segment remained strong during both the first half and second quarter, resulting in $135M of first half gross written premiums and $145M of first half PVP, derived from all three of our market sectors. We again led the U.S. municipal bond insurance market, where industry penetration reached 8.9% of new-issue par sold in Q2 and 8.8% YTD," Frederico added.
- Share repurchase authorization was increased by $250M on Aug. 3, 2022; company declared dividend of $0.25/share .
- Gross written premiums in the insurance segment stood at $65M for Q2; present value of new business production stood at $76M.
- As of June 30, 2022, the Insurance segment had invested $549M (at fair value) in AssuredIM Funds; realized and unrealized gains on AssuredIM Funds as of June 30, 2022 totaled $98M on inception to date basis.
- AUM inflows stood at $1.3B for Q2.
For further details see:
Assured Guaranty's Q2 dented by unrealized losses in investment portfolio