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olivLaw · US equity research

Assured Guaranty Ltd. AGO

Surety Insurance · SIC 6351 · Vertical: Surety Insurance (SIC 6351)

72.51USD+1.71% · 1 dayClose 04 Nov 2026

Assured Guaranty Ltd. is a Bermuda holding company that provides credit protection through financial guaranty insurance for public finance and structured finance obligations in the U.S. and abroad, and since 2026 also annuity reinsurance. The company is diversifying its business model, and the second quarter 2026 shows growing new business production, with present value of new business of 79 mn USD.

At the close of 04 Nov 2026, Assured Guaranty Ltd. (AGO) stock was 72.51 USD (+1.71% on the day), with market capitalisation 3.2 bn USD, P/E 9.6 on diluted EPS of 7.52 USD over the last 12 months, dividend yield 1.99%, beta 0.52, 52-week range 67.72–92.18 USD. Latest reported quarter (Q2 2026): revenue of 195.0 m USD (−30.6% YoY), net income of 39.0 m USD (−62.1% YoY), diluted EPS 0.88 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
3.2 bn USD
shares as of 05 Aug 2026
P/E (TTM)
9.6
Diluted EPS TTM 7.52 · TTM to 30 Jun 2026
E/P (TTM)
10.37%
TTM to 30 Jun 2026
Dividend yield
1.99%
DPS 12m 1.44
Beta (2y)
0.52
Volatility (1y) 24%
52-week range
67.7292.18

Price history

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Technical reading

RSI (14)
59.2
strong (55–70)
Bollinger (20, 2)
68.49 – 72.01
above the upper band · %B 1.14 · band width 5.0%
SMA 50 / 200
71.11 / 78.80
mixed trend
MACD (12, 26, 9)
0.17 / -0.23
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+4.9%−1.1%+6.0 pp—
3 months−12.4%−0.5%−11.9 pp—
6 months−11.6%+4.4%−16.0 pp—
Year to date−19.3%+12.3%−31.6 pp—
1 year−11.6%+13.5%−25.1 pp+2.8%
3 years+10.7%+76.4%−65.7 pp+42.2%
5 years+31.1%+63.7%−32.6 pp—
Max drawdown (1y)
−26.5%
18 Dec 2025 → 30 Sept 2026
Max drawdown (5y)
−30.6%
30 Nov 2022 → 23 Mar 2023
Compound annual growth (5y)
+5.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
195.0 m USD
−30.6% YoY
Net income
39.0 m USD
−62.1% YoY
Diluted EPS
0.88
−57.7% YoY
net / operating
20.0% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue269.0 m156.0 m345.0 m281.0 m207.0 m277.0 m261.0 m195.0 m
Pre-tax income220.0 m30.0 m229.0 m133.0 m135.0 m165.0 m65.0 m49.0 m
Income tax44.0 m8.0 m44.0 m27.0 m21.0 m27.0 m-20.0 m9.0 m
Net income171.0 m18.0 m176.0 m103.0 m105.0 m119.0 m88.0 m39.0 m
Diluted EPS3.170.35 ≈3.442.082.182.55 ≈1.910.88
Operating cash flow17.0 m ≈46.0 m87.0 m78.0 m ≈55.0 m ≈39.0 m190.0 m40.0 m ≈
Dividends paid16.0 m ≈16.0 m19.0 m17.0 m ≈17.0 m ≈15.0 m19.0 m17.0 m ≈
Share repurchases131.0 m ≈90.0 m120.0 m131.0 m ≈118.0 m ≈131.0 m75.0 m45.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 56 percentile of its own 39-quarter history (min 4.3, median 9.3, max 31.5; quarters with earnings only).

Fiscal years

Fiscal year⚠ 20182019202020212022202320242025
Revenue1.0 bn963.0 m1.1 bn848.0 m723.0 m1.4 bn872.0 m1.1 bn
Revenue YoY—−3.8%+15.8%−23.9%−14.7%+89.9%−36.5%+27.3%
Net income521.0 m402.0 m362.0 m389.0 m124.0 m739.0 m376.0 m503.0 m
Net income YoY—−22.8%−10.0%+7.5%−68.1%+496.0%−49.1%+33.8%
Diluted EPS4.684.004.195.231.9212.306.8710.26
Diluted EPS YoY—−14.5%+4.8%+24.8%−63.3%+540.6%−44.1%+49.3%
net %52.0%41.7%32.5%45.9%17.2%53.8%43.1%45.3%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

The series breaks before 2018: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
419.0 m USD
Financial debt
1.7 bn USD
Net debt
1.3 bn USD
Equity
5.8 bn USD
Total assets
12.2 bn USD
Debt / equity
0.29x
Current ratio
unavailable
ROE
8.9%
ROA
4.2%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Pre-tax income
2023
668.0 m
2024
488.0 m
2025
662.0 m

SEC (XBRL)· 27 Feb 2026verified

Net income
2023
739.0 m
2024
376.0 m
2025
503.0 m

SEC (XBRL)· 27 Feb 2026verified

Diluted EPS
2023
12.30
2024
6.87
2025
10.26

SEC (XBRL)· 27 Feb 2026verified

Dividend per share
2023
1.12
2024
1.24
2025
1.36

SEC (XBRL)· 27 Feb 2026verified

Balance sheet · USD

Cash
2023
286.0 m
2024
128.0 m
2025
419.0 m

SEC (XBRL)· 27 Feb 2026verified

Total assets
2023
12.5 bn
2024
11.9 bn
2025
12.2 bn

SEC (XBRL)· 27 Feb 2026verified

Long-term debt
2023
1.7 bn
2024
1.7 bn
2025
1.7 bn

SEC (XBRL)· 27 Feb 2026verified

Total liabilities
2023
6.8 bn
2024
6.3 bn
2025
6.4 bn

SEC (XBRL)· 27 Feb 2026verified

Equity
2023
5.8 bn
2024
5.6 bn
2025
5.8 bn

SEC (XBRL)· 27 Feb 2026verified

Cash flow · USD

Dividends paid
2023
67.0 m
2024
68.0 m
2025
68.0 m

SEC (XBRL)· 27 Feb 2026verified

Share repurchases
2023
199.0 m
2024
502.0 m
2025
500.0 m

SEC (XBRL)· 27 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
27.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
15.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-0.1%
computed by olivLawFY 2020 → FY 2025
Net income growth (YoY)
33.8%
computed by olivLawFY 2025
Net income CAGR 3Y
59.5%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
6.8%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
49.3%
computed by olivLawFY 2025
EPS CAGR 3Y
74.8%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
19.6%
computed by olivLawFY 2020 → FY 2025

Profitability

Net margin
37.3%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
6.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
2.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
19.1%
computed by olivLawTTM to 30 Jun 2026

Market and valuation

Market capitalisation
3.2 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
9.1x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
9.6x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
10.4%
computed by olivLawTTM to 30 Jun 2026
P/B
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
3.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
2.0%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
13.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Insurance

Loss ratio
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 58 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

72.51 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 3.2 bn USD

Key indicators

Market capitalisation
3.2 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
9.6x
computed by olivLawTTM to 30 Jun 2026
P/B
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
ROE
6.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
37.3%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
27.3%
computed by olivLawFY 2025
Dividend yield
2.0%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

11/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 05 Aug 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 1898derived 123

Score by group

  • Valuation52
  • Returns50
  • Quality17
  • Balance sheet94
  • Growth100

Estimated value range

Low
91.53
USD per share
Mid
94.04
USD per share
High
101.43
USD per share
Price: 72.51 USD
The price is below the range
Potential to the central value: 29.7% (value / price − 1)
Margin of safety: 22.9% (1 − price / value)
Agreement between methods: low · 4 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 61.13 – 151.97 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income115.36 – 120.65 (Mid 117.96)
  • Justified P/B61.13 – 82.21 (Mid 70.12)
  • Dividend discount (DDM)outside the aggregate17.87 – 24.03 (Mid 20.50)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
  • Peers: P/E67.70 – 70.70 (Mid 67.99)
    5 companies used · median multiple 9.0x · quartiles 9.0x – 9.4x
    ESNT, MTG, NMIH, ORI, RDN
  • Peers: P/B136.11 – 151.97 (Mid 145.11)
    4 companies used · median multiple 1.1x · quartiles 1.1x – 1.2x
    ESNT, MTG, NMIH, RDN
Multiple comparisons use the SIC vertical: Surety Insurance (SIC 6351)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 58/100

FactorValueScoreWeight used
ROE · Quality6.3%17 (vs peers)20%
Loss ratio · Qualityunavailableunavailable—
EPS CAGR 3Y · Growth74.8%100 (on a fixed band)11%
Revenue CAGR 3Y · Growth15.4%100 (on a fixed band)9%
ROA · Balance sheet2.8%94 (on a fixed band)9%
P/B · Valuation0.6x83 (vs peers)16%
P/E (TTM) · Valuation9.6x20 (vs peers)16%
Dividend yield · Returns2.0%20 (vs peers)11%
Payout ratio (EPS) · Returns19.1%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet94/100 · 1/1 factors with a value
  • Growth100/100 · 2/2 factors with a value
  • Quality· partial17/100 · 1/2 factors with a value
  • Returns50/100 · 2/2 factors with a value
  • Valuation52/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

ASSURED GUARANTY LTD. (AGO). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: YoY growth 27.3%; net margin 37.3%; ROE 6.3%.

The estimated value range is 91.53–101.43 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 94.04 USD, the price of 72.51 USD leaves a potential of 29.7% (value / price − 1) and a margin of safety of 22.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 58/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: quality. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • EPS CAGR 3Y: 74.8%
  • Revenue CAGR 3Y: 15.4%
  • ROA: 2.8%
  • P/B: 0.6x
  • Payout ratio (EPS): 19.1%
  • The price is below the estimated value range

What contradicts it

  • ROE: 6.3%
  • P/E (TTM): 9.6x
  • Dividend yield: 2.0%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): Loss ratio.

Versus the vertical median

Surety Insurance (SIC 6351) · same industry (4-digit SIC) · compared with 7 companies

Multiples and returns vs the median

P/E
9.6x
vertical median 9.0x
above median (+6.7%)
EV/EBITDA
—
vertical median —
P/S
3.4x
vertical median 2.9x
above median (+15.4%)
P/B
0.6x
vertical median 1.1x
below median (−50.0%)
ROE
6.3%
vertical median 12.9%
below median (−51.4%)
Net margin
37.3%
vertical median 32.6%
above median (+14.5%)
EBIT margin
—
vertical median —
Revenue YoY
27.3%
vertical median 6.5%
above median (+317.7%)
Net debt/EBITDA
—
vertical median —
Dividend yield
2.0%
vertical median 2.8%
below median (−28.8%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ORIOld Republic International Corporation9.6 bn9.017.9%11.2%+11.0%−13% / +36%
ESNTEssent Group Ltd.6.2 bn9.712.0%51.5%+1.5%+10% / +43%
MTGMGIC Investment Corp5.8 bn9.013.8%58.1%+0.5%+3% / +66%
RDNRadian Group Inc4.8 bn9.411.5%32.6%−0.8%+3% / +42%
NMIHNMI Holdings, Inc.3.3 bn8.615.4%54.1%+8.5%+15% / +60%
AGOAssured Guaranty Ltd.3.2 bn9.66.3%37.3%+27.3%−12% / +11%
OSGOctave Specialty Group, Inc.235.2 m—-20.4%-49.6%+6.5%−42% / −65%
MBIMbia Inc.230.6 m——-149.5%+90.5%−40% / −38%

1- and 3-year price returns: for AGO from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
50.27
Total return -29% · Per year -29%
88.47
Total return 24% · Per year 24%
132.71
Total return 86% · Per year 86%
3 years
59.63
Total return -12% · Per year -4%
117.00
Total return 70% · Per year 19%
191.10
Total return 174% · Per year 40%
5 years
70.73
Total return 9% · Per year 2%
154.74
Total return 130% · Per year 18%
275.18
Total return 301% · Per year 32%
What moves the 3-year price the most
  • Exit P/E± 29.25
  • Net margin± 20.48
  • Annual revenue growth± 15.27
  • Annual dilution± 1.72

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Assured Guaranty Ltd. is a Bermuda holding company that provides credit protection through financial guaranty insurance for public finance and structured finance obligations in the U.S. and abroad, and since 2026 also annuity reinsurance. The company is diversifying its business model, and the second quarter 2026 shows growing new business production, with present value of new business of 79 mn USD 3.

SWOT

Strengths

  • The company has a diversified guaranty portfolio and solid financial strength ratings for its insurance subsidiaries, which support demand for its products 1.
  • Key per-share valuation metrics reached record levels at mid-2026, which shows value creation capacity 3.
  • New business production grew in the first half of 2026, with contributions from U.S. public finance and structured finance 3.

Weaknesses

  • The company's share of the U.S. municipal market declined over the past year, which points to competitive pressure 23.
  • Concentrated and correlated large exposures can lead to unexpected losses 1.
  • Some segments, such as asset management, posted negative results in the second quarter 2026 3.

Opportunities

  • Expansion into annuity reinsurance could diversify revenue and reduce reliance on financial guaranties 1.
  • Wider credit spreads could allow higher premiums on new business 1.
  • Fund finance and shorter-duration structures can complement the company's long-duration model 3.

Threats

  • Changes in credit ratings of the insurance subsidiaries could reduce demand for the company's products 1.
  • Changes in tariff policy or tax law could affect profitability 1.

Risks

  • Concentration of exposureshigh

    Large exposures to a single issuer or correlated risks can generate significant losses if assessments prove wrong 1.

  • Integration of Assured Life Remedium

    The acquisition and expansion into annuity reinsurance carry integration risks and pricing assumption risks on longevity and policy behavior 1.

  • Reliance on credit ratingsmedium

    A downgrade of the insurance subsidiaries' ratings could reduce demand and require additional capital 1.

  • Macroeconomic volatilitylow

    Inflation, interest rates and tariffs can affect capital markets, the cost of debt and the value of the company's investments 12.

Investment thesis

What would need to be true (bull case)

  • The company could benefit if new business production keeps growing and if diversification into annuity reinsurance brings more predictable income.
  • Key per-share metrics reached record levels, and capital returned to shareholders may support investor confidence.
  • Wider credit spreads could allow higher premiums on new business, which could improve profitability.

What would break the thesis

  • The company's share of municipal issuance has declined, and stronger competition could limit volume growth.
  • Unexpected losses on a few large exposures could materially reduce results and capital.
  • Integrating a new annuity reinsurance segment could bring costs and risks that are not yet clear.

What to watch

  • Trends in new business production and the company's share of municipal issuanceQ3 2026
  • Development of Assured Life Re and results of the annuity reinsurance segment2026
  • Evolution of net losses and reserves on large exposures, including BrightlineQ3 2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Assured Guaranty Ltd. (AGL and its subsidiaries) is a Bermuda-based holding company that, through its insurance subsidiaries, offers credit protection products to U.S. and non-U.S. public finance (including infrastructure) and structured finance markets 1. Its guaranty covers scheduled debt service if an obligor defaults, but the holder generally cannot require accelerated payment from the company 1. The company reports two segments, Insurance and Asset Management, plus a Corporate division 1.

The acquisition of Warwick Company (UK) Limited, owner of Assured Life Re, closed on January 21, 2026 for a purchase price of 158 mn USD and gave the company its first platform dedicated solely to life and annuity reinsurance 1. Its ownership interest in Sound Point Capital Management extends its asset management activity 1. Key strategies cover growth of insurance and asset management, loss mitigation, alternative investments and capital management 1.

Trends

  • Rising rates and wider credit spreadsmixed

    Wider credit spreads could allow the company to raise premium rates on new business, while higher rates may encourage municipal issuance but can also reduce up-front premiums on some deals 1.

  • Tariff and U.S. economic uncertaintyheadwind

    Tariffs and market volatility could raise recession risk and make defaults by insured obligors more likely, though they may also create new business opportunities when credit spreads widen 1.

  • Diversification into annuity reinsurancetailwind

    The Assured Life Re acquisition extends the business into revenue streams independent of financial guaranty, which could support net income growth and predictability 1.

  • Market response to new productiontailwind

    Gross written premiums and present value of new business rose in the first half of 2026 compared with the first half of 2025, showing continued demand in U.S. public finance and structured finance 3.

Competitive position

In annuity reinsurance the company is entering a new field where competition and longevity assumptions can affect results 1. If actual experience differs from pricing assumptions, the effect on financial condition could be significant 1.

  • Financial guaranty insurers using alternative credit protection

    The sources mention new market entrants and alternative forms of credit protection without naming specific companies.

  • Alternative annuity reinsurance providers

    The sources mention competition in the annuity segment without naming companies.

  • Alternative investment managers

    Relations with other alternative investment managers are cited as a risk factor without naming specific firms.

  • Other participants in the U.S. municipal market

    Share of municipal issuance depends on other market participants, which the sources do not name.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Assured Guaranty Ltd. · 27 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Assured Guaranty Ltd. · 07 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Assured Guaranty Ltd. · 06 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.