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Assured Guaranty Ltd. (AGO-1.04%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net earned premiums of $97 million, compared to $95 million in the same quarter the previous year. Scheduled net earned premiums were $73 million, with an additional $14 million from accelerations due to refundings and terminations.
Net investment income for the quarter was $82 million, compared to $100 million in the previous year. The decrease is attributed to lower returns on fixed-maturity securities.
The company reported a net income of $171 million for the quarter, up from $157 million in the previous year. This increase is primarily due to a reduction in loss and loss adjustment expenses, which were a benefit of $51 million compared to an expense of $100 million in the previous year.
Assured Guaranty reported total revenues of $269 million for the quarter, compared to $403 million in the previous year. The decrease is mainly due to a reduction in realized gains on investments and fair value losses on credit derivatives.
The company had a working capital of $5,782 million as of September 30, 2024, with total assets of $12,291 million and total liabilities of $6,509 million.
During the quarter, Assured Guaranty repurchased 1,658,441 common shares at an average price of $78.87 per share, totaling $131 million.
The filing also details the company's exposure to various financial guaranty variable interest entities (FG VIEs) and consolidated investment vehicles (CIVs), with FG VIEs' assets totaling $156 million and liabilities with recourse totaling $382 million.
Assured Guaranty continues to focus on managing its insurance and asset management segments, with a reported segment adjusted operating income of $162 million for the insurance segment and $4 million for the asset management segment.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Assured Guaranty Ltd. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.