Assured Guaranty reports six-fold increase in net profit – The Royal Gazette

Created: May 6, 2022 2:13 p.m.

Assured Guaranty Ltd, the Bermuda-based holding company, reported a six-fold increase in net profit to $66 million for the first quarter of 2022.

That compares to a net profit of $11 million in the year-ago quarter.

Capital returned to shareholders in the first quarter was $172 million, including the repurchase of 2.7 million shares for $155 million and dividends of $17 million.

Insurance segment adjusted operating income was $133 million in the quarter. Gross written premiums amounted to $70 million.

The current value of new business production (PVP) was $69 million.

Adjusted operating income for the asset management segment was flat for the quarter. Inflows of assets under management amounted to $91 million.

President and CEO Dominic Frederico said, “The first quarter of 2022 was a watershed moment for Assured Guaranty.

“By entering into consensual settlements, we eliminated $1.3 billion of our net insured par exposure in Puerto Rico and received cash and new GO bonds totaling approximately $1.2 billion, as well as valuable instruments. additional quota.

“The settlements also led to an acceleration in premium income, reduced our exposure to Puerto Rico to less than 1% of our net outstanding at par and contributed to our strong adjusted operating profit of $1.34 per share in the first quarter. , or almost two and a half of the result of the first quarter of last year.

“In the volatile financial markets of the quarter, we produced $69 million of PVP and captured a 58% share of insured par sold in the primary municipal bond market.”

Dominic Frederico, Chairman and CEO of Assured Guaranty Ltd (file photo)

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