保证担保 2024年度报告

STRONGER BOND, STRONGER FUTURE For four decades, Assured Guaranty has helped to lower the cost ofbuilding and maintaining essential public infrastructure. Bond issuers useour credit enhancement to gain more efficient access to capital markets.Bond investors rely on our unconditional and irrevocable guarantyof timely debt service payments and enjoy the added value of ourcredit selection, underwriting and surveillance. We have assistedin expanding the buying power of consumers and the financialresources of businesses by guaranteeing structured financings, andhave provided tools and resources for institutions to managecapital more efficiently. With this value proposition and ourfinancial strength; risk management discipline; and strategicvision, execution and diversification, Assured Guaranty iswell positioned for future growth. Assured Guaranty Ltd. is a publicly traded (NYSE: AGO), Bermuda-based holdingcompany. Through its subsidiaries, Assured Guaranty Ltd. (together with its subsidiaries,Assured Guaranty) provides credit enhancement products to the U.S. and non-U.S.public finance, infrastructure and structured finance markets. Assured Guaranty alsoparticipates in the asset management business through its ownership interest in SoundPoint Capital Management, LP and certain of its investment management affiliates.More information on Assured Guaranty Ltd. can be found at AssuredGuaranty.com. Please see the inside back cover for the forward-looking statements disclaimer. To Our Shareholders, Policyholders and Clients Assured Guaranty’s Success in 2024Positioned It for Further Growth. Assured Guaranty produced many significant achievementsin 2024 as we entered our 40thyear in business andcelebrated our 20thyear as a publicly traded company. •AGO’s common share price rose 20% for the yearto $90.01. •In our capital management program, we repurchased11% of the common shares that were outstanding atDecember 31, 2023, and exceeded our 2024 targetof repurchasing $500 million of our shares, furthermanaging our excess capital. We paid an additional$68 million to shareholders through dividends. •We earned adjusted operating income* per share of$7.10 and created significant future earnings fromstrong financial guaranty originations. •Once again, we reached record year-end highs foradjusted book value* per share, at $170.12, adjustedoperating shareholders’ equity* per share, at $114.75,and shareholders’ equity per share, at $108.80. Wecontinued to build value for both our shareholdersand policyholders. •Our present value of new business production (PVP*)across our three financial guaranty businesses topped$400 million for the second year in a row. •U.S. public finance originated $270 million in PVP,*its highest annual total in four years, and both *On all pages, an asterisk denotes a non-GAAP financial measure. For definitions, please refer to the section entitled “Non-GAAP Financial Measures” on pages 92-96 inthe Form 10-K at the back of this book. For five-year reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures, please refer topages 3, 5 and 17 of this Annual Report. $1,600,000,000 $1,133,440,000Brightline Florida $258,580,000 Westchester MedicalCenter Health NetworkWESTCHESTER COUNTYLOCAL DEVELOPMENT CORP.INSURED REVENUE BONDSSERIES 2023 JFK International AirportNew Terminal OneNEW YORK TRANSPORTATIONDEVELOPMENT CORP. INSURED SPECIALFACILITIES REVENUE BONDSSERIES 2023 & SERIES 2024 Passenger Rail ProjectFLORIDA DEVELOPMENT FINANCECORPORATION INSURED REVENUE BONDSBRIGHTLINE TRAINS FLORIDA LLC ISSUESERIES 2024 (TAX-EXEMPT) •Our investment returns continued to benefit from ourincreased use of alternative investments. Our alternativeinvestments have an annualized inception-to-daterate of return of approximately 13%, including fundsmanaged by Sound Point Capital Management, LP(Sound Point) and Assured Healthcare Partners LLC. non-U.S. public finance and global structured financesaw strong production and built solid pipelines for2025 and beyond. •We insured the winner of the Bond Buyer’s overall2024 Deal of the Year award, and the Health CareFinancing, Northeast Region, and Innovative Financingcategory winners, as detailed on page 8. •We came closer to resolving our exposure to the PuertoRico Electric Power Authority (PREPA), our last unresolveddefaulting Puerto Rico exposure. The United StatesCourt of Appeals for the First Circuit confirmed thatbondholders, whose rights we obtain under our policy,have a security interest in PREPA’s past, current andfuture net revenues. •We completed the consolidation of our twoprimary insurance subsidiaries into one, by mergingAssured Guaranty Municipal Corp. (AGM) intoAssured Guaranty Inc. (AG), thereby creating a moreefficient capital structure, as well as a larger insurer witha more diversified insured portfolio, larger capital base,and greater claims-paying resources. This was one ofseveral strategic moves we have made in