Assured Guaranty Ltd. · NYSE:AGO
Assured Guaranty — Debt Investor Presentation (March 2026)
55 slides from Assured Guaranty's debt investor presentation, Mar 31, 2026
Slide 1: Fixed Income Investor Presentation
Fixed Income Investor Presentation March 31, 2026
Slide 2: Table of Contents
Table of Contents Page Forward-Looking Statements and Safe Harbor Disclosure 3 Conventions and Non-GAAP Financial Measures 4 Assured Guaranty Overview 5 New Business Activity 16 Asset Management and Alternative Investments 23 Annuity Reinsurance 25 Assured Guaranty Insured Portfolio 30 AG Insured Po
Slide 3: Forward-Looking Statements and Safe Harbor Disclosure
Forward-Looking Statements and Safe Harbor Disclosure • This presentation contains information that includes or is based upon forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements give the expectations or forecasts of future
Slide 4: Conventions and Non-GAAP Financial Measures
Conventions and Non-GAAP Financial Measures • Unless otherwise noted, the following conventions are used in this presentation: – Ratings on Assured Guaranty’s insured portfolio are Assured Guaranty’s internal ratings. ▪ Internal credit ratings are expressed on a ratings scale similar to that used by
Slide 5: Assured Guaranty Overview
ASSURED GUARANTY Assured Guaranty Overview
Slide 6: Overview
Assured Guaranty Overview • Assured Guaranty Ltd. (“AGL” and, together with its subsidiaries, “Assured Guaranty” or the “Company”) is the leading financial guaranty franchise – We are the only long-standing financial guaranty company to have written new business throughout the 2008 financial crisis
Slide 7: Financial Guaranty Business Model
Assured Guaranty Overview Financial Guaranty Business Model • What do we insure? – We insure financial obligations in three main sectors ▪ U.S. public finance and infrastructure transactions ▪ Non-U.S. public finance and infrastructure transactions ▪ Global structured finance transactions – We focus
Slide 8: Financial Guaranty Business Model (Continued)
Assured Guaranty Overview Financial Guaranty Business Model (Continued) • How does Assured Guaranty’s policy benefit investors? – Our policy benefits investors because we provide credit selection, underwriting, surveillance and remediation, in addition to timely payment of scheduled principal and in
Slide 9: Resilience and Enduring Financial Strength
Assured Guaranty Overview Resilience and Enduring Financial Strength Assured Guaranty maintained over $10 billion of claims-paying resources1 over 18 years while paying nearly $15 billion to insured investors From January 1, 2008 through $16 As of December 31 of each full year March 31, 2026: ($ in
Slide 10: Financial Guaranty Insurance Subsidiaries' Claims-Paying Resources
Assured Guaranty Overview Financial Guaranty Insurance Subsidiaries’ Claims-Paying Resources As of March 31, 2026 AG AG Re2 Eliminations3 Total Claims-paying resources ($ in millions): Policyholders' surplus $ 3,158 $ 698 $ 50 $ 3,906 Contingency reserve 1,539 — — 1,539 Qualified statutory capital 4
Slide 11: Assured Guaranty Ltd. Corporate Structure
Assured Guaranty Overview Assured Guaranty Ltd. Corporate Structure Assured Guaranty Ltd. Hamilton, Bermuda Publicly Traded Holding Company (NYSE: AGO) S&P: A (stable outlook) / Moody’s: Baa1 (stable outlook) issuer credit ratings Assured Guaranty US Holdings Inc. (AGUS) Assured Guaranty Re Ltd. (AG
Slide 12: Principal Insurance Platforms
Assured Guaranty Overview Principal Insurance Platforms • AG, AGUK and AGE operate as three separate financial guaranty platforms, with AG Re operating as a reinsurer – AG focuses on insuring U.S. public finance, infrastructure and structured finance transactions – AGUK serves the U.K. market and ce
Slide 13: Changes Since 2009
Assured Guaranty Overview Changes Since 2009 Claims-Paying Resources Insured Leverage ($ in billions) 71.3x 70.5x $13.2 $13.2 $12.8 $12.8 $12.6$12.6 $12.7 $12.1 $12.1 $11.9 62.9x $11.4 58.9x $11.1 $11.2 $10.8 $10.7 $10.2 $10.1 $10.0 52.7x 47.4x 46.7x 38% Decline 46.2x 43.9x 44.3x 41.2x 41.1x 38.6x 3
Slide 14: Financial Strength Ratings of Financial Guaranty Insurers
Assured Guaranty Overview Financial Strength Ratings of Financial Guaranty Insurers Financial Strength Ratings1 S&P KBRA Moody's AA AA+ A1 AG Stable Outlook Stable Outlook Stable Outlook (June 2025) (August 2025) (July 2024) Latest Updates • In June 2025, S&P affirmed the AA (stable outlook) financi
Slide 15: Underlying Value: High-Quality Investment Portfolio
Assured Guaranty Overview Underlying Value: High-Quality Investment Portfolio Total Invested Assets and Cash (excluding Assured Life Re.)1 As of March 31, 2026 U.S. government & agencies 2 1% AAA 23% Other invested assets3 8% 4 Sound Point 5% • Predominately consists of highly-rated, fixed maturity
Slide 16: New Business Activity
ASSURED GUARANTY New Business Activity
Slide 17: New Business Activity Overview
New Business Activity Overview Gross Par Written ($ in millions, first quarter) Assured Guaranty insured $7.5 billion of $7,511 aggregate par in the first quarter • This aggregate amount of par is the largest first $5,363 $5,002 quarter amount in a decade $4,471 $3,743 – U.S. public finance insured
Slide 18: Insurance: U.S. Public Finance
New Business Activity Insurance: U.S. Public Finance • In first quarter 2026, Assured Guaranty’s U.S. public finance par was $4 billion and PVP was $48 million – U.S. public finance total par insured was the third largest amount of par insured in a decade • Industry insured transaction penetration a
Slide 19: Broadening Market Awareness: Current Advertising Campaigns
U.S. Public Finance Broadening Market Awareness: Current Advertising Campaigns 19 ASSURED GUARANTY INC.
Slide 20: Competitive Landscape: Select AG Transactions in 2026
U.S. Public Finance Competitive Landscape: Select AG Transactions in 2026 Source: Refinitiv SDC Database. Amounts are on a sale-date basis and reflect only those series insured by Assured Guaranty Inc. (New York, NY). 20 ASSURED GUARANTY INC.
Slide 21: Insurance: Non-U.S. Public Finance
New Business Activity Insurance: Non-U.S. Public Finance • First quarter 2026 business activity highlights: – A primary social housing transaction in France, Non-U.S. Public Finance PVP1 marking the Company’s inaugural primary ($ in millions; first quarter) guarantee in this sector within the Europe
Slide 22: Insurance: Global Structured Finance
New Business Activity Insurance: Global Structured Finance • In first quarter 2026, business was primarily attributable to two main business lines: Global Structured Finance PVP1 ($ in millions; first quarter) – Fund finance transactions – Life insurance capital management business $60 • Full year 2
Slide 23: Asset Management and Alternative Investments
Asset Management and Alternative Investments
Slide 24: Asset Management Segment and Alternative Investments
Asset Management Segment and Alternative Investments Highlights Asset Management Segment • Assured Guaranty participates in the asset management business through its 30% ownership interest in Sound Point – Assured Guaranty’s share of Sound Point’s net income was $6 million (pre-tax) in first quarter
Slide 25: Annuity Reinsurance
ASSURED (GUARANTY Annuity Reinsurance
Slide 26: Annuity Reinsurance Business
Annuity Reinsurance Business To further its strategic objectives, Assured Guaranty is diversifying into annuity reinsurance by launching Assured Life Reinsurance Ltd. (Assured Life Re) Entry into Strategic Objectives Annuity Reinsurance Identify new business opportunities that are a natural extensio
Slide 27: Annuity Business and Assured Life Re's Product Focus
Annuity Business and Assured Life Re’s Product Focus Annuities are contracts sold by life insurance companies that provide a series of regular, guaranteed payments over a set period of time Annuities • People typically purchase annuities to save for retirement so they can receive a steady income str
Slide 28: Annuity Reinsurance Transaction Overview
Annuity Reinsurance Transaction Overview • Assured Guaranty completed the Warwick Re transaction in January 2026 – The purchase price was approximately $158 million – The purchase included a portfolio of two transactions which has as of March 31, 2026, $738 million of insurance liabilities and $909
Slide 29: High-Quality Assets Supporting Annuity Reinsurance
Annuity Reinsurance High-Quality Assets Supporting Annuity Reinsurance Total Invested Assets and Cash, and the Underlying Assets of Funds Withheld (Assured Life Re)1,2 As of March 31, 2026 AA 17% A 29% • Predominately consists of highly-rated, fixed maturity and short-term investments, AAA 9% and ca
Slide 30: Assured Guaranty Insured Portfolio
Assured Guaranty Insured Portfolio Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 31: Net Par Outstanding by Sector as of March 31, 2026
Assured Guaranty Insured Portfolio Net Par Outstanding by Sector as of March 31, 2026 Portfolio Diversification by Sector Non-U.S. Structured Finance U.S. 2% Public Finance 78% U.S. Structured Finance 3% Non-U.S. Public Finance 18% $278.6 billion1,2 Global U.S. Public Finance Portfolio Non-U.S. Publ
Slide 32: Net Par Outstanding by Rating as of March 31, 2026
Assured Guaranty Financial Guaranty Insured Portfolio1 Net Par Outstanding by Rating as of March 31, 2026 Portfolio Diversification by Rating BIG AAA 3% 1% AA 9% BBB 36% A 51% $278.6 billion Global U.S. Public Finance Portfolio Non-U.S. Public Finance Portfolio Structured Finance Portfolio BIG AAA B
Slide 33: Net Par Outstanding Amortization
Assured Guaranty Insured Portfolio Net Par Outstanding Amortization • Since year-end 2022, net par outstanding increased by $46 billion, with increased par outstanding in each of U.S. public finance, non-U.S. public finance and global structured finance • Since year-end 2016, the composition of the
Slide 34: Puerto Rico Update
Assured Guaranty Insured Portfolio Puerto Rico Update • The Company continues to work to resolve its only unresolved defaulted Puerto Rico exposure, PREPA – On December 31, 2024, the United States Court of Appeals for the First Circuit (First Circuit) upheld its determination that: bondholders had a
Slide 35: Puerto Rico Exposure
Assured Guaranty Insured Portfolio Puerto Rico Exposure Exposure to Puerto Rico As of March 31, 2026 ($ in millions) Net Par Outstanding Total Net Par Gross Par AG AG Re Outstanding Outstanding Defaulted Puerto Rico Exposure Puerto Rico Electric Power Authority (PREPA) $322 $142 $464 $470 Resolved P
Slide 36: BIG Surveillance Categories
Assured Guaranty Insured Portfolio BIG Surveillance Categories The Company assigns each BIG exposure to one of the three BIG surveillance categories based on loss modeling1 and scenario probability weighting: BIG Surveillance Category 1: Exposures for which there are possible future losses, on a pre
Slide 37: Net Par Outstanding by BIG Surveillance Category
Assured Guaranty Insured Portfolio Net Par Outstanding by BIG Surveillance Category1 Financial Guaranty Portfolio Categories As of March 31, 2026 Net Par Percent of Percent of ($ billions) Outstanding BIG Par Total Par • Approximately $3.6 billion (1.3% of total BIG Surveillance Category 1 278.6 net
Slide 38: Total BIG Exposure
Assured Guaranty Insured Portfolio Total BIG Exposure • Exposure with an internal BIG rating is $8.6 billion, down from $8.8 billion in fourth quarter 2025 – Approximately $3.6 billion of this exposure is currently categorized as BIG Surveillance Category 1, which are exposures for which there are p
Slide 39: BIG and BIG Exposure
Assured Guaranty Insured Portfolio BIG 2 and BIG 3 Exposure • Transactions rated BIG 2 represent approximately 44% of all BIG transactions (1.4% of total net par outstanding) – The largest components of our BIG 2 exposure are U.K. regulated utilities at 62% and international infrastructure at 25% •
Slide 40: Net Expected Loss and LAE to Be Paid (Recovered)
Net Expected Loss and LAE to Be Paid (Recovered) Three Months Ended March 31, 2026 Roll Forward of Net Expected Loss and LAE to be Paid (Recovered)1 for the Three Months Ended March 31, 2026 ($ in millions) Net Expected Loss Net Economic Loss Net Expected Loss to be Paid Development Net (Paid) to be
Slide 41: AG Insured Portfolio
AG Insured Portfolio Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 42: AG Net Par Outstanding by Sector
AG Insured Portfolio Net Par Outstanding by Sector as of March 31, 2026 Portfolio Diversification by Sector Non-U.S. Structured Finance 1% U.S. U.S. Structured Public Finance Finance 2% 79% Non-U.S. Public Finance 18% $212.5 billion1 Global U.S. Public Finance Portfolio Non-U.S. Public Finance Portf
Slide 43: AG Net Par Outstanding by Rating
AG Insured Portfolio Net Par Outstanding by Rating as of March 31, 2026 Portfolio Diversification by Rating BIG AAA 3% 1% AA 9% BBB 36% A 51% $212.5 billion Global U.S. Public Finance Portfolio Non-U.S. Public Finance Portfolio Structured Finance Portfolio BIG AAA AAA BIG <1% BIG AAA 2% 3% 11% AA 9%
Slide 44: AG Investment Portfolio
AG Investment Portfolio Value as of March 31, 2026 Invested Assets and Cash1,2 As of March 31, 2026 U.S. government & agencies 3 AAA Other invested <1% 23% assets <1% Equity method investments 7% • Predominately consists of highly-rated, Fixed maturity securities, trading 4 fixed maturity and short-
Slide 45: AGUK, AGE, AG Re and AGRO
ASSURED (GUARANTY AGUK, AGE, AG Re and AGRO M4
Slide 46: AGUK and AGE Net Par Outstanding
AGUK and AGE Net Par Outstanding AGUK Net Par Outstanding As of March 31, 2026 Non-U.S. • AGUK is an insurance company domiciled in the Sovereign and Sub- Non-U.S. U.K. that provides financial guarantees in the U.K. sovereign Regulated and certain other countries 16% Utilities 32% – Provides insuran
Slide 47: AG Re and AGRO
AG Re and AGRO AG Re AGRO Net Par Outstanding1 Outstanding Net Exposure2 As of March 31, 2026 As of March 31, 2026 U.S. Structured Non-U.S. Financial Finance Structured Guaranty Non-U.S. 6% Finance Structured Public 4% Finance Finance 39% 19% Financial Guaranty Public Diversified Finance real estate
Slide 48: Appendix
ASSURED (GUARANTY
Slide 49: Explanation of Non-GAAP Financial Measures
Appendix Explanation of Non-GAAP Financial Measures The Company discloses both: (i) financial measures determined in accordance with GAAP; and (ii) financial measures not determined in accordance with GAAP (non-GAAP financial measures). Financial measures identified as non-GAAP should not be conside
Slide 50: Explanation of Non-GAAP Financial Measures (Cont'd)
Appendix Explanation of Non-GAAP Financial Measures (Cont’d) The following paragraphs define each non-GAAP financial measure disclosed by the Company and describe why it is useful.To the extent there is a directly comparable GAAP financial measure, a reconciliation of the non-GAAP financial measure
Slide 51: Explanation of Non-GAAP Financial Measures (Cont'd)
Appendix Explanation of Non-GAAP Financial Measures (Cont’d) Adjusted Operating Shareholders’ Equity and Adjusted Book Value: The Company’s management believes that adjusted operating shareholders’ equity is a useful measure because it excludes the fair value adjustments that are not expected to res
Slide 52: Explanation of Non-GAAP Financial Measures (Cont'd)
Appendix Explanation of Non-GAAP Financial Measures (Cont’d) Adjusted Operating Return on Equity (Adjusted Operating ROE): Adjusted Operating ROE represents adjusted operating income for a specified period divided by the average of adjusted operating shareholders’ equity at the beginning and the end
Slide 53: Reconciliation of Gross Written Premiums (GWP) to PVP
Appendix AGL Consolidated Reconciliation of Gross Written Premiums (GWP) to PVP1 Three Months Ended Year Ended Reconciliation of GWP to PVP1 March 31, December 31, ($ in millions) 2026 2025 2025 2024 2023 2022 2021 2020 2019 Total GWP $70 $35 $256 $440 $357 $360 $377 $454 $677 Less: Installment GWP
Slide 54: Reconciliation of Net Income to Adjusted Operating Income
Appendix Reconciliation of Net Income (Loss) Attributable to AGL to Adjusted Operating Income1,2 Three Months Ended Adjusted Operating Income1 Reconciliation March 31, ($ in millions, except per share amounts) 2026 2025 Per Per Total Share Total Share Net income (loss) attributable to AGL $88 $1.91
Slide 55: Contacts
Assured Guaranty Contacts: Robert Tucker Senior Managing Director Investor Relations and Corporate Communications Direct: 212.339.0861 rtucker@agltd.com Michael Walker Managing Director Fixed Income Investor Relations Direct: 212.261.5575 mwalker@agltd.com Andre Thomas Managing Director Investor Rel
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