Assured Guaranty Ltd. · NYSE:AGO
Assured Guaranty — Debt Investor Presentation (June 2020)
76 slides from Assured Guaranty's debt investor presentation, Jun 30, 2020
Slide 1: Fixed Income Investor Presentation June 30, 2020
EMBRACE POSSIBILITIES, INVEST IN CERTAINTIES Fixed Income Investor Presentation June 30, 2020
Slide 2: Table of Contents
Table of Contents Page Forward-Looking Statements and Safe Harbor Disclosure 2 Conventions, Disclaimers and Non-GAAP Financial Measures 3 Corporate Overview 4 Assured Guaranty Ltd. Consolidated Insured Portfolio Overview 30 AGM1 Portfolio Review 42 Municipal Assurance Corp. Portfolio Review 51 Assur
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, Non-GAAP Financial Measures and Certain Statutory Data
Conventions, Non-GAAP Financial Measures and Certain Statutory Data • Unless otherwise noted, the following conventions are used in this presentation: – “AGM Consolidated” means Assured Guaranty Municipal Corp. and its consolidated entities, which consist primarily of Assured Guaranty (Europe) plc (
Slide 5: Corporate Overview
ASSURED (GUARANTY Corporate Overview
Slide 6: Corporate Overview
Corporate 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 and rec
Slide 7: Corporate Structure
Assured Guaranty Ltd. Corporate Structure Assured Guaranty Ltd. Hamilton, Bermuda Publicly Traded Holding Company (NYSE: AGO) A (stable outlook) / Baa2 (stable outlook) issuer credit ratings Assured Guaranty Re Ltd (AG Re) Assured Guaranty US Holdings (AGUS) Assured Guaranty Finance Financial Guaran
Slide 8: Investor and Issuer Benefits, and Insurance Operating Principles
Investor and Issuer Benefits, and Insurance Operating Principles • Our guaranty benefits investors and issuers because we provide credit selection, underwriting, surveillance and remediation, in addition to timely payment of scheduled principal and interest if an underlying transaction defaults – Bo
Slide 9: AGL Strategic Priorities
AGL Strategic Priorities • Insurance • Growth of insured portfolio • Loss mitigation • Asset management and alternative investments • Capital management 8
Slide 10: COVID-19 Market Disruption
COVID-19 Market Disruption Strength of Financial Guaranty Business Model • The Company is required to pay only any shortfall of principal and interest due on the scheduled payment dates ‒ Insurance regulations forbid acceleration of its obligations without its consent ‒ Many of the obligations the C
Slide 11: Four Discrete Insurance Companies with Separate Capital Bases
Four Discrete Insurance Companies with Separate Capital Bases Consolidated Statutory-Basis Claims-Paying Resources and Exposures As of June 30, 2020 ($ in millions) AGM AGC MAC AG Re7 Eliminations2 Consolidated Claims-paying resources Policyholders' surplus $2,667 $1,701 $264 $834 $(463) $5,003 Cont
Slide 12: Principal Insurance Platforms
Assured Guaranty Principal Insurance Platforms • Assured Guaranty Municipal1, MAC, AGC, AGE UK and AGE SA operate as five separate direct financial guaranty platforms, with AG Re operating as a reinsurer – Assured Guaranty Municipal1 focuses exclusively on public finance and global infrastructure fi
Slide 13: Principal Insurance Platforms (Cont.)
Assured Guaranty Principal Insurance Platforms (Cont.) • Companies distinct for legal and regulatory purposes – Separate capital bases – claims-paying resources2 as of June 30, 2020 – AGM1 $6.2 billion, MAC $0.6 billion, AGC $3.0 billion, AG Re $1.8 billion – Separate insurance licenses – Separate r
Slide 14: Asset Management Platform
Assured Guaranty Asset Management Platform • The Assured Investment Management platform provides asset management services – As of June 30, 2020, the Assured Investment Management platform had AUM1 of $17.0 billion in four fund areas CLOs had AUM1 of $13.2 billion Opportunity Funds had AUM1 of $
Slide 15: AGM's Commitment to the Public Finance Market
AGM’s1 Commitment to the Public Finance Market Net Par Outstanding • AGM1 is committed to insuring U.S. public finance As of June 30, 2020 and global infrastructure transactions. AGM’s ($ in billions) subsidiaries, AGE UK and AGE SA, may underwrite some structured finance transactions.2 U.S. Structu
Slide 16: AGE UK and AGE SA
AGE UK and AGE SA • AGE UK is an insurance company currently engaged in providing financial guarantees in the U.K. – Provides insurance in both public finance and structured finance – Through 2019, AGE UK wrote business throughout the EU as well as certain other non-EU countries – New UK business is
Slide 17: Municipal Assurance Corp.
Municipal Assurance Corp. Municipal Only Bond Insurance MAC: • Is committed to insuring only U.S. public finance transactions • Has a $17 billion U.S. municipal-only insurance portfolio that is geographically diversified • Has conservative and well-defined underwriting standards • Maintains a high l
Slide 18: AGC is a Diversified Platform
AGC is a Diversified Platform • AGC, a diversified insurer, may write all Net Par Outstanding classes of financial guaranty business, As of June 30, 2020 including structured finance, U.S. public ($ in billions) finance and global infrastructure • Structured finance eligible for new business U.S. St
Slide 19: AG Re and AGRO
AG Re and AGRO • AG Re is an insurance company • AG Re’s subsidiary, AGRO, is a primarily engaged in providing specialty insurance company reinsurance to financial guarantors – Rated AA (stable outlook) by S&P and A+ (stable – Rated AA (stable outlook) by S&P outlook) by A.M. Best – Licensed as a Cl
Slide 20: Underwriting Discipline
Underwriting Discipline • Our U.S. public finance portfolio, our largest exposure category, generally performed well Consolidated Net Par Outstanding3 during the 2008 recession and in subsequent As of June 30, 2020 years, despite persistent financial pressures ($ in billions) Non-U.S. Structured Fin
Slide 21: Creating Value: Insurance Penetration in U.S. Public Finance
Creating Value Insurance Penetration in the U.S. Public Finance Market (excluding SGI portfolio) • Assured Guaranty saw strong new business production in Q2 2020 in the primary and the secondary markets for U.S. public finance – In Q2 2020, we insured 318 primary market transactions totaling $5.8 bi
Slide 22: Broadening Market Awareness
Broadening Market Awareness Current Advertising Campaigns 21
Slide 23: Market Update: Select Assured Guaranty Transactions in 2020
Market Update Select Assured Guaranty Transactions in 2020 $385,735,000 $325,450,000 $320,730,000 $300,000,000 $257,495,000 $256,615,000 School Districts Revenue General Obligation Bonds, Westchester Co. Local Dev. Broome County Local Pennsylvania Higher Taxable Bonds, Series 2020 Bond Financing Pro
Slide 24: Creating Value: U.S. Structured Finance Business Activity
Creating Value Insurance U.S. Structured Finance Business Activity • During 2Q-20, we insured an insurance securitization and two whole business securitizations U.S. Structured PVP1 (excluding SGI reinsurance portfolio)2 ($ in millions) • During 1Q-20, we insured a portion of a whole business securi
Slide 25: Creating Value: Non-U.S. Business Activity
Creating Value Insurance Non-U.S. Business Activity • During 2Q-20, new business included a guaranty of a solar bond transaction in Spain and a Non-U.S. PVP1 secondary market guaranty to a European (excluding SGI reinsurance portfolio)2 ($ in millions) financial institution for a public sector credi
Slide 26: Creating Value: Assured Investment Management Platform
Creating Value Assured Investment Management Platform • On October 1, 2019, Assured Guaranty completed the acquisition of all of the outstanding equity interests in BlueMountain and its associated entities for a purchase price of $157 million - Assured Guaranty contributed $60 million of cash to Blu
Slide 27: Financial Strength Ratings
Financial Strength Ratings • In July 2020, S&P affirmed the AA (stable outlook) Financial Strength Ratings financial strength ratings of the operating companies As of September 14, 2020 – S&P found the Assured Guaranty group’s capital adequacy ratio to be “considerably above 1.0x” their AAA requirem
Slide 28: Net Par Outstanding Amortization
Net Par Outstanding Amortization • Amortization of the existing insurance portfolio reduces rating agency capital charges, but also embedded future earned premiums – Currently, the existing $232 billion insurance portfolio consists of $222 billion of public finance and $10 billion of structured fina
Slide 29: Assured Guaranty Today
Assured Guaranty Today Insured Portfolio and Capital Changes Since the Global Financial Crisis Claims-Paying Resources Insured Leverage $ in billions $13.2 $12.8 $13.2 $12.8 $12.6 $12.6 $12.7 $12.1 $12.1 $11.9 $11.4 $11.3 71.3x 70.5x 62.9x 58.9x 52.7x 47.4x 46.7x 46.2x 41.2x 38.6x 39.5x 56% Decline
Slide 30: AGL Consolidated Investment Portfolio
AGL Consolidated Investment Portfolio Fair Value as of June 30, 2020 • Predominately consists of highly rated, fixed Invested Assets and Cash1,2 maturity and short-term investments, and cash; As of June 30, 2020 62% rated AA or higher A Nearly 100% of BIG • Approximately $1.1 billion invested in liq
Slide 31: Assured Guaranty Ltd. Consolidated Insured Portfolio Overview
Assured Guaranty Ltd. Consolidated Insured Portfolio Overview
Slide 32: AGL Consolidated Insured Portfolio
AGL Consolidated Insured Portfolio Net Par Outstanding as of June 30, 2020 Portfolio Diversification by Sector Non-U.S. Structured U.S. Finance Structured <1% Finance 4% Non-U.S. Public Finance U.S. Public 21% Finance 75% $232.0 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Struc
Slide 33: AGL Consolidated Insured Portfolio Ratings
AGL Consolidated Insured Portfolio Ratings Net Par Outstanding as of June 30, 2020 Portfolio Diversification by Rating BIG AAA AA 4% 2% 11% BBB 38% A 45% $232.0 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA AAA BIG
Slide 34: Puerto Rico Exposure
Public Finance Puerto Rico Exposure Par Exposure to the Commonwealth and its Agencies1,2 As of June 30, 2020 Net Par Gross Par ($ in millions) Outstanding Outstanding Commonwealth Commonwealth of Puerto Rico - General Obligation Bonds 3 $1,253 $1,294 Constitutionally Puerto Rico Public Buildings Aut
Slide 35: Puerto Rico Exposure: Net Par Amortization
Public Finance Puerto Rico Exposure Scheduled Net Par Amortization of Exposure to the Commonwealth and its Agencies As of June 30, 2020 3Q 4Q 2030- 2035- 2040- 2045- ($ in millions) 2020 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2034 2039 2044 2047 Total Commonwealth – GO $141 $- $15 $37 $14
Slide 36: Puerto Rico Exposure: Net Debt Service Amortization
Public Finance Puerto Rico Exposure Scheduled Net Debt Service Amortization of Exposure to the Commonwealth and its Agencies As of June 30, 2020 3Q 4Q 2030- 2035- 2040- 2045- ($ in millions) 2020 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2034 2039 2044 2047 Total Commonwealth – GO $173 $- $7
Slide 37: Detroit & Stockton Exposure
AGL Consolidated Detroit & Stockton Exposure Details of Assured Guaranty’s Exposure to Detroit • Municipal utilities exposure is $429 million of water revenue bonds and $947 million of sewer revenue bonds. Both the water and sewer systems provide services to areas that extend significantly beyond th
Slide 38: Structured Finance Exposures
Structured Finance Exposures Net Par Outstanding By Type As of June 30, 2020 Life Insurance Financial Products 1 ($ in billions) Transactions $2.0 • Assured Guaranty’s total structured finance (GICs) exposure of $9.5 billion at June 30, 2020 $0.8 21% U.S. and Non- reflects a $231.4 billion reduction
Slide 39: Consolidated U.S. RMBS
Consolidated U.S. RMBS • Our $3.3 billion U.S. RMBS portfolio is amortizing both on a dollar basis and as a U.S. RMBS by Exposure Type percentage of the portfolio As of June 30, 2020 – Assured Guaranty’s U.S. RMBS exposure of $3.3 billion ($ in billions) through June 30, 2020 reflects a $25.9 billio
Slide 40: Consolidated Non-U.S. Exposure
Consolidated Non-U.S. Exposure Non-U.S. Public and Structured Finance Non-U.S. Exposure As of June 30, 2020 ($ in billions) • 99% of non-U.S. exposure is Public Finance – Direct sovereign debt is limited to Poland ($288 Canada $2.4 France million) and Mexico ($50 million) Other $3.1 Australia $6.7 5
Slide 41: Consolidated Insurance Expected Loss and LAE to Be Paid (Three Months)
Consolidated Insurance Expected Loss and LAE to Be Paid Three Months Ended June 30, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended June 30, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Pa
Slide 42: Consolidated Insurance Expected Loss and LAE to Be Paid (Six Months)
Consolidated Insurance Expected Loss and LAE to Be Paid Six Months Ended June 30, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Six Months Ended June 30, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid)
Slide 43: AGM Portfolio Review
AGM Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 44: AGM Insured Portfolio
AGM1 Insured Portfolio Net Par Outstanding as of June 30, 2020 Portfolio Diversification by Sector Non-U.S. Structured Finance U.S. <1% Structured Finance 2% U.S. Public Finance 71% Non-U.S. Public Finance 27% $133.5 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance
Slide 45: AGM Insured Portfolio Ratings
AGM1 Insured Portfolio Ratings Net Par Outstanding as of June 30, 2020 Portfolio Diversification by Rating BIG AAA AA 3% 1% 10% BBB 41% A 45% $133.5 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA A BIG AAA 3% <1% AA AA
Slide 46: AGM Insured Portfolio by Asset Type
AGM1 Insured Portfolio Net Par Outstanding as of June 30, 2020 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 37,722 A- RMBS $ 1,954 BBB- Tax backed
Slide 47: AGM Net Par Outstanding Amortization
AGM1 Net Par Outstanding Amortization • The existing $133 billion insurance portfolio consists of $130 billion of public finance and $3 billion of structured finance net par – Most of AGM’s legacy structured finance portfolio, which was $127.3 billion in September 2008, has now amortized – Insured p
Slide 48: AGM U.S. RMBS Exposure
AGM1 U.S. RMBS Exposure By Type As of June 30, 2020 ($ in millions) • AGM’s1 U.S. RMBS portfolio is amortizing on an Prime First Lien Alt-A First absolute basis and has declined as a percentage $23 Lien $291 of the portfolio 1%1% – $2.0 billion net par outstanding versus $17.1 billion at 15% 15% yea
Slide 49: AGM Investment Portfolio
AGM1 Investment Portfolio Fair Value as of June 30, 2020 • Predominately consists of highly rated, fixed Invested Assets and Cash2,3 maturity and short-term investments, and cash; As of June 30, 2020 62% rated AA or higher A • Approximately $513 million invested in liquid, Nearly 100% of BIG 22% BBB
Slide 50: AGM Consolidated Expected Loss and LAE to Be Paid (Three Months)
AGM Consolidated Expected Loss and LAE to Be Paid Three Months Ended June 30, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended June 30, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Re
Slide 51: AGM Consolidated Expected Loss and LAE to Be Paid (Six Months)
AGM Consolidated Expected Loss and LAE to Be Paid Six Months Ended June 30, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Six Months Ended June 30, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Recove
Slide 52: Municipal Assurance Corp. Portfolio Review
Municipal Assurance Corp. Portfolio Review
Slide 53: MAC Insured Portfolio (100% U.S. Public Finance)
MAC Insured Portfolio (100% U.S. Public Finance) Net Par Outstanding as of June 30, 2020 Portfolio Diversification by Sector Portfolio Diversification by Rating 1 BIG AAA AA 1% 1% 19% Muni Utility Revenue 14% BBB 20% Tax Backed General 13% Obligations 67% Other 6% A 60% $17.4 billion Net Par Outstan
Slide 54: MAC Net Par Outstanding Amortization
MAC Net Par Outstanding Amortization • Currently, the portfolio consists of $17 billion of public finance net par insurance Consolidated Net Par Outstanding Amortization1 As of June 30, 2020 $104 ($ in billions) $91 $73 $57 $41 $28 $20 $17 $16 $14 $13 $12 $11 4Q-13 4Q-14 4Q-15 4Q-16 4Q-17 4Q-18 4Q-1
Slide 55: MAC Investment Portfolio
MAC Investment Portfolio Fair Value as of June 30, 2020 • Predominately consists of highly rated, fixed Invested Assets and Cash1,2 maturity and short-term investments, and cash; As of June 30, 2020 68% rated AA or higher • Approximately $23 million invested in liquid, A short-term investments and c
Slide 56: Assured Guaranty Corp. Portfolio Review
Assured Guaranty Corp. Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 57: AGC Insured Portfolio
AGC Insured Portfolio Net Par Outstanding as of June 30, 2020 Portfolio Diversification by Sector Non-U.S. Structured Finance 1% Non-U.S. Public Finance 20% U.S. Public Finance 61% U.S. Structured Finance $21.2 billion 17% Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Por
Slide 58: AGC Insured Portfolio Ratings
AGC Insured Portfolio Ratings Net Par Outstanding as of June 30, 2020 Portfolio Diversification by Rating BIG AAA 11% 6% AA 21% BBB 38% A 24% $21.2 billion Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance AAA AA BIG AAA BIG BIG <1% 13% 2
Slide 59: AGC Insured Portfolio by Asset Type
AGC Insured Portfolio Net Par Outstanding as of June 30, 2020 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: Tax backed $ 2,878 BBB- RMBS $ 1,058 BBB Transportation 2,38
Slide 60: AGC Net Par Outstanding Amortization
AGC Net Par Outstanding Amortization • Currently, the existing $21 billion insurance portfolio consists of $17 billion of public finance and $4 billion of structured finance net par – The existing insurance portfolio (excluding future new business) will amortize by 4% by the end of 2020; 26% by the
Slide 61: AGC U.S. RMBS Exposure
AGC U.S. RMBS Exposure By Type As of June 30, 2020 ($ in millions) Second Alt-A First Lien • AGC’s U.S. RMBS portfolio is amortizing on Lien $228 $137 an absolute basis and has declined as a percentage of the portfolio Prime First 22% Option Lien 13% ARMs – $1.1 billion versus $13.4 billion at year-
Slide 62: AGC Non-RMBS Exposure
AGC Non-RMBS Exposure U.S. Structured Finance U.S. Non-RMBS Structured Finance • AGC’s non-RMBS U.S. structured finance As of June 30, 2020 ($ in billions) exposures consist principally of: – Pooled corporate obligations – Life insurance transactions Other – Consumer receivables Structured Finance $
Slide 63: AGC Investment Portfolio
AGC Investment Portfolio Fair Value as of June 30, 2020 • Predominately consists of highly rated, fixed Invested Assets and Cash1,2 maturity and short-term investments, and cash; As of June 30, 2020 57% rated AA or higher A • Approximately $209 million invested in liquid, 17% BBB Nearly 100% of BIG
Slide 64: AGC Expected Loss and LAE to Be Paid (Three Months)
AGC Expected Loss and LAE to Be Paid Three Months Ended June 30, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended June 30, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Recovered be Pa
Slide 65: AGC Expected Loss and LAE to Be Paid (Six Months)
AGC Expected Loss and LAE to Be Paid Six Months Ended June 30, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Six Months Ended June 30, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Recovered be Paid (
Slide 66: Appendix
ASSURED (GUARANTY
Slide 67: Explanation of Non-GAAP Financial Measures
Appendix Explanation of Non-GAAP Financial Measures To reflect the key financial measures that management analyzes in evaluating the Company’s operations and progress towards long-term goals, the Company discloses both financial measures determined in accordance with GAAP and financial measures not
Slide 68: Explanation of Non-GAAP Financial Measures
Appendix Explanation of Non-GAAP Financial Measures Adjusted Operating Income: Management believes that adjusted operating income is a useful measure because it clarifies the understanding of the underwriting results of the Company. Adjusted operating income is defined as net income (loss) attributa
Slide 69: 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: Management believes that adjusted operating shareholders’ equity is a useful measure because it excludes the fair value adjustments on investments, credit derivatives and CCS
Slide 70: 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 71: Reconciliation of Gross Written Premiums (GWP) to PVP
Appendix Reconciliation of Gross Written Premiums (GWP) to PVP Three Months Ended Reconciliation of GWP to PVP June 30, Year Ended December 31, (dollars in millions) 2020 2019 2019 2018 2017 2016 2015 2014 Total GWP $149 $51 $677 $612 $307 $154 $181 $104 Less: Installment GWP and other GAAP adjustme
Slide 72: Reconciliation of Net Income to Adjusted Operating Income
Appendix Reconciliation of Net Income (Loss) Attributable to AGL to Adjusted Operating Income1 Three Months Ended Six Months Ended Adjusted Operating Income Reconciliation June 30, June 30, (dollars in millions, except per share amounts) 2020 2019 2020 2019 Per Diluted Per Diluted Per Diluted Per Di
Slide 73: Reconciliation of Shareholders' Equity to Adjusted Book Value
Appendix Reconciliation of Shareholders’ Equity to Adjusted Book Value1 Adjusted book value1 reconciliation As of (dollars in millions, except per share amounts) June 30, 2020 March 31, 2020 December 31, 2019 June 30, 2019 March 31, 2019 December 31, 2018 Total Per Share Total Per Share Total Per Sh
Slide 74: Reconciliation of GAAP ROE to Adjusted Operating ROE
Appendix Reconciliation of GAAP ROE1 to Adjusted Operating ROE1,2 ROE Reconciliation (dollars in millions) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Net income (loss) attributable to AGL $183 142 $128 196 Adjusted operating income2 119 141 152 227 Average shareholders
Slide 75: Assets Under Management
Appendix Assets Under Management Assets Under Management: The Company uses AUM as a metric to measure progress in its Asset Management segment. The Company uses measures of its AUM in its decision making process and intends to use a measure of change in AUM in its calculation of certain components o
Slide 76: Assured Guaranty 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
Assured Guaranty — Debt Investor Presentation (June 2020) on 6ix