Assured Guaranty Ltd. · NYSE:AGO
Assured Guaranty — Debt Investor Presentation (September 2017)
75 slides from Assured Guaranty's debt investor presentation, Sep 30, 2017
Slide 1: Fixed Income Investor Presentation September 30, 2017
Fixed Income Investor Presentation September 30, 2017
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 40 Municipal Assurance Corp. Portfolio Review 52 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 (consisting primarily of Assured Guaranty (Europe) plc (AGE
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 continue to write new business throughout the financial crisis and rec
Slide 7: Operating Principles and Investor and Issuer Benefits
Operating Principles and Investor and Issuer Benefits • Underwriting principles and a strong risk management culture designed to protect our franchise • Experienced and disciplined management • Commitment to disclosure and transparency • Our guaranty benefits investors and issuers because we provide
Slide 8: Strategic Priorities
Strategic Priorities • Generate current and future revenue through new business production • Manage capital efficiently • Execute alternative strategies to create value, including acquisitions, investments and commutations • Mitigate losses 7
Slide 9: Assured Guaranty Ltd. 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 10: Four Discrete Operating Companies with Separate Capital Bases
Four Discrete Operating Companies with Separate Capital Bases Consolidated Statutory-Basis Claims-Paying Resources and Exposures As of September 30, 2017 ($ in millions) AGM AGC MAC AG Re8 Eliminations3 Consolidated Claims-paying resources Policyholders' surplus $2,322 $1,866 $238 $1,061 ($395) $5,0
Slide 11: Principal Operating Platforms
Assured Guaranty Principal Operating Platforms • Assured Guaranty Municipal1, MAC and AGC operate as three separate direct financial guaranty platforms, with AG Re operating as a reinsurer – Assured Guaranty Municipal1 focuses exclusively on public finance and global infrastructure transactions; its
Slide 12: Principal Operating Platforms (Continued)
Assured Guaranty Principal Operating Platforms (Continued) • Companies distinct for legal and regulatory purposes – Separate insurance licenses – Separate regulators – Assured Guaranty Municipal1 and MAC are domiciled in New York; AGC is domiciled in Maryland – Dividend restrictions – New York, Mary
Slide 13: Assured Guaranty Municipal's Commitment to the Public Finance Market
Assured Guaranty Municipal’s1 Commitment to the Public Finance Market AGM1 Insured Portfolio Amortization Current and Projected Year-End Net Par Outstanding As of September 30, 2017 ($ in billions) • Assured Guaranty Municipal1 is committed to Public Finance Structured Finance insuring only U.S. pub
Slide 14: Municipal Assurance Corp. (MAC)
Municipal Assurance Corp. (MAC) MAC was launched in July of 2013 as a municipal-only bond insurer with the positive attributes it takes most start-up companies years to establish. As of September 30, 2017, Municipal Assurance Corp. (MAC) has: • $1.2 billion in claims-paying resources, consisting of
Slide 15: AGC is Our Most Diversified Platform
AGC is Our Most Diversified Platform • AGC, a diversified insurer, writes all classes of Net Par Outstanding financial guaranty business, including: U.S. As of September 30, 2017 ($ in billions) public finance, global infrastructure and structured finance • Structured finance new business originatio
Slide 16: AG Re's Operating Structure
AG Re’s Operating Structure Net Par Outstanding As of September 30, 2017 ($ in billions) • AG Re is an insurance company primarily engaged in providing Non-U.S. Structured reinsurance to financial guarantors Finance Non-U.S. $0.1 – AG Re is rated AA (stable outlook) by S&P Public BBB average rating
Slide 17: Underwriting Discipline
Underwriting Discipline • Our U.S. public finance portfolio, our largest exposure category, generally performed well Consolidated Net Par Outstanding during the recession and in subsequent As of September 30, 2017 years, despite persistent financial pressures ($ in billions) Non-U.S. on municipal ob
Slide 18: Creating Value: New Business Production
Creating Value New Business Production (Par Insured) Penetration in the U.S. Public Finance Market • We are focused on building demand for our guaranties, both in the primary and the New Issue U.S. Public Finance secondary markets for U.S. public finance Insured Par Sold and Transaction Penetration1
Slide 19: Broadening Market Awareness Advertising Campaigns
Broadening Market Awareness Advertising Campaigns 18
Slide 20: Select Assured Transactions in 2017
Assured Guaranty Select Assured Transactions in 2017 Assured Guaranty has maintained its market leadership in 2017, insuring over $11.7 billion of par and nearly 775 primary market transactions, ranging in size from $1mm to over $750mm in par. Some of our 2017 transactions are highlighted below: $13
Slide 21: Creating Value: U.S. Structured Finance Business Activity
Creating Value New Business Production U.S. Structured Finance Business Activity • Focus has been on bilateral transactions to improve policy beneficiaries’ capital management efficiency U.S. Structured PVP1 • During 1Q 2017, we increased our ($ in millions) reinsurance exposure on an existing capit
Slide 22: Creating Value: Non-U.S. Business Activity
Creating Value New Business Production Non-U.S. Business Activity • During 3Q-17, we guaranteed two regulated utility transactions in the secondary market Non-U.S. PVP1 by Quarter ($ in millions) • During 2Q-17, we guaranteed a U.K. university housing transaction, provided a senior liquidity $42 gua
Slide 23: Creating Value: Alternative Strategies, Acquisitions
Creating Value Alternative Strategies Acquisitions • Radian Asset Assurance acquisition closed on April 1, 2015 - Resulted in an increase of $654 million to claims-paying resources, an increase of $193 million to non-GAAP operating shareholder’s equity and $570 million to non-GAAP adjusted book valu
Slide 24: Creating Value: Commutations
Creating Value Commutations • Reassumption of previously ceded business has increased the unearned premium reserve and non-GAAP adjusted book value1 Commutations Since 2009 Ceded Par Outstanding by Reinsurer As of September 30, 2017 As of September 30, 2017 Commutation Reassumed Par Reassumed UPR Ga
Slide 25: Creating Value: Loss Mitigation
Creating Value Loss Mitigation Bond Purchases • Since 2008, for loss mitigation purposes, we have strategically purchased bonds we had previously insured. Besides reducing our losses, these purchases can potentially relieve rating agency capital charges, increase future investment income and increas
Slide 26: Financial Strength Ratings
Financial Strength Ratings • In June 2017, S&P affirmed the AA (stable outlook) Financial Strength Ratings financial strength ratings of AGM, MAC and AGC As of September 30, 2017 – S&P found the Assured Guaranty group’s capital adequacy to be above their AAA requirement; although S&P did not S&P Moo
Slide 27: Net Par Outstanding Amortization
Net Par Outstanding Amortization • Amortization of the existing portfolio reduces rating Consolidated Net Par Outstanding Amortization1 agency capital charges, but also embedded future As of September 30, 2017 ($ in billions) earned premiums $640 Public Finance • New direct or assumed business origi
Slide 28: Insured Portfolio and Capital Changes Since the Global Financial Crisis
Assured Guaranty Today Insured Portfolio and Capital Changes Since the Global Financial Crisis Claims-Paying Resources Insured Leverage $ in billions $13.1 $12.6 $12.8 $12.3 $12.1 $12.2 $12.3 $12.2 $11.7 72.2x 71.6x 64.5x 61.3x 54.6x 48.0x 47.4x 47.9x 42.2x 40.8x 40.3x 4Q-09 4Q-10 4Q-11 4Q-12 4Q-13
Slide 29: AGL Consolidated Investment Portfolio
AGL Consolidated Investment Portfolio Fair Value as of September 30, 2017 Total Invested Assets and Cash1 Total Invested Assets and Cash1,2 By Category By Rating U.S. NR Other Other U.S. Treasuries, Gov't & Treasuries & <1% Invested 6 Invested Agency Agency Obligations AAA Short-term Government Asse
Slide 30: Credit Default Swap Spreads
Credit Default Swap Spreads • Movements in credit default swap (CDS) levels for Assured Guaranty Municipal1 and AGC continue to be significantly affected by technical factors such as supply/demand imbalance and light trading volume • The deterioration in the asset-backed securities market’s pricing
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 September 30, 2017 Portfolio Diversification by Sector Non-U.S. Structured U.S. Finance Structured 1% Finance 5% Non-U.S. Public Finance 15% U.S. Public Finance 79% $275.8 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. S
Slide 33: AGL Consolidated Insured Portfolio Ratings
AGL Consolidated Insured Portfolio Ratings Net Par Outstanding as of September 30, 2017 Portfolio Diversification by Rating BIG AAA AA 5% 2% 14% BBB 28% A 51% $275.8 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA AA
Slide 34: Puerto Rico Exposure
Public Finance Puerto Rico Exposure Par Exposure to the Commonwealth and its Agencies1 As of September 30, 2017 Net Par Gross Par ($ in millions) Outstanding 3 Outstanding Commonwealth Commonwealth of Puerto Rico - General Obligation Bonds 4,5 $1,419 $1,469 Constitutionally Puerto Rico Public Buildi
Slide 35: Puerto Rico Net Par Amortization
Public Finance Puerto Rico Exposure Scheduled Net Par Amortization of Exposure to the Commonwealth and its Agencies1 As of September 30, 2017 4Q 2027- 2032- 2037- 2042- ($ in millions) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2031 2036 2041 2047 Total Commonwealth – GO $0 $78 $87 $141 $15 $
Slide 36: Puerto Rico Net Debt Service Amortization
Public Finance Puerto Rico Exposure Scheduled Net Debt Service Amortization of Exposure to the Commonwealth and its Agencies1 As of September 30, 2017 4Q 2027- 2032- 2037- 2042- ($ in millions) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2031 2036 2041 2047 Total Commonwealth – GO $0 $151 $156
Slide 37: Detroit & Stockton Exposure
AGL Consolidated Detroit & Stockton Exposure Details of Assured Guaranty’s Exposure to Detroit • Municipal utilities exposure is $434 million of water revenue bonds and $1.0 billion of sewer revenue bonds. Both the water and sewer systems provide services to areas that extend significantly beyond th
Slide 38: Structured Finance Exposures
Structured Finance Exposures Net Par Outstanding By Type As of September 30, 2017 U.S. and Non-U.S. ($ in billions) • Assured Guaranty’s total structured finance Pooled U.S. exposure of $240.9 billion at December 31, Corporate RMBS $2.4 16% $5.1 2007 has declined by $226.1 billion to $14.8 34% billi
Slide 39: Consolidated U.S. RMBS
Consolidated U.S. RMBS • Our $5.1 billion U.S. RMBS portfolio is amortizing both on a dollar basis and as a U.S. RMBS by Exposure Type percentage of the portfolio As of September 30, 2017 ($ in billions) – Total U.S. RMBS has declined from $29.2 billion at December Subprime 31, 2009 to $5.1 billion
Slide 40: Consolidated Non-U.S. Exposure
Consolidated Non-U.S. Exposure Non-U.S. Public and Structured Finance Non-U.S. Exposure As of September 30, 2017 ($ in billions) • 96% of non-U.S. exposure is Public Finance Canada – Direct sovereign debt is limited to Poland ($275 Other $2.8 France million outstanding) $6.3 $3.1 6% Australia, 14% 7
Slide 41: AGM Portfolio Review
AGM Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 42: AGM Insured Portfolio
AGM1 Insured Portfolio Net Par Outstanding as of September 30, 2017 Portfolio Diversification by Sector Non-U.S. Structured Finance U.S. 1% Structured Finance 4% U.S. Public Finance 70% Non-U.S. Public Finance 25% $128.0 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Fina
Slide 43: AGM Insured Portfolio Ratings
AGM1 Insured Portfolio Ratings Net Par Outstanding as of September 30, 2017 Portfolio Diversification by Rating BIG AAA AA 5% 2% 11% BBB 33% A 49% $128.0 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA AA BIG AAA AA AA
Slide 44: AGM Net Par Outstanding By Asset Type
AGM1 Insured Portfolio Net Par Outstanding as of September 30, 2017 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 35,171 A- RMBS $ 3,042 BB Tax bac
Slide 45: Reinsurance
Reinsurance AGM1 Has Ceded 2% of Its Gross Insured Portfolio to Several Non-Affiliated Reinsurers and Other Monolines AGM’s1 Total Gross Par Outstanding: Externally Ceded Par Outstanding: $188.9 billion $4.7 billion (2%) As of September 30, 2017 As of September 30, 2017 Ceded to Assured American ($
Slide 46: AGM Amortization of Global Insured Structured Finance Portfolio
AGM1 Amortization of Global Insured Structured Finance Portfolio Other Structured U.S. and Non-U.S. Finance Pooled Corporate AAA $0.7 $0.8 BIG $1.6 $2.1 Financial Products (GICs) 3 $1.4 BBB $0.3 A AA U.S. Consumer $0.1 $1.9 Receivables $0.1 U.S. Residential Mortgages • We expect AGM’s legacy global
Slide 47: AGM U.S. RMBS Exposure
AGM1 U.S. RMBS Exposure By Type As of September 30, 2017 ($ in billions) • AGM’s1 U.S. RMBS portfolio is amortizing on an Prime First Lien Alt-A First absolute basis and has declined as a percentage <$0.1 Lien $0.4 of the portfolio 1% – $3.0 billion net par outstanding versus $17.1 billion at 13% ye
Slide 48: AGM Non-RMBS Exposure
AGM1 Non-RMBS Exposure U.S. Structured Finance U.S. Non-RMBS Structured Finance • 27% of AGM’s1 non-RMBS U.S. As of September 30, 2017 structured finance portfolio consists of ($ in billions) Consumer pooled corporate obligations Receivables, $0.1 – 100% of U.S. pooled corporate exposure is of AAA q
Slide 49: AGM Global Pooled Corporate Obligations
AGM1 Global Pooled Corporate Obligations Pooled Corporate Obligations • AGM’s1 pooled corporate exposure is By Asset Class generally highly rated and well protected September 30, 2017 – Average current credit enhancement of 27.2% ($ in billions) – 92% rated AAA TruPs (Bank and – AAA average rating I
Slide 50: AGM Investment Portfolio
AGM1 Investment Portfolio Fair Value as of September 30, 2017 Total Invested Assets and Cash2 Total Invested Assets and Cash2,3 By Category By Rating Cash U.S. Other Short-term <1% Treasuries & U.S. AAA 7 Agency Invested 11% Government Treasuries, 25% Obligations Assets Obligations Gov't <1% 1% <1%
Slide 51: AGM Expected Loss and LAE to Be Paid
AGM Expected Loss and LAE to Be Paid As of September 30, 2017 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended September 30, 2017 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) as Development During (Paid) Recovered be Paid
Slide 52: AGM Expected Loss and LAE to Be Paid
AGM Expected Loss and LAE to Be Paid As of September 30, 2017 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Nine Months Ended September 30, 20173 Net Expected Loss to Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) as be Paid on AGLN as of D
Slide 53: Municipal Assurance Corp. Portfolio Review
Municipal Assurance Corp. Portfolio Review
Slide 54: MAC Insured Portfolio (100% U.S. Public Finance)
MAC Insured Portfolio (100% U.S. Public Finance) Net Par Outstanding as of September 30, 2017 Portfolio Diversification by Sector Portfolio Diversification by Rating 1 BIG AAA Muni Utility AA 1% 1% Revenue 24% 15% BBB 14% Tax Backed 14% General Obligations 60% Other 11% A 61% $44.8 billion Net Par O
Slide 55: MAC Investment Portfolio
MAC Investment Portfolio Fair Value as of September 30, 2017 Total Invested Assets and Cash1 Total Invested Assets and Cash1,2 By Category By Rating U.S. Treasuries & U.S. Cash Government Treasuries, 4 Short-term AAA <1% Obligations Gov't 1% 11% 2% Obligations & Mortgage- Agency backed & Obligations
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 September 30, 2017 Portfolio Diversification by Sector Non-U.S. Structured Finance Non-U.S. 3% Public Finance 12% U.S. Public Finance 69% U.S. Structured Finance 16% $29.6 billion Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Financ
Slide 58: AGC Insured Portfolio Ratings
AGC Insured Portfolio Ratings Net Par Outstanding as of September 30, 2017 Portfolio Diversification by Rating AAA BIG 6% AA 12% 15% BBB 27% A 41% $29.6 billion Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance AAA AA AAA BIG BIG <1% BIG
Slide 59: AGC Net Par Outstanding By Asset Type
AGC Insured Portfolio Net Par Outstanding as of September 30, 2017 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 4,882 BBB+ RMBS $ 1,536 BBB+ Tax b
Slide 60: Reinsurance
Reinsurance AGC Has Ceded 0.2% of Its Gross Insured Portfolio to Several Non-Affiliated Reinsurers and Other Monolines (1) AGC’s Total Gross Par Outstanding: Externally Ceded Par Outstanding: $58.5 billion $0.1 billion (0.2%) As of September 30, 2017 As of September 30, 2017 Ceded to Assured ($ in b
Slide 61: AGC U.S. RMBS Exposure
AGC U.S. RMBS Exposure By Type As of September 30, 2017 ($ in billions) Alt-A First • AGC’s U.S. RMBS portfolio is amortizing on Lien $0.4 Second Lien, $0.2 an absolute basis and has declined as a percentage of the portfolio Prime First 26% Lien – $1.5 billion versus $13.4 billion at year-end 2007,
Slide 62: AGC Non-RMBS Exposure
AGC Non-RMBS Exposure U.S. Structured Finance U.S. Non-RMBS Structured Finance • AGC’s non-RMBS U.S. structured finance As of September 30, 2017 ($ in billions) exposures consist principally of: Other – Pooled corporate obligations structured 1 finance, $0.2 – Consumer receivables Commercial – Insur
Slide 63: AGC Global Direct Pooled Corporate Obligations
AGC Global Direct Pooled Corporate Obligations • Our pooled corporate exposure is highly rated and Direct Pooled Corporate Obligations1 protected by overcollateralization. In AGC’s direct By Asset Class portfolio: As of September 30, 2017 ($ in billions) – Average current credit enhancement of 50% –
Slide 64: AGC Investment Portfolio
AGC Investment Portfolio Fair Value as of September 30, 2017 Total Invested Assets and Cash1 Total Invested Assets and Cash1,2 By Category By Rating Other U.S. Cash Agency Invested Treasuries & Assets <1% Obligations Government 6 1% AAA <1% Obligations 2% U.S. 15% Short-term Treasuries, 6% Gov't AA
Slide 65: AGC Expected Loss and LAE to Be Paid
AGC Expected Loss and LAE to Be Paid As of September 30, 2017 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended September 30, 2017 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) as Development During (Paid) Recovered be Paid
Slide 66: AGC Expected Loss and LAE to Be Paid
AGC Expected Loss and LAE to Be Paid As of September 30, 2017 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Nine Months Ended September 30, 2017 Net Expected Loss to Net Expected Loss to be Paid (Recovered) on Economic Loss Net Expected Loss to be Paid (Recovered) as M
Slide 67: Appendix
ASSURED GUARANTY
Slide 68: 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 69: Explanation of Non-GAAP Financial Measures
Appendix Explanation of Non-GAAP Financial Measures Operating Income (non-GAAP): Management believes that operating income is a useful measure because it clarifies the understanding of the underwriting results and financial condition of the Company and presents the results of operations of the Compa
Slide 70: Explanation of Non-GAAP Financial Measures
Appendix Explanation of Non-GAAP Financial Measures Management uses non-GAAP adjusted book value, adjusted for FG VIE consolidation, to measure the intrinsic value of the Company, excluding franchise value. Growth in non-GAAP adjusted book value per share, adjusted for FG VIE consolidation (core adj
Slide 71: Reconciliation of Gross Written Premiums (GWP) to PVP
Appendix Reconciliation of Gross Written Premiums (GWP) to PVP1 Reconciliation of GWP to PVP Three Months Ended Year Ended December 31, (dollars in millions) Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 2016 2015 2014 2013 Total GWP $45 $79 $111 $154 $181 $104 $123 Less: Installment GWP & other GAAP adjus
Slide 72: Reconciliation of Net Income (Loss) to Operating Income (non-GAAP)
Appendix Reconciliation of Net Income (Loss) to Operating Income (non-GAAP)1 Three Month Ended Nine Months Ended Operating Income (non-GAAP) Reconciliation September 30, September 30, (dollars in millions, except per share amounts) 2017 2016 2017 2016 Per Diluted Per Diluted Per Diluted Per Diluted
Slide 73: Reconciliation of Shareholders' Equity to non-GAAP Adjusted Book Value
Appendix Reconciliation of Shareholders’ Equity to non-GAAP Adjusted Book Value1 Non-GAAP Adjusted book value reconciliation As of (dollars in millions, except per share amounts) September 30, 2017 June 30, 2017 December 31, 2016 September 30, 2016 June 30, 2016 December 31, 2015 Total Per Share Tot
Slide 74: Reconciliation of GAAP ROE to Non-GAAP Operating ROE
Appendix Reconciliation of GAAP ROE to Non-GAAP Operating ROE ROE Reconciliation (dollars in millions) Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net income (loss) $208 $479 $678 $684 Operating income (non-GAAP) 156 497 570 756 Gain (loss) related to FG VIE
Slide 75: 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
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