EarningsQ2 2026 Earnings Report
MX:AGON Q2 2026 EPS Results
Actual EPS$22.34
Consensus EPS$27.48
Beat/MissMissed by -$5.14
One Year Ago EPS$18.34
MX:AGON Q2 2026 Revenue Results
Actual Revenue$3.83B
Expected Revenue$3.72B
Beat/MissBeat by +$108.39M
YoY Revenue Growth+6.03%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
MX:AGON Upcoming Earnings
Assured Guaranty's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:AGON Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong top-line new business growth (PVP +48% year-over-year), record per-share valuation metrics, improved adjusted operating income (+22% per share) and materially lower loss expense, alongside meaningful structured finance momentum and a high inception-to-date IRR (12%) on alternatives. Offsetting items include a $19 million CLO mark loss (quarter-lagged), ongoing Brightline liquidity pressure (adverse economic loss development but currently covered by deferred premium), modest holding company liquidity (~$179M), and the potential for accelerated capital needs to support the annuity reinsurance platform. Overall, positive operational and financial trends substantially outweigh the noted risks, though management will need to manage near-term capital allocation carefully.Company Guidance
Record Valuation Metrics
Reached record highs at quarter end for shareholders' equity metrics: adjusted operating shareholders' equity per share $129.94 and adjusted book value per share $189.72.
Strong New Business Production (PVP)
Closed $152 million of present value of premiums (PVP) in 1H 2026, a 48% increase versus $103 million in 1H 2025; growth led by U.S. public finance and global structured finance.
U.S. Public Finance Outperformance
U.S. public finance produced $106 million of PVP in 1H 2026 (exceeding the whole company's 1H 2025 PVP), insured $9.6 billion of new-issue par across 423 transactions and over $10.1 billion including primary and secondary market par.
Global Structured Finance Momentum
Global structured finance PVP rose to $35 million in 1H 2026 from $15 million in 1H 2025, an increase of ~133%, driven by fund finance and life insurance capital management guarantees.
Improved Operating Income
Reported adjusted operating income of $55 million in Q2 2026, or $1.23 per share, up 22% versus adjusted operating income per share in Q2 2025.
Significant Reduction in Loss Expense
Loss expense fell from $28 million in Q2 2025 to $4 million in Q2 2026, a decrease of ~86%, contributing materially to higher adjusted operating income.
Asset Management Performance & Alternative Investments
Alternative investments produce a 12% inception-to-date annualized IRR; this remains materially higher than the 3-year average yield on the fixed maturity portfolio (4.3%), supporting the firm’s allocation to alternatives.
Capital Return and Shareholder Distributions
Repurchased 554,000 shares for $45 million in Q2 at an average price of $80.68; returned $17 million in dividends; total repurchases since 2013 of $6 billion (representing 81% of shares outstanding at program start).
Ratings Affirmations and Strategic Position
S&P, KBRA and Moody's affirmed financial strength ratings with stable outlooks, highlighting excellent capital and earnings, exceptional liquidity, strong competitive position and diversified underwriting approach.
MX:AGON Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed