Assured Guaranty Ltd. (AGL) reported a net income of $376 million for the fiscal year ended December 31, 2024, down from $739 million in 2023. This decrease was primarily due to a $175 million after-tax gain on the Sound Point and AHP transactions in 2023, a $189 million benefit from Bermuda tax law changes in 2023, and lower fair value gains on credit derivatives and foreign exchange gains. These decreases were partially offset by lower loss and loss adjustment expenses and higher equity earnings from the alternative investment portfolio. Diluted earnings per share were $6.87 in 2024, compared to $12.30 in 2023.
The company's Insurance segment generated $525 million in adjusted operating income in 2024, compared to $621 million in 2023. Gross written premiums were $440 million in 2024, up from $357 million in 2023, primarily due to a large refunded transaction. The present value of new business production was $402 million in 2024, slightly lower than the $404 million in 2023. The company insured approximately 58% of the par value of new U.S. public finance bonds sold with insurance in 2024. On August 1, 2024, Assured Guaranty Municipal Corp. merged with and into Assured Guaranty Inc.
Significant developments during the year included the completion of the transaction with Sound Point Capital Management, LP, resulting in AGL acquiring approximately 30% of Sound Point's common interests. The company also sold its equity interests in Assured Healthcare Partners LLC. As of December 31, 2024, AGL had 361 employees worldwide. The company repurchased 6,180,774 common shares for approximately $502 million in 2024, and the Board authorized an additional $250 million in share repurchases in November 2024.
AGL's investment portfolio had a carrying value of $8.7 billion as of December 31, 2024, consisting primarily of fixed-maturity securities and short-term investments. The company's ownership interest in Sound Point had a carrying value of $418 million. The investment portfolio's composition included a significant portion of investment-grade obligations, with approximately 89% of the portfolio in fixed-maturity securities and short-term investments. The company also held Loss Mitigation Securities and Contingent Value Instruments.
AGL's outlook is subject to various risks and uncertainties, including changes in economic conditions, geopolitical risks, cybersecurity threats, and potential U.S. government defaults. The company also faces risks related to its insurance portfolio, investments, and strategic transactions. The company's financial results are subject to various estimates and assumptions, and changes in these could materially affect its financial condition and results of operations. The company's financial strength ratings are also a key factor in its business prospects.
About ASSURED GUARANTY LTD
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