Assured Guaranty Ltd. (AGL) reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the third quarter of 2024, AGL generated total revenues of $269 million, a decrease from $403 million in Q3 2023. The decline was primarily attributed to lower total revenues for the nine months ended September 30, 2024, which amounted to $716 million, down from $1,046 million in the same period last year. Net earned premiums increased slightly to $97 million in Q3 2024 from $95 million in Q3 2023, and for the nine months, they rose to $300 million from $261 million. However, other income fell significantly, contributing to the overall revenue decline.

Net income attributable to AGL for Q3 2024 was $171 million, up from $157 million in Q3 2023, while net income for the nine months decreased to $358 million from $363 million. The adjusted operating income for Q3 2024 was $130 million, down from $206 million in Q3 2023, reflecting the absence of significant gains from the previous year's Sound Point and AHP transactions.

AGL's total assets as of September 30, 2024, were reported at $12,291 million, a decrease from $12,539 million at the end of 2023. Total liabilities also decreased to $6,509 million from $6,774 million. Shareholders’ equity attributable to AGL increased slightly to $5,728 million from $5,713 million, while adjusted operating shareholders' equity decreased to $5,875 million from $5,990 million.

Strategically, AGL has made significant moves, including the merger of AGM with AG effective August 1, 2024, which resulted in a write-off of $6 million related to AGM's insurance licenses. The company also transitioned most of its asset management business to Sound Point Capital Management, retaining a 30% ownership interest and committing to invest $1 billion in managed funds over the next two years.

In terms of share repurchases, AGL has been active, repurchasing approximately $412 million worth of common shares in the nine months ended September 30, 2024. The company has authorized an additional $300 million in May 2024 and $250 million in November 2024 for further repurchases.

Overall, AGL's performance reflects a mixed financial landscape, with increased premiums and net income in Q3 2024, but a notable decline in total revenues and adjusted operating income compared to the previous year. The strategic focus on asset management and share repurchases indicates a commitment to enhancing shareholder value amidst changing market conditions.