Assured Guaranty Ltd. reported its financial results for the third quarter ended September 30, 2024, with net income attributable to AGL reaching $171 million, or $3.17 per diluted share. This represents an increase from $157 million, or $2.60 per diluted share, in the prior year period. Adjusted operating income, however, decreased to $130 million, or $2.42 per diluted share, compared to $206 million, or $3.42 per diluted share, in Q3 2023, primarily due to a significant pre-tax gain in the prior year.
The company achieved record highs in several key per-share valuation metrics as of September 30, 2024. Shareholders’ equity per share increased to $111.09, adjusted book value per share reached $166.47, and adjusted operating shareholders’ equity per share stood at $113.96. These record figures were driven by net income, unrealized gains in the investment portfolio, and ongoing share repurchases.
New business production for the first three quarters of 2024 demonstrated strength, with Gross Written Premiums (GWP) and Present Value of New Business (PVP) reaching $254 million and $281 million, respectively. These figures were $33 million and $32 million higher than the comparable period last year. The Insurance segment's adjusted operating income increased to $162 million from $59 million in Q3 2023, primarily due to a benefit in loss expense.
The net economic benefit in the third quarter was $34 million, largely attributable to improved recovery assumptions in U.S. residential mortgage-backed securities (RMBS) and certain healthcare transactions. This positive development was partially offset by an increase in expected losses on certain U.K. regulated utilities. Net investment income decreased to $82 million from $101 million in Q3 2023, mainly due to lower income on loss mitigation securities.
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