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Insures municipal bonds and infrastructure debt against default, guaranteeing timely payment of principal and interest.
Insures municipal bonds and infrastructure debt against default, guaranteeing timely payment of principal and interest.
Charges a premium when it insures a bond, often upfront, and recognises it over the life of the bond, so earnings build gradually as insured debt runs off; investment income on its portfolio adds to that. Its main US municipal rival is Build America Mutual, as the older insurers stopped writing new business after 2008.
Moat: narrow (regulatory licence, scale). One of very few remaining highly-rated bond insurers after the 2008 industry collapse.
Headquarters: Hamilton, Bermuda · Founded: 2003 · Employees: 367
Size Assured Guaranty (AGO) is a United States Financials company (Specialty Insurance) with a market value of $3.23B, the 1493rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $73.45 on 6 Nov 2026.
Performance Over six months the shares fell 2.1%, against -5.6% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 13 in its peer set.
Growth Revenue grew 3.0% over the last twelve months (peer median +7.8%); the operating margin is 55.9% (peer median 15.1%).
Valuation It trades at 0.58× book value against a peer median of 1.19× (cheapest of 13).
Price implies The share price implies a return on equity of about 6.0%; Assured Guaranty delivers 6.3%, so the price asks less than the business earns today.
Credit Assured Guaranty has 5 bonds outstanding ($1.50B), rated A by the agencies and trading like BBB+ at a weighted spread of 78 bp.
Short interest Short interest is 5.5% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $926M | $925M | $812M | $899M | $806M |
| Revenue growth | — | +14% | -10% | +12% | — |
| Net income | $351M | $503M | $376M | $739M | $124M |
| Free cash flow | $324M | $259M | $47.0M | $461M | -$2.48B |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $1.88B | $1.96B | $1.94B | $2.33B | $6.90B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AGO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.9% | +3.3% | 6th highest of 13 |
| 6-month return | -2.1% | -5.6% | 5th highest of 13 |
| Return on equity | 6.3% | 12.9% | lowest of 13 |
| Price / book | 0.58× | 1.19× | cheapest of 13 |
| Trailing P/E | 9.8× | 9.2× | 5th most expensive of 13 |
| ROE the price implies | 6.0% | 8.9% | least demanding of 13 |
| ROE delivered | 6.3% | 12.8% | lowest of 13 |
| Bond spread | 78 bp | 128 bp | tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Assured Guaranty AGO | United States | $3.23B | -2% | +3% | 6% | 0.58× | 6.0% | 6.3% |
| Coface COFA.PA | France | $2.65B | -4% | +1% | 9% | 1.11× | 8.8% | 9.4% |
| Radian RDN | United States | $4.76B | -5% | +28% | 12% | 1.00× | 8.3% | 12.0% |
| Essent ESNT | United States | $5.70B | 0% | +4% | 12% | 1.01× | 8.5% | 12.0% |
| General Insurance Corporation of India GICRE.NS | India | $6.37B | -14% | -1% | 9% | 0.60× | 8.9% | 9.1% |
| First American Financial FAF | United States | $6.84B | -6% | +14% | 14% | 1.27× | 13.2% | 13.7% |
| Stewart Information Services STC | United States | $1.43B | -33% | +21% | 8% | 0.86× | 9.0% | 7.7% |
| ICICI Lombard General Insurance ICICIGI.NS | India | $8.80B | -11% | +14% | 15% | 4.38× | 53.9% | 14.7% |
| Old Republic International ORI | United States | $9.50B | +1% | +11% | 18% | 1.62× | 10.4% | 17.9% |
| Trisura TSU.TO | Canada | $1,000M | -31% | +1% | 17% | 1.39× | 8.0% | 16.9% |
| Helia HLI.AX | Australia | $942M | +2% | -8% | 22% | 1.53× | 11.8% | 22.1% |
| Conduit CRE.L | United Kingdom | $895M | +2% | +4% | 20% | 0.79× | 7.6% | 19.9% |
| Fidelity National Financial, Inc. - FNF FNF | United States | $11.8B | -13% | +13% | 10% | 1.58× | 13.4% | 10.1% |
Assured Guaranty has 5 bonds outstanding with $1.50B face value. The agencies rate it A; its bonds trade like BBB+. Weighted yield 5.35%, a spread of 78 bp over government bonds.