•GAAP Highlights:

•Net income attributable to Assured Guaranty Ltd. was $88 million, or $1.91 per share,(1) for first quarter 2026.

•Shareholders’ equity attributable to Assured Guaranty Ltd. per share was $124.28 as of March 31, 2026.

•Gross written premiums (GWP) were $70 million for first quarter 2026.

•Non-GAAP Highlights:

•Adjusted operating income(2) was $115 million, or $2.50 per share, for first quarter 2026.

•Adjusted operating shareholders’ equity per share(2) and adjusted book value (ABV) per share(2) were $128.61 and $188.74, respectively, as of March 31, 2026.

•Present value of new business production (PVP)(2) was $73 million for first quarter 2026.

•Return of Capital to Shareholders:

•First quarter 2026 capital returned to shareholders was $93 million including share repurchases of $75 million and dividends of $18 million.

Hamilton, Bermuda, May 7, 2026 -- Assured Guaranty Ltd. (NYSE: AGO) (AGL and, together with its subsidiaries, Assured Guaranty or the Company) announced today its financial results for the three-month period ended March 31, 2026 (first quarter 2026).

“Assured Guaranty began 2026 with a strong first quarter,” said Dominic Frederico, President and CEO. “In new business production, year-over-year, we doubled first quarter GWP to $70 million and nearly doubled first quarter PVP to $73 million, with increased production in each of our three financial guaranty business sectors - U.S. public finance, non-U.S. public finance and global structured finance.

“Additionally, our strategic approach to the asset management segment produced $44 million of first quarter adjusted operating income.

“During the quarter, Assured Guaranty produced $1.91 of net income per share, and adjusted operating income per share came in at $2.50. Shareholders’ equity per share of $124.28 on March 31 remained near its high, set three months earlier, and we reached record per-share valuations of $128.61 for adjusted operating shareholders’ equity and $188.74 for adjusted book value.”

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(1)    Generally accepted accounting principles in the United States of America.

(2)    Please see “Explanation of Non-GAAP Financial Measures” at the end of this press release.

On a per share basis, shareholders’ equity attributable to AGL decreased to $124.28 as of March 31, 2026 from $125.32 as of December 31, 2025, primarily due to unrealized losses on the investment portfolio. On a per share basis, ABV increased to $188.74 as of March 31, 2026 from $186.43 as of December 31, 2025, primarily due to adjusted operating income, new business production, share repurchases, and accretive effect of acquisition of Assured Life Reinsurance Ltd. (Assured Life Re), partially offset by dividends.

The Financial Guaranty segment primarily consists of (i) the Company’s financial guaranty insurance subsidiaries that provide credit protection products to the United States (U.S.) and non-U.S. public finance (including infrastructure) and structured finance markets, excluding the effect of variable interest entity (VIE) consolidations, and (ii) Assured Guaranty Inc.’s investment subsidiary, AG Asset Strategies LLC.

________________________________________

(1)    PVP, a non-GAAP financial measure, measures the value of the Financial Guaranty segment’s new business production for all contracts regardless of form or GAAP accounting model. See “Explanation of Non-GAAP Financial Measures” at the end of this press release. PVP is based on “close date,” when the transaction settles. PVP was discounted at 4.5% and 5.0% in first quarter 2026 and in the three-month period ended March 31, 2025 (first quarter 2025), respectively.

(2)    Gross Par Written is based on “close date,” when the transaction settles.

U.S. public finance GWP and PVP include transactions closed in both the primary and secondary markets. U.S. public finance GWP and PVP were nearly double in first quarter 2026 compared with first quarter 2025, primarily due to healthcare and infrastructure finance transactions that were written in first quarter 2026. While GWP and PVP both increased in first quarter 2026, compared with first quarter 2025, gross par written in first quarter 2026 decreased compared with first quarter 2025.

The Company’s primary par written represented 53% of the total U.S. municipal market insured par sold in first quarter 2026, compared with 64% in first quarter 2025, and the Company’s penetration of all municipal issuance was 3.2% in first quarter 2026, compared with 3.9% in first quarter 2025.

Non-U.S. public finance GWP and PVP in first quarter 2026 included a secondary local authority transaction in the United Kingdom (U.K.), annual extensions of liquidity facilities, and a primary social housing transaction in France, marking the Company’s inaugural primary guarantee in the social housing market within the European Union.

U.S. and non-U.S. structured finance GWP and PVP in first quarter 2026 were primarily attributable to fund finance and financial guarantees for life insurance capital management purposes.

Business activity in the non-U.S. public finance and structured finance markets often has long lead times and therefore may vary from period to period.

Financial Guaranty segment adjusted operating income decreased to $102 million in first quarter 2026 from $168 million in first quarter 2025 primarily due to a $103 million pre-tax gain related to the resolution of the Lehman Brothers International (Europe) (in administration) (LBIE) litigation in first quarter 2025 and a decrease of $22 million in equity of earnings of investees in first quarter 2026 stemming primarily from losses generated by the Company’s investment in a collateralized loan obligation (CLO) fund. These decreases were partially offset by a $33 million discrete tax benefit resulting from the enactment of the U.K. Finance Act 2026 and a $23 million decrease in loss expense in the public finance sector in first quarter 2026.

The components of the Financial Guaranty segment’s premiums, losses and income from the investment portfolio are presented below.

Net earned premiums and credit derivative revenues in first quarter 2025 included $40 million in accelerations and modifications, related to the resolution of the LBIE litigation.

Loss expense is a function of net economic loss development (benefit) and deferred premium revenue. The difference between loss expense and economic development in a given period represents the amount of deferred premium revenue absorbing expected losses to be paid.

Loss expense attributable to public finance decreased in first quarter 2026 compared with first quarter 2025 primarily due to lower loss expenses on the Puerto Rico Electric Power Authority (PREPA) and certain healthcare exposures in first quarter 2026 compared with first quarter 2025. In addition, in first quarter 2025, other structured finance loss expense included a $63 million benefit related to the resolution of the LBIE litigation.

The table below presents the roll forward of net expected losses for first quarter 2026.

Roll Forward of Net Expected Loss to be Paid (Recovered) (1)

_________________________________________________

(1)    Net economic loss development (benefit) represents the change in net expected loss to be paid (recovered) attributable to the effects of changes in the economic performance of insured transactions, changes in assumptions based on observed market trends, changes in discount rates, accretion of discount and the economic effects of loss mitigation efforts, each net of reinsurance. Net economic loss development (benefit) is the principal measure that the Company uses to evaluate the loss experience in its insured portfolio. Expected loss to be paid (recovered) includes all transactions insured by the Company, regardless of the accounting model prescribed under GAAP and without consideration of deferred premium revenue.

Net economic loss development in first quarter 2026 was primarily attributable to Brightline Trains Florida LLC and PREPA.

_________________________________________________

(1)    Equity in earnings (losses) of investees primarily relates to funds managed by Sound Point Capital Management, LP and certain of its investment management subsidiaries (Sound Point) and Assured Healthcare Partners, LLC. Investments in funds are reported on a one-quarter lag.

Net investment income represents interest income on available-for-sale fixed-maturity securities and short-term investments, which had an overall pre-tax book yield of 4.78% as of March 31, 2026 and 4.58% as of March 31, 2025. The increase in net investment income in first quarter 2026 compared with first quarter 2025 is primarily due to a shift in the portfolio to higher yielding corporate securities, offset in part by lower income from CLOs, loss mitigation securities and short-term securities due to lower short-term interest rates and short-term average investment balances.

Equity in earnings (losses) of investees was $8 million in first quarter 2026, compared with $30 million in first quarter 2025, primarily due to $11 million in mark-to-market losses in first quarter 2026 related to CLO investments. Equity in earnings (losses) of investees may be more volatile than net investment income on available-for-sale fixed-maturity securities and short-term investments, due to mark-to-market changes associated with certain alternative investments.

As of March 31, 2026, the Company had $965 million in alternative investments across a variety of asset classes: $762 million in the Financial Guaranty segment consisting primarily of CLO equity tranches in the available-for-sale fixed-maturity securities portfolio and investments in funds focused on asset classes such as private healthcare investing, asset-based/specialty finance, commercial real estate finance and CLOs, as well as alternative investments in the Corporate division consisting primarily of legacy investments. The inception-to-date annualized internal rate of return for all alternative investments across the Financial Guaranty segment and Corporate division was 12% as of March 31, 2026.

On January 21, 2026, the Company expanded its insurance operations to include annuity reinsurance through the acquisition of Warwick Re Limited, which it renamed Assured Life Reinsurance Ltd. (Assured Life Re). The Annuity Reinsurance segment consists of the Company’s annuity reinsurance operations and includes the results of Assured Life Re and other subsidiaries acquired as part of that transaction.

_________________________________________

(1)    Segment revenues include $5 million related to U.K. bulk purchase annuities (pension risk transfers, PRT) business and $5 million related to U.S. multi-year guaranteed annuities (MYGA).

(2)    Benefit expense for annuity reinsurance contracts includes $4 million related to PRT and $3 million related to MYGA.

Assured Life Re reinsures a block of PRT business, with future policy benefit reserves of $475 million, supported by a $594 million portfolio of fixed-maturity, short-term securities, cash, derivatives and other assets.

The assets supporting the PRT contract primarily consist of U.S. and U.K. corporate and government bonds, including a portfolio of inflation-linked bonds, as well as derivatives which economically hedge the currency, inflation and interest rate mismatches between the PRT liabilities, which are long-dated inflation-linked obligations denominated in pound sterling, and the investment portfolio which includes certain U.S. dollar denominated and non-inflation linked securities.

Assured Life Re also reinsures a block of MYGA business with a policyholder account value of $263 million. The MYGA policyholder account balances for annuity reinsurance contracts are supported by assets in a funds withheld arrangement with the cedant primarily consisting of mortgage and other asset-backed securities for which the Company carries a funds withheld receivable of $296 million.

Asset management adjusted operating income was $44 million in first quarter 2026 and $12 million in first quarter 2025. It includes the Company’s ownership interest in Sound Point and the related amortization of intangible assets, as well as certain ongoing net carried interest. For first quarter 2026, it included the impact of the payout of carried interest from the sale of the underlying asset in a single-asset fund. Sound Point’s results are reported in “equity in earnings (losses) of investees.”

In first quarter 2026, in connection with the Assured Life Re acquisition, the Company recognized a provisional bargain purchase gain of $6 million and $4 million in acquisition expenses.

The Corporate division primarily consists of interest expense on the debt of Assured Guaranty US Holdings Inc. and Assured Guaranty Municipal Holdings Inc. as well as expenses attributed to the holding companies’ activities. Equity in earnings (losses) of investees relates to certain alternative investments.

The following table presents a reconciliation of net income (loss) attributable to AGL to adjusted operating income (loss).

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(1)    The effect of consolidating financial guaranty (FG) VIEs and consolidated investment vehicles (CIVs).

Realized losses on investments were primarily due to credit losses on CLO equity tranches in first quarter 2026 and credit losses on loss mitigation securities and realized losses on sales of securities in first quarter 2025.

Except for credit impairment, the fair value adjustments on credit derivatives in the insured portfolio are non-economic adjustments that reverse to zero over the remaining term of that portfolio.

The Company purchases swaps and forwards to economically hedge foreign currency, interest rate and inflation risks in the annuity reinsurance business. These derivatives are freestanding and not in designated hedging relationships in accordance with GAAP.

The funds withheld arrangement includes the Company’s right to receive the total return on the assets supporting the funds withheld coinsurance agreement, which represents an embedded derivative. The fair value of this embedded derivative is included in funds withheld on the condensed consolidated balance sheets and the change in its fair value is based on the unrealized gains and losses of the underlying assets. The changes in fair value of the embedded derivative in funds withheld related to realized and unrealized gains and losses of the underlying investment portfolio are not included in adjusted operating income.

Fair value of CCS is heavily affected by, and in part fluctuates with, changes in market interest rates, credit spreads and other market factors and is not expected to result in an economic gain or loss.

Foreign exchange gains (losses) primarily relate to remeasurement of certain assets and liabilities such as premiums receivables and insurance liabilities that are long term in nature and are mainly due to changes in exchange rates relative to the U.S. dollar of the pound sterling and, to a lesser extent, the euro.

Since the launch of its share repurchase program in 2013, the Company has returned $6 billion of excess capital to shareholders, having repurchased 81% of its common shares outstanding at the beginning of the program.

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(1)    Excludes commissions.

As of May 6, 2026, the Company was authorized to repurchase an additional $147 million of its common shares.

As part of its overall capital management strategy, the Company regularly evaluates the level of its share repurchase program on a quarter-to-quarter basis, including alternative uses of available capital. The Company currently plans to reduce its share repurchases, to a target of $30 million of its common shares over the next three months, in order to use a portion of its available capital to support growth opportunities in its financial guaranty insurance and annuity reinsurance businesses, in addition to other strategic considerations.

The timing, form and amount of any future share repurchases will be determined at the Company’s discretion and will depend on various factors, including alternative uses for capital, the Company’s regulatory capital position, rating agency capital considerations, availability of cash at the parent company, market conditions and legal and regulatory requirements. Any such share repurchases may be made from time to time through open‑market purchases or privately negotiated transactions, and there can be no assurance of the amount of share repurchases that will occur in the future.

The following paragraphs define each non-GAAP financial measure disclosed by the Company and describe why it is useful. To the extent there is a directly comparable GAAP financial measure, a reconciliation of the non-GAAP financial measure and the most directly comparable GAAP financial measure is presented below.

The Company’s management believes that adjusted operating income is a useful measure because it clarifies the understanding of the operating results of the Company and excludes certain items that, under U.S. GAAP, (i) may vary significantly from period to period due to near-term market conditions or are otherwise not directly comparable or reflective of the underlying performance of the Company’s business, (ii) result in asymmetrical accounting adjustments, and/or (iii) non-economic accounting adjustments.

Adjusted operating income is defined as net income (loss) attributable to AGL, as reported under GAAP, adjusted for the following:

 

 

Adjusted operating income per share is calculated by dividing adjusted operating income by the weighted average diluted shares. The method for calculating weighted average diluted shares is in accordance with GAAP. See “Reconciliation to GAAP” above for a reconciliation of net income (loss) attributable to AGL to adjusted operating income (loss).

The Company’s management believes that adjusted operating shareholders’ equity is a useful measure because it excludes the fair value adjustments that are not expected to result in economic gain or loss. The Company’s management uses ABV, further adjusted to remove the effect of FG VIE and CIV consolidation, to measure the intrinsic value of the Company, excluding franchise value.

The Company’s management believes that ABV is a useful measure because it enables an evaluation of the Company’s in-force premiums and revenues net of expected losses.

        

The Company’s management believes that this amount is a useful measure because it enables an evaluation of the present value of estimated net future revenue for non-FG insurance contracts. This amount represents the net present value of estimated future revenue from these contracts (other than credit derivatives with net expected losses), net of reinsurance, ceding commissions and premium taxes.

Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Net present value of estimated future revenue for an obligation may change from period to period due to a change in the discount rate or due to a change in estimated net future revenue for the obligation, which may change due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation.

There is no corresponding GAAP financial measure.

The Company’s management believes that PVP is a useful measure because it enables the evaluation of the value of new business production in the Financial Guaranty segment by taking into account the value of estimated future installment premiums on all new contracts underwritten in a reporting period as well as additional installment premiums and fees on existing contracts (which may result from supplements or fees or from the issuer not calling an insured obligation the Company projected would be called), regardless of form, which management believes GAAP GWP and changes in fair value of credit derivatives do not adequately measure. PVP in respect of contracts written in a specified period is defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums. 

_________________________________________________

(1)    Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, and GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.

(2)    Includes the present value of future premiums and fees on new business paid in installments discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities.

The Company will host a conference call for investors at 8:00 a.m. Eastern Time (9:00 a.m. Atlantic Time) on Friday, May 8, 2026. The conference call will be available via live webcast in the Investor Information section of the Company’s website at AssuredGuaranty.com or by dialing 1-833-461-5787 (in the U.S.) or 1-585-542-9983 (International); the access code is 205052678.

A webcast replay of the conference call will be available approximately three hours after the call ends. The webcast replay will be available for one year in the Investor Information section of the Company’s website at AssuredGuaranty.com.

Please refer to Assured Guaranty’s March 31, 2026 Financial Supplement, which is posted on the Company’s website at assuredguaranty.com/agldata, for more information on the Company’s financial guaranty portfolio, investment portfolio and other items. In addition, the Company is posting at assuredguaranty.com/presentations its “March 31, 2026 Equity Investor Presentation.”

The Company plans to post by early next week on its website at assuredguaranty.com/agldata the following:

•“Public Finance Transactions in 1Q 2026,” which lists the U.S. public finance new issues insured by the Company in first quarter 2026, and

•“Structured Finance Transactions at March 31, 2026,” which lists the Company’s structured finance exposure as of that date.

In addition, the Company will post on its website, when available, Assured Guaranty Inc.’s financial supplement and its “Fixed Income Presentation” for the current quarter. Those documents will be furnished to the Securities and Exchange Commission in a Current Report on Form 8-K.

# # #

Assured Guaranty Ltd. is a publicly traded (NYSE: AGO), Bermuda-based holding company. Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and non-U.S. public finance, infrastructure and structured finance markets. Assured Guaranty also participates in the asset management business through its ownership interest in Sound Point Capital Management, LP and certain of its investment management affiliates, and in the annuity reinsurance business through Assured Life Reinsurance Ltd. More information on Assured Guaranty Ltd. and its subsidiaries can be found at AssuredGuaranty.com.

Any forward-looking statements made in this press release reflect the Company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Among factors that could cause actual results to differ materially are:

(i) significant changes in inflation, interest rates, the world’s credit markets or segments thereof, credit spreads, foreign exchange rates, tariff regimes or general economic conditions, including the possibility of a recession or stagflation; (ii) geopolitical risk, terrorism and political violence risk, including regional and global military conflicts, and strategic competition and trade confrontation; (iii) cybersecurity risk and the impacts of artificial intelligence, machine learning and other technological advances, including the possibility of malicious cyber attacks, dissemination of misinformation, and disruption of markets in which Assured Guaranty participates; (iv) the impact of a United States (U.S.) government shutdown and/or the possibility of payment defaults on the debt of the U.S. government or instruments issued, insured or guaranteed by related institutions, agencies or instrumentalities, and downgrades to their credit ratings; (v) developments in the world’s financial and capital markets, including stresses in banking institutions, and the possibility that increasing participation of unregulated financial institutions in these markets results in losses or lower valuations of assets, reduced liquidity and credit and/or contraction of these markets, that adversely affect repayment rates of insured obligors, Assured Guaranty’s insurance loss or recovery experience, or investments of Assured Guaranty; (vi) reduction in the amount or market rates of return of available insurance opportunities and/or the demand for Assured Guaranty’s insurance; (vii) the failure or ineffectiveness of Assured Guaranty’s risk mitigation strategies or activities, including distressed credit workouts, management of exposure limits, hedging activities, and the procurement of third party reinsurance for insured exposures; (viii) the possibility that investments made by Assured Guaranty for its investment portfolio do not result in the benefits anticipated or subject Assured Guaranty to negative consequences; (ix) the possibility that Assured Guaranty’s strategies or strategic transactions do not result in the benefits anticipated and/or subject Assured Guaranty to negative consequences; (x) the impact of the announcement of Assured Guaranty’s strategies on Assured Guaranty and the perception of Assured Guaranty by its investors, regulators, rating agencies, and employees; (xi) risks related to the expansion into annuity reinsurance and the launching of Assured Life Reinsurance Ltd.; (xii) the failure of Assured Guaranty to successfully integrate acquired businesses, including Assured Guaranty’s acquisition of Warwick Company (UK) Limited; (xiii) loss of key personnel; (xiv) the possibility that longevity, mortality, lapse, withdrawal or surrender experience in Assured Guaranty’s annuity reinsurance business is less favorable than the rates Assured Guaranty used in pricing its reinsurance agreements; (xv) the inability to control the business, management or policies of entities in which Assured Guaranty holds a noncontrolling interest; (xvi) the impact of market volatility on the fair value of Assured Guaranty’s assets and liabilities subject to mark-to-market, including certain of its investments, contracts accounted for as derivatives, its committed capital securities, and its consolidated variable interest entities; (xvii) the possibility that budget or pension shortfalls, difficulties in obtaining additional financing, changes in applicable laws or regulations or other factors will result in credit losses or liquidity claims on obligations that Assured Guaranty insures or reinsures; (xviii) insured losses, including losses with respect to related legal proceedings, in excess of those expected by Assured Guaranty or the failure of Assured Guaranty to realize loss recoveries that are assumed in its expected loss estimates for insurance exposures; (xix) the possibility that underwriting insurance in new jurisdictions and/or covering new sectors, lines or classes of business does not result in the benefits anticipated or subjects Assured Guaranty to negative consequences; (xx) increased competition, including from new market entrants and alternative forms of credit protection; (xxi) any rating agency action in relation to Assured Guaranty, and/or of any securities Assured Guaranty has issued, and/or of transactions that Assured Guaranty has insured, including rating agency requirements to hold additional capital against insured exposures; (xxii) the inability of Assured Guaranty to access capital on acceptable terms or have sufficient liquidity to cover unexpected stress; (xxiii) noncompliance with, and/or changes in, applicable laws or regulations, including insurance, bankruptcy and tax laws, tariffs, or other governmental actions; (xxiv) the possibility that legal or regulatory decisions or determinations subject Assured Guaranty or obligations that it insures or reinsures to negative consequences; (xxv) difficulties or delays with the execution of Assured Guaranty’s business strategy; (xxvi) changes in applicable accounting policies or practices; (xxvii) public health crises, including pandemics and endemics, and the governmental and private actions taken in response to such events; (xxviii) natural or man-made catastrophes; (xxix) the impact of climate change on Assured Guaranty’s business and regulatory actions taken related to such risk; (xxx) other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission; (xxxi) other risks and uncertainties that have not been identified at this time; and (xxxii) management’s response to these factors.

Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made as of May 7, 2026, and Assured Guaranty undertakes no obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Robert Tucker

212-339-0861

rtucker@agltd.com

Ashweeta Durani

212-408-6042

adurani@agltd.com

Table of Contents															Page
			Selected Financial Highlights												1
			Condensed Consolidated Statements of Operations (unaudited)												3
			Condensed Consolidated Balance Sheets (unaudited)												4
			Selected Financial Highlights GAAP to Non-GAAP Reconciliations												5
			Income Components												8
			Fixed-Maturity Securities, Short-Term Investments and Cash												10
			Investment Portfolio, Cash and CIVs												11
			Income from Investment Portfolio and CIVs												13
			Financial Guaranty Segment:												14
			Financial Guaranty Segment Results												15
			Claims-Paying Resources												16
			New Business Production												17
			Gross Par Written												18
			New Business Production by Quarter												19
			Estimated Net Exposure Amortization and Estimated Future Financial Guaranty Net Premium and Credit Derivative Revenues												20
			Roll Forward of Net Expected Loss and Loss Adjustment Expenses to be Paid (Recovered)												21
			Loss Measures												22
			Net Expected Loss to be Expensed												23
			Financial Guaranty Profile												24
			Specialty Business												27
			Expected Amortization of Net Par Outstanding												28
			Puerto Rico Profile												29
			Direct Pooled Corporate Obligations Profile												30
			Below Investment Grade Exposures												31
			Largest Exposures by Sector												34
			Annuity Reinsurance Segment												37
			Annuity Reinsurance Segment Results												38
			Asset Management Segment												39
			Asset Management Segment Results												40
			Corporate Division												41
			Corporate Division Results												42
			Other												43
			Other Results												44
			Summary												45
			Summary of Financial and Statistical Data												46
			Summary of GAAP to Non-GAAP Reconciliations												47
			Glossary												49
			Non-GAAP Financial Measures												52

This financial supplement should be read in conjunction with documents filed by Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty or the Company) with the United States (U.S.) Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2025 and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026. Certain prior year balances have been reclassified to conform to the current year’s presentation.

Any forward looking statements made in this supplement reflect the current views of Assured Guaranty with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Assured Guaranty’s forward looking statements could be affected by many events. These events include: (i) significant changes in inflation, interest rates, the world’s credit markets or segments thereof, credit spreads, foreign exchange rates, tariff regimes or general economic conditions, including the possibility of a recession or stagflation; (ii) geopolitical risk, terrorism and political violence risk, including regional and global military conflicts, and strategic competition and trade confrontation; (iii) cybersecurity risk and the impacts of artificial intelligence, machine learning and other technological advances, including the possibility of malicious cyber attacks, dissemination of misinformation, and disruption of markets in which Assured Guaranty participates; (iv) the impact of a United States (U.S.) government shutdown and/or the possibility of payment defaults on the debt of the U.S. government or instruments issued, insured or guaranteed by related institutions, agencies or instrumentalities, and downgrades to their credit ratings; (v) developments in the world’s financial and capital markets, including stresses in banking institutions, and the possibility that increasing participation of unregulated financial institutions in these markets results in losses or lower valuations of assets, reduced liquidity and credit and/or contraction of these markets, that adversely affect repayment rates of insured obligors, Assured Guaranty’s insurance loss or recovery experience, or investments of Assured Guaranty; (vi) reduction in the amount or market rates of return of available insurance opportunities and/or the demand for Assured Guaranty’s insurance; (vii) the failure or ineffectiveness of Assured Guaranty’s risk mitigation strategies or activities, including distressed credit workouts, management of exposure limits, hedging activities, and the procurement of third party reinsurance for insured exposures; (viii) the possibility that investments made by Assured Guaranty for its investment portfolio do not result in the benefits anticipated or subject Assured Guaranty to negative consequences; (ix) the possibility that Assured Guaranty’s strategies or strategic transactions do not result in the benefits anticipated and/or subject Assured Guaranty to negative consequences; (x) the impact of the announcement of Assured Guaranty’s strategies on Assured Guaranty and the perception of Assured Guaranty by its investors, regulators, rating agencies, and employees; (xi) risks related to the expansion into annuity reinsurance and the launching of Assured Life Reinsurance Ltd.; (xii) the failure of Assured Guaranty to successfully integrate acquired businesses, including Assured Guaranty’s acquisition of Warwick Company (UK) Limited; (xiii) loss of key personnel; (xiv) the possibility that longevity, mortality, lapse, withdrawal or surrender experience in Assured Guaranty’s annuity reinsurance business is less favorable than the rates Assured Guaranty used in pricing its reinsurance agreements; (xv) the inability to control the business, management or policies of entities in which Assured Guaranty holds a noncontrolling interest; (xvi) the impact of market volatility on the fair value of Assured Guaranty’s assets and liabilities subject to mark-to-market, including certain of its investments, contracts accounted for as derivatives, its committed capital securities, and its consolidated variable interest entities; (xvii) the possibility that budget or pension shortfalls, difficulties in obtaining additional financing, changes in applicable laws or regulations or other factors will result in credit losses or liquidity claims on obligations that Assured Guaranty insures or reinsures; (xviii) insured losses, including losses with respect to related legal proceedings, in excess of those expected by Assured Guaranty or the failure of Assured Guaranty to realize loss recoveries that are assumed in its expected loss estimates for insurance exposures; (xix) the possibility that underwriting insurance in new jurisdictions and/or covering new sectors, lines or classes of business does not result in the benefits anticipated or subjects Assured Guaranty to negative consequences; (xx) increased competition, including from new market entrants and alternative forms of credit protection; (xxi) any rating agency action in relation to Assured Guaranty, and/or of any securities Assured Guaranty has issued, and/or of transactions that Assured Guaranty has insured, including rating agency requirements to hold additional capital against insured exposures; (xxii) the inability of Assured Guaranty to access capital on acceptable terms or have sufficient liquidity to cover unexpected stress; (xxiii) noncompliance with, and/or changes in, applicable laws or regulations, including insurance, bankruptcy and tax laws, tariffs, or other governmental actions; (xxiv) the possibility that legal or regulatory decisions or determinations subject Assured Guaranty or obligations that it insures or reinsures to negative consequences; (xxv) difficulties or delays with the execution of Assured Guaranty’s business strategy; (xxvi) changes in applicable accounting policies or practices; (xxvii) public health crises, including pandemics and endemics, and the governmental and private actions taken in response to such events; (xxviii) natural or man-made catastrophes; (xxix) the impact of climate change on Assured Guaranty’s business and regulatory actions taken related to such risk; (xxx) other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission; (xxxi) other risks and uncertainties that have not been identified at this time; and (xxxii) management’s response to these factors. Assured Guaranty undertakes no obligation to update publicly or review any forward looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Selected Financial Highlights (1 of 2)

(dollars in millions, except per share amounts)

1)    Accounting principles generally accepted in the United States of America (GAAP).

2)    Quarterly ROE calculations represent annualized returns. See page 6 for additional information on calculation.

3)    Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

4)    Represents the ratio of adjusted operating provision for income taxes to adjusted operating income before income taxes.

5)    Represents the effect of consolidating financial guaranty variable interest entities (FG VIEs) and consolidated investment vehicles (CIVs) (FG VIE and CIV consolidation).

6)    Excludes commissions.

7)    Condensed consolidated statement of operations items mentioned in this Financial Supplement that are described as operating (i.e., operating net earned premiums and credit derivative revenues) are non-GAAP measures and represent components of adjusted operating income. Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Selected Financial Highlights (2 of 2)

2)    See page 16 for additional detail on claims-paying resources.

Condensed Consolidated Statements of Operations (unaudited)

Condensed Consolidated Balance Sheets (unaudited)

GAAP to Non-GAAP Reconciliations (1 of 3)

GAAP to Non-GAAP Reconciliations (2 of 3)

1)    Quarterly ROE calculations represent annualized returns.

GAAP to Non-GAAP Reconciliations (3 of 3)

1)    The timing and cumulative amount of actual collections and net earned premiums may differ from expected collections and expected net earned premiums due to factors such as foreign exchange rate fluctuations, counterparty collectability issues, accelerations, commutations, restructurings, changes in consumer price indices, changes in expected lives, new business and changes in ratings of the insured obligations and/or the Company’s insurance subsidiaries.    

Income Components (1 of 2)