Assured Guaranty Ltd. · NYSE:AGO
Assured Guaranty — Debt Investor Presentation (December 2015)
79 slides from Assured Guaranty's debt investor presentation, Dec 4, 2015
Slide 1: Fixed Income Investor Presentation September 30, 2015
EMBRACE POSSIBILITIES, INVEST IN CERTAINTIES Fixed Income Investor Presentation September 30, 2015
Slide 2: Table of Contents
Table of Contents Page Forward-Looking Statements and Safe Harbor Disclosure 2 Conventions, Disclaimers and Non-GAAP Financial Measures 3 Corporate Overview 4 Assured Guaranty Ltd. Consolidated Insured Portfolio Overview 30 AGM1 Portfolio Review 41 Municipal Assurance Corp. Portfolio Review 53 Assur
Slide 3: Forward-Looking Statements and Safe Harbor Disclosure
Forward-Looking Statements and Safe Harbor Disclosure • This presentation contains information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give the expectations or forecasts of future
Slide 4: Conventions, Disclaimers and Non-GAAP Financial Measures
Conventions, Disclaimers and Non-GAAP Financial Measures • Unless otherwise noted, the following conventions are used in this presentation: – “AGM Consolidated” means Assured Guaranty Municipal Corp. and its consolidated entities (consisting primarily of Assured Guaranty (Europe) Ltd., Municipal Ass
Slide 5: Corporate Overview
ASSURED GUARANTY Corporate Overview
Slide 6: Corporate Overview
Corporate Overview • Assured Guaranty Ltd. (“AGL” and, together with its subsidiaries, “Assured Guaranty” or the “Company”) is the leading financial guaranty franchise – We are the only long-standing financial guaranty company to continue to write new business throughout the financial crisis and rec
Slide 7: Corporate Overview (Continued) - Radian Acquisition
Corporate Overview (Continued) Radian Acquisition • On April 1, 2015, AGC closed the acquisition of Radian Asset Assurance Inc. (Radian Asset) for a cash purchase price of $804.5 million and merged it with and into AGC – Bonds insured by Radian Asset have therefore become insured obligations of AGC
Slide 8: Operating Principles and Investor and Issuer Benefits
Operating Principles and Investor and Issuer Benefits • Underwriting principles and a strong risk management culture designed to protect our franchise • Experienced and disciplined management • Commitment to disclosure and transparency • Our guaranty benefits investors and issuers because we provide
Slide 9: Strategic Priorities
Strategic Priorities • Exercise underwriting and pricing discipline • Increase penetration in the U.S. public finance market • Increase new business activity in our structured finance and international segments • Maintain strong financial strength ratings • Pursue loss mitigation strategies • Utiliz
Slide 10: Corporate Structure
Assured Guaranty Ltd. Corporate Structure Assured Guaranty Ltd. Hamilton, Bermuda Publicly Traded Holding Company (NYSE: AGO) A (stable outlook) / Baa2 (stable outlook) issuer credit ratings Assured Guaranty Finance Assured Guaranty Re Ltd. (AG Re) Overseas Ltd. Financial Guaranty Reinsurance Europe
Slide 11: Four Discrete Principal Operating Companies With Separate Capital Bases
Four Discrete Principal Operating Companies With Separate Capital Bases Consolidated Claims-Paying Resources and Statutory-Basis Exposures As of September 30, 2015 ($ in millions) AGM AGC MAC AG Re8 Eliminations4 Consolidated Claims-paying resources Policyholders' surplus $ 2,148 $ 1,377 $ 661 $ 1,0
Slide 12: Principal Operating Platforms
Assured Guaranty Principal Operating Platforms • Assured Guaranty Municipal1, MAC and AGC operate as three separate direct financial guaranty platforms, with AG Re operating as a reinsurer – Assured Guaranty Municipal1 focuses exclusively on public finance and global infrastructure transactions – MA
Slide 13: Principal Operating Platforms (Continued)
Assured Guaranty Principal Operating Platforms (Continued) • Companies distinct for legal and regulatory purposes – Separate insurance licenses – Separate regulators – Assured Guaranty Municipal1 and MAC are domiciled in New York; AGC is domiciled in Maryland – Dividend restrictions – New York, Mary
Slide 14: Assured Guaranty Municipal's Commitment to the Public Finance Market
Assured Guaranty Municipal’s1 Commitment to the Public Finance Market AGM1 Insured Portfolio Amortization Current and Projected Year-End Net Par Outstanding As of September 30, 2015 ($ in billions) • Assured Guaranty Municipal1 is committed to Public Finance Structured Finance insuring only U.S. pub
Slide 15: Municipal Assurance Corp. (MAC)
Municipal Assurance Corp. (MAC) MAC was launched in July of 2013 as a municipal-only bond insurer with the positive attributes it takes most start-up companies years to establish. As of September 30, 2015, Municipal Assurance Corp. (MAC) has: • $1.9 billion in claims-paying resources, consisting of
Slide 16: AGC is Our Most Diversified Platform
AGC is Our Most Diversified Platform • AGC, a diversified insurer, will write all Net Par Outstanding classes of financial guaranty business, As of September 30, 2015 ($ in billions) including: U.S. public finance, global infrastructure and structured finance Non-U.S. Non-U.S. • Structured finance n
Slide 17: AG Re's Operating Structure
AG Re’s Operating Structure Net Par Outstanding As of September 30, 2015 ($ in billions) • AG Re is an insurance company primarily engaged in providing Non-U.S. Structured reinsurance to financial guarantors Non-U.S. Finance Public $1.1 – AG Re is rated AA (stable outlook) by S&P1 Finance A average
Slide 18: Underwriting Discipline
Underwriting Discipline Consolidated Net Par Outstanding • Our U.S. public finance portfolio, our largest As of September 30, 2015 exposure category, generally performed well ($ in billions) during the recession and in subsequent U.S. Structured years, despite persistent financial pressures Finance
Slide 19: New Business Production
New Business Production Penetration in the U.S. Public Finance Market • We are focused on building demand for our Assured Guaranty guaranties, both in the primary and the New Issue U.S. Public Finance secondary markets Insured Par Sold and Transaction Penetration1 – Primary market policies in 3Q-15
Slide 20: The Fundamental Demand for Bond Insurance Continued in 2015
The Fundamental Demand for Bond Insurance Continued in 2015 In the Primary Market, $14.3 Billion of Insured Par on 951 Transactions Sold With Our Insurance1, Including These Selected Issues $78,935,000 $72,000,324 $125,000,000 $541,090,000 $91,600,000 $238,130,000 Venue Project Revenue Tax Allocatio
Slide 21: Broadening Market Awareness
Broadening Market Awareness Advertising Campaign 20
Slide 22: New Business Production: U.S. Structured Finance
New Business Production U.S. Structured Finance Business Activity U.S. Structured PVP1 • In 1Q-15, we insured a reserve ($ in millions) financing transaction in the insurance sector $32 • In 4Q-14, we insured two new market tax credit transactions and a reserve financing transaction $18 $16 • New st
Slide 23: New Business Production: Non-U.S. Business Activity
New Business Production Non-U.S. Business Activity • During 1Q-15, we insured a reinsurance Non-U.S. PVP1 by Quarter ($ in millions) transaction and increased non-U.S. PVP1 by $5 million on a previously insured transaction $13 • During 3Q-14, we insured a non-U.S. diversified payment rights transact
Slide 24: New Business Production: Reinsurance Platform
New Business Production Reinsurance Platform • Reassumption of previously ceded business has increased Assured Guaranty’s unearned Ceded Par Outstanding by Reinsurer2 premium reserve and adjusted book value1 As of September 30, 2015 Reassumed Reassumed Commutation Ceded Par Year Par UPR Gain / (Loss
Slide 25: Financial Strength Ratings
Financial Strength Ratings • We maintain strong financial strength ratings Financial Strength Ratings • On June 29, 2015, S&P affirmed the AA (stable As of December 3, 2015 outlook) financial strength ratings of AGM, MAC, and AGC S&P Moody’s KBRA – S&P found the Assured Guaranty group’s capital adeq
Slide 26: Pursuing Loss Mitigation Strategies: R&W Activity
Pursuing Loss Mitigation Strategies R&W Activity • The Company recovered approximately $4.2 billion1,2 through October 31, 2015 from our combined R&W efforts including settlements and commitments, R&W receipts and loss reductions from terminated insurance protection • Our largest agreement was with
Slide 27: Pursuing Loss Mitigation Strategies: Other Capital Creation
Pursuing Loss Mitigation Strategies: Other Capital Creation or Rating Agency Capital Relief Activities – Loss Mitigation Bond Purchases • Since 2008, for loss mitigation purposes, we have strategically purchased bonds we had previously insured. Besides reducing our losses, these purchases can potent
Slide 28: Insured Portfolio Amortization Also Creates Rating Agency Capital
Insured Portfolio Amortization Also Creates Rating Agency Capital • Amortization of the portfolio reduces rating agency capital charges but also embedded future earned premiums • Public finance exposure amortizes at a steady rate – $330.8 billion net par outstanding – 10% expected to amortize by yea
Slide 29: AGL Consolidated Investment Portfolio
AGL Consolidated Investment Portfolio Fair Value as of September 30, 2015 Investments Available for Sale and Cash1 Investments Available for Sale and Cash1,2 By Category By Rating U.S. Treasuries & U.S. Short-term Treasuries, 4% Cash Government 6 Gov't AAA 1% Obligations Agency Asset- 2% Obligations
Slide 30: Credit Default Swap Spreads
Credit Default Swap Spreads Credit Default Swap Spreads • Movements in credit default swap (CDS) levels for Assured Guaranty Municipal1 and AGC continue to be significantly affected by technical factors such as supply/demand imbalance and light trading volume • The deterioration in the asset-backed
Slide 31: Assured Guaranty Ltd. Consolidated Insured Portfolio Overview
Assured Guaranty Ltd. Consolidated Insured Portfolio Overview
Slide 32: AGL Consolidated Insured Portfolio
AGL Consolidated Insured Portfolio Net Par Outstanding as of September 30, 2015 Portfolio Diversification by Sector Non-U.S. Non-U.S. Structured Public Finance Finance 2% 8% U.S. Structured Finance 10% U.S. Public Finance $372.4 billion1,2 81% Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. S
Slide 33: AGL Consolidated Insured Portfolio Ratings
AGL Consolidated Insured Portfolio Ratings Net Par Outstanding as of September 30, 2015 Portfolio Diversification by Rating BIG 3 AAA 5% 6% BBB 18% AA 23% A 48% $372.4 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA B
Slide 34: AGL Consolidated Puerto Rico Exposure
AGL Consolidated Puerto Rico Exposure • We’re committed to working with the Puerto Rico Electric Power Authority on a consensual settlement that is designed to put the utility on a sound financial footing going forward. This potential agreement would result in modernization, long-term sustainable ra
Slide 35: Puerto Rico Exposure: Net Par by Obligor
AGL Consolidated Puerto Rico Exposure Net Par Exposure to the Commonwealth and its Agencies1,2 As of September 30, 2015 Excluding Impact of Radian Impact of Radian Acquisition & ($ in millions) Acquisition & Total Reinsurance Reinsurance Commutation Commutation Puerto Rico Highways and Transportatio
Slide 36: Puerto Rico Scheduled Net Par Amortization
AGL Consolidated Puerto Rico Exposure Scheduled Net Par Amortization of Exposure to the Commonwealth and its Agencies1,2 As of September 30, 2015 2025- 2030- 2035- 2040- 2045- ($ in millions) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total 2029 2034 2039 2044 2047 Highways and Transportation
Slide 37: Puerto Rico Scheduled Net Debt Service Amortization
AGL Consolidated Puerto Rico Exposure Scheduled Net Debt Service Amortization of Exposure to the Commonwealth and its Agencies1,2 As of September 30, 2015 2025- 2030- 2035- 2040- 2045- ($ in millions) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total 2029 2034 2039 2044 2047 Highways and Previ
Slide 38: Detroit & Stockton Exposure
AGL Consolidated Detroit & Stockton Exposure Details of Assured Guaranty’s Exposure to Detroit Water / Sewer Exposure As of September 30, 2015 ($ in millions) Exposure Net Par Outstanding Internal Rating Water $ 870 BBB Sewer $ 1,041 BBB Total $ 1,911 BBB • Municipal utilities exposure is $870 milli
Slide 39: Structured Finance Exposures
AGL Consolidated Structured Finance Exposures Net Par Outstanding By Type As of September 30, 2015 ($ in billions) Other • We expect Assured Guaranty’s global Structured U.S. and structured finance insured portfolio ($41.5 Finance $9.4 53% Non-U.S. billion as of September 30, 2015) to amortize Poole
Slide 40: U.S. RMBS
AGL Consolidated U.S. RMBS U.S. RMBS by Exposure Type As of September 30, 2015 ($ in billions) • Our $8.4 billion U.S. RMBS portfolio is Subprime amortizing both on a dollar basis and as a First Lien $3.8 percentage of the portfolio Option ARMs $0.3 45% – Total U.S. RMBS has declined from $29.2 bill
Slide 41: Non-U.S. Public and Structured Finance
AGL Consolidated Non-U.S. Public and Structured Finance Net Par Outstanding Non-U.S. Exposure As of September 30, 2015 ($ in billions) Other $8.2 Canada $3.1 • 83% of non-U.S. exposure is public finance 23% 9% – Direct sovereign debt is limited to Poland ($203 million outstanding) 7% France $2.5 • 1
Slide 42: AGM Portfolio Review
AGM1 Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret 1. “AGM Consolidated” means Assured Guaranty Municipal Corp. and its consolidated entities (consisting primarily of Assured Guaranty (Europe) Ltd., Municipal Assurance Holdings Inc. (MAC Holdings), Municipal Assurance Co
Slide 43: AGM Insured Portfolio Overview
AGM1 Insured Portfolio Overview Net Par Outstanding1,2 As of September 30, 2015 • AGM’s1 portfolio is diversified by asset ($ in billions) class Non-U.S. Public Finance – 74% U.S. public finance $18.5 Non-U.S. BBB+ average – 11% U.S. structured finance Structured rating Finance – 13% Non-U.S. public
Slide 44: AGM Insured Portfolio
AGM1 Insured Portfolio Net Par Outstanding as of September 30, 2015 Portfolio Diversification by Sector Non-U.S. Public Non-U.S. Finance Structured 13% Finance 2% U.S. Structured Finance 11% U.S. Public Finance $145.5 billion2 74% Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Fin
Slide 45: AGM Insured Portfolio Ratings
AGM1 Insured Portfolio Ratings Net Par Outstanding as of September 30, 2015 Portfolio Diversification by Rating BIG AAA 5% 8% BBB AA 21% 20% A 46% $145.5 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA BIG AAA BBB AA 3%
Slide 46: AGM Insured Portfolio by Asset Type
AGM1 Insured Portfolio Net Par Outstanding as of September 30, 2015 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 40,262 A Pooled corporate obligat
Slide 47: Reinsurance
Reinsurance AGM1 Has Ceded 5% of Its Gross Insured Portfolio to a Diversified Group of Non-Affiliated Reinsurers and Other Monolines AGM’s1 Total Gross Par Outstanding: Externally Ceded Par Outstanding: $276.9 billion $15.0 billion (5.4%) As of September 30, 2015 As of September 30, 2015 Ceded to As
Slide 48: AGM Amortization of Global Insured Structured Finance Portfolio
AGM1 Amortization of Global Insured Structured Finance Portfolio Other Structured Financial Finance BIG 3 $3.2 Products (GICs) $0.9 $1.9 U.S. Consumer BBB Receivables $0.5 $0.1 U.S. and Non- U.S. Pooled Corporate A $11.3 $0.1 U.S. Residential AAA Mortgages AA $10.9 $4.3 $3.8 • We expect AGM’s1 legac
Slide 49: AGM U.S. RMBS Exposure
AGM1 U.S. RMBS Exposure By Type As of September 30, 2015 ($ in billions) • AGM’s1 U.S. RMBS portfolio is amortizing on an Prime First Lien Alt-A First absolute basis and has declined as a percentage $0.1 Lien 1% $0.7 of the portfolio Closed End – $4.3 billion net par outstanding versus $17.1 billion
Slide 50: AGM Non-RMBS Exposure
AGM1 Non-RMBS Exposure U.S. Structured Finance U.S. Non-RMBS Structured Finance • 80% of AGM’s1 non-RMBS U.S. As of September 30, 2015 structured finance portfolio consists of ($ in billions) Other pooled corporate obligations Structured Finance – 89% of U.S. pooled corporate exposure is of $0.2 AAA
Slide 51: AGM Global Pooled Corporate Obligations
AGM1 Global Pooled Corporate Obligations Pooled Corporate Obligations By Asset Class • AGM’s1 pooled corporate exposure is September 30, 2015 ($ in billions) generally highly rated and well protected Other – Average current credit enhancement of 26.6% $0.6 Trust Preferred – 87% rated AAA <$0.1 <1% –
Slide 52: AGM Investment Portfolio
AGM1 Investment Portfolio Fair Value as of September 30, 2015 Investments Available for Sale and Cash2 Investments Available for Sale and Cash2,3 By Category By Rating U.S. Cash Treasuries & U.S. <1% Government Agency Treasuries, Short-term 7 4% Obligations Obligations Gov't AAA <1% 1% Obligations &
Slide 53: AGM Consolidated Expected Loss and LAE to Be Paid
AGM Consolidated1 Expected Loss and Loss Adjustment Expense (LAE) to Be Paid As of September 30, 2015 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid After Benefit for R&W for the Three Months Ended September 30, 2015 Net Expected Loss Net Expected Loss to be Paid Economic Loss (
Slide 54: Municipal Assurance Corp. Portfolio Review
Municipal Assurance Corp. Portfolio Review
Slide 55: MAC Insured Portfolio (100% U.S. Public Finance)
MAC Insured Portfolio (100% U.S. Public Finance) Net Par Outstanding as of September 30, 2015 Portfolio Diversification by Sector Portfolio Diversification by Rating 1 BIG AAA Muni Utility 2% <1% Revenue AA BBB 16% 32% 9% Tax Backed 15% General Obligations 59% Other 10% A 57% $77.8 billion Net Par O
Slide 56: MAC Investment Portfolio
MAC Investment Portfolio Fair Value as of September 30, 2015 Investments Available for Sale and Cash1 Investments Available for Sale and Cash1,2 By Category By Rating U.S. Treasuries & U.S. Short-term & Government Treasuries, 4 cash AAA Obligations Agency Gov't 1% 12% 1% Obligations & Asset- Obligat
Slide 57: Assured Guaranty Corp. Portfolio Review
Assured Guaranty Corp. Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 58: AGC Insured Portfolio Overview
AGC Insured Portfolio Overview Net Par Outstanding • AGC’s portfolio is diversified by asset As of September 30, 2015 ($ in billions) class Non-U.S. – 61% U.S. public finance Public Non-U.S. Structured – 27% U.S. structured finance Finance Finance $4.0 $2.2 – 8% Non-U.S. public finance A average rat
Slide 59: AGC Insured Portfolio
AGC Insured Portfolio Net Par Outstanding as of September 30, 2015 Portfolio Diversification by Sector Non-U.S. Non-U.S. Structured Public Finance Finance 4% 8% U.S. Structured Finance 27% U.S. Public Finance 61% $52.4 billion Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance
Slide 60: AGC Insured Portfolio Ratings
AGC Insured Portfolio Ratings Net Par Outstanding as of September 30, 2015 Portfolio Diversification by Rating 1 BIG AAA 12% 14% BBB AA 21% 17% A 36% $52.4 billion Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance AAA AA BIG BIG BIG AAA <
Slide 61: AGC Insured Portfolio by Asset Type
AGC Insured Portfolio Net Par Outstanding as of September 30, 2015 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 8,596 A- Pooled corporate obligati
Slide 62: Reinsurance
Reinsurance AGC Has Ceded 1.2% of Its Gross Insured Portfolio to Several Non-Affiliated Reinsurers and Other Monolines (1) AGC’s Total Gross Par Outstanding: Externally Ceded Par Outstanding: $99.0 billion $1.2 billion (1.2%) As of September 30, 2015 As of September 30, 2015 Ceded to Assured ($ in b
Slide 63: AGC U.S. RMBS Exposure
AGC U.S. RMBS Exposure By Type As of September 30, 2015 ($ in billions) Alt-A First • AGC’s U.S. RMBS portfolio is amortizing on Lien $1.1 an absolute basis and has declined as a Prime First percentage of the portfolio Lien Closed $0.3 37% End – $3.1 billion versus $13.4 billion at year-end 2007, 10
Slide 64: AGC Non-RMBS Exposure
AGC Non-RMBS Exposure U.S. Structured Finance U.S. Non-RMBS Structured Finance • AGC’s non-RMBS U.S. structured finance As of September 30, 2015 ($ in billions) exposures consist principally of: Structured – Pooled corporate obligations credit Commercial $0.1 – CMBS receivables 1% Other $0.3 structu
Slide 65: AGC Global Direct Pooled Corporate Obligations
AGC Global Direct Pooled Corporate Obligations • Our pooled corporate exposure is highly rated and Direct Pooled Corporate Obligations1 protected by overcollateralization. In AGC’s direct By Asset Class portfolio: As of September 30, 2015 ($ in billions) – Average current credit enhancement of 36.4%
Slide 66: AGC Direct U.S. CMBS Exposure
AGC Direct U.S. CMBS Exposure • AGC’s CMBS-related exposures were underwritten at high attachment points Direct U.S. Commercial Real Estate Exposure1 – All deals were written with AAA ratings at inception By Sector As of September 30, 2015 – AAA current average rating ($ in billions) • $464 million
Slide 67: AGC Direct U.S. Consumer Receivables
AGC Direct U.S. Consumer Receivables Direct U.S. Consumer Receivables by Type1 As of September 30, 2015 • Despite the economic stress caused by the ($ in billions) financial crisis, AGC’s direct consumer receivable portfolio is entirely investment grade: $0.0 – Average rating of A+ – For all transac
Slide 68: AGC Investment Portfolio
AGC Investment Portfolio Fair Value as of September 30, 2015 Investments Available for Sale and Cash1 Investments Available for Sale and Cash1,2 By Category By Rating U.S. Treasuries & Government Agency 6 Short-term Cash Obligations U.S. AAA Obligations 5% 1% 7% Treasuries, 14% 2% Gov't Asset- Forei
Slide 69: AGC Expected Loss and LAE to Be Paid
AGC Expected Loss and LAE to Be Paid As of September 30, 2015 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid After Benefit for R&W for the Three Months Ended September 30, 2015 Net Expected Loss Net Expected Loss to be Paid Economic Loss (Paid) Recovered to be Paid Financial Gua
Slide 70: Appendix
ASSURED GUARANTY
Slide 71: Explanation of Non-GAAP Financial Measures
Appendix Explanation of Non-GAAP Financial Measures Endnotes related to non-GAAP financial measures discussed in the presentation: To reflect the key financial measures management analyzes in evaluating the Company’s operations and progress towards long-term goals, the Company discusses both measure
Slide 72: Explanation of Non-GAAP Financial Measures (Continued)
Appendix Explanation of Non-GAAP Financial Measures (Continued) Adjusted Book Value and Operating Shareholders’ Equity: Management also uses adjusted book value to measure the intrinsic value of the Company, excluding franchise value. Growth in adjusted book value per share is one of the key financi
Slide 73: Explanation of Non-GAAP Financial Measures (Continued)
Appendix Explanation of Non-GAAP Financial Measures (Continued) Net present value of estimated net future credit derivative revenue: Management believes that this amount is a useful measure because it enables an evaluation of the value of future estimated credit derivative revenue. There is no corre
Slide 74: Reconciliation of PVP to GWP
Appendix AGL Consolidated Reconciliation of PVP to GWP ($ in millions) Three Months Ended September 30, 2015 2014 New business production analysis: PVP: Public finance - U.S. $ 41 $ 51 Public finance - non-U.S. — — Structured finance - U.S. 0 1 Structured finance - non-U.S. — 4 Total PVP $ 41 $ 56 R
Slide 75: Reconciliation of GAAP Book Value to Adjusted Book Value
Appendix AGL Consolidated Reconciliation of GAAP Book Value to Adjusted Book Value ($ in millions, except per share amounts) As of: September 30, 2015 December 31, 2014 Total Per Share Total Per Share Reconciliation of shareholders' equity to adjusted book value: Shareholders' equity $ 5,819 $ 40.72
Slide 76: Reconciliation of AGM Net Par Outstanding to AGM Consolidated
Appendix Reconciliation of AGM1 Net Par Outstanding to AGM Consolidated1 Net Par Outstanding Net Par Outstanding by Asset Type September 30, 2015 ($ in millions) AGM AGM1 MAC Consolidated1 U.S. public finance: General obligation $ 40,262 $ 45,919 $ 86,181 Tax backed 23,818 11,433 35,251 Municipal ut
Slide 77: Reconciliation of AGM Investment Portfolio and Cash to AGM Consolidated
Appendix Reconciliation of AGM1 Investment Portfolio and Cash to AGM Consolidated1 Investment Portfolio and Cash Fair Value September 30, 2015 ($ in millions) AGM AGM1 MAC Consolidated1 Investment portfolio, available-for-sale Fixed-maturity securities: Obligations of states and political subdivisio
Slide 78: Reconciliation of AGM Expected Amortization to AGM Consolidated
Appendix Reconciliation of AGM1 Expected Amortization to AGM Consolidated1 Expected Amortization AGM1 – Estimated Ending Net Par Outstanding2 September 30, 2015 ($ in millions) Public Finance Structured Finance Total 2015 (as of September 30) $ 126,903 $ 18,573 $ 145,476 2015 124,670 17,866 142,536
Slide 79: Assured Guaranty Contacts
Assured Guaranty Contacts: Robert Tucker Managing Director Investor Relations and Corporate Communications Direct: 212.339.0861 [email protected] Michael Walker Managing Director Fixed Income Investor Relations Direct: 212.261.5575 [email protected] Glenn Alterman Associate Inves
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