Assured Guaranty Ltd. · NYSE:AGO
Assured Guaranty — Debt Investor Presentation (June 2016)
76 slides from Assured Guaranty's debt investor presentation, Jun 30, 2016
Slide 1: Fixed Income Investor Presentation June 30, 2016
EMBRACE POSSIBILITIES, INVEST IN CERTAINTIES Fixed Income Investor Presentation June 30, 2016
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 28 AGM1 Portfolio Review 38 Municipal Assurance Corp. Portfolio Review 50 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 As
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: 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 8: Strategic Priorities
Strategic Priorities • Generate current and future revenue through new business production • Manage capital efficiently • Execute alternative strategies to create value, including through acquisitions and commutations • Mitigate losses 7
Slide 9: Assured Guaranty Ltd. 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 10: Four Discrete Operating Companies with Separate Capital Bases
Four Discrete Operating Companies with Separate Capital Bases Consolidated Statutory-Basis Claims-Paying Resources and Exposures As of June 30, 2016 ($ in millions) AGM AGC MAC AG Re8 Eliminations3 Consolidated Claims-paying resources Policyholders' surplus $ 2,441 $ 1,435 $ 379 $ 1,075 $ (623) $ 4,
Slide 11: 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 12: 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 13: 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 June 30, 2016 ($ in billions) • Assured Guaranty Municipal1 is committed to Public Finance Structured Finance insuring only U.S. public f
Slide 14: 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 June 30, 2016, Municipal Assurance Corp. (MAC) has: • $1.4 billion in claims-paying resources, consisting of $677
Slide 15: AGC is Our Most Diversified Platform
AGC is Our Most Diversified Platform • AGC, a diversified insurer, will write all Net Par Outstanding classes of financial guaranty business, As of June 30, 2016 ($ in billions) including: U.S. public finance, global infrastructure and structured finance Non-U.S. Non-U.S. • Structured finance new bu
Slide 16: AG Re's Operating Structure
AG Re’s Operating Structure Net Par Outstanding As of June 30, 2016 ($ 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 $0.6 – AG Re is rated AA (stable outlook) by S&P Finance A- average ratin
Slide 17: Underwriting Discipline
Underwriting Discipline • Our U.S. public finance portfolio, our largest exposure category, generally performed well Consolidated Net Par Outstanding during the recession and in subsequent As of June 30, 2016 years, despite persistent financial pressures ($ in billions) on municipal obligors U.S. St
Slide 18: Creating Value: New Business Production
Creating Value New Business Production (Par Insured) Penetration in the U.S. Public Finance Market • We are focused on building demand for our New Issue U.S. Public Finance guaranties, both in the primary and the Insured Par Sold and Transaction Penetration1 secondary markets for U.S. public finance
Slide 19: Select Municipal Transactions in 2016
Assured Guaranty Select Municipal Transactions in 2016 In the Primary Market, $8.8 Billion of Insured Par on nearly 600 Transactions Sold With Our Insurance in YTD 20161, Including These Selected Issues $122,515,000 $72,000,324 $133,595,000 $108,120,000 $131,495,000 $91,750,000 School Building and S
Slide 20: Broadening Market Awareness
Broadening Market Awareness Advertising Campaign 19
Slide 21: U.S. Structured Finance Business Activity
Creating Value New Business Production U.S. Structured Finance Business Activity • Closed a new market tax credit transaction U.S. Structured PVP1 ($ in millions) • New structured finance business $18 production tends to fluctuate, as large, $16 complex transactions require a long time frame to clos
Slide 22: Non-U.S. Business Activity
Creating Value New Business Production Non-U.S. Business Activity Non-U.S. PVP1 by Quarter • During 2Q-16, we issued secondary ($ in millions) market guarantees on utility bonds $28 • During 1Q-16, we insured a restructuring of an existing transaction • We are optimistic about the pipeline of infras
Slide 23: Alternative Strategies to Create Value
Alternative Strategies to Create Value Reassumptions & Acquisitions • Reassumption of previously ceded business has increased Assured Guaranty’s unearned Remaining Ceded Par Outstanding by premium reserve and adjusted book value1 Reinsurer2 As of June 30, 2016 Reassumed Reassumed Commutation Year Pa
Slide 24: Financial Strength Ratings
Financial Strength Ratings Financial Strength Ratings • On August 8, 2016, Moody’s affirmed the A2 As of June 30, 2016 (stable outlook) financial strength ratings of AGM and revised the rating of AGC to A3 (stable S&P Moody’s KBRA outlook) from A3 (negative outlook) – These ratings were issued under
Slide 25: Loss Mitigation: Bond Purchases
Creating Value Loss Mitigation Bond Purchases • Since 2008, for loss mitigation purposes, we have strategically purchased bonds we had previously insured. Besides reducing our losses, these purchases can potentially relieve rating agency capital charges, increase future investment income and increas
Slide 26: Insured Portfolio Amortization Also Creates Rating Agency Capital
Insured Portfolio Amortization Also Creates Rating Agency Capital Consolidated Net Par Outstanding Amortization1 • Amortization of the existing portfolio reduces rating As of June 30, 2016 ($ in billions) agency capital charges, but also embedded future earned premiums $640 Public Finance $617 Struc
Slide 27: AGL Consolidated Investment Portfolio
AGL Consolidated Investment Portfolio Fair Value as of June 30, 2016 Total Invested Assets and Cash1 Total Invested Assets and Cash1,2 By Category By Rating U.S. Other Other U.S. Restricted Treasuries, Invested 8 6 Restricted Invested Treasuries & Cash AAA Gov't Assets Short-term Cash8 Assets Govern
Slide 28: 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 securities market’s pricing
Slide 29: Assured Guaranty Ltd. Consolidated Insured Portfolio Overview
Assured Guaranty Ltd. Consolidated Insured Portfolio Overview
Slide 30: AGL Consolidated Insured Portfolio
AGL Consolidated Insured Portfolio Net Par Outstanding as of June 30, 2016 Portfolio Diversification by Sector Non-U.S. Non-U.S. Structured Public Finance Finance U.S. 1% 9% Structured Finance 8% U.S. Public Finance 82% $329.9 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structu
Slide 31: AGL Consolidated Insured Portfolio Ratings
AGL Consolidated Insured Portfolio Ratings Net Par Outstanding as of June 30, 2016 Portfolio Diversification by Rating BIG AAA 4% 5% AA BBB 21% 24% A 46% $329.9 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA BIG AAA
Slide 32: CIFG Assurance Acquisition
AGL Consolidated CIFG Assurance Acquisition • AGC closed the acquisition of CIFG Holdings, Inc. on July 1, 2016, and subsequently merged it with and into AGC, for a cash purchase price of $450.6 million • The transaction is expected to be accretive to Assured Guaranty’s operating shareholders’ equit
Slide 33: CIFG Acquisition: Net Par Exposure
AGL Consolidated CIFG Acquisition: Net Par Exposure1 ($ in billions) Assured Guaranty Ltd. CIFG Assured Guaranty Ltd. 6/30/2016 6/30/2016 U.S. Public Non-U.S. Pro Forma Non-U.S. Non-U.S. Finance, Structured Structured Structured $0.9 , 21% Finance, Finance, Finance, $4.5 , 1% $4.1 , 1% $0.5 , 11% No
Slide 34: Puerto Rico Exposure
Public Finance Puerto Rico Exposure Par Exposure to the Commonwealth and its Agencies As of June 30, 2016 Net Par Gross Par ($ in millions) Outstanding2,5 Outstanding Commonwealth Commonwealth of Puerto Rico - General Obligation Bonds4 $1,615 $1,738 Constitutionally Puerto Rico Public Buildings Auth
Slide 35: Puerto Rico Net Par Amortization
Public Finance Puerto Rico Exposure Scheduled Net Par Amortization of Exposure to the Commonwealth and its Agencies1 As of June 30, 2016 2026- 2031- 2036- 2041- 2046- ($ in millions) 2H16 2017 2018 2019 2020 2021 2022 2023 2024 2025 2030 2035 2040 2045 2047 Total Commonwealth Constitutionally Guaran
Slide 36: Puerto Rico Net Debt Service Amortization
Public Finance Puerto Rico Exposure Scheduled Net Debt Service Amortization of Exposure to the Commonwealth and its Agencies1 As of June 30, 2016 2026- 2031- 2036- 2041- 2046- ($ in millions) 2H16 2017 2018 2019 2020 2021 2022 2023 2024 2025 2030 2035 2040 2045 2047 Total Commonwealth Constitutional
Slide 37: Detroit & Stockton Exposure
AGL Consolidated Detroit & Stockton Exposure Details of Assured Guaranty’s Exposure to Detroit • Municipal utilities exposure is $878 million of water revenue bonds and $1,032 million of sewer revenue bonds. Both the water and sewer systems provide services to areas that extend significantly beyond
Slide 38: Structured Finance Exposures
Structured Finance Exposures Net Par Outstanding By Type As of June 30, 2016 ($ in billions) • We expect Assured Guaranty’s global U.S. and structured finance insured portfolio ($29.6 Non-U.S. Other Pooled billion as of June 30, 2016) to amortize rapidly Structured 49% Corporate ─ 10% expected to am
Slide 39: Consolidated U.S. RMBS
Consolidated U.S. RMBS • Our $6.1 billion U.S. RMBS portfolio is amortizing both on a dollar basis and as a U.S. RMBS by Exposure Type percentage of the portfolio As of June 30, 2016 ($ in billions) – Total U.S. RMBS has declined from $29.2 billion at Subprime 1 December 31, 2009 to $6.1 billion at
Slide 40: Consolidated Non-U.S. Exposure
Consolidated Non-U.S. Exposure Non-U.S. Public and Structured Finance Non-U.S. Exposure As of June 30, 2016 ($ in billions) • 87% of non-U.S. exposure is public finance Other – Direct sovereign debt is limited to Poland ($236 Canada $6.8 $2.9 million outstanding) 21% 9% France • 13% of non-U.S. expo
Slide 41: AGM Portfolio Review
AGM Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 42: AGM Insured Portfolio Overview
AGM1 Insured Portfolio Overview Net Par Outstanding1,2 As of June 30, 2016 • AGM’s1 portfolio is diversified by asset ($ in billions) class Non-U.S. Public Finance – 76% U.S. public finance $17.6 Non-U.S. BBB+ average – 9% U.S. structured finance Structured rating Finance – 13% Non-U.S. public finan
Slide 43: AGM Insured Portfolio
AGM1 Insured Portfolio Net Par Outstanding as of June 30, 2016 Portfolio Diversification by Sector Non-U.S. Public Non-U.S. Finance Structured 13% Finance 2% U.S. Structured Finance 9% U.S. Public $134.1 billion2 Finance 76% Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance P
Slide 44: AGM Insured Portfolio Ratings
AGM1 Insured Portfolio Ratings Net Par Outstanding as of June 30, 2016 Portfolio Diversification by Rating BIG AAA 5% 7% AA 18% BBB 27% A 43% $134.1 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA BIG AAA AA BBB 2% 1% 6
Slide 45: AGM Net Par Outstanding By Asset Type
AGM1 Insured Portfolio Net Par Outstanding as of June 30, 2016 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 38,669 A- Pooled corporate obligations
Slide 46: Reinsurance
Reinsurance AGM1 Has Ceded 6% 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: $205.0 billion $12.1 billion (6%) As of June 30, 2016 As of June 30, 2016 Ceded to Assured ($ in
Slide 47: AGM Amortization of Global Insured Structured Finance Portfolio
AGM1 Amortization of Global Insured Structured Finance Portfolio Other Structured Finance BIG Financial 3 $0.9 $2.8 Products (GICs) $1.8 U.S. and Non- BBB U.S. Consumer $0.4 Receivables U.S. Pooled $0.1 Corporate $7.6 A AAA $0.2 $7.6 U.S. Residential AA Mortgages $2.9 $3.6 • We expect AGM’s legacy g
Slide 48: AGM U.S. RMBS Exposure
AGM1 U.S. RMBS Exposure By Type As of June 30, 2016 ($ 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 $0.5 of the portfolio 1% – $3.6 billion net par outstanding versus $17.1 billion at 13% year-en
Slide 49: AGM Non-RMBS Exposure
AGM1 Non-RMBS Exposure U.S. Structured Finance U.S. Non-RMBS Structured Finance • 74% of AGM’s1 non-RMBS U.S. As of June 30, 2016 Other structured finance portfolio consists of ($ in billions) Structured Finance pooled corporate obligations $0.2 – 100% of U.S. pooled corporate exposure is Consumer R
Slide 50: AGM Global Pooled Corporate Obligations
AGM1 Global Pooled Corporate Obligations Pooled Corporate Obligations By Asset Class • AGM’s1 pooled corporate exposure is June 30, 2016 ($ in billions) generally highly rated and well protected – Average current credit enhancement of 29.1% Trust Other Preferred $0.5 – 86% rated AAA 2 $0.0 CBOs/CLOs
Slide 51: AGM Investment Portfolio
AGM1 Investment Portfolio Fair Value as of June 30, 2016 Total Invested Assets and Cash2 Total Invested Assets and Cash2,3 By Category By Rating U.S. Other Cash Treasuries & 7 Invested Short-term 1% Agency U.S. AAA Government Assets 8% Obligations Obligations Treasuries, 17% 1% <1% <1% Gov't Foreign
Slide 52: AGM Consolidated Expected Loss and LAE to Be Paid
AGM Consolidated1 Expected Loss and Loss Adjustment Expense (LAE) to Be Paid As of June 30, 2016 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid After Benefit for R&W for the Three Months Ended June 30, 2016 Net Expected Loss Net Expected Loss to be Paid Economic Loss (Paid) Reco
Slide 53: Municipal Assurance Corp. Portfolio Review
Municipal Assurance Corp. Portfolio Review
Slide 54: MAC Insured Portfolio (100% U.S. Public Finance)
MAC Insured Portfolio (100% U.S. Public Finance) Net Par Outstanding as of June 30, 2016 Portfolio Diversification by Sector Portfolio Diversification by Rating 1 BIG AAA Muni Utility 2% <1% AA Revenue 16% 29% BBB 14% Tax Backed 15% General Obligations 59% Other 10% A 55% $65.8 billion Net Par Outst
Slide 55: MAC Investment Portfolio
MAC Investment Portfolio Fair Value as of June 30, 2016 Total Invested Assets and Cash1 Total Invested Assets and Cash1,2 By Category By Rating U.S. Treasuries & U.S. Cash Government Treasuries, 4 <1% Obligations Agency Gov't AAA Short-term 2% Obligations & 8% Obligations Agency <1% 1% Obligations M
Slide 56: Assured Guaranty Corp. Portfolio Review
Assured Guaranty Corp. Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 57: AGC Insured Portfolio Overview
AGC Insured Portfolio Overview Net Par Outstanding • AGC’s portfolio is diversified by asset As of June 30, 2016 ($ in billions) class Non-U.S. – 66% U.S. public finance Public Non-U.S. Structured – 23% U.S. structured finance Finance Finance $3.1 $1.2 – 8% Non-U.S. public finance A- average rating
Slide 58: AGC Insured Portfolio
AGC Insured Portfolio Net Par Outstanding as of June 30, 2016 Portfolio Diversification by Sector Non-U.S. Non-U.S. Structured Public Finance Finance 3% 8% U.S. Structured Finance 23% U.S. Public Finance $41.5 billion 66% Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Port
Slide 59: AGC Insured Portfolio Ratings
AGC Insured Portfolio Ratings Net Par Outstanding as of June 30, 2016 Portfolio Diversification by Rating BIG AAA 12% 11% AA 16% BBB 24% A 37% $41.5 billion Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance AAA AA BIG BIG AAA BIG <1% 12%
Slide 60: AGC Net Par Outstanding By Asset Type
AGC Insured Portfolio Net Par Outstanding as of June 30, 2016 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 7,433 BBB+ Pooled corporate obligations
Slide 61: Reinsurance
Reinsurance AGC Has Ceded 1.1% of Its Gross Insured Portfolio to Several Non-Affiliated Reinsurers and Other Monolines (1) AGC’s Total Gross Par Outstanding: Externally Ceded Par Outstanding: $81.7 billion $0.9 billion (1.1%) As of June 30, 2016 As of June 30, 2016 Ceded to Assured ($ in billions) G
Slide 62: AGC U.S. RMBS Exposure
AGC U.S. RMBS Exposure By Type As of June 30, 2016 ($ in billions) Alt-A First • AGC’s U.S. RMBS portfolio is amortizing on Lien $0.5 Second Lien an absolute basis and has declined as a $0.2 percentage of the portfolio Prime First 26% Lien – $1.9 billion versus $13.4 billion at year-end 2007, $0.1 7
Slide 63: AGC Non-RMBS Exposure
AGC Non-RMBS Exposure U.S. Structured Finance U.S. Non-RMBS Structured Finance • AGC’s non-RMBS U.S. structured finance As of June 30, 2016 ($ in billions) exposures consist principally of: Other – Pooled corporate obligations structured finance Commercial – Consumer receivables receivables $0.2 $0.
Slide 64: AGC Global Direct Pooled Corporate Obligations
AGC Global Direct Pooled Corporate Obligations • Our pooled corporate exposure is highly rated and Direct Pooled Corporate Obligations1 protected by overcollateralization. In AGC’s direct By Asset Class portfolio: As of June 30, 2016 ($ in billions) – Average current credit enhancement of 36.5% – 54
Slide 65: AGC Investment Portfolio
AGC Investment Portfolio Fair Value as of June 30, 2016 Total Invested Assets and Cash1 Total Invested Assets and Cash1,2 By Category By Rating Other U.S. Agency Invested Treasuries & Obligations Foreign Assets Government 1% Gov't 6 3% Obligations U.S. AAA AA Cash Securities Short-term 3% Treasuries
Slide 66: AGC Expected Loss and LAE to Be Paid
AGC Expected Loss and LAE to Be Paid As of June 30, 2016 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid After Benefit for R&W for the Three Months Ended June 30, 2016 Net Expected Loss Net Expected Loss to be Paid Economic Loss (Paid) Recovered to be Paid (Recovered) as of Devel
Slide 67: Appendix
ASSURED GUARANTY
Slide 68: Explanation of Non-GAAP Financial Measures
Appendix Explanation of Non-GAAP Financial Measures The Company discloses both financial measures determined in accordance with accounting principles generally accepted in the United States of America (GAAP) and financial measures not determined in accordance with GAAP (non-GAAP financial measures).
Slide 69: Explanation of Non-GAAP Financial Measures (Cont'd)
Appendix Explanation of Non-GAAP Financial Measures (Cont’d) Adjusted Book Value: Management 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 financial measures used in determining the amount
Slide 70: Reconciliation of PVP to Gross Written Premiums
Appendix Reconciliation of PVP1 to Gross Written Premiums (GWP) Reconciliation of PVP to GWP (dollars in millions) 1Q-13 2Q-13 3Q-13 4Q-13 2013 1Q-14 2Q-14 3Q-14 4Q-14 2014 1Q-15 2Q-15 3Q-15 4Q-15 2015 1Q-16 2Q-16 2016 PVP: Public finance - U.S. $16 $15 $24 $61 $116 $23 $16 $51 $38 $128 $13 $25 $41
Slide 71: Reconciliation of Shareholders' Equity to Adjusted Book Value 2004-2015
Appendix Reconciliation of Shareholders’ Equity to Adjusted Book Value1 2004-2015 Adjusted book value reconciliation (dollars in millions, except per share amounts) 2Q 2004 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Per Per Per Per Per Per Per Per Per Per Per Per Per Total Share Tot
Slide 72: Reconciliation of Shareholders' Equity to Adjusted Book Value
Appendix Reconciliation of Shareholders’ Equity to Adjusted Book Value1 Adjusted book value reconciliation (dollars in millions, except per share amounts) 2Q 2016 1Q 2016 Total Per Share Total Per Share Reconciliation of shareholders' equity to adjusted book value: Shareholders' equity $ 6,205 $ 47.
Slide 73: 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 June 30, 2016 ($ in millions) AGM AGM1 MAC Consolidated1 U.S. public finance: General obligation $ 38,669 $ 38,943 $ 77,612 Tax backed 23,422 9,587 33,009 Municipal utilitie
Slide 74: 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 June 30, 2016 ($ in millions) AGM AGM1 MAC Consolidated1 Investment portfolio, available-for-sale Fixed-maturity securities: Obligations of states and political subdivisions $
Slide 75: 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 June 30, 2016 ($ in millions) Public Finance Structured Finance Total 2016 (as of June 30) $ 120,115 $ 14,011 $ 134,126 2016 Q3 116,845 13,408 130,253 2016 Q4
Slide 76: Assured Guaranty Contacts
Assured Guaranty Contacts: Robert Tucker Senior 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] Andre Thomas Managing Director Investor Rel
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