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ASSURED GUARANTY Equity Investor Presentation June 30 , 2026
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ASSURED GUARANTY LTD.2 • 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 events of Assured Guaranty Ltd. (AGL) and its subsidiaries (collectively with AGL, Assured Guaranty or the Company). These statements can be identified by the fact that they do not relate strictly to historical or current facts and relate to future operating or financial performance. • Any or all of Assured Guaranty’s forward looking statements herein are based on current expectations and the current economic environment and may turn out to be incorrect. Assured Guaranty’s actual results may vary materially from those expressed in, or implied or projected by, the forward-looking information and 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 or reinsurance opportunities and/or the demand for Assured Guaranty’s insurance and reinsurance; (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) 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 requirements to maintain rating agency capital redundancy and to hold additional capital against certain insured exposures; (ix) 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; (x) 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; (xi) 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; (xii) risks related to the expansion into annuity reinsurance and the launching of Assured Life Reinsurance Ltd.; (xiii) the failure of Assured Guaranty to successfully integrate acquired businesses, including Assured Guaranty’s acquisition of Warwick Company (UK) Limited; (xiv) loss of key personnel; (xv) 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; (xvi) the inability to control the business, management or policies of entities in which Assured Guaranty holds a noncontrolling interest; (xvii) 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; (xviii) 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; (xix) 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; (xx) 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; (xxi) increased competition, including from new market entrants and alternative forms of credit protection; (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. • The foregoing important factors should not be construed as exhaustive, and should be read in conjunction with the other risk factors and cautionary statements that are included in Assured Guaranty’s most recent Form 10-K and subsequent Forms 10-Q. The Company undertakes no obligation to update or review any forward-looking statement, whether as a result of new information, any future developments or otherwise, except as required by law. Investors are advised, however, to consult any further disclosures the Company makes on related subjects in the Company’s reports filed with the SEC. • If one or more of these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, actual results may vary materially from what the Company projected. Any forward-looking statements in this this presentation reflect the Company’s current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to its operations, results of operations, growth strategy and liquidity. For these statements, the Company claims the protection of the safe harbor for forward looking statements contained in Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-Looking Statements and Safe Harbor Disclosure
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ASSURED GUARANTY LTD.3 • Unless otherwise noted, the following conventions are used in this presentation: – Ratings on Assured Guaranty’s insured portfolio are Assured Guaranty’s internal ratings. ▪ Internal credit ratings are expressed on a ratings scale similar to that used by the rating agencies and generally reflect an approach similar to that employed by the rating agencies, except that the Company’s internal credit ratings focus on future performance, rather than lifetime performance. ▪ The Company reclassifies those portions of risks benefiting from collateralized reimbursement arrangements as the higher of AA or their internal rating without such arrangements. – Ratings on the investment portfolio are generally the lower of the Moody’s Ratings (Moody’s) or S&P Global Ratings Services (S&P) classifications. – The Company has, from time to time, purchased securities that it has insured, and for which it had expected losses to be paid, in order to mitigate the economic effect of insured losses (Loss Mitigation Securities). The Company excludes amounts attributable to Loss Mitigation Securities from its outstanding insured par and debt service. – Below investment grade ratings are designated “BIG”. For additional details, please see page 51. – Percentages and totals in tables or graphs may not add due to rounding. – “Global” means U.S. and non-U.S. – “Six Months” means the six month period from January 1 through June 30. – The Company currently participates in the asset management business through its ownership interest in Sound Point Capital Management, LP (Sound Point, LP) and certain of its investment management affiliates (together with Sound Point, LP, Sound Point). • This presentation references financial measures that are not in accordance with GAAP, which management uses in order to assist analysts and investors in evaluating Assured Guaranty’s financial results. These financial measures are determined on a basis other than in accordance with GAAP (non-GAAP financial measures) and are defined in the Appendix. When a financial measure is described as “adjusted”, it is a non-GAAP financial measure. Generally, the Company has separately disclosed the effect of consolidating financial guaranty variable interest entities (FG VIEs) and consolidated investment vehicles (CIVs) on the non-GAAP financial measures. See the Appendix for a more comprehensive description of non-GAAP financial measures. • All per share information for net income and adjusted operating income is based on diluted shares. • All reconciliations in the Appendix of this presentation are on an AGL consolidated basis. • This presentation was last updated on August 6, 2026. Assured Guaranty may subsequently update this presentation, but readers are cautioned that Assured Guaranty is not obligated to update or revise this presentation as a result of new information, future events, or for any other reason, except as required by law. • This presentation should be read in conjunction with documents filed by AGL with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2025 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026. Conventions and Non-GAAP Financial Measures
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ASSURED GUARANTY LTD.4 • Quarterly highlights • Assured Guaranty overview – Strength of business model – Claims-paying resources – Financial strength ratings – Track record of creating shareholder value – Dividend limitation calculations – Simplified corporate structure • Underlying value – Historical growth – High-quality investment portfolio – Deleveraging while maintaining total invested assets – Investment income • Creating value – Insurance – Asset management and alternative investments • Financial results – Segment results – Loss measures • Insurance portfolio overview – Puerto Rico update – BIG Categories Table of Contents
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Highlights
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ASSURED GUARANTY LTD.6 • Earned $55 million of adjusted operating income1 ($1.23 per share), a per share increase of 22% above the same period in 2025 • Shareholders’ equity attributable to AGL per share, adjusted operating shareholders' equity per share1 and adjusted book value per share1 were record amounts of $126.18, $129.94 and $189.72, respectively Second Quarter 2026 Highlights Financial Guaranty New Business Production • Insured $8.4 billion of new business par • Generated $79 million of new business production (PVP)1, an increase of 23% over second quarter 2025 Financial Results 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the Appendix. 2. This excludes commissions. Additionally, 0.1 million common shares were repurchased for $10 million between July 1, 2026 and August 5, 2026. Asset Management Segment and Alternative Investments • Generated $3 million in pre-tax adjusted operating income1 in alternative investments Capital Management • Capital returned to shareholders was $62 million consisting of share repurchases of $45 million2 and dividends of $17 million Life and Annuity Reinsurance • Generated $2 million in pre-tax adjusted operating income1 in annuity reinsurance
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ASSURED GUARANTY LTD.7 • Earned $170 million of adjusted operating income1 (or $3.74 per share) Six Months 2026 Highlights Financial Guaranty New Business Production • Insured $16 billion of new business par, the highest amount of Six Month insured par in a decade2 – Net par outstanding increased in each of the main product sectors • Generated $152 million of PVP1, nearly 50% larger than PVP generated in Six Months 2025 Financial Results Capital Management • Repurchased 1.4 million shares at a total cost of $120 million3 Asset Management and Alternative Investments • Assured Guaranty received a $17 million cash distribution for its 30% ownership interest in Sound Point related to Sound Point’s 2025 asset management performance • Generated $40 million of adjusted operating income1 from our asset management segment 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the Appendix. 2. Excluding a large, one-off reinsurance transaction closed in 2018. 3. This excludes commissions. Additionally, 0.1 million common shares were repurchased for $10 million between July 1, 2026 and August 5, 2026.
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ASSURED GUARANTY LTD.8 New Insurance Business Production Gross Par Written ($ in millions, Six Months) Assured Guaranty insured $15.9 billion of aggregate par on 939 transactions in Six Months 2026 • Both aggregate par and transaction count are the largest Six Months amounts in a decade – Global structured finance insured the largest amount of par in a decade – Both U.S. public finance and global structured finance insured the largest number of transactions in a decade $11,166 $14,337 $13,166 $15,398 $15,862 2022 2023 2024 2025 2026 PVP ($ in millions; Six Months) $145 $203 $218 $103 $152 2022 2023 2024 2025 2026 U.S. Public Finance Non-U.S. Public Finance Global Structured Finanace Assured Guaranty generated $152 million of PVP in Six Months 2026 • Aggregate Six Months 2026 PVP was nearly 50% higher than Six Months 2025 PVP • U.S. public finance PVP ($106 million) was nearly 45% larger and global structured finance PVP ($35 million) was more than double the PVP in the same period of 2025
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Assured Guaranty Overview
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ASSURED GUARANTY LTD.10 • What do we insure? – We insure financial obligations in three main sectors ▪ U.S. public finance and infrastructure transactions ▪ Non-U.S. public finance and infrastructure transactions ▪ Global structured finance transactions – We focus on transactions in the U.S., the U.K., Europe, Australia and certain other countries in the Americas – We established a representative office in Singapore to conduct market research on the Asian market – The obligations that we insure are primarily investment grade • What does our policy cover? – We insure scheduled payments of principal and interest when due – Financial guaranty insurance laws in the U.S. require that each policy must provide that there shall be no acceleration of our obligations unless such acceleration is at our sole option • How do we track our insurance portfolio? – Our surveillance department monitors our insured portfolio and refreshes the internal credit ratings on each individual exposure in quarterly, semi-annual and annual review cycles based on our view of the exposure’s quality, loss potential, volatility and sector • How do we get paid? – For the majority of our U.S. public finance transactions, premiums are paid upfront on total debt service and earned over time, as the risk is amortized – For non-U.S. public finance and global structured finance transactions, premiums can be paid upfront, in installments over time, or a combination of those – Upfront premiums immediately increase our investible assets, which would increase our investment income Assured Guaranty Overview Financial Guaranty Business Model
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ASSURED GUARANTY LTD.11 Assured Guaranty Overview Financial Guaranty Business Model (Continued) • How do we invest our investment portfolio? – Our portfolio primarily consists of highly rated fixed-maturity and short-term investments, and cash – We also have a strategy to invest a portion of our investment portfolio in alternative investments • What determines the amount Assured Guaranty loses when a default occurs? – The Company’s ultimate loss on an insured obligation is a function of the amount and timing of principal and interest claims paid that are not reimbursed – The Company’s ultimate loss is not a function of that underlying obligation’s market value – Issuers that default on a few debt service payments may have the resources later to repay the Company for any liquidity claims the Company is required to pay – The nature of the financial guaranty business model, which generally requires us to pay only any shortfall in interest and principal on scheduled payment dates, along with our liquidity practices, reduces the need for us to sell invested assets in periods of market distress • What are the barriers to entry in the financial guaranty market? – Regulatory – Rating agency – Investor acceptance – Counterparty approval – Capital commitment
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ASSURED GUARANTY LTD.12 • Assured Guaranty is the leading financial guaranty franchise, with four decades of experience in the municipal and structured finance markets – We participate in the bond insurance market through U.S. and non-U.S. platforms: ▪ Assured Guaranty Inc. (AG) focuses on U.S. public finance, infrastructure and structured finance transactions ▪ Assured Guaranty UK Limited (AGUK) and Assured Guaranty (Europe) SA (AGE) guarantee non-U.S. public finance, infrastructure and structured finance transactions ▪ Assured Guaranty Re Overseas (AGRO) guarantees structured finance transactions and writes specialty business with similar risk profiles to Assured Guaranty’s structured finance exposures • We see both asset management and annuity reinsurance4 as ways to diversify our sources of earnings, and alternative investments as a way to enhance our investment returns 1. All amounts exclude the Annuity Reinsurance segment. 2. Unearned premium reserve net of ceded unearned premium reserve. 3. Based upon U.S. statutory accounting. Aggregate data for insurance subsidiaries within the Assured Guaranty group. Claims on each insurance subsidiary’s insurance policies / financial guaranties are paid from the insurance subsidiary’s separate claims-paying resources. Please see page 14. 4. On January 21, 2026, Assured Guaranty diversified into annuity reinsurance by launching Assured Life Reinsurance Ltd. (Assured Life Re), a rebranding of its newly acquired life and annuity reinsurer Warwick Re. Assured Guaranty Ltd. Assured Guaranty Overview Financial Guaranty Financial Summary1 ($ in billions) Jun. 30, 2026 Insured net par outstanding $281.4 U.S. public finance $219.4 Non-U.S. public finance $49.1 Global structured finance $12.9 Total investment portfolio + cash $8.6 Net unearned premium reserve2 $3.6 Claims-paying resources3 $10.0 Ratio of net par outstanding / claims-paying resources3 28:1
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ASSURED GUARANTY LTD.13 Assured Guaranty Overview Resilience and Enduring Financial Strength Assured Guaranty maintained $10 billion of claims-paying resources1 over 18 years while paying nearly $15 billion to insured investors From January 1, 2008 through June 30, 2026: • Assured Guaranty paid $15.0 billion to protect investors’ principal and interest payments • After reinsurance, reimbursements and our effective loss mitigation efforts, our net claims paid totaled $6.1 billion • We also spent an additional $7.2 billion to repurchase $6.0 billion of common shares and paid $1.1 billion in dividends Yet at the end of the same period: • We had a similar amount of claims- paying resources1 • Our insured portfolio leverage had been cut by more than half, greatly improving our risk profile 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2-26 $0 $2 $4 $6 $8 $10 $12 $14 $16 As of December 31 of each full year ($ in billions) 1. Aggregate data for insurance subsidiaries within the Assured Guaranty Ltd. (NYSE: AGO) group. Claims on each insurance subsidiary’s guaranties are paid from that subsidiary’s separate claims-paying resources. Details can be found in the latest Assured Guaranty Ltd. Financial Supplement at assuredguaranty.com/agldata. 2. Net Claims Paid = gross claims paid less recoveries, reimbursements and reinsurance. Excludes effect of Loss Mitigation Securities. Beginning 2022, Net Claims Paid reflects Puerto Rico settlement proceeds as cash received and the fair value on delivery date of bonds and contingent value instruments (CVIs) received; as bonds are sold, Net Claims Paid is adjusted to account for the actual sale price of the bond or CVI at the time of that sale. 3. Includes AGM pre-acquisition. Represents beginning of loss period for 2008 (Jan. 1, 2008). 4. Includes AGM pre-acquisition. $11.3 billion $10.0 billion Claims-Paying Resources1 $15.0 billion $7.2 billion $6.1 billion Cumulative Gross Claims Paid Jan. 1, 2008 - Jun. 30, 2026 Cumulative Net Claims Paid2 Jan. 1, 2008 - Jun. 30, 2026 Cumulative Share Repurchases and Dividends Jan. 1, 2008 - Jun. 30, 2026 3 4
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ASSURED GUARANTY LTD.14 1) The numbers shown for AG include those of its insurance subsidiaries, Assured Guaranty UK Limited and Assured Guaranty (Europe) SA. 2) Except for contingency reserves, AG Re numbers represent the Company's estimate of AG Re and Assured Guaranty Re Overseas Ltd. (AGRO) on a U.S. statutory-basis. 3) Eliminations consist of intercompany deferred ceding commissions. Net exposure and net debt service outstanding eliminations relate to second-to-pay policies under which an Assured Guaranty financial guaranty insurance subsidiary guarantees an obligation already insured by another Assured Guaranty financial guaranty insurance subsidiary. 4) Loss and LAE reserves exclude adjustments to claims-paying resources for AG because the balance was in a net recoverable position of $95 million. 5) Net exposure and net debt service outstanding are presented on a statutory basis. Includes $4.3 billion of specialty business. 6) The capital ratio is calculated by dividing net debt service outstanding by qualified statutory capital. 7) The financial resources ratio is calculated by dividing net debt service outstanding by total claims-paying resources. 8) The timing and cumulative amount of actual collections and net earned premiums may differ from expected collections and expected net earned premiums due to factors such as foreign exchange rate fluctuations, counterparty collectability issues, accelerations, commutations, restructurings, changes in the consumer price indices, changes in expected lives, new business and changes in ratings of the insured obligations and/or the Company’s financial guaranty insurance subsidiaries. 9) Present value of installment premium is discounted at a rate of 4.5%, which is based on prior year purchases of fixed-maturity securities by external investment managers, usually applying a materiality threshold of 50 basis points. Assured Guaranty Overview Financial Guaranty Claims-Paying Resources As of June 30, 2026 AG AG Re2 Eliminations3 Total Claims-paying resources ($ in millions): Policyholders' surplus $ 3,088 $ 673 $ 49 $ 3,810 Contingency reserve 1,569 — — 1,569 Qualified statutory capital 4,657 673 49 5,379 Unearned premium reserve and net deferred ceding commission income1 2,411 632 (49) 2,994 Loss and loss adjustment expense reserves1,4 — 50 — 50 Total policyholders' surplus and reserves 7,068 1,355 — 8,423 Present value of installment premium1,8,9 870 285 — 1,155 Committed Capital Securities 400 — — 400 Total claims-paying resources $ 8,338 $ 1,640 $ — $ 9,978 Statutory exposure ($ in billions): Statutory net exposure1,5 $ 214.2 $ 70.9 $ (0.5) $ 284.6 Net debt service outstanding1,5 $ 342.9 $ 107.6 $ (0.9) $ 449.6 Ratios: Net exposure to qualified statutory capital 46 :1 105 :1 53 :1 Capital ratio6 74 :1 160 :1 84 :1 Financial resources ratio7 41 :1 66 :1 45 :1 Statutory net exposure to claims-paying resources 26 :1 43 :1 29 :1 Separate company statutory basis ($ in millions): Admitted assets $ 6,839 $ 1,342 Total liabilities 3,751 669 Loss and LAE reserves (recoverable) (113) 50 Paid in capital stock 197 826
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ASSURED GUARANTY LTD.15 Assured Guaranty Overview Assured Guaranty Ltd. Corporate Structure Assured Guaranty Re Ltd. (AG Re) Insurance Subsidiary S&P: AA (stable outlook) financial strength rating Assured Guaranty Overseas US Holdings Inc. U.S. Holding Company NR Assured Guaranty US Holdings Inc. (AGUS) U.S. Holding Company S&P: A (stable outlook) / KBRA: A+ (stable outlook) / Moody’s: Baa1 (stable outlook) issuer credit ratings Assured Guaranty Re Overseas Ltd. (AGRO) Insurance Subsidiary S&P: AA (stable outlook) / A.M. Best: A+ (stable outlook) financial strength ratings Assured Guaranty Municipal Holdings Inc. (AGMH) U.S. Holding Company S&P: A (stable outlook) / Moody’s: Baa2 (stable outlook) issuer credit ratings Assured Guaranty Inc. (AG) Insurance Subsidiary S&P: AA (stable outlook) / KBRA: AA+ (stable outlook) / Moody’s : A1 (stable outlook) financial strength ratings Assured Guaranty UK Limited (AGUK) Insurance Subsidiary S&P: AA (stable outlook) / KBRA: AA+ (stable outlook) / Moody’s: A1 (stable outlook) financial strength ratings As of August 6, 2026 NR = Not rated *Assured Life Re is an indirect subsidiary of AGUKH. Assured Guaranty (Europe) SA (AGE) Insurance Subsidiary S&P: AA (stable outlook) / KBRA: AA+ (stable outlook) / financial strength ratings Assured Guaranty Ltd. Hamilton, Bermuda Publicly Traded Holding Company (NYSE: AGO) S&P: A (stable outlook) / Moody’s: Baa1 (stable outlook) issuer credit ratings Assured Guaranty UK Holdings Ltd (AGUKH) U.K. Holding Company NR Assured Life Reinsurance Ltd. (Assured Life Re) Insurance Subsidiary Fitch: BBB (positive outlook) financial strength rating
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ASSURED GUARANTY LTD.16 1. Dates shown in the table above are the dates of the most recent rating action or affirmation. Assured Guaranty Overview Financial Strength Ratings of Financial Guaranty Insurers S&P KBRA Moody's AG AA Stable Outlook (July 2026) AA+ Stable Outlook (August 2026) A1 Stable Outlook (July 2026) Financial Strength Ratings1 • In July 2026, S&P affirmed the AA (stable outlook) financial strength rating – In their report, S&P emphasized the Company's excellent capital and earnings; well-diversified underwriting strategy; and measured approach to business expansion outside the U.S. public finance market • In August 2026, KBRA affirmed the AA+ (stable outlook) insurance financial strength ratings of AG and its subsidiaries AGUK and AGE – KBRA noted that “AG’s substantial claims-paying resources, formal risk management framework, disciplined underwriting and surveillance, and established position in the financial guaranty market.” • In July 2026, Moody’s affirmed the financial strength ratings of AG and AGUK at A1 (stable outlook) – In their August 2026 credit opinion, Moody’s stated their view reflects Assured Guaranty’s “strong capital profile, conservative underwriting of US municipal, international infrastructure finance and structured finance risks and leading market position in the financial guaranty (FG) insurance sector." Latest Updates
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ASSURED GUARANTY LTD.17 Operating income in Six Months 2026 included: 1. A one-time tax benefit of $33 million related to the enactment of the U.K Finance Act of 2026 in the first quarter 2. Alternative investments of $38 million of pre-tax adjusted operating income 3. The asset management segment generated $40 million of adjusted operating income 4. Accelerations and terminations of approximately $11 million in the second quarter of 2026, nearly 3x larger than the same period last year $4.14 $10.78 $7.10 $9.08 $3.74 2022 2023 2024 2025 6M26 • Adjusted operating income per share1 was $3.74 in Six Months 2026, the second highest six month per share earning result in the last decade and only the second time six month per share earnings have exceeded $3.50 • Adjusted operating income1 is generated from premiums earned from our insured portfolio, investment earnings from our investment portfolio and from other strategic activities Adjusted Operating Income Per Share1,2 By Year 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the Appendix. 2. Adjusted operating income per share 1 was historically high in 2023, primarily due to a gain related to the transaction involving Sound Point and one involving Assured Healthcare Partners LLCs (AHP), and a benefit related to a change to Bermuda tax law. 3. Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income 1. Assured Guaranty Overview Adjusted Operating Income VIE consolidation3 $(0.10) $(0.35) $(0.12) $0.13 $(0.36)
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ASSURED GUARANTY LTD.18 194.0 182.2 158.3 137.9 128.0 116.0 103.7 93.3 77.5 67.5 59.0 56.2 50.5 45.2 44.1 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q26 • We have a capital management strategy that has included returning excess capital to shareholders by repurchasing our common shares and distributing dividends – Since 2013, when we started our share repurchase program, through August 5, 2026, we have repurchased 158 million shares, or 81% of our total shares outstanding at the beginning of the program, for $6.0 billion – The Company repurchased 1.4 million shares for $120 million in Six Months 2026 ▪ Additionally, between July 1, 2026 and August 5, 2026, the Company repurchased 0.1 million shares for $10 million ▪ As of August 5, 2026, we were authorized to purchase $121 million of additional shares – As part of its overall capital management strategy, the Company evaluates on a quarterly basis planned uses of available capital, which may include growth opportunities in its financial guaranty insurance and annuity reinsurance businesses, maintaining a capital cushion to support its existing business and share repurchases ▪ 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 – In February 2026, our Board of Directors authorized an increase in the quarterly dividend to $0.38 per share. We have raised our quarterly dividends every year since 2012. Since our 2004 IPO, we have increased our dividend twelve-fold End of Year Share Count (in millions) Assured Guaranty Overview Track Record of Creating Shareholder Value Share Repurchase Amounts ($ in millions) $24 $264 $590 $555 $306 $501 $500 $500 $446 $496 $503 $199 $502 $500 $120 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M26
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ASSURED GUARANTY LTD.19 Assured Guaranty Re Ltd. (AG Re) (Domiciled in Bermuda) • Cannot exceed 25% of prior year total statutory capital and surplus without certification to the regulator • Cannot exceed current outstanding statutory surplus • Must be paid from current unencumbered assets • Additionally, AG Re can make capital distributions which cannot exceed 15% of its total prior year statutory capital (total stat capital of $858 million, 15% of which is $129 million) Assured Guaranty Inc. (AG) (Domiciled in Maryland) • Cannot exceed the lesser of: (i) 10% of prior year’s policyholders’ surplus, and (ii) 100% of adjusted net investment income • “Adjusted net investment income” means the sum of (x) AG’s net investment income during the 12-month period ending December 31, 2025 (excluding realized capital gains and pro rata distributions of its own securities), and (y) AG’s net investment income (excluding realized capital gains) from 2022-2024 that has not already been paid out as dividends Assured Guaranty Overview Expected 2026 Dividend Limitation Calculations ($ in millions) Policyholders' surplus $3,249 10% of policyholders' surplus $325 2025 investment income $245 Net investment income $952 2022 $246 2023 $419 2024 $287 Dividends paid $(1,045) 2023 $(358) 2024 $(400) 2025 $(287) Excess of net investment income over dividends paid $0 Adjusted net investment income ($245 + $0) $245 2026 Dividend Limitation $245 2026 Remaining Capacity $144 ($ in millions) Total statutory capital and surplus $1,170 25% of statutory capital and surplus $292 Outstanding statutory surplus (deficit) $249 Unencumbered assets $153 Dividends declared through 2Q2026 $120 Dividends paid through 2Q2026 $80 2026 Dividend Limitation $153 2026 Remaining Capacity1 $113 1. Dividend limitation less dividends declared but not paid as of June 30, 2026.
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ASSURED GUARANTY LTD.20 Assured Guaranty Overview Simplified Corporate Structure With Expected Dividend Capacity1 Assured Guaranty US Holdings Inc. (U.S.) Assured Guaranty Ltd. (Head Office – Bermuda; Tax Residence – U.K.) Assured Guaranty Re Ltd. (Bermuda) Assured Guaranty Inc. (U.S.) Shareholders • Total investment portfolio and cash of $32 million2 • 12-months through June 30, 2026, net expenses of $45 million • Annual dividend distribution of $66 million Assured Guaranty Municipal Holdings Inc. (U.S.) The amount of ordinary dividends available for distribution by AG in 2026 is approximately $245 million. AG plans to make a dividend payment in the third quarter of 2026 of approximately $72 million. The Company expects the amount of dividends available for distribution by AG Re in 2026 to be approximately $153 million. Based on applicable law and regulations, in 2026 AG Re has the capacity to declare and pay dividends in an aggregate amount up to 25% of the prior year statutory surplus (i.e., up to $292 million); provided that such payment cannot exceed AG Re’s unencumbered assets ($153 million as of June 30, 2026) or its statutory surplus ($249 million as of June 30, 2026). Additionally, in 2026 AG Re can make capital distributions in an aggregate amount up to $129 million without prior regulatory approval. • Combined liquid investment portfolio and cash of $129 million2,3 • Annual net debt service of $85 million 1. Represents expected dividend capacity of AG and AG Re as of June 30, 2026. Please see our Form 10-K for the annual period ended December 31, 2025, for a discussion of the dividend limitations to which we are subject under applicable Bermuda and U.S. law, including the Maryland Insurance Code. 2. As of June 30, 2026. The investment portfolio includes fixed-maturity securities and short-term investments. 3. Excludes AGUS’s investment in AGMH’s debt, investments in affiliates and tax escrow balances.
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Underlying Value
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ASSURED GUARANTY LTD.22 Underlying Value Historical Growth 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the Appendix. 2. Adjusted operating shareholders' equity per share 1 and adjusted book value per share1 both include adjustments for gains or losses related to FG VIE and CIV consolidation, which were $(0.16) per share and $(0.26) per share, respectively, as of June 30, 2026. Please refer to the Appendix for prior period adjustments and annual reconciliations. Adjusted Book Value Per Share1,2 $18.08 $18.88 $21.37 $23.53 $25.37 $93.92 $106.54 $114.75 $126.78 $129.94 6.43 7.18 8.17 12.13 16.53 48.06 49.38 55.37 59.65 59.78 $24.51 $26.06 $29.54 $35.66 $41.90 $141.98 $155.92 $170.12 $186.43 $189.72 2Q04 2004 2005 2006 2007 ... 2022 2023 2024 2025 6M26 Shareholders’ equity attributable to AGL per share (GAAP): $18.73 $20.19 $22.22 $24.44 $20.33 $85.80 $101.63 $108.80 $125.32 $126.18 Net present value of estimated net future revenue in force and net deferred revenues on insurance contracts less deferred acquisition costs, after tax Adjusted operating shareholders' equity1 per share A dj. Book Value: 674% increase (10% CAGR)
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ASSURED GUARANTY LTD.23 Total Invested Assets and Cash (excluding Assured Life Re.)1 As of June 30, 2026 Underlying Value High-Quality Investment Portfolio • Primarily consists of highly-rated, fixed maturity and short-term investments, and cash; 47% rated AA or higher • Approximately $1.1 billion invested in liquid, short-term investments and cash • Average duration of the fixed maturity securities and short-term investments is 4.4 years $8.6 billion 1. Ratings generally reflect the lower of the Moody's or S&P classifications except for bonds purchased for loss mitigation or other risk management strategies, which use internal ratings classifications. Sound Point and other invested assets are not rated. 2. Includes short-term securities and cash. 3. Equals the “other invested assets” balance sheet line item minus the value of our ownership interest in Sound Point. 4. Represents our ownership interest in Sound Point. 5. Primarily includes contingent value instruments (CVIs) received in connection with the 2022 resolution of certain defaulting Puerto Rico exposures. These securities are not rated. 6. Includes only those non-rated securities that are fixed maturity securities, available-for-sale. Nearly 100% of BIG is held for loss mitigation or other risk management strategies Sound Point 5% Other invested assets 9% U.S. government & agencies 1% AAA 23% AA 24% A 19% BBB 12% BIG 4% NR 2% Fixed maturity securities, trading 2% 2 5 6 3 4
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ASSURED GUARANTY LTD.24 • Total invested assets and cash (excluding Assured Life Re) have declined by $2.5 billion since year-end 2016, despite the Company returning $4.9 billion to shareholders in the form of share repurchases and dividends as well as paying $2.1 billion in net claims Underlying Value Total Invested Assets and Cash Total Invested Assets and Cash ($ in billions) $11.1 $11.5 $11.0 $10.4 $10.0 $9.7 $8.5 $9.2 $8.8 $8.9 $8.6 4Q-16 4Q-17 4Q-18 4Q-19 4Q-20 4Q-21 4Q-22 4Q-23 4Q-24 4Q-25 2Q26 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 $11.0 $12.0 Between 2019 and 2025, amounts invested in funds managed by alternative asset managers excluded from the above total invested assets and cash (related to the above years corresponding to Assured Guaranty’s participation in asset management). $77 $254 $543 $569 $305 $33 $57 $—
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ASSURED GUARANTY LTD.25 • Nearly all of the Company’s annual operating expenses (excluding asset management expenses)2 are covered by annual net investment income1 Underlying Value Net Investment Income1 and Operating Expenses Net Investment Income1 ($ in millions) 1. Net investment income is presented on a consolidated basis. Net investment income represents primarily net interest earned on the fixed maturity available-for-sale portfolio. 2. Operating expenses include employee compensation and benefit expenses, and other operating expenses for the Financial Guaranty segment, Annuity Reinsurance segment and Corporate division. $269 $365 $340 $359 $190 $286 $378 $355 $366 $204 Net investment income Operating expenses excluding asset management expenses 2022 2023 2024 2025 6M26 • This excludes (i) the return on the majority of our alternative investments and (ii) our annual distribution received from our 30% ownership of Sound Point
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New Business Activity
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ASSURED GUARANTY LTD.27 $18 $16 $20 $22 $18 2022 2023 2024 2025 2026 Total U.S. Market Par Issuance Insured Market Transaction Penetration Insured Market Par Penetration • In Six Months 2026, Assured Guaranty’s U.S. public finance par was over $10 billion and PVP was $106 million – U.S. public finance PVP was 43% higher than PVP in the same period of 2025 • Industry insured transaction penetration remained high and Assured Guaranty remained the market leader in Six Months 20263 – Industry transaction penetration was 17.8% during Six Months 2026 – Industry par penetration was 6.2% in Six Months 2026 – Assured Guaranty insured 52% of par of all primary insured deals in Six Months 2026 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the Appendix. 2. Excluding a large, one-off reinsurance transaction closed in 2018. 3. Source: London Stock Exchange Group as of June 30 of each year, based on sale date. Excludes corporate-CUSIP transactions. 4. Includes PVP 1 from both primary and secondary transactions. Insured Market Primary Par Insured and Assured Guaranty’s Insured Market Share3 ($ in billions; Six Months) Total U.S. Public Finance Market Volume and Insured Market Penetration Rates3 ($ in billions; Six Months) Assured Guaranty U.S. Public Finance Total PVP1,4 ($ in millions; Six Months) $201 $173 $237 $278 $295 8.8% 9.0% 8.2% 8.0% 6.2% 17.9% 17.6% 19.1% 19.1% 17.8% 2022 2023 2024 2025 2026 58% 60% 53% 64% $106 $99 $159 $74 $106 2022 2023 2024 2025 2026 Non-Assured Guaranty Insured Par Assured Guaranty Insured Par U.S. Public Finance PVP1 53% New Business Activity Insurance: U.S. Public Finance
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ASSURED GUARANTY LTD.28 • Six Months 2026 business activity highlights: – A primary social housing transaction in France – A regulated utility in Spain • Full year 2025 business activity highlights: – Infrastructure transactions in the European Union – Two transactions with underlying assets including regulated utilities and U.K. universities • Full year 2024 business activity highlights: – Secondary guarantees of regulated utilities – Airport sector transactions • Full year 2023 business activity highlights: – Transactions in the airport and transportation sectors – University housing transactions • Full year 2022 business activity highlights: – A secondary market guaranty for an institutional investor – A secondary market guaranty of regulated utilities 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the Appendix. Non-U.S. Public Finance PVP1 ($ in millions; Six Months) $30 $36 $34 $14 $11 2022 2023 2024 2025 2026 Non-U.S. Public Finance Par ($ in millions; Six Months) $430 $609 $1,572 $472 $454 2022 2023 2024 2025 2026 New Business Activity Insurance: Non-U.S. Public Finance
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ASSURED GUARANTY LTD.29 • In Six Months 2026, business was primarily attributable to two main business lines: – Fund finance transactions – Life insurance capital management business • Full year 2025 business activity highlights: – an upsize of a transaction in Australia – several fund finance facilities • Full year 2024 business activity highlights: – global insurance reserve financings/securitizations – several fund finance facilities • Full year 2023 business activity highlights: – global insurance reserve financings/securitizations – a diversified real estate transaction – several subscription finance facilities • Full year 2022 business activity highlights: – global insurance reserve financings/securitizations – pool corporate obligations > In recent years, global structured finance has focused on bilateral transactions aimed at improving capital management efficiency for policy beneficiaries > Additionally, we have increasingly moved towards repeatable business, which generates future premiums as we see with fund finance – Since these are shorter duration transactions, we also benefit because we earn the premiums more rapidly and can recycle that capital 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the Appendix. Global Structured Finance PVP1 ($ in millions;Six Months) $9 $68 $25 $15 $35 2022 2023 2024 2025 2026 Global Structured Finance Par ($ in millions; Six Months) $376 $3,074 $1,642 $1,796 $5,347 2022 2023 2024 2025 2026 New Business Activity Insurance: Global Structured Finance
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Asset Management and Alternative Investments
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ASSURED GUARANTY LTD.31 Asset Management Segment and Alternative Investments Highlights 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the Appendix. • Assured Guaranty participates in the asset management business primarily through its 30% ownership interest in Sound Point – Assured Guaranty’s share of Sound Point’s net income was $1 million (pre-tax) in Six Months 2026 ▪ This is reflected in the equity in earnings of investees in Assured Guaranty’s asset management segment – Assured Guaranty has received $17 million in distributions in Six Months 2026, representing partner distributions related to its 30% ownership interest in Sound Point Asset Management Segment • The value of alternative investments, as of June 30, 2026, was $928 million; this is up from $925 million as of March 31, 2026 – The majority of alternative investments are managed by Sound Point ($548 million) and AHP ($206 million) • Our alternative investment portfolio generated pretax adjusted core operating income1 of $38 million in Six Months 2026 (primarily comprised of $19 million of equity in earnings and $19 million in net investment income) • The inception-to-date annualized return on alternative investments, including funds managed by Sound Point and AHP, and other alternative investments, was approximately 12% as of June 30, 2026 Alternative Investments
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Annuity Reinsurance
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ASSURED GUARANTY LTD.33 Annuity Reinsurance Business To further its strategic objectives, Assured Guaranty has diversified into annuity reinsurance by launching Assured Life Reinsurance Ltd. (Assured Life Re) Strategic Objectives Entry into Annuity Reinsurance ü ü ü Drive revenue and net income growth by diversifying Assured Guaranty through development of a new strategic growth platform Identify new business opportunities that are a natural extension of core competencies in credit, structured finance, and asset management Leverage client and market relationships across business platforms Deploy excess capital in new business opportunities with attractive returns ü Access private credit markets through Sound Point, where suitable, and support Sound Point’s AUM growth through targeted introductions to insurance and reinsurance companies that complement Assured Life Re’s growth strategy ü
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ASSURED GUARANTY LTD.34 Annuity Business and Assured Life Re’s Product Focus Annuities are contracts sold by life insurance companies that provide a series of regular, guaranteed payments over a set period of time • People typically purchase annuities to save for retirement so they can receive a steady income stream in their later years, with growth in value occurring on a tax-deferred basis until the money is withdrawn Annuities How Life and Annuity Insurance Works For life insurers, the simplest annuity business is essentially a “spread” business • The life insurer issues an annuity and receives an upfront premium, and in exchange the annuity holder receives guaranteed payments at a fixed rate of return over a defined time horizon • The premiums are then invested at a rate of return producing sufficient spread to pay the annuity holder, fund operations and provide a return on capital • Life and annuity insurers often transfer a portion of this risk to reinsurers to increase their capacity to originate new business Assured Life Re’s focus will be providing reinsurance on two products (primarily in the U.S. and the U.K.) • Fixed-term annuities (e.g., Multi-Year Guaranteed Annuities, or MYGA) • Pension risk transfer annuities (PRT) Assured Life Re
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ASSURED GUARANTY LTD.35 Total Invested Assets and Cash, and the Underlying Assets of Funds Withheld (Assured Life Re)1,2 As of June 30, 2026 Annuity Reinsurance Assets Supporting Annuity Reinsurance • Primarily consists of highly-rated, fixed maturity and short-term investments, and cash $0.9 billion 1. Includes $0.6 billion of available for sale portfolio and cash, and $0.3 billion of a funds withheld receivable. Ratings generally reflect the lower of the Moody's or S&P classifications. 2. The majority of the investments rated NR in the chart above are either investment grade rated by DBRS or KBRA, or are commercial mortgage loans underwritten to an investment grade credit quality. AAA 15% AA 15% A 29% BBB 28% BIG 1% NR 13%
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Financial Results
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ASSURED GUARANTY LTD.37 Second Quarter 2026 Results Select Financial Items Select GAAP Results ($ in millions, except per share data) Three Months Ended June 30, % Change vs. 2Q-25 2026 2025 Net income (loss) attributable to AGL $39 $103 (62)% Net income (loss) attributable to AGL per diluted share $0.88 $2.08 (58)% Net earned premiums $102 $89 15% Net investment income $98 $89 10% Loss and LAE (benefit) $4 $28 (86)% Equity in earnings (losses) of investees $(11) $3 NM GAAP ROE1 2.8% 7.4% (4.6)pp NM = Not meaningful pp = percentage points 1. ROE calculations represent annualized returns. 2. Measures shown in this table are non-GAAP financial measures. For an explanation and reconciliation of non-GAAP financial measures, please refer to the Appendix. 3. Please see page 41 for a description of adjusted operating loss and LAE (benefit). 4. The “Effect of FG VIE and CIV Consolidation” column represents amounts included in the consolidated statements of operations and adjusted operating income 2 that the Company removes to arrive at the core financial measures that management uses in certain of its compensation calculations and its decision-making process. Select Non-GAAP Results2 ($ in millions, except per share data) Three Months Ended June 30, % Change vs. 2Q-25 2026 2025 Amount Effect of FG VIE and CIV Consolidation4 Amount Effect of FG VIE and CIV Consolidation4 Adjusted operating income $55 $— $50 $(1) 10% Adjusted operating income per share $1.23 $— $1.01 $(0.02) 22% Adjusted operating loss and LAE (benefit)3 $4 $(1) $28 $1 (86)% Adjusted operating ROE1 3.8% 3.5% 0.3pp
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ASSURED GUARANTY LTD.38 Six Months 2026 Results Select Financial Items Select GAAP Results ($ in millions, except per share data) Six Months Ended June 30, % Change vs. 6M-25 2026 2025 Net income (loss) attributable to AGL $127 $279 (54)% Net income (loss) attributable to AGL per diluted share $2.80 $5.54 (49)% Net earned premiums $184 $180 2% Net investment income $190 $176 8% Loss and LAE (benefit) $21 $68 (69)% Equity in earnings (losses) of investees $20 $56 (64)% GAAP ROE1 4.5% 10.0% (5.5)pp NM = Not meaningful pp = percentage points 1. ROE calculations represent annualized returns. 2. Measures shown in this table are non-GAAP financial measures. For an explanation and reconciliation of non-GAAP financial measures, please refer to the Appendix. 3. Please see page 41 for a description of adjusted operating loss and LAE (benefit). 4. The “Effect of FG VIE and CIV Consolidation” column represents amounts included in the consolidated statements of operations and adjusted operating income 2 that the Company removes to arrive at the core financial measures that management uses in certain of its compensation calculations and its decision-making process. Select Non-GAAP Results2 ($ in millions, except per share data) Six Months Ended June 30, % Change vs. 6M-25 2026 2025 Amount Effect of FG VIE and CIV Consolidation4 Amount Effect of FG VIE and CIV Consolidation4 Adjusted operating income $170 $(16) $212 $1 (20)% Adjusted operating income per share $3.74 $(0.36) $4.21 $0.02 (11)% Adjusted operating loss and LAE (benefit)3 $21 $(1) $5 $1 320% Adjusted operating ROE1 5.9% 7.3% (1.4)pp
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ASSURED GUARANTY LTD.39 Second Quarter 2026 Results Supplemental Information Select Income Components ($ in millions) Three Months Ended June 30, 2026 Net Earned Premiums Net Investment Income Loss Expense (Benefit) Employee Compensation, Benefit Expenses and Other Operating Expenses Equity in Earnings (Losses) of Investees Net Income (Loss) Attributable to Assured Guaranty Ltd. Segments: Financial Guaranty $103 $89 $5 $77 $(10) $85 Annuity Reinsurance — 11 — 5 — 2 Asset Management — — — — (5) (4) Corporate division — 1 — 14 4 (28) Other (1) (3) (1) — — — Subtotal 102 98 4 96 (11) 55 Reconciling items — — — — — (16) Total consolidated $102 $98 $4 $96 $(11) $39 Select Income Components ($ in millions) Three Months Ended June 30, 2025 Net Earned Premiums Net Investment Income Loss Expense (Benefit) Employee Compensation, Benefit Expenses and Other Operating Expenses Equity in Earnings (Losses) of Investees Net Income (Loss) Attributable to Assured Guaranty Ltd. Segments: Financial Guaranty $90 $89 $27 $73 $2 $76 Asset Management — — — — (1) 4 Corporate division — 3 — 13 3 (29) Other (1) (3) 1 — (1) (1) Subtotal 89 89 28 86 3 50 Reconciling items — — — — — 53 Total consolidated $89 $89 $28 $86 $3 $103
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ASSURED GUARANTY LTD.40 Six Months 2026 Results Supplemental Information Select Income Components ($ in millions) Six Months Ended June 30, 2026 Net Earned Premiums Net Investment Income Loss Expense (Benefit) Employee Compensation, Benefit Expenses and Other Operating Expenses Equity in Earnings (Losses) of Investees Net Income (Loss) Attributable to Assured Guaranty Ltd. Segments: Financial Guaranty $186 $177 $22 $162 $(2) $187 Annuity Reinsurance — 16 — 9 — 2 Asset Management — — — — 1 40 Corporate division — 3 — 33 23 (43) Other (2) (6) (1) — (2) (16) Subtotal 184 190 21 204 20 170 Reconciling items — — — — — (43) Total consolidated $184 $190 $21 $204 $20 $127 Select Income Components ($ in millions) Six Months Ended June 30, 2025 Net Earned Premiums Net Investment Income Loss Expense (Benefit) Employee Compensation, Benefit Expenses and Other Operating Expenses Equity in Earnings (Losses) of Investees Net Income (Loss) Attributable to Assured Guaranty Ltd. Segments: Financial Guaranty $181 $175 $4 $155 $32 $244 Asset Management — — — — 12 16 Corporate division — 7 — 29 19 (49) Other (1) (6) 1 — (7) 1 Subtotal 180 176 5 184 56 212 Reconciling items — — 63 — — 67 Total consolidated $180 $176 $68 $184 $56 $279
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ASSURED GUARANTY LTD.41 Net economic loss development in second quarter 2026 was primarily attributable to Brightline Trains Florida LLC, senior revenue bonds secured by a continuing senior lien on Brightline’s assets Loss and LAE reported on the GAAP Consolidated Statement of Operations: • Represents loss and loss adjustment expenses (LAE) for contracts accounted for as insurance and excludes losses related to credit derivatives, FG VIEs and contracts accounted for under other GAAP accounting guidance – GAAP financial guaranty accounting model generally recognizes loss and LAE in the income statement only to the extent and for the amount that such losses exceed deferred premium revenue on a transaction-by-transaction basis Adjusted operating loss expense1, which is a component of adjusted operating income: • Consists of: (i) loss and LAE described above, and (ii) losses attributable to credit derivatives Financial Guaranty segment loss and LAE1: • Consists of: (i) Adjusted operating loss and LAE1 described above, and (ii) losses attributable to consolidated FG VIEs Economic loss development/benefit (all contracts): • 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 • Financial Guaranty Segment Loss Measures 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the Appendix. Loss/(Benefit) ($ in millions) 2Q 2026 2Q 2025 6M 2026 6M 2025 Loss and LAE $4 $28 $21 $68 Adjusted Operating Loss and LAE1 $4 $28 $21 $5 Financial Guaranty Segment Loss and LAE1 $5 $27 $22 $4 Net Economic Loss Development (Benefit) $48 $36 $92 $21
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ASSURED GUARANTY LTD.42 Net Expected Loss and LAE to Be Paid (Recovered) Three Months Ended June 30, 2026 1. Includes net expected loss to be paid (recovered), economic loss development (benefit) and (paid) recovered losses for all contracts (i.e., those accounted for as insurance, credit derivatives and FG VIEs). Roll Forward of Net Expected Loss and LAE to be Paid (Recovered)1 for the Three Months Ended June 30, 2026 ($ in millions) Net Expected Loss to be Paid (Recovered) as of Mar. 31, 2026 Net Economic Loss Development (Benefit) During 2Q-26 Net (Paid) Recovered Losses During 2Q-26 Net Expected Loss to be Paid (Recovered) as of Jun. 30, 2026 Public Finance: U.S. public finance $3 $44 $(5) $42 Non-U.S. public finance 128 4 — 132 Public Finance 131 48 (5) 174 Structured Finance U.S. RMBS (48) (1) 9 (40) Other structured finance 58 1 (1) 58 Structured Finance 10 — 8 18 Total $141 $48 $3 $192
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ASSURED GUARANTY LTD.43 Net Expected Loss and LAE to Be Paid (Recovered) Six Months Ended June 30, 2026 Roll Forward of Net Expected Loss and LAE to be Paid (Recovered)1 for the Six Months Ended June 30, 2026 ($ in millions) Net Expected Loss to be Paid (Recovered) as of Dec. 31, 2025 Net Economic Loss Development (Benefit) During 2026 Net (Paid) Recovered Losses During 2026 Net Expected Loss to be Paid (Recovered) as of Jun. 30, 2026 Public Finance: U.S. public finance $(31) $89 $(16) $42 Non-U.S. public finance 126 6 — 132 Public Finance 95 95 (16) 174 Structured Finance U.S. RMBS (54) (3) 17 (40) Other structured finance 60 — (2) 58 Structured Finance 6 (3) 15 18 Total $101 $92 $(1) $192 1. Includes net expected loss to be paid (recovered), economic loss development (benefit) and (paid) recovered losses for all contracts (i.e., those accounted for as insurance, credit derivatives and FG VIEs).
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Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret Assured Guaranty Insured Portfolio
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ASSURED GUARANTY LTD.45 Portfolio Diversification by Sector Assured Guaranty Financial Guaranty Insured Portfolio1 Net Par Outstanding by Sector as of June 30, 2026 U.S. Public Finance 78% Non-U.S. Public Finance 17% U.S. Structured Finance 3% Non-U.S. Structured Finance 2% $281.4 billion Global Structured Finance PortfolioNon-U.S. Public Finance PortfolioU.S. Public Finance Portfolio General obligation 39% Tax backed 17%Municipal utilities 14% Transportation 13% Healthcare 8% Other 9% $219.4 billion Regulated utilities 47% Infrastructure finance 32% Sovereign and sub-sovereign 16% Renewable energy 3% Pooled infrastructure 2% $49.1 billion Insurance reserve financings and securitizations 34% U.S. RMBS 10% Global pooled corporate 6% Global fund finance facilities 26% Financial products 3%Other structured finance 21% $12.9 billion 2 1. Consolidated amounts include those of AG Re except AG Re's specialty business net exposure of $4.3 billion. 2. As discussed in prior quarters, financial products business is the guarantee of certain business by financial products companies owned by Dexia SA, which comprised guaranteed investment contracts (GICs), medium term notes (MTNs) and equity payment undertaking agreements associated with leveraged lease business. This business is being run off with the final maturity due in 2031. Assured Guaranty is indemnified by Dexia SA and certain of its affiliates.
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ASSURED GUARANTY LTD.46 Portfolio Diversification by Rating Assured Guaranty Financial Guaranty Insured Portfolio1 Net Par Outstanding by Rating as of June 30, 2026 AAA 1% AA 10% A 51% BBB 36% BIG 3% $281.4 billion Global Structured Finance Portfolio AAA 6% AA 53% A 31% BBB 3% BIG 6% $12.9 billion Non-U.S. Public Finance Portfolio AAA 3% AA 3% A 23% BBB 62% BIG 9% $49.1 billion U.S. Public Finance Portfolio AAA AA 8% A 59% BBB 31% BIG 2% $219.4 billion 1. Consolidated amounts include those of AG Re except AG Re's specialty business net exposure of $4.3 billion, all of which is rated investment grade. <1%
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ASSURED GUARANTY LTD.47 Insured Portfolio Composition Percentage of Net Par Outstanding at Year-End As of June 30, 2026 1. Gross of wrapped bond purchases made primarily for Loss Mitigation Securities. Insured Portfolio Amortization Net Par Outstanding at Year-End As of June 30, 2026 ($ in billions) $640 $617 $558 $519 $459 $404 $359 $296 $265 $242$237$234$236$233$249$262$277$281 4Q-09 4Q-10 4Q-11 4Q-12 4Q-13 4Q-14 4Q-15 4Q-16 4Q-17 4Q-18 4Q-19 4Q-20 4Q-21 4Q-22 4Q-23 4Q-24 4Q-25 2Q-26 U.S. Public Finance Non-U.S. Public Finance Global Structured Finance 66% 69% 72% 75% 77% 80% 81% 83% 79% 77% 74% 73% 75% 77% 76% 77% 78% 78% 7% 7% 7% 7% 7% 8% 8% 9% 16% 18% 22% 23% 21% 19% 20% 19% 18% 17%27% 24% 21% 18% 16% 12% 10% 8% 5% 5% 4% 4% 4% 4% 4% 4% 4% 4% 4Q-09 4Q-10 4Q-11 4Q-12 4Q-13 4Q-14 4Q-15 4Q-16 4Q-17 4Q-18 4Q-19 4Q-20 4Q-21 4Q-22 4Q-23 4Q-24 4Q-25 2Q-26 Assured Guaranty Financial Guaranty Insured Portfolio Net Par Outstanding Amortization1 1 1 1 1 1 1 1 • S ince year-end 2022, net par outstanding increased by $48 billion, with increased par outstanding in each of U.S. public finance, non-U.S. public finance and global structured finance • Since year-end 2016, the composition of the insured portfolio has shifted more towards non-U.S. public finance, demonstrating increasing diversification across asset classes in various jurisdictions
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ASSURED GUARANTY LTD.48 Assured Guaranty Insured Portfolio Puerto Rico Update • The Company continues to work to resolve its only unresolved defaulted Puerto Rico exposure, PREPA – As of July 1, 2026, the Company’s outstanding net par exposure to PREPA declined to $358 million, due to claim payments – On December 31, 2024, the United States Court of Appeals for the First Circuit (First Circuit) upheld its determination that: bondholders had a perfected security interest in PREPA’s past, present, and future net revenues; the Federal District Court of Puerto Rico’s estimation of bondholders’ claim was improper; the bondholders’ counterclaim for equitable accounting action was improperly dismissed; and bondholders do not have a claim on the general assets of PREPA – In August 2025, President Trump dismissed six of the seven FOMB members, of which three members sued and were reinstated under an injunction; litigation is stayed but ongoing ▪ The recent Supreme Court ruling in Trump v. Cook provided some clarity for the U.S. administration related to dismissals ▪ The composition of the FOMB remains uncertain and could be subject to further litigation – 90% of signatory holdings in the revenue bond class debt are members of a Cooperation Agreement (which includes the Company) – In March 2026, the Federal District Court of Puerto Rico denied the bondholders’ administrative expense claim motion ▪ The Company filed a notice of appeal to the First Circuit and oral argument is scheduled for September 15, 2026 – On April 2026, after creditors filed a renewed motion to lift the litigation stay, the Federal District Court of Puerto Rico agreed to permit the bondholders’ equitable accounting counterclaim and limited related discovery to proceed ▪ This will provide greater transparency on the amount of net revenues and may also support bondholder recovery arguments ▪ At the July 2026 Omnibus Hearing, the Federal District Court of Puerto Rico flagged a number of key legal issues to be resolved. Oral argument is anticipated for November 18, 2026 – On April 2026, the Puerto Rico Energy Bureau increased the base rate and included a placeholder for legacy debt – On April 2026, the Federal District Court of Puerto Rico extended mediation through October 31, 2026 • As of June 30, 2026, the Company had approximately $75 million of non-defaulting Puerto Rico exposure related primarily to the Municipal Finance Agency (MFA), which are secured by a lien on local tax revenues
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ASSURED GUARANTY LTD.49 Exposure to Puerto Rico As of June 30, 2026 Assured Guaranty Insured Portfolio Puerto Rico Exposure ($ in millions) Net Par Outstanding AG AG Re Total Net Par Outstanding Gross Par Outstanding Defaulted Puerto Rico Exposure Puerto Rico Electric Power Authority (PREPA) $322 $142 $464 $470 Resolved Puerto Rico Exposure1 Puerto Rico Highways and Transportation Authority (PRHTA) — 13 13 13 Non-Defaulting Puerto Rico Exposures2 Puerto Rico Municipal Finance Agency (MFA) 64 11 75 81 University of Puerto Rico (U of PR) 1 — 1 1 Total Exposure to Puerto Rico $387 $166 $553 $565 1. In 2022, the Company resolved its exposure to insured Puerto Rico credits experiencing payment default other than PREPA. The remaining amounts owed for the insured PRHTA bonds are payable in full by the Company’s insurance subsidiaries under their financial guaranty policies and are no longer dependent on the credit of the PRHTA. 2. All debt service on these insured exposures have been paid to date without any insurance claim being made on the Company.
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ASSURED GUARANTY LTD.50 Non-CLO Exposure $280.8 CLO Exposure $0.6 1. $0.6 billion of insured exposure • Nine transactions • All of the exposure is investment grade • Average credit enhancement is approximately 39% • The Company only pays a claim in the event of a shortfall in interest or principal Assured Guaranty CLO Exposures Exposure in Four Distinct Areas 23% 22 % 52% Financial Guaranty Insured Portfolio Net Par Outstanding As of Jun. 30, 2026 ($ in billions) Non-CLO Investments $0.9 CLO Tranches $0.02 Assured Life Re Total Invested Assets, Cash and Funds Withheld As of Jun. 30, 2026 ($ in billions) 2. $0.2 billion of investment grade CLOs (all A-rated or better) 3. $0.2 billion of CLO equity tranches are part of our alternative investment portfolio (all in subordinated tranches1) 1. Subordinated tranches could include residuals, subordinated and mezzanine debt tranches and investments in CLO warehouses. 4. $24 million of investment grade CLOs (all BBB- rated) Non-CLO Investments $8.2 Investment Grade CLOs $0.2 CLOs Equity Tranches $0.2 Total Invested Assets and Cash (excluding Assured Life Re) As of Jun. 30, 2026 ($ in billions)
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ASSURED GUARANTY LTD.51 Assured Guaranty Insured Portfolio BIG Surveillance Categories The Company assigns each BIG exposure to one of the three BIG surveillance categories based on loss modeling1 and scenario probability weighting: BIG Surveillance Category 1: Exposures for which there are possible future losses, on a present value basis, and the aggregate probability weighting of scenarios with future losses is less than 50%, regardless of whether the Company has or has not paid a liquidity claim BIG Surveillance Category 2: Exposures for which there are possible future losses, on a present value basis, and the aggregate probability weighting of scenarios with future losses is 50% or more, but for which no claims (other than liquidity claims) have yet been paid BIG Surveillance Category 3: Exposures for which future losses are expected, on a present value basis, and the aggregate probability weighting of scenarios with future losses is 50% or more, and for which claims, other than liquidity claims, have been paid Scenario Claims Paid One Two Three Four Five W.A. Expected Loss to be Paid Scenario Weight 10% 15% 50% 15% 10% BIG 1 $0 $0 $0 $0 $0 $10 $1 BIG 2 $0 $0 $0 $10 $200 $1,000 $135 BIG 3 $10 $0 $0 $10 $200 $1,000 $135 1. For purposes of classifying BIG exposures into one of the three BIG categories, the Company calculates the present value of projected claim payments and recoveries using the pre-tax book yield of the investment portfolio as the applicable discount rate. For financial statement measurement purposes, the Company uses risk-free rates (as determined each quarter) for discounting, rather than pre-tax book yield of the investment portfolio, to calculate the expected losses to be paid. Expected losses to be paid (recovered) are based on probability weighted scenarios and serve as the basis for the loss reserves reported in accordance with U.S. GAAP. BIG 1: The loss is only in a scenario with an aggregate probability weight of 10%. BIG 2: The losses are in scenarios with an aggregate probability weight of 75%, but there are no claims paid to date. BIG 3: The losses are in scenarios with an aggregate probability weight of 75% and there are claims paid to date. To understand the process, consider the following generic example:
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ASSURED GUARANTY LTD.52 • Approximately $2.4 billion (0.8% of total net par) of the aggregate BIG exposure was BIG Surveillance Category 1 • Approximately $4.9 billion (1.8% of total net par) of the aggregate BIG exposure was BIG Surveillance Category 2 • Approximately $1.2 billion (0.4% of total net par) of the aggregate BIG exposure was BIG Surveillance Category 3 Assured Guaranty Insured Portfolio Net Par Outstanding by BIG Surveillance Category1 Financial Guaranty Portfolio Categories As of June 30, 2026 ($ billions) Net Par Outstanding Percent of BIG Par Percent of Total Par BIG Surveillance Category 1 281.4 U.S. public finance $1.22 14.4 % 0.4 % Non-U.S. public finance 1.00 11.7 % 0.4 % U.S. structured finance 0.17 2.0 % 0.1 % Non-U.S. structured finance — — % — % Total BIG Category 1 $2.39 0 . 0 28.1 % 0.8 % BIG Surveillance Category 2 U.S. public finance $1.60 18.8 % 0.6 % Non-U.S. public finance 3.29 38.8 % 1.2 % U.S. structured finance 0.05 0.5 % — % Non-U.S. structured finance — — % — % Total BIG Category 2 $4.94 58.1 % 1.8 % BIG Surveillance Category 3 U.S. public finance $0.58 6.8 % 0.2 % Non-U.S. public finance — — % — % U.S. structured finance 0.59 7.0 % 0.2 % Non-U.S. structured finance — — % — % Total BIG Category 3 $1.17 13.8 % 0.4 % BIG Total $8.50 100.0 % 3.0 % 1. Please see page 51 for a description of the Company’s loss modeling process and BIG surveillance categories.
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ASSURED GUARANTY LTD.53 Assured Guaranty Insured Portfolio Total BIG Exposure ($ in billions) • Exposure with an internal BIG rating is $8.5 billion, down from $8.6 billion in first quarter 2026 – Approximately $2.4 billion of this exposure is currently categorized as BIG Surveillance Category 1, which are exposures for which there are possible future losses, on a present value basis, and the aggregate probability weighting of scenarios with losses is less than 50%, regardless of whether the Company has or has not paid a liquidity claim1 • The largest components of BIG exposure are U.K. regulated utilities at 28% and U.S. transportation at 14% BIG Net Par Outstanding BIG Percentage of Net Par Outstanding $22.5 $18.2 $15.2 $13.1 $12.2 $10.2 $8.5 $8.0 $7.4 $5.9 $5.4 $10.2 $8.8 $8.5 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 2Q26 4.9% 4.5% 4.2% 4.4% 4.6% 4.2% 3.6% 3.4% 3.1% 2.5% 2.2% 3.9% 3.2% 3.0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 2Q26 1. Please see page 51 for a description of the Company’s loss modeling process and BIG surveillance categories.
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ASSURED GUARANTY LTD.54 Assured Guaranty Insured Portfolio BIG 2 and BIG 3 Exposure ($ in billions) $7.7 $6.4 $7.1 $8.6 $7.7 $7.1 $5.9 $5.1 $4.9 $2.5 $3.0 $2.1 $5.0 $6.1 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 2Q26 BIG 2 and BIG 3 Net Par Outstanding 1.7% 1.6% 2.0% 2.9% 2.9% 2.9% 2.5% 2.2% 2.1% 1.1% 1.2% 0.8% 1.8% 2.2% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 2Q26 BIG 2 and BIG 3 Percentage of Total Net Par Outstanding • Transactions rated BIG 2 represent approximately 58% of all BIG transactions (1.8% of total net par outstanding) – The largest components of our BIG 2 exposure are U.K. regulated utilities at 48% and U.S. transportation at 23% • Transactions rated BIG 3 represent approximately 14% of all BIG transactions (0.4% of total net par outstanding) – The largest components of our BIG 3 exposure are U.S. RMBS at 46% and Puerto Rico at 41% • Our total U.S. public finance portfolio contains more than 6,500 direct obligors and represents the vast majority of our total insurance exposure – We currently have net expected future losses to be paid on less than a dozen of these exposures1 1. This represents exposures where the net expected loss to be paid is greater than $1 million.
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ASSURED GUARANTY LTD.55 Type1 Name or Description Net Par Outstanding Internal Rating2 PF Thames Water Utilities Finance Plc $2,365 B PF Brightline Trains Florida LLC 1,133 CCC PF Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc 542 B+ PF Westchester Medical Center 540 BB+ PF Puerto Rico Electric Power Authority 464 CCC PF University of Essex, United Kingdom 385 BB PF Palomar Health 374 CCC PF Q Energy - Phase II - Pride Investments, S.A. 255 BB+ Total $6,058 1. “PF” signifies a public finance transaction and “SF” signifies a structured finance transaction, if applicable. 2. Transactions rated below B- are categorized as CCC. Assured Guaranty Insured Portfolio BIG Exposures > $250 Million BIG Exposures Greater Than $250 Million As of June 30, 2026 ($ in millions)
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Appendix
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ASSURED GUARANTY LTD.57 Appendix Explanation of Non-GAAP Financial Measures The Company discloses both: (i) financial measures determined in accordance with GAAP; and (ii) financial measures not determined in accordance with GAAP (non-GAAP financial measures). Financial measures identified as non-GAAP should not be considered substitutes for GAAP financial measures. The primary limitation of non-GAAP financial measures is the potential lack of comparability to financial measures of other companies, whose definitions of non-GAAP financial measures may differ from those of the Company. The Company’s management believes that many investors, analysts and financial news reporters use adjusted operating shareholders’ equity and/or ABV, each further adjusted to remove the effect of FG VIE and CIV consolidation, as the principal financial measures for valuing AGL’s current share price or projected share price and also as the basis of their decision to recommend, buy or sell AGL’s common shares and provides information that is necessary for analysts to calculate their estimates of Assured Guaranty’s financial results in their research reports on Assured Guaranty. Adjusted operating income, further adjusted for the effect of FG VIE and CIV consolidation, enables investors and analysts to evaluate the Company’s financial results in comparison with the consensus analyst estimates distributed publicly by financial databases. GAAP requires the Company to consolidate entities where it is deemed to be the primary beneficiary which include FG VIEs, which the Company does not own and where its exposure is limited to its obligation under the financial guaranty insurance contract, and certain CIVs in which subsidiaries invest. The Company discloses the effect of FG VIE and CIV consolidation that is embedded in each non-GAAP financial measure, as applicable. The Company believes this information may also be useful to analysts and investors evaluating Assured Guaranty’s financial results. In the case of both the consolidated FG VIEs and the CIVs, the economic effect on the Company of each of the consolidated FG VIEs and CIVs is reflected primarily in the results of the Financial Guaranty segment. The Company’s management and AGL’s Board of Directors use non-GAAP financial measures further adjusted to remove the effect of FG VIE and CIV consolidation when the consolidation effects are not consistent with the Company’s economic interest or exposure to those entities (which the Company refers to as its core financial measures), as well as GAAP financial measures and other factors, to evaluate the Company’s results of operations, financial condition and progress towards long-term goals. The Company uses core financial measures in its decision-making process and as a basis for establishing target levels and awards under the Company’s executive incentive compensation programs. The financial measures that the Company uses to help determine compensation are: (i) adjusted operating income per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core operating income per share); (ii) adjusted operating shareholders’ equity per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core operating shareholders’ equity per share); (iii) ABV per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core ABV per share); (iv) core operating return on equity, which is calculated as core operating income divided by the average of core operating shareholders’ equity at the beginning and end of the period; and (v) PVP.
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ASSURED GUARANTY LTD.58 Appendix Explanation of Non-GAAP Financial Measures (Cont’d) 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. Adjusted Operating Income: 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 including (i) items that, under GAAP, 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) items that, under GAAP, result in asymmetrical accounting adjustments, and/or (iii) non-economic gains and losses. Adjusted operating income is defined as net income (loss) attributable to AGL, as reported under GAAP, adjusted for the following: 1) Elimination of realized gains (losses) on investments that are recognized in net income (loss) attributable to AGL, except for gains and losses on securities classified as trading. The timing of realized gains and losses, which depends largely on market credit cycles, can vary considerably across periods. The timing of sales is largely subject to the Company’s discretion and influenced by market opportunities, as well as the Company’s tax and capital profile. 2) Elimination of non-credit impairment-related fair value gains (losses) on credit derivatives that are recognized in net income (loss) attributable to AGL, which is the amount of fair value gains (losses) in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, the Company’s credit spreads and other market factors and are not expected to result in an economic gain or loss. 3) Elimination of changes in fair value of freestanding derivatives in the Annuity Reinsurance segment that economically hedge market movements in financial instruments and insurance liabilities (but are not in designated hedging relationships in accordance with GAAP). Certain mark-to-market movements of the hedged market risks are not reported in net income (loss) attributable to AGL, such as changes in the unrealized gains and losses on the available-for-sale investment portfolio due to fluctuations in exchange rates, and interest rates, and certain components of changes in insurance liabilities as a result of changes in interest rates. 4) Elimination of the changes in fair value of the embedded derivative in funds withheld that are recognized in net income (loss) attributable to AGL related to realized and unrealized gains (losses) of the underlying investment portfolio, whose value may change significantly from period to period due to near term market conditions. 5) Elimination of fair value gains (losses) on CCS that are recognized in net income (loss) attributable to AGL. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss. 6) Elimination of foreign exchange gains (losses) on remeasurement of assets and liabilities such as net premium receivables and insurance liabilities that are long- term in nature that are recognized in net income (loss) attributable to AGL. Long-dated receivables and insurance reserves represent the present value of future contractual or expected cash flows. Therefore, the current period’s foreign exchange remeasurement gains (losses) are not necessarily indicative of the total foreign exchange gains (losses) that the Company will ultimately recognize. 7) Income tax allocated to the adjustments above. 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.
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ASSURED GUARANTY LTD.59 Appendix Explanation of Non-GAAP Financial Measures (Cont’d) Adjusted Operating Shareholders’ Equity and Adjusted Book Value: 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. Adjusted operating shareholders’ equity per share and ABV per share, each further adjusted for FG VIE and CIV consolidation (core operating shareholders’ equity per share and core ABV per share, respectively), are two of the key financial measures used in determining the amount of certain long-term compensation elements to management and employees and used by rating agencies and investors. Adjusted operating shareholders’ equity is defined as shareholders’ equity attributable to AGL, as reported under GAAP, adjusted for the following: 1) Elimination of non-credit impairment-related fair value gains (losses) on credit derivatives that are reported on the consolidated balance sheet, which is the amount of fair value gains (losses) in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss. 2) Elimination of fair value gains (losses) on CCS that are reported on the consolidated balance sheet. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss. 3) Elimination of unrealized gains (losses) on investments that are recorded as a component of accumulated other comprehensive income (AOCI). The AOCI component of the fair value adjustment on the investment portfolio is not deemed economic because the Company generally holds these investments to maturity and therefore would not result in an economic gain or loss. 4) Elimination of the fair value of freestanding derivatives in the Annuity Reinsurance segment that economically hedge market movements in financial instruments and insurance liabilities (but are not in designated hedging relationships in accordance with GAAP), such as changes in fair value on derivatives that hedge fluctuations in foreign exchange, interest rates and inflation on Assured Life Re’s available-for-sale investment portfolio. 5) Elimination of the unrealized gains (losses) of the underlying investments in funds withheld arrangements. 6) Income tax allocated to the adjustments above. ABV is adjusted operating shareholders’ equity, as defined above, further adjusted for the following: 1) Elimination of deferred acquisition costs, net. These amounts represent net deferred expenses that have already been paid or accrued and will be expensed in future accounting periods. 2) Addition of the net present value of estimated net future revenue. See below. 3) Addition of deferred income on insurance contracts (including deferred profit liability and, in the case of financial guaranty insurance contracts, the amount of deferred premium revenue in excess of expected loss to be expensed, net of reinsurance). 4) Income tax allocated to the adjustments above. Shares outstanding as of the end of the reporting period are used to calculate adjusted operating shareholders’ equity per share and ABV per share. The unearned premiums and revenues included in ABV will be earned in future periods, but actual earnings may differ materially from the estimated amounts used in determining current ABV due to changes in foreign exchange rates, prepayment speeds, terminations, modifications, credit defaults, changes in assumptions for or actual experience of the annuity insurance business and other factors.
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ASSURED GUARANTY LTD.60 Appendix Explanation of Non-GAAP Financial Measures (Cont’d) Adjusted Operating Return on Equity (Adjusted Operating ROE): Adjusted Operating ROE represents adjusted operating income for a specified period divided by the average of adjusted operating shareholders’ equity at the beginning and the end of that period. Management believes that adjusted operating ROE is a useful measure to evaluate the Company’s return on invested capital. Many investors, analysts and members of the financial news media use adjusted operating ROE, adjusted for VIE consolidation, to evaluate AGL’s share price and as the basis of their decision to recommend, buy or sell the AGL common shares. Quarterly and year-to-date adjusted operating ROE are calculated on an annualized basis. Adjusted operating ROE, adjusted for VIE consolidation, is one of the key management financial measures used in determining the amount of certain long-term compensation to management and employees and used by rating agencies and investors. Net Present Value of Estimated Net Future Revenue: 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-financial guaranty 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 certain fixed-maturity securities such as 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. PVP or Present Value of New Business Production: 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. 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 certain fixed-maturity securities such as Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Under GAAP, financial guaranty installment premiums are discounted at a risk-free rate. Additionally, under GAAP, management records future installment premiums on financial guaranty insurance contracts covering non-homogeneous pools of assets based on the contractual term of the transaction, whereas for PVP purposes, management records an estimate of the future installment premiums the Company expects to receive, which may be based upon a shorter period of time than the contractual term of the transaction. Actual installment premiums may differ from those estimated in the Company’s PVP calculation due to factors including, but not limited to, changes in foreign exchange rates, prepayment speeds, terminations, amendments to policies, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation.
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ASSURED GUARANTY LTD.61 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the preceding pages of the Appendix. 2. Includes present value of new business on installment policies discounted at the prescribed GAAP discount rates, gross written premium adjustments on existing installment policies due to changes in assumptions, any cancellations of assumed reinsurance contracts, and other GAAP adjustments. 3. 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-maturities such as Loss Mitigation Securities. Full year 2024, 2023 and 2022 also included the present value of future premiums and fees associated with other business written by the Company that, under GAAP, is accounted for under Accounting Standards Codification (ASC) 460, Guarantees. Appendix AGL Consolidated Reconciliation of Gross Written Premiums (GWP) to PVP1 Reconciliation of GWP to PVP1 Three Months Ended June 30, Year Ended December 31, ($ in millions) 2026 2025 2025 2024 2023 2022 2021 2020 2019 Total GWP $81 $85 $256 $440 $357 $360 $377 $454 $677 Less: Installment GWP and other GAAP adjustments2 33 43 105 300 247 145 158 191 469 Upfront GWP 48 42 151 140 110 215 219 263 208 Plus: Installment premiums and other3 31 22 135 262 294 160 142 127 361 Total PVP1 $79 $64 $286 $402 $404 $375 $361 $390 $569 Three Months Ended June 30, Year Ended December 31, PVP1: 2026 2025 2025 2024 2023 2022 2021 2020 2019 Public Finance - U.S. $58 $49 $206 $270 $212 $257 $235 $292 $201 Public Finance - non-U.S. 3 7 37 67 83 68 79 82 308 Structured Finance - U.S. 9 1 13 25 68 43 42 14 53 Structured Finance - non-U.S. 9 7 30 40 41 7 5 2 7 Total PVP1 $79 $64 $286 $402 $404 $375 $361 $390 $569 Six Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2026 2025 PVP: 2026 2025 Total GWP $151 $120 Public Finance - U.S. $106 $74 Less: Installment GWP and other GAAP adjustments1 69 54 Public Finance - non-U.S. 11 14 Upfront GWP 82 66 Structured Finance - U.S. 16 3 Plus: Installment premiums and other2 70 37 Structured Finance - non-U.S. 19 12 Total PVP $152 $103 Total PVP $152 $103
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ASSURED GUARANTY LTD.62 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the preceding pages of the Appendix. 2. All per share information is on diluted shares. Appendix Reconciliation of Net Income (Loss) Attributable to AGL to Adjusted Operating Income1,2 Adjusted Operating Income1 Reconciliation Three Months Ended Six Months Ended June 30, June 30, ($ in millions, except per share amounts) 2026 2025 2026 2025 Total Per Share Total Per Share Total Per Share Total Per Share Net income (loss) attributable to AGL $39 $0.88 $103 $2.08 $127 $2.80 $279 $5.54 Less pre-tax adjustments: Realized gains (losses) on investments (10) (0.21) (6) (0.12) (25) (0.54) (22) (0.43) Non-credit impairment-related fair value gains (losses) on credit derivatives (1) (0.01) (1) (0.03) (3) (0.06) (3) (0.07) Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment (1) (0.04) — — (3) (0.08) — — Realized and unrealized fair value gains (losses) of the embedded derivative in funds withheld — — — — (2) (0.04) — — Fair value gains (losses) on CCS (7) (0.16) (1) (0.01) (1) (0.03) 1 0.02 Foreign exchange gains (losses) on remeasurement of certain assets and liabilities (1) (0.02) 71 1.43 (19) (0.41) 104 2.06 Total pre-tax adjustments (20) (0.44) 63 1.27 (53) (1.16) 80 1.58 Less tax effect on pre-tax adjustments 4 0.09 (10) (0.20) 10 0.22 (13) (0.25) Adjusted Operating income1 $55 $1.23 $50 $1.01 $170 $3.74 $212 $4.21 Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income1 $— $— $(1) $(0.02) $(16) $(0.36) $1 $0.02
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ASSURED GUARANTY LTD.63 Appendix Reconciliation of Net Income (Loss) Attributable to AGL to Adjusted Operating Income1,2 (2014-2025) Adjusted Operating Income1 Reconciliation Year Ended December 31, ($ in millions, except per share amounts) 2025 2024 2023 2022 2021 2020 Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Net income (loss) attributable to AGL $503 $10.26 $376 $6.87 $739 $12.30 $124 $1.92 $389 $5.23 $362 $4.19 Less pre-tax adjustments: Realized gains (losses) on investments (40) (0.82) 9 0.16 (14) (0.23) (56) (0.87) 15 0.20 18 0.21 Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives 6 0.12 14 0.27 106 1.75 (18) (0.27) (64) (0.85) 65 0.75 Fair value gains (losses) on CCS 20 0.40 (10) (0.19) (35) (0.57) 24 0.37 (28) (0.38) (1) (0.01) Foreign exchange gains (losses) on remeasurement of certain assets and liabilities 85 1.74 (26) (0.47) 51 0.84 (110) (1.72) (21) (0.29) 42 0.49 Total pre-tax adjustments 71 1.44 (13) (0.23) 108 1.79 (160) (2.49) (98) (1.32) 124 1.44 Less tax effect on pre-tax adjustments (13) (0.26) — — (17) (0.27) 17 0.27 17 0.23 (18) (0.22) Adjusted Operating income1 $445 $9.08 $389 $7.10 $648 $10.78 $267 $4.14 $470 $6.32 $256 $2.97 Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income1 $6 $0.13 $(6) $(0.12) $(21) $(0.35) $(6) $(0.10) $30 $0.41 $(12) $(0.14) Year Ended December 31, 2019 2018 2017 2016 2015 2014 Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Net income (loss) attributable to AGL $402 $4.00 $521 $4.68 $730 $5.96 $881 $6.56 $1,056 $7.08 $1,088 $6.26 Less pre-tax adjustments: Realized gains (losses) on investments 22 0.22 (32) (0.29) 40 0.33 (30) (0.23) (27) (0.18) (56) (0.32) Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives (10) (0.11) 101 0.90 43 0.35 36 0.27 505 3.39 687 3.95 Fair value gains (losses) on CCS (22) (0.22) 14 0.13 (2) (0.02) — — 27 0.18 (11) (0.06) Foreign exchange gains (losses) on remeasurement of certain assets and liabilities 22 0.21 (32) (0.29) 57 0.46 (33) (0.25) (15) (0.10) (21) (0.12) Total pre-tax adjustments 12 0.10 51 0.45 138 1.12 (27) (0.21) 490 3.29 599 3.45 Less tax effect on pre-tax adjustments (1) (0.01) (12) (0.11) (69) (0.57) 13 0.09 (144) (0.97) (158) (0.92) Adjusted Operating income1 $391 $3.91 $482 $4.34 $661 $5.41 $895 $6.68 $710 $4.76 $647 $3.73 Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income1 $— $— $(4) $(0.03) $11 $0.10 $12 $0.10 $11 $0.07 $156 $0.90 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the preceding pages of the Appendix. 2. All per share information is on diluted shares.
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ASSURED GUARANTY LTD.64 Appendix Reconciliation of Net Income (Loss) Attributable to AGL to Adjusted Operating Income1,2 (2004-2013) Adjusted Operating Income1 Reconciliation Year Ended December 31, ($ in millions, except per share amounts) 2013 2012 2011 2010 2009 2008 Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Net income (loss) attributable to AGL $808 $4.30 $110 $0.57 $773 $4.16 $484 $2.56 $82 $0.63 $60 $0.67 Less pre-tax adjustments: Realized gains (losses) on investments 56 0.30 (3) (0.02) (18) (0.10) (1) (0.01) (33) (0.26) (70) (0.79) Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives (49) (0.26) (672) (3.53) 344 1.85 6 0.03 (106) (0.82) 82 0.92 Fair value gains (losses) on CCS 10 0.05 (18) (0.09) 35 0.19 9 0.05 (123) (0.95) 43 0.48 Foreign exchange gains (losses) on remeasurement of certain assets and liabilities (1) (0.01) 21 0.11 (5) (0.03) (29) (0.15) 27 0.21 - - Total pre-tax adjustments 16 0.08 (672) (3.53) 356 1.91 (15) (0.08) (235) (1.82) 55 0.61 Less tax effect on pre-tax adjustments (9) (0.06) 188 1.00 (104) (0.56) 11 0.06 62 0.48 (60) (0.67) Adjusted Operating income1 $801 $4.28 $594 $3.10 $521 $2.81 $488 $2.58 $255 $1.97 $65 $0.73 Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income1 $192 $1.03 $59 $0.29 $(80) $(0.43) $(167) $(0.88) Year Ended December 31, 2007 2006 2005 2004 Total Per Share Total Per Share Total Per Share Total Per Share Net income (loss) attributable to AGL ($303) ($4.46) $160 $2.15 $188 $2.53 $183 $2.44 Less pre-tax adjustments: Realized gains (losses) on investments (1) (0.01) (2) (0.03) 2 0.03 8 0.11 Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives (667) (9.63) 6 0.08 (4) (0.05) 51 0.68 Fair value gains (losses) on CCS 8 0.12 - - - - - - Foreign exchange gains (losses) on remeasurement of certain assets and liabilities - - - - - - - - Total pre-tax adjustments (660) (9.52) 4 0.05 (2) (0.02) 59 0.79 Less tax effect on pre-tax adjustments 179 2.58 (1) (0.02) - - (17) (0.23) Adjusted Operating income1 $178 $2.57 $157 $2.12 $190 $2.55 $141 $1.88 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the preceding pages of the Appendix. 2. All per share information is on diluted shares.
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ASSURED GUARANTY LTD.65 Appendix Reconciliation of Shareholders’ Equity Attributable to AGL to Adjusted Book Value1 Adjusted book value1 reconciliation As of ($ in millions, except per share amounts) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Reconciliation of shareholders' equity to adjusted book value1: Shareholders' equity attributable to AGL $5,559 $126.18 $5,542 $124.28 $5,663 $125.32 $5,633 $117.10 $5,590 $112.80 $5,495 $108.80 Less pre-tax adjustments: Non-credit impairment-related fair value gains (losses) on credit derivatives 52 1.18 52 1.17 55 1.21 45 0.94 47 0.94 49 0.96 Fair value gains (losses) on CCS 20 0.46 28 0.62 22 0.48 3 0.07 4 0.08 2 0.05 Unrealized gains (losses) on investment portfolio (258) (5.87) (304) (6.80) (149) (3.28) (218) (4.54) (313) (6.32) (397) (7.86) Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment (5) (0.12) (3) (0.07) — — — — — — — — Fair value gains (losses) of the embedded derivative in funds withheld (1) (0.03) 1 0.01 — — — — — — — — Less Taxes 27 0.62 33 0.74 6 0.13 25 0.52 34 0.70 46 0.90 Adjusted operating shareholders' equity1 $5,724 $129.94 $5,735 $128.61 $5,729 $126.78 $5,778 $120.11 $5,818 $117.40 $5,795 $114.75 Pre-tax reconciling items: Less: Deferred acquisition costs 201 4.57 197 4.42 192 4.25 185 3.85 181 3.65 176 3.47 Plus: Net present value of estimated net future revenue2 188 4.27 190 4.27 194 4.30 196 4.07 199 4.01 202 3.99 Plus: Net deferred revenue on insurance contracts2 3,305 75.01 3,358 75.30 3,367 74.51 3,409 70.85 3,415 68.92 3,473 68.75 Plus Taxes (658) (14.93) (670) (15.02) (674) (14.91) (685) (14.23) (689) (13.89) (702) (13.90) Adjusted book value1 $8,358 $189.72 $8,416 $188.74 $8,424 $186.43 $8,513 $176.95 $8,562 $172.79 $8,592 $170.12 Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating shareholders' equity1 $(8) $(0.16) $(8) $(0.19) $8 $0.18 $1 $0.03 $3 $0.04 $— $0.01 Gain (loss) related to FG VIE and CIV consolidation included in adjusted book value1 $(12) $(0.26) $(13) $(0.29) $3 $0.07 $(4) $(0.08) $(4) $(0.07) $(6) $(0.13) 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the preceding pages of the Appendix. 2. The timing and cumulative amount of actual collections and net earned premiums may differ from expected collections and expected net earned premiums due to factors such as foreign exchange rate fluctuations, counterparty collectability issues, accelerations, commutations, restructurings, changes in the consumer price indices, changes in expected lives, new business and changes in ratings of the insured obligations and/or the Company’s insurance subsidiaries.
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ASSURED GUARANTY LTD.66 Appendix Reconciliation of Shareholders’ Equity Attributable to AGL to Adjusted Book Value1 (2018-2023) Adjusted book value1 reconciliation As of December 31, ($ in millions, except per share amounts) 2023 2022 2021 2020 2019 2018 Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Reconciliation of shareholders' equity to adjusted book value1: Shareholders' equity attributable to AGL $5,713 $101.63 $5,064 $85.80 $6,292 $93.19 $6,643 $85.66 $6,639 $71.18 $6,555 $63.23 Less pre-tax adjustments: Non-credit impairment-related fair value gains (losses) on credit derivatives 34 0.61 (71) (1.21) (54) (0.80) 9 0.12 (56) (0.60) (45) (0.44) Fair value gains (losses) on CCS 13 0.22 47 0.80 23 0.34 52 0.66 52 0.56 74 0.72 Unrealized gains (losses) on investment portfolio (361) (6.40) (523) (8.86) 404 5.99 611 7.89 486 5.21 247 2.39 Less Taxes 37 0.66 68 1.15 (72) (1.07) (116) (1.50) (89) (0.95) (63) (0.61) Adjusted operating shareholders' equity1 $5,990 $106.54 $5,543 $93.92 $5,991 $88.73 6,087 78.49 $6,246 $66.96 $6,342 $61.17 Pre-tax reconciling items: Less: Deferred acquisition costs 161 2.87 147 2.48 131 1.95 119 1.54 111 1.19 105 1.01 Plus: Net present value of estimated net future revenue2 199 3.54 157 2.66 160 2.37 182 2.35 206 2.20 219 2.11 Plus: Net deferred revenue on insurance contracts2 3,436 61.12 3,428 58.10 3,402 50.40 3,355 43.27 3,296 35.34 3,005 28.98 Plus Taxes (699) (12.41) (602) (10.22) (599) (8.88) (597) (7.70) (590) (6.32) (526) (5.07) Adjusted book value1 $8,765 $155.92 $8,379 $141.98 $8,823 $130.67 $8,908 $114.87 $9,047 $96.99 $8,935 $86.18 Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating shareholders' equity1 $5 $0.07 $17 $0.28 $32 $0.47 $2 $0.03 $7 $0.07 $3 $0.03 Gain (loss) related to FG VIE and CIV consolidation included in adjusted book value1 $— $— $11 $0.19 $23 $0.34 $(8) ($0.10) $(4) $(0.05) $(15) $(0.15) 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the preceding pages of the Appendix. 2. The timing and cumulative amount of actual collections and net earned premiums may differ from expected collections and expected net earned premiums due to factors such as foreign exchange rate fluctuations, counterparty collectability issues, accelerations, commutations, restructurings, changes in the consumer price indices, changes in expected lives, new business and changes in ratings of the insured obligations and/or the Company’s insurance subsidiaries.
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ASSURED GUARANTY LTD.67 Appendix Reconciliation of Shareholders’ Equity Attributable to AGL to Adjusted Book Value1 (2013-2017) Adjusted book value1 reconciliation As of December 31, ($ in millions, except per share amounts) 2017 2016 2015 2014 2013 Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Reconciliation of shareholders' equity to adjusted book value1: Shareholders' equity attributable to AGL $6,839 $58.95 $6,504 $50.82 $6,063 $43.96 $5,758 $36.37 $5,115 $28.07 Less pre-tax adjustments: Non-credit impairment-related fair value gains (losses) on credit derivatives (146) (1.26) (189) (1.48) (241) (1.75) (741) (4.68) (1,447) (7.94) Fair value gains (losses) on CCS 60 0.52 62 0.48 62 0.45 35 0.22 46 0.25 Unrealized gains (losses) on investment portfolio 487 4.20 316 2.47 373 2.71 523 3.30 236 1.29 Less Taxes (83) (0.71) (71) (0.54) (56) (0.41) 45 0.29 306 1.68 Adjusted operating shareholders' equity1 $6,521 $56.20 $6,386 $49.89 $5,925 $42.96 $5,896 $37.24 $5,974 $32.79 Pre-tax reconciling items: Less: Deferred acquisition costs 101 0.87 106 0.83 114 0.83 121 0.76 124 0.68 Plus: Net present value of estimated net future revenue2 162 1.40 147 1.15 192 1.39 186 1.17 251 1.38 Plus: Net deferred revenue on insurance contracts2 2,966 25.56 2,922 22.83 3,384 24.53 3,461 21.86 3,791 20.81 Plus Taxes (515) (4.43) (835) (6.52) (974) (7.06) (968) (6.12) (1,081) (5.93) Adjusted book value1 $9,033 $77.86 $8,514 $66.52 $8,413 $60.99 $8,454 $53.39 $8,811 $48.37 Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating shareholders' equity1 $5 $0.03 $(7) $(0.06) $(21) $(0.15) $(37) $(0.24) $(190) $(1.04) Gain (loss) related to FG VIE and CIV consolidation included in adjusted book value1 $(14) $(0.12) $(24) $(0.18) $(43) $(0.31) $(60) $(0.39) $(248) $(1.36) 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the preceding pages of the Appendix. 2. The timing and cumulative amount of actual collections and net earned premiums may differ from expected collections and expected net earned premiums due to factors such as foreign exchange rate fluctuations, counterparty collectability issues, accelerations, commutations, restructurings, changes in the consumer price indices, changes in expected lives, new business and changes in ratings of the insured obligations and/or the Company’s insurance subsidiaries.
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ASSURED GUARANTY LTD.68 Appendix Reconciliation of Shareholders’ Equity Attributable to AGL to Adjusted Book Value1 (2008-2012) Adjusted book value1 reconciliation As of December 31, ($ in millions, except per share amounts) 2012 2011 2010 2009 2008 Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Reconciliation of shareholders' equity to adjusted book value1: Shareholders' equity attributable to AGL $4,994 $25.74 $4,652 $25.52 $3,670 $19.97 $3,455 $18.76 $1,876 $20.62 Less pre-tax adjustments: Non-credit impairment-related fair value gains (losses) on credit derivatives (1,346) (6.94) (668) (3.67) (1,044) (5.68) (1,049) (5.70) (539) (5.93) Fair value gains (losses) on CCS 35 0.18 54 0.30 19 0.10 10 0.05 51 0.56 Unrealized gains (losses) on investment portfolio 708 3.65 488 2.68 114 0.62 202 1.10 (7) (0.08) Less Taxes 150 0.77 21 0.11 262 1.42 216 1.17 102 1.13 Adjusted operating shareholders' equity1 $5,447 $28.08 $4,757 $26.10 $4,319 $23.51 $4,076 $22.14 $2,269 $24.94 Pre-tax reconciling items: Less: Deferred acquisition costs 116 0.60 132 0.73 145 0.79 162 0.88 216 2.37 Plus: Net present value of estimated net future revenue2 378 1.95 434 2.38 614 3.34 755 4.10 929 10.21 Plus: Net deferred revenue on insurance contracts2 4,301 22.17 4,790 26.28 5,439 29.60 6,195 33.64 1,215 13.36 Plus Taxes (1,269) (6.54) (1,426) (7.81) (1,677) (9.12) (1,977) (10.74) (379) (4.17) Adjusted book value1 $8,741 $45.06 $8,423 $46.22 $8,550 $46.54 $8,887 $48.26 $3,818 $41.97 Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating shareholders' equity1 $(383) $(1.97) $(444) $(2.44) $(372) $(2.02) Gain (loss) related to FG VIE and CIV consolidation included in adjusted book value1 $(452) $(2.33) $(564) $(3.10) $(439) $(2.38) 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the preceding pages of the Appendix. 2. The timing and cumulative amount of actual collections and net earned premiums may differ from expected collections and expected net earned premiums due to factors such as foreign exchange rate fluctuations, counterparty collectability issues, accelerations, commutations, restructurings, changes in the consumer price indices, changes in expected lives, new business and changes in ratings of the insured obligations and/or the Company’s insurance subsidiaries.
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ASSURED GUARANTY LTD.69 Appendix Reconciliation of Shareholders’ Equity Attributable to AGL to Adjusted Book Value1 (2004-2007) Adjusted book value1 reconciliation As of December 31, ($ in millions, except per share amounts) 2007 2006 2005 2004 2004 Q2 Total Per Share Total Per Share Total Per Share Total Per Share Total Per Share Reconciliation of shareholders' equity to adjusted book value1: Shareholders' equity attributable to AGL $1,625 $20.33 $1,651 $24.44 $1,662 $22.22 $1,528 $20.19 $1,422 $18.73 Less pre-tax adjustments: Non-credit impairment-related fair value gains (losses) on credit derivatives (621) (7.76) 46 0.68 40 0.54 44 0.58 13 0.17 Fair value gains (losses) on CCS 8 0.10 — — — — — — — — Unrealized gains (losses) on investment portfolio 61 0.76 46 0.68 53 0.71 93 1.23 56 0.73 Less Taxes 148 1.86 (30) (0.45) (29) (0.40) (38) (0.50) (19) (0.25) Adjusted operating shareholders' equity1 $2,029 $25.37 $1,589 $23.53 $1,598 $21.37 $1,429 $18.88 $1,372 $18.08 Pre-tax reconciling items: Less: Deferred acquisition costs 201 2.51 217 3.21 193 2.58 186 2.46 183 2.41 Plus: Net present value of estimated net future revenue2 930 11.63 589 8.72 426 5.70 468 6.18 403 5.31 Plus: Net deferred revenue on insurance contracts2 875 10.95 626 9.27 516 6.90 496 6.55 501 6.60 Plus Taxes (283) (3.54) (179) (2.65) (138) (1.85) (234) (3.09) (232) (3.07) Adjusted book value1 $3,350 $41.90 $2,408 $35.66 $2,209 $29.54 $1,973 $26.06 $1,861 $24.51 1. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the preceding pages of the Appendix. 2. The timing and cumulative amount of actual collections and net earned premiums may differ from expected collections and expected net earned premiums due to factors such as foreign exchange rate fluctuations, counterparty collectability issues, accelerations, commutations, restructurings, changes in the consumer price indices, changes in expected lives, new business and changes in ratings of the insured obligations and/or the Company’s insurance subsidiaries.
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ASSURED GUARANTY LTD.70 Appendix Reconciliation of AGL GAAP ROE1 to Adjusted Operating ROE1,2 1. Quarterly ROE calculations represent annualized returns. 2. This is a non-GAAP financial measure. For an explanation and reconciliation of non-GAAP financial measures, please refer to the preceding pages of the Appendix. ROE Reconciliation ($ in millions) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) attributable to AGL $39 $103 $127 $279 Adjusted operating income2 55 50 170 212 Average shareholders' equity attributable to AGL $5,551 $5,612 $5,611 $5,564 Average adjusted operating shareholders' equity2 5,730 5,798 5,727 5,787 Gain (loss) related to FG VIE and CIV consolidation included in average adjusted operating shareholders' equity2 (8) 2 — 1 GAAP ROE1 2.8 % 7.4 % 4.5 % 10.0 % Adjusted operating ROE1,2 3.8 % 3.5 % 5.9 % 7.3 %
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ASSURED GUARANTY LTD.71 Equity Investor Presentation June 30, 2026 Assured Guaranty Contacts: Robert Tucker Senior Managing Director Investor Relations and Corporate Communications Direct: 212.339.0861 rtucker@agltd.com Andre Thomas Managing Director Equity Investor Relations Direct: 212.339.3551 athomas@agltd.com Glenn Alterman Director Investor Relations Direct: 212.339.0865 galterman@agltd.com