Assured Guaranty last night reported that it swung to a fourth-quarter net income of $216.7 million, or $1.27 a share, from a net loss of $243.8 million, or $2.66 a share, in the same period last year.

The bond insurer said operating income, which excludes net realised investment gains and losses and other items, totalled $155.9 million, or 91 cents a share, compared with $3.5 million, or four cents a share, a year earlier.

Analysts surveyed by FactSet Research had forecast earnings of 80 cents a share on revenue of $419.3 million.