Bermudian-based Assured Guaranty Ltd has reported net income of $81 million in the first quarter of 2023, compared to $66 million in the 2022 first quarter.

But revenue was down by $133.00 million from the comparative period.

Adjusted operating income of the publicly traded holding company, was better at $68 million or $1.12 per share compared to $14 million or 22 cents per share at the end of the previous quarter.

Shareholders’ equity attributable to Assured Guaranty Ltd per share was $88.07 as of March 31, compared to $85.80 as of December 31, 2022.

The insurance segment adjusted operating income was $117 million, gross written premiums were $86 million, and the present value of new business production was $112 million for first quarter 2023.

President and chief executive officer Dominic Frederico said: “Assured Guaranty’s diversified financial guaranty strategy led to impressive new business production in the first quarter of 2023.”

Mr Frederico said the GWP of $86 million was 23 per cent higher than in the first quarter of 2022 and 59 per cent higher than the average for the previous ten first quarters.

“In terms of payment versus payment, it was our most successful first quarter in over a decade,” he said. “We closed $112 million of PVP in the quarter, up 62 per cent from first quarter 2022 and approximately double the PVP average for the previous ten first quarters.”

He said they benefited from a strong start to the year for both global structured finance.

“We achieved our best gross written premium and PVP results in more than a decade, and international infrastructure, where we more than doubled the first quarter 2022 results for both GWP and PVP,” Mr Frederico said. “In US public finance, we guaranteed 60 per cent of insured municipal bonds’ par issued in the first quarter.”