Bermudian-based holding Assured Guaranty Ltd has reported net income attributable to AGL of $125 million for second quarter 2023.

It compares with a net loss of $47 million in the prior-year quarter for the leading provider of financial guaranty insurance.

Adjusted operating income was $36 million in the quarter compared with $30 million for second quarter 2022.

The company said second-quarter capital returned to shareholders was $41 million including share repurchases of $24 million and dividends of $17 million.

“New business production for the second quarter and first half remained strong, consistent with recent years’ results, and was diversified across US public finance, international public finance and global structured finance,” said Dominic Frederico, president and chief executive.

“First-half gross written premiums and present value of new business production were $181 million and $203 million, respectively.

“First-half GWP is the fifth-largest first-half GWP since 2009, while first-half PVP is the second-largest amount of first-half PVP and the second time that first-half PVP exceeded $200 million since 2009.

“For US public finance, our share of the first-half insured primary municipal bond market was 63 per cent, up from 56 per cent in the first-half of 2022, and total insured market penetration increased to 9 per cent.”