Bermudian-based Assured Guaranty Ltd has reported net income of $376 million in the 2024 fiscal year.

Gross written premiums were $440 million and the present value of new business production was $402 million for FY2024.

Capital returned to shareholders was $570 million, comprising the repurchase of 6.2 million shares for $502 million and dividends of $68 million.

A company spokesman said: “Net income attributable to AGL in FY2024 decreased to $376 million from $739 million in FY 2023, which included several large non-recurring benefits — a $175 million after-tax gain [net of expenses] associated with the Sound Point and AHP transactions, and a $208 million benefit related to Bermuda and New York State tax law changes.

“Additional factors contributing to the decrease in net income attributable to AGL primarily included a $90 million reduction in fair value gains on credit derivatives and an $80 million decline in foreign exchange remeasurement gains, which were offset by a decrease in loss expense — which was a benefit in FY2024 of $26 million compared with a loss of $162 million in FY2023 — and a $59 million increase in net earned premiums.”

Net income in the fourth quarter of the year was $18 million.

Gross written premiums were $186 million in the fourth quarter, and the present value of new business production was $121 million.

Fourth-quarter capital returned to shareholders was $107 million, consisting of the repurchase of 1.1 million shares for $91 million and dividends of $16 million.

President and chief executive Dominic Frederico said: “Assured Guaranty generated strong results in 2024. We reached record year-end highs for shareholders’ equity per share, at $108.80, adjusted operating shareholders’ equity per share, at $114.75, and adjusted book value per share, at $170.12, while we continued to build value for Assured Guaranty’s shareholders and policyholders. Our share price rose by 20 per cent during the year, as it did in 2023.

“We benefited from strong production across US public finance, non-US public finance and global structured finance businesses, resulting in $440 million of GWP and $402 million of PVP, led by the strongest US public finance production in four years.

“In our capital management programme, we repurchased 11 per cent of the common shares that were outstanding on December 31, 2023, and met our 2024 target of repurchasing $500 million of our shares.”