Assured Guaranty Ltd. (AGO: Quote) reported fourth quarter net income of $74 million or $0.38 per share, compared with a net loss of $84 million or $0.46 per share last year. The increase was driven primarily by lower non-economic net unrealized losses, and lower loss and loss adjustment expenses.
Operating income grew to $184 million or $0.95 per share from $172 million or $0.94 per share in the prior year. This represents a 7% increase due primarily to higher terminations of structured finance exposures, and refundings of public finance exposures.
Net earned premiums on an operating income basis increased to $321 million from $243 million in fourth quarter 2011 and total revenues were $447 million compared to $375 million last year.
Analysts polled by Thomson Reuters expected the company to report profit of $0.70 per share on revenue of $198.33 million for the quarter. Analysts' estimates typically exclude special items.
Click here to receive FREE breaking news email alerts for Assured Guaranty Ltd. and others in your portfolio
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org