Net income attributable to Assured Guaranty Ltd. for Full Year (FY) 2025 was $503 million, or $10.26 per share, representing a 49% increase from FY 2024. Adjusted operating income for FY 2025 was $445 million, or $9.08 per share, a 28% year-over-year increase. Shareholders equity attributable to Assured Guaranty Ltd. per share rose 15% to $125.32 as of December 31, 2025. Adjusted operating shareholders equity per share increased over 10% to $126.78, and adjusted book value (ABV) per share increased 10% to $186.43 as of December 31, 2025. Capital returned to shareholders in FY 2025 totaled $569 million, consisting of the repurchase of 5.8 million shares for $500 million and dividends of $69 million. For the fourth quarter of 2025, net income attributable to Assured Guaranty Ltd. was $119 million, or $2.53 per share, and adjusted operating income was $109 million, or $2.32 per share. Gross written premiums (GWP) for FY 2025 were $256 million, and present value of new business production (PVP) was $286 million. The company led the U.S. municipal bond insurance market in 2025 with 58.5% of new issue insured par sold and insured $2.0 billion of par in the secondary market, almost three-and-a-half times the amount insured in 2024. On January 21, 2026, Assured Guaranty entered the annuity reinsurance market by acquiring a life and annuity reinsurance company, renamed Assured Life Re, to diversify revenue sources.