Assured Guaranty Re Ltd., a subsidiary of Assured Guaranty Ltd., has reported its consolidated financial statements for the year ended December 31, 2023, and the changes from the previous year are quite significant.
The total investments for 2023 amounted to $1,278,673, showing an increase from $1,264,400 in 2022. Notably, the company's cash position also improved, with cash amounting to $9,880 in 2023, compared to $2,522 in 2022.
Premiums receivable, net of commissions payable, saw a substantial increase, reaching $289,750 in 2023, up from $245,982 in 2022. Additionally, the company's deferred tax assets also experienced a significant uptick, amounting to $193,012 in 2023, compared to $5,811 in 2022.
Moving on to the liabilities, the unearned premium reserve for 2023 stood at $824,249, showing an increase from $795,506 in 2022. The total liabilities for 2023 were reported at $1,160,886, up from $1,129,697 in 2022.
In terms of revenues, the company reported total revenues of $192,096 in 2023, a substantial increase from $99,691 in 2022. The net investment income also showed growth, reaching $54,027 in 2023, compared to $44,663 in 2022.
The company's net income for the year 2023 was $283,487, marking a significant increase from $51,785 in 2022. This rise in net income also impacted the total shareholder's equity, which amounted to $1,094,448 in 2023, up from $837,720 in 2022.
These changes in the company's financial position from the previous year reflect a positive trajectory and indicate a strong performance for Assured Guaranty Re Ltd. Today the company's shares have moved 1.4% to a price of $77.32. Check out the company's full 8-K submission here.
