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Assured Guaranty Ltd. Reports Results For Second Quarter 2012

1 These are financial measures that are not in accordance with accounting principles generally accepted in the United States of America (“GAAP”) (“non-GAAP financial measures”). Please see the “Explanation of Non-GAAP Financial Measures” section of this press release and Table 1 for a reconciliation of net income (loss) to operating income.

Table 1: Reconciliation of Net Income (Loss) to Operating Income 1

(amounts in millions, except per share amounts)

 
  Quarter Ended

June 30,

  2012       2011  
 
Net income (loss) $ 376.5 $ (43.1 )
Less after-tax adjustments:
Realized gains (losses) on investments (4.8 ) (2.8 )
Non-credit impairment unrealized fair value gains (losses) on credit derivatives 159.4 (73.6 )
Fair value gains (losses) on committed capital securities (“CCS”) 2.9 0.4
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and loss adjustment expense (“LAE”) reserves 3.7 3.8
Effect of consolidating financial guaranty variable interest entities (“FG VIEs”)   101.3     (114.3 )
Operating income $ 114.0   $ 143.4  
 
Net income (loss) per diluted share 2 $ 2.01 $ (0.23 )
Operating income per diluted share 2 $ 0.61 $ 0.76
 
Diluted shares outstanding – GAAP 187.0 184.2
Diluted shares outstanding – operating 187.0 187.6
 

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