SAN FRANCISCO (Thomson Financial) - Assured Guaranty Ltd. late Thursday reported second-quarter net income of $545.2 million, or $5.97 a share, up from $32.8 million, or 47 cents a share, in the year-ago period.
The increase in net income was mainly due to a $518.3 million increase in after-tax unrealized gains on credit derivatives, the Bermuda-based financial guaranty company said.
Operating income, which excludes realized and unrealized gains and losses, came in at $38.7 million, or 42 cents a share, down from $46.7 million, or 68 cents a share, last year.
The mean estimate of analysts polled by Thomson Reuters was for a per-share profit of 50 cents.
Shares of Assured Guaranty closed at $13.74. Gabriel Madway gm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2008 AFX News
