Assured Guaranty (AGO) said late Thursday that second-quarter net income came in at $545.2 million, or $5.97 a share, up a lot from the same period a year earlier when the bond insurer made $32.8 million, or 47 cents a share. The big increase was driven mainly by $518.3 million in after-tax unrealized gains on credit derivatives. Operating income, which excludes such gains and losses, was $38.7 million, or 42 a share.
This comes on the heals of better than expected earnings news at Ambac (ABK).
Here Wilbur discusses Ambac and MBIA (MBI) in June:
Now we wait for MBIA to report in a few hours. Will we get a trifecta?
Disclosure ("none" means no position):None
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