Form 8-K - Current report

Share Name	Share Symbol	Market	Type
Assured Guaranty Municipal Holdings Inc	NYSE:AGO	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.52	-0.57%	91.02	92.67	90.17	91.50	353,752	01:00:00

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15 (d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)—August 7, 2024

ASSURED GUARANTY LTD.

(Exact name of registrant as specified in its charter)


Bermuda	001-32141	98-0429991
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

30 Woodbourne Avenue

Hamilton HM 08 Bermuda

(Address of principal executive offices)

Registrant’s telephone number, including area code: (441) 279-5700

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class:		Trading Symbol(s)	Name of exchange on which registered
Common Shares	$0.01 par value per share	AGO	New York Stock Exchange
Assured Guaranty US Holdings Inc. 6.125% Senior Notes due 2028 (and the related guarantee of Registrant)		AGO/28	New York Stock Exchange
Assured Guaranty US Holdings Inc. 3.150% Senior Notes due 2031 (and the related guarantee of Registrant)		AGO/31	New York Stock Exchange
Assured Guaranty US Holdings Inc. 3.600% Senior Notes due 2051 (and the related guarantee of Registrant)		AGO/51	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02			Results of Operations and Financial Condition. On August 7, 2024 Assured Guaranty Ltd. issued a press release reporting its second quarter 2024 results and the availability of its June 30, 2024 financial supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference herein.

Item 9.01			Financial Statements and Exhibits. (d) Exhibits

Exhibit Number			Description
99.1			Assured Guaranty Ltd. Press Release dated August 7, 2024 reporting second quarter 2024 results
99.2			June 30, 2024 Financial Supplement of Assured Guaranty Ltd.
104.1			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			Assured Guaranty Ltd.


			By:			/s/ BENJAMIN G. ROSENBLUM
						Name: Benjamin G. Rosenblum Title: Chief Financial Officer

DATE: August 7, 2024

Assured Guaranty Ltd. Reports Results for Second Quarter 2024

•GAAP Highlights:

•Net income attributable to Assured Guaranty Ltd. was $78 million, or $1.41 per share(1), for second quarter 2024.

•Shareholders’ equity attributable to Assured Guaranty Ltd. per share was $104.15 as of June 30, 2024.

•Gross written premiums (GWP) were $132 million for second quarter 2024.

•Non-GAAP Highlights:

•Adjusted operating income(2) was $80 million, or $1.44 per share, for second quarter 2024.

•Adjusted operating shareholders’ equity(2) per share and adjusted book value (ABV)(2) per share were $109.88 and $161.65, respectively, as of June 30, 2024.

•Present value of new business production (PVP)(2) was $155 million for second quarter 2024.

•Return of Capital to Shareholders:

•Second quarter 2024 capital returned to shareholders was $169 million including share repurchases of $152 million and dividends of $17 million.

•Stock redemptions by U.S. Insurance Subsidiaries

•$100 million stock redemption by Assured Guaranty Municipal Corp. (AGM) on May 13, 2024.

•$300 million stock redemption by Assured Guaranty Inc. (AG, formerly Assured Guaranty Corp.) on August 5, 2024.

Hamilton, Bermuda, August 7, 2024 -- Assured Guaranty Ltd. (NYSE: AGO) (AGL and, together with its subsidiaries, Assured Guaranty or the Company) announced today its financial results for the three-month period ended June 30, 2024 (second quarter 2024).

“We have laid the foundation for an exceptional year in new business production. In the second quarter alone, our U.S. and international public finance and structured finance GWP totaled $132 million, and PVP totaled $155 million. These results were driven by the second best direct GWP and the best direct PVP produced in a second quarter since 2009. Our success in second quarter 2024 was a result of insuring several large infrastructure transactions, high U.S. municipal bond market issuance and bond insurance penetration, along with our 58% share of primary-market insured par sold, while still being selective on credit quality and maintaining our pricing discipline,” said Dominic Frederico, President and CEO.

“Once again, we reached new highs on a per-share basis for all three of our key shareholder value measures: shareholders’ equity, adjusted operating shareholders’ equity and adjusted book value.

“Additionally, we completed the merger of AGM into AG, formerly known as Assured Guaranty Corp., on August 1. This will result in a more efficient utilization of capital and simplify our organizational structure. In connection with the merger, the Maryland Insurance Administration approved, and on August 5 we completed, a $300 million stock redemption (sometimes described as a “special dividend”) from the combined company to the holding company level. This followed a $100 million stock redemption by AGM in the second quarter.”

(1) All per share information for net income and adjusted operating income is based on diluted shares.

(2) Please see “Explanation of Non-GAAP Financial Measures.”

U.S. Insurance Subsidiaries - Stock Redemptions

AGM’s entire $100 million stock redemption, and $172 million of AG’s $300 million stock redemption, was in exchange for cash. The remainder of AG’s stock redemption was in exchange for alternative investments.

Summary Financial Results

(in millions, except per share amounts)


	Quarter Ended
	June 30,
	2024		2023

GAAP (1)
Net income (loss) attributable to AGL	$	78	$	125
Net income (loss) attributable to AGL per diluted share	$	1.41	$	2.06
Weighted average diluted shares	55.0		60.1
Non-GAAP
Adjusted operating income (loss) (2)	$	80	$	36
Adjusted operating income per diluted share (2)	$	1.44	$	0.60
Weighted average diluted shares	55.0		60.1
Gain (loss) related to FG VIE and CIV consolidation (3) included in adjusted operating income	$	(1)	$	(18)
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income per share	$	(0.03)	$	(0.30)

Components of total adjusted operating income (loss)
Insurance segment	$	116	$	106
Asset Management segment	—		(2)
Corporate division	(35)		(50)
Other	(1)		(18)
Adjusted operating income (loss)	$	80	$	36


	As of
	June 30, 2024				December 31, 2023
	Amount		Per Share		Amount		Per Share

Shareholders’ equity attributable to AGL	$	5,539	$	104.15	$	5,713	$	101.63
Adjusted operating shareholders’ equity (2)	5,844		109.88		5,990		106.54
ABV (2)	8,598		161.65		8,765		155.92

Common Shares Outstanding	53.2				56.2

________________________________________________

(1) Generally accepted accounting principles in the United States of America.

(2) Please see “Explanation of Non-GAAP Financial Measures” at the end of this press release.

(3) The effect of consolidating financial guaranty (FG) variable interest entities (VIEs) and consolidated investment vehicles (CIVs).

On a per share basis, shareholders’ equity attributable to AGL increased to $104.15 as of June 30, 2024 from $101.63 as of December 31, 2023, primarily due to net income and share repurchases, partially offset by dividends and unrealized losses in the investment portfolio. On a per share basis, ABV increased to $161.65 primarily due to adjusted operating income, new business production and share repurchases, partially offset by dividends.

Insurance Segment

The Insurance segment primarily consists of (i) the Company’s insurance subsidiaries that provide credit protection products to the United States (U.S.) and non-U.S. public finance (including infrastructure) and structured finance markets, excluding the effect of VIE consolidations, and (ii) AG’s investment subsidiary.

Insurance Segment New Business Production

Insurance Segment

New Business Production

(in millions)


	Quarter Ended June 30,
	2024						2023
	GWP		PVP (1)		Gross Par Written (2)		GWP		PVP (1)		Gross Par Written (2)

Public finance - U.S.	$	103	$	116	$	7,043	$	78	$	77	$	7,747
Public finance - non-U.S.	25		33		1,572		9		6		249
Structured finance - U.S.	2		4		214		5		3		252
Structured finance - non-U.S.	2		2		594		3		5		726
Total	$	132	$	155	$	9,423	$	95	$	91	$	8,974

________________________________________________

(1) PVP, a non-GAAP financial measure, measures the value of the Insurance segment’s new business production for all contracts regardless of form or GAAP accounting model. See “Explanation of Non-GAAP Financial Measures” at the end of this press release. PVP is based on “close date,” when the transaction settles. PVP was discounted at 5.0% in second quarter 2024 and 4.0% in the three-month period ended June 30, 2023 (second quarter 2023).

(2) Gross Par Written is based on “close date,” when the transaction settles.

U.S. public finance GWP and PVP in second quarter 2024 were higher than the comparable GWP and PVP in second quarter 2023, primarily due to two large transportation revenue transactions that were closed in second quarter 2024. The Company’s direct par written represented 58% of the total U.S. municipal market insured issuance in second quarter 2024, compared with 64% in second quarter 2023, and the Company’s penetration of all municipal issuance was 5.2% in second quarter 2024 compared with 6.5% in second quarter 2023.

In second quarter 2024, non-U.S. public finance GWP and PVP were higher than GWP and PVP in second quarter 2023, primarily due to secondary market guaranties of several U.K. regulated utility and airport transactions in second quarter 2024.

Insurance Segment Adjusted Operating Income

Insurance segment adjusted operating income increased to $116 million in second quarter 2024 from $106 million in second quarter 2023, primarily due to lower loss expense in second quarter 2024, compared with second quarter 2023, and higher earnings from alternative investments, partially offset by lower fair value gains on trading securities in second quarter 2024.

Insurance Segment Results

(in millions)


	Quarter Ended
	June 30,
	2024		2023
Segment revenues
Net earned premiums and credit derivative revenues	$	87	$	88
Net investment income	81		90
Fair value gains (losses) on trading securities	17		40
Foreign exchange gains (losses) on remeasurement	—		2
Other income (loss)	4		4
Total segment revenues	189		224

Segment expenses
Loss expense (benefit)	—		44

Amortization of deferred acquisition costs (DAC)	3		3
Employee compensation and benefit expenses	40		36
Other operating expenses	27		27
Total segment expenses	70		110
Equity in earnings (losses) of investees	15		5
Segment adjusted operating income (loss) before income taxes	134		119
Less: Provision (benefit) for income taxes	18		13
Segment adjusted operating income (loss)	$	116	$	106

The components of the Insurance segment’s premiums, losses and income from the investment portfolio are presented below.

Insurance Segment Net Earned Premiums and Credit Derivative Revenues

Insurance Segment

Net Earned Premiums and Credit Derivative Revenues

(in millions)


	Quarter Ended
	June 30,
	2024		2023
Scheduled net earned premiums and credit derivative revenues	$	84	$	80
Accelerations	3		8
Total	$	87	$	88

Insurance Segment Loss Expense (Benefit) and the Roll Forward of Expected Losses

Loss expense is a function of net economic loss development (benefit) and deferred premium revenue. The difference between loss expense and economic development in a given period represents the amount of deferred premium revenue absorbing expected losses to be paid.

Insurance Segment

Loss Expense (Benefit)

(in millions)


	Quarter Ended
	June 30,
	2024		2023
Public finance	$	3	$	45
U.S. residential mortgage-backed securities (RMBS)	(6)		(3)
Other structured finance	3		2
Total	$	—	$	44

The table below presents the roll forward of net expected losses for second quarter 2024.

Roll Forward of Net Expected Loss to be Paid (Recovered) (1)

(in millions)


	Net Expected Loss to be Paid (Recovered) as of March 31, 2024		Net Economic Loss Development (Benefit)		Net (Paid) Recovered Losses		Net Expected Loss to be Paid (Recovered) as of June 30, 2024

Public finance	$	398	$	29	$	(16)	$	411
U.S. RMBS	(2)		(10)		12		—
Other structured finance	37		2		(3)		36
Total	$	433	$	21	$	(7)	$	447

________________________________________________

(1) Net economic loss development (benefit) represents the change in net expected loss to be paid (recovered) attributable to the effects of changes in the economic performance of insured transactions, changes in assumptions based on observed market trends, changes in discount rates, accretion of discount and the economic effects of loss mitigation efforts, each net of reinsurance. Net economic loss development (benefit) is the principal measure that the Company uses to evaluate the loss experience in its insured portfolio. Expected loss to be paid (recovered) includes all transactions insured by the Company, regardless of the accounting model prescribed under GAAP and without consideration of deferred premium revenue.

The net economic loss development was $21 million in second quarter 2024, and was primarily attributable to certain public finance healthcare exposures, partially offset by a benefit from improved transaction performance and higher recoveries in second-lien RMBS. The effect of changes in risk-free rates used to discount expected losses was a loss of $1 million.

Insurance Segment Income from Investment Portfolio

Insurance Segment

Income from Investment Portfolio

(in millions)


	Quarter Ended
	June 30,
	2024		2023
Net investment income	$	81	$	90
Fair value gains (losses) on trading securities (1)	17		40
Equity in earnings (losses) of investees (2)	15		5
Total	$	113	$	135

________________________________________________

(1) Represents contingent value instruments issued by Puerto Rico that are classified as trading securities with changes in fair value reported in the condensed consolidated statements of operations.

(2) Equity in earnings (losses) of investees primarily relates to funds managed by Sound Point Capital Management, LP and certain of its investment management subsidiaries (Sound Point) and Assured Healthcare Partners, LLC (AHP), as well as, prior to July 1, 2023, Assured Investment Management LLC and its investment management affiliates (AssuredIM). Investments in funds are reported on a one-quarter lag.

Net investment income, which represents interest income on available-for-sale fixed-maturity debt and short-term investments, decreased to $81 million in second quarter 2024 from $90 million in second quarter 2023 primarily due to lower income on loss mitigation securities and lower average balances in the externally managed portfolio, which were partially offset by higher short-term interest rates and higher average balances in the short-term investment portfolio.

As of June 30, 2024, the Insurance segment had $803 million in alternative investments, which had an inception-to-date annualized internal rate of return of approximately 14.0%. In the Insurance segment, alternative investments consist primarily of funds managed by Sound Point and AHP, and are generally recorded at net asset value (NAV), with changes in NAV reported in “equity in earnings (losses) of investees.” Equity in earnings of investees is more volatile than net investment income on available-for-sale fixed-maturity securities and short-term investments. To the extent that the amounts invested in alternative fund investments increase and available-for-sale fixed-maturity securities decrease, net investment income may decline and mark-to-market volatility related to equity in earnings of investees may increase.

Asset Management Segment

Since July 2023, the Company participates in the asset management business through its ownership interest in Sound Point and in second quarter 2024, asset management adjusted operating income primarily consists of the Company’s ownership interest in Sound Point, including the amortization of intangible assets, as well as certain ongoing performance fees. Sound Point’s results are reported on a one quarter lag and are included in “equity in earnings (losses) of investees.” Prior to July 1, 2023, the Company participated in the asset management business through AssuredIM.

Corporate Division

The Corporate division primarily consists of interest expense on the debt of Assured Guaranty US Holdings Inc. and AGMH, as well as other operating expenses attributed to holding company activities. Adjusted operating loss for the Corporate division was $35 million in second quarter 2024 compared with $50 million in second quarter 2023. The decrease in the net loss attributable to the Corporate division is primarily due to expenses incurred in second quarter 2023 associated with the Sound Point and AHP transactions, offset in part by increases in premises-related expenses.

Reconciliation to GAAP

The following table presents a reconciliation of net income (loss) attributable to AGL to adjusted operating income (loss).

Reconciliation of Net Income (Loss) Attributable to AGL to

Adjusted Operating Income (Loss)

(in millions, except per share amounts)


	Quarter Ended
	June 30,
	2024				2023
	Total		Per Diluted Share		Total		Per Diluted Share
Net income (loss) attributable to AGL	$	78	$	1.41	$	125	$	2.06
Less pre-tax adjustments:
Realized gains (losses) on investments	(6)		(0.11)		(9)		(0.14)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	3		0.06		90		1.48
Fair value gains (losses) on committed capital securities (CCS)	1		0.02		1		0.00
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and loss adjustment expense (LAE) reserves	—		—		26		0.43
Total pre-tax adjustments	(2)		(0.03)		108		1.77
Less tax effect on pre-tax adjustments	—		—		(19)		(0.31)
Adjusted operating income (loss)	$	80	$	1.44	$	36	$	0.60

Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income	$	(1)	$	(0.03)	$	(18)	$	(0.30)

Non-credit impairment-related unrealized fair value gains on credit derivatives in second quarter 2024 were generated primarily due to the termination of certain structured finance policies. Non-credit impairment-related unrealized fair value gains on credit derivatives in second quarter 2023 were primarily generated by lower collateral asset spreads. Except for credit impairment, the fair value adjustments on credit derivatives in the insured portfolio are non-economic adjustments that reverse to zero over the remaining term of that portfolio.

Fair value of CCS is heavily affected by, and in part fluctuates with, changes in market interest rates, credit spreads and other market factors and is not expected to result in an economic gain or loss.

Foreign exchange gains (losses) primarily relate to the remeasurement of premiums receivable and are mainly due to changes in the exchange rate relative to the U.S. dollar of the pound sterling and, to a lesser extent, the euro.

Common Share Repurchases

On May 2, 2024, AGL’s Board of Directors (the Board) authorized the repurchase of an additional $300 million of the Company’s common shares. From the beginning of the repurchase program in 2013 through August 6, 2024, the Company repurchased a total of 148 million common shares for $5.2 billion, representing approximately 76% of the total shares outstanding as of January 1, 2013. As of August 6, 2024, the Company was authorized to purchase $275 million of its common shares. These repurchases can be made from time to time in the open market or in privately negotiated transactions.

Summary of Share Repurchases

(in millions, except per share amounts)


	Amount (1)		Number of Shares	Average Price Per Share

2024 (January 1 - March 31)	$	129	1.54	$	84.07
2024 (April 1 - June 30)	152		1.93	78.50
2024 (July 1 - August 6)	48		0.60	79.96
Total 2024	$	329	4.07	80.82

________________________________________________

(1) Excludes commissions and excise taxes.

The timing, form and amount of the share repurchases under the program are at the discretion of management and will depend on a variety of factors, including funds available at the parent company, other potential uses for such funds, market conditions, the Company’s capital position, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board at any time. It does not have an expiration date.

Financial Statements

Condensed Consolidated Statements of Operations (unaudited)

(in millions)


	Quarter Ended
	June 30,
	2024		2023
Revenues
Net earned premiums	$	84	$	85
Net investment income	81		89
Asset management fees	—		27
Net realized investment gains (losses)	(6)		(9)
Fair value gains (losses) on credit derivatives	6		91
Fair value gains (losses) on CCS	1		1
Fair value gains (losses) on FG VIEs	(1)		(3)
Fair value gains (losses) on CIVs	11		6
Foreign exchange gain (loss) on remeasurement	—		28
Fair value gains (losses) on trading securities	17		40
Other income (loss)	9		5
Total revenues	202		360
Expenses
Loss and LAE (benefit)	(2)		55
Interest expense	23		22
Amortization of DAC	3		3
Employee compensation and benefit expenses	48		70
Other operating expenses	41		71
Total expenses	113		221
Income (loss) before income taxes and equity in earnings (losses) of investees	89		139
Equity in earnings (losses) of investees	5		5
Income (loss) before income taxes	94		144
Less: Provision (benefit) for income taxes	13		18
Net income (loss)	81		126
Less: Noncontrolling interests	3		1
Net income (loss) attributable to AGL	$	78	$	125

Condensed Consolidated Balance Sheets (unaudited)

(in millions)


	As of
	June 30, 2024		December 31, 2023
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value	$	6,006	$	6,307
Fixed-maturity securities, trading, at fair value	221		318
Short-term investments, at fair value	1,717		1,661
Other invested assets	882		829
Total investments	8,826		9,115
Cash	92		97
Premiums receivable, net of commissions payable	1,472		1,468
DAC	169		161
Salvage and subrogation recoverable	293		298
FG VIEs’ assets	160		328
Assets of CIVs	378		366
Other assets	698		706
Total assets	$	12,088	$	12,539

Liabilities
Unearned premium reserve	$	3,662	$	3,658
Loss and LAE reserve	294		376
Long-term debt	1,696		1,694
Credit derivative liabilities, at fair value	38		53
FG VIEs’ liabilities, at fair value	393		554
Other liabilities	410		439
Total liabilities	6,493		6,774

Shareholders’ equity
Common shares	1		1
Retained earnings	5,929		6,070
Accumulated other comprehensive income (loss)	(392)		(359)
Deferred equity compensation	1		1
Total shareholders’ equity attributable to AGL	5,539		5,713
Nonredeemable noncontrolling interests	56		52
Total shareholders’ equity	5,595		5,765
Total liabilities and shareholders’ equity	$	12,088	$	12,539

Explanation of Non-GAAP Financial Measures

The Company discloses both: (i) financial measures determined in accordance with GAAP; and (ii) financial measures not determined in accordance with GAAP (non-GAAP financial measures). Financial measures identified as non-GAAP should not be considered substitutes for GAAP financial measures. The primary limitation of non-GAAP financial measures is the potential lack of comparability to financial measures of other companies, whose definitions of non-GAAP financial measures may differ from those of the Company.

The Company believes its presentation of non-GAAP financial measures provides information that is necessary for analysts to calculate their estimates of Assured Guaranty’s financial results in their research reports on Assured Guaranty and for investors, analysts and the financial news media to evaluate Assured Guaranty’s financial results.

GAAP requires the Company to consolidate entities where it is deemed to be the primary beneficiary which include:

•FG VIEs, which the Company does not own and where its exposure is limited to its obligation under the financial guaranty insurance contract, and

•CIVs in which certain subsidiaries invest.

The Company discloses the effect of FG VIE and CIV consolidation that is embedded in each non-GAAP financial measure, as applicable. The Company believes this information may also be useful to analysts and investors evaluating Assured Guaranty’s financial results. In the case of both the consolidated FG VIEs and the CIVs, the economic effect on the Company of each of the consolidated FG VIEs and CIVs is reflected primarily in the results of the Insurance segment.

Management of the Company and AGL’s Board of Directors use non-GAAP financial measures further adjusted to remove the effect of FG VIE and CIV consolidation (which the Company refers to as its core financial measures), as well as GAAP financial measures and other factors, to evaluate the Company’s results of operations, financial condition and progress towards long-term goals. The Company uses core financial measures in its decision-making process for and in its calculation of certain components of management compensation. The financial measures that the Company uses to help determine compensation are: (1) adjusted operating income, further adjusted to remove the effect of FG VIE and CIV consolidation; (2) adjusted operating shareholders’ equity, further adjusted to remove the effect of FG VIE and CIV consolidation; (3) adjusted book value per share, further adjusted to remove the effect of FG VIE and CIV consolidation; and (4) PVP.

Management believes that many investors, analysts and financial news reporters use adjusted operating shareholders’ equity and/or adjusted book value, each further adjusted to remove the effect of FG VIE and CIV consolidation, as the principal financial measures for valuing AGL’s current share price or projected share price and also as the basis of their decision to recommend, buy or sell AGL’s common shares. Management also believes that many of the Company’s fixed income investors also use adjusted operating shareholders’ equity, further adjusted to remove the effect of FG VIE and CIV consolidation, to evaluate the Company’s capital adequacy.

Adjusted operating income, further adjusted for the effect of FG VIE and CIV consolidation, enables investors and analysts to evaluate the Company’s financial results in comparison with the consensus analyst estimates distributed publicly by financial databases.

The following paragraphs define each non-GAAP financial measure disclosed by the Company and describe why it is useful. To the extent there is a directly comparable GAAP financial measure, a reconciliation of the non-GAAP financial measure and the most directly comparable GAAP financial measure is presented below.

Adjusted Operating Income

Management believes that adjusted operating income is a useful measure because it clarifies the understanding of the operating results of the Company. Adjusted operating income is defined as net income (loss) attributable to AGL, as reported under GAAP, adjusted for the following:

1) Elimination of realized gains (losses) on the Company’s investments, except for gains and losses on securities classified as trading. The timing of realized gains and losses, which depends largely on market credit cycles, can vary considerably across periods. The timing of sales is largely subject to the Company’s discretion and influenced by market opportunities, as well as the Company’s tax and capital profile.

2) Elimination of non-credit impairment-related unrealized fair value gains (losses) on credit derivatives that are recognized in net income, which is the amount of unrealized fair value gains (losses) in excess of the present value of the expected estimated economic credit losses, and non-economic payments. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, the Company’s credit spreads, and other market factors and are not expected to result in an economic gain or loss.

3) Elimination of fair value gains (losses) on the Company’s CCS that are recognized in net income. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss.

4) Elimination of foreign exchange gains (losses) on remeasurement of net premium receivables and loss and LAE reserves that are recognized in net income. Long-dated receivables and loss and LAE reserves represent the present value of future contractual or expected cash flows. Therefore, the current period’s foreign exchange remeasurement gains (losses) are not necessarily indicative of the total foreign exchange gains (losses) that the Company will ultimately recognize.

5) The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

See “Reconciliation to GAAP” above for a reconciliation of net income (loss) attributable to AGL to adjusted operating income (loss).

Adjusted Operating Shareholders’ Equity and Adjusted Book Value

Management believes that adjusted operating shareholders’ equity is a useful measure because it excludes the fair value adjustments on investments, credit derivatives and CCS that are not expected to result in economic gain or loss.

Adjusted operating shareholders’ equity is defined as shareholders’ equity attributable to AGL, as reported under GAAP, adjusted for the following:

1) Elimination of non-credit impairment-related unrealized fair value gains (losses) on credit derivatives, which is the amount of unrealized fair value gains (losses) in excess of the present value of the expected estimated economic credit losses, and non-economic payments. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.

2) Elimination of fair value gains (losses) on the Company’s CCS. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt, and other market factors and are not expected to result in an economic gain or loss.

3) Elimination of unrealized gains (losses) on the Company’s investments that are recorded as a component of accumulated other comprehensive income (AOCI). The AOCI component of the fair value adjustment on the investment portfolio is not deemed economic because the Company generally holds these investments to maturity and therefore would not recognize an economic gain or loss.

4) The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

Management uses adjusted book value, further adjusted to remove the effect of FG VIE and CIV consolidation, to measure the intrinsic value of the Company, excluding franchise value. Adjusted book value per share, further adjusted for FG VIE and CIV consolidation (core adjusted book value), is one of the key financial measures used in determining the amount of certain long-term compensation elements to management and employees and used by rating agencies and investors. Management believes that adjusted book value is a useful measure because it enables an evaluation of the Company’s in-force premiums and revenues net of expected losses. Adjusted book value is adjusted operating shareholders’ equity, as defined above, further adjusted for the following:

1) Elimination of deferred acquisition costs, net. These amounts represent net deferred expenses that have already been paid or accrued and will be expensed in future accounting periods.

2) Addition of the net present value of estimated net future revenue. See below.

3) Addition of the deferred premium revenue on financial guaranty contracts in excess of expected loss to be expensed, net of reinsurance. This amount represents the present value of the expected future net earned premiums, net of the present value of expected losses to be expensed, which are not reflected in GAAP equity.

4) The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

The unearned premiums and revenues included in adjusted book value will be earned in future periods, but actual earnings may differ materially from the estimated amounts used in determining current adjusted book value due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults and other factors.

Reconciliation of Shareholders’ Equity Attributable to AGL to

Adjusted Operating Shareholders’ Equity and ABV

(in millions, except per share amounts)


	As of
	June 30, 2024				December 31, 2023
	Total		Per Share		Total		Per Share

Shareholders’ equity attributable to AGL	$	5,539	$	104.15	$	5,713	$	101.63
Less pre-tax adjustments:
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	47		0.89		34		0.61
Fair value gains (losses) on CCS	4		0.08		13		0.22
Unrealized gain (loss) on investment portfolio	(400)		(7.53)		(361)		(6.40)
Less taxes	44		0.83		37		0.66
Adjusted operating shareholders’ equity	5,844		109.88		5,990		106.54
Pre-tax adjustments:
Less: DAC	169		3.19		161		2.87
Plus: Net present value of estimated net future revenue	190		3.58		199		3.54
Plus: Net deferred premium revenue on financial guaranty contracts in excess of expected loss to be expensed	3,424		64.37		3,436		61.12
Plus taxes	(691)		(12.99)		(699)		(12.41)
ABV	$	8,598	$	161.65	$	8,765	$	155.92

Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity	$	3	$	0.06	$	5	$	0.07
ABV	(2)		(0.04)		—		—

Shares outstanding at the end of the period	53.2				56.2

Net Present Value of Estimated Net Future Revenue

Management believes that this amount is a useful measure because it enables an evaluation of the present value of estimated net future revenue for non-financial guaranty insurance contracts. This amount represents the net present value of estimated future revenue from these contracts (other than credit derivatives with net expected losses), net of reinsurance, ceding commissions and premium taxes.

Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Net present value of estimated future revenue for an obligation may change from period to period due to a change in the discount rate or due to a change in estimated net future revenue for the obligation, which may change due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation. There is no corresponding GAAP financial measure.

PVP or Present Value of New Business Production

Management believes that PVP is a useful measure because it enables the evaluation of the value of new business production in the Insurance segment by taking into account the value of estimated future installment premiums on all new contracts underwritten in a reporting period as well as additional installment premiums and fees on existing contracts (which may result from supplements or fees or from the issuer not calling an insured obligation the Company projected would be called), regardless of form, which management believes GAAP gross written

premiums and changes in fair value of credit derivatives do not adequately measure. PVP in respect of contracts written in a specified period is defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums.

Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Under GAAP, financial guaranty installment premiums are discounted at a risk-free rate. Additionally, under GAAP, management records future installment premiums on financial guaranty insurance contracts covering non-homogeneous pools of assets based on the contractual term of the transaction, whereas for PVP purposes, management records an estimate of the future installment premiums the Company expects to receive, which may be based upon a shorter period of time than the contractual term of the transaction.

Actual installment premiums may differ from those estimated in the Company’s PVP calculation due to factors including, but not limited to, changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation.

Reconciliation of GWP to PVP

(in millions)


	Quarter Ended
	June 30, 2024
	Public Finance				Structured Finance
	U.S.		Non - U.S.		U.S.		Non - U.S.		Total
GWP	$	103	$	25	$	2	$	2	$	132
Less: Installment GWP and other GAAP adjustments (1)	85		13		2		2		102
Upfront GWP	18		12		—		—		30
Plus: Installment premiums and other (2)	98		21		4		2		125
PVP	$	116	$	33	$	4	$	2	$	155


	Quarter Ended
	June 30, 2023
	Public Finance				Structured Finance
	U.S.		Non - U.S.		U.S.		Non - U.S.		Total
GWP	$	78	$	9	$	5	$	3	$	95
Less: Installment GWP and other GAAP adjustments (1)	41		9		5		3		58
Upfront GWP	37		—		—		—		37
Plus: Installment premiums and other (2)	40		6		3		5		54
PVP	$	77	$	6	$	3	$	5	$	91

________________________________________________

(1) Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.

(2) Includes the present value of future premiums and fees on new business paid in installments, discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. Six months 2023 also includes the present value of future premiums and fees associated with other guaranties written by the Company that, under GAAP, are accounted for under ASC 460, Guarantees.

Conference Call and Webcast Information

The Company will host a conference call for investors at 8:00 a.m. Eastern Time (9:00 a.m. Atlantic Time) on Thursday, August 8, 2024. The conference call will be available via live webcast in the Investor Information section of the Company’s website at AssuredGuaranty.com or by dialing 1-833-470-1428 (in the U.S.) or 1-404-975-4839 (International); the access code is 854591.

A replay of the conference call will be available approximately three hours after the call ends. The webcast replay will be available for 90 days in the Investor Information section of the Company’s website at AssuredGuaranty.com and the telephone replay will be available for 30 days by dialing 1-866-813-9403 (in the U.S.) or 1-929-458-6194 (International); the access code is 297872.

Please refer to Assured Guaranty’s June 30, 2024 Financial Supplement, which is posted on the Company's website at assuredguaranty.com/agldata, for more information on the Company’s financial guaranty portfolio, investment portfolio and other items. In addition, the Company is posting at assuredguaranty.com/presentations its “June 30, 2024 Equity Investor Presentation.”

The Company plans to post by early next week on its website at assuredguaranty.com/agldata the following:

•“Public Finance Transactions in 2Q 2024,” which lists the U.S. public finance new issues insured by the Company in second quarter 2024, and

•“Structured Finance Transactions at June 30, 2024,” which lists the Company’s structured finance exposure as of that date.

In addition, the Company will post on its website, when available, the Company’s separate-company subsidiary financial supplements and its “Fixed Income Presentation” for the current quarter. Those documents will be furnished to the Securities and Exchange Commission in a Current Report on Form 8-K.

# # #

Assured Guaranty Ltd. is a publicly traded (NYSE: AGO), Bermuda-based holding company. Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and non-U.S. public finance, infrastructure and structured finance markets. Assured Guaranty also participates in the asset management business through its ownership interest in Sound Point Capital Management, LP and certain of its investment management affiliates. More information on Assured Guaranty Ltd. and its subsidiaries can be found at AssuredGuaranty.com.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this press release reflect the Company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Among factors that could cause actual results to differ adversely are:

(i) significant changes in inflation, interest rates, the world’s credit markets or segments thereof, credit spreads, foreign exchange rates or general economic conditions, including the possibility of a recession or stagflation; (ii) geopolitical risk, terrorism and political violence risk, including those arising out of Russia’s invasion of Ukraine and intentional or accidental escalation between The North Atlantic Treaty Organization (NATO) and Russia, conflict in the Middle East and confrontation over Iran’s nuclear program, the polarized political environment of the 2024 United States (U.S.) presidential election and U.S. – China strategic competition; (iii) cybersecurity risk and the impacts of artificial intelligence, machine learning and other technological advances, including potentially increasing the risks of malicious cyber attacks, dissemination of misinformation, and disruption of markets; (iv) the possibility of a U.S. government shutdown, payment defaults on the debt of the U.S. government or instruments issued, insured or guaranteed by related institutions, agencies or instrumentalities, and downgrades to their credit ratings; (v) developments in the world’s financial and capital markets, including stresses in the financial condition of banking institutions in the U.S. and the possibility that increasing participation of unregulated financial institutions in these markets results in losses or lower valuations of assets, reduced liquidity and credit and/or contraction of these markets, that adversely affect repayment rates of insured obligors, Assured Guaranty’s insurance loss or recovery experience, or investments of Assured Guaranty; (vi) reduction in the amount of available insurance opportunities and/or in the demand for Assured Guaranty’s insurance; (vii) the possibility that budget or pension shortfalls or other factors will result in credit losses or liquidity claims on obligations of state, territorial and local governments and their related authorities and public corporations that Assured Guaranty insures or reinsures; (viii) insured losses, including losses with respect to related legal proceedings, in excess of those expected by Assured Guaranty or the failure of Assured Guaranty to realize loss recoveries that are assumed in its expected loss estimates for insurance exposures, including as a result of the final resolution of Assured Guaranty’s Puerto Rico Electric Power Authority (PREPA) exposure or the amounts recovered on securities received in connection with the resolution of Puerto Rico exposures already resolved; (ix) the impact of Assured Guaranty satisfying its obligations under insurance policies with respect to legacy insured Puerto Rico bonds; (x) increased competition, including from new entrants into the financial guaranty industry, nonpayment insurance and other forms of capital saving or risk syndication available to banks and insurers; (xi) the possibility that investments made by Assured Guaranty for its investment portfolio, including alternative investments, do not result in the benefits anticipated or subject Assured Guaranty to reduced liquidity at a time it requires liquidity, or to other negative or unanticipated consequences; (xii) the impacts of Assured Guaranty’s transactions with Sound Point Capital Management, LP (Sound Point, LP) and certain of its investment management affiliates (together with Sound Point, LP, Sound Point) and/or Assured Healthcare Partners LLC (AHP) on Assured Guaranty and its relationships with its shareholders, regulators, rating agencies, employees and the obligors it insures and on the asset management business contributed to Sound Point, LP and on the business of AHP and their relationships with their respective clients and employees; (xiii) the possibility that strategic transactions made by Assured Guaranty, including the transactions with Sound Point and/or AHP and/or merger of Assured Guaranty Municipal Corp. (AGM) with and into Assured Guaranty Inc. (AG, formerly Assured Guaranty Corp.), do not result in the benefits anticipated or subject Assured Guaranty to negative consequences; (xiv) the inability to control the business, management or policies of entities in which Assured Guaranty holds a minority interest; (xv) the impact of market volatility on the fair value of Assured Guaranty’s assets and liabilities subject to mark-to-market, including certain of its investments, contracts accounted for as derivatives, its committed capital securities, its consolidated investment vehicles and certain consolidated variable interest entities (VIEs); (xvi) rating agency action, including a ratings downgrade, a change in outlook, the placement of ratings on watch for downgrade, or a change in rating criteria, at any time, of AGL or any of its insurance subsidiaries, and/or of any securities AGL or any of its subsidiaries have issued, and/or of transactions that AGL’s insurance subsidiaries have insured; (xvii) the inability of Assured

Guaranty to access external sources of capital on acceptable terms; (xviii) changes in applicable accounting policies or practices; (xix) changes in applicable laws or regulations, including insurance, bankruptcy and tax laws, or other governmental actions; (xx) difficulties with the execution of Assured Guaranty’s business strategy; (xxi) loss of key personnel; (xxii) the effects of mergers, acquisitions and divestitures; (xxiii) public health crises, including pandemics and endemics, and the governmental and private actions taken in response to such events; (xxiv) natural or man-made catastrophes; (xxv) the impact of climate change on Assured Guaranty’s business and regulatory actions taken related to such risk; (xxvi) other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission (SEC); (xxvii) other risks and uncertainties that have not been identified at this time; and (xxviii) management’s response to these factors.

Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made as of August 7, 2024, and Assured Guaranty undertakes no obligation to update publicly or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contact Information

Robert Tucker

Senior Managing Director, Investor Relations and Corporate Communications

212-339-0861

rtucker@agltd.com

Ashweeta Durani

Director, Media Relations

212-408-6042

adurani@agltd.com

Assured Guaranty Ltd.

June 30, 2024

Financial Supplement


Table of Contents		Page
	Selected Financial Highlights	1
	Condensed Consolidated Statements of Operations (unaudited)	3
	Condensed Consolidated Balance Sheets (unaudited)	4
	Selected Financial Highlights GAAP to Non-GAAP Reconciliations	5
	Income Components	8
	Fixed-Maturity Securities, Short-Term Investments and Cash	12
	Investment Portfolio, Cash and CIVs	13
	Income from Investment Portfolio and CIVs	15
	Insurance Segment:	17
	Insurance Segment Results	18
	Claims-Paying Resources	19
	New Business Production	20
	Gross Par Written	21
	New Business Production by Quarter	23
	Estimated Net Exposure Amortization and Estimated Future Financial Guaranty Net Premium and Credit Derivative Revenues	24
	Roll Forward of Net Expected Loss and Loss Adjustment Expenses to be Paid	25
	Loss Measures	26
	Net Expected Loss to be Expensed	27
	Financial Guaranty Profile	28
	Specialty Business	31
	Expected Amortization of Net Par Outstanding	32
	Puerto Rico Profile	33
	Direct Pooled Corporate Obligations Profile	35
	Below Investment Grade Exposures	36
	Largest Exposures by Sector	39
	Asset Management Segment	42
	Asset Management Results	43
	Corporate Division	44
	Corporate Results	45
	Other	46
	Other Results	47
	Summary	49
	Summary of Financial and Statistical Data	50
	Summary of GAAP to Non-GAAP Reconciliations	51
	Glossary	53
	Non-GAAP Financial Measures	56

This financial supplement should be read in conjunction with documents filed by Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty or the Company) with the United States (U.S.) Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2023 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024 and June 30, 2024.

Cautionary Statement Regarding Forward Looking Statements

Any forward looking statements made in this supplement reflect the current views of Assured Guaranty with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Assured Guaranty's forward looking statements could be affected by many events. These events include:

Assured Guaranty undertakes no obligation to update publicly or review any forward looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Assured Guaranty Ltd.

Selected Financial Highlights (1 of 2)

(dollars in millions, except per share amounts)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
GAAP (1) Highlights
Net income (loss) attributable to AGL	$	78		$	125		$	187		$	206
Net income (loss) attributable to AGL per diluted share	$	1.41		$	2.06		$	3.31		$	3.40
Weighted average shares outstanding
Basic shares outstanding	54.1			59.2			54.9			59.1
Diluted shares outstanding	55.0			60.1			56.1			60.3
Effective tax rate on net income	14.5		%	12.6		%	18.6		%	15.6		%
GAAP return on equity (ROE) (4)	5.6		%	9.5		%	6.6		%	8.0		%

Non-GAAP Highlights (2)
Adjusted operating income (loss)	$	80		$	36		$	193		$	104
Adjusted operating income (loss) per diluted share	$	1.44		$	0.60		$	3.41		$	1.72
Weighted average diluted shares outstanding	55.0			60.1			56.1			60.3
Effective tax rate on adjusted operating income (3)	13.8		%	(0.9)		%	18.1		%	14.8		%
Adjusted operating ROE (4)	5.4		%	2.6		%	6.5		%	3.7		%

Components of adjusted operating income (loss) (2)
Insurance segment	$	116		$	106		$	265		$	223
Asset Management segment	—			(2)			1			(3)
Corporate division	(35)			(50)			(72)			(94)
Other (6)	(1)			(18)			(1)			(22)
Adjusted operating income (loss)	$	80		$	36		$	193		$	104

Insurance Segment
Gross written premiums (GWP)	$	132		$	95		$	193		$	181
Present value of new business production (PVP) (2)	155			91			218			203
Gross par written	9,423			8,974			13,166			14,337

Effect of refundings and terminations on GAAP measures:
Net earned premiums, pre-tax	$	3		$	8		$	42		$	12
Net income effect	2			7			32			10
Net income per diluted share	0.04			0.11			0.57			0.16

Effect of refundings and terminations on non-GAAP measures:
Operating net earned premiums and credit derivative revenues(5), pre-tax	$	3		$	8		$	42		$	12
Adjusted operating income(5) effect	2			7			32			10
Adjusted operating income per diluted share (5)	0.04			0.11			0.57			0.16

1) Accounting principles generally accepted in the United States of America (GAAP).

2) Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

3) Represents the ratio of adjusted operating provision for income taxes to adjusted operating income before income taxes.

4) Quarterly ROE calculations represent annualized returns. See page 6 for additional information on calculation.

5) Condensed consolidated statement of operations items mentioned in this Financial Supplement that are described as operating (i.e. operating net earned premiums and credit derivative revenues) are non-GAAP measures and represent components of adjusted operating income. Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

6) Represents the effect of consolidating financial guaranty variable interest entities (FG VIEs) and consolidated investment vehicles (CIVs) (FG VIE and CIV consolidation).

Assured Guaranty Ltd.

Selected Financial Highlights (2 of 2)

(dollars in millions, except per share amounts)


	As of
	June 30, 2024				December 31, 2023
	Amount		Per Share		Amount		Per Share
Shareholders’ equity attributable to AGL	$	5,539	$	104.15	$	5,713	$	101.63
Adjusted operating shareholders’ equity (1)	5,844		109.88		5,990		106.54
Adjusted book value (1)	8,598		161.65		8,765		155.92
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity	3		0.06		5		0.07
Adjusted book value	(2)		(0.04)		—		—

Shares outstanding at the end of period	53.2				56.2

Exposure
Financial guaranty net debt service outstanding	$	404,685			$	397,636
Financial guaranty net par outstanding:
Investment grade	$	248,894			$	243,716
Below-investment-grade (BIG)	5,502				5,437
Total	$	254,396			$	249,153

Claims-paying resources (2)	$	10,633			$	10,665

1) Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

2) See page 19 for additional detail on claims-paying resources.

Assured Guaranty Ltd.

Condensed Consolidated Statements of Operations (unaudited)

(dollars in millions, except per share amounts)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenues
Net earned premiums	$	84	$	85	$	203	$	166
Net investment income	81		89		165		170
Asset management fees	—		27		—		53
Net realized investment gains (losses)	(6)		(9)		2		(11)
Fair value gains (losses) on credit derivatives	6		91		16		106
Fair value gains (losses) on committed capital securities (CCS)	1		1		(9)		(15)
Fair value gains (losses) on FG VIEs	(1)		(3)		(4)		(8)
Fair value gains (losses) on CIVs	11		6		33		64
Foreign exchange gains (losses) on remeasurement	—		28		(12)		48
Fair value gains (losses) on trading securities	17		40		43		38
Other income (loss)	9		5		10		32
Total revenues	202		360		447		643
Expenses
Loss and loss adjustment expense (LAE) (benefit)	(2)		55		(3)		59
Interest expense	23		22		46		43
Amortization of deferred acquisition costs (DAC)	3		3		9		6
Employee compensation and benefit expenses	48		70		106		152
Other operating expenses	41		71		80		126
Total expenses	113		221		238		386
Income (loss) before income taxes and equity in earnings (losses) of investees	89		139		209		257
Equity in earnings (losses) of investees	5		5		29		7
Income (loss) before income taxes	94		144		238		264
Less: Provision (benefit) for income taxes	13		18		44		41
Net income (loss)	81		126		194		223
Less: Noncontrolling interests	3		1		$	7	$	17
Net income (loss) attributable to AGL	$	78	$	125	$	187	$	206

Earnings per share:
Basic	$	1.43	$	2.09	$	3.38	$	3.46
Diluted	$	1.41	$	2.06	$	3.31	$	3.40

Assured Guaranty Ltd.

Condensed Consolidated Balance Sheets (unaudited)

(dollars in millions)


	As of
	June 30,		December 31,
	2024		2023
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value	$	6,006	$	6,307
Fixed-maturity securities, trading, at fair value	221		318
Short-term investments, at fair value	1,717		1,661
Other invested assets	882		829
Total investments	8,826		9,115
Cash	92		97
Premiums receivable, net of commissions payable	1,472		1,468
DAC	169		161
Salvage and subrogation recoverable	293		298
FG VIEs’ assets	160		328
Assets of CIVs	378		366
Other assets	698		706
Total assets	$	12,088	$	12,539

Liabilities
Unearned premium reserve	$	3,662	$	3,658
Loss and LAE reserve	294		376
Long-term debt	1,696		1,694
Credit derivative liabilities, at fair value	38		53
FG VIEs’ liabilities, at fair value	393		554
Other liabilities	410		439
Total liabilities	6,493		6,774

Shareholders’ equity
Common shares	1		1
Retained earnings	5,929		6,070
Accumulated other comprehensive income (loss)	(392)		(359)
Deferred equity compensation	1		1
Total shareholders’ equity attributable to AGL	5,539		5,713
Nonredeemable noncontrolling interests	56		52
Total shareholders’ equity	5,595		5,765
Total liabilities and shareholders’ equity	$	12,088	$	12,539

Assured Guaranty Ltd.

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (1 of 3)

(dollars in millions, except per share amounts)


Adjusted Operating Income Reconciliation	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

Net income (loss) attributable to AGL	$	78	$	125	$	187	$	206
Less pre-tax adjustments:
Realized gains (losses) on investments	(6)		(9)		2		(11)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	3		90		13		103
Fair value gains (losses) on CCS	1		1		(9)		(15)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	—		26		(12)		46
Total pre-tax adjustments	(2)		108		(6)		123
Less tax effect on pre-tax adjustments	—		(19)		—		(21)
Adjusted operating income (loss)	$	80	$	36	$	193	$	104

Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income	$	(1)	$	(18)	$	(1)	$	(22)

Components of adjusted operating income:
Segments:
Insurance	$	116	106		$	265	$	223
Asset Management	—		(2)		1		(3)
Total segments	116		104		266		220
Corporate division	(35)		(50)		(72)		(94)
Other	(1)		(18)		(1)		(22)
Adjusted operating income (loss)	$	80	$	36	$	193	$	104


Per diluted share:
Net income (loss) attributable to AGL	$	1.41	$	2.06	$	3.31	$	3.40
Less pre-tax adjustments:
Realized gains (losses) on investments	(0.11)		(0.14)		0.04		(0.17)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	0.06		1.48		0.23		1.68
Fair value gains (losses) on CCS	0.02		—		(0.16)		(0.25)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	—		0.43		(0.21)		0.75
Total pre-tax adjustments	(0.03)		1.77		(0.10)		2.01
Less tax effect on pre-tax adjustments	—		(0.31)		—		(0.33)
Adjusted operating income (loss)	$	1.44	$	0.60	$	3.41	$	1.72

Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income	$	(0.03)	$	(0.30)	$	(0.02)	$	(0.35)

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Assured Guaranty Ltd.

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (2 of 3)

(dollars in millions)


ROE Reconciliation and Calculation	As of
		June 30,		March 31,		December 31,			June 30,			March 31,			December 31,
		2024		2024		2023			2023			2023			2022
Shareholders’ equity attributable to AGL		$	5,539	$	5,629	$	5,713		$	5,276		$	5,220		$	5,064
Adjusted operating shareholders’ equity		5,844		5,932		5,990			5,628			5,606			5,543
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating shareholders' equity		3		3		5			(3)			13			17

						Three Months Ended						Six Months Ended
						June 30,						June 30,
						2024			2023			2024			2023
Net income (loss) attributable to AGL						$	78		$	125		$	187		$	206
Adjusted operating income (loss)						80			36			193			104

Average shareholders’ equity attributable to AGL						$	5,584		$	5,248		$	5,626		$	5,170
Average adjusted operating shareholders’ equity						5,888			5,617			5,917			5,586
Gain (loss) related to FG VIE and CIV consolidation included in average adjusted operating shareholders’ equity						3			5			4			7

GAAP ROE (1)						5.6		%	9.5		%	6.6		%	8.0		%
Adjusted operating ROE (1)						5.4		%	2.6		%	6.5		%	3.7		%

1) Quarterly ROE calculations represent annualized returns.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Assured Guaranty Ltd.

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (3 of 3)

(dollars in millions)


	As of
	June 30,		March 31,		December 31,		June 30,		March 31,		December 31,
	2024		2024		2023		2023		2023		2022
Reconciliation of shareholders’ equity attributable to AGL to adjusted book value:
Shareholders’ equity attributable to AGL	$	5,539	$	5,629	$	5,713	$	5,276	$	5,220	$	5,064
Less pre-tax reconciling items:
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	47		44		34		31		(59)		(71)
Fair value gains (losses) on CCS	4		3		13		32		32		47
Unrealized gain (loss) on investment portfolio	(400)		(393)		(361)		(463)		(413)		(523)
Less taxes	44		43		37		48		54		68
Adjusted operating shareholders' equity	5,844		5,932		5,990		5,628		5,606		5,543
Pre-tax reconciling items:
Less: Deferred acquisition costs	169		164		161		155		151		147
Plus: Net present value of estimated net future revenue	190		191		199		192		196		157
Plus: Net deferred premium revenue on financial guaranty contracts in excess of expected loss to be expensed	3,424		3,393		3,436		3,445		3,436		3,428
Plus taxes	(691)		(687)		(699)		(623)		(609)		(602)
Adjusted book value	$	8,598	$	8,665	$	8,765	$	8,487	$	8,478	$	8,379

Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity (net of tax provision (benefit) of $1, $1, $1, $(1), $4, and $4)	$	3	$	3	$	5	$	(3)	$	13	$	17
Adjusted book value (net of tax provision (benefit) of $(1), $(1) $0, $(3), $3, and $3)	$	(2)	$	(3)	$	—	$	(7)	$	8	$	11

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Assured Guaranty Ltd.

Income Components (1 of 4)

(in millions)

Components of Income for the Three Months Ended June 30, 2024


	Segments				Corporate and Other
	Insurance		Asset Management		Corporate		Other (1)		Reconciling Items		Consolidated

Revenues
Net earned premiums	$	84	$	—	$	—	$	—	$	—	$	84
Net investment income	81		—		4		(4)		—		81
Asset management fees	—		—		—		—		—		—
Net realized investment gains (losses)	—		—		—		—		(6)		(6)
Fair value gains (losses) on credit derivatives (2)	3		—		—		—		3		6
Fair value gains (losses) on CCS	—		—		—		—		1		1
Fair value gains (losses) on FG VIEs	—		—		—		(1)		—		(1)
Fair value gains (losses) on CIVs	—		—		—		11		—		11
Foreign exchange gains (losses) on remeasurement	—		—		—		—		—		—
Fair value gains (losses) on trading securities	17		—		—		—		—		17
Other income (loss)	4		7		—		(2)		—		9
Total revenues	189		7		4		4		(2)		202

Expenses
Loss and LAE (benefit) (3)	—		—		—		(2)		—		(2)
Interest expense	—		—		26		(3)		—		23
Amortization of DAC	3		—		—		—		—		3
Employee compensation and benefit expenses	40		—		8		—		—		48
Other operating expenses	27		4		10		—		—		41
Total expenses	70		4		44		(5)		—		113
Equity in earnings (losses) of investees	15		(3)		—		(7)		—		5
Less: Provision (benefit) for income taxes	18		—		(5)		—		—		13
Less: Noncontrolling interests	—		—		—		3		—		3
Total	$	116	$	—	$	(35)	$	(1)	$	(2)	$	78

1) Includes the consolidation of the FG VIEs and CIVs and intersegment eliminations.

2) Insurance segment balances for this line include only the credit derivative revenues component of realized gains (losses) on credit derivatives.

3) Insurance segment balances for this line item includes credit derivative impairment (recoveries).

Assured Guaranty Ltd.

Income Components (2 of 4)

(in millions)

Components of Income for the Three Months Ended June 30, 2023


	Segments				Corporate and Other
	Insurance		Asset Management		Corporate		Other (1)		Reconciling Items		Consolidated

Revenues
Net earned premiums	$	86	$	—	$	—	$	(1)	$	—	$	85
Net investment income	90		—		2		(3)		—		89
Asset management fees	—		27		—		—		—		27
Net realized investment gains (losses)	—		—		—		—		(9)		(9)
Fair value gains (losses) on credit derivatives (2)	2		—		—		—		89		91
Fair value gains (losses) on CCS	—		—		—		—		1		1
Fair value gains (losses) on FG VIEs	—		—		—		(3)		—		(3)
Fair value gains (losses) on CIVs	—		—		—		6		—		6
Foreign exchange gains (losses) on remeasurement	2		—		—		—		26		28
Fair value gains (losses) on trading securities	40		—		—		—		—		40
Other income (loss)	4		3		—		(2)		—		5
Total revenues	224		30		2		(3)		107		360

Expenses
Loss and LAE (benefit) (3)	44		—		—		12		(1)		55
Interest expense	—		1		24		(3)		—		22
Amortization of DAC	3		—		—		—		—		3
Employee compensation and benefit expenses	36		25		9		—		—		70
Other operating expenses	27		7		27		10		—		71
Total expenses	110		33		60		19		(1)		221
Equity in earnings (losses) of investees	5		—		—		—		—		5
Less: Provision (benefit) for income taxes	13		(1)		(8)		(5)		19		18
Less: Noncontrolling interests	—		—		—		1		—		1
Total	$	106	$	(2)	$	(50)	$	(18)	$	89	$	125

1) Includes the consolidation of the FG VIEs and CIVs and intersegment eliminations.

2) Insurance segment balances for this line include only the credit derivative revenues component of realized gains (losses) on credit derivatives.

3) Insurance segment balances for this line item includes credit derivative impairment (recoveries).

Assured Guaranty Ltd.

Income Components (3 of 4)

(in millions)

Components of Income for the Six Months Ended June 30, 2024


	Segments				Corporate and Other
	Insurance		Asset Management		Corporate		Other (1)		Reconciling Items		Consolidated

Revenues
Net earned premiums	$	204	$	—	$	—	$	(1)	$	—	$	203
Net investment income	164		—		7		(6)		—		165
Asset management fees	—		—		—		—		—		—
Net realized investment gains (losses)	—		—		—		—		2		2
Fair value gains (losses) on credit derivatives (2)	5		—		—		—		11		16
Fair value gains (losses) on CCS	—		—		—		—		(9)		(9)
Fair value gains (losses) on FG VIEs	—		—		—		(4)		—		(4)
Fair value gains (losses) on CIVs	—		—		—		33		—		33
Foreign exchange gains (losses) on remeasurement	—		—		—		—		(12)		(12)
Fair value gains (losses) on trading securities	43		—		—		—		—		43
Other income (loss)	2		8		2		(2)		—		10
Total revenues	418		8		9		20		(8)		447

Expenses
Loss and LAE (benefit)(3)	4		—		—		(5)		(2)		(3)
Interest expense	—		—		51		(5)		—		46

Amortization of DAC	9		—		—		—		—		9
Employee compensation and benefit expenses	88		—		18		—		—		106
Other operating expenses	54		4		22		—		—		80
Total expenses	155		4		91		(10)		(2)		238
Equity in earnings (losses) of investees	55		(2)		—		(24)		—		29
Less: Provision (benefit) for income taxes	53		1		(10)		—		—		44
Less: Noncontrolling interests	—		—		—		7		—		7
Total	$	265	$	1	$	(72)	$	(1)	$	(6)	$	187

1) Includes the consolidation of the FG VIEs and CIVs and intersegment eliminations.

2) Insurance segment balances for this line include only the credit derivative revenues component of realized gains (losses) on credit derivatives.

3) Insurance segment balances for this line item includes credit derivative impairment (recoveries).

Assured Guaranty Ltd.

Income Components (4 of 4)

(in millions)

Components of Income for the Six Months Ended June 30, 2023


	Segments				Corporate and Other
	Insurance		Asset Management		Corporate		Other (1)		Reconciling Items		Consolidated

Revenues
Net earned premiums	$	168	$	—	$	—	$	(2)	$	—	$	166
Net investment income	172		—		4		(6)		—		170
Asset management fees	—		64		—		(11)		—		53
Net realized investment gains (losses)	—		—		—		—		(11)		(11)
Fair value gains (losses) on credit derivatives (2)	4		—		—		—		102		106
Fair value gains (losses) on CCS	—		—		—		—		(15)		(15)
Fair value gains (losses) on FG VIEs	—		—		—		(8)		—		(8)
Fair value gains (losses) on CIVs	—		—		—		64		—		64
Foreign exchange gains (losses) on remeasurement	3		—		—		(1)		46		48
Fair value gains (losses) on trading securities	38		—		—		—		—		38
Other income (loss)	29		7		—		(4)		—		32
Total revenues	414		71		4		32		122		643

Expenses
Loss and LAE (benefit)(3)	53		—		—		7		(1)		59
Interest expense	—		1		47		(5)		—		43
Amortization of DAC	6		—		—		—		—		6
Employee compensation and benefit expenses	75		59		18		—		—		152
Other operating expenses	55		15		43		13		—		126
Total expenses	189		75		108		15		(1)		386
Equity in earnings (losses) of investees	35		—		—		(28)		—		7
Less: Provision (benefit) for income taxes	37		(1)		(10)		(6)		21		41
Less: Noncontrolling interests	—		—		—		17		—		17
Total	$	223	$	(3)	$	(94)	$	(22)	$	102	$	206

1) Includes the consolidation of the FG VIEs and CIVs and intersegment eliminations.

2) Insurance segment balances for this line include only the credit derivative revenues component of realized gains (losses) on credit derivatives.

3) Insurance segment balances for this line item includes credit derivative impairment (recoveries).

Assured Guaranty Ltd.

Fixed-Maturity Securities, Short-Term Investments and Cash

As of June 30, 2024

(dollars in millions)


	Amortized Cost		Allowance for Credit Losses			Pre-Tax Book Yield		After-Tax Book Yield		Fair Value		Annualized Investment Income (1)
Fixed maturity securities, available-for-sale:
Obligations of states and political subdivisions(3)(6)	$	2,239	$	(14)		3.54	%	3.16	%	$	2,145	$	79
U.S. government and agencies	77		—			2.84		2.28		72		2
Corporate securities	2,358		(6)			3.29		2.75		2,146		78
Mortgage-backed securities:
Residential mortgage-backed securities (RMBS) (2)(3)	565		(21)			5.10		4.08		477		29
Commercial mortgage-backed securities	204		—			3.91		3.12		198		8
Asset-backed securities (ABS)
Collateralized loan obligation (CLOs)	412		—			7.62		6.02		411		31
Other ABS (3)	538		(28)			3.97		3.19		487		21
Non-U.S. government securities	85		—			1.16		1.14		70		1
Total fixed maturity securities, available-for-sale	6,478		(69)			3.85		3.24		6,006		249
Short-term investments	1,717		—			4.93		3.92		1,717		85
Cash (4)	92		—			—		—		92		—
Total	$	8,287	$	(69)		4.08	%	3.38	%	$	7,815	$	334

Fixed maturity securities, trading (6)										$	221


Ratings (5):	Fair Value		% of Portfolio
U.S. government and agencies	$	72	1.2		%
AAA/Aaa	797		13.3
AA/Aa	2,200		36.6
A/A	1,554		25.9
BBB	815		13.6
BIG	507		8.4
Not rated	61		1.0
Total fixed maturity securities, available-for-sale	$	6,006	100.0		%


Duration of available-for-sale fixed maturity securities and short-term investments (in years):			3.2

1) Represents annualized investment income based on amortized cost and pre-tax book yields.

2) Includes fair value of $133 million in subprime RMBS, of which 92% were rated BIG.

3) Includes securities purchased or obtained as part of loss mitigation or other risk management strategies.

4) Cash is not included in the yield calculation.

5) Ratings generally reflect the lower of Moody’s Ratings or S&P Global Ratings Services classifications except for purchased securities that the Company has insured, and for which it had expected losses to be paid (Loss Mitigation Securities) and certain other securities, which use internal ratings classifications. Loss mitigation and other securities total $834 million in par with carrying value of $563 million and are primarily included in the BIG category.

6) Represents contingent value instruments (CVI) received in connection with the 2022 Puerto Rico Resolutions (see page 33). These securities are not rated.

Assured Guaranty Ltd.

Investment Portfolio, Cash and CIVs

GAAP (1 of 2)

(dollars in millions)

Investment Portfolio, Cash and CIVs as of June 30, 2024


	Insurance Related Subsidiaries (1)		Holding Companies (2)		Other (3)		AGL Consolidated

Fixed-maturity securities, available-for-sale	$	5,986	$	20	$	—	$	6,006
Fixed-maturity securities, trading	221		—		—		221
Total fixed-maturity securities	6,207		20		—		6,227
Short-term investments	1,514		202		1		1,717
Cash	48		5		39		92
Total short-term investments and cash	1,562		207		40		1,809
Other invested assets
Equity method investments:
Sound Point	—		413		—		413
Funds:
CLOs	350		—		(248)		102
Private healthcare investing	136		—		—		136
Asset-based/specialty finance	152		—		(64)		88
Middle market direct lending	8		—		—		8
Other	124		—		—		124
Total funds	770		—		(312)		458
Other	—		4		—		4
Total equity method investments	770		417		(312)		875
Other	3		4		—		7
Other invested assets	773		421		(312)		882
Total investment portfolio and cash(4)	$	8,542	$	648	$	(272)	$	8,918
CIVs
Assets of CIVs	$	—	$	—	$	378	$	378
Liabilities of CIVs	—		—		(3)		(3)
Nonredeemable noncontrolling interests	—		—		(56)		(56)
Total CIVs	$	—	$	—	$	319	$	319

1) Includes the Company’s U.S., Bermuda, U.K. and French insurance subsidiaries and AG Asset Strategies LLC (separate company, excluding the effect of consolidating CIVs).

2) Includes the Company’s holding companies: AGL, Assured Guaranty US Holdings Inc. and Assured Guaranty Municipal Holdings Inc.

3) Includes the Company’s non insurance subsidiaries, non-U.S. holding companies and CIVs and related intercompany eliminations.

4) The alternative investments, excluding Sound Point, had an inception-to-date annualized internal rate of return (IRR) of 13.0% the year-to-date return of 6.7% and the quarter-to-date return of 2.3%. For funds, the returns represent IRR based on mark-to-market gains (losses). The inception-to-date IRRs are annualized; the quarterly and year-to-date returns are not annualized.

Assured Guaranty Ltd.

Investment Portfolio, Cash and CIVs

GAAP (2 of 2)

(dollars in millions)

Investment Portfolio, Cash and CIVs as of December 31, 2023


	Insurance Related Subsidiaries (1)		Holding Companies (2)		Other (3)		AGL Consolidated

Fixed-maturity securities, available-for-sale	$	6,286	$	21	$	—	$	6,307
Fixed-maturity securities, trading	318		—		—		318
Total fixed-maturity securities	6,604		21		—		6,625
Short-term investments	1,328		332		1		1,661
Cash	52		7		38		97
Total short-term investments and cash	1,380		339		39		1,758
Other invested assets
Equity method investments:
Sound Point	—		429		—		429
Funds:
CLOs	302		—		(223)		79
Private healthcare investing	102		—		—		102
Asset-based/specialty finance	166		—		(82)		84
Middle market direct lending	5		—		—		5
Other	117		—		—		117
Total funds	692		—		(305)		387
Other	—		7		—		7
Total equity method investments	692		436		(305)		823
Other	3		3		—		6
Other invested assets	695		439		(305)		829
Total investment portfolio and cash(4)	$	8,679	$	799	$	(266)	$	9,212
CIVs
Assets of CIVs	$	—	$	—	$	366	$	366
Liabilities of CIVs	—		—		(4)		(4)
Nonredeemable noncontrolling interests	—		—		(52)		(52)
Total CIVs	$	—	$	—	$	310	$	310

1) Includes the Company’s U.S., Bermuda, U.K. and French insurance subsidiaries and AG Asset Strategies LLC (separate company, excluding the effect of consolidating CIVs).

2) Includes the Company’s holding companies: AGL, Assured Guaranty US Holdings Inc. and Assured Guaranty Municipal Holdings Inc.

3) Includes the Company’s non insurance subsidiaries, non-U.S. holding companies and CIVs and related intercompany eliminations.

4) The alternative investments, excluding Sound Point, had an inception-to-date annualized IRR of 12.8%, the year-to-date return of 13.8% and the quarter-to-date return of 3.4%.

Assured Guaranty Ltd.

Income from Investment Portfolio and CIVs by Segment (1 of 2)

(dollars in millions)


	Three Months Ended June 30, 2024
	Insurance		Asset Management		Corporate		Other		Total
Net investment income
Fixed-maturity securities, available-for-sale	$	59	$	—	$	1	$	(1)	$	59
Short-term investments	19		—		3		—		22
Other	3		—		—		(3)		—
Total net investment income	$	81	$	—	$	4	$	(4)	$	81

Fair value gains (losses) on trading securities	$	17	$	—	$	—	$	—	$	17

Equity in earnings (losses) of investees
Sound Point	$	—	$	(3)	$	—	$	—	$	(3)
Funds:
CLOs	6		—		—		(3)		3
Private healthcare investing	(2)		—		—		—		(2)
Asset-based/specialty finance	7		—		—		(4)		3
Middle market direct lending	1		—		—		—		1
Other	3		—		—		—		3
Total funds (1)	15		—		—		(7)		8
Other	—		—		—		—		—
Equity in earnings (losses) of investees	$	15	$	(3)	$	—	$	(7)	$	5

CIVs
Fair value gains (losses) on CIVs	$	—	$	—	$	—	$	11	$	11
Noncontrolling interests	—		—		—		(3)		(3)
Total CIVs	$	—	$	—	$	—	$	8	$	8


	Three Months Ended June 30, 2023
	Insurance		Asset Management		Corporate		Other		Total
Net investment income
Fixed-maturity securities, available-for-sale	$	69	$	—	$	—	$	—	$	69
Short-term investments	16		—		2		—		18
Other	5		—		—		(3)		2
Total net investment income	$	90	$	—	$	2	$	(3)	$	89

Fair value gains (losses) on trading securities	$	40	$	—	$	—	$	—	$	40

Equity in earnings (losses) of investees
Sound Point	$	—	$	—	$	—	$	—	$	—
Funds:
CLOs	(3)		—		—		3		—
Private healthcare investing	1		—		—		(1)		—
Asset-based/specialty finance	2		—		—		(2)		—

Other	5		—		—		—		5
Total funds (1)	5		—		—		—		5
Other	—		—		—		—		—
Equity in earnings (losses) of investees	$	5	$	—	$	—	$	—	$	5

CIVs
Fair value gains (losses) on CIVs	$	—	$	—	$	—	$	6	$	6
Noncontrolling interests	—		—		—		(1)		(1)
Total CIVs	$	—	$	—	$	—	$	5	$	5

1) Relates to funds managed by Sound Point and AHP, and certain other managers, as well as, prior to July 1, 2023, AssuredIM. Investments in funds are reported on a one-quarter lag.

Assured Guaranty Ltd.

Income from Investment Portfolio and CIVs by Segment (2 of 2)

(dollars in millions)


	Six Months Ended June 30, 2024
	Insurance		Asset Management		Corporate		Other		Total
Net investment income
Fixed-maturity securities, available-for-sale	$	121	$	—	$	—	$	(1)	$	120
Short-term investments	38		—		7		—		45
Other	5		—		—		(5)		—
Total net investment income	$	164	$	—	$	7	$	(6)	$	165

Fair value gains (losses) on trading securities	$	43	$	—	$	—	$	—	$	43

Equity in earnings (losses) of investees
Sound Point	$	—	$	1	$	—	$	—	$	1
Funds:
CLOs	26		—		—		(18)		8
Private healthcare investing	2		—		—		—		2
Asset-based/specialty finance	11		—		—		(6)		5
Middle market direct lending	4		—		—		—		4
Other	12		—		—		—		12
Total funds (1)	55		—		—		(24)		31
Other	—		(3)		—		—		(3)
Equity in earnings (losses) of investees	$	55	$	(2)	$	—	$	(24)	$	29

CIVs
Fair value gains (losses) on CIVs	$	—	$	—	$	—	$	33	$	33
Noncontrolling interests	—		—		—		(7)		(7)
Total CIVs	$	—	$	—	$	—	$	26	$	26


	Six Months Ended June 30, 2023
	Insurance		Asset Management		Corporate		Other		Total

Net investment income
Fixed-maturity securities, available-for-sale	$	137	$	—	$	—	$	(1)	$	136
Short-term investments	28		—		4		—		32
Other	7		—		—		(5)		2
Total net investment income	$	172	$	—	$	4	$	(6)	$	170

Fair value gains (losses) on trading securities	$	38	$	—	$	—	$	—	$	38

Equity in earnings (losses) of investees
Sound Point	$	—	$	—	$	—	$	—	$	—
Funds:
CLOs	16		—		—		(16)		—
Private healthcare investing	9		—		—		(9)		—
Asset-based/specialty finance	3		—		—		(3)		—
Other	7		—		—		—		7
Total funds (1)	35		—		—		(28)		7
Other	—		—		—		—		—
Equity in earnings (losses) of investees	$	35	$	—	$	—	$	(28)	$	7

CIVs
Fair value gains (losses) on CIVs	$	—	$	—	$	—	$	64	$	64
Noncontrolling interests	—		—		—		(17)		(17)
Total CIVs	$	—	$	—	$	—	$	47	$	47

1) Relates to funds managed by Sound Point and AHP, and certain other managers, as well as, prior to July 1, 2023, AssuredIM. Investments in funds are generally reported on a one-quarter lag.

Insurance Segment

Assured Guaranty Ltd.

Insurance Segment Results

(dollars in millions)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Segment revenues
Net earned premiums and credit derivative revenues	$	87	$	88	$	209	$	172
Net investment income	81		90		164		172
Fair value gains (losses) on trading securities	17		40		43		38
Foreign exchange gains (losses) on remeasurement and other income (loss)	4		6		2		32
Total segment revenues	189		224		418		414

Segment expenses
Loss expense (benefit)	—		44		4		53

Amortization of DAC	3		3		9		6
Employee compensation and benefit expenses	40		36		88		75
Other operating expenses	27		27		54		55
Total segment expenses	70		110		155		189
Equity in earnings (losses) of investees	15		5		55		35
Segment adjusted operating income (loss) before income taxes	134		119		318		260
Less: Provision (benefit) for income taxes	18		13		53		37
Segment adjusted operating income (loss)	$	116	$	106	$	265	$	223

Assured Guaranty Ltd.

Claims-Paying Resources

(dollars in millions)


	As of June 30, 2024
	AGM		AG		Eliminations (2)		Combined AG		AG Re(7)		Eliminations (3)		Consolidated
Claims-paying resources
Policyholders’ surplus	$	2,599	$	1,649	$	(288)	$	3,960	$	746	$	63	$	4,769
Contingency reserve	910		421		—		1,331		—		—		1,331
Qualified statutory capital	3,509		2,070		(288)		5,291		746		63		6,100
Unearned premium reserve and net deferred ceding commission income(1)	2,078		355		—		2,433		593		(63)		2,963
Loss and LAE reserves (1)(8)	—		39		—		39		138		—		177
Total policyholders' surplus and reserves	5,587		2,464		(288)		7,763		1,477		—		9,240
Present value of installment premium	503		240		—		743		250		—		993
CCS	200		200		—		400		—		—		400
Total claims-paying resources	$	6,290	$	2,904	$	(288)	$	8,906	$	1,727	$	—	$	10,633

Statutory net exposure (1)(4)	$	164,916	$	29,894	$	(423)	$	194,387	$	62,957	$	(587)	$	256,757
Net debt service outstanding (1)(4)	$	265,672	$	48,359	$	(803)	$	313,228	$	95,029	$	(1,067)	$	407,190

Ratios:
Net exposure to qualified statutory capital	47:1		14:1				37:1		84:1				42:1
Capital ratio (5)	76:1		23:1				59:1		127:1				67:1
Financial resources ratio (6)	42:1		17:1				35:1		55:1				38:1
Statutory net exposure to claims-paying resources	26:1		10:1				22:1		36:1				24:1

Separate company statutory basis:
Admitted assets	$	5,384	$	2,535					$	1,486
Total liabilities	2,785		886						740
Loss and LAE reserves (recoverable)	(31)		39						138
Paid in capital stock	299		442						826

1) The numbers shown for AGM have been adjusted to include its share of its United Kingdom (U.K.) and French insurance subsidiaries.

2) Eliminations are primarily for intercompany surplus notes between AGM and AG. Net exposure and net debt service outstanding eliminations relate to second-to-pay policies under which an Assured Guaranty insurance subsidiary guarantees an obligation already insured by another Assured Guaranty insurance subsidiary.

3) Eliminations are of intercompany deferred ceding commissions. Net exposure and net debt service outstanding eliminations relate to second-to-pay policies under which an Assured Guaranty insurance subsidiary guarantees an obligation already insured by another Assured Guaranty insurance subsidiary.

4) Net exposure and net debt service outstanding are presented on a statutory basis. Includes $3,570 million of specialty business.

5) The capital ratio is calculated by dividing net debt service outstanding by qualified statutory capital.

6) The financial resources ratio is calculated by dividing net debt service outstanding by total claims-paying resources.

7) Assured Guaranty Re Ltd. (AG Re) numbers represent the Company's estimate of AG Re on a U.S. statutory-basis, except for contingency reserves.

8) Loss and LAE reserves exclude adjustments to claims-paying resources for AGM because the balance was in a net recoverable position of $30 million.

Please refer to the Glossary for an explanation of changes in the presentation of net debt service and net par outstanding.

Assured Guaranty Ltd.

New Business Production

(dollars in millions)

Reconciliation of GWP to PVP


	Three Months Ended										Three Months Ended
	June 30, 2024										June 30, 2023
	Public Finance				Structured Finance						Public Finance				Structured Finance
	U.S.		Non - U.S.		U.S.		Non - U.S.		Total		U.S.		Non - U.S.		U.S.		Non - U.S.		Total
Total GWP	$	103	$	25	$	2	$	2	$	132	$	78	$	9	$	5	$	3	$	95
Less: Installment GWP and other GAAP adjustments (1)	85		13		2		2		102		41		9		5		3		58
Upfront GWP	18		12		—		—		30		37		—		—		—		37
Plus: Installment premiums and other(2)	98		21		4		2		125		40		6		3		5		54
Total PVP	$	116	$	33	$	4	$	2	$	155	$	77	$	6	$	3	$	5	$	91

Gross par written	$	7,043	$	1,572	$	214	$	594	$	9,423	$	7,747	$	249	$	252	$	726	$	8,974


	Six Months Ended										Six Months Ended
	June 30, 2024										June 30, 2023
	Public Finance				Structured Finance						Public Finance				Structured Finance
	U.S.		Non - U.S.		U.S.		Non - U.S.		Total		U.S.		Non - U.S.		U.S.		Non - U.S.		Total
Total GWP	$	147	$	27	$	15	$	4	$	193	$	100	$	45	$	33	$	3	$	181
Less: Installment GWP and other GAAP adjustments (1)	97		15		14		4		130		49		42		33		3		127
Upfront GWP	50		12		1		—		63		51		3		—		—		54
Plus: Installment premiums and other(2)	109		22		18		6		155		48		33		30		38		149
Total PVP	$	159	$	34	$	19	$	6	$	218	$	99	$	36	$	30	$	38	$	203

Gross par written	$	9,952	$	1,572	$	694	$	948	$	13,166	$	10,654	$	609	$	834	$	2,240	$	14,337

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Assured Guaranty Ltd.

Gross Par Written (1 of 2)

(dollars in millions)

Gross Par Written by Asset Type


	Three Months Ended June 30,
	2024		2023
Sector:
U.S. public finance
General obligation	$	2,657		$	3,259
Transportation	2,603			188
Tax backed	885			462
Municipal utilities	411			1,950
Higher education	245			—
Healthcare	222			76
Infrastructure finance	—			1,785
Other U.S public finance	20			27
Total U.S. public finance	7,043			7,747
Non-U.S. public finance:
Regulated utilities	1,518			249
Infrastructure finance	54			—
Total non-U.S. public finance	1,572			249
Total public finance	8,615			7,996

U.S. structured finance:
Pooled corporate obligations	163			—
Subscription finance facilities	41			27
Structured credit	10			225
Total U.S. structured finance	214			252
Non-U.S. structured finance:
Pooled corporate obligations	308			—
Subscription finance facilities	286			726
Total non-U.S. structured finance	594			726
Total structured finance	808			978

Total gross par written	$	9,423		$	8,974

Please refer to the Glossary for a description of sectors.

Assured Guaranty Ltd.

Gross Par Written (2 of 2)

(dollars in millions)

Gross Par Written by Asset Type


	Six Months Ended June 30,
	2024		2023

Sector:
U.S. public finance
General obligation	$	3,819		$	4,669
Transportation	3,245			224
Tax backed	1,456			565
Municipal utilities	829			2,715
Healthcare	338			464
Higher education	245			205
Infrastructure finance	—			1,785
Other U.S. public finance	20			27
Total U.S. public finance	9,952			10,654
Non-U.S. public finance:
Regulated utilities	1,518			356
Infrastructure finance	54			—
Sovereign and sub-sovereign	—			253
Total non-U.S. public finance	1,572			609
Total public finance	11,524			11,263

U.S. structured finance:
Insurance securitizations	250			500
Pooled corporate obligations	206			—
Subscription finance facilities	192			59
Structured credit	10			275
Other structured finance	36			—
Total U.S. structured finance	694			834
Non-U.S. structured finance:
Subscription finance facilities	640			821
Pooled corporate obligations	308			—
Other structured finance	—			1,419
Total non-U.S. structured finance	948			2,240
Total structured finance	1,642			3,074

Total gross par written	$	13,166		$	14,337

Please refer to the Glossary for a description of sectors.

Assured Guaranty Ltd.

New Business Production by Quarter

(dollars in millions)


													Six Months
	1Q-23		2Q-23		3Q-23		4Q-23		1Q-24		2Q-24		2024		2023
PVP:
Public finance - U.S.	$	22	$	77	$	30	$	83	$	43	$	116	$	159	$	99
Public finance - non-U.S.	30		6		2		45		1		33		34		36
Structured finance - U.S.	27		3		12		26		15		4		19		30
Structured finance - non-U.S.	33		5		2		1		4		2		6		38
Total PVP (1)	$	112	$	91	$	46	$	155	$	63	$	155	$	218	$	203

Reconciliation of GWP to PVP:

Total GWP	$	86	$	95	$	40	$	136	$	61	$	132	$	193	$	181
Less: Installment GWP and other GAAP adjustments	69		58		17		103		28		102		130		127
Upfront GWP	17		37		23		33		33		30		63		54
Plus: Installment premiums and other(2)	95		54		23		122		30		125		155		149
Total PVP	$	112	$	91	$	46	$	155	$	63	$	155	$	218	$	203

Gross par written:
Public finance - U.S.	2,907		$	7,747	$	5,098	$	6,712	$	2,909	$	7,043	$	9,952	$	10,654
Public finance - non-U.S.	360		249		61		874		—		1,572		1,572		609
Structured finance - U.S.	582		252		267		785		480		214		694		834
Structured finance - non-U.S. (1)	1,514		726		522		304		354		594		948		2,240
Total	$	5,363	$	8,974	$	5,948	$	8,675	$	3,743	$	9,423	$	13,166	$	14,337

1) PVP and gross par written include the present value (PV) of future premiums and total exposure, respectively, associated with other guaranties written by the Company that, under GAAP, are accounted for under ASC 460, Guarantees.

2) Includes the present value of future premiums and fees on new business paid in installments, discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. Six months 2023 also includes the present value of future premiums and fees associated with other guaranties written by the Company that, under GAAP, are accounted for under ASC 460, Guarantees.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Assured Guaranty Ltd.

Estimated Net Exposure Amortization(1) and Estimated Future Financial Guaranty Net Premium

and Credit Derivative Revenues

(dollars in millions)


					Financial Guaranty Insurance (2)
	Estimated Net Debt Service Amortization		Estimated Ending Net Debt Service Outstanding		Expected PV Net Earned Premiums (i.e. Net Deferred Premium Revenue)		Accretion of Discount		Effect of FG VIE Consolidation on Expected PV Net Earned Premiums and Accretion of Discount		Future Credit Derivative Revenues (3)
2024 (as of June 30)			$	404,685
2024 3Q	$	6,688	397,997		$	74	$	8	$	1	$	2
2024 4Q	5,495		392,502		73		8		1		2
2025	22,589		369,913		276		29		3		9
2026	21,346		348,567		258		27		3		8
2027	19,334		329,233		243		26		2		8
2028	19,503		309,730		229		24		2		7

2024-2028	94,955		309,730		1,153		122		12		36
2029-2033	94,750		214,980		939		102		11		29
2034-2038	72,585		142,395		621		74		9		23
2039-2043	52,667		89,728		396		50		—		14
After 2043	89,728		—		540		59		—		8
Total	$	404,685			$	3,649	$	407	$	32	$	110

Reconciliation of Net Deferred Premium Revenue to Net Unearned Premium Reserve(4)


	GAAP		Effect of FG VIE Consolidation on Net Unearned Premium Reserve
Net deferred premium revenue:
Financial guaranty	$	3,649	$	31
Specialty	7		—
Net deferred premium revenue	3,656		31
Contra-paid	(22)		(4)
Net unearned premium reserve	$	3,634	$	27

1) Represents the future expected amortization of current debt service outstanding (principal and interest), assuming no advance refundings, as of June 30, 2024. Actual amortization differs from expected maturities because borrowers may have the right to call or prepay guaranteed obligations, terminations and because of management's assumptions on structured finance amortization.

2) See also page 27, for ‘‘Net Expected Loss to be Expensed.’’

3) Represents expected future premiums on insured credit derivatives.

4) Unearned premium reserve represents deferred premium revenue less claim payments made (net of recoveries received) that have been recognized in the statement of operations (contra-paid).

Assured Guaranty Ltd.

Roll Forward of Net Expected Loss and LAE to be Paid

(dollars in millions)

Roll Forward of Net Expected Loss and LAE to be Paid (1) for the Three Months Ended June 30, 2024


	Net Expected Loss to be Paid (Recovered) as of March 31, 2024		Net Economic Loss Development (Benefit) During 2Q-24		Net (Paid) Recovered Losses During 2Q-24		Net Expected Loss to be Paid (Recovered) as of June 30, 2024
Public Finance:
U.S. public finance	$	378	$	12	$	(16)	$	374
Non-U.S public finance	20		17		—		37
Public Finance	398		29		(16)		411

Structured Finance:
U.S. RMBS	(2)		(10)		12		—
Other structured finance	37		2		(3)		36
Structured Finance	35		(8)		9		36
Total	$	433	$	21	$	(7)	$	447

Roll Forward of Net Expected Loss and LAE to be Paid (1) for the Six Months Ended June 30, 2024


	Net Expected Loss to be Paid (Recovered) as of December 31, 2023		Net Economic Loss Development (Benefit) During 2024		Net (Paid) Recovered Losses During 2024		Net Expected Loss to be Paid (Recovered) as of June 30, 2024
Public Finance:
U.S. public finance	$	398	$	9	$	(33)	$	374
Non-U.S public finance	20		17		—		37
Public Finance	418		26		(33)		411

Structured Finance:
U.S. RMBS	43		(13)		(30)		—
Other structured finance	44		1		(9)		36
Structured Finance	87		(12)		(39)		36
Total	$	505	$	14	$	(72)	$	447

1) Includes net expected loss to be paid (recovered), economic loss development (benefit) and (paid) recovered losses for all contracts (i.e. those accounted for as insurance, credit derivatives and FG VIEs).

Assured Guaranty Ltd.

Loss Measures

As of June 30, 2024

(dollars in millions)


			Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	Total Net Par Outstanding for BIG Transactions		GAAP Loss and LAE (1)		Loss and LAE included in Adjusted Operating Income (2)		Insurance Segment Loss and LAE (3)		GAAP Loss and LAE (1)		Loss and LAE included in Adjusted Operating Income (2)		Insurance Segment Loss and LAE (3)
Public finance:
U.S. public finance	$	3,490	$	1	$	1	$	3	$	(1)	$	(1)	$	4
Non-U.S public finance	1,085		—		—		—		—		—		—
Public finance	4,575		1		1		3		(1)		(1)		4
Structured finance:
U.S. RMBS	845		(5)		(6)		(6)		(3)		(4)		(4)
Other structured finance	82		2		3		3		1		4		4
Structured finance	927		(3)		(3)		(3)		(2)		—		—
Total	$	5,502	$	(2)	$	(2)	$	—	$	(3)	$	(1)	$	4

1) Includes loss expense related to contracts that are accounted for as insurance contracts.

2) Includes loss expense related to contracts that are accounted for as insurance contracts and credit derivatives.

3) Includes loss expense related to contracts that are accounted for as insurance contracts, credit derivatives, and consolidated FG VIEs.

Please refer to the Glossary for an explanation of the presentation of net par outstanding and of the various sectors.

Assured Guaranty Ltd.

Net Expected Loss to be Expensed (1)

As of June 30, 2024

(dollars in millions)


	GAAP

2024 (as of June 30)
2024 3Q	$	3
2024 4Q	3
2025	12
2026	18
2027	18
2028	18
2024-2028	72
2029-2033	78
2034-2038	49
2039-2043	13
After 2043	13
Total expected present value of net expected loss to be expensed(2)	225
Future accretion	(71)
Total expected future loss and LAE	$	154

1) The present value of net expected loss to be paid is discounted using risk free rates ranging from 4.28% to 5.33% for U.S. dollar denominated obligations.

2) Excludes $24 million related to FG VIEs, which are eliminated in consolidation.

Assured Guaranty Ltd.

Financial Guaranty Profile (1 of 3)

(dollars in millions)

Net Par Outstanding by Asset Type


	As of June 30, 2024		As of December 31, 2023
U.S. public finance:
General obligation	$	76,598		$	74,609
Tax backed	32,977			33,060
Municipal utilities	28,808			29,300
Transportation	24,889			22,052
Healthcare	12,640			12,604
Infrastructure finance	8,704			8,796
Higher education	7,397			7,250
Housing revenue	1,135			1,152
Investor-owned utilities	327			329
Renewable energy	167			167
Other public finance	951			970
Total U.S. public finance	194,593			190,289
Non-U.S public finance:
Regulated utilities	22,123			20,545
Infrastructure finance	14,918			15,430
Sovereign and sub-sovereign	9,468			9,869
Renewable energy	1,958			2,030
Pooled infrastructure	1,116			1,133
Total non-U.S. public finance	49,583			49,007
Total public finance	244,176			239,296

U.S. structured finance:
Insurance securitizations	4,648			4,379
RMBS	1,585			1,774
Pooled corporate obligations	693			631
Financial products	470			464
Consumer receivables	256			314
Subscription finance facilities	256			178
Other structured finance	851			892
Total U.S. structured finance	8,759			8,632
Non-U.S. structured finance:
Subscription finance facilities	726			444
Pooled corporate obligations	401			425
RMBS	236			252
Other structured finance	98			104
Total non-U.S. structured finance	1,461			1,225
Total structured finance	10,220			9,857

Total net par outstanding	$	254,396		$	249,153

Please refer to the Glossary for an explanation of the presentation of net par outstanding and various sectors.

Assured Guaranty Ltd.

Financial Guaranty Profile (2 of 3)

As of June 30, 2024

(dollars in millions)

Distribution by Ratings of Financial Guaranty Portfolio


	Public Finance - U.S.				Public Finance - Non-U.S.				Structured Finance - U.S.				Structured Finance - Non-U.S.				Total
Ratings:	Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%
AAA	$	27	—	%	$	2,066	4.2	%	$	682	7.8	%	$	445	30.5	%	$	3,220	1.2	%
AA	18,100		9.3		3,164		6.3		5,623		64.2		74		5.0		26,961		10.6
A	106,415		54.7		13,437		27.1		902		10.3		853		58.4		121,607		47.8
BBB	66,561		34.2		29,831		60.2		625		7.1		89		6.1		97,106		38.2
BIG	3,490		1.8		1,085		2.2		927		10.6		—		—		5,502		2.2
Net Par Outstanding (1)	$	194,593	100.0	%	$	49,583	100.0	%	$	8,759	100.0	%	$	1,461	100.0	%	$	254,396	100.0	%

1) As of June 30, 2024, the Company excluded $1.2 billion of net par outstanding attributable to Loss Mitigation Securities.

Please refer to the Glossary for an explanation of the presentation of net par outstanding and the Company's internal rating approach, and of the various sectors.

Assured Guaranty Ltd.

Financial Guaranty Profile (3 of 3)

As of June 30, 2024

(dollars in millions)

Geographic Distribution of Financial Guaranty Portfolio


	Net Par Outstanding		% of Total
U.S.:
U.S. public finance:
California	$	37,036	14.6	%
Texas	23,661		9.3
New York	18,568		7.3
Pennsylvania	17,080		6.7
Illinois	12,856		5.1
Florida	10,411		4.1
New Jersey	8,942		3.5
Michigan	5,306		2.1
Louisiana	4,700		1.8
Colorado	3,534		1.4
Other	52,499		20.6
Total U.S. public finance	194,593		76.5
U.S. structured finance (multiple states)	8,759		3.4
Total U.S.	203,352		79.9

Non-U.S.:
United Kingdom	40,373		15.9
Canada	1,635		0.7
Spain	1,611		0.6
France	1,532		0.6
Australia	1,483		0.6
Other	4,410		1.7
Total non-U.S.	51,044		20.1

Total net par outstanding	$	254,396	100.0	%

Please refer to the Glossary for an explanation of the presentation of net par outstanding and of the various sectors.

Assured Guaranty Ltd.

Specialty Business

(dollars in millions)


	As of June 30, 2024				As of December 31, 2023
	Gross Exposure (2)		Net Exposure (2)		Gross Exposure (2)		Net Exposure (2)
Insurance securitizations (1)	$	1,430	$	1,099	$	1,370	$	1,043
Diversified real estate	1,498		1,498		1,569		1,569
Pooled corporate obligations	796		796		488		488
Aircraft residual value insurance	308		177		355		200

1) Insurance securitizations exposure is projected to reach $1.6 billion gross in 2026 and $1.3 billion net in 2027.

2) All exposures are rated investment-grade, except gross exposure of $144 million and net exposure of $84 million of aircraft residual value insurance as of both June 30, 2024 and December 31, 2023.

Assured Guaranty Ltd.

Expected Amortization of Net Par Outstanding

(dollars in millions)


	Public Finance				Structured Finance
	Estimated Net Par Amortization		Estimated Ending Net Par Outstanding		U.S. and Non-U.S. Pooled Corporate		U.S. RMBS		Financial Products		Other Structured Finance		Total		Estimated Ending Net Par Outstanding

2024 (as of June 30)			$	244,176											$	10,220
2024 3Q	$	3,926	240,250		$	7	$	64	$	(4)	$	30	$	97	10,123
2024 4Q	1,967		238,283		6		64		(7)		692		755		9,368
2025	11,079		227,204		130		221		32		656		1,039		8,329
2026	10,590		216,614		243		196		39		391		869		7,460
2027	9,116		207,498		333		185		(9)		300		809		6,651
2028	9,724		197,774		229		153		53		377		812		5,839

2024-2028	46,402		197,774		948		883		104		2,446		4,381		5,839
2029-2033	53,429		144,345		106		341		282		2,728		3,457		2,382
2034-2038	44,801		99,544		40		354		68		529		991		1,391
2039-2043	33,716		65,828		—		—		16		777		793		598
After 2043	65,828		—		—		7		—		591		598		—
Total	$	244,176			$	1,094	$	1,585	$	470	$	7,071	$	10,220

Net par outstanding (end of period)


	1Q-23		2Q-23		3Q-23		4Q-23		1Q-24		2Q-24
Public finance - U.S.	$	180,837	$	186,323	$	185,973	$	190,289	$	189,895	$	194,593
Public finance - non-U.S.	45,909		47,658		45,748		49,007		48,237		49,583
Structured finance - U.S.	8,660		8,827		8,975		8,632		8,643		8,759
Structured finance - non-U.S.	977		1,205		1,137		1,225		1,369		1,461
Net par outstanding	$	236,383	$	244,013	$	241,833	$	249,153	$	248,144	$	254,396

Please refer to the Glossary for an explanation of the presentation of net par outstanding and of the various sectors.

Assured Guaranty Ltd.

Puerto Rico Profile (1 of 2)

As of June 30, 2024

(dollars in millions)

Exposure to Puerto Rico


	Par Outstanding				Debt Service Outstanding
	Gross		Net		Gross		Net
Total	$	976	$	961	$	1,268	$	1,250

Exposure to Puerto Rico by Company


	Net Par Outstanding
	AGM		AG		AG Re		Eliminations (1)		Total Net Par Outstanding		Gross Par Outstanding
Defaulted Puerto Rico Exposures
PREPA	$	377	$	67	$	180	$	—	$	624	$	633
Total Defaulted	377		67		180		—		624		633
Resolved Puerto Rico Exposures (2)
Puerto Rico Highways and Transportation Authority (PRHTA) (Transportation revenue)	12		130		74		(12)		204		204
PRHTA (Highway revenue)	21		2		1		—		24		24
Total Resolved	33		132		75		(12)		228		228
Non-Defaulting Puerto Rico Exposures(3)
Puerto Rico Municipal Finance Agency (MFA)	84		6		18		—		108		114
Puerto Rico Aqueduct and Sewer Authority (PRASA) and University of Puerto Rico (U of PR)	—		1		—		—		1		1
Total Non-Defaulting	84		7		18		—		109		115
Total exposure to Puerto Rico	$	494	$	206	$	273	$	(12)	$	961	$	976

1) Net par outstanding eliminations relate to second-to-pay policies under which an Assured Guaranty insurance subsidiary guarantees an obligation already insured by another Assured Guaranty insurance subsidiary.

2) In 2022, the Company resolved its exposure to insured Puerto Rico credits experiencing payment default other than PREPA (2022 Puerto Rico Resolutions). In connection with the resolution of PRHTA exposures, the Company received cash, new bonds backed by toll revenues (Toll Bonds) and CVIs. In January 2024, $144 million of the remaining PRHTA net par was paid down. All of the Toll Bonds received from the PRHTA under the 2022 Puerto Rico Resolutions for the insured PRHTA bonds have been sold or redeemed; therefore, the remaining amounts owed for such insured PRHTA bonds are payable in full by the Company’s insurance subsidiaries under their financial guaranty policies and are no longer dependent on the credit of the PRHTA.

3) All debt service on these insured exposures have been paid to date without any insurance claim being made on the Company.

Assured Guaranty Ltd.

Puerto Rico Profile (2 of 2)

As of June 30, 2024

(dollars in millions)

Amortization Schedule of Net Par Outstanding of Puerto Rico


	2024 (3Q)		2024 (4Q)		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034 - 2038		2039 - 2041		Total
Defaulted Puerto Rico Exposures
PREPA	$	93	$	—	$	68	$	105	$	105	$	68	$	39	$	44	$	75	$	14	$	4	$	9	$	—	$	624
Total Defaulted	93		—		68		105		105		68		39		44		75		14		4		9		—		624
Resolved Puerto Rico Exposures
PRHTA (Transportation revenue)	—		—		—		—		—		—		—		—		—		—		—		107		97		204
PRHTA (Highway revenue)	—		—		—		—		—		—		—		—		—		5		3		16		—		24
Total Resolved	—		—		—		—		—		—		—		—		—		5		3		123		97		228
Non-Defaulting Puerto Rico Exposures
MFA	16		—		16		35		15		13		7		6		—		—		—		—		—		108
PRASA and U of PR	1		—		—		—		—		—		—		—		—		—		—		—		—		1
Total Non-Defaulting	17		—		16		35		15		13		7		6		—		—		—		—		—		109

Total	$	110	$	—	$	84	$	140	$	120	$	81	$	46	$	50	$	75	$	19	$	7	$	132	$	97	$	961

Amortization Schedule of Net Debt Service Outstanding of Puerto Rico


	2024 (3Q)		2024 (4Q)		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034 - 2038		2039 - 2041		Total
Defaulted Puerto Rico Exposures
PREPA	$	105	$	3	$	92	$	126	$	122	$	80	$	47	$	52	$	81	$	15	$	5	$	9	$	—	$	737
Total Defaulted	105		3		92		126		122		80		47		52		81		15		5		9		—		737
Resolved Puerto Rico Exposures
PRHTA (Transportation revenue)	5		—		11		11		11		11		11		11		10		11		10		143		106		351
PRHTA (Highway revenue)	1		—		1		1		1		1		2		1		1		6		5		18		—		38
Total Resolved	6		—		12		12		12		12		13		12		11		17		15		161		106		389
Non-Defaulting Puerto Rico Exposures
MFA	19		—		20		39		17		14		8		6		—		—		—		—		—		123
PRASA and U of PR	1		—		—		—		—		—		—		—		—		—		—		—		—		1
Total Non-Defaulting	20		—		20		39		17		14		8		6		—		—		—		—		—		124

Total	$	131	$	3	$	124	$	177	$	151	$	106	$	68	$	70	$	92	$	32	$	20	$	170	$	106	$	1,250

Assured Guaranty Ltd.

Direct Pooled Corporate Obligations Profile

As of June 30, 2024

(dollars in millions)

Distribution of Direct Pooled Corporate Obligations by Ratings


	Net Par Outstanding		% of Total		Average Initial Credit Enhancement		Average Current Credit Enhancement
Ratings:
AAA	$	665	60.8	%	41.1	%	48.5	%
AA	86		7.9		36.5		36.6
A	190		17.3		59.5		46.9
BBB	153		14.0		35.6		36.4
Total exposures	$	1,094	100.0	%	43.2	%	45.6	%

Distribution of Direct Pooled Corporate Obligations by Asset Class


	Net Par Outstanding		% of Total		Average Initial Credit Enhancement		Average Current Credit Enhancement		Number of Transactions
Asset class:
Trust preferred
Banks and insurance	$	214	19.6	%	42.6	%	66.5	%	7
U.S. mortgage and real estate investment trusts	55		5.0		48.4		64.4		3
CLOs	825		75.4		43.0		38.9		9
Total exposures	$	1,094	100.0	%	43.2	%	45.6	%	19

Please refer to the Glossary for an explanation of internal ratings, performance indicators and sectors.

Assured Guaranty Ltd.

Below Investment Grade Exposures (1 of 3)

(dollars in millions)

BIG Exposures by Asset Exposure Type


	As of
	June 30,		December 31,
	2024		2023
U.S. public finance:
Healthcare	$	1,454	$	1,079
Municipal utilities	914		914
Tax backed	357		503
General obligation	282		286
Transportation	106		109
Higher education	98		100
Housing revenue	69		70
Investor-owned utilities	47		47
Infrastructure finance	45		45
Other public finance	118		118
Total U.S. public finance	3,490		3,271
Non-U.S. public finance:
Infrastructure finance	789		815
Renewable energy	254		271
Sovereign and sub-sovereign	42		45
Total non-U.S. public finance	1,085		1,131
Total public finance	4,575		4,402

U.S. structured finance:
RMBS	845		941
Consumer receivables	41		52
Insurance securitizations	40		40
Other structured finance	1		2
Total U.S. structured finance	927		1,035
Non-U.S. structured finance:
Total non-U.S. structured finance	—		—
Total structured finance	927		1,035
Total BIG net par outstanding	$	5,502	$	5,437

Please refer to the Glossary for an explanation of the Company's presentation of net par outstanding and a description of various sectors.

Assured Guaranty Ltd.

Below Investment Grade Exposures (2 of 3)

(dollars in millions)

Net Par Outstanding by BIG Category (1)


	As of
	June 30,		December 31,
	2024		2023
BIG Category 1
U.S. public finance	$	1,594	$	1,257
Non-U.S. public finance	560		1,131
U.S. structured finance	16		22
Non-U.S. structured finance	—		—
Total BIG Category 1	2,170		2,410
BIG Category 2
U.S. public finance	952		926
Non-U.S. public finance	525		—
U.S. structured finance	52		63
Non-U.S. structured finance	—		—
Total BIG Category 2	1,529		989
BIG Category 3
U.S. public finance	944		1,088
Non-U.S. public finance	—		—
U.S. structured finance	859		950
Non-U.S. structured finance	—		—
Total BIG Category 3	1,803		2,038
BIG Total	$	5,502	$	5,437

1) Assured Guaranty's surveillance department is responsible for monitoring the Company's portfolio of credits and maintains a list of BIG credits. BIG Category 1: Below-investment-grade transactions showing sufficient deterioration to make future losses possible, but for which none are currently expected. BIG Category 2: Below-investment-grade transactions for which future losses are expected but for which no claims (other than liquidity claims which are claims that the Company expects to be reimbursed within one year) have yet been paid. BIG Category 3: Below-investment-grade transactions for which future losses are expected and on which claims (other than liquidity claims) have been paid.

Please refer to the Glossary for an explanation of the Company's internal rating approach, presentation of net par outstanding and a description of various sectors.

Assured Guaranty Ltd.

Below Investment Grade Exposures (3 of 3)

As of June 30, 2024

(dollars in millions)

Public Finance and Structured Finance BIG Exposures with Revenue Sources Greater Than $50 Million

Net Par Outstanding

Internal

Rating (1)

60+ Day Delinquencies

Name or description

U.S. public finance:

ProMedica Healthcare Obligated Group, Ohio

820

BB-

Puerto Rico Electric Power Authority

624

CCC

Palomar Health

374

BB+

OU Health (Medicine), Oklahoma

253

BB+

Puerto Rico Highways & Transportation Authority

228

CCC

Jackson Water & Sewer System, Mississippi

157

Puerto Rico Municipal Finance Agency

108

CCC

Stockton City, California

New Jersey City University

Harrisburg Parking System, Pennsylvania

San Jacinto River Authority (GRP Project), Texas

BB+

Indiana University of Pennsylvania, Pennsylvania

CCC

Total U.S. public finance

2,936

Non-U.S. public finance:

Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc

524

B+

Q Energy - Phase III - FSL Issuer, S.A.U.

254

B+

Dartford & Gravesham NHS Trust The Hospital Company (Dartford) Plc

116

BB+

Road Management Services PLC (A13 Highway)

113

B+

Total non-U.S. public finance

1,007

Total public finance

3,943

U.S. structured finance:

RMBS:

Option One 2007-FXD2

101

CCC

13.8%

Option One Mortgage Loan Trust 2007-HI1

CCC

21.6%

Argent Securities Inc. 2005-W4

CCC

10.0%

Nomura Asset Accept. Corp. 2007-1

CCC

13.7%

Total RMBS-U.S. structured finance

346

Total non-U.S. structured finance

—

Total structured finance

346

Total

4,289

1) Transactions rated below B- are categorized as CCC.

Please refer to the Glossary for an explanation of the Company's internal rating approach, presentation of net par outstanding and a description of performance indicators and sectors.

Assured Guaranty Ltd.

Largest Exposures by Sector (1 of 3)

As of June 30, 2024

(dollars in millions)

50 Largest U.S. Public Finance Exposures by Revenue Source

Credit Name:

Net Par Outstanding

Internal

Rating (1)

New Jersey (State of)

2,466

BBB

Pennsylvania (Commonwealth of)

2,148

BBB+

Metro Washington Airports Authority (Dulles Toll Road)

1,646

BBB+

JFK New Terminal One, New York

1,600

BBB-

New York Metropolitan Transportation Authority

1,363

A-

New York Power Authority

1,352

AA-

Alameda Corridor Transportation Authority, California

1,347

BBB

North Texas Tollway Authority

1,324

A+

Lower Colorado River Authority

1,293

Foothill/Eastern Transportation Corridor Agency, California

1,262

BBB+

Brightline Trains Florida LLC

1,133

BBB-

North Carolina Turnpike Authority

1,041

BBB

CommonSpirit Health, Illinois

1,000

A-

San Joaquin Hills Transportation, California

984

BBB

Yankee Stadium LLC New York City Industrial Development Authority

924

BBB

Illinois (State of)

909

BBB

Municipal Electric Authority of Georgia

902

BBB+

San Diego Family Housing, LLC

888

Philadelphia School District, Pennsylvania

869

A-

Chicago Water, Illinois

864

BBB+

Montefiore Medical Center, New York

835

BBB-

Metropolitan Pier and Exposition Authority, Illinois

830

BBB-

ProMedica Healthcare Obligated Group, Ohio

820

BB-

Dade County Seaport, Florida

795

A-

Houston Airport System, Texas

783

Pittsburgh Water & Sewer, Pennsylvania

766

A-

California (State of)

757

AA-

Great Lakes Water Authority (Sewerage), Michigan

748

Chicago Public Schools, Illinois

747

BBB-

Tucson (City of), Arizona

719

A+

South Carolina Public Service Authority - Santee Cooper

711

BBB

Massachusetts (Commonwealth of) Water Resources

704

Central Florida Expressway Authority, Florida

698

A+

Nassau County, New York

688

AA-

Anaheim (City of), California

682

A-

New York (City of), New York

675

AA-

Pennsylvania Turnpike Commission

662

A-

Wisconsin (State of)

656

Clark County School District, Nevada

642

A-

Maine (State of)

641

New York Transportation Development Corporation (LaGuardia Airport Terminal Redevelopment Project)

638

BBB-

Philadelphia (City of), Pennsylvania

638

A-

Chicago (City of) Wastewater Transmission, Illinois

632

BBB+

Puerto Rico Electric Power Authority

624

CCC

Pittsburgh International Airport, Pennsylvania

617

A-

Private Transaction

594

BBB-

Mets Queens Ballpark

590

BBB

Chicago-O'Hare International Airport, Illinois

570

A-

Philadelphia Water & Wastewater, Pennsylvania

565

Palomar Health

561

BBB-

Total top 50 U.S. public finance exposures

45,903

1) Transactions rated below B- are categorized as CCC.

Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.

Assured Guaranty Ltd.

Largest Exposures by Sector (2 of 3)

As of June 30, 2024

(dollars in millions)

25 Largest U.S. Structured Finance Exposures

Credit Name:

Net Par Outstanding

Internal

Rating (1)

Private US Insurance Securitization

1,100

AA-

Private US Insurance Securitization

1,100

Private US Insurance Securitization

940

AA-

Private US Insurance Securitization

457

AA-

Private US Insurance Securitization

404

AA-

Private US Insurance Securitization

399

AA-

SLM Student Loan Trust 2007-A

141

Private Middle Market CLO

129

AAA

Private Middle Market CLO

125

BBB

Private US Insurance Securitization

122

Private Middle Market CLO

112

CWABS 2007-4

101

BBB

Option One 2007-FXD2

101

CCC

Private Balloon Note Guarantee

100

Option One Mortgage Loan Trust 2007-Hl1

CCC

Argent Securities Inc. 2005-W4

CCC

DB Master Finance LLC

BBB

Private US Insurance Securitization

Private Subscription Finance Transaction

CAPCO - Excess SIPC Excess of Loss Reinsurance

BBB

Private Balloon Note Guarantee

BBB

Private Other Structured Finance Transaction

A-

Nomura Asset Accept. Corp. 2007-1

CCC

CWALT Alternative Loan Trust 2007-HY9

BBB+

Private Subscription Finance Transaction

A-

Total top 25 U.S. structured finance exposures

6,081

1) Transactions rated below B- are categorized as CCC.

Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.

Assured Guaranty Ltd.

Largest Exposures by Sector (3 of 3)

As of June 30, 2024

(dollars in millions)

50 Largest Non-U.S. Exposures by Revenue Source

Credit Name:

Country

Net Par Outstanding

Internal Rating

Southern Water Services Limited

United Kingdom

2,405

BBB-

Thames Water Utilities Finance PLC

United Kingdom

2,118

BBB

Southern Gas Networks PLC

United Kingdom

2,073

BBB+

Dwr Cymru Financing Limited

United Kingdom

1,836

A-

Anglian Water Services Financing PLC

United Kingdom

1,740

A-

National Grid Gas PLC

United Kingdom

1,643

A-

Quebec Province

Canada

1,375

AA-

Channel Link Enterprises Finance PLC

France, United Kingdom

1,236

BBB

Yorkshire Water Services Finance Plc

United Kingdom

1,084

BBB

British Broadcasting Corporation (BBC)

United Kingdom

1,002

A+

Capital Hospitals (Issuer) PLC

United Kingdom

990

BBB-

Severn Trent Water Utilities Finance Plc

United Kingdom

980

BBB+

Verbund, Lease and Sublease of Hydro-Electric Equipment

Austria

938

AAA

United Utilities Water PLC

United Kingdom

888

A-

Wessex Water Services Finance Plc

United Kingdom

762

BBB+

National Grid Company PLC

United Kingdom

733

BBB+

Aspire Defence Finance plc

United Kingdom

721

BBB+

Verdun Participations 2 S.A.S.

France

697

BBB-

South West Water UK

United Kingdom

630

BBB+

Envestra Limited

Australia

622

A-

Heathrow Funding Limited

United Kingdom

600

BBB

Private International Sub-Sovereign Transaction

United Kingdom

551

A+

Campania Region - Healthcare receivable

Italy

542

BBB-

South East Water

United Kingdom

525

BBB

Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc

United Kingdom

524

B+

NewHospitals (St Helens & Knowsley) Finance PLC

United Kingdom

511

BBB+

University of Sussex

United Kingdom

507

BBB

North Staffordshire PFI, 32-year EIB Index-Linked Facility

United Kingdom

494

BBB-

Central Nottinghamshire Hospitals PLC

United Kingdom

491

BBB-

Sydney Airport Finance Company

Australia

466

BBB+

Derby Healthcare PLC

United Kingdom

460

BBB

The Hospital Company (QAH Portsmouth) Limited

United Kingdom

443

BBB

Sutton and East Surrey Water plc

United Kingdom

394

BBB

University of Essex, United Kingdom

United Kingdom

373

BBB+

International Infrastructure Pool

United Kingdom

372

AAA

International Infrastructure Pool

United Kingdom

372

AAA

International Infrastructure Pool

United Kingdom

372

AAA

South Lanarkshire Schools

United Kingdom

361

BBB

Western Power Distribution (South West) PLC

United Kingdom

340

BBB+

Catalyst Healthcare (Romford) Financing PLC

United Kingdom

323

BBB

Northumbrian Water PLC

United Kingdom

321

BBB+

Private International Sub-Sovereign Transaction

United Kingdom

314

Comision Federal De Electricidad (CFE) El Cajon Project

Mexico

313

BBB-

Bakethin Finance Plc

United Kingdom

285

A-

Western Power Distribution (South Wales) PLC

United Kingdom

285

BBB+

Portsmouth Water, United Kingdom

United Kingdom

284

BBB

Q Energy - Phase II - Pride Investments, S.A.

Spain

280

BBB

South Staffordshire Water PLC

United Kingdom

278

A-

Feria Muestrario Internacional de Valencia

Spain

274

BBB-

Japan Expressway Holding and Debt Repayment Agency

Japan

274

A+

Total top 50 non-U.S. exposures

36,402

Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.

Asset Management Segment

Assured Guaranty Ltd.

Asset Management Segment Results

(dollars in millions)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

Segment revenues	$	7	$	30	$	8	$	71
Segment expenses	4		33		4		75
Equity in earnings (losses) of investees	(3)		—		(2)		—
Segment adjusted operating income (loss) before income taxes	—		(3)		2		(4)
Less: Provision (benefit) for income taxes	—		(1)		1		(1)
Segment adjusted operating income (loss)	$	—	$	(2)	$	1	$	(3)

Corporate Division

Assured Guaranty Ltd.

Corporate Division Results

(dollars in millions)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

Total revenues	$	4	$	2	$	9	$	4

Expenses
Interest expense	26		24		51		47
Employee compensation and benefit expenses	8		9		18		18
Other operating expenses	10		27		22		43
Total expenses	44		60		91		108
Adjusted operating income (loss) before income taxes	(40)		(58)		(82)		(104)
Less: Provision (benefit) for income taxes	(5)		(8)		(10)		(10)
Adjusted operating income (loss)	$	(35)	$	(50)	$	(72)	$	(94)

Other

Assured Guaranty Ltd.

Other Results (1 of 2)

(dollars in millions)


	Three Months Ended June 30, 2024
	FG VIEs		CIVs		Intersegment Eliminations and Reclassifications		Total Other
Revenues

Net investment income	$	(1)	$	—	$	(3)	$	(4)
Fair value gains (losses) on FG VIEs	(1)		—		—		(1)
Fair value gains (losses) on CIVs	—		11		—		11
Other income (loss)	(1)		(1)		—		(2)
Total revenues	(3)		10		(3)		4
Expenses
Loss expense (benefit)	(2)		—		—		(2)
Interest expense	—		—		(3)		(3)
Total expenses	(2)		—		(3)		(5)
Equity in earnings (losses) of investees	—		(7)		—		(7)
Adjusted operating income (loss) before income taxes	(1)		3		—		2
Less: Provision (benefit) for income taxes	—		—		—		—
Less: Noncontrolling interests	—		3		—		3
Adjusted operating income (loss)	$	(1)	$	—	$	—	$	(1)


	Three Months Ended June 30, 2023
	FG VIEs		CIVs		Intersegment Eliminations and Reclassifications		Total Other
Revenues
Net earned premiums	$	(1)	$	—	$	—	$	(1)
Net investment income	—		—		(3)		(3)
Asset management fees	—		(11)		11		—
Fair value gains (losses) on FG VIEs	(3)		—		—		(3)
Fair value gains (losses) on CIVs	—		6		—		6

Other income (loss)	(1)		(1)		—		(2)
Total revenues	(5)		(6)		8		(3)
Expenses
Loss expense (benefit)	12		—		—		12
Interest expense	—		—		(3)		(3)
Other operating expenses	—		(1)		11		10
Total expenses	12		(1)		8		19
Equity in earnings (losses) of investees	—		—		—		—
Adjusted operating income (loss) before income taxes	(17)		(5)		—		(22)
Less: Provision (benefit) for income taxes	(4)		(1)		—		(5)
Less: Noncontrolling interests	—		1		—		1
Adjusted operating income (loss)	$	(13)	$	(5)	$	—	$	(18)

Assured Guaranty Ltd.

Other Results (2 of 2)

(dollars in millions)


	Six Months Ended June 30, 2024
	FG VIEs		CIVs		Intersegment Eliminations and Reclassifications		Total Other
	(in millions)
Revenues
Net earned premiums	$	(1)	$	—	$	—	$	(1)
Net investment income	(1)		—		(5)		(6)

Fair value gains (losses) on FG VIEs	(4)		—		—		(4)
Fair value gains (losses) on CIVs	—		33		—		33

Other income (loss)	(1)		(1)		—		(2)
Total revenues	(7)		32		(5)		20
Expenses
Loss expense (benefit)	(5)		—		—		(5)
Interest expense	—		—		(5)		(5)

Total expenses	(5)		—		(5)		(10)
Equity in earnings (losses) of investees	—		(24)		—		(24)
Adjusted operating income (loss) before income taxes	(2)		8		—		6
Less: Provision (benefit) for income taxes	—		—		—		—
Less: Noncontrolling interests	—		7		—		7
Adjusted operating income (loss)	$	(2)	$	1	$	—	$	(1)


	Six Months Ended June 30, 2023
	FG VIEs		CIVs		Intersegment Eliminations and Reclassifications		Total Other
	(in millions)
Revenues
Net earned premiums	$	(2)	$	—	$	—	$	(2)
Net investment income	(1)		—		(5)		(6)
Asset management fees	—		(25)		14		(11)
Fair value gains (losses) on FG VIEs	(8)		—		—		(8)
Fair value gains (losses) on CIVs	—		64		—		64

Foreign exchange gains (losses) on remeasurement	—		(1)		—		(1)
Other income (loss)	(1)		(3)		—		(4)
Total revenues	(12)		35		9		32
Expenses
Loss expense (benefit)	7		—		—		7
Interest expense	—		—		(5)		(5)
Other operating expenses	—		(1)		14		13
Total expenses	7		(1)		9		15
Equity in earnings (losses) of investees	—		(28)		—		(28)
Adjusted operating income (loss) before income taxes	(19)		8		—		(11)
Less: Provision (benefit) for income taxes	(4)		(2)		—		(6)
Less: Noncontrolling interests	—		17		—		17
Adjusted operating income (loss)	$	(15)	$	(7)	$	—	$	(22)

Summary

Assured Guaranty Ltd.

Summary of Financial and Statistical Data

(dollars in millions, except per share amounts)


	As of and for the Six Months Ended June 30, 2024			Year Ended December 31,
				2023			2022			2021			2020
GAAP Summary Statements of Operations Data
Net earned premiums	$	203		$	344		$	494		$	414		$	485
Net investment income	165			365			269			269			297
Total expenses	238			733			536			465			729
Income (loss) before income taxes	238			640			187			383			386
Net income (loss) attributable to AGL	187			739			124			389			362
Net income (loss) attributable to AGL per diluted share	3.31			12.30			1.92			5.23			4.19

GAAP Summary Balance Sheet Data
Total investments and cash	$	8,918		$	9,212		$	8,472		$	9,728		$	10,000
Total assets	12,088			12,539			16,843			18,208			15,334
Unearned premium reserve	3,662			3,658			3,620			3,716			3,735
Loss and LAE reserve	294			376			296			869			1,088
Long-term debt	1,696			1,694			1,675			1,673			1,224
Shareholders’ equity attributable to AGL	5,539			5,713			5,064			6,292			6,643
Shareholders’ equity attributable to AGL per share	104.15			101.63			85.80			93.19			85.66

Other Financial Information (GAAP Basis)
Financial guaranty:
Net debt service outstanding (end of period)	$	404,685		$	397,636		$	369,951		$	367,360		$	366,233
Gross debt service outstanding (end of period)	405,185			398,037			370,172			367,770			366,692
Net par outstanding (end of period)	254,396			249,153			233,258			236,392			234,153
Gross par outstanding (end of period)	254,878			249,535			233,438			236,765			234,571

Other Financial Information (Statutory Basis)(1)
Financial guaranty:
Net debt service outstanding (end of period)	$	403,621		$	396,448		$	366,883		$	362,013		$	360,392
Gross debt service outstanding (end of period)	404,121			396,849			367,103			362,423			360,852
Net par outstanding (end of period)	253,187			247,833			230,294			231,742			229,008
Gross par outstanding (end of period)	253,669			248,215			230,474			232,115			229,426

Claims-paying resources(2)
Policyholders' surplus	$	4,769		$	4,807		$	5,155		$	5,572		$	5,077
Contingency reserve	1,331			1,296			1,202			1,225			1,557
Qualified statutory capital	6,100			6,103			6,357			6,797			6,634
Unearned premium reserve and net deferred ceding commission income	2,963			2,955			2,941			2,972			2,983
Loss and LAE reserves	177			145			165			167			202
Total policyholders' surplus and reserves	9,240			9,203			9,463			9,936			9,819
Present value of installment premium	993			1,062			955			883			858
CCS and standby line of credit	400			400			400			400			400
Total claims-paying resources	$	10,633		$	10,665		$	10,818		$	11,219		$	11,077

Ratios:
Net exposure to qualified statutory capital	42		:1	41		:1	36		:1	34		:1	35		:1
Capital ratio	67		:1	66		:1	58		:1	53		:1	54		:1
Financial resources ratio	38		:1	37		:1	34		:1	32		:1	33		:1
Adjusted statutory net exposure to claims-paying resources	24		:1	24		:1	21		:1	21		:1	21		:1

Par and Debt Service Written (Financial Guaranty and Specialty)
Gross debt service written:
Public finance - U.S.	$	19,021		$	41,902		$	36,954		$	35,572		$	33,596
Public finance - non-U.S.	1,699			3,286			756			1,890			1,860
Structured finance - U.S.	709			2,130			1,120			1,319			508
Structured finance - non-U.S.	953			3,084			551			431			254
Total gross debt service written	$	22,382		$	50,402		$	39,381		$	39,212		$	36,218

Net debt service written	$	22,282		$	50,402		$	39,381		$	39,212		$	35,965
Net par written	13,066			28,960			22,047			26,656			23,012
Gross par written	13,166			28,960			22,047			26,656			23,265

1) Statutory amounts prepared on a consolidated basis. The National Association of Insurance Commissioners Annual Statements for U.S. Domiciled Insurance Subsidiaries are prepared on a stand-alone basis.

2) See page 19 for additional detail on claims-paying resources.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Please refer to the Glossary for an explanation of the presentation of net debt service and net par outstanding and of the various sectors.

Assured Guaranty Ltd.

Summary of GAAP to Non-GAAP Reconciliations(1) (1 of 2)

(dollars in millions, except per share amounts)


	Six Months Ended June 30, 2024		Year Ended December 31,
			2023		2022		2021		2020
Total GWP	$	193	$	357	$	360	$	377	$	454
Less: Installment GWP and other GAAP adjustments (2)	130		247		145		158		191
Upfront GWP	63		110		215		219		263
Plus: Installment premiums and other (3)	155		294		160		142		127
Total PVP	$	218	$	404	$	375	$	361	$	390

PVP:
Public finance - U.S.	$	159	$	212	$	257	$	235	$	292
Public finance - non-U.S.	34		83		68		79		82
Structured finance - U.S.	19		68		43		42		14
Structured finance - non-U.S.	6		41		7		5		2
Total PVP	$	218	$	404	$	375	$	361	$	390

Adjusted operating income reconciliation:
Net income (loss) attributable to AGL	$	187	$	739	$	124	$	389	$	362
Less pre-tax adjustments:
Realized gains (losses) on investments	2		(14)		(56)		15		18
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	13		106		(18)		(64)		65
Fair value gains (losses) on CCS	(9)		(35)		24		(28)		(1)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	(12)		51		(110)		(21)		42
Total pre-tax adjustments	(6)		108		(160)		(98)		124
Less tax effect on pre-tax adjustments	—		(17)		17		17		(18)
Adjusted operating income (loss)	$	193	$	648	$	267	$	470	$	256

Adjusted operating income per diluted share reconciliation:
Net income (loss) attributable to AGL per diluted share	$	3.31	$	12.30	$	1.92	$	5.23	$	4.19
Less pre-tax adjustments:
Realized gains (losses) on investments	0.04		(0.23)		(0.87)		0.20		0.21
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	0.23		1.75		(0.27)		(0.85)		0.75
Fair value gains (losses) on CCS	(0.16)		(0.57)		0.37		(0.38)		(0.01)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	(0.21)		0.84		(1.72)		(0.29)		0.49
Total pre-tax adjustments	(0.10)		1.79		(2.49)		(1.32)		1.44
Tax effect on pre-tax adjustments	—		(0.27)		0.27		0.23		(0.22)
Adjusted operating income (loss) per diluted share	$	3.41	$	10.78	$	4.14	$	6.32	$	2.97

1) Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

2) Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.

3) Includes the present value of future premiums and fees on new business paid in installments, discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. The years 2023 and 2022 also includes the present value of future premiums and fees associated with other guaranties written by the Company that, under GAAP, are accounted for under Accounting Standards Codification (ASC) 460, Guarantees.

Assured Guaranty Ltd.

Summary of GAAP to Non-GAAP Reconciliations(1) (2 of 2)

(dollars in millions, except per share amounts)


	As of June 30, 2024		As of December 31,
			2023		2022		2021		2020
Adjusted book value reconciliation:
Shareholders’ equity attributable to AGL	$	5,539	$	5,713	$	5,064	$	6,292	$	6,643
Less pre-tax adjustments:
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	47		34		(71)		(54)		9
Fair value gains (losses) on CCS	4		13		47		23		52
Unrealized gain (loss) on investment portfolio	(400)		(361)		(523)		404		611
Less taxes	44		37		68		(72)		(116)
Adjusted operating shareholders' equity	5,844		5,990		5,543		5,991		6,087
Pre-tax adjustments:
Less: Deferred acquisition costs	169		161		147		131		119
Plus: Net present value of estimated net future revenue	190		199		157		160		182
Plus: Net deferred premium reserve on financial guaranty contracts in excess of expected loss to be expensed	3,424		3,436		3,428		3,402		3,355
Plus taxes	(691)		(699)		(602)		(599)		(597)
Adjusted book value	$	8,598	$	8,765	$	8,379	$	8,823	$	8,908

Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders' equity (net of tax provision (benefit) of $1, $1, $4, $5, and $-)	$	3	$	5	$	17	$	32	$	2
Adjusted book value (net of tax provision (benefit) of $(1), $0, $3, $3, and $(2))	$	(2)	$	—	$	11	$	23	$	(8)

Adjusted book value per share reconciliation:
Shareholders' equity attributable to AGL per share	$	104.15	$	101.63	$	85.80	$	93.19	$	85.66
Less pre-tax adjustments:
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	0.89		0.61		(1.21)		(0.80)		0.12
Fair value gains (losses) on CCS	0.08		0.22		0.80		0.34		0.66
Unrealized gain (loss) on investment portfolio	(7.53)		(6.40)		(8.86)		5.99		7.89
Less taxes	0.83		0.66		1.15		(1.07)		(1.50)
Adjusted operating shareholders' equity per share	109.88		106.54		93.92		88.73		78.49
Pre-tax adjustments:
Less: Deferred acquisition costs	3.19		2.87		2.48		1.95		1.54
Plus: Net present value of estimated net future revenue	3.58		3.54		2.66		2.37		2.35
Plus: Net deferred premium reserve on financial guaranty contracts in excess of expected loss to be expensed	64.37		61.12		58.10		50.40		43.27
Plus taxes	(12.99)		(12.41)		(10.22)		(8.88)		(7.70)
Adjusted book value per share	$	161.65	$	155.92	$	141.98	$	130.67	$	114.87

Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders' equity per share	$	0.06	$	0.07	$	0.28	$	0.47	$	0.03
Adjusted book value per share	$	(0.04)	$	—	$	0.19	$	0.34	$	(0.10)

1) See Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Glossary

Financial Guaranty Insurance

Net Par Outstanding and Internal Ratings

Net Par Outstanding is insured par exposure, net of reinsurance cessions. Unless otherwise indicated, GAAP net par outstanding amounts exclude amounts as a result of loss mitigation strategies, including securities the Company has purchased for loss mitigation purposes that are held in the investment portfolio.

Internal Rating utilizes the Company’s ratings scale, which is similar to that used by the nationally recognized statistical rating organizations; however, the ratings in the tables may not be the same as ratings assigned by any such rating agency.

Statutory Net Par and Net Debt Service Outstanding. Under statutory accounting, net par and net debt service outstanding would be reduced both when an outstanding issue is legally defeased (i.e., an issuer has legally discharged its obligations with respect to a municipal security by satisfying conditions set forth in defeasance provisions contained in transaction documents and is no longer responsible for the payment of debt service with respect to such obligations) and when such issue is economically defeased (i.e., transaction documents for a municipal security do not contain defeasance provisions but the issuer establishes an escrow account with U.S. government securities in amounts sufficient to pay the refunded bonds when due; the refunded bonds are not considered paid and continue to be outstanding under the transaction documents and the issuer remains responsible to pay debt service when due to the extent monies on deposit in the escrow account are insufficient for such purpose).

Performance Indicators

The performance information described below is obtained from third parties and/or provided by the trustee and may be subject to revision as updated or additional information is obtained:

60+ Day Delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or real estate owned divided by current collateral balance.

Average Credit Enhancement is intended to provide a measure of the amount of equity and/or subordinated tranches that are junior in the capital structure to Assured Guaranty’s exposure, expressed as a percentage of the total transaction size, and reflects any reduction of that credit support resulting from defaults or other factors. For transactions where excess spread may be available to absorb certain losses, the amounts shown do not include any benefit from excess spread. The calculation methodologies differ for the various asset classes to reflect differences in transaction structures in order to provide a measure that management believes is comparable across asset classes. Some asset classes may not have subordinated tranches so they are excluded from the weighted averages.

Sectors

Below are brief descriptions of selected types of public and structured finance obligations that the Company insures and reinsures. For a more complete description, please refer to Assured Guaranty Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2023.

U.S. Public Finance:

General Obligation Bonds are full faith and credit obligations that are issued by states, their political subdivisions and other municipal issuers, and are supported by the general obligation of the issuer to pay from available funds and by a pledge of the issuer to levy property taxes in an amount sufficient to provide for the full payment of the bonds.

Tax-Backed Bonds are obligations that are supported by the issuer from specific and discrete sources of taxation and tax-backed revenue bonds. Tax-backed obligations may be secured by a lien on specific pledged tax revenues, such as a gasoline or excise tax, or an income tax, or incrementally from growth in property tax revenue associated with growth in property values. These obligations also include obligations secured by special assessments levied against property owners and often benefit from issuer covenants to enforce collections of such assessments and to foreclose on delinquent properties. Lease revenue bonds typically are general fund obligations of a municipality or other governmental authority that are subject to annual appropriation or abatement; projects financed and subject to such lease payments ordinarily include real estate or equipment serving an essential public purpose.

Municipal Utility Bonds are obligations of all forms of municipal utilities, including electric, water and sewer utilities and resource recovery revenue bonds. These utilities may be organized in various forms, including municipal enterprise systems, authorities or joint action agencies.

Transportation Bonds include a wide variety of revenue-supported obligations, such as bonds for airports, ports, tunnels, municipal parking facilities, toll roads and toll bridges.

Healthcare Bonds are obligations of healthcare facilities, including community-based hospitals and systems, as well as of health maintenance organizations and long-term care facilities.

Infrastructure Bonds include obligations issued by a variety of entities engaged in the financing of infrastructure projects, such as roads, airports, ports, social infrastructure and other physical assets delivering essential services supported by long-term concession arrangements with a public sector entity.

Glossary (continued)

Sectors (continued)

Higher Education Bonds are obligations secured by revenue collected by either public or private secondary schools, colleges and universities. Such revenue can encompass all of an institution’s revenue, including tuition and fees, or in other cases, can be specifically restricted to certain auxiliary sources of revenue or revenue relating to student accommodation.

Housing Revenue Bonds are obligations relating to both single and multi-family housing, issued by states and localities, supported by cash flow and, in some cases, insurance from entities such as the Federal Housing Administration.

Investor-Owned Utility Bonds are obligations primarily issued by investor-owned utilities and include first mortgage bond obligations of for-profit electric or water utilities providing retail, industrial and commercial service, as well as sale-leaseback obligation bonds supported by such entities.

Renewable Energy Bonds are obligations backed by revenue from renewable energy sources.

Other Public Finance Bonds include other debt issued, guaranteed or otherwise supported by U.S. national or local governmental authorities, as well as student loans, revenue bonds, and obligations of some not-for-profit organizations.

Non-U.S. Public Finance:

Regulated Utility Obligations are obligations issued by government-regulated providers of essential services and commodities, including electric, water and gas utilities, supported by the rates and charges paid by the utilities’ customers. The majority of the Company’s non-U.S regulated utility business is conducted in the United Kingdom.

Infrastructure Finance Obligations are obligations issued by a variety of entities engaged in the financing of non-U.S. infrastructure projects, such as roads, airports, ports, social infrastructure, student accommodations, stadiums, and other physical assets delivering essential services supported either by long-term concession arrangements or a regulatory regime. The majority of the Company’s non-U.S. infrastructure business is conducted in the United Kingdom.

Sovereign and Sub-Sovereign Obligations primarily includes obligations of local, municipal, regional or national governmental authorities or agencies outside of the U.S.

Renewable Energy Bonds are obligations secured by revenues relating to renewable energy sources, typically solar or wind farms. These transactions often benefit from regulatory support in the form of regulated minimum prices for the electricity produced. The majority of the Company’s non-U.S. renewable energy business is conducted in Spain.

Pooled Infrastructure Obligations are synthetic asset-backed obligations that take the form of credit default swap obligations or credit-linked notes that reference either infrastructure finance obligations or a pool of such obligations, with a defined deductible to cover credit risks associated with the referenced obligations. The Company has not entered into a pooled infrastructure transaction since 2006.

Structured Finance:

Insurance Securitizations are transactions, including life insurance transactions, where obligations are secured by the future earnings from pools of various types of insurance/reinsurance policies and income produced by invested assets.

Residential Mortgage-Backed Securities are obligations backed by first and second lien mortgage loans on residential properties. The credit quality of borrowers covers a broad range, including “prime,” “subprime” and “Alt-A.” A prime borrower is generally defined as one with strong risk characteristics as measured by factors such as payment history, credit score, and debt-to-income ratio. A subprime borrower is a borrower with higher risk characteristics. An Alt-A borrower is generally defined as a prime quality borrower that lacks certain ancillary characteristics, such as fully documented income. RMBS include home equity lines of credit, which refers to a type of residential mortgage-backed transaction backed by second-lien loan collateral. The Company has not provided insurance for RMBS in the primary market since 2008.

Pooled Corporate Obligations are securities primarily backed by various types of corporate debt obligations, such as secured or unsecured bonds, bank loans or loan participations and trust preferred securities. These securities are often issued in “tranches,” with subordinated tranches providing credit support to the more senior tranches. The Company’s financial guaranty exposures generally are to the more senior tranches of these issues.

Subscription Finance Facilities are lending facilities provided to closed-end private market funds, most frequently private-equity funds. The facilities are secured by the uncalled capital commitments of the limited partners (LP) to the fund. The Company may guarantee new or existing facilities and on a single facility or portfolio basis. Assured Guaranty’s exposures are generally to facilities with characteristics that include a high-quality fund sponsor with strong historical performance, diverse LP base composed primarily of institutional LPs and experienced bank lenders.

Glossary (continued)

Sectors (continued)

Financial Products Business is the guaranteed investment contracts (GICs) portion of a line of business previously conducted by Assured Guaranty Municipal Holdings Inc. (AGMH) that the Company did not acquire when it purchased AGMH in 2009 from Dexia SA and that is being run off. That line of business consisted of AGMH’s guaranteed investment contracts business, its medium term notes business and the equity payment agreements associated with AGMH’s leveraged lease business. Although Dexia SA and certain of its affiliates (Dexia) assumed the liabilities related to such businesses when the Company purchased AGMH, AGM policies related to such businesses remained outstanding. Assured Guaranty is indemnified by Dexia SA and certain of its affiliates against loss from the former financial products business.

Consumer Receivables Securities are obligations backed by non-mortgage consumer receivables, such as student loans, automobile loans and leases, manufactured home loans and other consumer receivables.

Other Structured Finance Obligations are obligations backed by assets not generally described in any of the other U.S. and Non-U.S. Structured Finance Obligations categories above.

Specialty Business

The Company also guarantees specialty business with similar risk profiles to its structured finance exposures written in financial guaranty form. Specialty business includes, for example, excess-of-loss guaranty of minimum amount of billed rent on diversified portfolios of real estate properties, insurance securitizations and aircraft residual value insurance (RVI) transactions.

Non-GAAP Financial Measures

GAAP requires the Company to consolidate entities where it is deemed to be the primary beneficiary which include:

•FG VIEs, which the Company does not own and where its exposure is limited to its obligation under the financial guaranty insurance contract, and

•CIVs in which certain subsidiaries invest.

Adjusted Operating Income: Management believes that adjusted operating income is a useful measure because it clarifies the understanding of the operating results of the Company. Adjusted operating income is defined as net income (loss) attributable to AGL, as reported under GAAP, adjusted for the following:

Non-GAAP Financial Measures (continued)

5) The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

Adjusted Operating Shareholders’ Equity and Adjusted Book Value: Management believes that adjusted operating shareholders’ equity is a useful measure because it excludes the fair value adjustments on investments, credit derivatives and CCS that are not expected to result in economic gain or loss.

Adjusted operating shareholders’ equity is defined as shareholders’ equity attributable to AGL, as reported under GAAP, adjusted for the following:

4) The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

1) Elimination of deferred acquisition costs, net. These amounts represent net deferred expenses that have already been paid or accrued and will be expensed in future accounting periods.

2) Addition of the net present value of estimated net future revenue. See below.

4) The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

Non-GAAP Financial Measures (continued)

Adjusted Operating Return on Equity (Adjusted Operating ROE): Adjusted Operating ROE represents adjusted operating income for a specified period divided by the average of adjusted operating shareholders’ equity at the beginning and the end of that period. Management believes that adjusted operating ROE is a useful measure to evaluate the Company’s return on invested capital. Many investors, analysts and members of the financial news media use adjusted operating ROE, adjusted for VIE consolidation, to evaluate AGL’s share price and as the basis of their decision to recommend, buy or sell the AGL common shares. Quarterly and year-to-date adjusted operating ROE are calculated on an annualized basis. Adjusted operating ROE, adjusted for VIE consolidation, is one of the key management financial measures used in determining the amount of certain long-term compensation to management and employees and used by rating agencies and investors.

Net Present Value of Estimated Net Future Revenue: Management believes that this amount is a useful measure because it enables an evaluation of the present value of estimated net future revenue for non-financial guaranty insurance contracts. This amount represents the net present value of estimated future revenue from these contracts (other than credit derivatives with net expected losses), net of reinsurance, ceding commissions and premium taxes.

PVP or Present Value of New Business Production: Management believes that PVP is a useful measure because it enables the evaluation of the value of new business production in the Insurance segment by taking into account the value of estimated future installment premiums on all new contracts underwritten in a reporting period as well as additional installment premiums and fees on existing contracts (which may result from supplements or fees or from the issuer not calling an insured obligation the Company projected would be called), regardless of form, which management believes GAAP gross written premiums and changes in fair value of credit derivatives do not adequately measure. PVP in respect of contracts written in a specified period is defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums.

Assured Guaranty Ltd.

30 Woodbourne Avenue

Hamilton HM 08

Bermuda

(441) 279-5705

www.assuredguaranty.com

Contacts:

Equity and Fixed Income Investors:

Robert Tucker

Senior Managing Director, Investor Relations and Corporate Communications

(212) 339-0861

rtucker@agltd.com

Michael Walker

Managing Director, Fixed Income Investor Relations

(212) 261-5575

mwalker@agltd.com

Andre Thomas

Managing Director, Equity Investor Relations

(212) 339-3551

athomas@agltd.com

Media:

Ashweeta Durani

Director, Media Relations

(212) 408-6042

adurani@agltd.com

Cover Page Cover Page	Aug. 07, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Aug. 07, 2024
Entity Registrant Name	ASSURED GUARANTY LTD.
Entity Incorporation, State or Country Code	D0
Entity File Number	001-32141
Entity Tax Identification Number	98-0429991
Entity Address, Address Line One	30 Woodbourne Avenue
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
City Area Code	441
Local Phone Number	279-5700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001273813
Common Shares \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common Shares
Trading Symbol	AGO
Security Exchange Name	NYSE
Assured Guaranty US Holdings Inc. 6.125% Senior Notes Due 2028 \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Assured Guaranty US Holdings Inc. 6.125% Senior Notes due 2028 (and the related guarantee of Registrant)
Trading Symbol	AGO/28
Security Exchange Name	NYSE
Assured Guaranty US Holdings Inc. 3.150% Senior Notes due 2031 \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Assured Guaranty US Holdings Inc. 3.150% Senior Notes due 2031 (and the related guarantee of Registrant)
Trading Symbol	AGO/31
Security Exchange Name	NYSE
Assured Guaranty US Holdings Inc. 3.600% Senior Notes due 2051 \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Assured Guaranty US Holdings Inc. 3.600% Senior Notes due 2051 (and the related guarantee of Registrant)
Trading Symbol	AGO/51
Security Exchange Name	NYSE

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AGO Assured Guaranty Municipal Holdings Inc