Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2010

Quarterly Financial Information (Unaudited)

Quarterly Financial Information (Unaudited)

22. Quarterly Financial Information (Unaudited)

        A summary of selected quarterly information follows:

2010			First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
			(dollars in millions, except per share data)
			(restated)			(restated)			(restated)			(restated)			(restated)
Revenues
	Net earned premiums		$	314.7		$	297.0		$	288.7		$	286.3		$	1,186.7
	Net investment income			84.3			90.9			85.6			93.9			354.7
	Net realized investment gains (losses)			9.4			(8.4	)		(2.4	)		(0.6	)		(2.0	)
	Net change in fair value of credit derivatives			278.8			73.5			(224.0	)		(129.9	)		(1.6	)
	Fair value gain (loss) on CCS			(1.3	)		12.6			(5.5	)		3.4			9.2
	Net change in financial guaranty VIEs			(8.9	)		(27.4	)		171.3			(408.6	)		(273.6	)
	Other income			(12.9	)		(13.5	)		33.8			32.7			40.1
Expenses
	Loss and LAE		$	110.9		$	85.7		$	110.8		$	104.8		$	412.2
	Amortization of deferred acquisition costs			8.2			6.9			8.0			11.0			34.1
	AGMH acquisition-related expenses			4.0			2.8			—			—			6.8
	Interest expense			25.1			24.9			24.9			24.7			99.6
	Other operating expenses			62.6			47.4			52.2			49.3			211.5
	Income (loss) before provision for income taxes			453.3			257.0			151.6			(312.6	)		549.3
	Provision (benefit) for income taxes			119.8			77.9			(13.0	)		(129.1	)		55.6
	Net income (loss)			333.5			179.1			164.6			(183.5	)		493.7
	Net income (loss) attributable to Assured Guaranty Ltd.			333.5			179.1			164.6			(183.5	)		493.7
	Earnings (loss) per share(1):
		Basic	$	1.81		$	0.97		$	0.89		$	(1.00	)	$	2.68
		Diluted	$	1.75		$	0.95		$	0.88		$	(1.00	)	$	2.61
	Dividends per share		$	0.045		$	0.045		$	0.045		$	0.045		$	0.18

2009			First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
			(dollars in millions, except per share data)
									(restated)			(restated)			(restated)
Revenues
	Net earned premiums		$	148.5		$	78.6		$	330.0		$	373.3		$	930.4
	Net investment income			43.6			43.3			84.7			87.6			259.2
	Net realized investment gains (losses)			(17.1	)		(4.9	)		(6.1	)		(4.6	)		(32.7	)
	Net change in fair value of credit derivatives			47.6			(226.5	)		(133.6	)		138.3			(174.2	)
	Fair value gain (loss) on CCS			19.7			(60.6	)		(53.1	)		(28.9	)		(122.9	)
	Net change in financial guaranty VIEs			—			—			(5.3	)		4.1			(1.2	)
	Other income			0.9			0.5			57.0			0.1			58.5
Expenses
	Loss and LAE			79.8			38.0			139.0			137.0			393.8
	Amortization of deferred acquisition costs			23.5			16.5			1.3			12.6			53.9
	AGMH acquisition-related expenses			4.7			24.2			51.3			12.1			92.3
	Interest expense			5.8			6.5			25.2			25.3			62.8
	Goodwill and settlement of pre-existing relationship			—			—			23.3			—			23.3
	Other operating expenses			29.3			26.5			67.3			51.0			174.1
	Income (loss) before provision for income taxes			100.1			(281.3	)		(33.8	)		331.9			116.9
	Provision (benefit) for income taxes			14.6			(111.3	)		10.2			118.6			32.1
	Net income (loss)			85.5			(170.0	)		(44.0	)		213.3			84.8
	Net income (loss) attributable to Assured Guaranty Ltd.			85.5			(170.0	)		(38.7	)		209.2			86.0
	Earnings (loss) per share(1):
		Basic	$	0.94		$	(1.82	)	$	(0.25	)	$	1.27		$	0.68
		Diluted	$	0.93		$	(1.82	)	$	(0.25	)	$	1.22		$	0.66
	Dividends per share		$	0.045		$	0.045		$	0.045		$	0.045		$	0.18

(1)

Per share amounts for the quarters and the full years have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts because of differences in the average common shares outstanding during each period and, with regard to diluted per share amounts only, because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive.