Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information (Unaudited)

Quarterly Financial Information (Unaudited)

20. Quarterly Financial Information (Unaudited)

        A summary of selected quarterly information follows:

2011	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
	(dollars in millions, except per share data)
Revenues
Net earned premiums	$	254.0		$	230.0		$	211.1		$	225.0		$	920.1
Net investment income		96.1			101.1			93.5			100.3			391.0
Net realized investment gains (losses)		2.8			(5.1	)		(11.1	)		(4.6	)		(18.0	)
Net change in fair value of credit derivatives		(236.2	)		(64.8	)		1,155.9			(295.2	)		559.7
Fair value gain (loss) on CCS		0.5			0.6			2.4			31.6			35.1
Net change in fair value of FG VIEs		119.6			(174.3	)		(99.2	)		21.9			(132.0	)
Other income		42.2			28.8			(7.6	)		—			63.4
Expenses
Loss and LAE		(25.5	)		123.9			214.9			148.6			461.9
Amortization of DAC		7.4			9.5			7.3			6.7			30.9
Interest expense		24.8			24.7			24.9			24.7			99.1
Other operating expenses		56.8			48.5			41.9			45.8			193.0
Income (loss) before provision for income taxes		215.5			(90.3	)		1,056.0			(146.8	)		1,034.4
Provision (benefit) for income taxes		74.9			(47.7	)		294.8			(63.2	)		258.8
Net income (loss)		140.6			(42.6	)		761.2			(83.6	)		775.6
Net income (loss) attributable to Assured Guaranty Ltd.		140.6			(42.6	)		761.2			(83.6	)		775.6
Earnings (loss) per share(1):
Basic	$	0.76		$	(0.23	)	$	4.15		$	(0.46	)	$	4.23
Diluted	$	0.75		$	(0.23	)	$	4.13		$	(0.46	)	$	4.18
Dividends per share	$	0.045		$	0.045		$	0.045		$	0.045		$	0.180

2010	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
	(dollars in millions, except per share data)
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 fair value of FG 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 DAC		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

(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.