Subsidiary Information (Tables)

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2016

(in millions)



	Assured Guaranty Ltd. (Parent)		AGUS (Issuer)		AGMH (Issuer)		Other Entities		Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
ASSETS
Total investment portfolio and cash	$	36	$	384	$	22	$	11,029	$	(368	)	$	11,103
Investment in subsidiaries	6,164		5,696		3,734		296		(15,890		)	—
Premiums receivable, net of commissions payable	—		—		—		699		(123		)	576
Ceded unearned premium reserve	—		—		—		1,099		(893		)	206
Deferred acquisition costs	—		—		—		156		(50		)	106
Reinsurance recoverable on unpaid losses	—		—		—		484		(404		)	80
Credit derivative assets	—		—		—		69		(56		)	13
Deferred tax asset, net	—		16		—		597		(116		)	497
Intercompany receivable	—		—		—		70		(70		)	—
Financial guaranty variable interest entities’ assets, at fair value	—		—		—		876		—			876
Dividend receivable from affiliate	300		—		—		—		(300		)	—
Other	11		78		26		801		(222		)	694
TOTAL ASSETS	$	6,511	$	6,174	$	3,782	$	16,176	$	(18,492	)	$	14,151
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unearned premium reserves	—		—		—		4,488		(977		)	3,511
Loss and LAE reserve	—		—		—		1,596		(469		)	1,127
Long-term debt	—		843		453		10		—			1,306
Intercompany payable	—		70		—		300		(370		)	—
Credit derivative liabilities	—		—		—		458		(56		)	402
Deferred tax liabilities, net	—		—		88		—		(88		)	—
Financial guaranty variable interest entities’ liabilities, at fair value	—		—		—		958		—			958
Dividend payable to affiliate	—		300		—		—		(300		)	—
Other	7		3		14		665		(346		)	343
TOTAL LIABILITIES	7		1,216		555		8,475		(2,606		)	7,647
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	6,504		4,958		3,227		7,405		(15,590		)	6,504
Noncontrolling interest	—		—		—		296		(296		)	—
TOTAL SHAREHOLDERS’ EQUITY	6,504		4,958		3,227		7,701		(15,886		)	6,504
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,511	$	6,174	$	3,782	$	16,176	$	(18,492	)	$	14,151

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2015

(in millions)



	Assured Guaranty Ltd. (Parent)		AGUS (Issuer)		AGMH (Issuer)		Other Entities		Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
ASSETS
Total investment portfolio and cash	$	10	$	156	$	22	$	11,530	$	(360	)	$	11,358
Investment in subsidiaries	5,961		5,569		4,081		377		(15,988		)	—
Premiums receivable, net of commissions payable	—		—		—		833		(140		)	693
Ceded unearned premium reserve	—		—		—		1,266		(1,034		)	232
Deferred acquisition costs	—		—		—		176		(62		)	114
Reinsurance recoverable on unpaid losses	—		—		—		467		(398		)	69
Credit derivative assets	—		—		—		207		(126		)	81
Deferred tax asset, net	—		52		—		357		(133		)	276
Intercompany receivable	—		—		—		90		(90		)	—
Financial guaranty variable interest entities’ assets, at fair value	—		—		—		1,261		—			1,261
Dividend receivable from affiliate	69		—		—		—		—			69
Other	29		29		26		571		(264		)	391
TOTAL ASSETS	$	6,069	$	5,806	$	4,129	$	17,135	$	(18,595	)	$	14,544
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unearned premium reserves	—		—		—		5,143		(1,147		)	3,996
Loss and LAE reserve	—		—		—		1,537		(470		)	1,067
Long-term debt	—		842		445		13		—			1,300
Intercompany payable	—		90		—		300		(390		)	—
Credit derivative liabilities	—		—		—		572		(126		)	446
Deferred tax liabilities, net	—		—		91		—		(91		)	—
Financial guaranty variable interest entities’ liabilities, at fair value	—		—		—		1,349		—			1,349
Dividend payable to affiliate	—		69		—		—		—			69
Other	6		13		15		622		(402		)	254
TOTAL LIABILITIES	6		1,014		551		9,536		(2,626		)	8,481
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	6,063		4,792		3,578		7,222		(15,592		)	6,063
Noncontrolling interest	—		—		—		377		(377		)	—
TOTAL SHAREHOLDERS’ EQUITY	6,063		4,792		3,578		7,599		(15,969		)	6,063
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,069	$	5,806	$	4,129	$	17,135	$	(18,595	)	$	14,544

Condensed Consolidating Statement of Operations and Comprehensive Income

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

FOR THE YEAR ENDED DECEMBER 31, 2016

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
REVENUES
Net earned premiums	$	—		$	—		$	—		$	892		$	(28	)	$	864
Net investment income	0			0			0			412			(4		)	408
Net realized investment gains (losses)	0			2			0			(28		)	(3		)	(29		)
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	—			—			—			29			0			29
Net unrealized gains (losses)	—			—			—			69			—			69
Net change in fair value of credit derivatives	—			—			—			98			—			98
Bargain purchase gain and settlement of pre-existing relationships	—			—			—			257			2			259
Other	0			—			—			78			(1		)	77
TOTAL REVENUES	0			2			0			1,709			(34		)	1,677
EXPENSES
Loss and LAE	—			—			—			296			(1		)	295
Amortization of deferred acquisition costs	—			—			—			30			(12		)	18
Interest expense	—			52			54			10			(14		)	102
Other operating expenses	29			2			2			217			(5		)	245
TOTAL EXPENSES	29			54			56			553			(32		)	660
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES	(29		)	(52		)	(56		)	1,156			(2		)	1,017
Total (provision) benefit for income taxes	—			18			20			(175		)	1			(136		)
Equity in net earnings of subsidiaries	910			794			274			44			(2,022		)	—
NET INCOME (LOSS)	881			760			238			1,025			(2,023		)	881
Less: noncontrolling interest	—			—			—			44			(44		)	—
NET INCOME (LOSS) ATTRIBUTABLE TO ASSURED GUARANTY LTD.	$	881		$	760		$	238		$	981		$	(1,979	)	$	881

COMPREHENSIVE INCOME (LOSS)	$	793		$	685		$	163		$	953		$	(1,801	)	$	793

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

FOR THE YEAR ENDED DECEMBER 31, 2015

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
REVENUES
Net earned premiums	$	—		$	—		$	—		$	783		$	(17	)	$	766
Net investment income	0			1			0			432			(10		)	423
Net realized investment gains (losses)	0			0			1			(19		)	(8		)	(26		)
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	—			—			—			(18		)	0			(18		)
Net unrealized gains (losses)	—			—			—			773			(27		)	746
Net change in fair value of credit derivatives	—			—			—			755			(27		)	728
Bargain purchase gain and settlement of pre-existing relationships	—			—			—			54			160			214
Other	—			0			—			102			0			102
TOTAL REVENUES	0			1			1			2,107			98			2,207
EXPENSES
Loss and LAE	—			—			—			434			(10		)	424
Amortization of deferred acquisition costs	—			—			—			29			(9		)	20
Interest expense	—			52			54			14			(19		)	101
Other operating expenses	30			1			1			202			(3		)	231
TOTAL EXPENSES	30			53			55			679			(41		)	776
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES	(30		)	(52		)	(54		)	1,428			139			1,431
Total (provision) benefit for income taxes	—			18			19			(365		)	(47		)	(375		)
Equity in net earnings of subsidiaries	1,086			923			468			39			(2,516		)	—
NET INCOME (LOSS)	1,056			889			433			1,102			(2,424		)	1,056
Less: noncontrolling interest	—			—			—			39			(39		)	—
NET INCOME (LOSS) ATTRIBUTABLE TO ASSURED GUARANTY LTD.	$	1,056		$	889		$	433		$	1,063		$	(2,385	)	$	1,056

COMPREHENSIVE INCOME (LOSS)	$	923		$	787		$	359		$	967		$	(2,113	)	$	923

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

FOR THE YEAR ENDED DECEMBER 31, 2014

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
REVENUES
Net earned premiums	$	—		$	—		$	—		$	566		$	4		$	570
Net investment income	0			0			1			412			(10		)	403
Net realized investment gains (losses)	0			0			0			(58		)	(2		)	(60		)
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	—			—			—			23			—			23
Net unrealized gains (losses)	—			—			—			800			—			800
Net change in fair value of credit derivatives	—			—			—			823			—			823
Other	—			—			—			259			(1		)	258
TOTAL REVENUES	0			0			1			2,002			(9		)	1,994
EXPENSES
Loss and LAE	—			—			—			122			4			126
Amortization of deferred acquisition costs	—			—			—			33			(8		)	25
Interest expense	—			40			54			16			(18		)	92
Other operating expenses	31			1			1			195			(8		)	220
TOTAL EXPENSES	31			41			55			366			(30		)	463
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES	(31		)	(41		)	(54		)	1,636			21			1,531
Total (provision) benefit for income taxes	—			14			19			(469		)	(7		)	(443		)
Equity in net earnings of subsidiaries	1,119			983			513			32			(2,647		)	—
NET INCOME (LOSS)	1,088			956			478			1,199			(2,633		)	1,088
Less: noncontrolling interest	—			—			—			32			(32		)	—
NET INCOME (LOSS) ATTRIBUTABLE TO ASSURED GUARANTY LTD.	$	1,088		$	956		$	478		$	1,167		$	(2,601	)	$	1,088

COMPREHENSIVE INCOME (LOSS)	$	1,298		$	1,114		$	577		$	1,570		$	(3,261	)	$	1,298

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2016

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
Net cash flows provided by (used in) operating activities	$	390		$	533		$	213		$	64		$	(1,341	)	$	(141	)
Cash flows from investing activities
Fixed-maturity securities:
Purchases	(4		)	(143		)	(10		)	(1,489		)	—			(1,646		)
Sales	4			24			12			1,325			—			1,365
Maturities	—			30			—			1,125			—			1,155
Sales (purchases) of short-term investments, net	(26		)	(237		)	(10		)	290			—			17
Net proceeds from financial guaranty variable entities’ assets	—			—			—			629			—			629
Intercompany debt	—			—			—			20			(20		)	—
Proceeds from stock redemption and return of capital from subsidiaries	—			—			300			4			(304		)	—
Acquisition of CIFG, net of cash acquired	—			—			—			(442		)	7			(435		)
Other	—			7			—			(9		)	(7		)	(9		)
Net cash flows provided by (used in) investing activities	(26		)	(319		)	292			1,453			(324		)	1,076
Cash flows from financing activities
Return of capital	—			—			—			(4		)	4			—
Dividends paid	(69		)	(288		)	(513		)	(540		)	1,341			(69		)
Repurchases of common stock	(306		)	—			—			(300		)	300			(306		)
Share activity under option and incentive plans	11			—			—			(1		)	—			10
Net paydowns of financial guaranty variable entities’ liabilities	—			—			—			(611		)	—			(611		)
Payment of long-term debt	—			—			—			(2		)	—			(2		)
Intercompany debt	—			(20		)	—			—			20			—
Net cash flows provided by (used in) financing activities	(364		)	(308		)	(513		)	(1,458		)	1,665			(978		)
Effect of exchange rate changes	—			—			—			(5		)	—			(5		)
Increase (decrease) in cash	—			(94		)	(8		)	54			—			(48		)
Cash at beginning of period	0			95			8			63			—			166
Cash at end of period	$	0		$	1		$	0		$	117		$	—		$	118

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2015

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
Net cash flows provided by (used in) operating activities	$	513		$	408		$	185		$	52		$	(1,210	)	$	(52	)
Cash flows from investing activities
Fixed-maturity securities:
Purchases	—			(72		)	(21		)	(2,550		)	66			(2,577		)
Sales	—			177			30			1,900			—			2,107
Maturities	—			9			—			889			—			898
Sales (purchases) of short-term investments, net	116			33			19			729			—			897
Net proceeds from financial guaranty variable entities’ assets	—			—			—			400			—			400
Proceeds from repayment of surplus notes	—			—			25			—			(25		)	—
Acquisition of Radian Asset, net of cash acquired	—			—			—			(800		)	—			(800		)
Other	—			(5		)	—			74			—			69
Net cash flows provided by (used in) investing activities	116			142			53			642			41			994
Cash flows from financing activities																—
Return of capital	—			—			—			(25		)	25			—
Dividends paid	(72		)	(455		)	(234		)	(455		)	1,144			(72		)
Repurchases of common stock	(555		)	—			—			—			—			(555		)
Share activity under option and incentive plans	(2		)	—			—			—			—			(2		)
Net paydowns of financial guaranty variable entities’ liabilities	—			—			—			(214		)	—			(214		)
Payment of long-term debt	—			—			—			(4		)	—			(4		)
Net cash flows provided by (used in) financing activities	(629		)	(455		)	(234		)	(698		)	1,169			(847		)
Effect of exchange rate changes	—			—			—			(4		)	—			(4		)
Increase (decrease) in cash	—			95			4			(8		)	—			91
Cash at beginning of period	0			0			4			71			—			75
Cash at end of period	$	0		$	95		$	8		$	63		$	—		$	166

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2014

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
Net cash flows provided by (used in) operating activities	$	758		$	223		$	144		$	663		$	(1,211	)	$	577
Cash flows from investing activities
Fixed-maturity securities:
Purchases	—			(540		)	(8		)	(2,253		)	—			(2,801		)
Sales	—			464			10			777			—			1,251
Maturities	—			6			1			870			—			877
Sales (purchases) of short-term investments, net	(93		)	(15		)	(3		)	269			—			158
Net proceeds from financial guaranty variable entities’ assets	—			—			—			408			—			408
Proceeds from repayment of surplus notes	—			—			50			—			(50		)	—
Other	—			—			—			11			—			11
Net cash flows provided by (used in) investing activities	(93		)	(85		)	50			82			(50		)	(96		)
Cash flows from financing activities
Return of capital	—			—			—			(50		)	50			—
Dividends paid	(76		)	(700		)	(190		)	(321		)	1,211			(76		)
Repurchases of common stock	(590		)	—			—			—			—			(590		)
Share activity under option and incentive plans	1			—			—			—			—			1
Net paydowns of financial guaranty variable entities’ liabilities	—			—			—			(396		)	—			(396		)
Net proceeds from issuance of long-term debt	—			495			—			—			—			495
Payment of long-term debt	—			—			—			(19		)	—			(19		)
Net cash flows provided by (used in) financing activities	(665		)	(205		)	(190		)	(786		)	1,261			(585		)
Effect of exchange rate changes	—			—			—			(5		)	—			(5		)
Increase (decrease) in cash	—			(67		)	4			(46		)	—			(109		)
Cash at beginning of period	0			67			0			117			—			184
Cash at end of period	$	0		$	0		$	4		$	71		$	—		$	75