Subsidiary Information (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2017

(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	$	319	$	28	$	11,484	$	(328	)	$	11,539
Investment in subsidiaries	6,794		6,126		4,048		216		(17,184		)	—
Premiums receivable, net of commissions payable	—		—		—		1,074		(159		)	915
Ceded unearned premium reserve	—		—		—		1,002		(883		)	119
Deferred acquisition costs	—		—		—		144		(43		)	101
Reinsurance recoverable on unpaid losses	—		—		—		433		(389		)	44
Credit derivative assets	—		—		—		39		(37		)	2
Deferred tax asset, net	—		59		—		93		(54		)	98
Intercompany receivable	—		—		—		60		(60		)	—
Financial guaranty variable interest entities’ assets, at fair value	—		—		—		700		—			700
Other	26		0		40		1,171		(322		)	915
TOTAL ASSETS	$	6,856	$	6,504	$	4,116	$	16,416	$	(19,459	)	$	14,433
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unearned premium reserves	—		—		—		4,423		(948		)	3,475
Loss and LAE reserve	—		—		—		1,793		(349		)	1,444
Long-term debt	—		843		461		6		(18		)	1,292
Intercompany payable	—		60		—		300		(360		)	—
Credit derivative liabilities	—		—		—		308		(37		)	271
Deferred tax liabilities, net			—		51		—		(51		)	—
Financial guaranty variable interest entities’ liabilities, at fair value	—		—		—		757		—			757
Other	17		59		20		740		(481		)	355
TOTAL LIABILITIES	17		962		532		8,327		(2,244		)	7,594
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	6,839		5,542		3,584		7,873		(16,999		)	6,839
Noncontrolling interest	—		—		—		216		(216		)	—
TOTAL SHAREHOLDERS’ EQUITY	6,839		5,542		3,584		8,089		(17,215		)	6,839
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,856	$	6,504	$	4,116	$	16,416	$	(19,459	)	$	14,433

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		3,799		296		(15,955		)	—
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	$	3,847	$	16,176	$	(18,557	)	$	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		3,292		7,405		(15,655		)	6,504
Noncontrolling interest	—		—		—		296		(296		)	—
TOTAL SHAREHOLDERS’ EQUITY	6,504		4,958		3,292		7,701		(15,951		)	6,504
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,511	$	6,174	$	3,847	$	16,176	$	(18,557	)	$	14,151

Condensed Consolidating Statement of Operations and Comprehensive Income

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

FOR THE YEAR ENDED DECEMBER 31, 2017

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
REVENUES
Net earned premiums	$	—		$	—		$	—		$	728		$	(38	)	$	690
Net investment income	0			2			0			427			(11		)	418
Net realized investment gains (losses)	—			0			0			45			(5		)	40
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	—			—			—			(10		)	0			(10		)
Net unrealized gains (losses)	—			—			—			121			—			121
Net change in fair value of credit derivatives	—			—			—			111			0			111
Bargain purchase gain and settlement of pre-existing relationships	—			—			—			58			—			58
Other	10			—			—			608			(196		)	422
TOTAL REVENUES	10			2			0			1,977			(250		)	1,739
EXPENSES
Loss and LAE	—			—			—			327			61			388
Amortization of deferred acquisition costs	—			—			—			26			(7		)	19
Interest expense	—			47			54			11			(15		)	97
Other operating expenses	38			12			1			394			(201		)	244
TOTAL EXPENSES	38			59			55			758			(162		)	748
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES	(28		)	(57		)	(55		)	1,219			(88		)	991
Total (provision) benefit for income taxes	—			17			54			(359		)	27			(261		)
Equity in net earnings of subsidiaries	758			636			395			32			(1,821		)	—
NET INCOME (LOSS)	730			596			394			892			(1,882		)	730
Less: noncontrolling interest	—			—			—			32			(32		)	—
NET INCOME (LOSS) ATTRIBUTABLE TO ASSURED GUARANTY LTD.	$	730		$	596		$	394		$	860		$	(1,850	)	$	730

COMPREHENSIVE INCOME (LOSS)	$	897		$	754		$	482		$	1,084		$	(2,320	)	$	897

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		$	144		$	953		$	(1,782	)	$	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			464			39			(2,512		)	—
NET INCOME (LOSS)	1,056			889			429			1,102			(2,420		)	1,056
Less: noncontrolling interest	—			—			—			39			(39		)	—
NET INCOME (LOSS) ATTRIBUTABLE TO ASSURED GUARANTY LTD.	$	1,056		$	889		$	429		$	1,063		$	(2,381	)	$	1,056

COMPREHENSIVE INCOME (LOSS)	$	923		$	787		$	348		$	967		$	(2,102	)	$	923

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2017

(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	$	579		$	442		$	158		$	477		$	(1,223	)	$	433
Cash flows from investing activities
Fixed-maturity securities:
Purchases	—			(158		)	(17		)	(2,404		)	27			(2,552		)
Sales	—			112			21			1,568			—			1,701
Maturities	—			13			0			808			—			821
Sales (purchases) of short-term investments, net	0			131			(8		)	(49		)	—			74
Net proceeds from FG VIE assets	—			—			—			147			—			147
Investment in subsidiaries	—			(28		)	—			(139		)	167			—
Intercompany debt	—			—			—			10			(10		)	—
Proceeds from sale of subsidiaries	—			—			—			139			(139		)	—
Proceeds from return of capital from subsidiaries	—			—			101			70			(171		)	—
Acquisition of MBIA UK, net of cash acquired	—			—			—			95			—			95
Other	—			—			—			59			—			59
Net cash flows provided by (used in) investing activities	0			70			97			304			(126		)	345
Cash flows from financing activities
Return of capital	—			—			—			(70		)	70			—
Capital contribution	—			—			25			3			(28		)	—
Dividends paid	(70		)	(470		)	(278		)	(475		)	1,223			(70		)
Repurchases of common stock	(501		)	—			—			(101		)	101			(501		)
Repurchases of common stock to pay withholding taxes	(13		)	—			—			—			—			(13		)
Net paydowns of FG VIE liabilities	—			—			—			(157		)	—			(157		)
Paydown of long-term debt	—			—			—			(3		)	(27		)	(30		)
Proceeds from options exercises	5			—			—			—			—			5
Intercompany debt	—			(10		)	—			—			10			—
Net cash flows provided by (used in) financing activities	(579		)	(480		)	(253		)	(803		)	1,349			(766		)
Effect of exchange rate changes	—			—			—			5			—			5
Increase (decrease) in cash and restricted cash	0			32			2			(17		)	—			17
Cash and restricted cash at beginning of period	0			1			0			126			—			127
Cash and restricted cash at end of period	$	0		$	33		$	2		$	109		$	—		$	144

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	$	391		$	533		$	213		$	72		$	(1,341	)	$	(132	)
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 FG VIE assets	—			—			—			629			—			629
Intercompany debt	—			—			—			20			(20		)	—
Proceeds from 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		)
Repurchases of common stock to pay withholding taxes	(2		)	—			—			—			—			(2		)
Net paydowns of FG VIE liabilities	—			—			—			(611		)	—			(611		)
Paydown of long-term debt	—			—			—			(2		)	—			(2		)
Proceeds from options exercised	12			—			—			—			—			12
Intercompany debt	—			(20		)	—			—			20			—
Net cash flows provided by (used in) financing activities	(365		)	(308		)	(513		)	(1,457		)	1,665			(978		)
Effect of exchange rate changes	—			—			—			(5		)	—			(5		)
Increase (decrease) in cash and restricted cash	—			(94		)	(8		)	63			—			(39		)
Cash and restricted cash at beginning of period	0			95			8			63			—			166
Cash and restricted cash at end of period	$	0		$	1		$	0		$	126		$	—		$	127

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		$	33		$	(1,210	)	$	(71	)
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 FG VIE 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		)
Repurchases of common stock to pay withholding taxes	(7		)	—			—			—			—			(7		)
Net paydowns of FG VIE liabilities	—			—			—			(214		)	—			(214		)
Paydown of long-term debt	—			—			—			(4		)	—			(4		)
Proceeds from options exercised	5			—			—			—			—			5
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 and restricted cash	—			95			4			(27		)	—			72
Cash and restricted cash at beginning of period	0			0			4			90			—			94
Cash and restricted cash at end of period	$	0		$	95		$	8		$	63		$	—		$	166