Insurance Company Regulatory Requirements (Tables)

12 Months Ended

Dec. 31, 2018

Insurance Regulatory Amounts Reported



	Policyholders' Surplus				Net Income (Loss)
	As of December 31,				Year Ended December 31,
	2018		2017		2018			2017		2016
	(in millions)
U.S. statutory companies:
AGM (1) (2)	$	2,533	$	2,254	$	172		$	152	$	191
AGC (1) (2)	1,793		2,073		(5		)	219		108
MAC (2)	321		270		55			32		142
Bermuda statutory companies:
AG Re	1,249		1,294		131			155		139
AGRO	383		380		10			10		8

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(1)	Policyholders' surplus of AGM and AGC includes their indirect share of MAC. AGM and AGC own 60.7% and 39.3%, respectively, of the outstanding stock of Municipal Assurance Holdings Inc. (MAC Holdings), which owns 100% of the outstanding common stock of MAC.


(2)	As of December 31, 2018, policyholders' surplus is net of contingency reserves of $913 million, $550 million and $200 million for AGM, AGC and MAC, respectively. As of December 31, 2017, policyholders' surplus is net of contingency reserves of $972 million, $554 million and $224 million for AGM, AGC and MAC, respectively.

Dividend Restrictions and Capital Requirements

Distributions by

Insurance Company Subsidiaries



	Year Ended December 31,
	2018		2017		2016
	(in millions)
Dividends paid by AGC to AGUS	$	133	$	107	$	79
Dividends paid by AGM to AGMH	171		196		247
Dividends paid by AG Re to AGL	125		125		100
Dividends paid by MAC to MAC Holdings (1)	27		36		—
Repurchase of common stock by AGM from AGMH	—		101		300
Repurchase of common stock by AGC from AGUS	200		—		—
Redemption of common stock by MAC from MAC Holdings (1)	—		250		—
Repayment of surplus note by MAC to AGM	—		—		100
Repayment of surplus note by MAC to MAC Holdings (1)	—		—		300

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(1)	MAC Holdings distributed nearly the entire amounts to AGM and AGC, in proportion to their ownership percentages.