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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues        
Net earned premiums $ 102 $ 107 $ 307 $ 331
Net investment income 66 71 204 229
Asset management fees 20 17 65 60
Net realized investment gains (losses) 3 13 4 12
Fair value gains (losses) on credit derivatives 21 (3) (31) 20
Fair value gains (losses) on committed capital securities (3) (10) (28) 13
Fair value gains (losses) on financial guaranty variable interest entities 5 0 18 (8)
Fair value gains (losses) on consolidated investment vehicles 16 18 53 37
Foreign exchange gains (losses) on remeasurement (27) 40 (22) (20)
Commutation gain (losses) 0 0 0 38
Other income (loss) 9 15 15 24
Total revenues 212 268 585 736
Expenses        
Loss and loss adjustment expenses (benefit) (68) 73 (54) 130
Interest expense 23 21 67 64
Loss on extinguishment of debt 175 0 175 0
Amortization of deferred acquisition costs 3 4 10 11
Employee compensation and benefit expenses 59 57 173 167
Other operating expenses 38 41 135 128
Total expenses 230 196 506 500
Income (loss) before income taxes and equity in earnings of investees (18) 72 79 236
Equity in earnings of investees 23 7 66 3
Income (loss) before income taxes 5 79 145 239
Less: Provision (benefit) for income taxes (15) (10) 8 20
Net income (loss) 20 89 137 219
Less: Noncontrolling interests 3 3 11 5
Net income (loss) attributable to Assured Guaranty Ltd. $ 17 $ 86 $ 126 $ 214
Earnings per share:        
Basic (in dollars per share) $ 0.22 $ 1.03 $ 1.67 $ 2.45
Diluted (in dollars per share) $ 0.22 $ 1.02 $ 1.66 $ 2.43