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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Net earned premiums $ 82 $ 102 $ 296 $ 205
Net investment income 62 68 124 138
Asset management fees 21 21 55 45
Net realized investment gains (losses) (28) 4 (25) 1
Fair value gains (losses) on credit derivatives 9 (33) 6 (52)
Fair value gains (losses) on committed capital securities 10 (6) 11 (25)
Fair value gains (losses) on financial guaranty variable interest entities 10 8 16 13
Fair value gains (losses) on consolidated investment vehicles 3 21 17 37
Foreign exchange gains (losses) on remeasurement (71) 5 (101) 5
Fair value gains (losses) on trading securities (18) 0 (22) 0
Other income (loss) 10 6 13 6
Total revenues 90 196 390 373
Expenses        
Loss and loss adjustment expenses (benefit) (11) (16) 46 14
Interest expense 20 23 40 44
Amortization of deferred acquisition costs 3 4 7 7
Employee compensation and benefit expenses 59 54 132 114
Other operating expenses 41 40 83 97
Total expenses 112 105 308 276
Income (loss) before income taxes and equity in earnings (losses) of investees (22) 91 82 97
Equity in earnings (losses) of investees 0 34 (11) 43
Income (loss) before income taxes (22) 125 71 140
Less: Provision (benefit) for income taxes 3 23 21 23
Net income (loss) (25) 102 50 117
Less: Noncontrolling interests 22 4 31 8
Net income (loss) attributable to Assured Guaranty Ltd. $ (47) $ 98 $ 19 $ 109
Earnings per share:        
Basic (in dollars per share) $ (0.74) $ 1.31 $ 0.29 $ 1.44
Diluted (in dollars per share) $ (0.74) $ 1.29 $ 0.29 $ 1.42