XML 24 R4.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenues    
Net earned premiums $ 81 $ 214
Net investment income 81 62
Asset management fees 26 34
Net realized investment gains (losses) (2) 3
Fair value gains (losses) on credit derivatives 15 (3)
Fair value gains (losses) on committed capital securities (16) 1
Fair value gains (losses) on financial guaranty variable interest entities (5) 6
Fair value gains (losses) on consolidated investment vehicles 58 14
Foreign exchange gains (losses) on remeasurement 20 (30)
Fair value gains (losses) on trading securities (2) (4)
Other income (loss) 27 3
Total revenues 283 300
Expenses    
Loss and loss adjustment expenses (benefit) 4 57
Interest expense 21 20
Amortization of deferred acquisition costs 3 4
Employee compensation and benefit expenses 82 73
Other operating expenses 55 42
Total expenses 165 196
Income (loss) before income taxes and equity in earnings (losses) of investees 118 104
Equity in Earnings (Losses) of Investees 2 (11)
Income (loss) before income taxes 120 93
Less: Provision (benefit) for income taxes 23 18
Net income (loss) 97 75
Less: Noncontrolling interests 16 9
Net income (loss) attributable to Assured Guaranty Ltd. $ 81 $ 66
Earnings per share:    
Basic (in dollars per share) $ 1.37 $ 1.00
Diluted (in dollars per share) $ 1.34 $ 0.98