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Investments (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Investment Portfolio
Carrying Value
As of
June 30, 2023December 31, 2022
 (in millions)
Fixed-maturity securities, available-for-sale (1):
Externally managed (2)$5,551 $5,824 
Loss Mitigation Securities509 548 
Puerto Rico, New Recovery Bonds (3)36 358 
Other (4)392 389 
Fixed-maturity securities, trading - Puerto Rico, CVIs (3)340 303 
Short-term investments (5)1,650 810 
Other invested assets:
Equity method investments (6)130 123 
Other16 10 
Total$8,624 $8,365 
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(1)    7.5% and 7.4% of fixed-maturity securities were rated BIG as of June 30, 2023 and December 31, 2022, respectively, consisting primarily of Loss Mitigation Securities. 1.7% and 5.9% were not rated, as of June 30, 2023 and December 31, 2022, respectively.
(2)    As of June 30, 2023 and December 31, 2022 amounts include $292 million and $305 million, respectively, of CLOs that had been managed by AssuredIM under an investment management agreement until June 20, 2023.
(3)    These securities are not rated.
(4)    As of June 30, 2023 and December 31, 2022 amounts include $221 million and $232 million, respectively, of municipal bonds that had been managed by AssuredIM under an investment management agreement until June 20, 2023.
(5)     Weighted average credit rating of AAA as of both June 30, 2023 and December 31, 2022, based on the lower of the Moody’s Investors Service, Inc. (Moody’s) and S&P Global Ratings, a division of Standard & Poor's Financial Services LLC (S&P) classifications.
(6)    Excludes investments in AssuredIM Funds which are consolidated and accounted for as CIVs.
Fixed Maturity Securities and Short Term Investments by Security Type
Available-for-Sale Fixed-Maturity Securities by Security Type 
As of June 30, 2023
Security TypePercent
of
Total (1)		Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Weighted
Average
Credit
Rating (2)
 (dollars in millions)
Obligations of state and political subdivisions42 %$2,973 $(14)$27 $(110)$2,876 AA-
U.S. government and agencies1 69 — 1 (6)64 AA+
Corporate securities (3)33 2,330 (6)3 (261)2,066 A
Mortgage-backed securities (4): 
RMBS6 440 (20)3 (71)352 BBB+
Commercial mortgage-backed securities (CMBS)3 214 — — (10)204 AAA
Asset-backed securities:
CLOs7 468 — — (14)454 A+
Other6 432 (39)17 (36)374 CCC+
Non-U.S. government securities2 118 — — (20)98 AA-
Total available-for-sale fixed-maturity securities100 %$7,044 $(79)$51 $(528)$6,488 A
Available-for-Sale Fixed-Maturity Securities by Security Type 
As of December 31, 2022 
Security TypePercent
of
Total (1)		Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Weighted
Average
Credit
Rating (2)
 (dollars in millions)
Obligations of state and political subdivisions45 %$3,509 $(14)$37 $(138)$3,394 A
U.S. government and agencies2 118 — 1 (8)111 AA+
Corporate securities (3)31 2,387 (6)2 (299)2,084 A
Mortgage-backed securities (4):     
RMBS5 418 (19)3 (62)340 BBB
CMBS4 282 — — (11)271 AAA
Asset-backed securities:
CLOs6 449 — — (21)428 A+
Other5 423 (26)22 (26)393 CCC+
Non-U.S. government securities2 121 — — (23)98 AA-
Total available-for-sale fixed-maturity securities100 %$7,707 $(65)$65 $(588)$7,119 A
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(1)Based on amortized cost.
(2)Ratings represent the lower of the Moody’s and S&P classifications, except for Loss Mitigation Securities and certain other securities, which use internal ratings classifications. The Company’s portfolio primarily consists of high-quality, liquid instruments. New Recovery Bonds received in connection with the consummation of the 2022 Puerto Rico Resolutions are not rated.
(3)Includes securities issued by taxable universities and hospitals.
(4)U.S. government-agency obligations were approximately 38% and 30% of mortgage-backed securities as of June 30, 2023 and December 31, 2022, respectively, based on fair value.
Fixed-Maturity Securities Gross Unrealized Loss by Length of Time
Gross Unrealized Loss by Length of Time
for Available-for-Sale Fixed-Maturity Securities for Which a Credit Loss was Not Recorded
As of June 30, 2023  

 Less than 12 months12 months or moreTotal
 Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss
 (dollars in millions)
Obligations of state and political subdivisions$1,357 $(18)$622 $(89)$1,979 $(107)
U.S. government and agencies9 — 32 (6)41 (6)
Corporate securities473 (13)1,253 (202)1,726 (215)
Mortgage-backed securities: 
RMBS127 (6)56 (5)183 (11)
CMBS21 (1)183 (9)204 (10)
Asset-backed securities:
CLOs1 — 415 (14)416 (14)
Other10 — 18 (2)28 (2)
Non-U.S. government securities— — 94 (20)94 (20)
Total$1,998 $(38)$2,673 $(347)$4,671 $(385)
Number of securities (1) 778  1,079  1,830 
 
Gross Unrealized Loss by Length of Time
for Available-for-Sale Fixed-Maturity Securities for Which a Credit Loss was Not Recorded
As of December 31, 2022

 Less than 12 months12 months or moreTotal
 Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss
 (dollars in millions)
Obligations of state and political subdivisions$1,763 $(79)$163 $(56)$1,926 $(135)
U.S. government and agencies32 — 52 (8)84 (8)
Corporate securities1,276 (95)519 (147)1,795 (242)
Mortgage-backed securities:    
RMBS147 (9)3 (1)150 (10)
CMBS270 (11)— — 270 (11)
Asset-backed securities:
CLOs171 (7)250 (14)421 (21)
Other27 (2)— — 27 (2)
Non-U.S. government securities65 (10)30 (13)95 (23)
Total$3,751 $(213)$1,017 $(239)$4,768 $(452)
Number of securities (1) 1,340  466  1,776 
___________________
(1)    The number of securities does not add across because lots consisting of the same securities have been purchased at different times and appear in both categories above (i.e., less than 12 months and 12 months or more). If a security appears in both categories, it is counted only once in the total column.
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of available-for-sale fixed-maturity securities by contractual maturity as of June 30, 2023 are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Distribution of Available-for-Sale Fixed-Maturity Securities by Contractual Maturity
As of June 30, 2023
 Amortized
Cost		Estimated
Fair Value
 (in millions)
Due within one year$286 $280 
Due after one year through five years1,537 1,430 
Due after five years through 10 years1,696 1,597 
Due after 10 years2,871 2,625 
Mortgage-backed securities:  
RMBS440 352 
CMBS214 204 
Total$7,044 $6,488 
New Recovery Bonds in FG VIEs’ Assets
Available-for-Sale
Distribution by Contractual Maturity
As of June 30, 2023
 Amortized
Cost		Estimated
Fair Value
 (in millions)
Due within one year$1 $1 
Due after one year through five years6 6 
Due after five years through 10 years42 44 
Due after 10 years156 167 
Total$205 $218 
Net Investment Income
Income from Investments
 Second QuarterSix Months
 2023202220232022
(in millions)
Investment income:
Fixed-maturity securities, available-for-sale:
Externally managed (1)$53 $50 $105 $100 
Loss Mitigation Securities12 6 22 15 
Puerto Rico, New Recovery Bonds 1 3 4 4 
Other (2)4 4 7 7 
Short-term investments18 1 32 1 
Other invested assets2 — 2 — 
Investment income90 64 172 127 
Investment expenses(1)(2)(2)(3)
Net investment income$89 $62 $170 $124 
Fair value gains (losses) on trading securities (3)$40 $(18)$38 $(22)
Equity in earnings (losses) of investees (4)$5 $— $7 $(11)
____________________
(1)    Amounts for 2022 include income on the portion of the CLO portfolio that was previously managed by AssuredIM.
(2)    Amounts for 2022 include income on the portion of the municipal bond portfolio that was previously managed by AssuredIM.
(3)    Fair value gains on trading securities pertaining to securities still held as of June 30, 2023 were $40 million for second quarter 2023 and $38 million for six months 2023, respectively. Fair value losses on trading securities pertaining to securities still held as of June 30, 2022 were $12 million for second quarter 2022 and $16 million for six months 2022, respectively.
(4)     Fair value gains (losses) on investments where the fair value option (FVO) was elected utilizing the NAV as a practical expedient were $1 million in second quarter 2023, $2 million in six months 2023, and $3 million in six months 2022.
Net Realized Investment Gains (Losses) The table below presents the components of net realized investment gains (losses). Realized gains and losses on sales of investments are determined using the specific identification method.
Net Realized Investment Gains (Losses)
 Second QuarterSix Months
 2023202220232022
 (in millions)
Gross realized gains on sales of available-for-sale securities (1)$7 $— $19 $— 
Gross realized losses on sales of available-for-sale securities (1)(6)(21)(15)(23)
Net foreign currency gains (losses)— (3)— (3)
Change in allowance for credit losses and intent to sell (10)(4)(15)(9)
Other net realized gains (losses)— — — 10 
Net realized investment gains (losses)$(9)$(28)$(11)$(25)
____________________
(1)    Gross realized gains and losses on sales in all periods related primarily to sales of New Recovery Bonds received as part of the 2022 Puerto Rico Resolutions.
Rollforward of Credit Losses for Available-for-sale Fixed-Maturity Securities
The following table presents the roll forward of allowance for the credit losses on available-for-sale fixed-maturity securities.

Roll Forward of Allowance for
Credit Losses for Available-for-Sale Fixed-Maturity Securities
 Second QuarterSix Months
 2023202220232022
 (in millions)
Balance, beginning of period$69 $47 $65 $42 
Additions for securities for which credit losses were not previously recognized— — — 4 
Additions (reductions) for securities for which credit losses were previously recognized10 4 14 5 
Balance, end of period$79 $51 $79 $51