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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Net earned premiums $ 85 $ 82 $ 166 $ 296
Net investment income 89 62 170 124
Asset management fees 27 21 53 55
Net realized investment gains (losses) (9) (28) (11) (25)
Fair value gains (losses) on credit derivatives 91 9 106 6
Fair value gains (losses) on committed capital securities 1 10 (15) 11
Fair value gains (losses) on financial guaranty variable interest entities (3) 10 (8) 16
Fair value gains (losses) on consolidated investment vehicles 6 3 64 17
Foreign exchange gains (losses) on remeasurement 28 (71) 48 (101)
Fair value gains (losses) on trading securities 40 (18) 38 (22)
Other income (loss) 5 10 32 13
Total revenues 360 90 643 390
Expenses        
Loss and loss adjustment expenses (benefit) 55 (11) 59 46
Interest expense 22 20 43 40
Amortization of deferred acquisition costs 3 3 6 7
Employee compensation and benefit expenses 70 59 152 132
Other operating expenses 71 41 126 83
Total expenses 221 112 386 308
Income (loss) before income taxes and equity in earnings (losses) of investees 139 (22) 257 82
Equity in Earnings (Losses) of Investees 5 0 7 (11)
Income (loss) before income taxes 144 (22) 264 71
Less: Provision (benefit) for income taxes 18 3 41 21
Net income (loss) 126 (25) 223 50
Less: Noncontrolling interests 1 22 17 31
Net income (loss) attributable to Assured Guaranty Ltd. $ 125 $ (47) $ 206 $ 19
Earnings per share:        
Basic (in dollars per share) $ 2.09 $ (0.74) $ 3.46 $ 0.29
Diluted (in dollars per share) $ 2.06 $ (0.74) $ 3.40 $ 0.29