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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Net earned premiums $ 95 $ 89 $ 261 $ 385
Net investment income 100 67 270 191
Asset management fees 0 16 53 71
Net realized investment gains (losses) (9) (14) (20) (39)
Fair value gains (losses) on credit derivatives 9 (48) 115 (42)
Fair value gains (losses) on committed capital securities (20) 1 (35) 12
Fair value gains (losses) on financial guaranty variable interest entities 6 11 (2) 27
Fair value gains (losses) on consolidated investment vehicles (4) 8 60 25
Foreign exchange gains (losses) on remeasurement (39) (80) 9 (181)
Fair value gains (losses) on trading securities 4 (8) 42 (30)
Gain on sale of asset management subsidiaries 255 0 255 0
Other income (loss) 6 (1) 38 12
Total revenues 403 41 1,046 431
Expenses        
Loss and loss adjustment expenses (benefit) 100 (75) 159 (29)
Interest expense 24 20 67 60
Amortization of deferred acquisition costs 4 4 10 11
Employee compensation and benefit expenses 47 57 199 189
Other operating expenses 44 37 170 120
Total expenses 219 43 605 351
Income (loss) before income taxes and equity in earnings (losses) of investees 184 (2) 441 80
Equity in Earnings (Losses) of Investees 18 (20) 25 (31)
Income (loss) before income taxes 202 (22) 466 49
Less: Provision (benefit) for income taxes 43 (27) 84 (6)
Net income (loss) 159 5 382 55
Less: Noncontrolling interests 2 (6) 19 25
Net income (loss) attributable to Assured Guaranty Ltd. $ 157 $ 11 $ 363 $ 30
Earnings per share:        
Basic (in dollars per share) $ 2.65 $ 0.18 $ 6.11 $ 0.47
Diluted (in dollars per share) $ 2.60 $ 0.18 $ 5.99 $ 0.46