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Outstanding Exposure (Tables)
 12 Months Ended
Dec. 31, 2023
Outstanding Exposure Disclosure  
Debt Service Outstanding
Financial Guaranty Portfolio
Debt Service and Par Outstanding
As of December 31, 2023 As of December 31, 2022
  GrossNet GrossNet
 (in millions)
Debt Service
Public finance$386,494 $386,419 $359,899 $359,703 
Structured finance11,543 11,217 10,273 10,248 
Total financial guaranty$398,037 $397,636 $370,172 $369,951 
Par Outstanding
Public finance$239,352 $239,296 $224,254 $224,099 
Structured finance10,183 9,857 9,184 9,159 
Total financial guaranty$249,535 $249,153 $233,438 $233,258 
Financial Guaranty Portfolio by Internal Rating
Financial Guaranty Portfolio by Internal Rating
As of December 31, 2023
 Public Finance
U.S.		Public Finance
Non-U.S.		Structured Finance
U.S.		Structured Finance
Non-U.S.		Total
Rating
Category		Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%
 (dollars in millions)
AAA$110 0.1 %$2,062 4.2 %$867 10.0 %$465 38.0 %$3,504 1.4 %
AA17,883 9.4 3,379 6.9 4,517 52.3 89 7.3 25,868 10.4 
A102,945 54.1 12,968 26.5 1,639 19.0 571 46.6 118,123 47.4 
BBB66,080 34.7 29,467 60.1 574 6.7 100 8.1 96,221 38.6 
BIG3,271 1.7 1,131 2.3 1,035 12.0 — — 5,437 2.2 
Total net par outstanding$190,289 100.0 %$49,007 100.0 %$8,632 100.0 %$1,225 100.0 %$249,153 100.0 %
Financial Guaranty Portfolio by Internal Rating
As of December 31, 2022
 Public Finance
U.S.		Public Finance
Non-U.S.		Structured Finance
U.S.		Structured Finance
Non-U.S.		Total
Rating
Category		Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%Net Par
Outstanding		%
 (dollars in millions)
AAA$222 0.1 %$1,967 4.4 %$926 11.2 %$469 50.4 %$3,584 1.5 %
AA16,241 9.1 3,497 7.9 4,633 56.3 12 1.3 24,383 10.5 
A96,807 53.9 9,271 20.9 1,075 13.1 340 36.5 107,493 46.1 
BBB62,570 34.8 28,747 64.6 479 5.8 110 11.8 91,906 39.4 
BIG3,796 2.1 981 2.2 1,115 13.6 — — 5,892 2.5 
Total net par outstanding$179,636 100.0 %$44,463 100.0 %$8,228 100.0 %$931 100.0 %$233,258 100.0 %
Financial Guaranty Portfolio by Asset Class
The following tables present net par outstanding by sector for the financial guaranty portfolio.

Financial Guaranty Portfolio
Net Par Outstanding by Sector
As of December 31,
Sector20232022
 (in millions)
Public finance:  
U.S. public finance:  
General obligation$74,609 $71,868 
Tax backed33,060 33,752 
Municipal utilities29,300 26,436 
Transportation22,052 19,688 
Healthcare12,604 11,304 
Infrastructure finance8,796 6,955 
Higher education7,250 7,137 
Housing revenue1,152 959 
Investor-owned utilities329 332 
Renewable energy167 180 
Other public finance970 1,025 
Total U.S. public finance190,289 179,636 
Non-U.S public finance:  
Regulated utilities 20,545 17,855 
Infrastructure finance15,430 13,915 
Sovereign and sub-sovereign9,869 9,526 
Renewable energy2,030 2,086 
Pooled infrastructure1,133 1,081 
Total non-U.S. public finance49,007 44,463 
Total public finance239,296 224,099 
Structured finance:  
U.S. structured finance:  
Insurance securitizations 4,379 3,879 
RMBS1,774 1,956 
Pooled corporate obligations631 625 
Financial products464 453 
Consumer receivables314 437 
Subscription finance facilities178 72 
Other structured finance892 806 
Total U.S. structured finance8,632 8,228 
Non-U.S. structured finance:  
Subscription finance facilities444 219 
Pooled corporate obligations425 344 
RMBS252 263 
Other structured finance104 105 
Total non-U.S structured finance1,225 931 
Total structured finance9,857 9,159 
Total net par outstanding$249,153 $233,258 
Expected Amortization of Net Par Outstanding
Financial Guaranty Portfolio
Expected Amortization of Net Par Outstanding
As of December 31, 2023
 Public FinanceStructured FinanceTotal
 (in millions)
0 to 5 years$49,880 $3,688 $53,568 
5 to 10 years51,004 3,417 54,421 
10 to 15 years44,051 1,269 45,320 
15 to 20 years32,379 885 33,264 
20 years and above61,982 598 62,580 
Total net par outstanding$239,296 $9,857 $249,153 
Components of BIG Net Par Outstanding (Insurance and Credit Derivative Form)
Financial Guaranty Portfolio
Components of BIG Net Par Outstanding
As of December 31, 2023
 BIG Net Par OutstandingNet Par
 BIG 1BIG 2BIG 3Total BIGOutstanding
   (in millions)  
Public finance:
U.S. public finance$1,257 $926 $1,088 $3,271 $190,289 
Non-U.S. public finance 1,131 — — 1,131 49,007 
Public finance2,388 926 1,088 4,402 239,296 
Structured finance:
U.S. RMBS22 36 883 941 1,774 
Other structured finance— 27 67 94 8,083 
Structured finance22 63 950 1,035 9,857 
Total$2,410 $989 $2,038 $5,437 $249,153 

Financial Guaranty Portfolio
Components of BIG Net Par Outstanding
As of December 31, 2022
 BIG Net Par OutstandingNet Par
 BIG 1BIG 2BIG 3Total BIGOutstanding
   (in millions)  
Public finance:
U.S. public finance$2,364 $108 $1,324 $3,796 $179,636 
Non-U.S. public finance 981 — — 981 44,463 
Public finance3,345 108 1,324 4,777 224,099 
Structured finance:
U.S. RMBS18 39 953 1,010 1,956 
Other structured finance— 34 71 105 7,203 
Structured finance18 73 1,024 1,115 9,159 
Total$3,363 $181 $2,348 $5,892 $233,258 
BIG Net Par Outstanding and Number of Risks
Financial Guaranty Portfolio
BIG Net Par Outstanding and Number of Risks
As of December 31, 2023
 Net Par OutstandingNumber of Risks (2)
DescriptionFinancial Guaranty
Insurance (1)		Credit
Derivatives		TotalFinancial Guaranty
Insurance (1)		Credit
Derivatives		Total
 (dollars in millions)
BIG 1$2,394 $16 $2,410 95 2 97 
BIG 2979 10 989 13 2 15 
BIG 32,010 28 2,038 109 7 116 
Total BIG$5,383 $54 $5,437 217 11 228 

Financial Guaranty Portfolio
BIG Net Par Outstanding and Number of Risks
As of December 31, 2022
 Net Par OutstandingNumber of Risks (2)
DescriptionFinancial
Guaranty
Insurance (1)		Credit
Derivatives		TotalFinancial
Guaranty
Insurance(1)		Credit
Derivatives		Total
 (dollars in millions)
BIG 1$3,357 $6 $3,363 122 1 123 
BIG 2171 10 181 14 2 16 
BIG 32,307 41 2,348 111 10 121 
Total BIG$5,835 $57 $5,892 247 13 260 
_____________________
(1)    Includes FG VIEs.
(2)    A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.
The following table shows the scheduled amortization of the insured general obligation bonds of Puerto Rico and various obligations of its related authorities and public corporations. The Company guarantees payment of interest and principal when those amounts are scheduled to be paid and cannot be required to pay on an accelerated basis, although in certain circumstances it may elect to do so. In the event that obligors default on their obligations, the Company would only be required to pay the shortfall between the debt service due in any given period and the amount paid by the obligors.
Amortization Schedule of Puerto Rico
Net Par Outstanding and Net Debt Service Outstanding
As of December 31, 2023
Scheduled Net Par AmortizationScheduled Net Debt Service Amortization
(in millions)
2024 (January 1 - March 31)$— $24 
2024 (April 1 - June 30)— 3 
2024 (July 1 - September 30)110 134 
2024 (October 1 - December 31)— 3 
Subtotal 2024110 164 
202584 132 
2026140 185 
2027120 158 
202881 114 
2029-2033233 353 
2034-2038220 274 
2039-2041117 128 
Total$1,105 $1,508 
The following tables provide information on financial guaranty insurance contracts categorized as BIG.
Financial Guaranty Insurance
BIG Transaction Loss Summary
As of December 31, 2023 
 Gross Net Total BIG
 BIG 1BIG 2BIG 3Total BIG
(dollars in millions)
Number of risks (1)95 13 109 217 217 
Remaining weighted average period (in years)
9.615.97.59.910.0
Outstanding exposure:   
Par$2,400 $979 $2,019 $5,398 $5,383 
Interest1,126 896 818 2,840 2,836 
Total (2)$3,526 $1,875 $2,837 $8,238 $8,219 
Expected cash outflows (inflows) $176 $187 $1,585 $1,948 $1,938 
Potential recoveries (3)(376)(78)(1,214)(1,668)(1,659)
Subtotal(200)109 371 280 279 
Discount56 (22)(53)(19)(19)
Expected losses to be paid (recovered)$(144)$87 $318 $261 $260 
Deferred premium revenue$100 $63 $142 $305 $305 
Reserves (salvage)$(181)$45 $209 $73 $72 

Financial Guaranty Insurance
BIG Transaction Loss Summary
As of December 31, 2022 
 Gross Net Total BIG
 BIG 1BIG 2BIG 3Total BIG
(dollars in millions)
Number of risks (1)122 14 111 247 247 
Remaining weighted average period (in years)
11.38.77.69.89.8
Outstanding exposure:  
Par$3,363 $171 $2,318 $5,852 $5,835 
Interest2,177 77 894 3,148 3,144 
Total (2)$5,540 $248 $3,212 $9,000 $8,979 
Expected cash outflows (inflows) $128 $121 $1,771 $2,020 $2,008 
Potential recoveries (3)(294)(79)(1,364)(1,737)(1,725)
Subtotal(166)42 407 283 283 
Discount35 (13)(104)(82)(82)
Expected losses to be paid (recovered)$(131)$29 $303 $201 $201 
Deferred premium revenue$170 $15 $160 $345 $345 
Reserves (salvage)$(174)$21 $186 $33 $33 
__________________
(1)    A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.
(2)Includes amounts related to FG VIEs.
(3)Represents expected inflows from future payments by obligors pursuant to restructuring agreements, settlements, excess spread on any underlying collateral and other estimated recoveries. Potential recoveries also include recoveries on certain investment grade credits, related mainly to exposures that were previously BIG and for which claims have been paid in the past.
Schedule of Geographic Exposure of Net Par Outstanding
Financial Guaranty Portfolio
Geographic Distribution of Net Par Outstanding
As of December 31, 2023
Number of RisksNet Par OutstandingPercent of Total Net Par Outstanding
 (dollars in millions)
U.S.:
U.S. Public finance:
California1,213 $36,200 14.5 %
Texas1,077 22,783 9.1 
New York774 17,751 7.1 
Pennsylvania534 16,941 6.8 
Illinois485 12,953 5.2 
New Jersey256 9,255 3.7 
Florida214 8,586 3.5 
Michigan231 5,533 2.2 
Louisiana132 4,758 1.9 
Alabama243 3,819 1.5 
Other1,897 51,710 20.8 
Total U.S. public finance7,056 190,289 76.3 
U.S. Structured finance (multiple states)359 8,632 3.5 
Total U.S.7,415 198,921 79.8 
Non-U.S.:
United Kingdom271 39,394 15.8 
Canada5 1,696 0.7 
Spain9 1,649 0.7 
France7 1,565 0.6 
Australia6 1,518 0.6 
Other41 4,410 1.8 
Total non-U.S.339 50,232 20.2 
Total7,754 $249,153 100.0 %
Puerto Rico
Net Par Outstanding
As of December 31,
20232022
 (in millions)
Defaulted Puerto Rico Exposures
PREPA$624 $720 
Total Defaulted624 720 
Resolved Puerto Rico Exposures (1)
PRHTA (Transportation revenue) 244 298 
PRHTA (Highway revenue) 128 182 
Commonwealth of Puerto Rico - GO— 25 
PBA — 4 
Total Resolved372 509 
Other Puerto Rico Exposures (2)
MFA 108 131 
Puerto Rico Aqueduct and Sewer Authority (PRASA) and the University of Puerto Rico (U of PR)
1 1 
Total Other 109 132 
Total net exposure to Puerto Rico$1,105 $1,361 
____________________
(1)    Resolved pursuant to the 2022 Puerto Rico Resolutions. In January 2024, $144 million of the remaining PRHTA net par was paid down. The remaining liabilities are payable in full by the U.S. Insurance Subsidiaries under their financial guaranty policies and are no longer dependent on the credit of PRHTA.
(2)    All debt service on these insured exposures have been paid to date without any insurance claim being made on the Company.
Gross Par and Gross Debt Service Outstanding
The following tables show the Company’s insured exposure to general obligation bonds of Puerto Rico and various obligations of its related authorities and public corporations.
Puerto Rico
Gross Par and Gross Debt Service Outstanding
 Gross Par OutstandingGross Debt Service Outstanding
As of December 31,As of December 31,
2023202220232022
 (in millions)
Exposure to Puerto Rico$1,120 $1,378 $1,526 $1,899 
Schedule of Non-Financial Guaranty Exposure
Specialty Business
As of December 31, 2023 As of December 31, 2022
Gross ExposureNet ExposureGross ExposureNet Exposure
(in millions)
Insurance securitizations (1)
$1,370 $1,043 $1,314 $986 
Aircraft residual value insurance policies
355 200 355 200 
Other guaranties2,057 2,057 228 228 
____________________
(1)    Insurance securitizations net exposure is projected to reach $1.2 billion in 2026.