v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments:    
Fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of $63 and $54 (amortized cost of $7,241 and $6,572) $ 6,875 $ 6,369
Fixed-maturity securities, trading, at fair value 127 124
Short-term investments, at fair value 768 903
Other invested assets (includes $3 and $3, at fair value) 1,136 1,091
Total investments 8,906 8,487
Cash 312 388
Premiums receivable, net of commissions payable, net of allowance for credit losses of $3 and $3 1,543 1,572
Funds withheld, at fair value 296 0
Deferred acquisition costs 197 192
Salvage and subrogation recoverable 437 449
Financial guaranty variable interest entities’ assets (includes $167 and $172, at fair value) 201 212
Assets of consolidated investment vehicles (includes $— and $167, at fair value) 0 175
Other assets (includes $180 and $174, at fair value) 743 701
Total assets 12,635 12,176
Liabilities    
Unearned premium reserve 3,613 3,625
Loss and loss adjustment expense reserve 310 309
Future policy benefits for annuity reinsurance contracts 475 0
Policyholder account balances for annuity reinsurance contracts 263 0
Long-term debt 1,705 1,704
Financial guaranty variable interest entities’ liabilities (includes $152 and $197, at fair value, $178 and $182 with recourse, $16 and $16 without recourse) 194 198
Other liabilities (includes $26 and $21, at fair value) 511 551
Total liabilities 7,071 6,387
Commitments and contingencies (Notes 4, 5, 9 and 13)
Shareholders’ equity    
Common shares ($0.01 par value, 500,000,000 shares authorized; 44,591,054 and 45,184,791 shares issued and outstanding) 0 0
Retained earnings 5,821 5,830
Accumulated other comprehensive income (loss), net of tax of $(62) and $(39) (280) (168)
Deferred equity compensation 1 1
Total shareholders’ equity attributable to Assured Guaranty Ltd. 5,542 5,663
Non-redeemable noncontrolling interest (Note 10) 22 126
Total shareholders’ equity 5,564 5,789
Total liabilities and shareholders’ equity $ 12,635 $ 12,176