Assured Guaranty Ltd.

June 30, 2026

Financial Supplement

Table of Contents															Page
			Selected Financial Highlights												1
			Condensed Consolidated Statements of Operations (unaudited)												3
			Condensed Consolidated Balance Sheets (unaudited)												4
			Selected Financial Highlights GAAP to Non-GAAP Reconciliations												5
			Income Components												8
			Fixed-Maturity Securities, Short-Term Investments and Cash												12
			Investment Portfolio, Cash and CIVs												13
			Income from Investment Portfolio and CIVs												15
			Financial Guaranty Segment:												17
			Financial Guaranty Segment Results												18
			Financial Guaranty Claims-Paying Resources												19
			New Business Production												20
			Gross Par Written												21
			New Business Production by Quarter												22
			Estimated Net Exposure Amortization and Estimated Future Financial Guaranty Net Premium and Credit Derivative Revenues												23
			Roll Forward of Net Expected Loss and Loss Adjustment Expenses to be Paid (Recovered)												24
			Loss Measures												25
			Net Expected Loss to be Expensed												26
			Financial Guaranty Profile												27
			Specialty Business												30
			Expected Amortization of Net Par Outstanding												31
			Puerto Rico Profile												32
			Direct Pooled Corporate Obligations Profile												33
			Below Investment Grade Exposures												34
			Largest Exposures by Sector												37
			Annuity Reinsurance Segment												40
			Annuity Reinsurance Segment Results												41
			Asset Management Segment												42
			Asset Management Segment Results												43
			Corporate Division												44
			Corporate Division Results												45
			Other												46
			Other Results												47
			Summary												49
			Summary of Financial and Statistical Data												50
			Summary of GAAP to Non-GAAP Reconciliations												51
			Glossary												53
			Non-GAAP Financial Measures												56

This financial supplement should be read in conjunction with documents filed by Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty or the Company) with the United States (U.S.) Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2025 and its Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026. Certain prior year balances have been reclassified to conform to the current year’s presentation.

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Cautionary Statement Regarding Forward Looking Statements

Any forward looking statements made in this supplement reflect the current views of Assured Guaranty with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Assured Guaranty’s forward looking statements could be affected by many events. These events include: (i) significant changes in inflation, interest rates, the world’s credit markets or segments thereof, credit spreads, foreign exchange rates, tariff regimes or general economic conditions, including the possibility of a recession or stagflation; (ii) geopolitical risk, terrorism and political violence risk, including regional and global military conflicts, and strategic competition and trade confrontation; (iii) cybersecurity risk and the impacts of artificial intelligence, machine learning and other technological advances, including the possibility of malicious cyber attacks, dissemination of misinformation, and disruption of markets in which Assured Guaranty participates; (iv) the impact of a United States (U.S.) government shutdown and/or the possibility of payment defaults on the debt of the U.S. government or instruments issued, insured or guaranteed by related institutions, agencies or instrumentalities, and downgrades to their credit ratings; (v) developments in the world’s financial and capital markets, including stresses in banking institutions, and the possibility that increasing participation of unregulated financial institutions in these markets results in losses or lower valuations of assets, reduced liquidity and credit and/or contraction of these markets, that adversely affect repayment rates of insured obligors, Assured Guaranty’s insurance loss or recovery experience, or investments of Assured Guaranty; (vi) reduction in the amount or market rates of return of available insurance or reinsurance opportunities and/or the demand for Assured Guaranty’s insurance and reinsurance; (vii) the failure or ineffectiveness of Assured Guaranty’s risk mitigation strategies or activities, including distressed credit workouts, management of exposure limits, hedging activities, and the procurement of third-party reinsurance for insured exposures; (viii) any rating agency action in relation to Assured Guaranty, and/or of any securities Assured Guaranty has issued, and/or of transactions that Assured Guaranty has insured, including requirements to maintain rating agency capital redundancy and to hold additional capital against certain insured exposures; (ix) the possibility that investments made by Assured Guaranty for its investment portfolio do not result in the benefits anticipated or subject Assured Guaranty to negative consequences; (x) the possibility that Assured Guaranty’s strategies or strategic transactions do not result in the benefits anticipated and/or subject Assured Guaranty to negative consequences; (xi) the impact of the announcement of Assured Guaranty’s strategies on Assured Guaranty and the perception of Assured Guaranty by its investors, regulators, rating agencies, and employees; (xii) risks related to the expansion into annuity reinsurance and the launching of Assured Life Reinsurance Ltd.; (xiii) the failure of Assured Guaranty to successfully integrate acquired businesses, including Assured Guaranty’s acquisition of Warwick Company (UK) Limited; (xiv) loss of key personnel; (xv) the possibility that longevity, mortality, lapse, withdrawal or surrender experience in Assured Guaranty’s annuity reinsurance business is less favorable than the rates Assured Guaranty used in pricing its reinsurance agreements; (xvi) the inability to control the business, management or policies of entities in which Assured Guaranty holds a noncontrolling interest; (xvii) the impact of market volatility on the fair value of Assured Guaranty’s assets and liabilities subject to mark-to-market, including certain of its investments, contracts accounted for as derivatives, its committed capital securities, and its consolidated variable interest entities; (xviii) the possibility that budget or pension shortfalls, difficulties in obtaining additional financing, changes in applicable laws or regulations or other factors will result in credit losses or liquidity claims on obligations that Assured Guaranty insures or reinsures; (xix) insured losses, including losses with respect to related legal proceedings, in excess of those expected by Assured Guaranty or the failure of Assured Guaranty to realize loss recoveries that are assumed in its expected loss estimates for insurance exposures; (xx) the possibility that underwriting insurance in new jurisdictions and/or covering new sectors, lines or classes of business does not result in the benefits anticipated or subjects Assured Guaranty to negative consequences; (xxi) increased competition, including from new market entrants and alternative forms of credit protection; (xxii) the inability of Assured Guaranty to access capital on acceptable terms or have sufficient liquidity to cover unexpected stress; (xxiii) noncompliance with, and/or changes in, applicable laws or regulations, including insurance, bankruptcy and tax laws, tariffs, or other governmental actions; (xxiv) the possibility that legal or regulatory decisions or determinations subject Assured Guaranty or obligations that it insures or reinsures to negative consequences; (xxv) difficulties or delays with the execution of Assured Guaranty’s business strategy; (xxvi) changes in applicable accounting policies or practices; (xxvii) public health crises, including pandemics and endemics, and the governmental and private actions taken in response to such events; (xxviii) natural or man-made catastrophes; (xxix) the impact of climate change on Assured Guaranty’s business and regulatory actions taken related to such risk; (xxx) other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission; (xxxi) other risks and uncertainties that have not been identified at this time; and (xxxii) management’s response to these factors. Assured Guaranty undertakes no obligation to update or review any forward looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

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Assured Guaranty Ltd.

Selected Financial Highlights (1 of 2)

(dollars in millions, except per share amounts)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2026						2025						2026						2025
GAAP (1) Highlights
Net income (loss) attributable to AGL			$	39					$	103					$	127					$	279
Net income (loss) attributable to AGL per diluted share			$	0.88					$	2.08					$	2.80					$	5.54
Weighted average shares outstanding
Basic shares outstanding			44.3						48.9						44.6						49.5
Diluted shares outstanding			44.6						49.4						45.0						50.1
Effective tax rate on net income			18.0		%				20.9		%				(9.9)		%				19.7		%
GAAP return on equity (ROE) (2)			2.8		%				7.4		%				4.5		%				10.0		%
Non-GAAP Highlights (3)
Adjusted operating income (loss)			$	55					$	50					$	170					$	212
Adjusted operating income (loss) per diluted share (3)			$	1.23					$	1.01					$	3.74					$	4.21
Weighted average diluted shares outstanding			44.6						49.4						45.0						50.1
Effective tax rate on adjusted operating income (4)			19.1		%				25.8		%				(0.8)		%				20.6		%
Adjusted operating ROE (2)(3)			3.8		%				3.5		%				5.9		%				7.3		%
Components of adjusted operating income (loss) (3)
Financial Guaranty segment			$	85					$	76					$	187					$	244
Annuity Reinsurance segment			2						—						2						—
Asset Management segment			(4)						4						40						16
Corporate division			(28)						(29)						(43)						(49)
Other (5)			—						(1)						(16)						1
Adjusted operating income (loss)			$	55					$	50					$	170					$	212
Capital Returned to Common Shareholders
Common share repurchases (6)			$	45					$	131					$	120					$	251
Dividends			17						19						35						37
Total capital returned to common shareholders			$	62					$	150					$	155					$	288
Financial Guaranty Segment
Gross written premiums (GWP)			$	81					$	85					$	151					$	120
Present value of new business production (PVP) (3)			79						64						152						103
Gross par written			8,351						10,396						15,862						15,398
Effect of refundings, terminations and modifications on GAAP measures:
Net earned premiums, pre-tax			$	11					$	4					$	5					$	9
Fair value gains (losses) of credit derivatives, pre-tax			—						—						1						40
Net income effect (loss)			8						3						4						39
Net income per diluted share (loss)			0.19						0.07						0.10						0.78
Effect of refundings, terminations and modifications on non-GAAP measures:
Operating net earned premiums and credit derivative revenues (7), pre-tax			$	11					$	4					$	6					$	49
Adjusted operating income (loss) (7) effect			8						3						4						39
Adjusted operating income (loss) per diluted share (7)			0.19						0.07						0.10						0.78

1)    Accounting principles generally accepted in the United States of America (GAAP).

2)    Quarterly ROE calculations represent annualized returns. See page 6 for additional information on calculation.

3)    Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

4)    Represents the ratio of adjusted operating provision for income taxes to adjusted operating income before income taxes.

5)    Represents the effect of consolidating financial guaranty variable interest entities (FG VIEs) and consolidated investment vehicles (CIVs) (FG VIE and CIV consolidation).

6)    Excludes commissions.

7)    Condensed consolidated statement of operations items mentioned in this Financial Supplement that are described as operating (i.e., operating net earned premiums and credit derivative revenues) are non-GAAP measures and represent components of adjusted operating income. Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

1

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Assured Guaranty Ltd.

Selected Financial Highlights (2 of 2)

			As of
			June 30, 2026												December 31, 2025
			Amount						Per Share						Amount						Per Share
			(in millions, except per share amounts)
Shareholders’ equity attributable to AGL			$	5,559					$	126.18					$	5,663					$	125.32
Adjusted operating shareholders’ equity (1)			5,724						129.94						5,729						126.78
Adjusted book value (ABV) (1)			8,358						189.72						8,424						186.43
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity			(8)						(0.16)						8						0.18
ABV			(12)						(0.26)						3						0.07
Shares outstanding at the end of period			44.1												45.2
Financial guaranty claims-paying resources (2)			$	9,978											$	10,094
			As of
			June 30, 2026						December 31, 2025
Exposure			(in billions)
Financial guaranty net debt service outstanding			$	446.6					$	440.8
Financial guaranty net par outstanding:
Investment grade			$	272.9					$	268.3
Below-investment-grade (BIG)			8.5						8.8
Total			$	281.4					$	277.1

1)    Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

2)    See page 19 for additional detail on financial guaranty claims-paying resources.

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Assured Guaranty Ltd.

Condensed Consolidated Statements of Operations (unaudited)

(in millions, except per share amounts)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2026						2025						2026						2025
Revenues
Net earned premiums			$	102					$	89					$	184					$	180
Net investment income			98						89						190						176
Net realized investment gains (losses)			(10)						(6)						(25)						(22)
Fair value gains (losses) on derivatives			5						1						7						105
Fair value gains (losses) on committed capital securities (CCS)			(7)						(1)						(1)						1
Gains (losses) on FG VIEs			2						2						(3)						3
Fair value gains (losses) on CIVs			—						4						9						23
Foreign exchange gains (losses) on remeasurement			(2)						79						(21)						116
Fair value gains (losses) on trading securities			7						2						13						3
Asset management revenues			—						13						94						18
Other income (loss)			—						9						9						23
Total revenues			195						281						456						626
Expenses
Loss and loss adjustment expense (LAE) (benefit)			4						28						21						68
Benefit expense for annuity reinsurance contracts			8						—						15						—
Interest expense			22						23						44						45
Amortization of deferred acquisition costs (DAC)			5						5						10						10
Employee compensation and benefit expenses			57						50						120						110
Asset management expenses			—						9						68						13
Other operating expenses			39						36						84						74
Total expenses			135						151						362						320
Income (loss) before income taxes and equity in earnings (losses) of investees			60						130						94						306
Equity in earnings (losses) of investees			(11)						3						20						56
Income (loss) before income taxes			49						133						114						362
Less: Provision (benefit) for income taxes			9						27						(11)						71
Net income (loss)			40						106						125						291
Less: Noncontrolling interest			1						3						(2)						12
Net income (loss) attributable to AGL			$	39					$	103					$	127					$	279
Earnings per share:
Basic			$	0.88					$	2.10					$	2.82					$	5.60
Diluted			$	0.88					$	2.08					$	2.80					$	5.54

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Assured Guaranty Ltd.

Condensed Consolidated Balance Sheets (unaudited)

(in millions)

			As of
			June 30,						December 31,
			2026						2025
Assets
Investments:
Fixed-maturity securities, available-for-sale, at fair value			$	6,817					$	6,369
Fixed-maturity securities, trading, at fair value			131						124
Short-term investments, at fair value			792						903
Other invested assets			1,190						1,091
Total investments			8,930						8,487
Cash			310						388
Premiums receivable, net of commissions payable			1,523						1,572
Funds withheld, at fair value			296						—
DAC			201						192
Salvage and subrogation recoverable			428						449
FG VIEs’ assets			198						212
Assets of CIVs			—						175
Other assets			755						701
Total assets			$	12,641					$	12,176
Liabilities
Unearned premium reserve			$	3,600					$	3,625
Loss and LAE reserve			306						309
Future policy benefits for annuity reinsurance contracts			484						—
Policyholder account balances for annuity reinsurance contracts			256						—
Long-term debt			1,706						1,704
FG VIEs’ liabilities			188						198
Other liabilities			519						551
Total liabilities			7,059						6,387
Shareholders’ equity
Common shares			—						—
Retained earnings			5,809						5,830
Accumulated other comprehensive income (loss)			(251)						(168)
Deferred equity compensation			1						1
Total shareholders’ equity attributable to AGL			5,559						5,663
Non-redeemable noncontrolling interest			23						126
Total shareholders’ equity			5,582						5,789
Total liabilities and shareholders’ equity			$	12,641					$	12,176

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Assured Guaranty Ltd.

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (1 of 3)

(in millions, except per share amounts)

Adjusted Operating Income Reconciliation			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2026						2025						2026						2025
Net income (loss) attributable to AGL			$	39					$	103					$	127					$	279
Less pre-tax adjustments:
Realized gains (losses) on investments			(10)						(6)						(25)						(22)
Non-credit impairment-related fair value gains (losses) on credit derivatives			(1)						(1)						(3)						(3)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment			(1)						—						(3)						—
Realized and unrealized fair value gains (losses) of the embedded derivative in funds withheld			—						—						(2)						—
Fair value gains (losses) on CCS			(7)						(1)						(1)						1
Foreign exchange gains (losses) on remeasurement of certain assets and liabilities			(1)						71						(19)						104
Total pre-tax adjustments			(20)						63						(53)						80
Less tax effect on pre-tax adjustments			4						(10)						10						(13)
Adjusted operating income (loss)			$	55					$	50					$	170					$	212
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income			$	—					$	(1)					$	(16)					$	1
Components of adjusted operating income:
Segments:
Financial Guaranty			$	85					$	76					$	187					$	244
Annuity Reinsurance			2						—						2						—
Asset Management			(4)						4						40						16
Total segments			83						80						229						260
Corporate division			(28)						(29)						(43)						(49)
Other			—						(1)						(16)						1
Adjusted operating income (loss)			$	55					$	50					$	170					$	212
Per diluted share:
Net income (loss) attributable to AGL			$	0.88					$	2.08					$	2.80					$	5.54
Less pre-tax adjustments:
Realized gains (losses) on investments			(0.21)						(0.12)						(0.54)						(0.43)
Non-credit impairment-related fair value gains (losses) on credit derivatives			(0.01)						(0.03)						(0.06)						(0.07)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment			(0.04)						—						(0.08)						—
Realized and unrealized fair value gains (losses) of the embedded derivative in funds withheld			—						—						(0.04)						—
Fair value gains (losses) on CCS			(0.16)						(0.01)						(0.03)						0.02
Foreign exchange gains (losses) on remeasurement of certain assets and liabilities			(0.02)						1.43						(0.41)						2.06
Total pre-tax adjustments			(0.44)						1.27						(1.16)						1.58
Less tax effect on pre-tax adjustments			0.09						(0.20)						0.22						(0.25)
Adjusted operating income (loss)			$	1.23					$	1.01					$	3.74					$	4.21
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income			$	—					$	(0.02)					$	(0.36)					$	0.02

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

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Assured Guaranty Ltd.

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (2 of 3)

(dollars in millions)

ROE Reconciliation and Calculation						As of
						June 30,						March 31,						December 31,						June 30,						March 31,						December 31,
						2026						2026						2025						2025						2025						2024
Shareholders’ equity attributable to AGL						$	5,559					$	5,542					$	5,663					$	5,633					$	5,590					$	5,495
Adjusted operating shareholders’ equity						5,724						5,735						5,729						5,778						5,818						5,795
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating shareholders’ equity						(8)						(8)						8						1						3						—
																		Three Months Ended												Six Months Ended
																		June 30,												June 30,
																		2026						2025						2026						2025
Net income (loss) attributable to AGL																		$	39					$	103					$	127					$	279
Adjusted operating income (loss)																		55						50						170						212
Average shareholders’ equity attributable to AGL																		$	5,551					$	5,612					$	5,611					$	5,564
Average adjusted operating shareholders’ equity																		5,730						5,798						5,727						5,787
Gain (loss) related to FG VIE and CIV consolidation included in average adjusted operating shareholders’ equity																		(8)						2						—						1
GAAP ROE (1)																		2.8		%				7.4		%				4.5		%				10.0		%
Adjusted operating ROE (1)																		3.8		%				3.5		%				5.9		%				7.3		%

1)    Quarterly ROE calculations represent annualized returns.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

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Assured Guaranty Ltd.

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (3 of 3)

(in millions)

						As of
						June 30,						March 31,						December 31,						June 30,						March 31,						December 31,
						2026						2026						2025						2025						2025						2024
Reconciliation of shareholders’ equity attributable to AGL to ABV:
Shareholders’ equity attributable to AGL						$	5,559					$	5,542					$	5,663					$	5,633					$	5,590					$	5,495
Less pre-tax reconciling items:
Non-credit impairment-related fair value gains (losses) on credit derivatives						52						52						55						45						47						49
Fair value gains (losses) on CCS						20						28						22						3						4						2
Unrealized gains (losses) on investment portfolio						(258)						(304)						(149)						(218)						(313)						(397)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment						(5)						(3)						—						—						—						—
Fair value gains (losses) of the embedded derivative in funds withheld						(1)						1						—						—						—						—
Less taxes						27						33						6						25						34						46
Adjusted operating shareholders' equity						5,724						5,735						5,729						5,778						5,818						5,795
Pre-tax reconciling items:
Less: DAC						201						197						192						185						181						176
Plus: Net present value of estimated net future revenue (1)						188						190						194						196						199						202
Plus: Net deferred revenues on insurance contracts (1)						3,305						3,358						3,367						3,409						3,415						3,473
Plus taxes						(658)						(670)						(674)						(685)						(689)						(702)
ABV						$	8,358					$	8,416					$	8,424					$	8,513					$	8,562					$	8,592
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity (net of tax provision (benefit) of $(2), $(2), $2, $0, $0 and $0)						$	(8)					$	(8)					$	8					$	1					$	3					$	—
ABV (net of tax provision (benefit) of $(3), $(3), $1, $(1), $(1) and $(2))						$	(12)					$	(13)					$	3					$	(4)					$	(4)					$	(6)

1)    The timing and cumulative amount of actual collections and net earned premiums may differ from expected collections and expected net earned premiums due to factors such as foreign exchange rate fluctuations, counterparty collectability issues, accelerations, commutations, restructurings, changes in consumer price indices, changes in expected lives, new business and changes in ratings of the insured obligations and/or the Company’s insurance subsidiaries.    

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

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Assured Guaranty Ltd.

Income Components (1 of 4)

(in millions)

Components of Income for the Three Months Ended June 30, 2026

			Segments																		Corporate and Other
			Financial Guaranty						Annuity Reinsurance						Asset Management						Corporate						Other (1)						Reconciling Items						Consolidated
Revenues
Net earned premiums			$	103					$	—					$	—					$	—					$	(1)					$	—					$	102
Net investment income			89						11						—						1						(3)						—						98
Net realized investment gains (losses)			—						—						—						—						—						(10)						(10)
Fair value gains (losses) on derivatives			3						4						—						—						—						(2)						5
Fair value gains (losses) on CCS			—						—						—						—						—						(7)						(7)
Gains (losses) on FG VIEs			—						—						—						—						2						—						2
Fair value gains (losses) on CIVs			—						—						—						—						—						—						—
Foreign exchange gains (losses) on remeasurement			(2)						—						—						1						—						(1)						(2)
Fair value gains (losses) on trading securities			7						—						—						—						—						—						7
Other income (loss)			(1)						—						—						1						—						—						—
Total revenues			199						15						—						3						(2)						(20)						195
Expenses
Loss and LAE (benefit)			5						—						—						—						(1)						—						4
Benefit expense for annuity reinsurance contracts			—						8						—						—						—						—						8
Interest expense			—						—						—						24						(2)						—						22
Amortization of DAC			5						—						—						—						—						—						5
Employee compensation and benefit expenses			47						3						—						7						—						—						57
Other operating expenses			30						2						—						7						—						—						39
Total expenses			87						13						—						38						(3)						—						135
Equity in earnings (losses) of investees			(10)						—						(5)						4						—						—						(11)
Less: Provision (benefit) for income taxes			17						—						(1)						(3)						—						(4)						9
Less: Noncontrolling interest			—						—						—						—						1						—						1
Total			$	85					$	2					$	(4)					$	(28)					$	—					$	(16)					$	39

1)    Includes the consolidation of FG VIEs and CIVs and intersegment eliminations.

8

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Assured Guaranty Ltd.

Income Components (2 of 4)

(in millions)

Components of Income for the Three Months Ended June 30, 2025

			Segments												Corporate and Other
			Financial Guaranty						Asset Management						Corporate						Other (1)						Reconciling Items						Consolidated
Revenues
Net earned premiums			$	90					$	—					$	—					$	(1)					$	—					$	89
Net investment income			89						—						3						(3)						—						89
Net realized investment gains (losses)			—						—						—						—						(6)						(6)
Fair value gains (losses) on derivatives			2						—						—						—						(1)						1
Fair value gains (losses) on CCS			—						—						—						—						(1)						(1)
Gains (losses) on FG VIEs			—						—						—						2						—						2
Fair value gains (losses) on CIVs			—						—						—						4						—						4
Foreign exchange gains (losses) on remeasurement			8						—						—						—						71						79
Fair value gains (losses) on trading securities			2						—						—						—						—						2
Asset management revenues			—						15						—						(2)						—						13
Other income (loss)			8						—						1						—						—						9
Total revenues			199						15						4						—						63						281
Expenses
Loss and LAE (benefit)			27						—						—						1						—						28
Interest expense			—						—						26						(3)						—						23
Amortization of DAC			5						—						—						—						—						5
Employee compensation and benefit expenses			44						—						6						—						—						50
Asset management expenses			—						9						—						—						—						9
Other operating expenses			29						—						7						—						—						36
Total expenses			105						9						39						(2)						—						151
Equity in earnings (losses) of investees			2						(1)						3						(1)						—						3
Less: Provision (benefit) for income taxes			20						1						(3)						(1)						10						27
Less: Noncontrolling interest			—						—						—						3						—						3
Total			$	76					$	4					$	(29)					$	(1)					$	53					$	103

1)    Includes the consolidation of FG VIEs and CIVs and intersegment eliminations.

9

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Assured Guaranty Ltd.

Income Components (3 of 4)

(in millions)

Components of Income for the Six Months Ended June 30, 2026

			Segments																		Corporate and Other
			Financial Guaranty						Annuity Reinsurance						Asset Management						Corporate						Other (1)						Reconciling Items						Consolidated
Revenues
Net earned premiums			$	186					$	—					$	—					$	—					$	(2)					$	—					$	184
Net investment income			177						16						—						3						(6)						—						190
Net realized investment gains (losses)			—						—						—						—						—						(25)						(25)
Fair value gains (losses) on derivatives			6						9						—						—						—						(8)						7
Fair value gains (losses) on CCS			—						—						—						—						—						(1)						(1)
Gains (losses) on FG VIEs			—						—						—						—						(3)						—						(3)
Fair value gains (losses) on CIVs			—						—						—						—						9						—						9
Foreign exchange gains (losses) on remeasurement			(3)						—						—						1						—						(19)						(21)
Fair value gains (losses) on trading securities			13						—						—						—						—						—						13
Asset management revenues			—						—						118						—						(24)						—						94
Other income (loss)			2						—						—						7						—						—						9
Total revenues			381						25						118						11						(26)						(53)						456
Expenses
Loss and LAE (benefit)			22						—						—						—						(1)						—						21
Benefit expense for annuity reinsurance contracts			—						15						—						—						—						—						15
Interest expense			—						—						—						48						(4)						—						44
Amortization of DAC			10						—						—						—						—						—						10
Employee compensation and benefit expenses			101						5						—						14						—						—						120
Asset management expenses			—						—						68						—						—						—						68
Other operating expenses			61						4						—						19						—						—						84
Total expenses			194						24						68						81						(5)						—						362
Equity in earnings (losses) of investees			(2)						—						1						23						(2)						—						20
Less: Provision (benefit) for income taxes			(2)						(1)						11						(4)						(5)						(10)						(11)
Less: Noncontrolling interest			—						—						—						—						(2)						—						(2)
Total			$	187					$	2					$	40					$	(43)					$	(16)					$	(43)					$	127

1)    Includes the consolidation of FG VIEs and CIVs and intersegment eliminations.

10

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Assured Guaranty Ltd.

Income Components (4 of 4)

(in millions)

Components of Income for the Six Months Ended June 30, 2025

			Segments												Corporate and Other
			Financial Guaranty						Asset Management						Corporate						Other (1)						Reconciling Items						Consolidated
Revenues
Net earned premiums			$	181					$	—					$	—					$	(1)					$	—					$	180
Net investment income			175						—						7						(6)						—						176
Net realized investment gains (losses)			—						—						—						—						(22)						(22)
Fair value gains (losses) on derivatives			45						—						—						—						60						105
Fair value gains (losses) on CCS			—						—						—						—						1						1
Gains (losses) on FG VIEs			—						—						—						3						—						3
Fair value gains (losses) on CIVs			—						—						—						23						—						23
Foreign exchange gains (losses) on remeasurement			12						—						—						—						104						116
Fair value gains (losses) on trading securities			3						—						—						—						—						3
Asset management revenues			—						21						—						(3)						—						18
Other income (loss)			22						—						1						—						—						23
Total revenues			438						21						8						16						143						626
Expenses
Loss and LAE (benefit)			4						—						—						1						63						68
Interest expense			—						—						50						(5)						—						45
Amortization of DAC			10						—						—						—						—						10
Employee compensation and benefit expenses			96						—						14						—						—						110
Asset management expenses			—						13						—						—						—						13
Other operating expenses			59						—						15						—						—						74
Total expenses			169						13						79						(4)						63						320
Equity in earnings (losses) of investees			32						12						19						(7)						—						56
Less: Provision (benefit) for income taxes			57						4						(3)						—						13						71
Less: Noncontrolling interest			—						—						—						12						—						12
Total			$	244					$	16					$	(49)					$	1					$	67					$	279

1)    Includes the consolidation of FG VIEs and CIVs and intersegment eliminations.

11

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Assured Guaranty Ltd.

Fixed-Maturity Securities, Short-Term Investments and Cash

As of June 30, 2026

(dollars in millions)

						Amortized Cost						Allowance for Credit Losses						Pre-Tax Book Yield						After-Tax Book Yield						Fair Value						Annualized Investment Income (1)
Fixed maturity securities, available-for-sale:
Obligations of states and political subdivisions (2)						$	1,523					$	(13)					4.20		%				3.55		%				$	1,469					$	64
U.S. government and agencies						49						—						3.77						3.17						45						2
Corporate securities (2)						3,556						(7)						4.78						3.96						3,439						170
Mortgage-backed securities:
Residential mortgage-backed securities (RMBS) (2)(3)						781						(28)						5.23						4.17						726						41
Commercial mortgage-backed securities						284						—						4.85						3.85						282						14
Asset-backed securities (ABS)
Collateralized loan obligation (CLOs)						485						(24)						9.96						7.87						401						48
Other ABS (2)						238						—						5.92						4.68						240						14
Non-U.S. government securities						231						—						2.88						2.69						215						6
Total fixed maturity securities, available-for-sale						7,147						(72)						5.03						4.13						6,817						359
Short-term investments						792						—						3.51						2.81						792						28
Cash (4)						310						—						—						—						310						—
Total						$	8,249					$	(72)					4.88		%				4.00		%				$	7,919					$	387
Fixed maturity securities, trading (5)																														$	131
Ratings (6):						Fair Value						% of Portfolio
U.S. government and agencies						$	45					0.7		%
AAA/Aaa						930						13.6
AA/Aa						2,191						32.1
A/A						1,886						27.7
BBB						1,258						18.5
BIG						303						4.4
Not rated (7)						204						3.0
Total fixed maturity securities, available-for-sale						$	6,817					100.0		%
Duration of available-for-sale fixed maturity securities and short-term investments (in years):												4.9

1)    Represents annualized investment income based on amortized cost and pre-tax book yields.

2)    Includes securities insured by the Company with expected losses that it subsequently purchased in order to mitigate the economic effect of such insured expected losses (Loss Mitigation Securities) or securities obtained as part of loss mitigation or other risk management strategies. Corporate securities include taxable securities issued by universities and hospitals.

3)    Includes fair value of $144 million in subprime RMBS, of which 93% were rated BIG.

4)    Cash is not included in the yield calculation.

5)    Primarily includes contingent value instruments received in connection with the resolution of the Company’s exposure to insured Puerto Rico credits experiencing payment default other than Puerto Rico Electric Power Authority (PREPA) in 2022. These securities are not rated.

6)    Ratings generally reflect the lower of Moody’s Investors Service, Inc. or Standard & Poor’s Financial Services LLC classifications except for Loss Mitigation Securities and certain other securities, which use internal ratings classifications. Loss Mitigation Securities and other securities total $492 million in par with carrying value of $360 million and are primarily included in the BIG category.

7)    Primarily includes CLO equity tranches.

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Assured Guaranty Ltd.

Investment Portfolio, Cash and CIVs

GAAP (1 of 2)

(dollars in millions)

Investment Portfolio and Cash as of June 30, 2026

						Insurance Related Subsidiaries (1)						Holding Companies (2)						Other						AGL Consolidated
Fixed-maturity securities, available-for-sale						$	6,792					$	25					$	—					$	6,817
Fixed-maturity securities, trading						131						—						—						131
Total fixed-maturity securities						6,923						25						—						6,948
Short-term investments						650						141						1						792
Cash						255						15						40						310
Total short-term investments and cash						905						156						41						1,102
Other invested assets
Equity method investments:
Ownership interest in Sound Point Capital Management, LP (Sound Point, LP)						—						398						—						398
Funds:
CLOs						48						—						—						48
Private healthcare investing						165						41						—						206
Asset-based/specialty finance						114						—						—						114
Private minority stakes in alternative asset manager						—						110						—						110
Commercial real estate finance						101						—						—						101
Other						47						47						—						94
Total funds						475						198						—						673
Other						—						3						—						3
Total equity method investments						475						599						—						1,074
Other						115						1						—						116
Other invested assets						590						600						—						1,190
Total investment portfolio and cash (3)						$	8,418					$	781					$	41					$	9,240

1)    Includes the Company’s financial guaranty insurance subsidiaries, AG Asset Strategies LLC (AGAS), and annuity reinsurance subsidiary.

2)    Includes AGL, Assured Guaranty US Holdings Inc. (AGUS), Assured Guaranty Municipal Holdings Inc. (AGMH) and Assured Guaranty UK Holdings Ltd.

3)    The alternative investments, which do not include the Company’s ownership interest in Sound Point, had an inception-to-date annualized internal rate of return (IRR) of 12%. The return is calculated using the cash basis IRR method.

13

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Assured Guaranty Ltd.

Investment Portfolio, Cash and CIVs

GAAP (2 of 2)

(dollars in millions)

Investment Portfolio, Cash and CIVs as of December 31, 2025

						Insurance Related Subsidiaries (1)						Holding Companies (2)						Other (3)						AGL Consolidated
Fixed-maturity securities, available-for-sale						$	6,343					$	26					$	—					$	6,369
Fixed-maturity securities, trading						124						—						—						124
Total fixed-maturity securities						6,467						26						—						6,493
Short-term investments						805						97						1						903
Cash						150						14						224						388
Total short-term investments and cash						955						111						225						1,291
Other invested assets
Equity method investments:
Ownership interest in Sound Point						—						415						—						415
Funds:
CLOs						85						—						—						85
Private healthcare investing						149						38						—						187
Asset-based/specialty finance						184						—						(57)						127
Private minority stakes in alternative asset manager						—						95						—						95
Commercial real estate finance						81						—						—						81
Other						35						51						—						86
Total funds						534						184						(57)						661
Other						—						3						—						3
Total equity method investments						534						602						(57)						1,079
Other						12						—						—						12
Other invested assets						546						602						(57)						1,091
Total investment portfolio and cash (4)						$	7,968					$	739					$	168					$	8,875
CIVs
Assets of CIVs						$	—					$	—					$	175					$	175
Liabilities of CIVs						—						—						—						—
Non-redeemable noncontrolling interest						—						—						(98)						(98)
Total CIVs						$	—					$	—					$	77					$	77

1)    Includes the Company’s financial guaranty insurance subsidiaries and AGAS (excluding the effect of consolidating CIVs).

2)    Includes AGL, AGUS, AGMH.

3)    Includes the Company’s non-insurance subsidiaries, non-U.S. holding companies, CIVs and related intercompany eliminations.

4)    The alternative investments, which do not include the Company’s ownership interest in Sound Point, had an inception-to-date annualized IRR of 13%. The return is calculated using the cash basis IRR method.

14

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Assured Guaranty Ltd.

Income from Investment Portfolio and CIVs by Segment (1 of 2)

(in millions)

			Three Months Ended June 30, 2026
			Financial Guaranty						Annuity Reinsurance						Asset Management						Corporate						Other						Total
Net investment income
Fixed-maturity securities, available-for-sale			$	79					$	11					$	—					$	—					$	(1)					$	89
Short-term investments			7						—						—						1						—						8
Other			3						—						—						—						(2)						1
Total net investment income			$	89					$	11					$	—					$	1					$	(3)					$	98
Fair value gains (losses) on trading securities			$	7					$	—					$	—					$	—					$	—					$	7
Equity in earnings (losses) of investees
Ownership interest in Sound Point			$	—					$	—					$	(5)					$	—					$	—					$	(5)
Funds:
CLOs			(19)						—						—						—						—						(19)
Private healthcare investing			2						—						—						1						—						3
Asset-based/specialty finance			5						—						—						—						—						5
Private minority stakes in alternative asset manager			—						—						—						2						—						2
Commercial real estate finance			2						—						—						—						—						2
Other			—						—						—						1						—						1
Total funds (1)			(10)						—						—						4						—						(6)
Total equity in earnings (losses) of investees			$	(10)					$	—					$	(5)					$	4					$	—					$	(11)
CIVs
Fair value gains (losses) on CIVs			$	—					$	—					$	—					$	—					$	—					$	—
Noncontrolling interest			—						—						—						—						—						—
Total CIVs			$	—					$	—					$	—					$	—					$	—					$	—

			Three Months Ended June 30, 2025
			Financial Guaranty						Asset Management						Corporate						Other						Total
Net investment income
Fixed-maturity securities, available-for-sale			$	76					$	—					$	—					$	—					$	76
Short-term investments			9						—						3						—						12
Other			4						—						—						(3)						1
Total net investment income			$	89					$	—					$	3					$	(3)					$	89
Fair value gains (losses) on trading securities			$	2					$	—					$	—					$	—					$	2
Equity in earnings (losses) of investees
Ownership interest in Sound Point			$	—					$	(1)					$	—					$	—					$	(1)
Funds:
CLOs			(5)						—						—						—						(5)
Private healthcare investing			1						—						—						—						1
Asset-based/specialty finance			5						—						—						(1)						4
Private minority stakes in alternative asset manager			—						—						1						—						1
Other			1						—						2						—						3
Total funds (1)			2						—						3						(1)						4
Total equity in earnings (losses) of investees			$	2					$	(1)					$	3					$	(1)					$	3
CIVs
Fair value gains (losses) on CIVs			$	—					$	—					$	—					$	4					$	4
Noncontrolling interest			—						—						—						(3)						(3)
Total CIVs			$	—					$	—					$	—					$	1					$	1

1)    Relates to funds managed by Sound Point and Assured Healthcare Partners LLC (AHP), and certain other managers. Investments in funds are generally reported on a one-quarter lag.

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Assured Guaranty Ltd.

Income from Investment Portfolio and CIVs by Segment (2 of 2)

(dollars in millions)

			Six Months Ended June 30, 2026
			Financial Guaranty						Annuity Reinsurance						Asset Management						Corporate						Other						Total
Net investment income
Fixed-maturity securities, available-for-sale			$	157					$	16					$	—					$	1					$	(2)					$	172
Short-term investments			14						—						—						2						—						16
Other			6						—						—						—						(4)						2
Total net investment income			$	177					$	16					$	—					$	3					$	(6)					$	190
Fair value gains (losses) on trading securities			$	13					$	—					$	—					$	—					$	—					$	13
Equity in earnings (losses) of investees
Ownership interest in Sound Point			$	—					$	—					$	1					$	—					$	—					$	1
Funds:
CLOs			(30)						—						—						—						—						(30)
Private healthcare investing			14						—						—						4						—						18
Asset-based/specialty finance			11						—						—						—						(2)						9
Private minority stakes in alternative asset managers			—						—						—						16						—						16
Commercial real estate finance			3						—						—						—						—						3
Other			—						—						—						3						—						3
Total funds (1)			(2)						—						—						23						(2)						19
Other			—						—						—						—						—						—
Equity in earnings (losses) of investees			$	(2)					$	—					$	1					$	23					$	(2)					$	20
CIVs
Fair value gains (losses) on CIVs			$	—					$	—					$	—					$	—					$	9					$	9
Noncontrolling interest			—						—						—						—						(3)						(3)
Total CIVs			$	—					$	—					$	—					$	—					$	6					$	6

			Six Months Ended June 30, 2025
			Financial Guaranty						Asset Management						Corporate						Other						Total
Net investment income
Fixed-maturity securities, available-for-sale			$	150					$	—					$	—					$	(1)					$	149
Short-term investments			18						—						7						—						25
Other			7						—						—						(5)						2
Total net investment income			$	175					$	—					$	7					$	(6)					$	176
Fair value gains (losses) on trading securities			$	3																							$	3
Equity in earnings (losses) of investees
Ownership interest in Sound Point			$	—					$	12					$	—					$	—					$	12
Funds:
CLOs			3						—						—						—						3
Private healthcare investing			13						—						—						—						13
Asset-based/specialty finance			14						—						—						(7)						7
Private minority stakes in alternative asset managers			—						—						15						—						15
Other			2						—						4						—						6
Total funds (1)			32						—						19						(7)						44
Equity in earnings (losses) of investees			$	32					$	12					$	19					$	(7)					$	56
CIVs
Fair value gains (losses) on CIVs			$	—					$	—					$	—					$	23					$	23
Noncontrolling interest			—						—						—						(12)						(12)
Total CIVs			$	—					$	—					$	—					$	11					$	11

1)    Relates to funds managed by Sound Point and AHP, and certain other managers. Investments in funds are generally reported on a one-quarter lag.

16

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Financial Guaranty Segment

17

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Assured Guaranty Ltd.

Financial Guaranty Segment Results

(in millions)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2026						2025						2026						2025
Segment revenues
Net earned premiums and credit derivative revenues			$	106					$	92					$	192					$	226
Net investment income			89						89						177						175
Foreign exchange gains (losses) on remeasurement and other income (loss)			(3)						16						(1)						34
Fair value gains (losses) on trading securities			7						2						13						3
Total segment revenues			199						199						381						438
Segment expenses
Loss expense (benefit)			5						27						22						4
Amortization of DAC			5						5						10						10
Employee compensation and benefit expenses			47						44						101						96
Other operating expenses			30						29						61						59
Total segment expenses			87						105						194						169
Equity in earnings (losses) of investees			(10)						2						(2)						32
Segment adjusted operating income (loss) before income taxes			102						96						185						301
Less: Provision (benefit) for income taxes			17						20						(2)						57
Segment adjusted operating income (loss)			$	85					$	76					$	187					$	244

18

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Assured Guaranty Ltd.

Financial Guaranty Claims-Paying Resources

						As of June 30, 2026
						AG						AG Re (2)						Eliminations (3)						Total
						(in millions)
Financial guaranty claims-paying resources
Policyholders’ surplus						$	3,088					$	673					$	49					$	3,810
Contingency reserve						1,569						—						—						1,569
Qualified statutory capital						4,657						673						49						5,379
Unearned premium reserve and net deferred ceding commission income (1)						2,411						632						(49)						2,994
Loss and LAE reserves (1)(4)						—						50						—						50
Total policyholders’ surplus and reserves						7,068						1,355						—						8,423
Present value of installment premium (1)(8)(9)						870						285						—						1,155
CCS						400						—						—						400
Total financial guaranty claims-paying resources						$	8,338					$	1,640					$	—					$	9,978
						AG						AG Re (2)						Eliminations (3)						Total
						(dollars in billions)
Statutory net exposure (1)(5)						$	214.2					$	70.9					$	(0.5)					$	284.6
Net debt service outstanding (1)(5)						$	342.9					$	107.6					$	(0.9)					$	449.6
Ratios:
Net exposure to qualified statutory capital						46:1						105:1												53:1
Capital ratio (6)						74:1						160:1												84:1
Financial resources ratio (7)						41:1						66:1												45:1
Statutory net exposure to financial guaranty claims-paying resources						26:1						43:1												29:1
						AG						AG Re
Separate company statutory basis:						(in millions)
Admitted assets						$	6,839					$	1,342
Total liabilities						3,751						669
Loss and LAE reserves (recoverable)						(113)						50
Paid in capital stock						197						826

1)    The numbers shown for Assured Guaranty Inc (AG) include those of its insurance subsidiaries, Assured Guaranty UK Limited and Assured Guaranty (Europe) SA.

2)    Except for contingency reserves, Assured Guaranty Re Ltd. (AG Re) numbers represent the Company’s estimate for AG Re and Assured Guaranty Re Overseas Ltd. on a U.S. statutory basis.

3)    Eliminations consist of intercompany deferred ceding commissions. Net exposure and net debt service outstanding eliminations relate to second-to-pay policies under which an Assured Guaranty financial guaranty insurance subsidiary guarantees an obligation already insured by another Assured Guaranty financial guaranty insurance subsidiary.

4)    Loss and LAE reserves exclude adjustments to financial guaranty claims-paying resources for AG because the balance was in a net recoverable position of $95 million.

5)    Net exposure and net debt service outstanding are presented on a statutory basis. Includes $4.3 billion of specialty business.

6)    The capital ratio is calculated by dividing net debt service outstanding by qualified statutory capital.

7)    The financial resources ratio is calculated by dividing net debt service outstanding by total financial guaranty claims-paying resources.

8)    The timing and cumulative amount of actual collections and net earned premiums may differ from expected collections and expected net earned premiums due to factors such as foreign exchange rate fluctuations, counterparty collectability issues, accelerations, commutations, restructurings, changes in the consumer price indices, changes in expected lives, new business and changes in ratings of the insured obligations and/or the Company’s financial guaranty insurance subsidiaries.

9)    Present value of installment premium is discounted at a rate of 4.5%, which is based on prior year purchases of fixed-maturity securities by external investment managers, usually applying a materiality threshold of 50 basis points.

Please refer to the Glossary for an explanation of the presentation of net debt service and net par outstanding.

19

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Assured Guaranty Ltd.

New Business Production

(in millions)

Reconciliation of GWP to PVP

						Three Months Ended																														Three Months Ended
						June 30, 2026																														June 30, 2025
						Public Finance												Structured Finance																		Public Finance												Structured Finance
						U.S.						Non - U.S.						U.S.						Non - U.S.						Total						U.S.						Non - U.S.						U.S.						Non - U.S.						Total
Total GWP						$	54					$	8					$	11					$	8					$	81					$	73					$	8					$	(1)					$	5					$	85
Less: Installment GWP and other GAAP adjustments (1)						6						8						11						8						33						30						8						—						5						43
Upfront GWP						48						—						—						—						48						43						—						(1)						—						42
Plus: Installment premiums and other (2)						10						3						9						9						31						6						7						2						7						22
Total PVP						$	58					$	3					$	9					$	9					$	79					$	49					$	7					$	1					$	7					$	64
Gross par written						$	6,104					$	362					$	399					$	1,486					$	8,351					$	8,861					$	275					$	5					$	1,255					$	10,396

						Six Months Ended																														Six Months Ended
						June 30, 2026																														June 30, 2025
						Public Finance												Structured Finance																		Public Finance												Structured Finance
						U.S.						Non - U.S.						U.S.						Non - U.S.						Total						U.S.						Non - U.S.						U.S.						Non - U.S.						Total
Total GWP						$	102					$	16					$	17					$	16					$	151					$	98					$	7					$	6					$	9					$	120
Less: Installment GWP and other GAAP adjustments (1)						20						16						17						16						69						32						7						6						9						54
Upfront GWP						82						—						—						—						82						66						—						—						—						66
Plus: Installment premiums and other (2)						24						11						16						19						70						8						14						3						12						37
Total PVP						$	106					$	11					$	16					$	19					$	152					$	74					$	14					$	3					$	12					$	103
Gross par written						$	10,061					$	454					$	1,933					$	3,414					$	15,862					$	13,130					$	472					$	126					$	1,670					$	15,398

1)    Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, and GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.

2)    Includes the present value of future premiums and fees on new business paid in installments discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

20

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Assured Guaranty Ltd.

Gross Par Written

(in millions)

Gross Par Written by Asset Type

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Sector:
U.S. public finance:
General obligation			$	3,306					$	3,498					$	5,149					$	5,066
Tax backed			1,048						2,299						1,348						2,984
Healthcare			388						1,162						1,211						1,468
Infrastructure finance			496						53						940						140
Municipal utilities			317						534						830						1,467
Transportation			425						801						438						1,029
Higher education			85						483						106						945
Other public finance			39						31						39						31
Total U.S. public finance			6,104						8,861						10,061						13,130
Non-U.S. public finance:
Regulated utilities			362						—						362						140
Infrastructure finance			—						228						59						228
Sovereign and sub-sovereign			—						47						33						104
Total non-U.S. public finance			362						275						454						472
Total public finance			6,466						9,136						10,515						13,602
U.S. structured finance:
Fund finance facilities			4						3						1,218						95
Insurance securitizations			—						—						320						—
Pooled corporate obligations			—						2						—						19
Other structured finance			395						—						395						12
Total U.S. structured finance			399						5						1,933						126
Non-U.S. structured finance:
Fund finance facilities			1,193						1,108						3,121						1,523
Pooled corporate obligations			293						147						293						147
Total non-U.S. structured finance			1,486						1,255						3,414						1,670
Total structured finance			1,885						1,260						5,347						1,796
Total gross par written			$	8,351					$	10,396					$	15,862					$	15,398

Please refer to the Glossary for a description of sectors.

21

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Assured Guaranty Ltd.

New Business Production by Quarter

(in millions)

																																																Six Months
						1Q-25						2Q-25						3Q-25						4Q-25						1Q-26						2Q-26												2026						2025
PVP:
Public finance - U.S.						$	25					$	49					$	78					$	54					$	48					$	58											$	106					$	74
Public finance - non-U.S.						7						7						5						18						8						3												11						14
Structured finance - U.S.						2						1						—						10						7						9												16						3
Structured finance - non-U.S.						5						7						8						10						10						9												19						12
Total PVP (1)						$	39					$	64					$	91					$	92					$	73					$	79											$	152					$	103
Reconciliation of GWP to PVP:
Total GWP						$	35					$	85					$	75					$	61					$	70					$	81											$	151					$	120
Less: Installment GWP and other GAAP adjustments						11						43						29						22						36						33												69						54
Upfront GWP						24						42						46						39						34						48												82						66
Plus: Installment premiums and other (2)						15						22						45						53						39						31												70						37
Total PVP						$	39					$	64					$	91					$	92					$	73					$	79											$	152					$	103
Gross par written:
Public finance - U.S.						$	4,269					$	8,861					$	7,851					$	6,467					$	3,957					$	6,104											$	10,061					$	13,130
Public finance - non-U.S.						197						275						243						670						92						362												454						472
Structured finance - U.S.						121						5						42						335						1,534						399												1,933						126
Structured finance - non-U.S. (1)						415						1,255						1,005						905						1,928						1,486												3,414						1,670
Total						$	5,002					$	10,396					$	9,141					$	8,377					$	7,511					$	8,351											$	15,862					$	15,398

1)    PVP and gross par written include the present value of future premiums and total exposure, respectively, associated with other guaranties written by the Company that, under GAAP, are accounted for under Accounting Standards Codification (ASC) 460, Guarantees.

2)    Includes the present value of future premiums and fees on new business paid in installments discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement. Please refer to the Glossary for a description of sectors.

22

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Assured Guaranty Ltd.

Estimated Net Exposure Amortization (1) and Estimated Future Financial Guaranty Net Premium

and Credit Derivative Revenues

																					Financial Guaranty Insurance (2)
						Estimated Net Debt Service Amortization						Estimated Ending Net Debt Service Outstanding									Earnings of Deferred Premium Revenue						Accretion of Discount						Effect of FG VIE Consolidation on Earnings of Deferred Premium Revenue and Accretion of Discount						Future Credit Derivative Revenues (3)
						(in billions)															(in millions)
2026 (as of June 30)												$	446.6
2026 Q3						$	7.7					438.9									$	81					$	10					$	1					$	3
2026 Q4						6.4						432.5									80						10						1						2
2027						24.2						408.3									297						37						4						9
2028						23.1						385.2									275						35						2						8
2029						23.4						361.8									253						33						2						7
2030						24.0						337.8									235						31						2						6
2026-2030						108.8						337.8									1,221						156						12						35
2031-2035						104.0						233.8									917						132						9						24
2036-2040						81.0						152.8									592						96						3						18
2041-2045						57.3						95.5									395						63						—						12
2046-2050						45.2						50.3									255						35						—						4
2051-2055						30.8						19.5									124						15						—						—
After 2055						19.5						—									88						10						—						—
Total						$	446.6														$	3,592					$	507					$	24					$	93

Reconciliation of Net Deferred Premium Revenue to Net Unearned Premium Reserve (4)

						GAAP						Effect of FG VIE Consolidation on Net Unearned Premium Reserve
						(in millions)
Net deferred premium revenue:
Financial guaranty						$	3,592					$	23
Specialty						4						—
Net deferred premium revenue						3,596						23
Contra-paid						(22)						(2)
Net unearned premium reserve						$	3,574					$	21

1)    Represents the future expected amortization of current debt service outstanding (principal and interest), assuming no advance refundings, as of June 30, 2026. Actual amortization differs from expected maturities because borrowers may have the right to call or prepay guaranteed obligations, terminations and because of management’s assumptions on structured finance amortization.

2)    See also page 26, for ‘‘Net Expected Loss to be Expensed.’’

3)    Represents expected future premiums on insured credit derivatives.

4)    Unearned premium reserve represents deferred premium revenue less claim payments made (net of recoveries received) that have been recognized in the statement of operations (contra-paid).

23

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Assured Guaranty Ltd.

Roll Forward of Net Expected Loss and LAE to be Paid (Recovered)

(in millions)

Roll Forward of Net Expected Loss and LAE to be Paid (Recovered) (1) for the Three Months Ended June 30, 2026

						Net Expected Loss to be Paid (Recovered) as of March 31, 2026						Net Economic Loss Development (Benefit) During 2Q-26						Net (Paid) Recovered Losses During 2Q-26						Net Expected Loss to be Paid (Recovered) as of June 30, 2026
Public Finance:
U.S. public finance						$	3					$	44					$	(5)					$	42
Non-U.S. public finance						128						4						—						132
Public Finance						131						48						(5)						174
Structured Finance:
U.S. RMBS						(48)						(1)						9						(40)
Other structured finance						58						1						(1)						58
Structured Finance						10						—						8						18
Total						$	141					$	48					$	3					$	192

Roll Forward of Net Expected Loss and LAE to be Paid (Recovered) (1) for the Six Months Ended June 30, 2026

						Net Expected Loss to be Paid (Recovered) as of December 31, 2025						Net Economic Loss Development (Benefit) During 2026						Net (Paid) Recovered Losses During 2026						Net Expected Loss to be Paid (Recovered) as of June 30, 2026
Public Finance:
U.S. public finance						$	(31)					$	89					$	(16)					$	42
Non-U.S. public finance						126						6						—						132
Public Finance						95						95						(16)						174
Structured Finance:
U.S. RMBS						(54)						(3)						17						(40)
Other structured finance						60						—						(2)						58
Structured Finance						6						(3)						15						18
Total						$	101					$	92					$	(1)					$	192

1)    Includes net expected loss to be paid (recovered), economic loss development (benefit) and (paid) recovered losses for all contracts (i.e., those accounted for as insurance, credit derivatives and FG VIEs).

Please refer to the Glossary for a description of sectors.

24

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Assured Guaranty Ltd.

Loss Measures

						As of June 30, 2026									Three Months Ended June 30, 2026
						Total Net Par Outstanding for BIG Transactions									Net Economic Loss Development (Benefit)						GAAP Loss and LAE (1)						Loss and LAE included in Adjusted Operating Income (2)						Financial Guaranty Segment  Loss and LAE (3)
						(in billions)									(in millions)
Public finance:
U.S. public finance						$	3.40								$	44					$	(3)					$	(3)					$	(3)
Non-U.S. public finance						4.29									4						4						4						4
Public finance						7.69									48						1						1						1
Structured finance:
U.S. RMBS						0.74									(1)						2						1						2
Other structured finance						0.07									1						1						2						2
Structured finance						0.81									—						3						3						4
Total						$	8.50								$	48					$	4					$	4					$	5

						As of June 30, 2026									Six Months Ended June 30, 2026
						Total Net Par Outstanding for BIG Transactions									Net Economic Loss Development (Benefit)						GAAP Loss and LAE (1)						Loss and LAE included in Adjusted Operating Income (2)						Financial Guaranty Segment  Loss and LAE (3)
						(in billions)									(in millions)
Public finance:
U.S. public finance						$	3.40								$	89					$	9					$	9					$	9
Non-U.S. public finance						4.29									6						11						11						11
Public finance						7.69									95						20						20						20
Structured finance:
U.S. RMBS						0.74									(3)						1						—						1
Other structured finance						0.07									—						—						1						1
Structured finance						0.81									(3)						1						1						2
Total						$	8.50								$	92					$	21					$	21					$	22

1)    Includes loss expense related to contracts that are accounted for as insurance contracts.

2)    Includes loss expense related to contracts that are accounted for as insurance contracts and credit derivatives.

3)    Includes loss expense related to contracts that are accounted for as insurance contracts, credit derivatives, and consolidated FG VIEs.

Please refer to the Glossary for an explanation of the presentation of net par outstanding and of the various sectors.

25

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Assured Guaranty Ltd.

Net Expected Loss to be Expensed (1)

As of June 30, 2026

(dollars in millions)

						GAAP
2026 Q3						$	4
2026 Q4						4
2027						19
2028						21
2029						22
2030						21
2026-2030						91
2031-2035						88
2036-2040						50
2041-2045						39
2046-2050						34
2051-2055						16
After 2055						3
Total expected present value of net expected loss to be expensed (2)						321
Future expected accretion						(39)
Total expected future loss and LAE						$	282

1)    The present value of net expected loss to be paid is discounted using risk free rates for U.S. and non-U.S. currencies rates ranging from 2.18% to 5.67%.

2)    Excludes $18 million related to FG VIEs, which are eliminated in consolidation.

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Assured Guaranty Ltd.

Financial Guaranty Profile (1 of 3)

(in billions)

Net Par Outstanding by Asset Type

						As of June 30, 2026						As of December 31, 2025
U.S. public finance:
General obligation						$	84.8					$	82.3
Tax backed						36.6						36.1
Municipal utilities						31.7						31.4
Transportation						27.9						23.5
Healthcare						17.7						16.8
Infrastructure finance						11.2						15.1
Higher education						8.2						8.4
Renewable energy						0.1						0.2
Other public finance						1.2						1.2
Total U.S. public finance						219.4						215.0
Non-U.S. public finance:
Regulated utilities						23.3						23.5
Infrastructure finance						15.5						16.0
Sovereign and sub-sovereign						7.7						8.3
Renewable energy						1.5						1.7
Pooled infrastructure						1.1						1.1
Total non-U.S. public finance						49.1						50.6
Total public finance						268.5						265.6
U.S. structured finance:
Insurance reserve financings and securitizations						4.4						4.4
RMBS						1.3						1.4
Fund finance facilities						0.8						0.1
Pooled corporate obligations						0.5						0.6
Financial products						0.4						0.4
Other structured finance						1.2						1.0
Total U.S. structured finance						8.6						7.9
Non-U.S. structured finance:
Fund finance facilities						2.5						1.6
Pooled corporate obligations						0.3						0.5
RMBS						0.2						0.2
Other structured finance						1.3						1.3
Total non-U.S. structured finance						4.3						3.6
Total structured finance						12.9						11.5
Total net par outstanding						$	281.4					$	277.1

Please refer to the Glossary for an explanation of the presentation of net par outstanding and various sectors.

27

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Assured Guaranty Ltd.

Financial Guaranty Profile (2 of 3)

As of June 30, 2026

(dollars in billions)

Distribution by Rating of Financial Guaranty Portfolio

						Public Finance - U.S.												Public Finance - Non-U.S.												Structured Finance - U.S.												Structured Finance - Non-U.S.												Total
Ratings:						Net Par Outstanding						%						Net Par Outstanding						%						Net Par Outstanding						%						Net Par Outstanding						%						Net Par Outstanding						%
AAA						$	—					—		%				$	1.4					2.9		%				$	0.5					4.8		%				$	0.3					8.0		%				$	2.2					0.8		%
AA						18.6						8.5						1.4						2.8						5.7						66.6						1.2						27.3						26.9						9.5
A						128.4						58.5						11.5						23.5						1.2						14.7						2.8						64.5						143.9						51.2
BBB						69.0						31.5						30.5						62.1						0.4						4.5						—						0.2						99.9						35.5
BIG						3.4						1.5						4.3						8.7						0.8						9.4						—						—						8.5						3.0
Net Par Outstanding (1)						$	219.4					100.0		%				$	49.1					100.0		%				$	8.6					100.0		%				$	4.3					100.0		%				$	281.4					100.0		%

1)    As of June 30, 2026, the Company excluded $0.8 billion of net par outstanding attributable to Loss Mitigation Securities.

Please refer to the Glossary for an explanation of the presentation of net par outstanding and the Company's internal rating approach, and of the various sectors.

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Assured Guaranty Ltd.

Financial Guaranty Profile (3 of 3)

As of June 30, 2026

(dollars in billions)

Geographic Distribution of Financial Guaranty Portfolio

						Net Par Outstanding						% of Total
U.S.:
U.S. public finance:
California						$	38.0					13.5		%
Texas						29.2						10.4
New York						21.8						7.7
Pennsylvania						18.6						6.6
Illinois						13.1						4.7
Florida						13.1						4.6
New Jersey						7.2						2.5
Colorado						5.4						1.9
Michigan						5.3						1.9
Louisiana						5.2						1.9
Other						62.5						22.2
Total U.S. public finance						219.4						77.9
U.S. structured finance (multiple states)						8.6						3.1
Total U.S.						228.0						81.0
Non-U.S.:
United Kingdom						41.0						14.6
Spain						2.1						0.8
Australia						1.9						0.7
France						1.8						0.6
Canada						1.1						0.4
Other						5.5						1.9
Total non-U.S.						53.4						19.0
Total net par outstanding						$	281.4					100.0		%

Please refer to the Glossary for an explanation of the presentation of net par outstanding.

29

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Assured Guaranty Ltd.

Specialty Business

						As of June 30, 2026												As of December 31, 2025
						Gross Exposure (1)						Net Exposure (1)						Gross Exposure (1)						Net Exposure (1)
						(in billions)
Diversified real estate						$	1.9					$	1.9					$	2.0					$	2.0
Insurance reserve financings and securitizations						1.6						1.3						1.5						1.2
Pooled corporate obligations						1.0						1.0						0.9						0.9
Aircraft residual value insurance (RVI)						0.2						0.1						0.2						0.1

1)    All of the exposure was rated investment grade except for $5 million of gross and net exposure of RVI that was rated BIG as of December 31, 2025.

Please refer to the Glossary for a description of sectors.

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Assured Guaranty Ltd.

Expected Amortization of Net Par Outstanding

(in billions)

						Public Finance																								Structured Finance
						U.S. Public Finance						Non-U.S. Public Finance						Total						Estimated Ending Net Par Outstanding						Total						Estimated Ending Net Par Outstanding
2026 (as of June 30)																								$	268.5											$	12.9
2026 Q3						$	3.2					$	0.6					$	3.8					264.7						$	0.8					12.1
2026 Q4						2.5						0.6						3.1						261.6						0.5						11.6
2027						8.7						1.2						9.9						251.7						2.5						9.1
2028						9.1						1.1						10.2						241.5						1.7						7.4
2029						9.3						2.0						11.3						230.2						1.6						5.8
2030						9.8						3.5						13.3						216.9						0.6						5.2
2026-2030						42.6						9.0						51.6						216.9						7.7						5.2
2031-2035						48.1						11.0						59.1						157.8						2.8						2.4
2036-2040						41.4						8.4						49.8						108.0						1.3						1.1
2041-2045						33.9						2.5						36.4						71.6						0.2						0.9
2046-2050						28.9						3.0						31.9						39.7						0.5						0.4
2051-2055						17.8						6.3						24.1						15.6						0.4						—
After 2055						6.7						8.9						15.6						—						—						—
Total						$	219.4					$	49.1					$	268.5											$	12.9

Net par outstanding (end of period)

						1Q-25						2Q-25						3Q-25						4Q-25						1Q-26						2Q-26
Public finance - U.S.						$	202.4					$	208.7					$	212.1					$	215.0					$	216.4					$	219.4
Public finance - non-U.S.						50.1						53.1						51.3						50.6						49.5						49.1
Structured finance - U.S.						8.4						8.2						8.1						7.9						8.3						8.6
Structured finance - non-U.S.						2.7						2.8						3.4						3.6						4.4						4.3
Net par outstanding						$	263.6					$	272.8					$	274.9					$	277.1					$	278.6					$	281.4

Please refer to the Glossary for an explanation of the presentation of net par outstanding and of the various sectors.

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Assured Guaranty Ltd.

Puerto Rico Profile

As of June 30, 2026

(in millions)

						Net Par Outstanding
						AG						AG Re						Total Net Par Outstanding						Gross Par Outstanding
Defaulted Puerto Rico Exposure
PREPA						$	322					$	142					$	464					$	470
Resolved Puerto Rico Exposure
Puerto Rico Highway and Transportation Authority						$	—					$	13					$	13					$	13
Non-Defaulting Puerto Rico Exposure
Puerto Rico Municipal Finance Agency (MFA)						$	64					$	11					$	75					$	81
University of Puerto Rico						1						—						1						1
Total non-defaulting						$	65					$	11					$	76					$	82

PREPA Amortization Schedule

			Scheduled Net Par Amortization						Scheduled Net Debt Service Amortization
2026 (July 1 - September 30)			$	106					$	114
2026 (October 1 - December 31)			—						1
Subtotal 2026			106						115
2027			106						122
2028			68						80
2029			39						47
2030			44						52
2031-2037			101						110
Total			$	464					$	526

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Assured Guaranty Ltd.

Direct Pooled Corporate Obligations Profile

As of June 30, 2026

(dollars in billions)

Distribution of Direct Pooled Corporate Obligations by Rating

						Net Par Outstanding						% of Total						Average Initial Credit Enhancement						Average Current Credit Enhancement
Ratings:
AAA						$	0.36					43.6		%				41.1%						49.4%
AA						0.29						35.4						60.1%						43.4%
A						0.17						20.0						36.8%						40.8%
BBB						0.01						1.0						22.9%						22.3%
Total exposures						$	0.83					100.0		%				46.7%						45.3%

Distribution of Direct Pooled Corporate Obligations by Asset Class

						Net Par Outstanding						% of Total						Average Initial Credit Enhancement						Average Current Credit Enhancement						Number of Transactions
Asset class:
Trust preferred						$	0.18					21.9		%				43.5%						68.4%						9
CLOs						0.65						78.1						47.7%						38.8%						9
Total exposures						$	0.83					100.0		%				46.7%						45.3%						18

Please refer to the Glossary for an explanation of internal ratings, performance indicators and sectors.

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Assured Guaranty Ltd.

Below Investment Grade Exposures (1 of 3)

(in billions)

BIG Exposures by Asset Exposure Type

						As of
						June 30,						December 31,
						2026						2025
U.S. public finance:
Transportation						$	1.23					$	0.10
Healthcare						0.92						0.92
Municipal utilities						0.69						0.75
General obligation						0.23						0.24
Tax backed						0.10						0.10
Infrastructure finance						0.08						1.21
Other public finance						0.15						0.16
Total U.S. public finance						3.40						3.48
Non-U.S. public finance:
Regulated utilities						2.37						2.40
Infrastructure finance						1.09						1.14
Renewable energy						0.83						0.90
Total non-U.S. public finance						4.29						4.44
Total public finance						7.69						7.92
U.S. structured finance:
RMBS						0.74						0.77
Insurance reserve financings and securitizations						0.04						0.04
Other structured finance						0.03						0.03
Total U.S. structured finance						0.81						0.84
Non-U.S. structured finance:
Total non-U.S. structured finance						—						—
Total structured finance						0.81						0.84
Total BIG net par outstanding						$	8.50					$	8.76

Please refer to the Glossary for an explanation of the Company's presentation of net par outstanding and a description of various sectors.

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Assured Guaranty Ltd.

Below Investment Grade Exposures (2 of 3)

(dollars in billions)

Net Par Outstanding by BIG Surveillance Category (1)

						As of
						June 30,						December 31,
						2026						2025
BIG Category 1
U.S. public finance						$	1.22					$	2.48
Non-U.S. public finance						1.00						1.09
U.S. structured finance						0.17						0.17
Non-U.S. structured finance						—						—
Total BIG Category 1						2.39						3.74
BIG Category 2
U.S. public finance						1.60						0.42
Non-U.S. public finance						3.29						3.35
U.S. structured finance						0.05						0.04
Non-U.S. structured finance						—						—
Total BIG Category 2						4.94						3.81
BIG Category 3
U.S. public finance						0.58						0.58
Non-U.S. public finance						—						—
U.S. structured finance						0.59						0.63
Non-U.S. structured finance						—						—
Total BIG Category 3						1.17						1.21
BIG Total						$	8.50					$	8.76

1)    The Company assigns each BIG exposure to one of the three BIG surveillance categories below, which generally represent the following: BIG 1: Below-investment-grade exposures for which there are possible future losses, on a present value basis, and the aggregate probability weighting of scenarios with future losses is less than 50%, regardless of whether the Company has or has not paid a claim for which it expects to be reimbursed within one year (liquidity claim). BIG 2: Below-investment-grade exposures for which there are possible future losses, on a present value basis, and the aggregate probability weighting of scenarios with future losses is 50% or more, but for which no claims (other than liquidity claims) have yet been paid. BIG 3: Below-investment-grade exposures for which future losses are expected, on a present value basis, and the aggregate probability weighting of scenarios with future losses is 50% or more, and for which claims, other than liquidity claims have been paid.

For purposes of classifying BIG exposures into one of the three BIG categories, the Company calculates the present value of projected claim payments and recoveries using the pre-tax book yield of the investment portfolio as the applicable discount rate.

For financial statement measurement purposes, the Company uses risk-free rates (as determined each quarter) for discounting, rather than pre-tax book yield of the investment portfolio, to calculate the expected losses to be paid. Expected losses to be paid (recovered) are based on probability weighted scenarios and serve as the basis for the loss reserves reported in accordance with U.S. GAAP.

Please refer to the Glossary for an explanation of the Company's internal rating approach, presentation of net par outstanding and a description of various sectors.

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Assured Guaranty Ltd.

Below Investment Grade Exposures (3 of 3)

As of June 30, 2026

(dollars in millions)

Public Finance and Structured Finance BIG Exposures with Revenue Sources Greater Than $50 Million

Net Par Outstanding

Internal Rating (1)

60+ Day Delinquencies

Name or description

U.S. public finance:

Brightline Trains Florida LLC

$

1,133

CCC

Westchester Medical Center

540

BB+

PREPA

464

CCC

Palomar Health

374

CCC

Jackson Water & Sewer System, Mississippi

140

BB

Stockton City, California

82

B

MFA

75

B

Harrisburg Parking System, Pennsylvania

70

B

Indiana University of Pennsylvania, Pennsylvania

51

CCC

Total U.S. public finance

2,929

Non-U.S. public finance:

Thames Water Utilities Finance Plc

2,365

B

Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc

542

B+

University of Essex, United Kingdom

385

BB

Q Energy - Phase II - Pride Investments, S.A.

255

BB+

Hypersol Solar Inversiones, S.A.U.

245

BB

Q Energy - Phase III - FSL Issuer, S.A.U.

234

B+

Dartford & Gravesham NHS Trust The Hospital Company (Dartford) Plc

100

BB+

Q Energy - Phase IV - Anselma Issuer, S.A.

97

BB+

Road Management Services PLC (A13 Highway)

61

BB-

Total non-U.S. public finance

4,284

Total public finance

7,213

U.S. structured finance:

RMBS:

Option One Mortgage Loan Trust 2007-HL1

93

CCC

18.8%

Argent Securities Inc. 2005-W4

93

CCC

8.2%

Option One 2007-FXD2

86

BB

14.9%

Total RMBS-U.S. structured finance

272

Total non-U.S. structured finance

—

Total structured finance

272

Total

$

7,485

1)    Transactions rated below B- are categorized as CCC.

Please refer to the Glossary for an explanation of the Company's internal rating approach, presentation of net par outstanding and a description of performance indicators and sectors.

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Assured Guaranty Ltd.

Largest Exposures by Sector (1 of 3)

As of June 30, 2026

(in millions)

50 Largest U.S. Public Finance Exposures by Revenue Source

Credit Name:

Net Par Outstanding

Internal Rating

JFK New Terminal One, New York

$

2,209

BBB-

Pennsylvania (Commonwealth of)

1,775

BBB

Metro Washington Airports Authority (Dulles Toll Road)

1,642

BBB+

New Jersey (State of)

1,593

BBB

Alameda Corridor Transportation Authority, California

1,455

BBB

South Carolina Public Service Authority - Santee Cooper

1,324

A-

New York Power Authority

1,306

AA-

Lower Colorado River Authority (LCRA Transmission Services Corporation Project)

1,291

A

Foothill/Eastern Transportation Corridor Agency, California

1,286

A-

North Texas Tollway Authority

1,260

A+

New York Metropolitan Transportation Authority

1,254

A-

CommonSpirit Health, Illinois

1,230

A-

Brightline Trains Florida LLC

1,133

CCC

Philadelphia Water & Wastewater, Pennsylvania

1,133

A

Montefiore Medical Center, New York

1,126

BBB-

North Carolina Turnpike Authority

1,055

BBB

Pittsburgh International Airport, Pennsylvania

1,049

A-

Central Florida Expressway Authority, Florida

1,048

A+

San Joaquin Hills Transportation, California

955

BBB+

JFK Terminal 6, New York

929

BBB-

ProMedica Healthcare Obligated Group, Ohio

923

BBB-

Thomas Jefferson University

916

A-

Yankee Stadium LLC New York City Industrial Development Authority

907

BBB

Houston Hotel Occupancy Tax, Texas

907

A-

Pittsburgh Water & Sewer, Pennsylvania

901

A-

Municipal Electric Authority of Georgia

887

BBB+

Maine (State of)

877

A

Metropolitan Pier and Exposition Authority, Illinois

859

BBB-

San Diego Family Housing, LLC

854

AA

Chicago Water, Illinois

843

BBB+

Downtown Revitalization Public Infrastructure District, Utah

837

A

Sacramento City Unified School District, California

837

BBB-

Harris County - Houston Sports Authority, Texas

814

A-

Philadelphia School District, Pennsylvania

787

A-

Clark County School District, Nevada

781

A-

Houston Airport System, Texas

767

A

Dade County Seaport, Florida

758

A-

Alabama Highway Authority

730

AA-

Beth Israel Lahey Health, Massachusetts

709

A-

Illinois (State of)

672

BBB

California (State of)

672

AA-

Chicago Public Schools, Illinois

658

BBB-

Chicago-O'Hare International Airport, Illinois

646

A-

Tucson (City of), Arizona

641

A+

Palomar Health

637

B-

New York Transportation Development Corporation (LaGuardia Airport Terminal Redevelopment Project)

628

BBB

Anaheim (City of), California

626

A-

Nassau County, New York

620

AA-

Massachusetts (Commonwealth of) Water Resources

605

AA

Chicago (City of) Wastewater Transmission, Illinois

605

BBB+

Total top 50 U.S. public finance exposures

$

48,957

Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.

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Assured Guaranty Ltd.

Largest Exposures by Sector (2 of 3)

As of June 30, 2026

(in millions)

25 Largest U.S. Structured Finance Exposures

Credit Name:

Net Par Outstanding

Internal Rating (1)

Private US Insurance Reserve Financing

$

1,100

AA

Private US Insurance Reserve Financing

1,098

AA-

Private US Insurance Reserve Financing

1,000

AA-

Private US Insurance Reserve Financing

429

AA-

Private Collateralized Transaction

395

AA+

Private US Insurance Reserve Financing

391

AA-

Private US Insurance Securitization

186

A

Private Middle Market CLO

184

AA

Private Fund Finance Transaction

175

A+

Private Fund Finance Transaction

138

A+

Private Middle Market CLO

125

A

Private US Insurance Securitization

112

AA

Private Fund Finance Transaction

103

AA-

Private Balloon Note Guarantee

100

A

Option One Mortgage Loan Trust 2007-HL1

93

CCC

Argent Securities Inc. 2005-W4

93

CCC

CWABS 2007-4

89

BBB+

Private Fund Finance Transaction

86

A

Option One 2007-FXD2

86

BB

Private Fund Finance Transaction

81

A-

SLM Student Loan Trust 2007-A

75

A

Private Fund Finance Transaction

67

A

Private Balloon Note Guarantee

59

BBB

Private Fund Finance Transaction

53

AA-

Private US Insurance Securitization

50

AA

Total top 25 U.S. structured finance exposures

$

6,368

1)    Transactions rated below B- are categorized as CCC.

Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.

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Assured Guaranty Ltd.

Largest Exposures by Sector (3 of 3)

As of June 30, 2026

(in millions)

50 Largest Non-U.S. Exposures by Revenue Source

Credit Name:

Country

Net Par Outstanding

Internal Rating

Southern Water Services Limited

United Kingdom

$

2,837

BBB-

Thames Water Utilities Finance Plc

United Kingdom

2,365

B

Dwr Cymru Financing Limited

United Kingdom

2,042

A-

Anglian Water Services Financing PLC

United Kingdom

1,877

BBB+

National Grid Gas PLC

United Kingdom

1,852

A-

Channel Link Enterprises Finance PLC

France, United Kingdom

1,283

BBB

Yorkshire Water Services Finance Plc

United Kingdom

1,157

BBB

Severn Trent Water Utilities Finance Plc

United Kingdom

1,076

BBB+

Capital Hospitals (Issuer) PLC

United Kingdom

1,033

BBB-

United Utilities Water PLC

United Kingdom

973

BBB+

Southern Gas Networks PLC

United Kingdom

973

BBB+

Private Other Structured Finance Transaction

Australia

903

A-

British Broadcasting Corporation (BBC)

United Kingdom

897

A+

Quebec Province

Canada

832

A+

National Grid Company plc

United Kingdom

825

BBB+

Wessex Water Services Finance Plc

United Kingdom

810

BBB+

South West Water UK

United Kingdom

775

BBB+

Aspire Defence Finance plc

United Kingdom

718

BBB+

South East Water

United Kingdom

712

BBB-

Verdun Participations 2 S.A.S.

France

704

BBB-

Heathrow Funding Limited

United Kingdom

662

BBB

Private International Sub-Sovereign Transaction

United Kingdom

569

A+

University of Sussex

United Kingdom

547

BBB

Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc

United Kingdom

542

B+

NewHospitals (St Helens & Knowsley) Finance PLC

United Kingdom

532

BBB+

North Staffordshire, United Kingdom

United Kingdom

506

BBB-

Campania Region - Healthcare receivable

Italy

502

BBB-

Central Nottinghamshire Hospitals PLC

United Kingdom

501

BBB-

Sydney Airport Finance Company

Australia

488

BBB+

University of Essex, United Kingdom

United Kingdom

477

BB+

Derby Healthcare PLC

United Kingdom

457

BBB

Sutton and East Surrey Water plc

United Kingdom

435

BBB

The Hospital Company (QAH Portsmouth) Limited

United Kingdom

435

BBB

Western Power Distribution (South West) plc

United Kingdom

382

BBB+

South Lanarkshire Schools

United Kingdom

365

BBB

Spanish Electricity System Receivables Caixa

Spain

362

A-

International Infrastructure Pool

United Kingdom

362

AAA

International Infrastructure Pool

United Kingdom

362

AAA

International Infrastructure Pool

United Kingdom

362

AAA

Northumbrian Water PLC

United Kingdom

344

BBB

Verbund, Lease and Sublease of Hydro-Electric Equipment

Austria

336

AAA

Private International Sub-Sovereign Transaction

United Kingdom

330

A

Private Fund Finance Transaction

Intl-Multi Country

326

A

Catalyst Healthcare (Romford) Financing PLC

United Kingdom

325

BBB

Portsmouth Water, United Kingdom

United Kingdom

315

BBB

South Staffordshire Water PLC

United Kingdom

313

BBB+

Western Power Distribution (South Wales) plc

United Kingdom

298

BBB+

Scotland Gas Networks plc

United Kingdom

292

BBB+

Bakethin Finance Plc

United Kingdom

287

A-

XpFibre Group

France

286

BBB-

Total top 50 non-U.S. exposures

$

36,944

Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.

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Annuity Reinsurance Segment

40

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Assured Guaranty Ltd.

Annuity Reinsurance Segment Results

(in millions)

			Three Months Ended						Six Months Ended
			June 30, 2026						June 30, 2026
Segment revenues
Net investment income			$	11					$	16
Fair value gains (losses) on derivatives			4						9
Total segment revenues			15						25
Segment expenses
Benefit expense for annuity reinsurance contracts			8						15
Employee compensation and benefit expenses			3						5
Other operating expenses			2						4
Total segment expenses			13						24
Segment adjusted operating income (loss) before income taxes			2						1
Less: Provision (benefit) for income taxes			—						(1)
Segment adjusted operating income (loss)			$	2					$	2

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Asset Management Segment

42

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Assured Guaranty Ltd.

Asset Management Segment Results

(in millions)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2026						2025						2026						2025
Segment revenues			$	—					$	15					$	118					$	21
Segment expenses			—						9						68						13
Equity in earnings (losses) of investees			(5)						(1)						1						12
Segment adjusted operating income (loss) before income taxes			(5)						5						51						20
Less: Provision (benefit) for income taxes			(1)						1						11						4
Segment adjusted operating income (loss)			$	(4)					$	4					$	40					$	16

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Corporate Division

44

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Assured Guaranty Ltd.

Corporate Division Results

(in millions)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2026						2025						2026						2025
Revenues
Bargain purchase gain			$	—					$	—					$	6					$	—
Other			3						4						5						8
Total revenues			3						4						11						8
Expenses
Interest expense			24						26						48						50
Employee compensation and benefit expenses			7						6						14						14
Other operating expenses			7						7						19						15
Total expenses			38						39						81						79
Equity in earnings (losses) of investees			4						3						23						19
Adjusted operating income (loss) before income taxes			(31)						(32)						(47)						(52)
Less: Provision (benefit) for income taxes			(3)						(3)						(4)						(3)
Adjusted operating income (loss)			$	(28)					$	(29)					$	(43)					$	(49)

45

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Other

46

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Assured Guaranty Ltd.

Other Results (1 of 2)

(in millions)

			Three Months Ended June 30, 2026
			FG VIEs						CIVs						Intersegment Eliminations and Reclassifications						Total Other
Revenues
Net earned premiums			$	(1)					$	—					$	—					$	(1)
Net investment income			(1)						—						(2)						(3)
Gains (losses) on FG VIEs			2						—						—						2
Total revenues			—						—						(2)						(2)
Expenses
Loss expense (benefit)			(1)						—						—						(1)
Interest expense			—						—						(2)						(2)
Total expenses			(1)						—						(2)						(3)
Equity in earnings (losses) of investees			—						—						—						—
Adjusted operating income (loss) before income taxes			1						—						—						1
Less: Provision (benefit) for income taxes			—						—						—						—
Less: Noncontrolling interest			1						—						—						1
Adjusted operating income (loss)			$	—					$	—					$	—					$	—

			Three Months Ended June 30, 2025
			FG VIEs						CIVs						Intersegment Eliminations and Reclassifications						Total Other
Revenues
Net earned premiums			$	(1)					$	—					$	—					$	(1)
Net investment income			—						—						(3)						(3)
Gains (losses) on FG VIEs			2						—						—						2
Fair value gains (losses) on CIVs			—						4						—						4
Asset management revenues			—						(2)						—						(2)
Other income (loss)			—						—						—						—
Total revenues			1						2						(3)						—
Expenses
Loss expense (benefit)			1						—						—						1
Interest expense			—						—						(3)						(3)
Total expenses			1						—						(3)						(2)
Equity in earnings (losses) of investees			—						(1)						—						(1)
Adjusted operating income (loss) before income taxes			—						1						—						1
Less: Provision (benefit) for income taxes			—						(1)						—						(1)
Less: Noncontrolling interest			—						3						—						3
Adjusted operating income (loss)			$	—					$	(1)					$	—					$	(1)

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Assured Guaranty Ltd.

Other Results (2 of 2)

(dollars in millions)

			Six Months Ended June 30, 2026
			FG VIEs						CIVs						Intersegment Eliminations and Reclassifications						Total Other
			(in millions)
Revenues
Net earned premiums			$	(2)					$	—					$	—					$	(2)
Net investment income			(2)						—						(4)						(6)
Gains (losses) on FG VIEs			(3)						—						—						(3)
Fair value gains (losses) on CIVs			—						9						—						9
Asset management revenues			—						(24)						—						(24)
Other income (loss)			—						—						—						—
Total revenues			(7)						(15)						(4)						(26)
Expenses
Loss expense (benefit)			(1)						—						—						(1)
Interest expense			—						—						(4)						(4)
Total expenses			(1)						—						(4)						(5)
Equity in earnings (losses) of investees			—						(2)						—						(2)
Adjusted operating income (loss) before income taxes			(6)						(17)						—						(23)
Less: Provision (benefit) for income taxes			(1)						(4)						—						(5)
Less: Noncontrolling interest			(5)						3						—						(2)
Adjusted operating income (loss)			$	—					$	(16)					$	—					$	(16)

			Six Months Ended June 30, 2025
			FG VIEs						CIVs						Intersegment Eliminations and Reclassifications						Total Other
			(in millions)
Revenues
Net earned premiums			$	(1)					$	—					$	—					$	(1)
Net investment income			(1)						—						(5)						(6)
Gains (losses) on FG VIEs			3						—						—						3
Fair value gains (losses) on CIVs			—						23						—						23
Asset management revenues			—						(3)						—						(3)
Other income (loss)			—						—						—						—
Total revenues			1						20						(5)						16
Expenses
Loss expense (benefit)			1						—						—						1
Interest expense			—						—						(5)						(5)
Total expenses			1						—						(5)						(4)
Equity in earnings (losses) of investees			—						(7)						—						(7)
Adjusted operating income (loss) before income taxes			—						13						—						13
Less: Provision (benefit) for income taxes			—						—						—						—
Less: Noncontrolling interest			—						12						—						12
Adjusted operating income (loss)			$	—					$	1					$	—					$	1

48

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Summary

49

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Assured Guaranty Ltd.

Summary of Financial and Statistical Data

			As of and for the Six Months Ended June 30, 2026						Year Ended December 31,
									2025						2024						2023						2022
			(dollars in millions, except per share amounts)
GAAP Summary Statements of Operations Data
Net earned premiums			$	184					$	380					$	403					$	344					$	494
Net investment income			190						359						340						365						269
Total expenses			362						550						446						733						536
Income (loss) before income taxes and equity in earnings (losses) of investees			94						560						426						640						187
Income (loss) before income taxes			114						662						488						668						148
Net income (loss) attributable to AGL			127						503						376						739						124
Net income (loss) attributable to AGL per diluted share			2.80						10.26						6.87						12.30						1.92
GAAP Summary Balance Sheet Data
Total investments and cash			$	9,240					$	8,875					$	8,784					$	9,212					$	8,472
Total assets			12,641						12,176						11,901						12,539						16,843
Unearned premium reserve			3,600						3,625						3,719						3,658						3,620
Loss and LAE reserve			306						309						268						376						296
Long-term debt			1,706						1,704						1,699						1,694						1,675
Shareholders’ equity attributable to AGL			5,559						5,663						5,495						5,713						5,064
Shareholders’ equity attributable to AGL per share			126.18						125.32						108.80						101.63						85.80
Financial Guaranty Claims-Paying Resources (1)(2)
Policyholders' surplus			$	3,810					$	4,033					$	4,329					$	4,807					$	5,155
Contingency reserve			1,569						1,511						1,392						1,296						1,202
Qualified statutory capital			5,379						5,544						5,721						6,103						6,357
Unearned premium reserve and net deferred ceding commission income			2,994						2,982						2,964						2,955						2,941
Loss and LAE reserves			50						43						53						145						165
Total policyholders' surplus and reserves			8,423						8,569						8,738						9,203						9,463
Present value of installment premium			1,155						1,125						1,073						1,062						955
CCS and standby line of credit			400						400						400						400						400
Total financial guaranty claims-paying resources			$	9,978					$	10,094					$	10,211					$	10,665					$	10,818
Ratios:
Net exposure to qualified statutory capital			53:1						51:1						46:1						41:1						36:1
Capital ratio			84:1						80:1						73:1						66:1						58:1
Financial resources ratio			45:1						44:1						41:1						37:1						34:1
Adjusted statutory net exposure to financial guaranty claims-paying resources			29:1						28:1						26:1						24:1						21:1
Par and Debt Service Written (Financial Guaranty and Specialty)
Gross debt service written:
Public finance - U.S.			$	18,105					$	48,974					$	44,019					$	41,902					$	36,954
Public finance - non-U.S.			539						1,657						3,302						3,286						756
Structured finance - U.S.			1,933						530						1,495						2,130						1,120
Structured finance - non-U.S.			3,414						3,864						4,078						3,084						551
Total gross debt service written			$	23,991					$	55,025					$	52,894					$	50,402					$	39,381
Net debt service written			$	23,987					$	55,020					$	52,760					$	50,402					$	39,381
Net par written			15,859						32,911						31,695						28,960						22,047
Gross par written			15,862						32,916						31,829						28,960						22,047
			As of June 30, 2026						As of December 31,
Other Financial Information									2025						2024						2023						2022
			(in billions)
GAAP Basis - Financial Guaranty
Net debt service outstanding (end of period)			$	446.6					$	440.8					$	416.0					$	397.6					$	370.0
Gross debt service outstanding (end of period)			447.2						441.4						416.5						398.0						370.2
Net par outstanding (end of period)			281.4						277.1						261.6						249.2						233.3
Gross par outstanding (end of period)			282.0						277.6						262.0						249.5						233.4
Statutory Basis - Financial Guaranty (2)
Net debt service outstanding (end of period)			$	445.3					$	439.4					$	415.5					$	396.4					$	366.9
Gross debt service outstanding (end of period)			445.9						440.0						416.0						396.8						367.1
Net par outstanding (end of period)			280.3						275.9						260.9						247.8						230.3
Gross par outstanding (end of period)			280.9						276.5						261.4						248.2						230.5

1)    See page 19 for additional detail on financial guaranty claims-paying resources.

2)    Statutory amounts prepared on a consolidated basis. The National Association of Insurance Commissioners Annual Statements for the Company’s U.S. domiciled insurance subsidiary, AG, are prepared on a stand-alone basis. As of June 30, 2026 and December 31, 2025 par outstanding and debt service outstanding exclude par associated with Loss Mitigation Securities.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Please refer to the Glossary for an explanation of the presentation of net debt service and net par outstanding and of the various sectors.

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Assured Guaranty Ltd.

Summary of GAAP to Non-GAAP Reconciliations (1) (1 of 2)

(in millions, except per share amounts)

						Six Months Ended June 30, 2026						Year Ended December 31,
												2025						2024						2023						2022
Total GWP						$	151					$	256					$	440					$	357					$	360
Less: Installment GWP and other GAAP adjustments (2)						69						105						300						247						145
Upfront GWP						82						151						140						110						215
Plus: Installment premiums and other (3)						70						135						262						294						160
Total PVP						$	152					$	286					$	402					$	404					$	375
PVP:
Public finance - U.S.						$	106					$	206					$	270					$	212					$	257
Public finance - non-U.S.						11						37						67						83						68
Structured finance - U.S.						16						13						25						68						43
Structured finance - non-U.S.						19						30						40						41						7
Total PVP						$	152					$	286					$	402					$	404					$	375
Adjusted operating income reconciliation:
Net income (loss) attributable to AGL						$	127					$	503					$	376					$	739					$	124
Less pre-tax adjustments:
Realized gains (losses) on investments						(25)						(40)						9						(14)						(56)
Non-credit impairment-related fair value gains (losses) on credit derivatives						(3)						6						14						106						(18)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment						(3)						—						—						—						—
Realized and unrealized fair value gains (losses) of the embedded derivative in funds withheld						(2)						—						—						—						—
Fair value gains (losses) on CCS						(1)						20						(10)						(35)						24
Foreign exchange gains (losses) on remeasurement of certain assets and liabilities						(19)						85						(26)						51						(110)
Total pre-tax adjustments						(53)						71						(13)						108						(160)
Less tax effect on pre-tax adjustments						10						(13)						—						(17)						17
Adjusted operating income (loss)						$	170					$	445					$	389					$	648					$	267
Adjusted operating income per diluted share reconciliation:
Net income (loss) attributable to AGL per diluted share						$	2.80					$	10.26					$	6.87					$	12.30					$	1.92
Less pre-tax adjustments:
Realized gains (losses) on investments						(0.54)						(0.82)						0.16						(0.23)						(0.87)
Non-credit impairment-related fair value gains (losses) on credit derivatives						(0.06)						0.12						0.27						1.75						(0.27)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment						(0.08)						—						—						—						—
Realized and unrealized fair value gains (losses) of the embedded derivative in funds withheld						(0.04)						—						—						—						—
Fair value gains (losses) on CCS						(0.03)						0.40						(0.19)						(0.57)						0.37
Foreign exchange gains (losses) on remeasurement of certain assets and liabilities						(0.41)						1.74						(0.47)						0.84						(1.72)
Total pre-tax adjustments						(1.16)						1.44						(0.23)						1.79						(2.49)
Tax effect on pre-tax adjustments						0.22						(0.26)						—						(0.27)						0.27
Adjusted operating income (loss) per diluted share						$	3.74					$	9.08					$	7.10					$	10.78					$	4.14

1)    Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

2)    Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, and GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.

3)    Includes the present value of future premiums and fees on new business paid in installments, discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. Includes the present value of future premiums and fees associated with other business written by the Company that, under GAAP, are accounted for under ASC 460, Guarantees.

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Assured Guaranty Ltd.

Summary of GAAP to Non-GAAP Reconciliations(1) (2 of 2)

(in millions, except per share amounts)

						As of June 30, 2026						As of December 31,
												2025						2024						2023						2022
ABV reconciliation:
Shareholders’ equity attributable to AGL						$	5,559					$	5,663					$	5,495					$	5,713					$	5,064
Less pre-tax adjustments:
Non-credit impairment-related fair value gains (losses) on credit derivatives						52						55						49						34						(71)
Fair value gains (losses) on CCS						20						22						2						13						47
Unrealized gains (losses) on investment portfolio						(258)						(149)						(397)						(361)						(523)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment						(5)						—						—						—						—
Fair value gains (losses) of the embedded derivative in funds withheld						(1)						—						—						—						—
Less taxes						27						6						46						37						68
Adjusted operating shareholders’ equity						5,724						5,729						5,795						5,990						5,543
Pre-tax adjustments:
Less: DAC						201						192						176						161						147
Plus: Net present value of estimated net future revenue						188						194						202						199						157
Plus: Net deferred revenues on insurance contracts (1)						3,305						3,367						3,473						3,436						3,428
Plus taxes						(658)						(674)						(702)						(699)						(602)
ABV						$	8,358					$	8,424					$	8,592					$	8,765					$	8,379
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity (net of tax provision (benefit) of $(2), $2, $0, $1, and $4)						$	(8)					$	8					$	—					$	5					$	17
ABV (net of tax provision (benefit) of $(3), $1, $(2), $0, and $3)						$	(12)					$	3					$	(6)					$	—					$	11
ABV per share reconciliation:
Shareholders’ equity attributable to AGL per share						$	126.18					$	125.32					$	108.80					$	101.63					$	85.80
Less pre-tax adjustments:
Non-credit impairment-related fair value gains (losses) on credit derivatives						1.18						1.21						0.96						0.61						(1.21)
Fair value gains (losses) on CCS						0.46						0.48						0.05						0.22						0.80
Unrealized gains (losses) on investment portfolio						(5.87)						(3.28)						(7.86)						(6.40)						(8.86)
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment						(0.12)						—						—						—						—
Fair value gains (losses) of the embedded derivative in funds withheld						(0.03)						—						—						—						—
Less taxes						0.62						0.13						0.90						0.66						1.15
Adjusted operating shareholders’ equity per share						129.94						126.78						114.75						106.54						93.92
Pre-tax adjustments:
Less: DAC						4.57						4.25						3.47						2.87						2.48
Plus: Net present value of estimated net future revenue						4.27						4.30						3.99						3.54						2.66
Plus: Net deferred revenues on insurance contracts (1)						75.01						74.51						68.75						61.12						58.10
Plus taxes						(14.93)						(14.91)						(13.90)						(12.41)						(10.22)
ABV per share						$	189.72					$	186.43					$	170.12					$	155.92					$	141.98
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity per share						$	(0.16)					$	0.18					$	0.01					$	0.07					$	0.28
ABV per share						$	(0.26)					$	0.07					$	(0.13)					$	—					$	0.19

1)    See Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

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Glossary

Financial Guaranty Insurance

Net Par Outstanding and Internal Ratings

Net Par Outstanding is insured par exposure, net of reinsurance cessions. Unless otherwise indicated, net par outstanding amounts exclude amounts as a result of loss mitigation strategies, including securities the Company has purchased for loss mitigation purposes that are held in the investment portfolio.

Internal Rating utilizes the Company’s ratings scale, which is similar to that used by the nationally recognized statistical rating organizations; however, the ratings in the tables may not be the same as ratings assigned by any such rating agency.

Statutory Net Par and Net Debt Service Outstanding. Under statutory accounting, net par and net debt service outstanding would be reduced both when an outstanding issue is legally defeased (i.e., an issuer has legally discharged its obligations with respect to a municipal security by satisfying conditions set forth in defeasance provisions contained in transaction documents and is no longer responsible for the payment of debt service with respect to such obligations) and when such issue is economically defeased (i.e., transaction documents for a municipal security do not contain defeasance provisions but the issuer establishes an escrow account with U.S. government securities in amounts sufficient to pay the refunded bonds when due; the refunded bonds are not considered paid and continue to be outstanding under the transaction documents and the issuer remains responsible to pay debt service when due to the extent monies on deposit in the escrow account are insufficient for such purpose).

Performance Indicators

The performance information described below is obtained from third parties and/or provided by the trustee and may be subject to revision as updated or additional information is obtained:

60+ Day Delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or real estate owned divided by current collateral balance.

Average Credit Enhancement is intended to provide a measure of the amount of equity and/or subordinated tranches that are junior in the capital structure to Assured Guaranty’s exposure, expressed as a percentage of the total transaction size, and reflects any reduction of that credit support resulting from defaults or other factors. For transactions where excess spread may be available to absorb certain losses, the amounts shown do not include any benefit from excess spread. The calculation methodologies differ for the various asset classes to reflect differences in transaction structures in order to provide a measure that management believes is comparable across asset classes. Some asset classes may not have subordinated tranches so they are excluded from the weighted averages.

Sectors

Below are brief descriptions of selected types of public and structured finance obligations that the Company insures and reinsures. For a more complete description, please refer to Assured Guaranty Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2025.

U.S. Public Finance:

General Obligation Bonds are full faith and credit obligations that are issued by states, their political subdivisions and other municipal issuers, and are supported by the general obligation of the issuer to pay from available funds and by a pledge of the issuer to levy property taxes in an amount sufficient to provide for the full payment of the bonds.

Tax-Backed Bonds are obligations that are supported by the issuer from specific and discrete sources of taxation and tax-backed revenue bonds. Tax-backed obligations may be secured by a lien on specific pledged tax revenues, such as a gasoline or excise tax, or an income tax, or incrementally from growth in property tax revenue associated with growth in property values. These obligations also include obligations secured by special assessments levied against property owners and often benefit from issuer covenants to enforce collections of such assessments and to foreclose on delinquent properties. Lease revenue bonds typically are general fund obligations of a municipality or other governmental authority that are subject to annual appropriation or abatement; projects financed and subject to such lease payments ordinarily include real estate or equipment serving an essential public purpose.

Municipal Utility Bonds are obligations of all forms of municipal utilities, including electric, water and sewer utilities and resource recovery revenue bonds. These utilities may be organized in various forms, including municipal enterprise systems, authorities or joint action agencies.

Transportation Bonds include a wide variety of revenue-supported obligations, such as bonds for airports, ports, tunnels, municipal parking facilities, toll roads and toll bridges.

Healthcare Bonds are obligations of healthcare facilities, including community-based hospitals and systems, and hospital districts.

Infrastructure Bonds include obligations issued by a variety of entities engaged in the financing of infrastructure projects, such as roads, airports, ports, military housing, social infrastructure, student accommodation and other physical assets delivering essential services supported by long-term concession arrangements with a public sector entity.

53

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Glossary (continued)

Sectors (continued)

Higher Education Bonds are obligations secured by revenue collected by either public or private secondary schools, colleges and universities. Such revenue can encompass all of an institution’s revenue, including tuition and fees, or in other cases, can be specifically restricted to certain auxiliary sources of revenue or revenue relating to student accommodation.

Renewable Energy Bonds are obligations backed by revenue from renewable energy sources.

Other Public Finance Bonds include other debt issued, guaranteed or otherwise supported by U.S. national or local governmental authorities, as well as student loans, revenue bonds, housing revenue bonds and obligations of some not-for-profit organizations.

Non-U.S. Public Finance:

Regulated Utility Obligations are obligations issued by government-regulated providers of essential services and commodities, including electric, water and gas utilities, supported by the rates and charges paid by the utilities’ customers. The majority of the Company’s non-U.S. regulated utility business is conducted in the U.K.

Infrastructure Finance Obligations are obligations issued by a variety of entities engaged in the financing of non-U.S. infrastructure projects, such as roads, airports, ports, social infrastructure, student accommodation, stadiums, and other physical assets delivering essential services supported either by long-term concession arrangements or a regulatory regime. The majority of the Company’s non-U.S. infrastructure business is conducted in the U.K.

Sovereign and Sub-Sovereign Obligations primarily includes obligations of local, municipal, regional or national governmental authorities or agencies outside of the U.S.

Renewable Energy Bonds are obligations secured by revenues relating to renewable energy sources, typically solar or wind farms. These transactions often benefit from regulatory support in the form of regulated minimum prices for the electricity produced. The majority of the Company’s non-U.S. renewable energy business is conducted in Spain.

Pooled Infrastructure Obligations are synthetic asset-backed obligations that take the form of credit default swap obligations or credit-linked notes that reference either infrastructure finance obligations or a pool of such obligations, with a defined deductible to cover credit risks associated with the referenced obligations. The Company has not entered into a pooled infrastructure transaction since 2006.

Structured Finance:

Insurance Reserve Financings and Securitizations are transactions, including life insurance transactions, where obligations are secured by the future earnings from pools of various types of insurance/reinsurance policies and income produced by invested assets.

Residential Mortgage Backed Securities are obligations backed by first and second lien mortgage loans on residential properties. The credit quality of borrowers covers a broad range, including “prime,” “subprime” and “Alt-A.” A prime borrower is generally defined as one with strong risk characteristics as measured by factors such as payment history, credit score, and debt-to-income ratio. A subprime borrower is a borrower with higher risk characteristics. An Alt-A borrower is generally defined as a prime quality borrower that lacks certain ancillary characteristics, such as fully documented income. RMBS include home equity lines of credit, which refers to a type of residential mortgage-backed transaction backed by second-lien loan collateral. The Company has not provided insurance for RMBS in the primary market since 2008.

Fund Finance Facilities are primarily subscription finance which are credit facilities provided to closed-end private market funds, most frequently private-equity funds. The facilities are secured by the uncalled capital commitments of the limited partners (LPs) to the fund. The Company may guarantee new or existing facilities and on a single facility or portfolio basis. Assured Guaranty’s exposures are generally to facilities with characteristics that include a high-quality fund sponsor with strong historical performance, a diverse LP base composed primarily of institutional LPs and experienced bank lenders.

Pooled Corporate Obligations are securities primarily backed by various types of corporate debt obligations, such as secured or unsecured bonds, bank loans or loan participations and trust preferred securities. These securities are often issued in “tranches,” with subordinated tranches providing credit support to the more senior tranches. The Company’s financial guaranty exposures generally are to the more senior tranches of these issues.

Financial Products is the guarantee of certain business written by financial products companies owned by Dexia SA, which comprised guaranteed investment contracts, medium term notes and equity payment undertaking agreements associated with leveraged lease business. This business is being run off with the final maturity due in 2031. Assured Guaranty is indemnified by Dexia SA and certain of its affiliates against loss from the financial products business.

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Glossary (continued)

Sectors (continued)

Other Structured Finance Obligations are obligations backed by assets not generally described in any of the other U.S. and Non-U.S. Structured Finance Obligations categories above.

Specialty Business

The Company also guarantees specialty business with similar risk profiles to its structured finance exposures written in financial guaranty form. Specialty business includes, for example, diversified real estate, insurance reserve financings and securitizations, pooled corporate obligations and aircraft residual value insurance transactions.

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Non-GAAP Financial Measures

The Company discloses both: (i) financial measures determined in accordance with GAAP; and (ii) financial measures not determined in accordance with GAAP (non-GAAP financial measures). Financial measures identified as non-GAAP should not be considered substitutes for GAAP financial measures. The primary limitation of non-GAAP financial measures is the potential lack of comparability to financial measures of other companies, whose definitions of non-GAAP financial measures may differ from those of the Company.

The Company’s management believes that many investors, analysts and financial news reporters use adjusted operating shareholders’ equity and/or ABV, each further adjusted to remove the effect of FG VIE and CIV consolidation, as the principal financial measures for valuing AGL’s current share price or projected share price and also as the basis of their decision to recommend, buy or sell AGL’s common shares and provides information that is necessary for analysts to calculate their estimates of Assured Guaranty’s financial results in their research reports on Assured Guaranty.

Adjusted operating income, further adjusted for the effect of FG VIE and CIV consolidation, enables investors and analysts to evaluate the Company’s financial results in comparison with the consensus analyst estimates distributed publicly by financial databases.

GAAP requires the Company to consolidate entities where it is deemed to be the primary beneficiary which include FG VIEs, which the Company does not own and where its exposure is limited to its obligation under the financial guaranty insurance contract, and certain CIVs in which subsidiaries invest.

The Company discloses the effect of FG VIE and CIV consolidation that is embedded in each non-GAAP financial measure, as applicable. The Company believes this information may also be useful to analysts and investors evaluating Assured Guaranty’s financial results. In the case of both the consolidated FG VIEs and the CIVs, the economic effect on the Company of each of the consolidated FG VIEs and CIVs is reflected primarily in the results of the Financial Guaranty segment.

The Company’s management and AGL’s Board of Directors use non-GAAP financial measures further adjusted to remove the effect of FG VIE and CIV consolidation when the consolidation effects are not consistent with the Company’s economic interest or exposure to those entities (which the Company refers to as its core financial measures), as well as GAAP financial measures and other factors, to evaluate the Company’s results of operations, financial condition and progress towards long-term goals. The Company uses core financial measures in its decision-making process and as a basis for establishing target levels and awards under the Company’s executive incentive compensation programs. The financial measures that the Company uses to help determine compensation are: (i) adjusted operating income per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core operating income per share); (ii) adjusted operating shareholders’ equity per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core operating shareholders’ equity per share); (iii) ABV per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core ABV per share); (iv) core operating return on equity, which is calculated as core operating income divided by the average of core operating shareholders’ equity at the beginning and end of the period; and (v) PVP.

The following paragraphs define each non-GAAP financial measure disclosed by the Company and describe why it is useful. To the extent there is a directly comparable GAAP financial measure, a reconciliation of the non-GAAP financial measure and the most directly comparable GAAP financial measure is presented within this financial supplement.

Adjusted Operating Income: The Company’s management believes that adjusted operating income is a useful measure because it clarifies the understanding of the operating results of the Company and excludes certain items including (i) items that, under GAAP, may vary significantly from period to period due to near-term market conditions or are otherwise not directly comparable or reflective of the underlying performance of the Company’s business, (ii) items that, under GAAP, result in asymmetrical accounting adjustments, and/or (iii) non-economic gains and losses. Adjusted operating income is defined as net income (loss) attributable to AGL, as reported under GAAP, adjusted for the following:

1)    Elimination of realized gains (losses) on investments that are recognized in net income (loss) attributable to AGL, except for gains and losses on securities classified as trading. The timing of realized gains and losses, which depends largely on market credit cycles, can vary considerably across periods. The timing of sales is largely subject to the Company’s discretion and influenced by market opportunities, as well as the Company’s tax and capital profile.

2)    Elimination of non-credit impairment-related fair value gains (losses) on credit derivatives that are recognized in net income (loss) attributable to AGL, which is the amount of fair value gains (losses) in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, the Company’s credit spreads and other market factors and are not expected to result in an economic gain or loss.

3)    Elimination of changes in fair value of freestanding derivatives in the Annuity Reinsurance segment that economically hedge market movements in financial instruments and insurance liabilities (but are not in designated hedging relationships in accordance with GAAP). Certain mark-to-market movements of the hedged market risks are not reported in net income (loss) attributable to AGL, such as changes in the unrealized gains and losses on the available-for-sale investment portfolio due to fluctuations in exchange rates, and interest rates, and certain components of changes in insurance liabilities as a result of changes in interest rates.

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Non-GAAP Financial Measures (continued)

4)    Elimination of the changes in fair value of the embedded derivative in funds withheld that are recognized in net income (loss) attributable to AGL related to realized and unrealized gains (losses) of the underlying investment portfolio, whose value may change significantly from period to period due to near term market conditions.

5)    Elimination of fair value gains (losses) on CCS that are recognized in net income (loss) attributable to AGL. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss.

6)    Elimination of foreign exchange gains (losses) on remeasurement of assets and liabilities such as net premium receivables and insurance liabilities that are long-term in nature that are recognized in net income (loss) attributable to AGL. Long-dated receivables and insurance reserves represent the present value of future contractual or expected cash flows. Therefore, the current period’s foreign exchange remeasurement gains (losses) are not necessarily indicative of the total foreign exchange gains (losses) that the Company will ultimately recognize.

7)    Income tax allocated to the adjustments above.

Adjusted operating income per share is calculated by dividing adjusted operating income by the weighted average diluted shares. The method for calculating weighted average diluted shares is in accordance with GAAP.

Adjusted Operating Shareholders’ Equity and ABV: The Company’s management believes that adjusted operating shareholders’ equity is a useful measure because it excludes the fair value adjustments that are not expected to result in economic gain or loss. The Company’s management uses ABV, further adjusted to remove the effect of FG VIE and CIV consolidation, to measure the intrinsic value of the Company, excluding franchise value. The Company’s management believes that ABV is a useful measure because it enables an evaluation of the Company’s in-force premiums and revenues net of expected losses.

Adjusted operating shareholders’ equity per share and ABV per share, each further adjusted for FG VIE and CIV consolidation (core operating shareholders’ equity per share and core ABV per share, respectively), are two of the key financial measures used in determining the amount of certain long-term compensation elements to management and employees and used by rating agencies and investors.

Adjusted operating shareholders’ equity is defined as shareholders’ equity attributable to AGL, as reported under GAAP, adjusted for the following:

1)    Elimination of non-credit impairment-related fair value gains (losses) on credit derivatives that are reported on the consolidated balance sheet, which is the amount of fair value gains (losses) in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.

2)    Elimination of fair value gains (losses) on CCS that are reported on the consolidated balance sheet. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss.

 

3)    Elimination of unrealized gains (losses) on investments that are recorded as a component of accumulated other comprehensive income (AOCI). The AOCI component of the fair value adjustment on the investment portfolio is not deemed economic because the Company generally holds these investments to maturity and therefore would not result in an economic gain or loss.

4)    Elimination of the fair value of freestanding derivatives in the Annuity Reinsurance segment that economically hedge market movements in financial instruments and insurance liabilities (but are not in designated hedging relationships in accordance with GAAP), such as changes in fair value on derivatives that hedge fluctuations in foreign exchange, interest rates and inflation on Assured Life Re’s available-for-sale investment portfolio.

5)    Elimination of the unrealized gains (losses) of the underlying investments in funds withheld arrangements.

6)    Income tax allocated to the adjustments above.

ABV is adjusted operating shareholders’ equity, as defined above, further adjusted for the following:

1)    Elimination of deferred acquisition costs, net. These amounts represent net deferred expenses that have already been paid or accrued and will be expensed in future accounting periods.

2)    Addition of the net present value of estimated net future revenue. See below.

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Non-GAAP Financial Measures (continued)

 

3)    Addition of deferred income on insurance contracts (including deferred profit liability and, in the case of financial guaranty insurance contracts, the amount of deferred premium revenue in excess of expected loss to be expensed, net of reinsurance).

4)    Income tax allocated to the adjustments above.

Shares outstanding as of the end of the reporting period are used to calculate adjusted operating shareholders’ equity per share and ABV per share.

The unearned premiums and revenues included in ABV will be earned in future periods, but actual earnings may differ materially from the estimated amounts used in determining current ABV due to changes in foreign exchange rates, prepayment speeds, terminations, modifications, credit defaults, changes in assumptions for or actual experience of the annuity insurance business and other factors.

Adjusted Operating ROE: Adjusted Operating ROE represents adjusted operating income for a specified period divided by the average of adjusted operating shareholders’ equity at the beginning and the end of that period. Management believes that adjusted operating ROE is a useful measure to evaluate the Company’s return on invested capital. Many investors, analysts and members of the financial news media use adjusted operating ROE, adjusted for VIE consolidation, to evaluate AGL’s share price and as the basis of their decision to recommend, buy or sell the AGL common shares. Quarterly and year-to-date adjusted operating ROE are calculated on an annualized basis. Adjusted operating ROE, adjusted for VIE consolidation, is one of the key management financial measures used in determining the amount of certain long-term compensation to management and employees and used by rating agencies and investors.

Net Present Value of Estimated Net Future Revenue: The Company’s management believes that this amount is a useful measure because it enables an evaluation of the present value of estimated net future revenue for non-financial guaranty insurance contracts. This amount represents the net present value of estimated future revenue from these contracts (other than credit derivatives with net expected losses), net of reinsurance, ceding commissions and premium taxes.

Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Net present value of estimated future revenue for an obligation may change from period to period due to a change in the discount rate or due to a change in estimated net future revenue for the obligation, which may change due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation. There is no corresponding GAAP financial measure.

PVP or Present Value of New Business Production: The Company’s management believes that PVP is a useful measure because it enables the evaluation of the value of new business production in the Financial Guaranty segment by taking into account the value of estimated future installment premiums on all new contracts underwritten in a reporting period as well as additional installment premiums and fees on existing contracts (which may result from supplements or fees or from the issuer not calling an insured obligation the Company projected would be called), regardless of form, which management believes GAAP GWP and changes in fair value of credit derivatives do not adequately measure. PVP in respect of contracts written in a specified period is defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums. 

Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Under GAAP, financial guaranty installment premiums are discounted at a risk-free rate. Additionally, under GAAP, management records future installment premiums on financial guaranty insurance contracts covering non-homogeneous pools of assets based on the contractual term of the transaction, whereas for PVP purposes, management records an estimate of the future installment premiums the Company expects to receive, which may be based upon a shorter period of time than the contractual term of the transaction.

Actual installment premiums may differ from those estimated in the Company’s PVP calculation due to factors including, but not limited to, changes in foreign exchange rates, prepayment speeds, terminations, amendments to policies, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation.

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Assured Guaranty Ltd.                        

30 Woodbourne Avenue

Hamilton HM 08

Bermuda

(441) 279-5705

www.assuredguaranty.com

Contacts:

Equity and Fixed Income Investors:

Robert Tucker

Senior Managing Director, Investor Relations and Corporate Communications

(212) 339-0861

rtucker@agltd.com

Michael Walker

Managing Director, Fixed Income Investor Relations

(212) 261-5575

mwalker@agltd.com

Andre Thomas

Managing Director, Equity Investor Relations

(212) 339-3551

athomas@agltd.com

Media:

Ashweeta Durani

Director, Media Relations

(212) 408-6042

adurani@agltd.com