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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Investments:    
Fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of $47 and $42 (amortized cost of $8,227 and $7,822) $ 8,156 $ 8,202
Fixed-maturity securities, trading, at fair value 174 0
Short-term investments, at fair value 585 1,225
Other invested assets (includes $24 and $31, at fair value) 152 181
Total investments 9,067 9,608
Cash 119 120
Premiums receivable, net of commissions payable 1,335 1,372
Deferred acquisition costs 135 131
Salvage and subrogation recoverable 529 801
Financial guaranty variable interest entities’ assets, at fair value 307 260
Assets of consolidated investment vehicles (includes $5,404 and $4,902, at fair value) 5,700 5,271
Goodwill and other intangible assets 172 175
Other assets (includes $132 and $132, at fair value) 481 470
Total assets 17,845 18,208
Liabilities    
Unearned premium reserve 3,596 3,716
Loss and loss adjustment expense reserve 718 869
Long-term debt 1,673 1,673
Credit derivative liabilities, at fair value 157 156
Financial guaranty variable interest entities’ liabilities, at fair value (with recourse $316 and $269, without recourse $19 and $20) 335 289
Liabilities of consolidated investment vehicles (includes $3,994 and $3,849, at fair value) 4,854 4,436
Other liabilities 496 569
Total liabilities 11,829 11,708
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests (Note 8) 21 22
Shareholders’ equity    
Common shares ($0.01 par value, 500,000,000 shares authorized; 65,043,547 and 67,518,424 shares issued and outstanding) 1 1
Retained earnings 5,878 5,990
Accumulated other comprehensive income (loss), net of tax of $(12) and $60 (78) 300
Deferred equity compensation 1 1
Total shareholders’ equity attributable to Assured Guaranty Ltd. 5,802 6,292
Nonredeemable noncontrolling interests (Note 8) 193 186
Total shareholders’ equity 5,995 6,478
Total liabilities, redeemable noncontrolling interests and shareholders’ equity $ 17,845 $ 18,208