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Parent Company
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Parent Company Parent Company
The following tables present the condensed financial statements of Assured Guaranty Ltd.

Assured Guaranty Ltd. (Parent Company)
Condensed Balance Sheets
(in millions)
As of December 31,
 20222021
Assets
Investments$26 $188 
Investments in subsidiaries4,984 5,994 
Dividends receivable from subsidiaries18 81 
Other assets (1)58 46 
Total assets$5,086 $6,309 
Liabilities  
Other liabilities (1)$22 $17 
Total liabilities$22 $17 
Total shareholders’ equity attributable to AGL$5,064 $6,292 
Total liabilities and shareholders’ equity$5,086 $6,309 
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(1)    Mainly consists of due from and due to affiliates.

Assured Guaranty Ltd. (Parent Company)
Condensed Statements of Operations and Comprehensive Income
(in millions)
 Year Ended December 31,
 202220212020
Revenues
Net investment income $3 $1 $— 
Net realized investment gains (losses)(4)— — 
Total revenues(1)1 — 
Expenses
Other expenses (1)45 35 34 
Total expenses45 35 34 
Income (loss) before equity in earnings of subsidiaries (46)(34)(34)
Equity in earnings of subsidiaries 170 423 396 
Net income attributable to AGL124 389 362 
Other comprehensive income (loss) attributable to AGL(815)(198)156 
Comprehensive income (loss) attributable to AGL$(691)$191 $518 
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(1)    Includes expense allocations from subsidiaries.
Assured Guaranty Ltd. (Parent Company)
Condensed Statements of Cash Flows
(in millions)
 Year Ended December 31,
 202220212020
Cash flows from operating activities:
Net income attributable to AGL$124 $389 $362 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Equity in earnings of subsidiaries(170)(423)(396)
Net realized investment losses (gains) 4 — — 
Cash dividends from subsidiaries 437 539 547 
Other32 22 19 
Net cash flows provided by (used in) operating activities427 527 532 
Cash flows from investing activities:
Short-term investments with maturities of over three months:
Purchases— — (4)
Sales52 — — 
Maturities and paydowns 5 4 — 
Net sales (purchases) of short-term investments with original maturities of less than three months92 41 (3)
Net cash flows provided by (used in) investing activities149 45 (7)
Cash flows from financing activities:
Dividends paid(64)(66)(69)
Repurchases of common shares(500)(496)(446)
Other(12)(10)(10)
Net cash flows provided by (used in) financing activities(576)(572)(525)
Increase (decrease) in cash— — — 
Cash at beginning of period— — — 
Cash at end of period$— $— $— 
Supplemental disclosure of non-cash investing activities:
Dividend from a subsidiary in the form of fixed-maturity securities$— $46 $47 

Basis of Presentation

These condensed financial statements of Assured Guaranty Ltd. (AGL) should be read in conjunction with the Company’s consolidated financial statements and notes thereto. Assured Guaranty Ltd. is a Bermuda-based holding company that provides, through its operating subsidiaries, credit protection products to the U.S. and non-U.S. public finance (including infrastructure) and structured finance markets, as well as asset management services. See Note 1, Business and Basis of Presentation, for further information regarding the basis of presentation.

Guaranties of Obligations of Affiliates

AGL fully and unconditionally guarantees all of the U.S. Holding Companies’ debt. See Note 12, Long-Term Debt and Credit Facilities, for additional information.
Credit Facility with Affiliate

On October 25, 2013, AGL, as borrower, and AGUS, as lender, entered into a revolving credit facility pursuant to which AGL may, from time to time, borrow for general corporate purposes. Under the credit facility, AGUS committed to lend a principal amount not exceeding $225 million in the aggregate. In September 2018, AGL and AGUS amended the revolving credit facility to extend the commitment until October 25, 2023 (the loan commitment termination date). The unpaid principal amount of each loan will bear interest at a fixed rate equal to 100% of the then applicable interest rate as determined under Section 1274(d) of the Code, and interest on all loans will be computed for the actual number of days elapsed on the basis of a year consisting of 360 days. Accrued interest on all loans will be paid on the last day of each June and December, beginning on December 31, 2013, and at maturity. AGL must repay the then unpaid principal amounts of the loans by the third anniversary of the loan commitment termination date. No amounts are currently outstanding under the credit facility.

Income Taxes

AGL is not subject to any income, withholding or capital gains taxes under current Bermuda law. In November 2013, AGL became tax resident in the U.K. although it remains a Bermuda-based company and its administrative and head office functions continue to be carried on in Bermuda. See Note 14, Income Taxes, for further information regarding AGL’s income taxes.