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Parent Company | 12 Months Ended
--- | ---
Dec. 31, 2023
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,
| 2023 |  | 2022
Assets |  |  |
Investments | $ | 40 |  |  | $ | 26 |
Investments in subsidiaries | 5,553 |  |  | 4,984 |
Dividends receivable from subsidiaries | 80 |  |  | 18 |
Other assets (1) | 64 |  |  | 58 |
Total assets | $ | 5,737 |  |  | $ | 5,086 |
Liabilities |  |  |
Other liabilities (1) | $ | 24 |  |  | $ | 22 |
Total liabilities | $ | 24 |  |  | $ | 22 |
Total shareholders’ equity attributable to AGL | $ | 5,713 |  |  | $ | 5,064 |
Total liabilities and shareholders’ equity | $ | 5,737 |  |  | $ | 5,086 |
____________________ (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,
| 2023 |  | 2022 |  | 2021
Revenues |  |  |  |  |
Net investment income | $ | 1 |  |  | $ | 3 |  |  | $ | 1 |
Net realized investment gains (losses) | (1) |  |  | (4) |  |  | — |
Total revenues | — |  |  | (1) |  |  | 1 |
Expenses |  |  |  |  |
Other expenses (1) | 45 |  |  | 45 |  |  | 35 |
Total expenses | 45 |  |  | 45 |  |  | 35 |
Income (loss) before equity in earnings of subsidiaries | (45) |  |  | (46) |  |  | (34) |
Equity in earnings of subsidiaries | 784 |  |  | 170 |  |  | 423 |
Net income attributable to AGL | 739 |  |  | 124 |  |  | 389 |
Other comprehensive income (loss) attributable to AGL | 156 |  |  | (815) |  |  | (198) |
Comprehensive income (loss) attributable to AGL | $ | 895 |  |  | $ | (691) |  |  | $ | 191 |
____________________ (1) Includes expense allocations from subsidiaries. Assured Guaranty Ltd. (Parent Company) Condensed Statements of Cash Flows (in millions)
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  |  |  |  |
Net income attributable to AGL | $ | 739 |  |  | $ | 124 |  |  | $ | 389 |
Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |  |  |
Equity in earnings of subsidiaries | (784) |  |  | (170) |  |  | (423) |
Net realized investment losses (gains) | 1 |  |  | 4 |  |  | — |
Cash dividends from subsidiaries | 306 |  |  | 437 |  |  | 539 |
Other | 36 |  |  | 32 |  |  | 22 |
Net cash flows provided by (used in) operating activities | 298 |  |  | 427 |  |  | 527 |
Cash flows from investing activities: |  |  |  |  |
Short-term investments with maturities of over three months: |  |  |  |  |
Sales | 4 |  |  | 52 |  |  | — |
Maturities and paydowns | — |  |  | 5 |  |  | 4 |
Net sales (purchases) of short-term investments with original maturities of less than three months | (18) |  |  | 92 |  |  | 41 |
Net cash flows provided by (used in) investing activities | (14) |  |  | 149 |  |  | 45 |
Cash flows from financing activities: |  |  |  |  |
Dividends paid | (67) |  |  | (64) |  |  | (66) |
Repurchases of common shares | (199) |  |  | (500) |  |  | (496) |
Other | (18) |  |  | (12) |  |  | (10) |
Net cash flows provided by (used in) financing activities | (284) |  |  | (576) |  |  | (572) |
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 |
Basis of Presentation These condensed financial statements of AGL should be read in conjunction with the Company’s consolidated financial statements and notes thereto. AGL is a Bermuda-based holding company that provides, through its wholly-owned operating subsidiaries, credit protection products to the U.S. and non-U.S. public finance (including infrastructure) and structured finance markets. Assured Guaranty also participates in the asset management business. 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 October 2023, the commitment was extended until October 25, 2033 (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, 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. In July of 2023, the U.K. government passed legislation to implement the OECD BEPS Pillar Two income inclusion rule, which includes a multinational top-up tax which will apply to large multinational corporations for accounting periods beginning on or after December 31, 2023. It is expected this will apply to AGL, requiring a minimum effective rate of 15% in all jurisdictions in which it operates. See Note 14, Income Taxes, for further information regarding AGL’s income taxes.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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