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Outstanding Exposure (Tables)

12 Months Ended

Dec. 31, 2024

Outstanding Exposure Disclosure

Debt Service Outstanding

Financial Guaranty Portfolio

Debt Service and Par Outstanding

			As of December 31, 2024												As of December 31, 2023
			Gross						Net						Gross						Net
			(in millions)
Debt Service
Public finance			$	403,789					$	403,718					$	386,494					$	386,419
Structured finance			12,674						12,248						11,543						11,217
Total financial guaranty			$	416,463					$	415,966					$	398,037					$	397,636
Par Outstanding
Public finance			$	250,429					$	250,375					$	239,352					$	239,296
Structured finance			11,603						11,177						10,183						9,857
Total financial guaranty			$	262,032					$	261,552					$	249,535					$	249,153

Financial Guaranty Portfolio by Internal Rating

Financial Guaranty Portfolio by Internal Rating

As of December 31, 2024

						Public Finance U.S.												Public Finance Non-U.S.												Structured Finance U.S.												Structured Finance Non-U.S.												Total
Rating Category						Net Par Outstanding						%						Net Par Outstanding						%						Net Par Outstanding						%						Net Par Outstanding						%						Net Par Outstanding						%
						(dollars in millions)
AAA						$	25					—		%				$	2,074					4.2		%				$	512					6.1		%				$	470					17.3		%				$	3,081					1.2		%
AA						17,664						8.8						2,854						5.8						5,386						63.7						58						2.1						25,962						9.9
A						111,502						55.5						13,046						26.5						952						11.3						2,117						77.7						127,617						48.8
BBB						69,096						34.3						24,828						50.5						707						8.3						79						2.9						94,710						36.2
BIG						2,888						1.4						6,398						13.0						896						10.6						—						—						10,182						3.9
Total net par outstanding						$	201,175					100.0		%				$	49,200					100.0		%				$	8,453					100.0		%				$	2,724					100.0		%				$	261,552					100.0		%

Financial Guaranty Portfolio by Internal Rating

As of December 31, 2023

						Public Finance U.S.												Public Finance Non-U.S.												Structured Finance U.S.												Structured Finance Non-U.S.												Total
Rating Category						Net Par Outstanding						%						Net Par Outstanding						%						Net Par Outstanding						%						Net Par Outstanding						%						Net Par Outstanding						%
						(dollars in millions)
AAA						$	110					0.1		%				$	2,062					4.2		%				$	867					10.0		%				$	465					38.0		%				$	3,504					1.4		%
AA						17,883						9.4						3,379						6.9						4,517						52.3						89						7.3						25,868						10.4
A						102,945						54.1						12,968						26.5						1,639						19.0						571						46.6						118,123						47.4
BBB						66,080						34.7						29,467						60.1						574						6.7						100						8.1						96,221						38.6
BIG						3,271						1.7						1,131						2.3						1,035						12.0						—						—						5,437						2.2
Total net par outstanding						$	190,289					100.0		%				$	49,007					100.0		%				$	8,632					100.0		%				$	1,225					100.0		%				$	249,153					100.0		%

Financial Guaranty Portfolio by Asset Class

The following tables present net par outstanding by sector for the financial guaranty portfolio.

Financial Guaranty Portfolio

Net Par Outstanding by Sector

						As of December 31,
Sector						2024						2023
						(in millions)
Public finance:
U.S. public finance:
General obligation						$	78,162					$	74,609
Tax backed						33,288						33,060
Municipal utilities						30,036						29,300
Transportation						26,958						22,052
Healthcare						14,007						12,604
Infrastructure finance						8,663						8,796
Higher education						7,381						7,250
Housing revenue						1,272						1,152
Investor-owned utilities						325						329
Renewable energy						164						167
Other public finance						919						970
Total U.S. public finance						201,175						190,289
Non-U.S public finance:
Regulated utilities						22,361						20,545
Infrastructure finance						14,961						15,430
Sovereign and sub-sovereign						9,181						9,869
Renewable energy						1,596						2,030
Pooled infrastructure						1,101						1,133
Total non-U.S. public finance						49,200						49,007
Total public finance						250,375						239,296
Structured finance:
U.S. structured finance:
Insurance securitizations						4,495						4,379
RMBS						1,507						1,774
Pooled corporate obligations						607						631
Financial products						492						464
Consumer receivables						212						314
Subscription finance facilities						185						178
Other structured finance						955						892
Total U.S. structured finance						8,453						8,632
Non-U.S. structured finance:
Subscription finance facilities						1,385						444
Pooled corporate obligations						468						425
RMBS						221						252
Other structured finance						650						104
Total non-U.S structured finance						2,724						1,225
Total structured finance						11,177						9,857
Total net par outstanding						$	261,552					$	249,153

Expected Amortization of Net Par Outstanding

Financial Guaranty Portfolio

Expected Amortization of Net Par Outstanding

As of December 31, 2024

			Public Finance						Structured Finance						Total
			(in millions)
0 to 5 years			$	52,502					$	5,720					$	58,222
5 to 10 years			54,255						3,220						57,475
10 to 15 years			46,053						1,007						47,060
15 to 20 years			32,126						702						32,828
Over 20 years			65,439						528						65,967
Total net par outstanding			$	250,375					$	11,177					$	261,552

Components of BIG Net Par Outstanding (Insurance and Credit Derivative Form)

Financial Guaranty Portfolio

Components of BIG Net Par Outstanding

As of December 31, 2024

			BIG Net Par Outstanding																								Net Par
			BIG 1						BIG 2						BIG 3						Total BIG						Outstanding
															(in millions)
Public finance:
U.S. public finance			$	2,119					$	137					$	632					$	2,888					$	201,175
Non-U.S. public finance			5,879						519						—						6,398						49,200
Public finance			7,998						656						632						9,286						250,375
Structured finance:
U.S. RMBS			104						29						686						819						1,507
Other structured finance			—						21						56						77						9,670
Structured finance			104						50						742						896						11,177
Total			$	8,102					$	706					$	1,374					$	10,182					$	261,552

Financial Guaranty Portfolio

Components of BIG Net Par Outstanding

As of December 31, 2023

			BIG Net Par Outstanding																								Net Par
			BIG 1						BIG 2						BIG 3						Total BIG						Outstanding
															(in millions)
Public finance:
U.S. public finance			$	1,257					$	926					$	1,088					$	3,271					$	190,289
Non-U.S. public finance			1,131						—						—						1,131						49,007
Public finance			2,388						926						1,088						4,402						239,296
Structured finance:
U.S. RMBS			22						36						883						941						1,774
Other structured finance			—						27						67						94						8,083
Structured finance			22						63						950						1,035						9,857
Total			$	2,410					$	989					$	2,038					$	5,437					$	249,153

BIG Net Par Outstanding and Number of Risks

Financial Guaranty Portfolio

BIG Net Par Outstanding and Number of Risks

As of December 31, 2024

						Net Par Outstanding																		Number of Risks (2)
Description						Financial Guaranty Insurance (1)						Credit Derivatives						Total						Financial Guaranty Insurance (1)						Credit Derivatives						Total
						(dollars in millions)
BIG 1						$	8,074					$	28					$	8,102					98						3						101
BIG 2						702						4						706						12						1						13
BIG 3						1,374						—						1,374						97						3						100
Total BIG						$	10,150					$	32					$	10,182					207						7						214

Financial Guaranty Portfolio

BIG Net Par Outstanding and Number of Risks

As of December 31, 2023

						Net Par Outstanding																		Number of Risks (2)
Description						Financial Guaranty Insurance (1)						Credit Derivatives						Total						Financial Guaranty Insurance(1)						Credit Derivatives						Total
						(dollars in millions)
BIG 1						$	2,394					$	16					$	2,410					95						2						97
BIG 2						979						10						989						13						2						15
BIG 3						2,010						28						2,038						109						7						116
Total BIG						$	5,383					$	54					$	5,437					217						11						228

_____________________

(1)    Includes FG VIEs.

(2)    A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.

The following tables provide information on financial guaranty insurance contracts categorized as BIG.

Financial Guaranty Insurance

BIG Transaction Loss Summary

As of December 31, 2024 

			Gross																								Net Total BIG
			BIG 1						BIG 2						BIG 3						Total BIG
			(dollars in millions)
Number of risks (1)			98						12						97						207						207
Remaining weighted average period (in years)			18.6						8.8						6.1						16.6						16.6
Outstanding exposure:
Par			$	8,080					$	702					$	1,382					$	10,164					$	10,150
Interest			7,546						371						421						8,338						8,335
Total (2)			$	15,626					$	1,073					$	1,803					$	18,502					$	18,485
Expected cash outflows (inflows)			$	4,016					$	342					$	1,307					$	5,665					$	5,656
Potential recoveries (3)			(4,201)						(293)						(1,132)						(5,626)						(5,616)
Subtotal			(185)						49						175						39						40
Discount			43						29						(23)						49						49
Expected losses to be paid (recovered)			$	(142)					$	78					$	152					$	88					$	89
Deferred premium revenue			$	333					$	49					$	116					$	498					$	498
Reserves (salvage)			$	(226)					$	35					$	62					$	(129)					$	(128)

Financial Guaranty Insurance

BIG Transaction Loss Summary

As of December 31, 2023 

			Gross																								Net Total BIG
			BIG 1						BIG 2						BIG 3						Total BIG
			(dollars in millions)
Number of risks (1)			95						13						109						217						217
Remaining weighted average period (in years)			9.6						15.9						7.5						9.9						10.0
Outstanding exposure:
Par			$	2,400					$	979					$	2,019					$	5,398					$	5,383
Interest			1,126						896						818						2,840						2,836
Total (2)			$	3,526					$	1,875					$	2,837					$	8,238					$	8,219
Expected cash outflows (inflows)			$	176					$	187					$	1,585					$	1,948					$	1,938
Potential recoveries (3)			(376)						(78)						(1,214)						(1,668)						(1,659)
Subtotal			(200)						109						371						280						279
Discount			56						(22)						(53)						(19)						(19)
Expected losses to be paid (recovered)			$	(144)					$	87					$	318					$	261					$	260
Deferred premium revenue			$	100					$	63					$	142					$	305					$	305
Reserves (salvage)			$	(181)					$	45					$	209					$	73					$	72

__________________

(1)    A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.

(2)    Includes amounts related to FG VIEs. The increase in BIG in 2024 relates mainly to the downgrade of certain U.K. regulated utilities.

(3)    Represents expected inflows from future payments by obligors pursuant to restructuring agreements, settlements, excess spread on any underlying collateral and other estimated recoveries. Potential recoveries also include recoveries on certain investment grade credits, related mainly to exposures that were previously BIG and for which claims have been paid in the past.

Schedule of Geographic Exposure of Net Par Outstanding

Financial Guaranty Portfolio

Geographic Distribution of Net Par Outstanding

As of December 31, 2024

			Number of Risks						Net Par Outstanding						Percent of Total Net Par Outstanding
			(dollars in millions)
U.S.:
U.S. public finance:
California			1,182						$	36,080					13.8		%
Texas			1,145						26,004						9.9
New York			798						19,572						7.5
Pennsylvania			533						18,448						7.1
Illinois			479						12,536						4.8
Florida			218						11,353						4.3
New Jersey			248						8,824						3.4
Louisiana			139						4,994						1.9
Michigan			228						4,877						1.9
Colorado			171						4,012						1.5
Other			2,034						54,475						20.8
Total U.S. public finance			7,175						201,175						76.9
U.S. structured finance (multiple states)			328						8,453						3.2
Total U.S.			7,503						209,628						80.1
Non-U.S.:
United Kingdom			272						41,001						15.7
Australia			7						1,740						0.7
Spain			9						1,506						0.6
France			7						1,477						0.5
Canada			5						1,243						0.5
Other			49						4,957						1.9
Total non-U.S.			349						51,924						19.9
Total			7,852						$	261,552					100.0		%

Schedule of Non-Financial Guaranty Exposure

Specialty Business

						As of December 31, 2024												As of December 31, 2023
						Gross Exposure						Net Exposure						Gross Exposure						Net Exposure
						(in millions)
Diversified real estate (1)						$	2,004					$	2,004					$	1,569					$	1,569
Insurance securitizations (2)						1,449						1,126						1,370						1,043
Pooled corporate obligations						868						868						488						488
Aircraft residual value insurance						147						87						355						200

____________________

(1)    Excess-of-loss guaranty of a minimum amount of billed rent on a diversified portfolio of real estate properties with an internal rating of AAA that matures in 2044. This guaranty is accounted for in accordance with Accounting Standards Codification (ASC) 460, Guarantees.

(2)    Insurance securitizations exposure is projected to reach $1.5 billion gross and $1.2 billion net in 2025.

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Tabular disclosure of the claim liability for financial guarantee insurance contracts.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-34

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-9

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-9

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