Business and Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table presents the calculation of the gain associated with the Sound Point Transaction and AHP Transaction in 2023.

Gain on Sound Point Transaction and AHP Transaction


	(in millions)
Fair value of ownership interest in Sound Point	$	425
Fair value of other consideration (1)	25
Total consideration	450
Less net asset carrying value of transferred AssuredIM subsidiaries (2)	188
Gain on sale of asset management subsidiaries (3)	$	262

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(1) Included $13 million of cash and a receivable reported in other assets of $12 million.

(2) Included goodwill and intangible assets of $155 million.

(3) Consisted of a $255 million gain on the Sound Point Transaction and a $7 million gain on the AHP Transaction, which were both reported in the Corporate division (as described in Note 2, Segment Information).

Schedule of Accounting Policies

Other accounting policies are included in the following notes to the consolidated financial statements.


Note Name			Note Number
Expected loss to be paid (recovered)			Note 4
Contracts accounted for as insurance			Note 5
Contracts accounted for as credit derivatives			Note 6
Investments and cash			Note 7
Financial guaranty variable interest entities and consolidated investment vehicles			Note 8
Fair value measurement			Note 9
Asset management fees			Note 10
Long-term debt and credit facilities			Note 11
Employee benefit plans			Note 12
Income taxes			Note 13
Related parties			Note 15
Leases			Note 16
Contingencies			Note 17
Shareholders' equity			Note 18
Earnings per share			Note 20