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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Investments:    
Fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of $54 and $60 (amortized cost of $6,492 and $6,827) $ 6,278 $ 6,369
Fixed-maturity securities, trading, at fair value 136 147
Short-term investments, at fair value 1,332 1,221
Other invested assets (includes $4 and $4, at fair value) 1,012 926
Total investments 8,758 8,663
Cash 157 121
Premiums receivable, net of commissions payable 1,583 1,551
Deferred acquisition costs 190 176
Salvage and subrogation recoverable 453 396
Financial guaranty variable interest entities’ assets, at fair value 145 147
Assets of consolidated investment vehicles (includes $132 and $99, at fair value) 136 101
Other assets (includes $159 and $131, at fair value) 679 746
Total assets 12,101 11,901
Liabilities    
Unearned premium reserve 3,663 3,719
Loss and loss adjustment expense reserve 308 268
Long-term debt 1,702 1,699
Financial guaranty variable interest entities’ liabilities, at fair value ($150 and $155 with recourse, $9 and $9 without recourse) 159 164
Other liabilities (includes $31 and $34, at fair value) 532 498
Total liabilities 6,364 6,348
Commitments and contingencies (Notes 3, 4, 7 and 11)
Shareholders’ equity    
Common shares ($0.01 par value, 500,000,000 shares authorized; 46,708,564 and 50,505,320 shares issued and outstanding) 0 1
Retained earnings 5,836 5,878
Accumulated other comprehensive income (loss), net of tax of $(39) and $(75) (179) (385)
Deferred equity compensation 1 1
Total shareholders’ equity attributable to Assured Guaranty Ltd. 5,658 5,495
Nonredeemable noncontrolling interests (Note 8) 79 58
Total shareholders’ equity 5,737 5,553
Total liabilities and shareholders’ equity $ 12,101 $ 11,901