EX-99.2 3 agl3q25supplement.htm AGL FINANCIAL SUPPLEMENT

Document

Assured Guaranty Ltd.

September 30, 2025

Financial Supplement

Table of Contents															Page
			Selected Financial Highlights												1
			Condensed Consolidated Statements of Operations (unaudited)												3
			Condensed Consolidated Balance Sheets (unaudited)												4
			Selected Financial Highlights GAAP to Non-GAAP Reconciliations												5
			Income Components												8
			Fixed-Maturity Securities, Short-Term Investments and Cash												12
			Investment Portfolio, Cash and CIVs												13
			Income from Investment Portfolio and CIVs												15
			Insurance Segment:												17
			Insurance Segment Results												18
			Claims-Paying Resources												19
			New Business Production												20
			Gross Par Written												21
			New Business Production by Quarter												22
			Estimated Net Exposure Amortization and Estimated Future Financial Guaranty Net Premium and Credit Derivative Revenues												23
			Roll Forward of Net Expected Loss and Loss Adjustment Expenses to be Paid (Recovered)												24
			Loss Measures												25
			Net Expected Loss to be Expensed												26
			Financial Guaranty Profile												27
			Specialty Business												30
			Expected Amortization of Net Par Outstanding												31
			Puerto Rico Profile												32
			Direct Pooled Corporate Obligations Profile												33
			Below Investment Grade Exposures												34
			Largest Exposures by Sector												37
			Asset Management Segment												40
			Asset Management Results												41
			Corporate Division												42
			Corporate Results												43
			Other												44
			Other Results												45
			Summary												47
			Summary of Financial and Statistical Data												48
			Summary of GAAP to Non-GAAP Reconciliations												49
			Glossary												51
			Non-GAAP Financial Measures												54

This financial supplement should be read in conjunction with documents filed by Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty or the Company) with the United States (U.S.) Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2024 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025.

Cautionary Statement Regarding Forward Looking Statements

Any forward looking statements made in this supplement reflect the current views of Assured Guaranty with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Assured Guaranty’s forward looking statements could be affected by many events. These events include: (i) significant changes in inflation, interest rates, the world’s credit markets or segments thereof, credit spreads, foreign exchange rates, tariff regimes or general economic conditions, including the possibility of a recession or stagflation; (ii) geopolitical risk, terrorism and political violence risk, including those arising out of Russia’s invasion of Ukraine and intentional or accidental escalation between The North Atlantic Treaty Organization and Russia, conflict in the Middle East, confrontation over Iran’s nuclear program, the polarized political environment in the United States (U.S.), and strategic competition and tensions between the U.S. and China; (iii) cybersecurity risk and the impacts of artificial intelligence, machine learning and other technological advances, including potentially increasing the risks of malicious cyber attacks, dissemination of misinformation, and disruption of markets, including the markets in which the Company participates; (iv) the impact of a U.S. government shutdown and/or the possibility of payment defaults on the debt of the U.S. government or instruments issued, insured or guaranteed by related institutions, agencies or instrumentalities, and downgrades to their credit ratings; (v) developments in the world’s financial and capital markets, including stresses in the financial condition of banking institutions in the U.S. and the possibility that increasing participation of unregulated financial institutions in these markets results in losses or lower valuations of assets, reduced liquidity and credit and/or contraction of these markets, that adversely affect repayment rates of insured obligors, Assured Guaranty’s insurance loss or recovery experience, or investments of Assured Guaranty; (vi) reduction in the amount of available insurance opportunities and/or in the demand for Assured Guaranty’s insurance; (vii) the possibility that investments made by Assured Guaranty for its investment portfolio, including alternative investments, do not result in the benefits anticipated or subject Assured Guaranty to reduced liquidity at a time it requires liquidity, or to other negative or unanticipated consequences; (viii) the possibility that Assured Guaranty’s mergers, acquisitions, divestitures and other strategic transactions, including the transactions with Sound Point Capital Management, LP (Sound Point, LP) and certain of its investment management affiliates (together with Sound Point, LP, Sound Point) and/or Assured Healthcare Partners LLC (AHP), do not result in the benefits anticipated and/or subject Assured Guaranty to negative consequences; (ix) the inability to control the business, management or policies of entities in which Assured Guaranty holds a minority interest; (x) the impact of market volatility on the fair value of Assured Guaranty’s assets and liabilities subject to mark-to-market, including certain of its investments, contracts accounted for as derivatives, its committed capital securities (CCS), and its consolidated variable interest entities (VIEs); (xi) the possibility that budget or pension shortfalls, difficulties in obtaining additional financing, changes in applicable laws or regulations or other factors will result in credit losses or liquidity claims on obligations of state, territorial and local governments, their related authorities, public corporations and other obligors that Assured Guaranty insures or reinsures; (xii) insured losses, including losses with respect to related legal proceedings, in excess of those expected by Assured Guaranty or the failure of Assured Guaranty to realize loss recoveries that are assumed in its expected loss estimates for insurance exposures, including below-investment-grade (BIG) healthcare, United Kingdom (U.K.) regulated utility, European renewable energy, and Puerto Rico Electric Power Authority (PREPA) exposures; (xiii) the impact of Assured Guaranty satisfying its obligations under insurance policies with respect to legacy insured Puerto Rico bonds; (xiv) the possibility that underwriting insurance in new jurisdictions and/or covering new sectors, lines or classes of business does not result in the benefits anticipated or subjects Assured Guaranty to negative consequences; (xv) increased competition, including from new entrants into the financial guaranty industry, nonpayment insurance and other forms of capital saving or risk syndication available to banks and insurers; (xvi) rating agency action, including a ratings downgrade, a change in outlook, the placement of ratings on watch for downgrade, or a change in rating criteria, at any time, of AGL or any of its insurance subsidiaries, and/or of any securities AGL or any of its subsidiaries have issued, and/or of transactions that AGL’s insurance subsidiaries have insured; (xvii) the inability of Assured Guaranty to access external sources of capital on acceptable terms; (xviii) noncompliance with, and/or changes in, applicable laws or regulations, including insurance, bankruptcy and tax laws, tariffs, or other governmental actions; (xix) the possibility that legal or regulatory decisions or determinations subject Assured Guaranty or obligations that it insures or reinsures to negative consequences; (xx) difficulties or delays with the execution of Assured Guaranty’s business strategy; (xxi) loss of key personnel; (xxii) changes in applicable accounting policies or practices; (xxiii) public health crises, including pandemics and endemics, and the governmental and private actions taken in response to such events; (xxiv) natural or man-made catastrophes; (xxv) the impact of climate change on Assured Guaranty’s business and regulatory actions taken related to such risk; (xxvi) other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission (SEC); (xxvii) other risks and uncertainties that have not been identified at this time; and (xxviii) management’s response to these factors. Assured Guaranty undertakes no obligation to update publicly or review any forward looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Assured Guaranty Ltd.

Selected Financial Highlights (1 of 2)

(dollars in millions, except per share amounts)

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
GAAP (1) Highlights
Net income (loss) attributable to AGL			$	105					$	171					$	384					$	358
Net income (loss) attributable to AGL per diluted share			$	2.18					$	3.17					$	7.73					$	6.44
Weighted average shares outstanding
Basic shares outstanding			47.4						52.4						48.8						54.1
Diluted shares outstanding			48.0						53.4						49.4						55.2
Effective tax rate on net income			15.4		%				19.9		%				18.5		%				19.2		%
GAAP return on equity (ROE) (4)			7.4		%				12.1		%				9.2		%				8.3		%
Non-GAAP Highlights (2)
Adjusted operating income (loss)			$	124					$	130					$	336					$	323
Adjusted operating income (loss) per diluted share (2)			$	2.57					$	2.42					$	6.77					$	5.80
Weighted average diluted shares outstanding			48.0						53.4						49.4						55.2
Effective tax rate on adjusted operating income (3)			15.7		%				20.7		%				18.9		%				19.2		%
Adjusted operating ROE (2)(4)			8.6		%				8.9		%				7.8		%				7.2		%
Components of adjusted operating income (loss) (2)
Insurance segment			$	145					$	162					$	389					$	427
Asset Management segment			3						4						19						5
Corporate division			(24)						(29)						(73)						(101)
Other (6)			—						(7)						1						(8)
Adjusted operating income (loss)			$	124					$	130					$	336					$	323
Capital Returned to Common Shareholders
Common share repurchases (7)			$	118					$	131					$	369					$	412
Dividends			16						16						53						52
Total capital returned to common shareholders			$	134					$	147					$	422					$	464
Insurance Segment
Gross written premiums (GWP)			$	75					$	61					$	195					$	254
Present value of new business production (PVP) (2)			91						63						194						281
Gross par written			9,141						7,437						24,539						20,603
Effect of refundings and terminations on GAAP measures:
Net earned premiums, pre-tax			$	5					$	14					$	14					$	56
Fair value gains (losses) of credit derivatives, pre-tax			1						—						41						—
Net income effect			5						11						44						43
Net income per diluted share			0.10						0.20						0.88						0.78
Effect of refundings and terminations on non-GAAP measures:
Operating net earned premiums and credit derivative revenues(5), pre-tax			$	6					$	14					$	55					$	56
Adjusted operating income(5) effect			5						11						44						43
Adjusted operating income per diluted share (5)			0.10						0.20						0.88						0.78

1)    Accounting principles generally accepted in the United States of America (GAAP).

2)    Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

3)    Represents the ratio of adjusted operating provision for income taxes to adjusted operating income before income taxes.

4)    Quarterly ROE calculations represent annualized returns. See page 6 for additional information on calculation.

5)    Condensed consolidated statement of operations items mentioned in this Financial Supplement that are described as operating (i.e., operating net earned premiums and credit derivative revenues) are non-GAAP measures and represent components of adjusted operating income. Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

6)    Represents the effect of consolidating financial guaranty VIEs (FG VIEs) and consolidated investment vehicles (CIVs) (FG VIE and CIV consolidation).

7)    Excludes commissions and excise taxes.

1

Assured Guaranty Ltd.

Selected Financial Highlights (2 of 2)

(dollars in millions, except per share amounts)

			As of
			September 30, 2025												December 31, 2024
			Amount						Per Share						Amount						Per Share
Shareholders’ equity attributable to AGL			$	5,658					$	121.13					$	5,495					$	108.80
Adjusted operating shareholders’ equity (1)			5,750						123.10						5,795						114.75
Adjusted book value (ABV) (1)			8,471						181.37						8,592						170.12
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity			3						0.05						—						0.01
ABV			(3)						(0.06)						(6)						(0.13)
Shares outstanding at the end of period			46.7												50.5
Exposure
Financial guaranty net debt service outstanding			$	438,764											$	415,966
Financial guaranty net par outstanding:
Investment grade			$	263,497											$	251,370
BIG			11,378												10,182
Total			$	274,875											$	261,552
Claims-paying resources (2)			$	10,138											$	10,211

1)    Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

2)    See page 19 for additional detail on claims-paying resources.

2

Assured Guaranty Ltd.

Condensed Consolidated Statements of Operations (unaudited)

(dollars in millions, except per share amounts)

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Revenues
Net earned premiums			$	94					$	97					$	274					$	300
Net investment income			94						82						270						247
Net realized investment gains (losses)			(10)						—						(32)						2
Fair value gains (losses) on credit derivatives			5						3						110						19
Fair value gains (losses) on CCS			8						(3)						9						(12)
Fair value gains (losses) on FG VIEs			3						(7)						6						(11)
Fair value gains (losses) on CIVs			17						21						40						54
Foreign exchange gains (losses) on remeasurement			(23)						55						93						43
Fair value gains (losses) on trading securities			8						9						11						52
Other income (loss)			11						12						52						22
Total revenues			207						269						833						716
Expenses
Loss and loss adjustment expense (LAE) (benefit)			(30)						(51)						38						(54)
Interest expense			22						22						67						68
Amortization of deferred acquisition costs (DAC)			6						5						16						14
Employee compensation and benefit expenses			50						47						160						153
Other operating expenses			44						44						131						124
Total expenses			92						67						412						305
Income (loss) before income taxes and equity in earnings (losses) of investees			115						202						421						411
Equity in earnings (losses) of investees			20						18						76						47
Income (loss) before income taxes			135						220						497						458
Less: Provision (benefit) for income taxes			21						44						92						88
Net income (loss)			114						176						405						370
Less: Noncontrolling interests			9						5						21						12
Net income (loss) attributable to AGL			$	105					$	171					$	384					$	358
Earnings per share:
Basic			$	2.20					$	3.23					$	7.82					$	6.57
Diluted			$	2.18					$	3.17					$	7.73					$	6.44

3

Assured Guaranty Ltd.

Condensed Consolidated Balance Sheets (unaudited)

(dollars in millions)

			As of
			September 30,						December 31,
			2025						2024
Assets
Investments:
Fixed-maturity securities, available-for-sale, at fair value			$	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			1,012						926
Total investments			8,758						8,663
Cash			157						121
Premiums receivable, net of commissions payable			1,583						1,551
DAC			190						176
Salvage and subrogation recoverable			453						396
FG VIEs’ assets, at fair value			145						147
Assets of CIVs			136						101
Other assets			679						746
Total assets			$	12,101					$	11,901
Liabilities
Unearned premium reserve			$	3,663					$	3,719
Loss and LAE reserve			308						268
Long-term debt			1,702						1,699
FG VIEs’ liabilities, at fair value			159						164
Other liabilities			532						498
Total liabilities			6,364						6,348
Shareholders’ equity
Common shares			—						1
Retained earnings			5,836						5,878
Accumulated other comprehensive income (loss)			(179)						(385)
Deferred equity compensation			1						1
Total shareholders’ equity attributable to AGL			5,658						5,495
Nonredeemable noncontrolling interests			79						58
Total shareholders’ equity			5,737						5,553
Total liabilities and shareholders’ equity			$	12,101					$	11,901

4

Assured Guaranty Ltd.

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (1 of 3)

(dollars in millions, except per share amounts)

Adjusted Operating Income Reconciliation			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Net income (loss) attributable to AGL			$	105					$	171					$	384					$	358
Less pre-tax adjustments:
Realized gains (losses) on investments			(10)						—						(32)						2
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives			1						(2)						(2)						11
Fair value gains (losses) on CCS			8						(3)						9						(12)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves			(22)						54						82						42
Total pre-tax adjustments			(23)						49						57						43
Less tax effect on pre-tax adjustments			4						(8)						(9)						(8)
Adjusted operating income (loss)			$	124					$	130					$	336					$	323
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income			$	—					$	(7)					$	1					$	(8)
Components of adjusted operating income:
Segments:
Insurance			$	145					$	162					$	389					$	427
Asset Management			3						4						19						5
Total segments			148						166						408						432
Corporate division			(24)						(29)						(73)						(101)
Other			—						(7)						1						(8)
Adjusted operating income (loss)			$	124					$	130					$	336					$	323
Per diluted share:
Net income (loss) attributable to AGL			$	2.18					$	3.17					$	7.73					$	6.44
Less pre-tax adjustments:
Realized gains (losses) on investments			(0.22)						—						(0.65)						0.03
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives			0.02						(0.03)						(0.05)						0.21
Fair value gains (losses) on CCS			0.17						(0.06)						0.19						(0.21)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves			(0.44)						1.00						1.66						0.76
Total pre-tax adjustments			(0.47)						0.91						1.15						0.79
Less tax effect on pre-tax adjustments			0.08						(0.16)						(0.19)						(0.15)
Adjusted operating income (loss)			$	2.57					$	2.42					$	6.77					$	5.80
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income			$	—					$	(0.12)					$	0.03					$	(0.15)

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

5

Assured Guaranty Ltd.

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (2 of 3)

(dollars in millions)

ROE Reconciliation and Calculation						As of
						September 30,						June 30,						December 31,						September 30,						June 30,						December 31,
						2025						2025						2024						2024						2024						2023
Shareholders’ equity attributable to AGL						$	5,658					$	5,633					$	5,495					$	5,728					$	5,539					$	5,713
Adjusted operating shareholders’ equity						5,750						5,778						5,795						5,875						5,844						5,990
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating shareholders' equity						3						1						—						(5)						3						5
																		Three Months Ended												Nine Months Ended
																		September 30,												September 30,
																		2025						2024						2025						2024
Net income (loss) attributable to AGL																		$	105					$	171					$	384					$	358
Adjusted operating income (loss)																		124						130						336						323
Average shareholders’ equity attributable to AGL																		$	5,646					$	5,634					$	5,577					$	5,721
Average adjusted operating shareholders’ equity																		5,764						5,860						5,773						5,933
Gain (loss) related to FG VIE and CIV consolidation included in average adjusted operating shareholders’ equity																		2						(1)						2						—
GAAP ROE (1)																		7.4		%				12.1		%				9.2		%				8.3		%
Adjusted operating ROE (1)																		8.6		%				8.9		%				7.8		%				7.2		%

1)    Quarterly ROE calculations represent annualized returns.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

6

Assured Guaranty Ltd.

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (3 of 3)

(dollars in millions)

						As of
						September 30,						June 30,						December 31,						September 30,						June 30,						December 31,
						2025						2025						2024						2024						2024						2023
Reconciliation of shareholders’ equity attributable to AGL to ABV:
Shareholders’ equity attributable to AGL						$	5,658					$	5,633					$	5,495					$	5,728					$	5,539					$	5,713
Less pre-tax reconciling items:
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives						46						45						49						45						47						34
Fair value gains (losses) on CCS						12						3						2						1						4						13
Unrealized gain (loss) on investment portfolio						(159)						(218)						(397)						(211)						(400)						(361)
Less taxes						9						25						46						18						44						37
Adjusted operating shareholders' equity						5,750						5,778						5,795						5,875						5,844						5,990
Pre-tax reconciling items:
Less: DAC						190						185						176						172						169						161
Plus: Net present value of estimated net future revenue						191						196						202						189						190						199
Plus: Net deferred premium revenue on financial guaranty contracts in excess of expected loss to be expensed						3,401						3,409						3,473						3,370						3,424						3,436
Plus taxes						(681)						(685)						(702)						(680)						(691)						(699)
ABV						$	8,471					$	8,513					$	8,592					$	8,582					$	8,598					$	8,765
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity (net of tax provision (benefit) of $0, $0, $0, $(1), $1 and $1)						$	3					$	1					$	—					$	(5)					$	3					$	5
ABV (net of tax provision (benefit) of $0, $(1), $(2), $(2), $(1) and $0)						$	(3)					$	(4)					$	(6)					$	(9)					$	(2)					$	—

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

7

Assured Guaranty Ltd.

Income Components (1 of 4)

(in millions)

Components of Income for the Three Months Ended September 30, 2025

			Segments												Corporate and Other
			Insurance						Asset Management						Corporate						Other (1)						Reconciling Items						Consolidated
Revenues
Net earned premiums			$	95					$	—					$	—					$	(1)					$	—					$	94
Net investment income			94						—						3						(3)						—						94
Net realized investment gains (losses)			—						—						—						—						(10)						(10)
Fair value gains (losses) on credit derivatives (2)			4						—						—						—						1						5
Fair value gains (losses) on CCS			—						—						—						—						8						8
Fair value gains (losses) on FG VIEs			—						—						—						3						—						3
Fair value gains (losses) on CIVs			—						—						—						17						—						17
Foreign exchange gains (losses) on remeasurement			(1)						—						—						—						(22)						(23)
Fair value gains (losses) on trading securities			8						—						—						—						—						8
Other income (loss)			6						8						—						(3)						—						11
Total revenues			206						8						3						13						(23)						207
Expenses
Loss and LAE (benefit) (3)			(31)						—						—						1						—						(30)
Interest expense			—						—						24						(2)						—						22
Amortization of DAC			6						—						—						—						—						6
Employee compensation and benefit expenses			44						—						6						—						—						50
Other operating expenses			32						4						8						—						—						44
Total expenses			51						4						38						(1)						—						92
Equity in earnings (losses) of investees			16						—						9						(5)						—						20
Less: Provision (benefit) for income taxes			26						1						(2)						—						(4)						21
Less: Noncontrolling interests			—						—						—						9						—						9
Total			$	145					$	3					$	(24)					$	—					$	(19)					$	105

1)    Includes the consolidation of the FG VIEs and CIVs and intersegment eliminations.

2)    Insurance segment balances for this line include only the credit derivative revenues component of realized gains (losses) on credit derivatives.

3)    Insurance segment balances for this line item includes credit derivative impairment (recoveries).

8

Assured Guaranty Ltd.

Income Components (2 of 4)

(in millions)

Components of Income for the Three Months Ended September 30, 2024

			Segments												Corporate and Other
			Insurance						Asset Management						Corporate						Other (1)						Reconciling Items						Consolidated
Revenues
Net earned premiums			$	98					$	—					$	—					$	(1)					$	—					$	97
Net investment income			82						—						3						(3)						—						82
Net realized investment gains (losses)			—						—						—						—						—						—
Fair value gains (losses) on credit derivatives (2)			3						—						—						—						—						3
Fair value gains (losses) on CCS			—						—						—						—						(3)						(3)
Fair value gains (losses) on FG VIEs			—						—						—						(7)						—						(7)
Fair value gains (losses) on CIVs			—						—						—						21						—						21
Foreign exchange gains (losses) on remeasurement			1						—						—						—						54						55
Fair value gains (losses) on trading securities			9						—						—						—						—						9
Other income (loss)			11						2						1						(2)						—						12
Total revenues			204						2						4						8						51						269
Expenses
Loss and LAE (benefit) (3)			(53)						—						—						—						2						(51)
Interest expense			—						—						24						(2)						—						22
Amortization of DAC			5						—						—						—						—						5
Employee compensation and benefit expenses			40						—						7						—						—						47
Other operating expenses			36						2						6						—						—						44
Total expenses			28						2						37						(2)						2						67
Equity in earnings (losses) of investees			28						4						—						(14)						—						18
Less: Provision (benefit) for income taxes			42						—						(4)						(2)						8						44
Less: Noncontrolling interests			—						—						—						5						—						5
Total			$	162					$	4					$	(29)					$	(7)					$	41					$	171

1)    Includes the consolidation of the FG VIEs and CIVs and intersegment eliminations.

2)    Insurance segment balances for this line include only the credit derivative revenues component of realized gains (losses) on credit derivatives.

3)    Insurance segment balances for this line item includes credit derivative impairment (recoveries).

9

Assured Guaranty Ltd.

Income Components (3 of 4)

(in millions)

Components of Income for the Nine Months Ended September 30, 2025

			Segments												Corporate and Other
			Insurance						Asset Management						Corporate						Other (1)						Reconciling Items						Consolidated
Revenues
Net earned premiums			$	276					$	—					$	—					$	(2)					$	—					$	274
Net investment income			269						—						10						(9)						—						270
Net realized investment gains (losses)			—						—						—						—						(32)						(32)
Fair value gains (losses) on credit derivatives (2)			49						—						—						—						61						110
Fair value gains (losses) on CCS			—						—						—						—						9						9
Fair value gains (losses) on FG VIEs			—						—						—						6						—						6
Fair value gains (losses) on CIVs			—						—						—						40						—						40
Foreign exchange gains (losses) on remeasurement			11						—						—						—						82						93
Fair value gains (losses) on trading securities			11						—						—						—						—						11
Other income (loss)			28						29						1						(6)						—						52
Total revenues			644						29						11						29						120						833
Expenses
Loss and LAE (benefit)(3)			(27)						—						—						2						63						38
Interest expense			—						—						74						(7)						—						67
Amortization of DAC			16						—						—						—						—						16
Employee compensation and benefit expenses			140						—						20						—						—						160
Other operating expenses			91						17						23						—						—						131
Total expenses			220						17						117						(5)						63						412
Equity in earnings (losses) of investees			48						12						28						(12)						—						76
Less: Provision (benefit) for income taxes			83						5						(5)						—						9						92
Less: Noncontrolling interests			—						—						—						21						—						21
Total			$	389					$	19					$	(73)					$	1					$	48					$	384

1)    Includes the consolidation of the FG VIEs and CIVs and intersegment eliminations.

2)    Insurance segment balances for this line include only the credit derivative revenues component of realized gains (losses) on credit derivatives.

3)    Insurance segment balances for this line item includes credit derivative impairment (recoveries).

10

Assured Guaranty Ltd.

Income Components (4 of 4)

(in millions)

Components of Income for the Nine Months Ended September 30, 2024

			Segments												Corporate and Other
			Insurance						Asset Management						Corporate						Other (1)						Reconciling Items						Consolidated
Revenues
Net earned premiums			$	302					$	—					$	—					$	(2)					$	—					$	300
Net investment income			246						—						10						(9)						—						247
Net realized investment gains (losses)			—						—						—						—						2						2
Fair value gains (losses) on credit derivatives (2)			8						—						—						—						11						19
Fair value gains (losses) on CCS			—						—						—						—						(12)						(12)
Fair value gains (losses) on FG VIEs			—						—						—						(11)						—						(11)
Fair value gains (losses) on CIVs			—						—						—						54						—						54
Foreign exchange gains (losses) on remeasurement			1						—						—						—						42						43
Fair value gains (losses) on trading securities			52						—						—						—						—						52
Other income (loss)			13						10						3						(4)						—						22
Total revenues			622						10						13						28						43						716
Expenses
Loss and LAE (benefit)(3)			(49)						—						—						(5)						—						(54)
Interest expense			—						—						75						(7)						—						68
Amortization of DAC			14						—						—						—						—						14
Employee compensation and benefit expenses			128						—						25						—						—						153
Other operating expenses			90						6						28						—						—						124
Total expenses			183						6						128						(12)						—						305
Equity in earnings (losses) of investees			83						2						—						(38)						—						47
Less: Provision (benefit) for income taxes			95						1						(14)						(2)						8						88
Less: Noncontrolling interests			—						—						—						12						—						12
Total			$	427					$	5					$	(101)					$	(8)					$	35					$	358

1)    Includes the consolidation of the FG VIEs and CIVs and intersegment eliminations.

2)    Insurance segment balances for this line include only the credit derivative revenues component of realized gains (losses) on credit derivatives.

3)    Insurance segment balances for this line item includes credit derivative impairment (recoveries).

11

Assured Guaranty Ltd.

Fixed-Maturity Securities, Short-Term Investments and Cash

As of September 30, 2025

(dollars in millions)

						Amortized Cost						Allowance for Credit Losses						Pre-Tax Book Yield						After-Tax Book Yield						Fair Value						Annualized Investment Income (1)
Fixed maturity securities, available-for-sale:
Obligations of states and political subdivisions (3)						$	1,808					$	(13)					3.95		%				3.40		%				$	1,755					$	71
U.S. government and agencies						51						—						3.48						2.91						48						2
Corporate securities						2,977						(7)						4.37						3.65						2,923						130
Mortgage-backed securities:
Residential mortgage-backed securities (RMBS) (2)(3)						670						(24)						5.18						4.14						603						35
Commercial mortgage-backed securities						184						—						4.32						3.43						185						8
Asset-backed securities (ABS)
Collateralized loan obligation (CLOs)						506						(10)						10.97						8.67						472						56
Other ABS (3)						196						—						6.31						4.99						199						12
Non-U.S. government securities						100						—						3.06						3.03						93						3
Total fixed maturity securities, available-for-sale						6,492						(54)						4.88						4.04						6,278						317
Short-term investments						1,332						—						3.95						3.19						1,332						52
Cash (4)						157						—						—						—						157						—
Total						$	7,981					$	(54)					4.72		%				3.90		%				$	7,767					$	369
Fixed maturity securities, trading (6)																														$	136
Ratings (5):						Fair Value						% of Portfolio
U.S. government and agencies						$	48					0.8		%
AAA/Aaa						829						13.2
AA/Aa						2,090						33.3
A/A						1,618						25.8
BBB						1,139						18.1
BIG						139						2.2
Not rated (7)						415						6.6
Total fixed maturity securities, available-for-sale						$	6,278					100.0		%
Duration of available-for-sale fixed maturity securities and short-term investments (in years):												4.1

1)    Represents annualized investment income based on amortized cost and pre-tax book yields.

2)    Includes fair value of $133 million in subprime RMBS, of which 92% were rated BIG.

3)    Includes securities purchased or obtained as part of loss mitigation or other risk management strategies.

4)    Cash is not included in the yield calculation.

5)    Ratings generally reflect the lower of Moody’s Investors Service, Inc. or Standard & Poor’s Financial Services LLC classifications except for purchased securities that the Company has insured, and for which it had expected losses to be paid (Loss Mitigation Securities) and certain other securities, which use internal ratings classifications. Loss Mitigation Securities and other securities total $387 million in par with carrying value of $191 million and are primarily included in the BIG category.

6)    Primarily includes contingent value instruments received in connection with the 2022 resolution of the Company’s exposure to insured Puerto Rico credits experiencing payment default other than PREPA. These securities are not rated.

7)    Primarily includes CLO equity tranches and liquidity bonds issued by a U.K. regulated utility.

12

Assured Guaranty Ltd.

Investment Portfolio, Cash and CIVs

GAAP (1 of 2)

(dollars in millions)

Investment Portfolio, Cash and CIVs as of September 30, 2025

						Insurance Related Subsidiaries (1)						Holding Companies (2)						Other (3)						AGL Consolidated
Fixed-maturity securities, available-for-sale						$	6,260					$	18					$	—					$	6,278
Fixed-maturity securities, trading						136						—						—						136
Total fixed-maturity securities						6,396						18						—						6,414
Short-term investments						940						391						1						1,332
Cash						91						5						61						157
Total short-term investments and cash						1,031						396						62						1,489
Other invested assets
Equity method investments:
Ownership interest in Sound Point						—						414						—						414
Funds:
CLOs						94						—						—						94
Private healthcare investing						146						37						—						183
Asset-based/specialty finance						157						—						(45)						112
Private minority stakes in alternative asset managers						—						80						—						80
Other						65						50						—						115
Total funds						462						167						(45)						584
Other						—						3						—						3
Total equity method investments						462						584						(45)						1,001
Other						11						—						—						11
Other invested assets						473						584						(45)						1,012
Total investment portfolio and cash (4)						$	7,900					$	998					$	17					$	8,915
CIVs
Assets of CIVs						$	—					$	—					$	136					$	136
Liabilities of CIVs						—						—						—						—
Nonredeemable noncontrolling interests						—						—						(79)						(79)
Total CIVs						$	—					$	—					$	57					$	57

1)    Includes the Company’s U.S., Bermuda, U.K. and French insurance subsidiaries and AG Asset Strategies LLC (AGAS) (separate company, excluding the effect of consolidating CIVs).

2)    Includes the Company’s holding companies: AGL, Assured Guaranty US Holdings Inc. (AGUS) and Assured Guaranty Municipal Holdings Inc. (AGMH).

3)    Includes the Company’s non-insurance subsidiaries, non-U.S. holding companies, CIVs and related intercompany eliminations.

4)    The alternative investments, which do not include the Company’s ownership interest in Sound Point, had an inception-to-date annualized internal rate of return (IRR) of 13%, a year-to-date return of 9% and a quarter-to-date return of 3%. Returns are calculated using the cash basis IRR method and are annualized, other than quarter-to-date returns.

13

Assured Guaranty Ltd.

Investment Portfolio, Cash and CIVs

GAAP (2 of 2)

(dollars in millions)

Investment Portfolio, Cash and CIVs as of December 31, 2024

						Insurance Related Subsidiaries (1)						Holding Companies (2)						Other (3)						AGL Consolidated
Fixed-maturity securities, available-for-sale						$	6,351					$	18					$	—					$	6,369
Fixed-maturity securities, trading						147						—						—						147
Total fixed-maturity securities						6,498						18						—						6,516
Short-term investments						810						411						—						1,221
Cash						78						8						35						121
Total short-term investments and cash						888						419						35						1,342
Other invested assets
Equity method investments:
Ownership interest in Sound Point						—						418						—						418
Funds:
CLOs						100						—						—						100
Private healthcare investing						153						—						—						153
Asset-based/specialty finance						142						—						(33)						109
Private minority stakes in alternative asset managers						—						69						—						69
Other						13						49						—						62
Total funds						408						118						(33)						493
Other						—						3						—						3
Total equity method investments						408						539						(33)						914
Other						9						3						—						12
Other invested assets						417						542						(33)						926
Total investment portfolio and cash(4)						$	7,803					$	979					$	2					$	8,784
CIVs
Assets of CIVs						$	—					$	—					$	101					$	101
Liabilities of CIVs						—						—						—						—
Nonredeemable noncontrolling interests						—						—						(58)						(58)
Total CIVs						$	—					$	—					$	43					$	43

1)    Includes the Company’s U.S., Bermuda, U.K. and French insurance subsidiaries and AGAS (separate company, excluding the effect of consolidating CIVs).

2)    Includes the Company’s holding companies: AGL, AGUS, AGMH.

3)    Includes the Company’s non-insurance subsidiaries, non-U.S. holding companies and CIVs and related intercompany eliminations.

4)    The alternative investments,which do not include the Company’s ownership interest in Sound Point, had an inception-to-date annualized IRR of 13%, a year-to-date return of 16% and a quarter-to-date return of 4%. Returns are calculated using the cash basis IRR method and are annualized, other than quarter-to-date returns.

14

Assured Guaranty Ltd.

Income from Investment Portfolio and CIVs by Segment (1 of 2)

(dollars in millions)

			Three Months Ended September 30, 2025
			Insurance						Asset Management						Corporate						Other						Total
Net investment income
Fixed-maturity securities, available-for-sale (1)			$	80					$	—					$	—					$	(1)					$	79
Short-term investments			11						—						3						—						14
Other			3						—						—						(2)						1
Total net investment income			$	94					$	—					$	3					$	(3)					$	94
Fair value gains (losses) on trading securities			$	8					$	—					$	—					$	—					$	8
Equity in earnings (losses) of investees
Ownership interest in Sound Point			$	—					$	—					$	—					$	—					$	—
Funds:
CLOs			3						—						—						—						3
Private healthcare investing			5						—						—						—						5
Asset-based/specialty finance			7						—						—						(5)						2
Private minority stakes in alternative asset managers			—						—						5						—						5
Other			1						—						4						—						5
Total funds (2)			16						—						9						(5)						20
Other			—						—						—						—						—
Equity in earnings (losses) of investees			$	16					$	—					$	9					$	(5)					$	20
CIVs
Fair value gains (losses) on CIVs			$	—					$	—					$	—					$	17					$	17
Noncontrolling interests			—						—						—						(9)						(9)
Total CIVs			$	—					$	—					$	—					$	8					$	8

			Three Months Ended September 30, 2024
			Insurance						Asset Management						Corporate						Other						Total
Net investment income
Fixed-maturity securities, available-for-sale			$	62					$	—					$	—					$	(1)					$	61
Short-term investments			18						—						3						—						21
Other			2						—						—						(2)						—
Total net investment income			$	82					$	—					$	3					$	(3)					$	82
Fair value gains (losses) on trading securities			$	9					$	—					$	—					$	—					$	9
Equity in earnings (losses) of investees
Ownership interest in Sound Point			$	—					$	4					$	—					$	—					$	4
Funds:
CLOs			12						—						—						(8)						4
Private healthcare investing			6						—						—						—						6
Asset-based/specialty finance			7						—						—						(6)						1
Private minority stakes in alternative asset managers			7						—						—						—						7
Other			(4)						—						—						—						(4)
Total funds (2)			28						—						—						(14)						14
Other			—						—						—						—						—
Equity in earnings (losses) of investees			$	28					$	4					$	—					$	(14)					$	18
CIVs
Fair value gains (losses) on CIVs			$	—					$	—					$	—					$	21					$	21
Noncontrolling interests			—						—						—						(5)						(5)
Total CIVs			$	—					$	—					$	—					$	16					$	16

1)    Includes CLO equity tranches distributed from a CLO fund in the fourth quarter of 2024.

2)    Relates to funds managed by Sound Point and AHP, and certain other managers. Investments in funds are reported on a one-quarter lag.

15

Assured Guaranty Ltd.

Income from Investment Portfolio and CIVs by Segment (2 of 2)

(dollars in millions)

			Nine Months Ended September 30, 2025
			Insurance						Asset Management						Corporate						Other						Total
Net investment income
Fixed-maturity securities, available-for-sale (1)			$	230					$	—					$	—					$	(2)					$	228
Short-term investments			29						—						10						—						39
Other			10						—						—						(7)						3
Total net investment income			$	269					$	—					$	10					$	(9)					$	270
Fair value gains (losses) on trading securities			$	11					$	—					$	—					$	—					$	11
Equity in earnings (losses) of investees
Ownership interest in Sound Point			$	—					$	12					$	—					$	—					$	12
Funds:
CLOs			6						—						—						—						6
Private healthcare investing			18						—						—						—						18
Asset-based/specialty finance			21						—						—						(12)						9
Private minority stakes in alternative asset managers			—						—						20						—						20
Other			3						—						8						—						11
Total funds (2)			48						—						28						(12)						64
Other			—						—						—						—						—
Equity in earnings (losses) of investees			$	48					$	12					$	28					$	(12)					$	76
CIVs
Fair value gains (losses) on CIVs			$	—					$	—					$	—					$	40					$	40
Noncontrolling interests			—						—						—						(21)						(21)
Total CIVs			$	—					$	—					$	—					$	19					$	19

			Nine Months Ended September 30, 2024
			Insurance						Asset Management						Corporate						Other						Total
Net investment income
Fixed-maturity securities, available-for-sale			$	183					$	—					$	—					$	(2)					$	181
Short-term investments			56						—						10						—						66
Other			7						—						—						(7)						—
Total net investment income			$	246					$	—					$	10					$	(9)					$	247
Fair value gains (losses) on trading securities			$	52					$	—					$	—					$	—					$	52
Equity in earnings (losses) of investees
Ownership interest in Sound Point			$	—					$	5					$	—					$	—					$	5
Funds:
CLOs			38						—						—						(26)						12
Private healthcare investing			8						—						—						—						8
Asset-based/specialty finance			18						—						—						(12)						6
Private minority stakes in alternative asset managers			17						—						—						—						17
Other			2						—						—						—						2
Total funds (2)			83						—						—						(38)						45
Other			—						(3)						—						—						(3)
Equity in earnings (losses) of investees			$	83					$	2					$	—					$	(38)					$	47
CIVs
Fair value gains (losses) on CIVs			$	—					$	—					$	—					$	54					$	54
Noncontrolling interests			—						—						—						(12)						(12)
Total CIVs			$	—					$	—					$	—					$	42					$	42

1)    Includes CLO equity tranches distributed from a CLO fund in the fourth quarter of 2024.

2)    Relates to funds managed by Sound Point and AHP, and certain other managers. Investments in funds are generally reported on a one-quarter lag.

16

Insurance Segment

17

Assured Guaranty Ltd.

Insurance Segment Results

(dollars in millions)

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Segment revenues
Net earned premiums and credit derivative revenues			$	99					$	101					$	325					$	310
Net investment income			94						82						269						246
Fair value gains (losses) on trading securities			8						9						11						52
Foreign exchange gains (losses) on remeasurement and other income (loss)			5						12						39						14
Total segment revenues			206						204						644						622
Segment expenses
Loss expense (benefit)			(31)						(53)						(27)						(49)
Amortization of DAC			6						5						16						14
Employee compensation and benefit expenses			44						40						140						128
Other operating expenses			32						36						91						90
Total segment expenses			51						28						220						183
Equity in earnings (losses) of investees			16						28						48						83
Segment adjusted operating income (loss) before income taxes			171						204						472						522
Less: Provision (benefit) for income taxes			26						42						83						95
Segment adjusted operating income (loss)			$	145					$	162					$	389					$	427

18

Assured Guaranty Ltd.

Claims-Paying Resources

(dollars in millions)

						As of September 30, 2025
						AG						AG Re (2)						Eliminations (3)						Total
Claims-paying resources
Policyholders’ surplus						$	3,268					$	772					$	56					$	4,096
Contingency reserve						1,481						—						—						1,481
Qualified statutory capital						4,749						772						56						5,577
Unearned premium reserve and net deferred ceding commission income (1)						2,431						627						(56)						3,002
Loss and LAE reserves (1)(4)						—						38						—						38
Total policyholders' surplus and reserves						7,180						1,437						—						8,617
Present value of installment premium (1)						844						277						—						1,121
CCS						400						—						—						400
Total claims-paying resources						$	8,424					$	1,714					$	—					$	10,138
Statutory net exposure (1)(5)						$	208,846					$	69,476					$	(552)					$	277,770
Net debt service outstanding (1)(5)						$	336,893					$	105,493					$	(960)					$	441,426
Ratios:
Net exposure to qualified statutory capital						44:1						90:1												50:1
Capital ratio (6)						71:1						137:1												79:1
Financial resources ratio (7)						40:1						62:1												44:1
Statutory net exposure to claims-paying resources						25:1						41:1												27:1
Separate company statutory basis:
Admitted assets						$	6,953					$	1,386
Total liabilities						3,685						614
Loss and LAE reserves (recoverable)						(154)						38
Paid in capital stock						197						826

1)    The numbers shown for AG include its U.K. and French insurance subsidiaries.

2)    Except for contingency reserves, Assured Guaranty Re Ltd. (AG Re) numbers represent the Company’s estimate of AG Re and Assured Guaranty Re Overseas Ltd. on a U.S. statutory basis.

3)    Eliminations consist of intercompany deferred ceding commissions. Net exposure and net debt service outstanding eliminations relate to second-to-pay policies under which an Assured Guaranty insurance subsidiary guarantees an obligation already insured by another Assured Guaranty insurance subsidiary.

4)    Loss and LAE reserves exclude adjustments to claims-paying resources for AG because the balance was in a net recoverable position of $144 million.

5)    Net exposure and net debt service outstanding are presented on a statutory basis. Includes $4,177 million of specialty business.

6)    The capital ratio is calculated by dividing net debt service outstanding by qualified statutory capital.

7)    The financial resources ratio is calculated by dividing net debt service outstanding by total claims-paying resources.

Please refer to the Glossary for an explanation of changes in the presentation of net debt service and net par outstanding.

19

Assured Guaranty Ltd.

New Business Production

(dollars in millions)

Reconciliation of GWP to PVP

						Three Months Ended																														Three Months Ended
						September 30, 2025																														September 30, 2024
						Public Finance												Structured Finance																		Public Finance												Structured Finance
						U.S.						Non - U.S.						U.S.						Non - U.S.						Total						U.S.						Non - U.S.						U.S.						Non - U.S.						Total
Total GWP						$	77					$	(13)					$	2					$	9					$	75					$	35					$	7					$	4					$	15					$	61
Less: Installment GWP and other GAAP adjustments (1)						32						(13)						1						9						29						2						(1)						2						15						18
Upfront GWP						45						—						1						—						46						33						8						2						—						43
Plus: Installment premiums and other(2)						33						5						(1)						8						45						1						2						3						14						20
Total PVP						$	78					$	5					$	—					$	8					$	91					$	34					$	10					$	5					$	14					$	63
Gross par written						$	7,851					$	243					$	42					$	1,005					$	9,141					$	5,387					$	665					$	551					$	834					$	7,437

						Nine Months Ended																														Nine Months Ended
						September 30, 2025																														September 30, 2024
						Public Finance												Structured Finance																		Public Finance												Structured Finance
						U.S.						Non - U.S.						U.S.						Non - U.S.						Total						U.S.						Non - U.S.						U.S.						Non - U.S.						Total
Total GWP						$	175					$	(6)					$	8					$	18					$	195					$	182					$	34					$	19					$	19					$	254
Less: Installment GWP and other GAAP adjustments (1)						64						(6)						7						18						83						99						14						16						19						148
Upfront GWP						111						—						1						—						112						83						20						3						—						106
Plus: Installment premiums and other(2)						41						19						2						20						82						110						24						21						20						175
Total PVP						$	152					$	19					$	3					$	20					$	194					$	193					$	44					$	24					$	20					$	281
Gross par written						$	20,981					$	715					$	168					$	2,675					$	24,539					$	15,339					$	2,237					$	1,245					$	1,782					$	20,603

1)    Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, and GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.

2)    Includes the present value of future premiums and fees on new business paid in installments discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

20

Assured Guaranty Ltd.

Gross Par Written

(dollars in millions)

Gross Par Written by Asset Type

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Sector:
U.S. public finance:
General obligation			$	2,529					$	1,916					$	7,595					$	5,735
Tax backed			1,543						1,104						4,527						2,560
Healthcare			1,479						436						2,947						774
Municipal utilities			775						1,183						2,242						2,012
Transportation			1,103						459						2,132						3,704
Higher education			422						127						1,367						372
Housing revenue			—						158						140						158
Other public finance			—						4						31						24
Total U.S. public finance			7,851						5,387						20,981						15,339
Non-U.S. public finance:
Regulated utilities			243						285						383						1,803
Infrastructure finance			—						380						228						434
Sovereign and sub-sovereign			—						—						104						—
Total non-U.S. public finance			243						665						715						2,237
Total public finance			8,094						6,052						21,696						17,576
U.S. structured finance:
Subscription finance facilities			6						21						101						213
Pooled corporate obligations			34						12						53						218
Insurance securitizations			—						200						—						450
Structured credit			—						275						—						285
Commercial mortgage-backed securities			—						25						—						25
Other structured finance			2						18						14						54
Total U.S. structured finance			42						551						168						1,245
Non-U.S. structured finance:
Subscription finance facilities			615						162						2,138						802
Pooled corporate obligations			94						50						241						358
Other structured finance			296						622						296						622
Total non-U.S. structured finance			1,005						834						2,675						1,782
Total structured finance			1,047						1,385						2,843						3,027
Total gross par written			$	9,141					$	7,437					$	24,539					$	20,603

Please refer to the Glossary for a description of sectors.

21

Assured Guaranty Ltd.

New Business Production by Quarter

(dollars in millions)

																																																Nine Months
						1Q-24						2Q-24						3Q-24						4Q-24						1Q-25						2Q-25						3Q-25						2025						2024
PVP:
Public finance - U.S.						$	43					$	116					$	34					$	77					$	25					$	49					$	78					$	152					$	193
Public finance - non-U.S.						1						33						10						23						7						7						5						19						44
Structured finance - U.S.						15						4						5						1						2						1						—						3						24
Structured finance - non-U.S.						4						2						14						20						5						7						8						20						20
Total PVP (1)						$	63					$	155					$	63					$	121					$	39					$	64					$	91					$	194					$	281
Reconciliation of GWP to PVP:
Total GWP						$	61					$	132					$	61					$	186					$	35					$	85					$	75					$	195					$	254
Less: Installment GWP and other GAAP adjustments						28						102						18						152						11						43						29						83						148
Upfront GWP						33						30						43						34						24						42						46						112						106
Plus: Installment premiums and other (2)						30						125						20						87						15						22						45						82						175
Total PVP						$	63					$	155					$	63					$	121					$	39					$	64					$	91					$	194					$	281
Gross par written:
Public finance - U.S.						$	2,909					$	7,043					$	5,387					$	8,419					$	4,269					$	8,861					$	7,851					$	20,981					$	15,339
Public finance - non-U.S.						—						1,572						665						436						197						275						243						715						2,237
Structured finance - U.S.						480						214						551						231						121						5						42						168						1,245
Structured finance - non-U.S. (1)						354						594						834						2,140						415						1,255						1,005						2,675						1,782
Total						$	3,743					$	9,423					$	7,437					$	11,226					$	5,002					$	10,396					$	9,141					$	24,539					$	20,603

1)    PVP and gross par written include the present value of future premiums and total exposure, respectively, associated with other guaranties written by the Company that, under GAAP, are accounted for under Accounting Standards Codification (ASC) 460, Guarantees.

2)    Includes the present value of future premiums and fees on new business paid in installments discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. Includes the present value of future premiums and fees associated with other business written by the Company that, under GAAP, are accounted for under ASC 460, Guarantees.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement. Please refer to the Glossary for a description of sectors.

22

Assured Guaranty Ltd.

Estimated Net Exposure Amortization(1) and Estimated Future Financial Guaranty Net Premium

and Credit Derivative Revenues

(dollars in millions)

																		Financial Guaranty Insurance (2)
						Estimated Net Debt Service Amortization						Estimated Ending Net Debt Service Outstanding						Earnings of Deferred Premium Revenue						Accretion of Discount						Effect of FG VIE Consolidation on Earnings of Deferred Premium Revenue and Accretion of Discount						Future Credit Derivative Revenues (3)
2025 (as of September 30)												$	438,764
2025 Q4						$	6,854					431,910						$	78					$	10					$	1					$	2
2026						24,710						407,200						294						37						4						9
2027						21,881						385,319						272						35						3						9
2028						21,516						363,803						258						33						2						8
2029						22,432						341,371						240						31						2						7
2025-2029						97,393						341,371						1,142						146						12						35
2030-2034						104,295						237,076						954						130						9						26
2035-2039						80,937						156,139						627						96						6						19
2040-2044						56,960						99,179						414						63						—						12
2045-2049						44,994						54,185						275						36						—						7
2050-2054						31,169						23,016						142						16						—						—
After 2054						23,016						—						104						12						—						—
Total						$	438,764											$	3,658					$	499					$	27					$	99

Reconciliation of Net Deferred Premium Revenue to Net Unearned Premium Reserve (4)

						GAAP						Effect of FG VIE Consolidation on Net Unearned Premium Reserve
Net deferred premium revenue:
Financial guaranty						$	3,658					$	26
Specialty						5						—
Net deferred premium revenue						3,663						26
Contra-paid						(23)						(3)
Net unearned premium reserve						$	3,640					$	23

1)    Represents the future expected amortization of current debt service outstanding (principal and interest), assuming no advance refundings, as of September 30, 2025. Actual amortization differs from expected maturities because borrowers may have the right to call or prepay guaranteed obligations, terminations and because of management’s assumptions on structured finance amortization.

2)    See also page 26, for ‘‘Net Expected Loss to be Expensed.’’

3)    Represents expected future premiums on insured credit derivatives.

4)    Unearned premium reserve represents deferred premium revenue less claim payments made (net of recoveries received) that have been recognized in the statement of operations (contra-paid).

23

Assured Guaranty Ltd.

Roll Forward of Net Expected Loss and LAE to be Paid (Recovered)

(dollars in millions)

Roll Forward of Net Expected Loss and LAE to be Paid (Recovered) (1) for the Three Months Ended September 30, 2025

						Net Expected Loss to be Paid (Recovered) as of June 30, 2025						Net Economic Loss Development (Benefit) During 3Q-25						Net (Paid) Recovered Losses During 3Q-25						Net Expected Loss to be Paid (Recovered) as of September 30, 2025
Public Finance:
U.S. public finance						$	53					$	(2)					$	(81)					$	(30)
Non-U.S. public finance						139						(6)						—						133
Public Finance						192						(8)						(81)						103
Structured Finance:
U.S. RMBS						(35)						(31)						7						(59)
Other structured finance						29						1						30						60
Structured Finance						(6)						(30)						37						1
Total						$	186					$	(38)					$	(44)					$	104

Roll Forward of Net Expected Loss and LAE to be Paid (Recovered) (1) for the Nine Months Ended September 30, 2025

						Net Expected Loss to be Paid (Recovered) as of December 31, 2024						Net Economic Loss Development (Benefit) During 2025						Net (Paid) Recovered Losses During 2025						Net Expected Loss to be Paid (Recovered) as of September 30, 2025
Public Finance:
U.S. public finance						$	18					$	51					$	(99)					$	(30)
Non-U.S. public finance						98						36						(1)						133
Public Finance						116						87						(100)						103
Structured Finance:
U.S. RMBS						(43)						(40)						24						(59)
Other structured finance						33						(64)						91						60
Structured Finance						(10)						(104)						115						1
Total						$	106					$	(17)					$	15					$	104

1)    Includes net expected loss to be paid (recovered), economic loss development (benefit) and (paid) recovered losses for all contracts (i.e., those accounted for as insurance, credit derivatives and FG VIEs).

Please refer to the Glossary for a description of sectors.

24

Assured Guaranty Ltd.

Loss Measures

(dollars in millions)

						As of September 30, 2025									Three Months Ended September 30, 2025
						Total Net Par Outstanding for BIG Transactions									Net Economic Loss Development (Benefit)						GAAP Loss and LAE (1)						Loss and LAE included in Adjusted Operating Income (2)						Insurance Segment  Loss and LAE (3)
Public finance:
U.S. public finance						$	3,596								$	(2)					$	(5)					$	(5)					$	(5)
Non-U.S. public finance						6,929									(6)						(2)						(2)						(2)
Public finance						10,525									(8)						(7)						(7)						(7)
Structured finance:
U.S. RMBS						780									(31)						(25)						(25)						(26)
Other structured finance						73									1						2						2						2
Structured finance						853									(30)						(23)						(23)						(24)
Total						$	11,378								$	(38)					$	(30)					$	(30)					$	(31)

						As of September 30, 2025									Nine Months Ended September 30, 2025
						Total Net Par Outstanding for BIG Transactions									Net Economic Loss Development (Benefit)						GAAP Loss and LAE (1)						Loss and LAE included in Adjusted Operating Income (2)						Insurance Segment  Loss and LAE (3)
Public finance:
U.S. public finance						$	3,596								$	51					$	46					$	46					$	46
Non-U.S. public finance						6,929									36						18						18						18
Public finance						10,525									87						64						64						64
Structured finance:
U.S. RMBS						780									(40)						(25)						(25)						(27)
Other structured finance						73									(64)						(1)						(64)						(64)
Structured finance						853									(104)						(26)						(89)						(91)
Total						$	11,378								$	(17)					$	38					$	(25)					$	(27)

1)    Includes loss expense related to contracts that are accounted for as insurance contracts.

2)    Includes loss expense related to contracts that are accounted for as insurance contracts and credit derivatives.

3)    Includes loss expense related to contracts that are accounted for as insurance contracts, credit derivatives, and consolidated FG VIEs.

Please refer to the Glossary for an explanation of the presentation of net par outstanding and of the various sectors.

25

Assured Guaranty Ltd.

Net Expected Loss to be Expensed (1)

As of September 30, 2025

(dollars in millions)

						GAAP
2025 Q4						$	3
2026						14
2027						17
2028						20
2029						18
2025-2029						72
2030-2034						81
2035-2039						37
2040-2044						19
2045-2049						25
2050-2054						20
After 2054						3
Total expected present value of net expected loss to be expensed (2)						257
Future expected accretion						27
Total expected future loss and LAE						$	284

1)    The present value of net expected loss to be paid is discounted using risk free rates for U.S. and non-U.S. currencies ranging from 1.92% to 5.70%.

2)    Excludes $20 million related to FG VIEs, which are eliminated in consolidation.

26

Assured Guaranty Ltd.

Financial Guaranty Profile (1 of 3)

(dollars in millions)

Net Par Outstanding by Asset Type

						As of September 30, 2025						As of December 31, 2024
U.S. public finance:
General obligation						$	80,656					$	78,162
Tax backed						35,205						33,288
Municipal utilities						31,192						30,036
Transportation						28,559						26,958
Healthcare						16,666						14,007
Infrastructure finance						8,540						8,663
Higher education						8,533						7,381
Housing revenue						1,356						1,272
Renewable energy						164						164
Other public finance						1,220						1,244
Total U.S. public finance						212,091						201,175
Non-U.S. public finance:
Regulated utilities						24,252						22,361
Infrastructure finance						15,427						14,961
Sovereign and sub-sovereign						8,852						9,181
Renewable energy						1,690						1,596
Pooled infrastructure						1,106						1,101
Total non-U.S. public finance						51,327						49,200
Total public finance						263,418						250,375
U.S. structured finance:
Insurance reserve financings and securitizations						4,421						4,495
RMBS						1,400						1,507
Pooled corporate obligations						632						607
Financial products						411						492
Subscription finance facilities						211						185
Other structured finance						1,027						1,167
Total U.S. structured finance						8,102						8,453
Non-U.S. structured finance:
Subscription finance facilities						1,574						1,385
Pooled corporate obligations						594						468
RMBS						221						221
Other structured finance						966						650
Total non-U.S. structured finance						3,355						2,724
Total structured finance						11,457						11,177
Total net par outstanding						$	274,875					$	261,552

Please refer to the Glossary for an explanation of the presentation of net par outstanding and various sectors.

27

Assured Guaranty Ltd.

Financial Guaranty Profile (2 of 3)

As of September 30, 2025

(dollars in millions)

Distribution by Ratings of Financial Guaranty Portfolio

						Public Finance - U.S.												Public Finance - Non-U.S.												Structured Finance - U.S.												Structured Finance - Non-U.S.												Total
Ratings:						Net Par Outstanding						%						Net Par Outstanding						%						Net Par Outstanding						%						Net Par Outstanding						%						Net Par Outstanding						%
AAA						$	22					—		%				$	1,873					3.7		%				$	474					5.8		%				$	515					15.4		%				$	2,884					1.0		%
AA						17,346						8.2						2,522						4.9						5,303						65.5						134						4.0						25,305						9.3
A						121,320						57.2						12,422						24.2						766						9.5						2,698						80.4						137,206						49.9
BBB						69,807						32.9						27,581						53.7						706						8.7						8						0.2						98,102						35.7
BIG						3,596						1.7						6,929						13.5						853						10.5						—						—						11,378						4.1
Net Par Outstanding (1)						$	212,091					100.0		%				$	51,327					100.0		%				$	8,102					100.0		%				$	3,355					100.0		%				$	274,875					100.0		%

1)    As of September 30, 2025, the Company excluded $801 million of net par outstanding attributable to Loss Mitigation Securities.

Please refer to the Glossary for an explanation of the presentation of net par outstanding and the Company's internal rating approach, and of the various sectors.

28

Assured Guaranty Ltd.

Financial Guaranty Profile (3 of 3)

As of September 30, 2025

(dollars in millions)

Geographic Distribution of Financial Guaranty Portfolio

						Net Par Outstanding						% of Total
U.S.:
U.S. public finance:
California						$	35,769					13.0		%
Texas						27,417						10.0
New York						21,117						7.7
Pennsylvania						18,994						6.9
Illinois						13,126						4.8
Florida						13,085						4.8
New Jersey						8,256						3.0
Louisiana						5,377						2.0
Michigan						5,094						1.9
Colorado						4,603						1.6
Other						59,253						21.5
Total U.S. public finance						212,091						77.2
U.S. structured finance (multiple states)						8,102						2.9
Total U.S.						220,193						80.1
Non-U.S.:
United Kingdom						43,044						15.7
Australia						1,879						0.7
Spain						1,873						0.7
France						1,677						0.6
Canada						1,211						0.4
Other						4,998						1.8
Total non-U.S.						54,682						19.9
Total net par outstanding						$	274,875					100.0		%

Please refer to the Glossary for an explanation of the presentation of net par outstanding.

29

Assured Guaranty Ltd.

Specialty Business

(dollars in millions)

						As of September 30, 2025												As of December 31, 2024
						Gross Exposure (1)						Net Exposure (1)						Gross Exposure (1)						Net Exposure (1)
Diversified real estate						$	2,071					$	2,071					$	2,004					$	2,004
Insurance reserve financings and securitizations						1,502						1,179						1,449						1,126
Pooled corporate obligations						840						840						868						868
Aircraft residual value insurance						147						87						147						87

1)    All exposures are rated investment-grade, except gross and net exposure of $5 million of aircraft residual value insurance as of both September 30, 2025 and December 31, 2024.

Please refer to the Glossary for a description of sectors.

30

Assured Guaranty Ltd.

Expected Amortization of Net Par Outstanding

(dollars in millions)

						Public Finance																								Structured Finance
						U.S. Public Finance						Non-U.S. Public Finance						Total						Estimated Ending Net Par Outstanding						U.S. RMBS						U.S. and Non-U.S. Pooled Corporate						Other Structured Finance						Total						Estimated Ending Net Par Outstanding
2025 (as of September 30)																								$	263,418																													$	11,457
2025 Q4						$	2,362					$	1,075					$	3,437					259,981						$	52					$	16					$	173					$	241					11,216
2026						8,972						2,047						11,019						248,962						191						312						1,592						2,095						9,121
2027						8,542						1,000						9,542						239,420						201						462						717						1,380						7,741
2028						8,893						1,105						9,998						229,422						122						237						667						1,026						6,715
2029						9,055						2,107						11,162						218,260						148						103						1,010						1,261						5,454
2025-2029						37,824						7,334						45,158						218,260						714						1,130						4,159						6,003						5,454
2030-2034						46,405						12,636						59,041						159,219						371						73						2,729						3,173						2,281
2035-2039						40,430						9,464						49,894						109,325						308						23						652						983						1,298
2040-2044						33,182						2,236						35,418						73,907						—						—						726						726						572
2045-2049						27,484						3,663						31,147						42,760						7						—						565						572						—
2050-2054						19,638						4,572						24,210						18,550						—						—						—						—						—
After 2054						7,128						11,422						18,550						—						—						—						—						—						—
Total						$	212,091					$	51,327					$	263,418											$	1,400					$	1,226					$	8,831					$	11,457

Net par outstanding (end of period)

						1Q-24						2Q-24						3Q-24						4Q-24						1Q-25						2Q-25						3Q-25
Public finance - U.S.						$	189,895					$	194,593					$	195,837					$	201,175					$	202,417					$	208,716					$	212,091
Public finance - non-U.S.						48,237						49,583						52,083						49,200						50,114						53,132						51,327
Structured finance - U.S.						8,643						8,759						8,717						8,453						8,373						8,166						8,102
Structured finance - non-U.S.						1,369						1,461						1,559						2,724						2,687						2,764						3,355
Net par outstanding						$	248,144					$	254,396					$	258,196					$	261,552					$	263,591					$	272,778					$	274,875

Please refer to the Glossary for an explanation of the presentation of net par outstanding and of the various sectors.

31

Assured Guaranty Ltd.

Puerto Rico Profile

As of September 30, 2025

(dollars in millions)

						Net Par Outstanding
						AG						AG Re						Total Net Par Outstanding						Gross Par Outstanding
Defaulted Puerto Rico Exposure
PREPA						$	322					$	142					$	464					$	470
Resolved Puerto Rico Exposure
Puerto Rico Highway and Transportation Authority						$	—					$	13					$	13					$	13
Non-Defaulting Puerto Rico Exposure
Puerto Rico Municipal Finance Agency (MFA)						$	64					$	11					$	75					$	81
University of Puerto Rico						1						—						1						1
Total non-defaulting						$	65					$	11					$	76					$	82

PREPA Amortization Schedule

			Scheduled Net Par Amortization						Scheduled Net Debt Service Amortization
2025 (October 1 - December 31)			$	—					$	2
2026 (January 1 - March 31)			—						9
2026 (April 1 - June 30)			—						2
2026 (July 1 - September 30)			106						114
2026 (October 1 - December 31)			—						1
Subtotal 2026			106						126
2027			106						122
2028			68						80
2029			39						47
2030-2034			141						158
2035-2037			4						4
Total			$	464					$	539

32

Assured Guaranty Ltd.

Direct Pooled Corporate Obligations Profile

As of September 30, 2025

(dollars in millions)

Distribution of Direct Pooled Corporate Obligations by Ratings

						Net Par Outstanding						% of Total						Average Initial Credit Enhancement						Average Current Credit Enhancement
Ratings:
AAA						$	590					48.1		%				40.3		%				47.1		%
AA						321						26.2						59.6						39.1
A						162						13.2						40.2						44.1
BBB						153						12.5						36.1						36.9
Total exposures						$	1,226					100.0		%				44.8		%				43.4		%

Distribution of Direct Pooled Corporate Obligations by Asset Class

						Net Par Outstanding						% of Total						Average Initial Credit Enhancement						Average Current Credit Enhancement						Number of Transactions
Asset class:
Trust preferred
Banks and insurance						$	185					15.1		%				42.3		%				66.8		%				7
U.S. mortgage and real estate investment trusts						49						4.0						48.4						68.1						3
CLOs						992						80.9						45.1						37.8						11
Total exposures						$	1,226					100.0		%				44.8		%				43.4		%				21

Please refer to the Glossary for an explanation of internal ratings, performance indicators and sectors.

33

Assured Guaranty Ltd.

Below Investment Grade Exposures (1 of 3)

(dollars in millions)

BIG Exposures by Asset Exposure Type

						As of
						September 30,						December 31,
						2025						2024
U.S. public finance:
Transportation						$	1,232					$	107
Healthcare						919						1,200
Municipal utilities						746						813
General obligation						270						286
Tax backed						97						123
Higher education						85						88
Housing revenue						63						67
Infrastructure finance						31						45
Other public finance						153						159
Total U.S. public finance						3,596						2,888
Non-U.S. public finance:
Regulated utilities						5,165						4,744
Renewable energy						930						851
Infrastructure finance						834						765
Sovereign and sub-sovereign						—						38
Total non-U.S. public finance						6,929						6,398
Total public finance						10,525						9,286
U.S. structured finance:
RMBS						780						819
Insurance reserve financings and securitizations						40						40
Other structured finance						33						37
Total U.S. structured finance						853						896
Non-U.S. structured finance:
Total non-U.S. structured finance						—						—
Total structured finance						853						896
Total BIG net par outstanding						$	11,378					$	10,182

Please refer to the Glossary for an explanation of the Company's presentation of net par outstanding and a description of various sectors.

34

Assured Guaranty Ltd.

Below Investment Grade Exposures (2 of 3)

(dollars in millions)

Net Par Outstanding by BIG Surveillance Category (1)

						As of
						September 30,						December 31,
						2025						2024
BIG Category 1
U.S. public finance						$	2,584					$	2,119
Non-U.S. public finance						4,494						5,879
U.S. structured finance						173						104
Non-U.S. structured finance						—						—
Total BIG Category 1						7,251						8,102
BIG Category 2
U.S. public finance						416						137
Non-U.S. public finance						2,435						519
U.S. structured finance						46						50
Non-U.S. structured finance						—						—
Total BIG Category 2						2,897						706
BIG Category 3
U.S. public finance						596						632
Non-U.S. public finance						—						—
U.S. structured finance						634						742
Non-U.S. structured finance						—						—
Total BIG Category 3						1,230						1,374
BIG Total						$	11,378					$	10,182

1)    The Company assigns each BIG exposure to one of the three BIG surveillance categories below, which generally represent the following: BIG 1: Below-investment-grade exposures for which there are possible future losses, on a present value basis, and the aggregate probability weighting of scenarios with future losses is less than 50%, regardless of whether the Company has or has not paid a claim for which it expects to be reimbursed within one year (liquidity claim). BIG 2: Below-investment-grade exposures for which there are possible future losses, on a present value basis, and the aggregate probability weighting of scenarios with future losses is 50% or more, but for which no claims (other than liquidity claims) have yet been paid. BIG 3: Below-investment-grade exposures for which future losses are expected, on a present value basis, and the aggregate probability weighting of scenarios with future losses is 50% or more, and for which claims, other than liquidity claims have been paid.

For purposes of classifying BIG exposures into one of the three BIG categories, the Company calculates the present value of projected claim payments and recoveries using the pre-tax book yield of the investment portfolio as the applicable discount rate.

For financial statement measurement purposes, the Company uses risk-free rates (as determined each quarter) for discounting, rather than pre-tax book yield of the investment portfolio, to calculate the expected losses to be paid. Expected losses to be paid (recovered) are based on probability weighted scenarios and serve as the basis for the loss reserves reported in accordance with U.S. GAAP.

Please refer to the Glossary for an explanation of the Company's internal rating approach, presentation of net par outstanding and a description of various sectors.

35

Assured Guaranty Ltd.

Below Investment Grade Exposures (3 of 3)

As of September 30, 2025

(dollars in millions)

Public Finance and Structured Finance BIG Exposures with Revenue Sources Greater Than $50 Million

Net Par Outstanding

Internal Rating (1)

60+ Day Delinquencies

Name or description

U.S. public finance:

Brightline Trains Florida LLC

$

1,134

BB+

Westchester Medical Center

540

BB+

PREPA

464

CCC

Palomar Health

374

CCC

Jackson Water & Sewer System, Mississippi

142

BB

New Jersey City University

84

BB

Stockton City, California

82

B

MFA

75

B

Harrisburg Parking System, Pennsylvania

73

B

San Jacinto River Authority (GRP Project), Texas

56

BB+

Indiana University of Pennsylvania, Pennsylvania

50

CCC

Total U.S. public finance

3,074

Non-U.S. public finance:

Southern Water Services Limited

2,820

BB

Thames Water Utilities Finance PLC

2,345

B

Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc

554

B+

Q Energy - Phase II - Pride Investments, S.A.

283

BB+

Hypersol Solar Inversiones, S.A.U.

276

BB+

Q Energy - Phase III - FSL Issuer, S.A.U.

259

B+

Dartford & Gravesham NHS Trust The Hospital Company (Dartford) Plc

114

BB+

Q Energy - Phase IV - Anselma Issuer, S.A.

112

BB+

University of Essex, United Kingdom

90

BB+

Road Management Services PLC (A13 Highway)

76

B+

Total non-U.S. public finance

6,929

Total public finance

10,003

U.S. structured finance:

RMBS:

Option One Mortgage Loan Trust 2007-Hl1

95

CCC

18.2%

Argent Securities Inc. 2005-W4

93

CCC

7.6%

Option One 2007-FXD2

91

BB

15.5%

Total RMBS-U.S. structured finance

279

Total non-U.S. structured finance

—

Total structured finance

279

Total

$

10,282

1)    Transactions rated below B- are categorized as CCC.

Please refer to the Glossary for an explanation of the Company's internal rating approach, presentation of net par outstanding and a description of performance indicators and sectors.

36

Assured Guaranty Ltd.

Largest Exposures by Sector (1 of 3)

As of September 30, 2025

(dollars in millions)

50 Largest U.S. Public Finance Exposures by Revenue Source

Credit Name:

Net Par Outstanding

Internal Rating

JFK New Terminal One, New York

$

2,209

BBB-

Pennsylvania (Commonwealth of)

1,864

BBB

New Jersey (State of)

1,856

BBB

Metro Washington Airports Authority (Dulles Toll Road)

1,649

BBB+

Alameda Corridor Transportation Authority, California

1,413

BBB

Lower Colorado River Authority

1,333

A

New York Power Authority

1,327

AA-

New York Metropolitan Transportation Authority

1,316

A-

Foothill/Eastern Transportation Corridor Agency, California

1,279

BBB+

South Carolina Public Service Authority - Santee Cooper

1,217

BBB+

North Texas Tollway Authority

1,210

A+

CommonSpirit Health, Illinois

1,157

A-

Brightline Trains Florida LLC

1,134

BB+

Philadelphia Water & Wastewater, Pennsylvania

1,133

A

Montefiore Medical Center, New York

1,129

BBB-

North Carolina Turnpike Authority

1,055

BBB

Pittsburgh International Airport, Pennsylvania

1,052

A-

Central Florida Expressway Authority, Florida

1,048

A+

San Joaquin Hills Transportation, California

970

BBB+

JFK Terminal 6, New York

924

BBB-

ProMedica Healthcare Obligated Group, Ohio

918

BBB-

Yankee Stadium LLC New York City Industrial Development Authority

918

BBB

Pittsburgh Water & Sewer, Pennsylvania

900

A-

Metropolitan Pier and Exposition Authority, Illinois

880

BBB-

Municipal Electric Authority of Georgia

878

BBB+

San Diego Family Housing, LLC

863

AA

Chicago Water, Illinois

854

BBB+

Thomas Jefferson University

851

A-

Philadelphia School District, Pennsylvania

832

A-

Harris County - Houston Sports Authority, Texas

832

A-

Maine (State of)

801

A

Dade County Seaport, Florida

780

A-

Houston Airport System, Texas

767

A

Beth Israel Lahey Health, Massachusetts

709

A-

Chicago Public Schools, Illinois

705

BBB-

Illinois (State of)

701

BBB

Clark County School District, Nevada

695

A-

California (State of)

673

AA-

Nassau County, New York

667

AA-

Downtown Revitalization Public Infrastructure District (SEG Redevelopment Project), Utah

650

A+

Tucson (City of), Arizona

642

A+

New York Transportation Development Corporation (LaGuardia Airport Terminal Redevelopment Project)

631

BBB

Chicago-O'Hare International Airport, Illinois

624

A-

Anaheim (City of), California

614

A-

Massachusetts (Commonwealth of) Water Resources

605

AA

Pennsylvania Turnpike Commission

603

A-

Chicago (City of) Wastewater Transmission, Illinois

601

BBB+

Orlando Tourist Development Tax, Florida

596

A-

Private Transaction

583

BBB-

Duval County School Board, Florida

576

A

Total top 50 U.S. public finance exposures

$

48,224

Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.

37

Assured Guaranty Ltd.

Largest Exposures by Sector (2 of 3)

As of September 30, 2025

(dollars in millions)

25 Largest U.S. Structured Finance Exposures

Credit Name:

Net Par Outstanding

Internal Rating (1)

Private U.S. Insurance Reserve Financing

$

1,100

AA

Private U.S. Insurance Reserve Financing

1,100

AA-

Private U.S. Insurance Reserve Financing

1,048

AA-

Private U.S. Insurance Reserve Financing

422

AA-

Private U.S. Insurance Reserve Financing

397

AA-

Private Middle Market CLO

203

AA

Private US Insurance Securitization

167

A

DB Master Finance LLC

133

BBB

Private Middle Market CLO

125

BBB+

Private U.S. Insurance Securitization

116

AA

Private Subscription Finance Transaction

104

A-

Private Balloon Note Guarantee

100

A

SLM Student Loan Trust 2007-A

99

AA

CWABS 2007-4

97

BBB

Option One Mortgage Loan Trust 2007-Hl1

95

CCC

Argent Securities Inc. 2005-W4

93

CCC

Option One 2007-FXD2

91

BB

CAPCO - Excess SIPC Excess of Loss Reinsurance

63

BBB

Private Balloon Note Guarantee

59

BBB

Private Balloon Note Guarantee

50

A

Nomura Asset Accept. Corp. 2007-1

48

CCC

Wendy's Funding, LLC

46

BBB

ALESCO Preferred Funding XIII, Ltd.

45

AAA

Sonic Capital LLC 2020-1

45

BBB

CWALT Alternative Loan Trust 2007-HY9

45

BBB+

Total top 25 U.S. structured finance exposures

$

5,891

1)    Transactions rated below B- are categorized as CCC.

Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.

38

Assured Guaranty Ltd.

Largest Exposures by Sector (3 of 3)

As of September 30, 2025

(dollars in millions)

50 Largest Non-U.S. Exposures by Revenue Source

Credit Name:

Country

Net Par Outstanding

Internal Rating

Southern Water Services Limited

United Kingdom

$

2,820

BB

Thames Water Utilities Finance PLC

United Kingdom

2,345

B

Southern Gas Networks PLC

United Kingdom

2,266

BBB+

Dwr Cymru Financing Limited

United Kingdom

2,024

A-

Anglian Water Services Financing PLC

United Kingdom

1,883

A-

National Grid Gas PLC

United Kingdom

1,811

A-

Yorkshire Water Services Finance Plc

United Kingdom

1,382

BBB

Channel Link Enterprises Finance PLC

France, United Kingdom

1,314

BBB

Severn Trent Water Utilities Finance Plc

United Kingdom

1,079

BBB+

Capital Hospitals (Issuer) PLC

United Kingdom

1,031

BBB-

United Utilities Water PLC

United Kingdom

974

BBB+

British Broadcasting Corporation (BBC)

United Kingdom

972

A+

Quebec Province

Canada

956

AA-

Private Other Structured Finance Transaction

Australia

869

A-

Wessex Water Services Finance Plc

United Kingdom

823

BBB+

National Grid Company PLC

United Kingdom

811

BBB+

South West Water UK

United Kingdom

769

BBB+

Verbund, Lease and Sublease of Hydro-Electric Equipment

Austria

758

AAA

Verdun Participations 2 S.A.S.

France

748

BBB-

Aspire Defence Finance plc

United Kingdom

728

BBB+

South East Water

United Kingdom

699

BBB

Heathrow Funding Limited

United Kingdom

663

BBB

Private International Sub-Sovereign Transaction

United Kingdom

580

A+

Campania Region - Healthcare receivable

Italy

556

BBB-

Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc

United Kingdom

554

B+

University of Sussex

United Kingdom

552

BBB

NewHospitals (St Helens & Knowsley) Finance PLC

United Kingdom

536

BBB+

North Staffordshire, United Kingdom

United Kingdom

507

BBB-

Central Nottinghamshire Hospitals PLC

United Kingdom

503

BBB-

Derby Healthcare PLC

United Kingdom

478

BBB

Sydney Airport Finance Company

Australia

464

BBB+

The Hospital Company (QAH Portsmouth) Limited

United Kingdom

456

BBB

Sutton and East Surrey Water plc

United Kingdom

430

BBB

University of Essex, United Kingdom

United Kingdom

391

BBB-

Western Power Distribution (South West) plc

United Kingdom

375

BBB+

International Infrastructure Pool

United Kingdom

369

AAA

International Infrastructure Pool

United Kingdom

369

AAA

International Infrastructure Pool

United Kingdom

369

AAA

South Lanarkshire Schools

United Kingdom

368

BBB

Northumbrian Water PLC

United Kingdom

344

BBB+

Private International Sub-Sovereign Transaction

United Kingdom

334

A

Catalyst Healthcare (Romford) Financing PLC

United Kingdom

327

BBB

Portsmouth Water, United Kingdom

United Kingdom

312

BBB

South Staffordshire Water PLC

United Kingdom

306

BBB+

Western Power Distribution (South Wales) PLC

United Kingdom

303

BBB+

Japan Expressway Holding and Debt Repayment Agency

Japan

298

A+

Bakethin Finance Plc

United Kingdom

294

A-

Private International Sub-Sovereign Transaction

United Kingdom

289

A

Comision Federal De Electricidad (CFE) El Cajon Project

Mexico

288

BBB-

Feria Muestrario Internacional de Valencia

Spain

287

BBB-

Total top 50 non-U.S. exposures

$

38,964

Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.

39

Asset Management Segment

40

Assured Guaranty Ltd.

Asset Management Segment Results

(dollars in millions)

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Segment revenues			$	8					$	2					$	29					$	10
Segment expenses			4						2						17						6
Equity in earnings (losses) of investees			—						4						12						2
Segment adjusted operating income (loss) before income taxes			4						4						24						6
Less: Provision (benefit) for income taxes			1						—						5						1
Segment adjusted operating income (loss)			$	3					$	4					$	19					$	5

41

Corporate Division

42

Assured Guaranty Ltd.

Corporate Division Results

(dollars in millions)

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Revenues			$	3					$	4					$	11					$	13
Expenses
Interest expense			24						24						74						75
Employee compensation and benefit expenses			6						7						20						25
Other operating expenses			8						6						23						28
Total expenses			38						37						117						128
Equity in earnings (losses) of investees			9						—						28						—
Adjusted operating income (loss) before income taxes			(26)						(33)						(78)						(115)
Less: Provision (benefit) for income taxes			(2)						(4)						(5)						(14)
Adjusted operating income (loss)			$	(24)					$	(29)					$	(73)					$	(101)

43

Other

44

Assured Guaranty Ltd.

Other Results (1 of 2)

(dollars in millions)

			Three Months Ended September 30, 2025
			FG VIEs						CIVs						Intersegment Eliminations and Reclassifications						Total Other
Revenues
Net earned premiums			$	(1)					$	—					$	—					$	(1)
Net investment income			(1)						—						(2)						(3)
Fair value gains (losses) on FG VIEs			3						—						—						3
Fair value gains (losses) on CIVs			—						17						—						17
Other income (loss)			(1)						(2)						—						(3)
Total revenues			—						15						(2)						13
Expenses
Loss expense (benefit)			1						—						—						1
Interest expense			—						—						(2)						(2)
Total expenses			1						—						(2)						(1)
Equity in earnings (losses) of investees			—						(5)						—						(5)
Adjusted operating income (loss) before income taxes			(1)						10						—						9
Less: Provision (benefit) for income taxes			—						—						—						—
Less: Noncontrolling interests			—						9						—						9
Adjusted operating income (loss)			$	(1)					$	1					$	—					$	—

			Three Months Ended September 30, 2024
			FG VIEs						CIVs						Intersegment Eliminations and Reclassifications						Total Other
Revenues
Net earned premiums			$	(1)					$	—					$	—					$	(1)
Net investment income			(1)						—						(2)						(3)
Fair value gains (losses) on FG VIEs			(7)						—						—						(7)
Fair value gains (losses) on CIVs			—						21						—						21
Other income (loss)			(1)						(1)						—						(2)
Total revenues			(10)						20						(2)						8
Expenses
Interest expense			—						—						(2)						(2)
Total expenses			—						—						(2)						(2)
Equity in earnings (losses) of investees			—						(14)						—						(14)
Adjusted operating income (loss) before income taxes			(10)						6						—						(4)
Less: Provision (benefit) for income taxes			(2)						—						—						(2)
Less: Noncontrolling interests			—						5						—						5
Adjusted operating income (loss)			$	(8)					$	1					$	—					$	(7)

45

Assured Guaranty Ltd.

Other Results (2 of 2)

(dollars in millions)

			Nine Months Ended September 30, 2025
			FG VIEs						CIVs						Intersegment Eliminations and Reclassifications						Total Other
			(in millions)
Revenues
Net earned premiums			$	(2)					$	—					$	—					$	(2)
Net investment income			(2)						—						(7)						(9)
Fair value gains (losses) on FG VIEs			6						—						—						6
Fair value gains (losses) on CIVs			—						40						—						40
Other income (loss)			(1)						(5)						—						(6)
Total revenues			1						35						(7)						29
Expenses
Loss expense (benefit)			2						—						—						2
Interest expense			—						—						(7)						(7)
Total expenses			2						—						(7)						(5)
Equity in earnings (losses) of investees			—						(12)						—						(12)
Adjusted operating income (loss) before income taxes			(1)						23						—						22
Less: Provision (benefit) for income taxes			—						—						—						—
Less: Noncontrolling interests			—						21						—						21
Adjusted operating income (loss)			$	(1)					$	2					$	—					$	1

			Nine Months Ended September 30, 2024
			FG VIEs						CIVs						Intersegment Eliminations and Reclassifications						Total Other
			(in millions)
Revenues
Net earned premiums			$	(2)					$	—					$	—					$	(2)
Net investment income			(2)						—						(7)						(9)
Fair value gains (losses) on FG VIEs			(11)						—						—						(11)
Fair value gains (losses) on CIVs			—						54						—						54
Other income (loss)			(2)						(2)						—						(4)
Total revenues			(17)						52						(7)						28
Expenses
Loss expense (benefit)			(5)						—						—						(5)
Interest expense			—						—						(7)						(7)
Total expenses			(5)						—						(7)						(12)
Equity in earnings (losses) of investees			—						(38)						—						(38)
Adjusted operating income (loss) before income taxes			(12)						14						—						2
Less: Provision (benefit) for income taxes			(2)						—						—						(2)
Less: Noncontrolling interests			—						12						—						12
Adjusted operating income (loss)			$	(10)					$	2					$	—					$	(8)

46

Summary

47

Assured Guaranty Ltd.

Summary of Financial and Statistical Data

(dollars in millions, except per share amounts)

						As of and for the Nine Months Ended September 30, 2025						Year Ended December 31,
												2024						2023						2022						2021
GAAP Summary Statements of Operations Data
Net earned premiums						$	274					$	403					$	344					$	494					$	414
Net investment income						270						340						365						269						269
Total expenses						412						446						733						536						465
Income (loss) before income taxes						497						426						640						187						383
Net income (loss) attributable to AGL						384						376						739						124						389
Net income (loss) attributable to AGL per diluted share						7.73						6.87						12.30						1.92						5.23
GAAP Summary Balance Sheet Data
Total investments and cash						$	8,915					$	8,784					$	9,212					$	8,472					$	9,728
Total assets						12,101						11,901						12,539						16,843						18,208
Unearned premium reserve						3,663						3,719						3,658						3,620						3,716
Loss and LAE reserve						308						268						376						296						869
Long-term debt						1,702						1,699						1,694						1,675						1,673
Shareholders’ equity attributable to AGL						5,658						5,495						5,713						5,064						6,292
Shareholders’ equity attributable to AGL per share						121.13						108.80						101.63						85.80						93.19
Other Financial Information (GAAP Basis)
Financial guaranty:
Net debt service outstanding (end of period)						$	438,764					$	415,966					$	397,636					$	369,951					$	367,360
Gross debt service outstanding (end of period)						439,263						416,463						398,037						370,172						367,770
Net par outstanding (end of period)						274,875						261,552						249,153						233,258						236,392
Gross par outstanding (end of period)						275,355						262,032						249,535						233,438						236,765
Other Financial Information (Statutory Basis)(1)
Financial guaranty:
Net debt service outstanding (end of period)						$	437,249					$	415,454					$	396,448					$	366,883					$	362,013
Gross debt service outstanding (end of period)						437,748						415,951						396,849						367,103						362,423
Net par outstanding (end of period)						273,593						260,911						247,833						230,294						231,742
Gross par outstanding (end of period)						274,073						261,391						248,215						230,474						232,115
Claims-paying resources(2)
Policyholders' surplus						$	4,096					$	4,329					$	4,807					$	5,155					$	5,572
Contingency reserve						1,481						1,392						1,296						1,202						1,225
Qualified statutory capital						5,577						5,721						6,103						6,357						6,797
Unearned premium reserve and net deferred ceding commission income						3,002						2,964						2,955						2,941						2,972
Loss and LAE reserves						38						53						145						165						167
Total policyholders' surplus and reserves						8,617						8,738						9,203						9,463						9,936
Present value of installment premium						1,121						1,073						1,062						955						883
CCS and standby line of credit						400						400						400						400						400
Total claims-paying resources						$	10,138					$	10,211					$	10,665					$	10,818					$	11,219
Ratios:
Net exposure to qualified statutory capital						50:1						46:1						41:1						36:1						34:1
Capital ratio						79:1						73:1						66:1						58:1						53:1
Financial resources ratio						44:1						41:1						37:1						34:1						32:1
Adjusted statutory net exposure to claims-paying resources						27:1						26:1						24:1						21:1						21:1
Par and Debt Service Written (Financial Guaranty and Specialty)
Gross debt service written:
Public finance - U.S.						$	37,697					$	44,019					$	41,902					$	36,954					$	35,572
Public finance - non-U.S.						876						3,302						3,286						756						1,890
Structured finance - U.S.						195						1,495						2,130						1,120						1,319
Structured finance - non-U.S.						2,918						4,078						3,084						551						431
Total gross debt service written						$	41,686					$	52,894					$	50,402					$	39,381					$	39,212
Net debt service written						$	41,686					$	52,760					$	50,402					$	39,381					$	39,212
Net par written						24,539						31,695						28,960						22,047						26,656
Gross par written						24,539						31,829						28,960						22,047						26,656

1)    Statutory amounts prepared on a consolidated basis. The National Association of Insurance Commissioners Annual Statements for the Company’s U.S. domiciled insurance subsidiary, Assured Guaranty Inc., are prepared on a stand-alone basis. As of September 30, 2025 par outstanding and debt service outstanding exclude par associated with Loss Mitigation Securities.

2)    See page 19 for additional detail on claims-paying resources.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Please refer to the Glossary for an explanation of the presentation of net debt service and net par outstanding and of the various sectors.

48

Assured Guaranty Ltd.

Summary of GAAP to Non-GAAP Reconciliations(1) (1 of 2)

(dollars in millions, except per share amounts)

						Nine Months Ended September 30, 2025						Year Ended December 31,
												2024						2023						2022						2021
Total GWP						$	195					$	440					$	357					$	360					$	377
Less: Installment GWP and other GAAP adjustments (2)						83						300						247						145						158
Upfront GWP						112						140						110						215						219
Plus: Installment premiums and other (3)						82						262						294						160						142
Total PVP						$	194					$	402					$	404					$	375					$	361
PVP:
Public finance - U.S.						$	152					$	270					$	212					$	257					$	235
Public finance - non-U.S.						19						67						83						68						79
Structured finance - U.S.						3						25						68						43						42
Structured finance - non-U.S.						20						40						41						7						5
Total PVP						$	194					$	402					$	404					$	375					$	361
Adjusted operating income reconciliation:
Net income (loss) attributable to AGL						$	384					$	376					$	739					$	124					$	389
Less pre-tax adjustments:
Realized gains (losses) on investments						(32)						9						(14)						(56)						15
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives						(2)						14						106						(18)						(64)
Fair value gains (losses) on CCS						9						(10)						(35)						24						(28)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves						82						(26)						51						(110)						(21)
Total pre-tax adjustments						57						(13)						108						(160)						(98)
Less tax effect on pre-tax adjustments						(9)						—						(17)						17						17
Adjusted operating income (loss)						$	336					$	389					$	648					$	267					$	470
Adjusted operating income per diluted share reconciliation:
Net income (loss) attributable to AGL per diluted share						$	7.73					$	6.87					$	12.30					$	1.92					$	5.23
Less pre-tax adjustments:
Realized gains (losses) on investments						(0.65)						0.16						(0.23)						(0.87)						0.20
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives						(0.05)						0.27						1.75						(0.27)						(0.85)
Fair value gains (losses) on CCS						0.19						(0.19)						(0.57)						0.37						(0.38)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves						1.66						(0.47)						0.84						(1.72)						(0.29)
Total pre-tax adjustments						1.15						(0.23)						1.79						(2.49)						(1.32)
Tax effect on pre-tax adjustments						(0.19)						—						(0.27)						0.27						0.23
Adjusted operating income (loss) per diluted share						$	6.77					$	7.10					$	10.78					$	4.14					$	6.32

1)    Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

2)    Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, and GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.

3)    Includes the present value of future premiums and fees on new business paid in installments, discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. Includes the present value of future premiums and fees associated with other business written by the Company that, under GAAP, are accounted for under ASC 460, Guarantees.

49

Assured Guaranty Ltd.

Summary of GAAP to Non-GAAP Reconciliations(1) (2 of 2)

(dollars in millions, except per share amounts)

						As of September 30, 2025						As of December 31,
												2024						2023						2022						2021
ABV reconciliation:
Shareholders’ equity attributable to AGL						$	5,658					$	5,495					$	5,713					$	5,064					$	6,292
Less pre-tax adjustments:
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives						46						49						34						(71)						(54)
Fair value gains (losses) on CCS						12						2						13						47						23
Unrealized gain (loss) on investment portfolio						(159)						(397)						(361)						(523)						404
Less taxes						9						46						37						68						(72)
Adjusted operating shareholders’ equity						5,750						5,795						5,990						5,543						5,991
Pre-tax adjustments:
Less: DAC						190						176						161						147						131
Plus: Net present value of estimated net future revenue						191						202						199						157						160
Plus: Net deferred premium reserve on financial guaranty contracts in excess of expected loss to be expensed						3,401						3,473						3,436						3,428						3,402
Plus taxes						(681)						(702)						(699)						(602)						(599)
ABV						$	8,471					$	8,592					$	8,765					$	8,379					$	8,823
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity (net of tax provision (benefit) of $0, $0, $1, $4, and $5)						$	3					$	—					$	5					$	17					$	32
ABV (net of tax provision (benefit) of $0, $(2), $0, $3, and $3)						$	(3)					$	(6)					$	—					$	11					$	23
ABV per share reconciliation:
Shareholders’ equity attributable to AGL per share						$	121.13					$	108.80					$	101.63					$	85.80					$	93.19
Less pre-tax adjustments:
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives						0.99						0.96						0.61						(1.21)						(0.80)
Fair value gains (losses) on CCS						0.25						0.05						0.22						0.80						0.34
Unrealized gain (loss) on investment portfolio						(3.41)						(7.86)						(6.40)						(8.86)						5.99
Less taxes						0.20						0.90						0.66						1.15						(1.07)
Adjusted operating shareholders' equity per share						123.10						114.75						106.54						93.92						88.73
Pre-tax adjustments:
Less: DAC						4.06						3.47						2.87						2.48						1.95
Plus: Net present value of estimated net future revenue						4.08						3.99						3.54						2.66						2.37
Plus: Net deferred premium reserve on financial guaranty contracts in excess of expected loss to be expensed						72.81						68.75						61.12						58.10						50.40
Plus taxes						(14.56)						(13.90)						(12.41)						(10.22)						(8.88)
ABV per share						$	181.37					$	170.12					$	155.92					$	141.98					$	130.67
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity per share						$	0.05					$	0.01					$	0.07					$	0.28					$	0.47
ABV per share						$	(0.06)					$	(0.13)					$	—					$	0.19					$	0.34

1)    See Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

50

Glossary

Financial Guaranty Insurance

Net Par Outstanding and Internal Ratings

Net Par Outstanding is insured par exposure, net of reinsurance cessions. Unless otherwise indicated, net par outstanding amounts exclude amounts as a result of loss mitigation strategies, including securities the Company has purchased for loss mitigation purposes that are held in the investment portfolio.

Internal Rating utilizes the Company’s ratings scale, which is similar to that used by the nationally recognized statistical rating organizations; however, the ratings in the tables may not be the same as ratings assigned by any such rating agency.

Statutory Net Par and Net Debt Service Outstanding. Under statutory accounting, net par and net debt service outstanding would be reduced both when an outstanding issue is legally defeased (i.e., an issuer has legally discharged its obligations with respect to a municipal security by satisfying conditions set forth in defeasance provisions contained in transaction documents and is no longer responsible for the payment of debt service with respect to such obligations) and when such issue is economically defeased (i.e., transaction documents for a municipal security do not contain defeasance provisions but the issuer establishes an escrow account with U.S. government securities in amounts sufficient to pay the refunded bonds when due; the refunded bonds are not considered paid and continue to be outstanding under the transaction documents and the issuer remains responsible to pay debt service when due to the extent monies on deposit in the escrow account are insufficient for such purpose).

Performance Indicators

The performance information described below is obtained from third parties and/or provided by the trustee and may be subject to revision as updated or additional information is obtained:

60+ Day Delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or real estate owned divided by current collateral balance.

Average Credit Enhancement is intended to provide a measure of the amount of equity and/or subordinated tranches that are junior in the capital structure to Assured Guaranty’s exposure, expressed as a percentage of the total transaction size, and reflects any reduction of that credit support resulting from defaults or other factors. For transactions where excess spread may be available to absorb certain losses, the amounts shown do not include any benefit from excess spread. The calculation methodologies differ for the various asset classes to reflect differences in transaction structures in order to provide a measure that management believes is comparable across asset classes. Some asset classes may not have subordinated tranches so they are excluded from the weighted averages.

Sectors

Below are brief descriptions of selected types of public and structured finance obligations that the Company insures and reinsures. For a more complete description, please refer to Assured Guaranty Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2024.

U.S. Public Finance:

General Obligation Bonds are full faith and credit obligations that are issued by states, their political subdivisions and other municipal issuers, and are supported by the general obligation of the issuer to pay from available funds and by a pledge of the issuer to levy property taxes in an amount sufficient to provide for the full payment of the bonds.

Tax-Backed Bonds are obligations that are supported by the issuer from specific and discrete sources of taxation and tax-backed revenue bonds. Tax-backed obligations may be secured by a lien on specific pledged tax revenues, such as a gasoline or excise tax, or an income tax, or incrementally from growth in property tax revenue associated with growth in property values. These obligations also include obligations secured by special assessments levied against property owners and often benefit from issuer covenants to enforce collections of such assessments and to foreclose on delinquent properties. Lease revenue bonds typically are general fund obligations of a municipality or other governmental authority that are subject to annual appropriation or abatement; projects financed and subject to such lease payments ordinarily include real estate or equipment serving an essential public purpose.

Municipal Utility Bonds are obligations of all forms of municipal utilities, including electric, water and sewer utilities and resource recovery revenue bonds. These utilities may be organized in various forms, including municipal enterprise systems, authorities or joint action agencies.

Transportation Bonds include a wide variety of revenue-supported obligations, such as bonds for airports, ports, tunnels, municipal parking facilities, toll roads and toll bridges.

Healthcare Bonds are obligations of healthcare facilities, including community-based hospitals and systems, as well as of health maintenance organizations and long-term care facilities.

Infrastructure Bonds include obligations issued by a variety of entities engaged in the financing of infrastructure projects, such as roads, airports, ports, social infrastructure and other physical assets delivering essential services supported by long-term concession arrangements with a public sector entity.

51

Glossary (continued)

Sectors (continued)

Higher Education Bonds are obligations secured by revenue collected by either public or private secondary schools, colleges and universities. Such revenue can encompass all of an institution’s revenue, including tuition and fees, or in other cases, can be specifically restricted to certain auxiliary sources of revenue or revenue relating to student accommodation.

Housing Revenue Bonds are obligations relating to both single and multi-family housing, issued by states and localities, supported by cash flow and, in some cases, insurance from entities such as the Federal Housing Administration.

Renewable Energy Bonds are obligations backed by revenue from renewable energy sources.

Other Public Finance Bonds include other debt issued, guaranteed or otherwise supported by U.S. national or local governmental authorities, as well as student loans, revenue bonds, and obligations of some not-for-profit organizations.

Non-U.S. Public Finance:

Regulated Utility Obligations are obligations issued by government-regulated providers of essential services and commodities, including electric, water and gas utilities, supported by the rates and charges paid by the utilities’ customers. The majority of the Company’s non-U.S. regulated utility business is conducted in the U.K.

Infrastructure Finance Obligations are obligations issued by a variety of entities engaged in the financing of non-U.S. infrastructure projects, such as roads, airports, ports, social infrastructure, student accommodations, stadiums, and other physical assets delivering essential services supported either by long-term concession arrangements or a regulatory regime. The majority of the Company’s non-U.S. infrastructure business is conducted in the U.K.

Sovereign and Sub-Sovereign Obligations primarily includes obligations of local, municipal, regional or national governmental authorities or agencies outside of the U.S.

Renewable Energy Bonds are obligations secured by revenues relating to renewable energy sources, typically solar or wind farms. These transactions often benefit from regulatory support in the form of regulated minimum prices for the electricity produced. The majority of the Company’s non-U.S. renewable energy business is conducted in Spain.

Pooled Infrastructure Obligations are synthetic asset-backed obligations that take the form of credit default swap obligations or credit-linked notes that reference either infrastructure finance obligations or a pool of such obligations, with a defined deductible to cover credit risks associated with the referenced obligations. The Company has not entered into a pooled infrastructure transaction since 2006.

Structured Finance:

Insurance Reserve Financings and Securitizations are transactions, including life insurance transactions, where obligations are secured by the future earnings from pools of various types of insurance/reinsurance policies and income produced by invested assets.

Residential Mortgage Backed Securities are obligations backed by first and second lien mortgage loans on residential properties. The credit quality of borrowers covers a broad range, including “prime,” “subprime” and “Alt-A.” A prime borrower is generally defined as one with strong risk characteristics as measured by factors such as payment history, credit score, and debt-to-income ratio. A subprime borrower is a borrower with higher risk characteristics. An Alt-A borrower is generally defined as a prime quality borrower that lacks certain ancillary characteristics, such as fully documented income. RMBS include home equity lines of credit, which refers to a type of residential mortgage-backed transaction backed by second-lien loan collateral. The Company has not provided insurance for RMBS in the primary market since 2008.

Subscription Finance Facilities are lending facilities provided to closed-end private market funds, most frequently private-equity funds. The facilities are secured by the uncalled capital commitments of the limited partners (LP) to the fund. The Company may guarantee new or existing facilities and on a single facility or portfolio basis. Assured Guaranty’s exposures are generally to facilities with characteristics that include a high-quality fund sponsor with strong historical performance, a diverse LP base composed primarily of institutional LPs and experienced bank lenders.

Pooled Corporate Obligations are securities primarily backed by various types of corporate debt obligations, such as secured or unsecured bonds, bank loans or loan participations and trust preferred securities. These securities are often issued in “tranches,” with subordinated tranches providing credit support to the more senior tranches. The Company’s financial guaranty exposures generally are to the more senior tranches of these issues.

Financial Products Business is the guarantee of certain business written by financial products companies owned by Dexia SA, which comprised guaranteed investment contracts, medium term notes and equity payment undertaking agreements associated with leveraged lease business. This business is being run off with the final maturity due in 2031. Assured Guaranty is indemnified by Dexia SA and certain of its affiliates against loss from the former financial products business.

52

Glossary (continued)

Sectors (continued)

Other Structured Finance Obligations are obligations backed by assets not generally described in any of the other U.S. and Non-U.S. Structured Finance Obligations categories above.

Specialty Business

The Company also guarantees specialty business with similar risk profiles to its structured finance exposures written in financial guaranty form. Specialty business includes, for example, diversified real estate, insurance reserve financings and securitizations, pooled corporate obligations and aircraft residual value insurance transactions.

53

Non-GAAP Financial Measures

The Company discloses both: (i) financial measures determined in accordance with GAAP; and (ii) financial measures not determined in accordance with GAAP (non-GAAP financial measures). Financial measures identified as non-GAAP should not be considered substitutes for GAAP financial measures. The primary limitation of non-GAAP financial measures is the potential lack of comparability to financial measures of other companies, whose definitions of non-GAAP financial measures may differ from those of the Company.

The Company believes its presentation of non-GAAP financial measures provides information that is necessary for analysts to calculate their estimates of Assured Guaranty’s financial results in their research reports on Assured Guaranty and for investors, analysts and the financial news media to evaluate Assured Guaranty’s financial results.

GAAP requires the Company to consolidate entities where it is deemed to be the primary beneficiary which include FG VIEs, which the Company does not own and where its exposure is limited to its obligation under the financial guaranty insurance contract, and CIVs in which certain subsidiaries invest.

The Company discloses the effect of FG VIE and CIV consolidation that is embedded in each non-GAAP financial measure, as applicable. The Company believes this information may also be useful to analysts and investors evaluating Assured Guaranty’s financial results. In the case of both the consolidated FG VIEs and the CIVs, the economic effect on the Company of each of the consolidated FG VIEs and CIVs is reflected primarily in the results of the Insurance segment.

The Company’s management and AGL’s Board of Directors use non-GAAP financial measures further adjusted to remove the effect of FG VIE and CIV consolidation (which the Company refers to as its core financial measures), as well as GAAP financial measures and other factors, to evaluate the Company’s results of operations, financial condition and progress towards long-term goals. The Company uses core financial measures in its decision-making process for and in its calculation of certain components of management compensation. The financial measures that the Company uses to help determine compensation are: (i) adjusted operating income per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core operating income per share); (ii) adjusted operating shareholders’ equity per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core operating shareholders’ equity per share); (iii) ABV per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core ABV per share); (iv) core operating return on equity, which is calculated as core operating income divided by the average of core operating shareholders’ equity at the beginning and end of the period; and (v) PVP.

The Company’s management believes that many investors, analysts and financial news reporters use adjusted operating shareholders’ equity and/or ABV, each further adjusted to remove the effect of FG VIE and CIV consolidation, as the principal financial measures for valuing AGL’s current share price or projected share price and also as the basis of their decision to recommend, buy or sell AGL’s common shares.

Adjusted operating income, further adjusted for the effect of FG VIE and CIV consolidation, enables investors and analysts to evaluate the Company’s financial results in comparison with the consensus analyst estimates distributed publicly by financial databases.

The following paragraphs define each non-GAAP financial measure disclosed by the Company and describe why it is useful. To the extent there is a directly comparable GAAP financial measure, a reconciliation of the non-GAAP financial measure and the most directly comparable GAAP financial measure is presented within this financial supplement.

Adjusted Operating Income: The Company’s management believes that adjusted operating income is a useful measure because it clarifies the understanding of the operating results of the Company. Adjusted operating income is defined as net income (loss) attributable to AGL, as reported under GAAP, adjusted for the following:

1)    Elimination of realized gains (losses) on the Company’s investments that are recognized in net income (loss) attributable to AGL, except for gains and losses on securities classified as trading. The timing of realized gains and losses, which depends largely on market credit cycles, can vary considerably across periods. The timing of sales is largely subject to the Company’s discretion and influenced by market opportunities, as well as the Company’s tax and capital profile.

2)    Elimination of non-credit impairment-related unrealized fair value gains (losses) on credit derivatives that are recognized in net income (loss) attributable to AGL, which is the amount of fair value gains (losses) in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, the Company’s credit spreads and other market factors and are not expected to result in an economic gain or loss.

3)    Elimination of fair value gains (losses) on the Company’s CCS that are recognized in net income (loss) attributable to AGL. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss.

4)    Elimination of foreign exchange gains (losses) on remeasurement of net premium receivables and loss and LAE reserves that are recognized in net income (loss) attributable to AGL. Long-dated receivables and loss and LAE reserves represent the present value of future contractual or expected cash flows. Therefore, the current period’s foreign exchange remeasurement gains (losses) are not necessarily indicative of the total foreign exchange gains (losses) that the Company will ultimately recognize.

54

Non-GAAP Financial Measures (continued)

5)    The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

Adjusted operating income per share is calculated by dividing adjusted operating income by the weighted average diluted shares. The method for calculating weighted average diluted shares is in accordance with GAAP.

Adjusted Operating Shareholders’ Equity and ABV: The Company’s management believes that adjusted operating shareholders’ equity is a useful measure because it excludes the fair value adjustments on investments, credit derivatives and CCS that are not expected to result in economic gain or loss. The Company’s management uses ABV, further adjusted to remove the effect of FG VIE and CIV consolidation, to measure the intrinsic value of the Company, excluding franchise value. The Company’s management believes that ABV is a useful measure because it enables an evaluation of the Company’s in-force premiums and revenues net of expected losses.

Adjusted operating shareholders’ equity per share and ABV per share, each further adjusted for FG VIE and CIV consolidation (core operating shareholders’ equity per share and core ABV per share, respectively), are two of the key financial measures used in determining the amount of certain long-term compensation elements to management and employees and used by rating agencies and investors.

Adjusted operating shareholders’ equity is defined as shareholders’ equity attributable to AGL, as reported under GAAP, adjusted for the following:

1)    Elimination of non-credit impairment-related unrealized fair value gains (losses) on credit derivatives that are reported on the consolidated balance sheet, which is the amount of unrealized fair value gains (losses) in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.

2)    Elimination of fair value gains (losses) on the Company’s CCS that are reported on the consolidated balance sheet. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss.

3)    Elimination of unrealized gains (losses) on the Company’s investments that are recorded as a component of accumulated other comprehensive income (AOCI). The AOCI component of the fair value adjustment on the investment portfolio is not deemed economic because the Company generally holds these investments to maturity and therefore would not result in an economic gain or loss.

4)     The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

ABV is adjusted operating shareholders’ equity, as defined above, further adjusted for the following:

1)    Elimination of deferred acquisition costs, net. These amounts represent net deferred expenses that have already been paid or accrued and will be expensed in future accounting periods.

2)    Addition of the net present value of estimated net future revenue. See below.

3)    Addition of the deferred premium revenue on financial guaranty contracts in excess of expected loss to be expensed, net of reinsurance. This amount represents the present value of the expected future net earned premiums, net of the present value of expected losses to be expensed.

4)    The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

Shares outstanding as of the end of the reporting period are used to calculate adjusted operating shareholders’ equity per share and ABV per share.

The unearned premiums and revenues included in ABV will be earned in future periods, but actual earnings may differ materially from the estimated amounts used in determining current ABV due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults and other factors.

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Non-GAAP Financial Measures (continued)

Adjusted Operating ROE: Adjusted Operating ROE represents adjusted operating income for a specified period divided by the average of adjusted operating shareholders’ equity at the beginning and the end of that period. Management believes that adjusted operating ROE is a useful measure to evaluate the Company’s return on invested capital. Many investors, analysts and members of the financial news media use adjusted operating ROE, adjusted for VIE consolidation, to evaluate AGL’s share price and as the basis of their decision to recommend, buy or sell the AGL common shares. Quarterly and year-to-date adjusted operating ROE are calculated on an annualized basis. Adjusted operating ROE, adjusted for VIE consolidation, is one of the key management financial measures used in determining the amount of certain long-term compensation to management and employees and used by rating agencies and investors.

Net Present Value of Estimated Net Future Revenue: The Company’s management believes that this amount is a useful measure because it enables an evaluation of the present value of estimated net future revenue for non-financial guaranty insurance contracts. This amount represents the net present value of estimated future revenue from these contracts (other than credit derivatives with net expected losses), net of reinsurance, ceding commissions and premium taxes.

Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Net present value of estimated future revenue for an obligation may change from period to period due to a change in the discount rate or due to a change in estimated net future revenue for the obligation, which may change due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation. There is no corresponding GAAP financial measure.

PVP or Present Value of New Business Production: The Company’s management believes that PVP is a useful measure because it enables the evaluation of the value of new business production in the Insurance segment by taking into account the value of estimated future installment premiums on all new contracts underwritten in a reporting period as well as additional installment premiums and fees on existing contracts (which may result from supplements or fees or from the issuer not calling an insured obligation the Company projected would be called), regardless of form, which management believes GAAP GWP and changes in fair value of credit derivatives do not adequately measure. PVP in respect of contracts written in a specified period is defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums. 

Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Under GAAP, financial guaranty installment premiums are discounted at a risk-free rate. Additionally, under GAAP, management records future installment premiums on financial guaranty insurance contracts covering non-homogeneous pools of assets based on the contractual term of the transaction, whereas for PVP purposes, management records an estimate of the future installment premiums the Company expects to receive, which may be based upon a shorter period of time than the contractual term of the transaction.

Actual installment premiums may differ from those estimated in the Company’s PVP calculation due to factors including, but not limited to, changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation.

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Assured Guaranty Ltd.    

30 Woodbourne Avenue

Hamilton HM 08

Bermuda

(441) 279-5705

www.assuredguaranty.com

Contacts:

Equity and Fixed Income Investors:

Robert Tucker

Senior Managing Director, Investor Relations and Corporate Communications

(212) 339-0861

rtucker@agltd.com

Michael Walker

Managing Director, Fixed Income Investor Relations

(212) 261-5575

mwalker@agltd.com

Andre Thomas

Managing Director, Equity Investor Relations

(212) 339-3551

athomas@agltd.com

Media:

Ashweeta Durani

Director, Media Relations

(212) 408-6042

adurani@agltd.com