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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Credit Derivatives Subordination and Ratings and Net Par Outstanding by Internal Rating | The components of the Company’s credit derivative net par outstanding and net fair value asset (liability) by sector are presented in the table below. The estimated remaining weighted average life of credit derivatives was 9.3 years and 8.6 years as of March 31, 2026 and December 31, 2025, respectively. Credit Derivatives (1)
|  | Net Par Outstanding |  | Net Fair Value Asset (Liability)
|  | As of March 31, 2026 |  | As of December 31, 2025 |  | As of March 31, 2026 |  | As of December 31, 2025
|  | (in billions) |  | (in millions)
U.S. public finance |  | $ | 1.0 |  |  | $ | 1.0 |  |  | $ | (2) |  |  | $ | (2) |
Non-U.S. public finance |  | 1.3 |  |  | 1.6 |  |  | (13) |  |  | (12) |
U.S. structured finance |  | 0.1 |  |  | 0.2 |  |  | (1) |  |  | (1) |
Non-U.S. structured finance |  | 0.9 |  |  | 1.0 |  |  | — |  |  | — |
Total credit derivatives |  | $ | 3.3 |  |  | $ | 3.8 |  |  | $ | (16) |  |  | $ | (15) |
____________________ (1) See Note 5. Expected Loss to be Paid (Recovered), for expected loss to be paid on credit derivatives.
CDS Spread on AGC and AGM | CDS Spread on AG (in basis points)
| As of March 31, 2026 |  | As of December 31, 2025 |  | As of March 31, 2025 |  | As of December 31, 2024
Five-year CDS spread | 78 |  | 69 |  | 90 |  | 75
One-year CDS spread | 26 |  | 23 |  | 30 |  | 25
Fair Value of Credit Derivatives and Effect of AGC and AGM Credit Spreads | Fair Value of Credit Derivative Assets (Liabilities) and Effect of AG Credit Spread
| As of
| March 31, 2026 |  | December 31, 2025
| (in millions)
Fair value of credit derivatives before effect of AG credit spread | $ | (40) |  |  | $ | (40) |
Plus: Effect of AG credit spread | 24 |  |  | 25 |
Net fair value of credit derivatives | $ | (16) |  |  | $ | (15) |
Schedule of Derivative Instruments | Freestanding Derivatives (1) As of March 31, 2026
|  | Notional |  | Net Fair Value Asset (Liability)
|  | (in billions) |  | (in millions)
Cross-currency swaps |  | $ | 0.1 |  |  | $ | (2) |
Interest rate swaps |  | — |  |  | (2) |
Inflation swaps |  | 0.2 |  |  | 1 |
Total freestanding derivatives |  | $ | 0.3 |  |  | $ | (3) |
____________________ (1) Excludes the embedded derivative in funds withheld.
Net Change in Fair Value of Credit Derivatives | Fair Value Gains (Losses) on Derivatives
|  |  | First Quarter
|  |  |  |  | 2026 |  | 2025
|  |  |  |  | (in millions)
Fair value gains (losses) on credit derivatives: |  |  |  |  |  |  |
Realized gains (losses) and other settlements |  |  |  |  | $ | 2 |  |  | $ | 105 |
Net unrealized gains (losses) |  |  |  |  | (1) |  |  | (1) |
Fair value gains (losses) on credit derivatives |  |  |  |  | 1 |  |  | 104 |
Fair value gains (losses) on annuity reinsurance derivatives: |  |  |  |  |  |  |
Cross-currency swaps |  |  |  |  | (6) |  |  | — |
Interest rate swaps |  |  |  |  | (1) |  |  | — |
Inflation swaps |  |  |  |  | 5 |  |  | — |
Funds withheld - embedded derivative |  |  |  |  | 3 |  |  | — |
Fair value gains (losses) on derivatives |  |  |  |  | $ | 2 |  |  | $ | 104 |

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- Definition Tabular disclosure of the effect of the entity's credit spread on the fair value of credit derivatives. + References No definition available. + Details
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- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4L -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4L + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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