ASSURED GUARANTY LTD
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Cash Flow Summary
The summarized condensed consolidated statements of cash flows in the table below present the cash flow effect for the aggregate of the Insurance and Asset Management segments and Corporate division, separately from the aggregate effect of consolidating FG VIEs and CIVs.
Summarized Condensed Consolidated Cash Flows
| Third Quarter | Nine Months | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (in millions) | ||||
| Net cash flows provided by (used in) operating activities, excluding FG VIEs and CIVs operating cash flows | $75 | $(12) | $218 | $(16) |
| FG VIEs and CIVs operating cash flows | (20) | 29 | 2 | 17 |
| Net cash flows provided by (used in) operating activities | 55 | 17 | 220 | 1 |
| Net cash flows provided by (used in) investing activities, excluding FG VIEs and CIVs investing cash flows | (79) | 213 | 264 | 560 |
| FG VIEs and CIVs investing cash flows | 6 | (9) | 14 | (16) |
| Net cash flows provided by (used in) investing activities | (73) | 204 | 278 | 544 |
| Net cash flows provided by (used in) financing activities, excluding FG VIEs and CIVs financing cash flows | ||||
| Dividends paid | (17) | (16) | (53) | (52) |
| Repurchases of common shares | (118) | (131) | (369) | (412) |
| Other | — | — | (32) | (28) |
| FG VIEs and CIVs financing cash flows | (5) | (12) | (13) | (167) |
| Net cash flows provided by (used in) financing activities (1) | (140) | (159) | (467) | (659) |
| Effect of exchange rate changes | (3) | 3 | 5 | 2 |
| Increase (decrease) in cash and cash equivalents and restricted cash | (161) | 65 | 36 | (112) |
| Cash and cash equivalents and restricted cash at beginning of period | 325 | 109 | 128 | 286 |
| Cash and cash equivalents and restricted cash at the end of the period | $164 | $174 | $164 | $174 |
(1) Claims paid on consolidated FG VIEs are presented in the condensed consolidated statements of cash flows as a component of paydowns on FG VIEs’ liabilities in financing activities as opposed to operating activities.
Cash flows from operating activities were inflows of $220 million in nine months 2025 and inflows of $1 million in nine months 2024. The nine months 2025 cash flow from operations includes the receipt of $97 million in satisfaction of the judgment the Company was awarded and its recoveries in connection with the resolution of the LBIE litigation. In addition, nine months 2025 cash flows from operations were higher than in nine months 2024 due to a $127 million decrease in net claim payments.
Investing activities primarily consisted of net sales (purchases) of fixed-maturity securities and short-term investments and paydowns on, and sales of, FG VIEs’ assets. The decrease in investing cash inflows compared with the prior year is primarily due to the need for liquidity to fund higher claim payments and share repurchases in nine months 2024. In addition, increased operating cash flows in nine months 2025, due in part to the cash inflow related to the resolution of the LBIE litigation, reduced the need to liquidate investments. See Item 1, Financial Statements, Condensed Consolidated Statements of Cash Flows, and Note 4, Expected Loss to be Paid (Recovered), for additional information.
Financing activities primarily consist of (i) AGL share repurchases and dividends, and (ii) paydowns of FG VIEs’ liabilities. In nine months 2024, FG VIE financing cash flows included the par paydown of liabilities of certain trusts related to Puerto Rico exposures of $144 million.
From October 1, 2025 through November 5, 2025, the Company repurchased an additional 621 thousand of common shares. As of November 5, 2025, the Company was authorized to purchase $332 million of its common shares. For more information about the Company’s share repurchases and authorizations, see Item 1, Financial Statements, Note 12, Shareholders’ Equity.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.