ASSURED GUARANTY LTD
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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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
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Corporate Division
Corporate Division Results
Corporate Division Results
| Third Quarter | Nine Months | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (in millions) | ||||
| 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) |
Corporate division interest expense primarily relates to debt issued by the U.S. Holding Companies, and also includes intersegment interest expense. See “— Liquidity and Capital Resources — AGL and its U.S. Holding Companies, Intercompany Loans Payable” for additional information.
Equity in earnings of investees in third quarter 2025 and nine months 2025 relates to certain alternative investments, which AG transferred to AGMH as part of a stock redemption that occurred on August 5, 2024. The carrying value of these transferred investments as of September 30, 2025 was $130 million. In third quarter 2025, after receiving approval from the MIA, AG redeemed $250 million of its common stock from AGMH in exchange for $213 million in cash and $37 million in alternative investments, which will be recognized in equity in earnings of investees beginning in the fourth quarter of 2025.
Corporate division employee compensation and benefits expenses and other operating expenses are an allocation of expenses based on time studies and represent the costs incurred and time spent on holding company activities, capital management, corporate oversight and governance including the Board’s expenses, legal fees and other direct or allocated expense.
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