ASSURED GUARANTY LTD
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Asset Management Segment Results
Asset Management Segment Results
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions) | |||
| Segment revenues | $29 | $10 | $76 |
| Less: Segment expenses | 17 | 6 | 78 |
| Equity in earnings (losses) of investees | 14 | 2 | 5 |
| Segment adjusted operating income (loss) before income taxes | 26 | 6 | 3 |
| Less: Provision (benefit) for income taxes | 6 | 1 | — |
| Segment adjusted operating income (loss) | $20 | $5 | $3 |
Results in the table above primarily represent (i) equity in earnings (losses) of Sound Point since the third quarter of 2023 (Sound Point results are reported on a one-quarter lag), net of the amortization of finite-lived intangible assets associated with the basis difference in Sound Point, (ii) an impairment loss of $3 million in 2024 for a small financial services advisory firm, and (iii) other asset management related income.
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