# EDGAR Filing Document

**Accession Number:** 0001273813
**File Stem:** 0001273813-25-000038
**Filing Date:** 2025-8
**Character Count:** 221841
**Document Hash:** 89feea75da5a2def7889da755429aace
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001273813-25-000038.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001273813-25-000038

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASSURED GUARANTY LTD
- **CENTRAL INDEX KEY:** 0001273813
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURETY INSURANCE [6351]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32141
- **FILM NUMBER:** 251194823

**BUSINESS ADDRESS:**
- **STREET 1:** 30 WOODBOURNE AVE
- **STREET 2:** 5TH FLOOR
- **CITY:** HAMILTON BERMUDA
- **STATE:** D0
- **ZIP:** HM08
- **BUSINESS PHONE:** 441-279-5700

**MAIL ADDRESS:**
- **STREET 1:** 30 WOODBOURNE AVE
- **STREET 2:** 5TH FLOOR
- **CITY:** HAMILTON BERMUDA
- **STATE:** D0
- **ZIP:** HM08

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AGR LTD
- **DATE OF NAME CHANGE:** 20040122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AGC HOLDINGS LTD
- **DATE OF NAME CHANGE:** 20031218

?xml version='1.0' encoding='ASCII'? ago-20250807

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**Current Report**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported)—August 7, 2025

![AG_300 - Logo.jpg](ago-20250807_g1.jpg)

**ASSURED GUARANTY LTD.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Bermuda** | **001-32141** | **98-0429991** |
| (State or other jurisdiction <br>of incorporation or organization) | (Commission File Number) | (I.R.S. Employer <br>Identification No.) |

---

**30 Woodbourne Avenue** 

**Hamilton HM 08 Bermuda** 

(Address of principal executive offices)

Registrant's telephone number, including area code: **(441) 279-5700** 

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | | |
|:---|:---|:---|:---|
| **Title of each class:** | **Title of each class:** | **Trading Symbol(s)** | **Name of exchange on which registered** |
| Common Shares | $0.01 par value per share | AGO | New York Stock Exchange |
| Assured Guaranty US Holdings Inc. 6.125% Senior Notes due 2028 (and the related guarantee of Registrant) | Assured Guaranty US Holdings Inc. 6.125% Senior Notes due 2028 (and the related guarantee of Registrant) | AGO/28 | New York Stock Exchange |
| Assured Guaranty US Holdings Inc. 3.150% Senior Notes due 2031 (and the related guarantee of Registrant) | Assured Guaranty US Holdings Inc. 3.150% Senior Notes due 2031 (and the related guarantee of Registrant) | AGO/31 | New York Stock Exchange |
| Assured Guaranty US Holdings Inc. 3.600% Senior Notes due 2051 (and the related guarantee of Registrant) | Assured Guaranty US Holdings Inc. 3.600% Senior Notes due 2051 (and the related guarantee of Registrant) | AGO/51 | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| ***Item 2.02*** | |
| ***Item 9.01***<br>**Exhibit <br>Number** | **Results of Operations and Financial Condition.**<br>On August 7, 2025 Assured Guaranty Ltd. issued a press release reporting its second quarter 2025 results and the availability of its June 30, 2025 financial supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference herein.<br>**Financial Statements and Exhibits.<br>(d) Exhibits**<br>&nbsp;&nbsp;&nbsp;**Description** |
| 99.1 | <u>[Assured Guaranty Ltd. Press Release dated August 7, 2025 reporting second quarter 2025 results](agl2q25earningsrelease.htm)</u> |
| 99.2 | <u>[June 30, 2025 Financial Supplement of Assured Guaranty Ltd.](agl2q25supplement.htm)</u> |
| &nbsp;&nbsp;104.1 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Assured Guaranty Ltd. | Assured Guaranty Ltd. |
| By: | /s/ BENJAMIN G. ROSENBLUM |
|  | Name: Benjamin G. Rosenblum<br>Title: *Chief Financial Officer* |

---

DATE: August 7, 2025

## Exhibit 99.1

![agllogoa07.jpg](agllogoa07.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assured Guaranty Ltd. Reports Results for Second Quarter 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• GAAP Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to Assured Guaranty Ltd. was $103 million, or $2.08 per share<sup>(1)</sup>, for second quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders' equity attributable to Assured Guaranty Ltd. per share was $117.10 as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross written premiums (GWP) were $85 million for second quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Non-GAAP Highlights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Adjusted operating income<sup>(2)</sup> was $50 million, or $1.01 per share, for second quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating shareholders' equity per share<sup>(2)</sup> and adjusted book value (ABV) per share<sup>(2)</sup> were $120.11 and $176.95, respectively, as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Present value of new business production (PVP)<sup>(2)</sup> was $64 million for second quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Return of Capital to Shareholders:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second quarter 2025 capital returned to shareholders was $150 million including share repurchases of $131 million and dividends of $19 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share repurchase authorization was increased by $300 million on August 6, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Stock Redemption Approval for U.S. Insurance Subsidiary:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A $250 million stock redemption by Assured Guaranty Inc. was approved in July 2025.

Hamilton, Bermuda, August 7, 2025 -- Assured Guaranty Ltd. (NYSE: AGO) (AGL and, together with its subsidiaries, Assured Guaranty or the Company) announced today its financial results for the three-month period ended June 30, 2025 (second quarter 2025).

"Assured Guaranty's shareholder value increased again in the first half of 2025," said Dominic Frederico, President and CEO. "Shareholders' equity per share on June 30, 2025 was a record $117.10. Adjusted book value per share also set a record at $176.95, as did adjusted operating shareholders' equity per share at $120.11. Net income increased to $5.54 per share in the first six months of 2025, up 67% year-over-year, and adjusted operating income for the first six months of 2025 was $4.21 per share, up 23% year-over-year.

"U.S. municipal issuance continued at a record pace in the first half of 2025, and the total primary market par sold that was insured by Assured Guaranty increased by approximately $3.3 billion year-over-year. Our primary market par written represented 64% of the total U.S. municipal market insured par sold in the first half of 2025, which is a testament to the strength of our value proposition. Further, 32% of the U.S. public finance par we closed during the quarter had a double-A category underlying rating by S&P or Moody's. In the secondary market, we saw continued success, insuring close to $900 million of par in the first half of 2025, or 1.5 times the full year 2024 amount.

"In our capital management program, as of August 6, 2025, the Company had repurchased 6.8% of the shares that were outstanding on December 31, 2024, and in August our board authorized an additional $300 million of share repurchases."

(1)&nbsp;&nbsp;&nbsp;&nbsp;All per share information for net income and adjusted operating income is based on diluted shares.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Please see "Explanation of Non-GAAP Financial Measures" at the end of this press release.

------

**Summary Financial Results**

(in millions, except per share amounts)

---

| | | |
|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** |
| | **June 30,** | **June 30,** |
| | **2025** | **2024** |
| **GAAP** <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to AGL** | $**103** | $**78** |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to AGL per diluted share** | $**2.08** | $**1.41** |
| &nbsp;&nbsp;&nbsp;**Weighted average diluted shares** | **49.4** | **55.0** |
| Non-GAAP <sup>(2)</sup> |  |  |
| &nbsp;&nbsp;Adjusted operating income (loss)  | $50 | $80 |
| &nbsp;&nbsp;Adjusted operating income per diluted share | $1.01 | $1.44 |
| &nbsp;&nbsp;Weighted average diluted shares | 49.4 | 55.0 |
| Components of total adjusted operating income (loss) |  |  |
| &nbsp;&nbsp;Insurance segment | $76 | $116 |
| &nbsp;&nbsp;Asset Management segment | 4 |  |
| &nbsp;&nbsp;Corporate division | (29) | (35) |
| &nbsp;&nbsp;Other | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) | $50 | $80 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Amount** | **Per Share** | **Amount** | **Per Share** |
| **Shareholders' equity attributable to AGL** | $**5633** | $**117.10** | $**5495** | $**108.80** |
| Adjusted operating shareholders' equity <sup>(2)</sup> | 5778 | 120.11 | 5795 | 114.75 |
| ABV <sup>(2)</sup> | 8513 | 176.95 | 8592 | 170.12 |
| **Common Shares Outstanding** | **48.1** |  | **50.5** |  |

---

________________________________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Generally accepted accounting principles in the United States of America.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Please see "Explanation of Non-GAAP Financial Measures" at the end of this press release.

On a per share basis, shareholders' equity attributable to AGL increased to $117.10 as of June 30, 2025 from $108.80 as of December 31, 2024, primarily due to net income, unrealized gains on the investment portfolio and share repurchases, partially offset by dividends. On a per share basis, ABV increased to $176.95 as of June 30, 2025 from $170.12 as of December 31, 2024, primarily due to adjusted operating income, new business production and share repurchases, partially offset by dividends.

**Insurance Segment**

The Insurance segment primarily consists of (i) the Company's insurance subsidiaries that provide credit protection products to the United States (U.S.) and non-U.S. public finance (including infrastructure) and structured finance markets, excluding the effect of variable interest entity (VIE) consolidations, and (ii) Assured Guaranty Inc.'s (AG, formerly Assured Guaranty Corp.) investment subsidiary, AG Asset Strategies LLC.

------

***Insurance Segment New Business Production***

**Insurance Segment** 

**New Business Production**

(in millions)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended June 30,** | **Quarter Ended June 30,** | **Quarter Ended June 30,** | **Quarter Ended June 30,** | **Quarter Ended June 30,** | **Quarter Ended June 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **GWP** | **PVP** <sup>(1)</sup> | **Gross Par Written** <sup>(2)</sup> | **GWP** | **PVP** <sup>(1)</sup> | **Gross Par Written** <sup>(2)</sup> |
| Public finance - U.S. | $**73** | $49 | $8861 | $**103** | $116 | $7043 |
| Public finance - non-U.S. | **8** | 7 | 275 | **25** | 33 | 1572 |
| Structured finance - U.S. | **(1)** | 1 | 5 | **2** | 4 | 214 |
| Structured finance - non-U.S. | **5** | 7 | 1255 | **2** | 2 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**85** | $64 | $10396 | $**132** | $155 | $9423 |

---

________________________________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;PVP, a non-GAAP financial measure, measures the value of the Insurance segment's new business production for all contracts regardless of form or GAAP accounting model. See "Explanation of Non-GAAP Financial Measures" at the end of this press release. PVP is based on "close date," when the transaction settles. PVP was discounted at 5.0% in both second quarter 2025 and in the three-month period ended June 30, 2024 (second quarter 2024).

(2)&nbsp;&nbsp;&nbsp;&nbsp;Gross Par Written is based on "close date," when the transaction settles.

U.S. public finance GWP and PVP in second quarter 2025 were lower than GWP and PVP in second quarter 2024, primarily due to two large transportation revenue transactions that were closed in second quarter 2024. The Company's primary par written represented 64% of the total U.S. municipal market insured par sold in second quarter 2025, compared with 58% in second quarter 2024, and the Company's penetration of all municipal issuance was 6.0% in second quarter 2025 compared with 5.2% in second quarter 2024.

In the U.S. public finance secondary market, GWP and PVP both increased to $14 million in second quarter 2025 compared with $2 million in second quarter 2024. The Company's par written in the secondary market represented 5.7% of U.S. public finance par written in second quarter 2025, compared with 1.6% in second quarter 2024.

Non-U.S. public finance GWP and PVP in second quarter 2025 were lower than GWP and PVP in second quarter 2024, primarily due to several large United Kingdom (U.K.) regulated utility transactions that were closed in second quarter 2024. Second quarter 2025 non-U.S. public finance transactions included one primary and several secondary infrastructure transactions in the U.K., and two primary infrastructure transactions in the European Union.

Global structured finance GWP and PVP in second quarter 2025 were primarily attributable to subscription finance and pooled corporate business.

***Insurance Segment Adjusted Operating Income***

Insurance segment adjusted operating income decreased to $76 million in second quarter 2025 from $116 million in second quarter 2024, primarily due to higher loss expense in U.S. and non-U.S. public finance sectors and lower fair value gains on the trading portfolio in second quarter 2025, partially offset by higher foreign exchange remeasurement gains on cash balances.

------

**Insurance Segment Results**

(in millions)

---

| | | |
|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** |
| | **June 30,** | **June 30,** |
| | **2025** | **2024** |
| **Segment revenues** |  |  |
| Net earned premiums and credit derivative revenues | $92 | $87 |
| Net investment income | 89 | 81 |
| Fair value gains (losses) on trading securities | 2 | 17 |
| Foreign exchange gains (losses) on remeasurement and other income (loss) | 16 | 4 |
| &nbsp;&nbsp;**Total segment revenues** | 199 | 189 |
| **Segment expenses** |  |  |
| Loss expense (benefit) | 27 |  |
| Amortization of deferred acquisition costs (DAC) | 5 | 3 |
| Employee compensation and benefit expenses | 44 | 40 |
| Other operating expenses | 29 | 27 |
| &nbsp;&nbsp;**Total segment expenses** | 105 | 70 |
| Equity in earnings (losses) of investees | 2 | 15 |
| &nbsp;&nbsp;**Segment adjusted operating income (loss) before income taxes** | 96 | 134 |
| Less: Provision (benefit) for income taxes | 20 | 18 |
| &nbsp;&nbsp;**Segment adjusted operating income (loss)** | $76 | $116 |

---

The components of the Insurance segment's premiums, losses and income from the investment portfolio are presented below.

*Insurance Segment Net Earned Premiums and Credit Derivative Revenues* 

**Insurance Segment**

**Net Earned Premiums and Credit Derivative Revenues**

(in millions)

---

| | | |
|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** |
| | **June 30,** | **June 30,** |
| | **2025** | **2024** |
| Scheduled net earned premiums and credit derivative revenues | $88 | $84 |
| Accelerations | 4 | 3 |
| &nbsp;&nbsp;**Total** | $92 | $87 |

---

*Insurance Segment Loss Expense (Benefit) and the Roll Forward of Expected Losses*

Loss expense is a function of net economic loss development (benefit) and deferred premium revenue. The difference between loss expense and economic development in a given period represents the amount of deferred premium revenue absorbing expected losses to be paid.

------

**Insurance Segment**

**Loss Expense (Benefit)**

(in millions)

---

| | | |
|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** |
| | **June 30,** | **June 30,** |
| | **2025** | **2024** |
| Public finance | $29 | $3 |
| U.S. residential mortgage-backed securities (RMBS) | (1) | (6) |
| Other structured finance | (1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $27 | $— |

---

Loss expense in second quarter 2025 was primarily attributable to certain U.K. regulated utility and U.S. municipal revenue exposures.

The table below presents the roll forward of net expected losses for second quarter 2025.

**Roll Forward of Net Expected Loss to be Paid (Recovered)** <sup>(1)</sup> 

(in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net Expected Loss to be Paid (Recovered) as of March 31, 2025** | **Net <br>Economic Loss Development (Benefit)** | **Net (Paid) Recovered<br>Losses** | **Net Expected Loss to be Paid (Recovered) as of June 30, 2025** |
| Public finance | $157 | $42 | $(7) | $192 |
| U.S. RMBS | (37) | (6) | 8 | (35) |
| Other structured finance | 30 |  | (1) | 29 |
| &nbsp;&nbsp;&nbsp;**Total** | $150 | $36 | $— | $186 |

---

_________________________________________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Net economic loss development (benefit) represents the change in net expected loss to be paid (recovered) attributable to the effects of changes in the economic performance of insured transactions, changes in assumptions based on observed market trends, changes in discount rates, accretion of discount and the economic effects of loss mitigation efforts, each net of reinsurance. Net economic loss development (benefit) is the principal measure that the Company uses to evaluate the loss experience in its insured portfolio. Expected loss to be paid (recovered) includes all transactions insured by the Company, regardless of the accounting model prescribed under GAAP and without consideration of deferred premium revenue.

The net economic loss development of $36 million in second quarter 2025 was primarily attributable to certain healthcare, U.K. regulated utility and municipal revenue exposures. The effect of changes in risk-free rates used to discount expected losses was a loss of $1 million.

------

*Insurance Segment Income from Investment Portfolio*

**Insurance Segment**

**Income from Investment Portfolio**

(in millions)

---

| | | |
|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** |
| | **June 30,** | **June 30,** |
| | **2025** | **2024** |
| Net investment income | $89 | $81 |
| Fair value gains (losses) on trading securities | 2 | 17 |
| Equity in earnings (losses) of investees <sup>(1)</sup> | 2 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** <sup>(2)</sup> | $93 | $113 |

---

_________________________________________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings (losses) of investees primarily relates to funds managed by Sound Point Capital Management, LP and certain of its investment management subsidiaries (Sound Point), Assured Healthcare Partners, LLC, and certain other managers. Investments in funds are reported on a one-quarter lag. AG transferred to Assured Guaranty Municipal Holdings Inc. (AGMH) certain alternative investments as part of a stock redemption on August 5, 2024. AG results are reported in the Insurance segment and AGMH results are reported in the Corporate division.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Certain collateralized loan obligation (CLO) equity tranche investments were reclassified to the available-for-sale fixed-maturity portfolio in the fourth quarter of 2024, with interest income now reported in net investment income, and changes in fair value reported in other comprehensive income. The Company had previously held the CLO equity tranches in a Sound Point managed fund with changes in its net asset value reported in "equity in earnings (losses) of investees" in the Insurance segment.

Net investment income represents interest income on available-for-sale fixed-maturity securities and short-term investments, which had an overall pre-tax book yield of 4.67% as of June 30, 2025 and 4.08% as of June 30, 2024. The increase in net investment income in second quarter 2025 compared with second quarter 2024 is primarily due to investment income on CLO equity tranches, partially offset by lower short-term investment income as a result of lower short-term interest rates and lower average short-term investment balances.

Equity in earnings (losses) of investees decreased to $2 million in second quarter 2025 compared with $15 million in second quarter 2024, primarily due to mark-to-market changes in equity method alternative investments. Equity in earnings (losses) of investees may be more volatile than net investment income on available-for-sale fixed-maturity securities and short-term investments. To the extent that the amounts invested in alternative fund investments accounted for under the equity method increase and available-for-sale fixed-maturity securities decrease, net investment income may decrease and mark-to-market volatility related to equity in earnings (losses) of investees may increase.

As of June 30, 2025, the Company had $923 million in alternative investments across a variety of asset classes: $792 million in the Insurance segment consisting primarily of CLO equity tranches in the available-for-sale fixed-maturity securities portfolio, private healthcare and Sound Point funds, as well as legacy investments in the Corporate division. The inception-to-date annualized internal rate of return for all alternative investments across all segments and the Corporate division was 13% as of June 30, 2025.

**Asset Management Segment**

Asset management adjusted operating income was $4 million in second quarter 2025. It includes the Company's ownership interest in Sound Point and the related amortization of intangible assets, as well as certain ongoing net performance fees. Sound Point's results are reported on a one-quarter lag and are included in "equity in earnings (losses) of investees."

------

**Corporate Division**

**Corporate Division Results**

(in millions)

---

| | | |
|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** |
| | **June 30,** | **June 30,** |
| | **2025** | **2024** |
| **Revenues** | $4 | $4 |
| **Expenses** |  |  |
| Interest expense | 26 | 26 |
| Employee compensation and benefit expenses | 6 | 8 |
| Other operating expenses | 7 | 10 |
| &nbsp;&nbsp;Total expenses | 39 | 44 |
| Equity in earnings (losses) of investees | 3 |  |
| &nbsp;&nbsp;Adjusted operating income (loss) before income taxes | (32) | (40) |
| Less: Provision (benefit) for income taxes | (3) | (5) |
| &nbsp;&nbsp;Adjusted operating income (loss) | $(29) | $(35) |

---

The Corporate division primarily consists of interest expense on the debt of Assured Guaranty US Holdings Inc. and AGMH, equity in earnings (losses) of investees related to certain alternative investments which AG transferred to AGMH as part of a stock redemption that occurred on August 5, 2024, as well as expenses attributed to the holding companies' activities.

------

**Reconciliation to GAAP**

The following table presents a reconciliation of net income (loss) attributable to AGL to adjusted operating income (loss).

**Reconciliation of Net Income (Loss) Attributable to AGL to** 

**Adjusted Operating Income (Loss)**

(in millions, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Total** | **Per Diluted Share** | **Total** | **Per Diluted Share** |
| **Net income (loss) attributable to AGL** | $**103** | $**2.08** | $**78** | $**1.41** |
| Less pre-tax adjustments: |  |  |  |  |
| &nbsp;&nbsp;Realized gains (losses) on investments | (6) | (0.12) | (6) | (0.11) |
| &nbsp;&nbsp;Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | (1) | (0.03) | 3 | 0.06 |
| &nbsp;&nbsp;Fair value gains (losses) on committed capital securities (CCS) | (1) | (0.01) | 1 | 0.02 |
| &nbsp;&nbsp;Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and loss adjustment expense (LAE) reserves | 71 | 1.43 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total pre-tax adjustments | 63 | 1.27 | (2) | (0.03) |
| Less tax effect on pre-tax adjustments | (10) | (0.20) |  |  |
| Adjusted operating income (loss) | $50 | $1.01 | $80 | $1.44 |
| Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income <sup>(1)</sup> | $(1) | $(0.02) | $(1) | $(0.03) |

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________________________________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;The effect of consolidating financial guaranty (FG) VIEs and consolidated investment vehicles (CIVs).

Except for credit impairment, the fair value adjustments on credit derivatives in the insured portfolio are non-economic adjustments that reverse to zero over the remaining term of that portfolio.

Fair value of CCS is heavily affected by, and in part fluctuates with, changes in market interest rates, credit spreads and other market factors and is not expected to result in an economic gain or loss.

Foreign exchange gains (losses) primarily relate to remeasurement of premiums receivable and are mainly due to changes in exchange rates relative to the U.S. dollar of the pound sterling and, to a lesser extent, the euro.

**Common Share Repurchases**

On August 6, 2025, AGL's Board of Directors authorized the repurchase of an additional $300 million of the Company's common shares. From the beginning of the repurchase program in 2013 through August 6, 2025, the Company has repurchased a total of 154 million common shares for $5.7 billion, representing approximately 79% of the total shares outstanding as of January 1, 2013. As of August 6, 2025, the Company was authorized to purchase approximately $356 million of its common shares. These repurchases can be made from time to time in the open market or in privately negotiated transactions.

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**Summary of Share Repurchases**

(in millions, except per share amounts)

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| | | | |
|:---|:---|:---|:---|
| | **Amount** <sup>(1)</sup> | **Number of Shares** | **Average Price Per Share** |
| 2025 (January 1 - March 31) | $120 | 1.3352 | $89.72 |
| 2025 (April 1 - June 30) | 131 | 1.5375 | 85.03 |
| 2025 (July 1 - August 6) | 45 | 0.5376 | 84.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total 2025 | $296 | 3.4103 | 86.73 |

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_________________________________________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Excludes commissions and excise taxes.

The Company's share repurchase program may be modified, extended or terminated by the Company's Board of Directors at any time and does not have an expiration date. The timing, form and amount of the share repurchases under the program are at the discretion of management and will depend on a variety of factors, including funds available at the parent company, other potential uses for such funds, market conditions, the Company's capital position, legal requirements and other factors.

**Stock Redemption Approval for U.S. Insurance Subsidiary**

In July 2025, the Maryland Insurance Administration approved the redemption by the Company's U.S. Insurance subsidiary, AG, of $250 million of its shares of common stock from its parent company. AG expects to redeem such shares in exchange for cash and alternative investments in the third quarter of 2025.

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**Financial Statements**

**Condensed Consolidated Statements of Operations (unaudited)**

(in millions)

---

| | | |
|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** |
| | **June 30,** | **June 30,** |
| | **2025** | **2024** |
| **Revenues** |  |  |
| &nbsp;&nbsp;Net earned premiums | $89 | $84 |
| &nbsp;&nbsp;Net investment income | 89 | 81 |
| &nbsp;&nbsp;Net realized investment gains (losses) | (6) | (6) |
| &nbsp;&nbsp;Fair value gains (losses) on credit derivatives | 1 | 6 |
| &nbsp;&nbsp;Fair value gains (losses) on CCS | (1) | 1 |
| &nbsp;&nbsp;Fair value gains (losses) on FG VIEs | 2 | (1) |
| &nbsp;&nbsp;Fair value gains (losses) on CIVs | 4 | 11 |
| &nbsp;&nbsp;Foreign exchange gains (loss) on remeasurement | 79 |  |
| &nbsp;&nbsp;Fair value gains (losses) on trading securities | 2 | 17 |
| &nbsp;&nbsp;Other income (loss) | 22 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 281 | 202 |
| **Expenses** |  |  |
| &nbsp;&nbsp;Loss and LAE (benefit) | 28 | (2) |
| &nbsp;&nbsp;Interest expense | 23 | 23 |
| &nbsp;&nbsp;Amortization of DAC | 5 | 3 |
| &nbsp;&nbsp;Employee compensation and benefit expenses | 50 | 48 |
| &nbsp;&nbsp;Other operating expenses | 45 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 151 | 113 |
| **Income (loss) before income taxes and equity in earnings (losses) of investees** | 130 | 89 |
| Equity in earnings (losses) of investees | 3 | 5 |
| **Income (loss) before income taxes** | 133 | 94 |
| Less: Provision (benefit) for income taxes | 27 | 13 |
| **Net income (loss)** | 106 | 81 |
| Less: Noncontrolling interests | 3 | 3 |
| **Net income (loss) attributable to AGL** | $**103** | $**78** |

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**Condensed Consolidated Balance Sheets (unaudited)**

(in millions)

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Investments: |  |  |
| &nbsp;&nbsp;Fixed-maturity securities available-for-sale, at fair value | $6498 | $6369 |
| &nbsp;&nbsp;Fixed-maturity securities, trading, at fair value | 137 | 147 |
| &nbsp;&nbsp;Short-term investments, at fair value | 939 | 1221 |
| &nbsp;&nbsp;Other invested assets | 995 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 8569 | 8663 |
| Cash | 301 | 121 |
| Premiums receivable, net of commissions payable | 1631 | 1551 |
| DAC | 185 | 176 |
| Salvage and subrogation recoverable | 382 | 396 |
| FG VIEs' assets | 211 | 147 |
| Assets of CIVs | 121 | 101 |
| Other assets | 695 | 746 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**12095** | $**11901** |
| **Liabilities** |  |  |
| Unearned premium reserve | $3675 | $3719 |
| Loss and LAE reserve | 315 | 268 |
| Long-term debt | 1701 | 1699 |
| FG VIEs' liabilities | 202 | 164 |
| Other liabilities | 473 | 498 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **6366** | **6348** |
| **Shareholders' equity** |  |  |
| Common shares |  | 1 |
| Retained earnings | 5859 | 5878 |
| Accumulated other comprehensive income (loss) | (227) | (385) |
| Deferred equity compensation | 1 | 1 |
| &nbsp;&nbsp;&nbsp;**Total shareholders' equity attributable to AGL** | 5633 | 5495 |
| &nbsp;&nbsp;Nonredeemable noncontrolling interests | 96 | 58 |
| &nbsp;&nbsp;&nbsp;**Total shareholders' equity** | **5729** | **5553** |
| &nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**12095** | $**11901** |

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**Explanation of 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 below.

*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:

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1)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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.

5)&nbsp;&nbsp;&nbsp;&nbsp;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. See "Reconciliation to GAAP" above for a reconciliation of net income (loss) attributable to AGL to adjusted operating income (loss).

*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)&nbsp;&nbsp;&nbsp;&nbsp;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

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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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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) &nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;Addition of the net present value of estimated net future revenue. See below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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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**Reconciliation of Shareholders' Equity Attributable to AGL to** 

**Adjusted Operating Shareholders' Equity and ABV**

(in millions, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Total** | **Per Share** | **Total** | **Per Share** |
| **Shareholders' equity attributable to AGL** | $**5633** | $**117.10** | $**5495** | $**108.80** |
| &nbsp;&nbsp;Less pre-tax adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 45 | 0.94 | 49 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value gains (losses) on CCS | 3 | 0.07 | 2 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on investment portfolio | (218) | (4.54) | (397) | (7.86) |
| &nbsp;&nbsp;Less taxes | 25 | 0.52 | 46 | 0.90 |
| Adjusted operating shareholders' equity | 5778 | 120.11 | 5795 | 114.75 |
| &nbsp;&nbsp;Pre-tax adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: DAC | 185 | 3.85 | 176 | 3.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Net present value of estimated net future revenue | 196 | 4.07 | 202 | 3.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Net deferred premium revenue on financial guaranty contracts in excess of expected loss to be expensed | 3409 | 70.85 | 3473 | 68.75 |
| &nbsp;&nbsp;Plus taxes | (685) | (14.23) | (702) | (13.90) |
| ABV | $8513 | $176.95 | $8592 | $170.12 |
| Gain (loss) related to FG VIE and CIV consolidation included in: |  |  |  |  |
| &nbsp;&nbsp;Adjusted operating shareholders' equity | $1 | $0.03 | $— | $0.01 |
| &nbsp;&nbsp;ABV | (4) | (0.08) | (6) | (0.13) |
| Shares outstanding at the end of the period | 48.1 |  | 50.5 |  |

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*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

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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.

**Reconciliation of GWP to PVP**

(in millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | &nbsp;&nbsp;**Public Finance** | &nbsp;&nbsp;**Public Finance** | **Structured Finance** | **Structured Finance** | |
| | **U.S.** | **Non - U.S.** | **U.S.** | **Non - U.S.** |<br>**Total** |
| **GWP** | $**73** | $**8** | $**(1)** | $**5** | $**85** |
| &nbsp;&nbsp;Less: Installment GWP and other GAAP adjustments (1) | 30 | 8 |  | 5 | 43 |
| Upfront GWP | 43 |  | (1) |  | 42 |
| &nbsp;&nbsp;Plus: Installment premiums and other <sup>(2)</sup> | 6 | 7 | 2 | 7 | 22 |
| PVP | $49 | $7 | $1 | $7 | $64 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | &nbsp;&nbsp;**Public Finance** | &nbsp;&nbsp;**Public Finance** | **Structured Finance** | **Structured Finance** | |
| | **U.S.** | **Non - U.S.** | **U.S.** | **Non - U.S.** |<br>**Total** |
| **GWP** | $**103** | $**25** | $**2** | $**2** | $**132** |
| &nbsp;&nbsp;Less: Installment GWP and other GAAP adjustments <sup>(1)</sup> | 85 | 13 | 2 | 2 | 102 |
| Upfront GWP | 18 | 12 |  |  | 30 |
| &nbsp;&nbsp;Plus: Installment premiums and other <sup>(2)</sup> | 98 | 21 | 4 | 2 | 125 |
| PVP | $116 | $33 | $4 | $2 | $155 |

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_________________________________________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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.

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**Conference Call and Webcast Information**

The Company will host a conference call for investors at 8:00 a.m. Eastern Time (9:00 a.m. Atlantic Time) on Friday, August 8, 2025. The conference call will be available via live webcast in the Investor Information section of the Company's website at <u>AssuredGuaranty.com</u> or by dialing 1-833-470-1428 (in the U.S.) or 1-404-975-4839 (International); the access code is 849840.

A replay of the conference call will be available approximately three hours after the call ends. The webcast replay will be available for 90 days in the Investor Information section of the Company's website at <u>AssuredGuaranty.com</u> and the telephone replay will be available for 30 days by dialing 1-866-813-9403 (in the U.S.) or 1-929-458-6194 (International); the access code is 130320.

Please refer to Assured Guaranty's June 30, 2025 Financial Supplement, which is posted on the Company's website at <u>assuredguaranty.com/agldata</u>, for more information on the Company's financial guaranty portfolio, investment portfolio and other items. In addition, the Company is posting at <u>assuredguaranty.com/presentations</u> its "June 30, 2025 Equity Investor Presentation."

The Company plans to post by early next week on its website at <u>assuredguaranty.com/agldata</u> the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Public Finance Transactions in 2Q 2025," which lists the U.S. public finance new issues insured by the Company in second quarter 2025, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Structured Finance Transactions at June 30, 2025," which lists the Company's structured finance exposure as of that date.

In addition, the Company will post on its website, when available, Assured Guaranty Inc.'s financial supplement and its "Fixed Income Presentation" for the current quarter. Those documents will be furnished to the Securities and Exchange Commission in a Current Report on Form 8-K.

\# \# \#

Assured Guaranty Ltd. is a publicly traded (NYSE: AGO), Bermuda-based holding company. Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and non-U.S. public finance, infrastructure and structured finance markets. Assured Guaranty also participates in the asset management business through its ownership interest in Sound Point Capital Management, LP and certain of its investment management affiliates. More information on Assured Guaranty Ltd. and its subsidiaries can be found at <u>AssuredGuaranty.com</u>.

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**Cautionary Statement Regarding Forward-Looking Statements**

Any forward-looking statements made in this press release reflect the Company's current views 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. Among factors that could cause actual results to differ materially are:

(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 possibility of a U.S. government shutdown, 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 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; (viii) 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; (ix) the impact of Assured Guaranty satisfying its obligations under insurance policies with respect to legacy insured Puerto Rico bonds; (x) the possibility that underwriting insurance in new jurisdictions and/or covering new sectors or classes of business does not result in the benefits anticipated or subjects Assured Guaranty to negative consequences; (xi) 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; (xii) 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; (xiii) 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; (xiv) the inability to control the business, management or policies of entities in which Assured Guaranty holds a minority interest; (xv) 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); (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.

Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made as of August 7, 2025, and Assured Guaranty undertakes no obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

**<u>Contact Information</u>**

Robert Tucker

Senior Managing Director, Investor Relations and Corporate Communications

212-339-0861

<u>rtucker@agltd.com</u>

Ashweeta Durani

Director, Media Relations

212-408-6042

<u>adurani@agltd.com</u>

## Exhibit 99.2

<br>![agllogoa08.jpg](agllogoa08.jpg)

**Assured Guaranty Ltd.**

**June 30, 2025** 

**Financial Supplement**

---

| | |
|:---|:---|
| **Table of Contents** | Page |
| <u>[Selected Financial Highlights](#i0fb34440c8f34c3a90a24ede4bf6a16d_4)</u> | <u>[1](#i0fb34440c8f34c3a90a24ede4bf6a16d_4)</u> |
| <u>[Condensed Consolidated Statements of Operations (unaudited)](#i0fb34440c8f34c3a90a24ede4bf6a16d_10)</u> | <u>[3](#i0fb34440c8f34c3a90a24ede4bf6a16d_10)</u> |
| <u>[Condensed Consolidated Balance Sheets (unaudited)](#i0fb34440c8f34c3a90a24ede4bf6a16d_13)</u> | <u>[4](#i0fb34440c8f34c3a90a24ede4bf6a16d_13)</u> |
| <u>[Selected Financial Highlights GAAP to Non-GAAP Reconciliations](#i0fb34440c8f34c3a90a24ede4bf6a16d_16)</u> | <u>[5](#i0fb34440c8f34c3a90a24ede4bf6a16d_16)</u> |
| <u>[Income Components](#i0fb34440c8f34c3a90a24ede4bf6a16d_25)</u> | <u>[8](#i0fb34440c8f34c3a90a24ede4bf6a16d_25)</u> |
| <u>[Fixed-Maturity Securities, Short-Term Investments and Cash](#i0fb34440c8f34c3a90a24ede4bf6a16d_37)</u> | <u>[12](#i0fb34440c8f34c3a90a24ede4bf6a16d_37)</u> |
| <u>[Investment Portfolio, Cash and CIVs](#i0fb34440c8f34c3a90a24ede4bf6a16d_40)</u> | <u>[13](#i0fb34440c8f34c3a90a24ede4bf6a16d_40)</u> |
| <u>Income from Investment Portfolio and CIVs</u> | <u>[15](#i0fb34440c8f34c3a90a24ede4bf6a16d_46)</u> |
| <u>[Insurance Segment:](#i0fb34440c8f34c3a90a24ede4bf6a16d_52)</u> | <u>[17](#i0fb34440c8f34c3a90a24ede4bf6a16d_52)</u> |
| &nbsp;&nbsp;<u>[Insurance Segment Results](#i0fb34440c8f34c3a90a24ede4bf6a16d_55)</u> | <u>[18](#i0fb34440c8f34c3a90a24ede4bf6a16d_55)</u> |
| &nbsp;&nbsp;<u>[Claims-Paying Resources](#i0fb34440c8f34c3a90a24ede4bf6a16d_58)</u> | <u>[19](#i0fb34440c8f34c3a90a24ede4bf6a16d_58)</u> |
| &nbsp;&nbsp;<u>[New Business Production](#i0fb34440c8f34c3a90a24ede4bf6a16d_61)</u> | <u>[20](#i0fb34440c8f34c3a90a24ede4bf6a16d_61)</u> |
| &nbsp;&nbsp;<u>[Gross Par Written](#i0fb34440c8f34c3a90a24ede4bf6a16d_64)</u> | <u>[21](#i0fb34440c8f34c3a90a24ede4bf6a16d_64)</u> |
| &nbsp;&nbsp;<u>[New Business Production by Quarter](#i0fb34440c8f34c3a90a24ede4bf6a16d_70)</u> | <u>[22](#i0fb34440c8f34c3a90a24ede4bf6a16d_70)</u> |
| &nbsp;&nbsp;<u>[Estimated Net Exposure Amortization and Estimated Future Financial Guaranty Net Premium and Credit Derivative Revenues](#i0fb34440c8f34c3a90a24ede4bf6a16d_73)</u> | <u>[23](#i0fb34440c8f34c3a90a24ede4bf6a16d_73)</u> |
| &nbsp;&nbsp;<u>[Roll Forward of Net Expected Loss and Loss Adjustment Expenses to be Paid (Recovered)](#i0fb34440c8f34c3a90a24ede4bf6a16d_76)</u> | <u>[24](#i0fb34440c8f34c3a90a24ede4bf6a16d_76)</u> |
| &nbsp;&nbsp;<u>[Loss Measures](#i0fb34440c8f34c3a90a24ede4bf6a16d_79)</u> | <u>[25](#i0fb34440c8f34c3a90a24ede4bf6a16d_79)</u> |
| &nbsp;&nbsp;<u>[Net Expected Loss to be Expensed](#i0fb34440c8f34c3a90a24ede4bf6a16d_82)</u> | <u>[26](#i0fb34440c8f34c3a90a24ede4bf6a16d_82)</u> |
| &nbsp;&nbsp;<u>[Financial Guaranty Profile](#i0fb34440c8f34c3a90a24ede4bf6a16d_85)</u> | <u>[27](#i0fb34440c8f34c3a90a24ede4bf6a16d_85)</u> |
| &nbsp;&nbsp;<u>[Specialty Business](#i0fb34440c8f34c3a90a24ede4bf6a16d_94)</u> | <u>[30](#i0fb34440c8f34c3a90a24ede4bf6a16d_94)</u> |
| &nbsp;&nbsp;<u>[Expected Amortization of Net Par Outstanding](#i0fb34440c8f34c3a90a24ede4bf6a16d_97)</u> | <u>[31](#i0fb34440c8f34c3a90a24ede4bf6a16d_97)</u> |
| &nbsp;&nbsp;<u>[Puerto Rico Profile](#i0fb34440c8f34c3a90a24ede4bf6a16d_100)</u> | <u>[32](#i0fb34440c8f34c3a90a24ede4bf6a16d_100)</u> |
| &nbsp;&nbsp;<u>[Direct Pooled Corporate Obligations Profile](#i0fb34440c8f34c3a90a24ede4bf6a16d_103)</u> | <u>[33](#i0fb34440c8f34c3a90a24ede4bf6a16d_103)</u> |
| &nbsp;&nbsp;<u>[Below Investment Grade Exposures](#i0fb34440c8f34c3a90a24ede4bf6a16d_106)</u> | <u>[34](#i0fb34440c8f34c3a90a24ede4bf6a16d_106)</u> |
| &nbsp;&nbsp;<u>[Largest Exposures by Sector](#i0fb34440c8f34c3a90a24ede4bf6a16d_115)</u> | <u>[37](#i0fb34440c8f34c3a90a24ede4bf6a16d_115)</u> |
| <u>[Asset Management Segment](#i0fb34440c8f34c3a90a24ede4bf6a16d_124)</u> | <u>[40](#i0fb34440c8f34c3a90a24ede4bf6a16d_124)</u> |
| &nbsp;&nbsp;<u>[Asset Management Results](#i0fb34440c8f34c3a90a24ede4bf6a16d_127)</u> | <u>[41](#i0fb34440c8f34c3a90a24ede4bf6a16d_127)</u> |
| <u>[Corporate Division](#i0fb34440c8f34c3a90a24ede4bf6a16d_130)</u> | <u>[42](#i0fb34440c8f34c3a90a24ede4bf6a16d_130)</u> |
| &nbsp;&nbsp;<u>[Corporate Results](#i0fb34440c8f34c3a90a24ede4bf6a16d_133)</u> | <u>[43](#i0fb34440c8f34c3a90a24ede4bf6a16d_133)</u> |
| <u>[Other](#i0fb34440c8f34c3a90a24ede4bf6a16d_136)</u> | <u>[44](#i0fb34440c8f34c3a90a24ede4bf6a16d_136)</u> |
| &nbsp;&nbsp;<u>[Other Results](#i0fb34440c8f34c3a90a24ede4bf6a16d_139)</u> | <u>[45](#i0fb34440c8f34c3a90a24ede4bf6a16d_139)</u> |
| <u>[Summary](#i0fb34440c8f34c3a90a24ede4bf6a16d_145)</u> | <u>[47](#i0fb34440c8f34c3a90a24ede4bf6a16d_145)</u> |
| &nbsp;&nbsp;<u>[Summary of Financial and Statistical Data](#i0fb34440c8f34c3a90a24ede4bf6a16d_148)</u> | <u>[48](#i0fb34440c8f34c3a90a24ede4bf6a16d_148)</u> |
| &nbsp;&nbsp;<u>[Summary of GAAP to Non-GAAP Reconciliations](#i0fb34440c8f34c3a90a24ede4bf6a16d_151)</u> | <u>[49](#i0fb34440c8f34c3a90a24ede4bf6a16d_151)</u> |
| <u>[Glossary](#i0fb34440c8f34c3a90a24ede4bf6a16d_157)</u> | <u>[51](#i0fb34440c8f34c3a90a24ede4bf6a16d_157)</u> |
| <u>[Non-GAAP Financial Measures](#i0fb34440c8f34c3a90a24ede4bf6a16d_160)</u> | <u>[54](#i0fb34440c8f34c3a90a24ede4bf6a16d_160)</u> |

---

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 and June 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 possibility of a U.S. government shutdown, 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 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; (viii) 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; (ix) the impact of Assured Guaranty satisfying its obligations under insurance policies with respect to legacy insured Puerto Rico bonds; (x) the possibility that underwriting insurance in new jurisdictions and/or covering new sectors or classes of business does not result in the benefits anticipated or subjects Assured Guaranty to negative consequences; (xi) 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; (xii) 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; (xiii) 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; (xiv) the inability to control the business, management or policies of entities in which Assured Guaranty holds a minority interest; (xv) 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); (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** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **GAAP** <sup>(1)</sup> **Highlights** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to AGL** | $**103** | $**78** | $**279** | $**187** |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to AGL per diluted share** | $**2.08** | $**1.41** | $**5.54** | $**3.31** |
| &nbsp;&nbsp;&nbsp;**Weighted average shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic shares outstanding | 48.9 | 54.1 | 49.5 | 54.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted shares outstanding  | 49.4 | 55.0 | 50.1 | 56.1 |
| &nbsp;&nbsp;&nbsp;**Effective tax rate on net income** | **20.9%** | **14.5%** | **19.7%** | **18.6%** |
| &nbsp;&nbsp;**GAAP return on equity (ROE)** <sup>(4)</sup> | **7.4%** | **5.6%** | **10.0%** | **6.6%** |
| Non-GAAP Highlights <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted operating income (loss) | $50 | $80 | $212 | $193 |
| &nbsp;&nbsp;Adjusted operating income (loss) per diluted share <sup>(2)</sup> | $1.01 | $1.44 | $4.21 | $3.41 |
| &nbsp;&nbsp;&nbsp;Weighted average diluted shares outstanding | 49.4 | 55.0 | 50.1 | 56.1 |
| &nbsp;&nbsp;Effective tax rate on adjusted operating income <sup>(3)</sup> | 25.8% | 13.8% | 20.6% | 18.1% |
| &nbsp;&nbsp;Adjusted operating ROE <sup>(2)(4)</sup> | 3.5% | 5.4% | 7.3% | 6.5% |
| Components of adjusted operating income (loss) <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;Insurance segment | $76 | $116 | $244 | $265 |
| &nbsp;&nbsp;Asset Management segment | 4 |  | 16 | 1 |
| &nbsp;&nbsp;Corporate division | (29) | (35) | (49) | (72) |
| &nbsp;&nbsp;Other <sup>(6)</sup> | (1) | (1) | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) | $50 | $80 | $212 | $193 |
| **Insurance Segment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Gross written premiums (GWP)** | $**85** | $**132** | $**120** | $**193** |
| &nbsp;&nbsp;Present value of new business production (PVP) <sup>(2)</sup>  | 64 | 155 | 103 | 218 |
| &nbsp;&nbsp;&nbsp;Gross par written | 10396 | 9423 | 15398 | 13166 |
| **Effect of refundings and terminations on GAAP measures:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net earned premiums, pre-tax** | $**4** | $**3** | $**9** | $**42** |
| &nbsp;&nbsp;&nbsp;**Fair value gains (losses) of credit derivatives, pre-tax** | **—** | **—** | **40** | **—** |
| &nbsp;&nbsp;&nbsp;**Net income effect** | **3** | **2** | **39** | **32** |
| &nbsp;&nbsp;&nbsp;**Net income per diluted share** | **0.07** | **0.04** | **0.78** | **0.57** |
| Effect of refundings and terminations on non-GAAP measures: |  |  |  |  |
| &nbsp;&nbsp;Operating net earned premiums and credit derivative revenues<sup>(5)</sup>, pre-tax | $4 | $3 | $49 | $42 |
| &nbsp;&nbsp;Adjusted operating income<sup>(5)</sup> effect | 3 | 2 | 39 | 32 |
| &nbsp;&nbsp;Adjusted operating income per diluted share <sup>(5)</sup> | 0.07 | 0.04 | 0.78 | 0.57 |

---

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

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

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

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

5)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;Represents the effect of consolidating financial guaranty variable interest entities (FG VIEs) and consolidated investment vehicles (CIVs) (FG VIE and CIV consolidation).

------

**Assured Guaranty Ltd.**

Selected Financial Highlights (2 of 2)

(dollars in millions, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Amount** | **Per Share** | **Amount** | **Per Share** |
| **Shareholders' equity attributable to AGL** | $**5633** | $**117.10** | $**5495** | $**108.80** |
| Adjusted operating shareholders' equity <sup>(1)</sup> | 5778 | 120.11 | 5795 | 114.75 |
| Adjusted book value (ABV) <sup>(1)</sup> | 8513 | 176.95 | 8592 | 170.12 |
| Gain (loss) related to FG VIE and CIV consolidation included in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted operating shareholders' equity | 1 | 0.03 |  | 0.01 |
| &nbsp;&nbsp;&nbsp;ABV | (4) | (0.08) | (6) | (0.13) |
| Shares outstanding at the end of period | 48.1 |  | 50.5 |  |
| **Exposure** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial guaranty net debt service outstanding | $434562 |  | $415966 |  |
| &nbsp;&nbsp;&nbsp;Financial guaranty net par outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment grade | $262270 |  | $251370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BIG | 10508 |  | 10182 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $272778 |  | $261552 |  |
| **Claims-paying resources** <sup>(2)</sup> | $10350 |  | $10211 |  |

---

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

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

------

**Assured Guaranty Ltd.**

Condensed Consolidated Statements of Operations (unaudited)

(dollars in millions, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net earned premiums | $89 | $84 | $180 | $203 |
| &nbsp;&nbsp;&nbsp;Net investment income | 89 | 81 | 176 | 165 |
| &nbsp;&nbsp;&nbsp;Net realized investment gains (losses) | (6) | (6) | (22) | 2 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on credit derivatives | 1 | 6 | 105 | 16 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CCS | (1) | 1 | 1 | (9) |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on FG VIEs | 2 | (1) | 3 | (4) |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CIVs | 4 | 11 | 23 | 33 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gains (losses) on remeasurement | 79 |  | 116 | (12) |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on trading securities | 2 | 17 | 3 | 43 |
| &nbsp;&nbsp;&nbsp;Other income (loss) | 22 | 9 | 41 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **281** | **202** | **626** | **447** |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss and loss adjustment expense (LAE) (benefit) | 28 | (2) | 68 | (3) |
| &nbsp;&nbsp;&nbsp;Interest expense | 23 | 23 | 45 | 46 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs (DAC) | 5 | 3 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;Employee compensation and benefit expenses | 50 | 48 | 110 | 106 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 45 | 41 | 87 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | **151** | **113** | **320** | **238** |
| **Income (loss) before income taxes and equity in earnings (losses) of investees** | **130** | **89** | **306** | **209** |
| Equity in earnings (losses) of investees | 3 | 5 | 56 | 29 |
| **Income (loss) before income taxes** | **133** | **94** | **362** | **238** |
| Less: Provision (benefit) for income taxes | 27 | 13 | 71 | 44 |
| **Net income (loss)** | **106** | **81** | **291** | **194** |
| Less: Noncontrolling interests | 3 | 3 | 12 | 7 |
| **Net income (loss) attributable to AGL** | $**103** | $**78** | $**279** | $**187** |
| **Earnings per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $2.10 | $1.43 | $5.60 | $3.38 |
| &nbsp;&nbsp;&nbsp;Diluted | $2.08 | $1.41 | $5.54 | $3.31 |

---

------

**Assured Guaranty Ltd.**

Condensed Consolidated Balance Sheets (unaudited)

(dollars in millions)

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Assets** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;Fixed-maturity securities available-for-sale, at fair value | $6498 | $6369 |
| &nbsp;&nbsp;&nbsp;Fixed-maturity securities, trading, at fair value | 137 | 147 |
| &nbsp;&nbsp;&nbsp;Short-term investments, at fair value | 939 | 1221 |
| &nbsp;&nbsp;&nbsp;Other invested assets | 995 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 8569 | 8663 |
| Cash | 301 | 121 |
| Premiums receivable, net of commissions payable | 1631 | 1551 |
| DAC | 185 | 176 |
| Salvage and subrogation recoverable | 382 | 396 |
| FG VIEs' assets | 211 | 147 |
| Assets of CIVs | 121 | 101 |
| Other assets | 695 | 746 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**12095** | $**11901** |
| **Liabilities** |  |  |
| Unearned premium reserve | $3675 | $3719 |
| Loss and LAE reserve | 315 | 268 |
| Long-term debt | 1701 | 1699 |
| FG VIEs' liabilities | 202 | 164 |
| Other liabilities | 473 | 498 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **6366** | **6348** |
| **Shareholders' equity** |  |  |
| Common shares |  | 1 |
| Retained earnings | 5859 | 5878 |
| Accumulated other comprehensive income (loss) | (227) | (385) |
| Deferred equity compensation | 1 | 1 |
| &nbsp;&nbsp;&nbsp;**Total shareholders' equity attributable to AGL** | 5633 | 5495 |
| &nbsp;&nbsp;&nbsp;Nonredeemable noncontrolling interests | 96 | 58 |
| &nbsp;&nbsp;&nbsp;**Total shareholders' equity** | **5729** | **5553** |
| &nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**12095** | $**11901** |

---

------

**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** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss) attributable to AGL** | $**103** | $**78** | $**279** | $**187** |
| Less pre-tax adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) on investments | (6) | (6) | (22) | 2 |
| &nbsp;&nbsp;&nbsp;Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | (1) | 3 | (3) | 13 |
| &nbsp;&nbsp;Fair value gains (losses) on CCS  | (1) | 1 | 1 | (9) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 71 |  | 104 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total pre-tax adjustments | 63 | (2) | 80 | (6) |
| Less tax effect on pre-tax adjustments | (10) |  | (13) |  |
| Adjusted operating income (loss) | $50 | $80 | $212 | $193 |
| Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income | $(1) | $(1) | $1 | $(1) |
| Components of adjusted operating income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Segments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | $76 | $116 | $244 | $265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Management | 4 |  | 16 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segments | 80 | 116 | 260 | 266 |
| &nbsp;&nbsp;&nbsp;Corporate division | (29) | (35) | (49) | (72) |
| &nbsp;&nbsp;&nbsp;Other | (1) | (1) | 1 | (1) |
| Adjusted operating income (loss) | $50 | $80 | $212 | $193 |
| **Per diluted share:** |  |  |  |  |
| **Net income (loss) attributable to AGL** | $**2.08** | $**1.41** | $**5.54** | $**3.31** |
| Less pre-tax adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) on investments | (0.12) | (0.11) | (0.43) | 0.04 |
| &nbsp;&nbsp;&nbsp;Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | (0.03) | 0.06 | (0.07) | 0.23 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CCS | (0.01) | 0.02 | 0.02 | (0.16) |
| &nbsp;&nbsp;Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves  | 1.43 |  | 2.06 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total pre-tax adjustments | 1.27 | (0.03) | 1.58 | (0.10) |
| Less tax effect on pre-tax adjustments | (0.20) |  | (0.25) |  |
| Adjusted operating income (loss) | $1.01 | $1.44 | $4.21 | $3.41 |
| Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income | $(0.02) | $(0.03) | $0.02 | $(0.02) |

---

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

------

**Assured Guaranty Ltd.**

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (2 of 3)

(dollars in millions)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ROE Reconciliation and Calculation** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **June 30,** | **March 31,** | **December 31,** | **June 30,** | **March 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** |
| **Shareholders' equity attributable to AGL** | $**5633** | $**5590** | $**5495** | $**5539** | $**5629** | $**5713** |
| Adjusted operating shareholders' equity | 5778 | 5818 | 5795 | 5844 | 5932 | 5990 |
| **Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating shareholders' equity** | **1** | **3** | **—** | **3** | **3** | **5** |
|  |  |  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  |  |  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  |  |  | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss) attributable to AGL** |  |  | $**103** | $**78** | $**279** | $**187** |
| Adjusted operating income (loss) |  |  | 50 | 80 | 212 | 193 |
| **Average shareholders' equity attributable to AGL** |  |  | $**5612** | $**5584** | $**5564** | $**5626** |
| Average adjusted operating shareholders' equity |  |  | 5798 | 5888 | 5787 | 5917 |
| **Gain (loss) related to FG VIE and CIV consolidation included in average adjusted operating shareholders' equity** |  |  | **2** | **3** | **1** | **4** |
| **GAAP ROE** <sup>(1)</sup> |  |  | **7.4%** | **5.6%** | **10.0%** | **6.6%** |
| Adjusted operating ROE <sup>(1)</sup> |  |  | 3.5% | 5.4% | 7.3% | 6.5% |

---

1)&nbsp;&nbsp;&nbsp;&nbsp;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.

------

**Assured Guaranty Ltd.**

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (3 of 3)

(dollars in millions)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **June 30,**<br>**2024** | **March 31,**<br>**2024** | **December 31,**<br>**2023** |
| **Reconciliation of shareholders' equity attributable to AGL to ABV:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Shareholders' equity attributable to AGL** | $**5633** | $**5590** | $**5495** | $**5539** | $**5629** | $**5713** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less pre-tax reconciling items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 45 | 47 | 49 | 47 | 44 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value gains (losses) on CCS | 3 | 4 | 2 | 4 | 3 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on investment portfolio | (218) | (313) | (397) | (400) | (393) | (361) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less taxes | 25 | 34 | 46 | 44 | 43 | 37 |
| &nbsp;&nbsp;&nbsp;Adjusted operating shareholders' equity | 5778 | 5818 | 5795 | 5844 | 5932 | 5990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax reconciling items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Deferred acquisition costs | 185 | 181 | 176 | 169 | 164 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Net present value of estimated net future revenue | 196 | 199 | 202 | 190 | 191 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Net deferred premium revenue on financial guaranty contracts in excess of expected loss to be expensed | 3409 | 3415 | 3473 | 3424 | 3393 | 3436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus taxes | (685) | (689) | (702) | (691) | (687) | (699) |
| &nbsp;&nbsp;&nbsp;ABV | $8513 | $8562 | $8592 | $8598 | $8665 | $8765 |
| **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) | $**1** | $**3** | $**—** | $**3** | $**3** | $**5** |
| ABV (net of tax provision (benefit) of $(1), $(1), $(2), $(1), $(1) and $0) | $**(4)** | $**(4)** | $**(6)** | $**(2)** | $**(3)** | $**—** |

---

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

------

**Assured Guaranty Ltd.**

Income Components (1 of 4)

(in millions)

**Components of Income for the Three Months Ended June 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Segments** | **Segments** | **Corporate and Other** | **Corporate and Other** | | |
| | **Insurance** | **Asset Management** | **Corporate** | **Other** <sup>(1)</sup> |<br>**Reconciling Items** |<br>**Consolidated** |
| **Revenues** | | | | | | |
| &nbsp;&nbsp;&nbsp;Net earned premiums | $90 | $— | $— | $(1) | $— | $89 |
| &nbsp;&nbsp;&nbsp;Net investment income | 89 |  | 3 | (3) |  | 89 |
| &nbsp;&nbsp;&nbsp;Net realized investment gains (losses) |  |  |  |  | (6) | (6) |
| &nbsp;&nbsp;Fair value gains (losses) on credit derivatives <sup>(2)</sup> | 2 |  |  |  | (1) | 1 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CCS |  |  |  |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on FG VIEs |  |  |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CIVs |  |  |  | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gains (losses) on remeasurement | 8 |  |  |  | 71 | 79 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on trading securities | 2 |  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;Other income (loss) | 8 | 15 | 1 | (2) |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 199 | 15 | 4 |  | 63 | 281 |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;Loss and LAE (benefit) <sup>(3)</sup> | 27 |  |  | 1 |  | 28 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  | 26 | (3) |  | 23 |
| &nbsp;&nbsp;&nbsp;Amortization of DAC | 5 |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Employee compensation and benefit expenses | 44 |  | 6 |  |  | 50 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 29 | 9 | 7 |  |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 105 | 9 | 39 | (2) |  | 151 |
| Equity in earnings (losses) of investees | 2 | (1) | 3 | (1) |  | 3 |
| Less: Provision (benefit) for income taxes | 20 | 1 | (3) | (1) | 10 | 27 |
| Less: Noncontrolling interests |  |  |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $76 | $4 | $(29) | $(1) | $53 | $103 |

---

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

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

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

------

**Assured Guaranty Ltd.**

Income Components (2 of 4)

(in millions)

**Components of Income for the Three Months Ended June 30, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Segments** | **Segments** | **Corporate and Other** | **Corporate and Other** | | |
| | **Insurance** | **Asset Management** | **Corporate** | **Other** <sup>(1)</sup> |<br>**Reconciling Items** |<br>**Consolidated** |
| **Revenues** | | | | | | |
| &nbsp;&nbsp;&nbsp;Net earned premiums | $84 | $— | $— | $— | $— | $84 |
| &nbsp;&nbsp;&nbsp;Net investment income | 81 |  | 4 | (4) |  | 81 |
| &nbsp;&nbsp;&nbsp;Net realized investment gains (losses) |  |  |  |  | (6) | (6) |
| &nbsp;&nbsp;Fair value gains (losses) on credit derivatives <sup>(2)</sup> | 3 |  |  |  | 3 | 6 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CCS |  |  |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on FG VIEs |  |  |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CIVs |  |  |  | 11 |  | 11 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gains (losses) on remeasurement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on trading securities | 17 |  |  |  |  | 17 |
| &nbsp;&nbsp;&nbsp;Other income (loss) | 4 | 7 |  | (2) |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 189 | 7 | 4 | 4 | (2) | 202 |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;Loss and LAE (benefit) <sup>(3)</sup> |  |  |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  | 26 | (3) |  | 23 |
| &nbsp;&nbsp;&nbsp;Amortization of DAC | 3 |  |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Employee compensation and benefit expenses | 40 |  | 8 |  |  | 48 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 27 | 4 | 10 |  |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 70 | 4 | 44 | (5) |  | 113 |
| Equity in earnings (losses) of investees | 15 | (3) |  | (7) |  | 5 |
| Less: Provision (benefit) for income taxes | 18 |  | (5) |  |  | 13 |
| Less: Noncontrolling interests |  |  |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $116 | $— | $(35) | $(1) | $(2) | $78 |

---

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

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

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

------

**Assured Guaranty Ltd.**

Income Components (3 of 4)

(in millions)

**Components of Income for the Six Months Ended June 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Segments** | **Segments** | **Corporate and Other** | **Corporate and Other** | | |
| | **Insurance** | **Asset Management** | **Corporate** | **Other** <sup>(1)</sup> |<br>**Reconciling Items** |<br>**Consolidated** |
| **Revenues** | | | | | | |
| &nbsp;&nbsp;&nbsp;Net earned premiums | $181 | $— | $— | $(1) | $— | $180 |
| &nbsp;&nbsp;&nbsp;Net investment income | 175 |  | 7 | (6) |  | 176 |
| &nbsp;&nbsp;&nbsp;Net realized investment gains (losses) |  |  |  |  | (22) | (22) |
| &nbsp;&nbsp;Fair value gains (losses) on credit derivatives <sup>(2)</sup> | 45 |  |  |  | 60 | 105 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CCS |  |  |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on FG VIEs |  |  |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CIVs |  |  |  | 23 |  | 23 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gains (losses) on remeasurement | 12 |  |  |  | 104 | 116 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on trading securities | 3 |  |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Other income (loss) | 22 | 21 | 1 | (3) |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 438 | 21 | 8 | 16 | 143 | 626 |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;Loss and LAE (benefit)<sup>(3)</sup> | 4 |  |  | 1 | 63 | 68 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  | 50 | (5) |  | 45 |
| &nbsp;&nbsp;&nbsp;Amortization of DAC | 10 |  |  |  |  | 10 |
| &nbsp;&nbsp;&nbsp;Employee compensation and benefit expenses | 96 |  | 14 |  |  | 110 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 59 | 13 | 15 |  |  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 169 | 13 | 79 | (4) | 63 | 320 |
| Equity in earnings (losses) of investees | 32 | 12 | 19 | (7) |  | 56 |
| Less: Provision (benefit) for income taxes | 57 | 4 | (3) |  | 13 | 71 |
| Less: Noncontrolling interests |  |  |  | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $244 | $16 | $(49) | $1 | $67 | $279 |

---

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

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

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

------

**Assured Guaranty Ltd.**

Income Components (4 of 4)

(in millions)

**Components of Income for the Six Months Ended June 30, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Segments** | **Segments** | **Corporate and Other** | **Corporate and Other** | | |
| | **Insurance** | **Asset Management** | **Corporate** | **Other** <sup>(1)</sup> |<br>**Reconciling Items** |<br>**Consolidated** |
| **Revenues** | | | | | | |
| &nbsp;&nbsp;&nbsp;Net earned premiums | $204 | $— | $— | $(1) | $— | $203 |
| &nbsp;&nbsp;&nbsp;Net investment income | 164 |  | 7 | (6) |  | 165 |
| &nbsp;&nbsp;&nbsp;Net realized investment gains (losses) |  |  |  |  | 2 | 2 |
| &nbsp;&nbsp;Fair value gains (losses) on credit derivatives <sup>(2)</sup> | 5 |  |  |  | 11 | 16 |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CCS |  |  |  |  | (9) | (9) |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on FG VIEs |  |  |  | (4) |  | (4) |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CIVs |  |  |  | 33 |  | 33 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gains (losses) on remeasurement |  |  |  |  | (12) | (12) |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on trading securities | 43 |  |  |  |  | 43 |
| &nbsp;&nbsp;&nbsp;Other income (loss) | 2 | 8 | 2 | (2) |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 418 | 8 | 9 | 20 | (8) | 447 |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;Loss and LAE (benefit)<sup>(3)</sup> | 4 |  |  | (5) | (2) | (3) |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  | 51 | (5) |  | 46 |
| &nbsp;&nbsp;&nbsp;Amortization of DAC | 9 |  |  |  |  | 9 |
| &nbsp;&nbsp;&nbsp;Employee compensation and benefit expenses | 88 |  | 18 |  |  | 106 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 54 | 4 | 22 |  |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 155 | 4 | 91 | (10) | (2) | 238 |
| Equity in earnings (losses) of investees | 55 | (2) |  | (24) |  | 29 |
| Less: Provision (benefit) for income taxes | 53 | 1 | (10) |  |  | 44 |
| Less: Noncontrolling interests |  |  |  | 7 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $265 | $1 | $(72) | $(1) | $(6) | $187 |

---

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

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

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

------

**Assured Guaranty Ltd.**

Fixed-Maturity Securities, Short-Term Investments and Cash

As of June 30, 2025

(dollars in millions)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Amortized Cost** | **Allowance for Credit Losses** | **Allowance for Credit Losses** | **Pre-Tax Book Yield** | **After-Tax Book Yield** | **Fair Value** | **Annualized Investment Income** <sup>(1)</sup> |
| **Fixed maturity securities, available-for-sale:** | | | | | | | |
| &nbsp;&nbsp;Obligations of states and political subdivisions <sup>(3)</sup> | $1851 | $| (12) | 3.84% | 3.33% | $1772 | $71 |
| &nbsp;&nbsp;&nbsp;U.S. government and agencies | 42 |  |  | 3.40 | 2.76 | 38 | 1 |
| &nbsp;&nbsp;&nbsp;Corporate securities | 2826 | (6) | (6) | 4.14 | 3.45 | 2746 | 117 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities (RMBS) <sup>(2)(3)</sup> | 670 | (24) | (24) | 5.17 | 4.13 | 593 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 150 |  |  | 4.13 | 3.29 | 151 | 6 |
| &nbsp;&nbsp;&nbsp;Asset-backed securities (ABS) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized loan obligation (CLOs) | 554 | (5) | (5) | 10.58 | 8.35 | 527 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other ABS <sup>(3)</sup>  | 583 |  |  | 4.30 | 3.45 | 586 | 25 |
| &nbsp;&nbsp;&nbsp;Non-U.S. government securities | 89 |  |  | 2.93 | 2.92 | 85 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity securities, available-for-sale | 6765 | (47) | (47) | 4.68 | 3.87 | 6498 | 316 |
| **Short-term investments** | 939 |  |  | 4.22 | 3.43 | 939 | 40 |
| **Cash** <sup>(4)</sup> | 301 |  |  |  |  | 301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**8005** | **$** | **(47)** | **4.62%** | **3.81%** | $**7738** | $**356** |
| **Fixed maturity securities, trading** <sup>(6)</sup> |  |  |  |  |  | $**137** |  |
| **Ratings** <sup>(5)</sup>**:** | **Fair Value** | **% of Portfolio** | **% of Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. government and agencies | $38 | 0.6 | 0.6% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AAA/Aaa | 832 | 12.8 | 12.8 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AA/Aa | 2074 | 31.9 | 31.9 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;A/A | 1591 | 24.5 | 24.5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BBB | 1091 | 16.8 | 16.8 |  |  |  |  |
| &nbsp;&nbsp;BIG  | 544 | 8.4 | 8.4 |  |  |  |  |
| &nbsp;&nbsp;Not rated <sup>(7)</sup> | 328 | 5.0 | 5.0 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity securities, available-for-sale | $6498 | 100.0 | 100.0% |  |  |  |  |
| **Duration of available-for-sale fixed maturity securities and short-term investments (in years):** |  | **4.1** | **4.1** |  |  |  |  |

---

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

2)&nbsp;&nbsp;&nbsp;&nbsp;Includes fair value of $130 million in subprime RMBS, of which 92% were rated BIG.

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

4)&nbsp;&nbsp;&nbsp;&nbsp;Cash is not included in the yield calculation.

5)&nbsp;&nbsp;&nbsp;&nbsp;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 $814 million in par with carrying value of $596 million and are primarily included in the BIG category.

6)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;Primarily includes CLO equity tranches.

------

**Assured Guaranty Ltd.**

Investment Portfolio, Cash and CIVs

GAAP (1 of 2)

(dollars in millions)

**Investment Portfolio, Cash and CIVs as of June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Insurance Related Subsidiaries** <sup>(1)</sup> | **Holding Companies** <sup>(2)</sup> | **Other** <sup>(3)</sup> | **AGL Consolidated** |
| Fixed-maturity securities, available-for-sale | $6480 | $18 | $— | $6498 |
| Fixed-maturity securities, trading | 137 |  |  | 137 |
| &nbsp;&nbsp;**Total fixed-maturity securities** | 6617 | 18 |  | 6635 |
| Short-term investments | 732 | 206 | 1 | 939 |
| Cash | 229 | 12 | 60 | 301 |
| &nbsp;&nbsp;**Total short-term investments and cash** | 961 | 218 | 61 | 1240 |
| **Other invested assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity method investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point |  | 412 |  | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLOs | 96 |  |  | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private healthcare investing | 166 |  |  | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based/specialty finance | 151 |  | (40) | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private minority stakes in alternative asset managers |  | 79 |  | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 63 | 49 |  | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total funds | 476 | 128 | (40) | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity method investments | 476 | 543 | (40) | 979 |
| &nbsp;&nbsp;&nbsp;Other | 16 |  |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other invested assets** | 492 | 543 | (40) | 995 |
| **Total investment portfolio and cash** <sup>(4)</sup> | $8070 | $779 | $21 | $8870 |
| **CIVs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets of CIVs | $— | $— | $121 | $121 |
| &nbsp;&nbsp;&nbsp;Liabilities of CIVs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Nonredeemable noncontrolling interests |  |  | (70) | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total CIVs** | $— | $— | $51 | $51 |

---

1)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;Includes the Company's holding companies: AGL, Assured Guaranty US Holdings Inc. (AGUS) and Assured Guaranty Municipal Holdings Inc. (AGMH).

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

4)&nbsp;&nbsp;&nbsp;&nbsp;The alternative investments, excluding the ownership interest in Sound Point, had an inception-to-date annualized internal rate of return (IRR) of 13%, a year-to-date return of 6% and a quarter-to-date return of 2%. Returns are calculated using the cash basis IRR method and are annualized, other than quarter-to-date returns.

------

**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** <sup>(1)</sup> | **Holding Companies** <sup>(2)</sup> | **Other** <sup>(3)</sup> | **AGL Consolidated** |
| Fixed-maturity securities, available-for-sale | $6351 | $18 | $— | $6369 |
| Fixed-maturity securities, trading | 147 |  |  | 147 |
| &nbsp;&nbsp;**Total fixed-maturity securities** | 6498 | 18 |  | 6516 |
| Short-term investments | 810 | 411 |  | 1221 |
| Cash | 78 | 8 | 35 | 121 |
| &nbsp;&nbsp;**Total short-term investments and cash** | 888 | 419 | 35 | 1342 |
| **Other invested assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity method investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sound Point |  | 418 |  | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLOs | 100 |  |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private healthcare investing | 153 |  |  | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based/specialty finance | 142 |  | (33) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private minority stakes in alternative asset managers |  | 69 |  | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 13 | 49 |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total funds | 408 | 118 | (33) | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity method investments | 408 | 539 | (33) | 914 |
| &nbsp;&nbsp;&nbsp;Other | 9 | 3 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other invested assets** | 417 | 542 | (33) | 926 |
| **Total investment portfolio and cash**<sup>(4)</sup> | $7803 | $979 | $2 | $8784 |
| **CIVs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets of CIVs | $— | $— | $101 | $101 |
| &nbsp;&nbsp;&nbsp;Liabilities of CIVs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Nonredeemable noncontrolling interests |  |  | (58) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total CIVs** | $— | $— | $43 | $43 |

---

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

2)&nbsp;&nbsp;&nbsp;&nbsp;Includes the Company's holding companies: AGL, AGUS, AGMH.

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

4)&nbsp;&nbsp;&nbsp;&nbsp;The alternative investments, excluding the 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.

------

**Assured Guaranty Ltd.**

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

(dollars in millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| | **Insurance** | **Asset Management** | **Corporate** | **Other** | **Total** |
| **Net investment income** | | | | | |
| &nbsp;&nbsp;Fixed-maturity securities, available-for-sale <sup>(1)</sup> | $76 | $— | $— | $— | $76 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 9 |  | 3 |  | 12 |
| &nbsp;&nbsp;&nbsp;Other | 4 |  |  | (3) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | $89 | $— | $3 | $(3) | $89 |
| **Fair value gains (losses) on trading securities** | $2 | $— | $— | $— | $2 |
| **Equity in earnings (losses) of investees** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sound Point | $— | $(1) | $— | $— | $(1) |
| &nbsp;&nbsp;&nbsp;Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLOs | (5) |  |  |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Private healthcare investing | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based/specialty finance | 5 |  |  | (1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private minority stakes in alternative asset managers |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1 |  | 2 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total funds <sup>(2)</sup> | 2 |  | 3 | (1) | 4 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity in earnings (losses) of investees** | $2 | $(1) | $3 | $(1) | $3 |
| **CIVs** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CIVs | $— | $— | $— | $4 | $4 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests |  |  |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total CIVs** | $— | $— | $— | $1 | $1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| | **Insurance** | **Asset Management** | **Corporate** | **Other** | **Total** |
| **Net investment income** | | | | | |
| &nbsp;&nbsp;&nbsp;Fixed-maturity securities, available-for-sale | $59 | $— | $1 | $(1) | $59 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 19 |  | 3 |  | 22 |
| &nbsp;&nbsp;&nbsp;Other | 3 |  |  | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | $81 | $— | $4 | $(4) | $81 |
| **Fair value gains (losses) on trading securities** | $17 | $— | $— | $— | $17 |
| **Equity in earnings (losses) of investees** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sound Point | $— | $(3) | $— | $— | $(3) |
| &nbsp;&nbsp;&nbsp;Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLOs | 6 |  |  | (3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private healthcare investing | (2) |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based/specialty finance | 7 |  |  | (4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private minority stakes in alternative asset managers | 2 |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2 |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total funds <sup>(2)</sup> | 15 |  |  | (7) | 8 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity in earnings (losses) of investees** | $15 | $(3) | $— | $(7) | $5 |
| **CIVs** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CIVs | $— | $— | $— | $11 | $11 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests |  |  |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total CIVs** | $— | $— | $— | $8 | $8 |

---

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

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

------

**Assured Guaranty Ltd.**

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

(dollars in millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **Insurance** | **Asset Management** | **Corporate** | **Other** | **Total** |
| **Net investment income** | | | | | |
| &nbsp;&nbsp;Fixed-maturity securities, available-for-sale <sup>(1)</sup> | $150 | $— | $— | $(1) | $149 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 18 |  | 7 |  | 25 |
| &nbsp;&nbsp;&nbsp;Other | 7 |  |  | (5) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | $175 | $— | $7 | $(6) | $176 |
| **Fair value gains (losses) on trading securities** | $3 | $— | $— | $— | $3 |
| **Equity in earnings (losses) of investees** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sound Point | $— | $12 | $— | $— | $12 |
| &nbsp;&nbsp;&nbsp;Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLOs | 3 |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private healthcare investing | 13 |  |  |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based/specialty finance | 14 |  |  | (7) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private minority stakes in alternative asset managers |  |  | 15 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2 |  | 4 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total funds <sup>(2)</sup> | 32 |  | 19 | (7) | 44 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity in earnings (losses) of investees** | $32 | $12 | $19 | $(7) | $56 |
| **CIVs** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CIVs | $— | $— | $— | $23 | $23 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests |  |  |  | (12) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total CIVs** | $— | $— | $— | $11 | $11 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| | **Insurance** | **Asset Management** | **Corporate** | **Other** | **Total** |
| **Net investment income** | | | | | |
| &nbsp;&nbsp;&nbsp;Fixed-maturity securities, available-for-sale | $121 | $— | $— | $(1) | $120 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 38 |  | 7 |  | 45 |
| &nbsp;&nbsp;&nbsp;Other | 5 |  |  | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | $164 | $— | $7 | $(6) | $165 |
| **Fair value gains (losses) on trading securities** | $43 | $— | $— | $— | $43 |
| **Equity in earnings (losses) of investees** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sound Point | $— | $1 | $— | $— | $1 |
| &nbsp;&nbsp;&nbsp;Funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLOs | 26 |  |  | (18) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private healthcare investing | 2 |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based/specialty finance | 11 |  |  | (6) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private minority stakes in alternative asset managers | 10 |  |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 6 |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total funds <sup>(2)</sup> | 55 |  |  | (24) | 31 |
| &nbsp;&nbsp;&nbsp;Other |  | (3) |  |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity in earnings (losses) of investees** | $55 | $(2) | $— | $(24) | $29 |
| **CIVs** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair value gains (losses) on CIVs | $— | $— | $— | $33 | $33 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests |  |  |  | (7) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total CIVs** | $— | $— | $— | $26 | $26 |

---

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

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

------

**Insurance Segment** 

------

**Assured Guaranty Ltd.**

Insurance Segment Results

(dollars in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Segment revenues** |  |  |  |  |
| Net earned premiums and credit derivative revenues | $92 | $87 | $226 | $209 |
| Net investment income | 89 | 81 | 175 | 164 |
| Fair value gains (losses) on trading securities | 2 | 17 | 3 | 43 |
| Foreign exchange gains (losses) on remeasurement and other income (loss) | 16 | 4 | 34 | 2 |
| &nbsp;&nbsp;**Total segment revenues** | 199 | 189 | 438 | 418 |
| **Segment expenses** |  |  |  |  |
| Loss expense (benefit) | 27 |  | 4 | 4 |
| Amortization of DAC | 5 | 3 | 10 | 9 |
| Employee compensation and benefit expenses | 44 | 40 | 96 | 88 |
| Other operating expenses | 29 | 27 | 59 | 54 |
| &nbsp;&nbsp;**Total segment expenses** | 105 | 70 | 169 | 155 |
| Equity in earnings (losses) of investees | 2 | 15 | 32 | 55 |
| &nbsp;&nbsp;**Segment adjusted operating income (loss) before income taxes** | 96 | 134 | 301 | 318 |
| Less: Provision (benefit) for income taxes | 20 | 18 | 57 | 53 |
| &nbsp;&nbsp;**Segment adjusted operating income (loss)** | $76 | $116 | $244 | $265 |

---

------

**Assured Guaranty Ltd.**

Claims-Paying Resources

(dollars in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| | **AG** | **AG Re** <sup>(1)</sup> | **Eliminations** <sup>(2)</sup> | **Total** |
| **Claims-paying resources** | | | | |
| Policyholders' surplus | $3514 | $734 | $57 | $4305 |
| Contingency reserve | 1453 |  |  | 1453 |
| &nbsp;&nbsp;&nbsp;**Qualified statutory capital** | **4967** | **734** | **57** | **5758** |
| Unearned premium reserve and net deferred ceding commission income <sup>(3)</sup> | 2437 | 623 | (57) | 3003 |
| Loss and LAE reserves <sup>(3)(4)</sup> |  | 52 |  | 52 |
| &nbsp;&nbsp;&nbsp;**Total policyholders' surplus and reserves** | **7404** | **1409** | **—** | **8813** |
| Present value of installment premium  | 866 | 271 |  | 1137 |
| CCS | 400 |  |  | 400 |
| &nbsp;&nbsp;&nbsp;**Total claims-paying resources** | $**8670** | $**1680** | $**—** | $**10350** |
| Statutory net exposure <sup>(3)(5)</sup> | $208527 | $68919 | $(658) | $276788 |
| Net debt service outstanding <sup>(3)(5)</sup> | $335519 | $104212 | $(1151) | $438580 |
| **Ratios:** |  |  |  |  |
| Net exposure to qualified statutory capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42:1 | 94:1 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48:1 |
| Capital ratio <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68:1 | 142:1 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76:1 |
| Financial resources ratio <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39:1 | 62:1 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42:1 |
| Statutory net exposure to claims-paying resources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24:1 | 41:1 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27:1 |
| **Separate company statutory basis:** |  |  |  |  |
| Admitted assets | $7200 | $1493 |  |  |
| Total liabilities | 3686 | 760 |  |  |
| Loss and LAE reserves (recoverable) | (78) | 52 |  |  |
| Paid in capital stock | 447 | 826 |  |  |

---

1)&nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty Re Ltd. (AG Re) numbers represent the Company's estimate of AG Re on a U.S. statutory-basis, except for contingency reserves.

2)&nbsp;&nbsp;&nbsp;&nbsp;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.

3)&nbsp;&nbsp;&nbsp;&nbsp;The numbers shown for AG have been adjusted to include its U.K. and French insurance subsidiaries.

4)&nbsp;&nbsp;&nbsp;&nbsp;Loss and LAE reserves exclude adjustments to claims-paying resources for AG because the balance was in a net recoverable position of $66 million.

5)&nbsp;&nbsp;&nbsp;&nbsp;Net exposure and net debt service outstanding are presented on a statutory basis. Includes $4,274 million of specialty business.

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

7)&nbsp;&nbsp;&nbsp;&nbsp;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.

------

**Assured Guaranty Ltd.**

New Business Production

(dollars in millions)

**Reconciliation of GWP to PVP**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Public Finance** | &nbsp;&nbsp;&nbsp;&nbsp;**Public Finance** | **Structured Finance** | **Structured Finance** | | &nbsp;&nbsp;&nbsp;&nbsp;**Public Finance** | &nbsp;&nbsp;&nbsp;&nbsp;**Public Finance** | **Structured Finance** | **Structured Finance** | |
| | **U.S.** | **Non - U.S.** | **U.S.**  | **Non - U.S.** |<br>**Total** | **U.S.** | **Non - U.S.** | **U.S.** | **Non - U.S.** |<br>**Total** |
| **Total GWP** | $**73** | $**8** | $**(1)** | $**5** | $**85** | $**103** | $**25** | $**2** | $**2** | $**132** |
| &nbsp;&nbsp;Less: Installment GWP and other GAAP adjustments <sup>(1)</sup> | 30 | 8 |  | 5 | 43 | 85 | 13 | 2 | 2 | 102 |
| Upfront GWP | 43 |  | (1) |  | 42 | 18 | 12 |  |  | 30 |
| &nbsp;&nbsp;Plus: Installment premiums and other<sup>(2)</sup> | 6 | 7 | 2 | 7 | 22 | 98 | 21 | 4 | 2 | 125 |
| Total PVP | $49 | $7 | $1 | $7 | $64 | $116 | $33 | $4 | $2 | $155 |
| **Gross par written** | $**8861** | $**275** | $**5** | $**1255** | $**10396** | $**7043** | $**1572** | $**214** | $**594** | $**9423** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Public Finance** | &nbsp;&nbsp;&nbsp;&nbsp;**Public Finance** | **Structured Finance** | **Structured Finance** | | &nbsp;&nbsp;&nbsp;&nbsp;**Public Finance** | &nbsp;&nbsp;&nbsp;&nbsp;**Public Finance** | **Structured Finance** | **Structured Finance** | |
| | **U.S.** | **Non - U.S.** | **U.S.**  | **Non - U.S.** |<br>**Total** | **U.S.** | **Non - U.S.** | **U.S.** | **Non - U.S.** |<br>**Total** |
| **Total GWP** | $**98** | $**7** | $**6** | $**9** | $**120** | $**147** | $**27** | $**15** | $**4** | $**193** |
| &nbsp;&nbsp;Less: Installment GWP and other GAAP adjustments <sup>(1)</sup> | 32 | 7 | 6 | 9 | 54 | 97 | 15 | 14 | 4 | 130 |
| Upfront GWP | 66 |  |  |  | 66 | 50 | 12 | 1 |  | 63 |
| &nbsp;&nbsp;Plus: Installment premiums and other<sup>(2)</sup> | 8 | 14 | 3 | 12 | 37 | 109 | 22 | 18 | 6 | 155 |
| Total PVP | $74 | $14 | $3 | $12 | $103 | $159 | $34 | $19 | $6 | $218 |
| **Gross par written** | $**13130** | $**472** | $**126** | $**1670** | $**15398** | $**9952** | $**1572** | $**694** | $**948** | $**13166** |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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.

------

**Assured Guaranty Ltd.**

Gross Par Written

(dollars in millions)

**Gross Par Written by Asset Type**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Sector:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**U.S. public finance:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General obligation | $3498 | $2657 | $5066 | $3819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax backed | 2299 | 885 | 2984 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | 1162 | 222 | 1468 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal utilities | 534 | 411 | 1467 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 801 | 2603 | 1029 | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Higher education | 483 | 245 | 945 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Housing revenue | 53 |  | 140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other public finance | 31 | 20 | 31 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. public finance | 8861 | 7043 | 13130 | 9952 |
| &nbsp;&nbsp;&nbsp;**Non-U.S. public finance:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Infrastructure finance | 228 | 54 | 228 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulated utilities |  | 1518 | 140 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sovereign and sub-sovereign | 47 |  | 104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-U.S. public finance | 275 | 1572 | 472 | 1572 |
| &nbsp;&nbsp;&nbsp;**Total public finance** | **9136** | **8615** | **13602** | **11524** |
| &nbsp;&nbsp;&nbsp;**U.S. structured finance:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription finance facilities | 3 | 41 | 95 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pooled corporate obligations | 2 | 163 | 19 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance securitizations |  |  |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured credit |  | 10 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other structured finance |  |  | 12 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. structured finance | 5 | 214 | 126 | 694 |
| &nbsp;&nbsp;&nbsp;**Non-U.S. structured finance:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription finance facilities | 1108 | 286 | 1523 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pooled corporate obligations | 147 | 308 | 147 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-U.S. structured finance | 1255 | 594 | 1670 | 948 |
| &nbsp;&nbsp;&nbsp;**Total structured finance** | **1260** | **808** | **1796** | **1642** |
| &nbsp;&nbsp;&nbsp;**Total gross par written** | $**10396** | $**9423** | $**15398** | $**13166** |

---

Please refer to the Glossary for a description of sectors.

------

**Assured Guaranty Ltd.**

New Business Production by Quarter

(dollars in millions)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Six Months** | **Six Months** |
| |<br>**1Q-24** |<br>**2Q-24** |<br>**3Q-24** |<br>**4Q-24** |<br>**1Q-25** |<br>**2Q-25** | **2025** | **2024** |
| **PVP:** |  |  |  |  |  |  |  |  |
| Public finance - U.S. | $43 | $116 | $34 | $77 | $25 | $49 | $74 | $159 |
| Public finance - non-U.S. | 1 | 33 | 10 | 23 | 7 | 7 | 14 | 34 |
| Structured finance - U.S. | 15 | 4 | 5 | 1 | 2 | 1 | 3 | 19 |
| Structured finance - non-U.S. | 4 | 2 | 14 | 20 | 5 | 7 | 12 | 6 |
| Total PVP <sup>(1)</sup> | $63 | $155 | $63 | $121 | $39 | $64 | $103 | $218 |
| **Reconciliation of GWP to PVP:** |  |  |  |  |  |  |  |  |
| **Total GWP** | $**61** | $**132** | $**61** | $**186** | $**35** | $**85** | $**120** | $**193** |
| &nbsp;&nbsp;&nbsp;Less: Installment GWP and other GAAP adjustments | 28 | 102 | 18 | 152 | 11 | 43 | $54 | 130 |
| Upfront GWP | 33 | 30 | 43 | 34 | 24 | 42 | 66 | 63 |
| &nbsp;&nbsp;Plus: Installment premiums and other <sup>(2)</sup> | 30 | 125 | 20 | 87 | 15 | 22 | 37 | 155 |
| Total PVP | $63 | $155 | $63 | $121 | $39 | $64 | $103 | $218 |
| **Gross par written:** |  |  |  |  |  |  |  |  |
| Public finance - U.S. | $2909 | $7043 | $5387 | $8419 | $4269 | $8861 | $13130 | $9952 |
| Public finance - non-U.S. |  | 1572 | 665 | 436 | 197 | 275 | 472 | 1572 |
| Structured finance - U.S. | 480 | 214 | 551 | 231 | 121 | 5 | 126 | 694 |
| Structured finance - non-U.S. <sup>(1)</sup> | 354 | 594 | 834 | 2140 | 415 | 1255 | 1670 | 948 |
| **Total** | $**3743** | $**9423** | $**7437** | $**11226** | $**5002** | $**10396** | $**15398** | $**13166** |

---

1)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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.

------

**Assured Guaranty Ltd.**

Estimated Net Exposure Amortization<sup>(1)</sup> and Estimated Future Financial Guaranty Net Premium

and Credit Derivative Revenues

(dollars in millions)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Financial Guaranty Insurance** <sup>(2)</sup> | **Financial Guaranty Insurance** <sup>(2)</sup> | **Financial Guaranty Insurance** <sup>(2)</sup> | |
| |<br>**Estimated Net Debt Service Amortization** |<br>**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** |<br>**Future Credit Derivative Revenues** <sup>(3)</sup> |
| 2025 (as of June 30) |  | $434562 |  |  |  |  |
| 2025 Q3 | $6994 | 427568 | $77 | $10 | $1 | $3 |
| 2025 Q4 | 6927 | 420641 | 76 | 10 | 1 | 3 |
| 2026 | 23748 | 396893 | 286 | 37 | 4 | 10 |
| 2027 | 21471 | 375422 | 267 | 34 | 3 | 9 |
| 2028 | 21095 | 354327 | 253 | 32 | 2 | 8 |
| 2029 | 22218 | 332109 | 236 | 30 | 2 | 6 |
| 2025-2029 | 102453 | 332109 | 1195 | 153 | 13 | 39 |
| 2030-2034 | 101546 | 230563 | 939 | 127 | 9 | 26 |
| 2035-2039 | 78966 | 151597 | 615 | 92 | 6 | 20 |
| 2040-2044 | 55176 | 96421 | 405 | 61 |  | 13 |
| 2045-2049 | 43351 | 53070 | 268 | 35 |  | 6 |
| 2050-2054 | 29980 | 23090 | 139 | 15 |  |  |
| After 2054 | 23090 |  | 108 | 13 |  |  |
| &nbsp;&nbsp;&nbsp;**Total** | $**434562** |  | $**3669** | $**496** | $**28** | $**104** |

---

**Reconciliation of Net Deferred Premium Revenue to Net Unearned Premium Reserve** <sup>(4)</sup>

---

| | | |
|:---|:---|:---|
| | **GAAP** | **Effect of FG VIE Consolidation on Net Unearned Premium Reserve** |
| Net deferred premium revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Financial guaranty | $3669 | $27 |
| &nbsp;&nbsp;&nbsp;Specialty | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net deferred premium revenue | 3674 | 27 |
| Contra-paid | (23) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net unearned premium reserve** | $**3651** | $**23** |

---

1)&nbsp;&nbsp;&nbsp;&nbsp;Represents the future expected amortization of current debt service outstanding (principal and interest), assuming no advance refundings, as of June 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)&nbsp;&nbsp;&nbsp;&nbsp;See also page 26, for ''Net Expected Loss to be Expensed.''

3)&nbsp;&nbsp;&nbsp;&nbsp;Represents expected future premiums on insured credit derivatives.

4)&nbsp;&nbsp;&nbsp;&nbsp;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).

------

**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)** <sup>(1)</sup> **for the Three Months Ended June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net Expected Loss to be Paid (Recovered) as of March 31, 2025** | **Net Economic Loss Development (Benefit) During 2Q-25** | **Net (Paid) Recovered Losses During 2Q-25** | **Net Expected Loss to be Paid (Recovered) as of June 30, 2025** |
| Public Finance: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. public finance | $35 | 24 | $(6) | $53 |
| &nbsp;&nbsp;&nbsp;Non-U.S. public finance | 122 | 18 | (1) | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Finance | 157 | 42 | (7) | 192 |
| Structured Finance: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. RMBS | (37) | (6) | 8 | (35) |
| &nbsp;&nbsp;&nbsp;Other structured finance | 30 |  | (1) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured Finance | (7) | (6) | 7 | (6) |
| Total | $**150** | $**36** | $**—** | $**186** |

---

**Roll Forward of Net Expected Loss and LAE to be Paid (Recovered)** <sup>(1)</sup> **for the Six Months Ended June 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 June 30, 2025** |
| Public Finance: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. public finance | $18 | 53 | $(18) | $53 |
| &nbsp;&nbsp;&nbsp;Non-U.S. public finance | 98 | 42 | (1) | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Finance | 116 | 95 | (19) | 192 |
| Structured Finance: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. RMBS | (43) | (9) | 17 | (35) |
| &nbsp;&nbsp;&nbsp;Other structured finance | 33 | (65) | 61 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured Finance | (10) | (74) | 78 | (6) |
| Total | $**106** | $**21** | $**59** | $**186** |

---

1)&nbsp;&nbsp;&nbsp;&nbsp;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.

------

**Assured Guaranty Ltd.**

Loss Measures

(dollars in millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| | **Total Net Par Outstanding for BIG Transactions** | **Net Economic Loss Development (Benefit)** | **GAAP Loss and LAE** <sup>(1)</sup> | **Loss and LAE included in Adjusted Operating Income** <sup>(2)</sup> | **Insurance Segment** <br> **Loss and** <br>**LAE** <sup>(3)</sup> |
| Public finance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. public finance | $2550 | $**24** | $**15** | $15 | $15 |
| &nbsp;&nbsp;&nbsp;Non-U.S. public finance | 7092 | **18** | **14** | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public finance | 9642 | **42** | **29** | 29 | 29 |
| Structured finance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. RMBS | 791 | **(6)** | **—** |  | (1) |
| &nbsp;&nbsp;&nbsp;Other structured finance | 75 | **—** | **(1)** | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured finance | 866 | **(6)** | **(1)** | (1) | (2) |
| **Total** | $**10508** | $**36** | $**28** | $28 | $27 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **Total Net Par Outstanding for BIG Transactions** | **Net Economic Loss Development (Benefit)** | **GAAP Loss and LAE** <sup>(1)</sup> | **Loss and LAE included in Adjusted Operating Income** <sup>(2)</sup> | **Insurance Segment** <br> **Loss and** <br>**LAE** <sup>(3)</sup> |
| Public finance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. public finance | $2550 | $**53** | $**51** | $51 | $51 |
| &nbsp;&nbsp;&nbsp;Non-U.S. public finance | 7092 | **42** | **20** | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public finance | 9642 | **95** | **71** | 71 | 71 |
| Structured finance: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. RMBS | 791 | **(9)** | **—** |  | (1) |
| &nbsp;&nbsp;&nbsp;Other structured finance | 75 | **(65)** | **(3)** | (66) | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured finance | 866 | **(74)** | **(3)** | (66) | (67) |
| **Total** | $**10508** | $**21** | $**68** | $5 | $4 |

---

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

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

3)&nbsp;&nbsp;&nbsp;&nbsp;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.

------

**Assured Guaranty Ltd.**

Net Expected Loss to be Expensed <sup>(1)</sup>

As of June 30, 2025

(dollars in millions)

---

| | |
|:---|:---|
| | **GAAP** |
| 2025 Q3 | $**3** |
| 2025 Q4 | **4** |
| 2026 | **14** |
| 2027 | **17** |
| 2028 | **19** |
| 2029 | **19** |
| 2025-2029 | **76** |
| 2030-2034 | **80** |
| 2035-2039 | **39** |
| 2040-2044 | **20** |
| 2045-2049 | **26** |
| 2050-2054 | **17** |
| After 2054 | **2** |
| &nbsp;&nbsp;**Total expected present value of net expected loss to be expensed** <sup>(2)</sup> | **260** |
| Future expected accretion | **36** |
| &nbsp;&nbsp;&nbsp;**Total expected future loss and LAE** | $**296** |

---

1)&nbsp;&nbsp;&nbsp;&nbsp;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 1.84% to 5.48%.

2)&nbsp;&nbsp;&nbsp;&nbsp;Excludes $21 million related to FG VIEs, which are eliminated in consolidation.

------

**Assured Guaranty Ltd.**

Financial Guaranty Profile (1 of 3)

(dollars in millions)

**Net Par Outstanding by Asset Type**

---

| | | |
|:---|:---|:---|
| | **As of June 30, 2025** | **As of December 31, 2024** |
| **U.S. public finance:** | | |
| &nbsp;&nbsp;&nbsp;General obligation | $80723 | $78162 |
| &nbsp;&nbsp;&nbsp;Tax backed | 34702 | 33288 |
| &nbsp;&nbsp;&nbsp;Municipal utilities | 31038 | 30036 |
| &nbsp;&nbsp;&nbsp;Transportation | 27467 | 26958 |
| &nbsp;&nbsp;&nbsp;Healthcare | 15225 | 14007 |
| &nbsp;&nbsp;&nbsp;Infrastructure finance | 8561 | 8663 |
| &nbsp;&nbsp;&nbsp;Higher education | 8225 | 7381 |
| &nbsp;&nbsp;&nbsp;Housing revenue | 1372 | 1272 |
| &nbsp;&nbsp;&nbsp;Renewable energy | 164 | 164 |
| &nbsp;&nbsp;&nbsp;Other public finance | 1239 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total U.S. public finance | 208716 | 201175 |
| **Non-U.S. public finance:** |  |  |
| &nbsp;&nbsp;&nbsp;Regulated utilities | 24763 | 22361 |
| &nbsp;&nbsp;&nbsp;Infrastructure finance | 15982 | 14961 |
| &nbsp;&nbsp;&nbsp;Sovereign and sub-sovereign | 9565 | 9181 |
| &nbsp;&nbsp;&nbsp;Renewable energy | 1693 | 1596 |
| &nbsp;&nbsp;&nbsp;Pooled infrastructure | 1129 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-U.S. public finance | 53132 | 49200 |
| **Total public finance** | **261848** | **250375** |
| **U.S. structured finance:** |  |  |
| &nbsp;&nbsp;&nbsp;Insurance reserve financings and securitizations | 4404 | 4495 |
| &nbsp;&nbsp;&nbsp;RMBS | 1436 | 1507 |
| &nbsp;&nbsp;&nbsp;Pooled corporate obligations | 608 | 607 |
| &nbsp;&nbsp;&nbsp;Financial products | 424 | 492 |
| &nbsp;&nbsp;&nbsp;Subscription finance facilities | 169 | 185 |
| &nbsp;&nbsp;&nbsp;Other structured finance | 1125 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total U.S. structured finance | 8166 | 8453 |
| **Non-U.S. structured finance:** |  |  |
| &nbsp;&nbsp;&nbsp;Subscription finance facilities | 1335 | 1385 |
| &nbsp;&nbsp;&nbsp;Pooled corporate obligations | 525 | 468 |
| &nbsp;&nbsp;&nbsp;RMBS | 231 | 221 |
| &nbsp;&nbsp;&nbsp;Other structured finance | 673 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-U.S. structured finance | 2764 | 2724 |
| **Total structured finance** | **10930** | **11177** |
| **Total net par outstanding** | $**272778** | $**261552** |

---

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

------

**Assured Guaranty Ltd.**

Financial Guaranty Profile (2 of 3)

As of June 30, 2025

(dollars in millions)

**Distribution by Ratings of Financial Guaranty Portfolio**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Public Finance - U.S.** | **Public Finance - U.S.** | **&nbsp;&nbsp;&nbsp;&nbsp; Public Finance - Non-U.S.** | **&nbsp;&nbsp;&nbsp;&nbsp; Public Finance - Non-U.S.** | **Structured Finance - U.S.** | **Structured Finance - U.S.** | **Structured Finance - Non-U.S.** | **Structured Finance - Non-U.S.** | **Total** | **Total** |
| **Ratings:** | **Net Par Outstanding** | **%** | **Net Par Outstanding** | **%** | **Net Par Outstanding** | **%** | **Net Par Outstanding** | **%** | **Net Par Outstanding** | **%** |
| AAA | $23 | —% | $1966 | 3.7% | $486 | 6.0% | $521 | 18.8% | $2996 | 1.1% |
| AA | 17572 | 8.5 | 2872 | 5.4 | 5314 | 65.1 | 67 | 2.5 | 25825 | 9.5 |
| A | 118435 | 56.7 | 12888 | 24.3 | 761 | 9.3 | 2096 | 75.8 | 134180 | 49.2 |
| BBB | 70136 | 33.6 | 28314 | 53.3 | 739 | 9.0 | 80 | 2.9 | 99269 | 36.4 |
| BIG | 2550 | 1.2 | 7092 | 13.3 | 866 | 10.6 |  |  | 10508 | 3.8 |
| &nbsp;&nbsp;**Net Par Outstanding** <sup>(1)</sup> | $**208716** | **100.0%** | $**53132** | **100.0%** | $**8166** | **100.0%** | $**2764** | **100.0%** | $**272778** | **100.0%** |

---

1)&nbsp;&nbsp;&nbsp;&nbsp;As of June 30, 2025, the Company excluded $1.2 billion 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.

------

**Assured Guaranty Ltd.**

Financial Guaranty Profile (3 of 3)

As of June 30, 2025

(dollars in millions)

**Geographic Distribution of Financial Guaranty Portfolio**

---

| | | |
|:---|:---|:---|
| | **Net Par Outstanding** | **% of Total** |
| **U.S.:** | | |
| &nbsp;&nbsp;&nbsp;U.S. public finance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;California | $36620 | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas | 26530 | 9.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;New York | 20380 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania | 19314 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois | 12546 | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida | 12243 | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey | 8294 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Michigan | 5088 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana | 5019 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Colorado | 4551 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 58131 | 21.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. public finance | 208716 | 76.5 |
| &nbsp;&nbsp;&nbsp;U.S. structured finance (multiple states) | 8166 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S.** | **216882** | **79.5** |
| **Non-U.S.:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 44576 | 16.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | 1821 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | 1742 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;France | 1702 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 1176 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 4879 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-U.S.** | **55896** | **20.5** |
| **Total net par outstanding** | $**272778** | **100.0%** |

---

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

------

**Assured Guaranty Ltd.**

Specialty Business

(dollars in millions)

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Gross Exposure** <sup>(1)</sup> | **Net Exposure** <sup>(1)</sup> | **Gross Exposure** <sup>(1)</sup> | **Net Exposure** <sup>(1)</sup> |
| Diversified real estate | $2119 | $2119 | $2004 | $2004 |
| Insurance reserve financings and securitizations | 1513 | 1184 | 1449 | 1126 |
| Pooled corporate obligations | 884 | 884 | 868 | 868 |
| Aircraft residual value insurance | 147 | 87 | 147 | 87 |

---

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

Please refer to the Glossary for a description of sectors.

------

**Assured Guaranty Ltd.**

Expected Amortization of Net Par Outstanding

(dollars in millions)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Public Finance** | **Public Finance** | **Public Finance** | **Public Finance** | **Structured Finance** | **Structured Finance** | **Structured Finance** | **Structured 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 June 30) |  |  |  | $261848 |  |  |  |  | $10930 |
| 2025 Q3 | $3379 | $499 | $3878 | 257970 | $54 | $68 | $123 | $245 | 10685 |
| 2025 Q4 | 2342 | 1177 | 3519 | 254451 | 49 | 15 | 199 | 263 | 10422 |
| 2026 | 8861 | 2160 | 11021 | 243430 | 186 | 177 | 1196 | 1559 | 8863 |
| 2027 | 8466 | 1005 | 9471 | 233959 | 195 | 439 | 713 | 1347 | 7516 |
| 2028 | 8840 | 1055 | 9895 | 224064 | 120 | 238 | 651 | 1009 | 6507 |
| 2029 | 8976 | 2518 | 11494 | 212570 | 147 | 103 | 758 | 1008 | 5499 |
| 2025-2029 | 40864 | 8414 | 49278 | 212570 | 751 | 1040 | 3640 | 5431 | 5499 |
| 2030-2034 | 45177 | 12371 | 57548 | 155022 | 370 | 70 | 2779 | 3219 | 2280 |
| 2035-2039 | 39323 | 9629 | 48952 | 106070 | 308 | 23 | 653 | 984 | 1296 |
| 2040-2044 | 32144 | 2276 | 34420 | 71650 |  |  | 726 | 726 | 570 |
| 2045-2049 | 26275 | 3734 | 30009 | 41641 | 7 |  | 563 | 570 |  |
| 2050-2054 | 18531 | 4695 | 23226 | 18415 |  |  |  |  |  |
| After 2054 | 6402 | 12013 | 18415 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total** | $**208716** | $**53132** | $**261848** |  | $**1436** | $**1133** | $**8361** | $**10930** |  |

---

**Net par outstanding (end of period)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **1Q-24** | **2Q-24** | **3Q-24** | **4Q-24** | **1Q-25** | **2Q-25** |
| Public finance - U.S. | $189895 | $194593 | $195837 | $201175 | $202417 | $208716 |
| Public finance - non-U.S. | 48237 | 49583 | 52083 | 49200 | 50114 | 53132 |
| Structured finance - U.S. | 8643 | 8759 | 8717 | 8453 | 8373 | 8166 |
| Structured finance - non-U.S. | 1369 | 1461 | 1559 | 2724 | 2687 | 2764 |
| &nbsp;&nbsp;&nbsp;**Net par outstanding** | $**248144** | $**254396** | $**258196** | $**261552** | $**263591** | $**272778** |

---

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

------

**Assured Guaranty Ltd.**

Puerto Rico Profile

As of June 30, 2025

(dollars in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net Par Outstanding** | **Net Par Outstanding** | **Net Par Outstanding** | |
| | **AG** | **AG Re** | **Total Net Par Outstanding** |<br>**Gross Par Outstanding** |
| **Defaulted Puerto Rico Exposure** | | | | |
| &nbsp;&nbsp;&nbsp;PREPA | $378 | $154 | $532 | $540 |
| **Resolved Puerto Rico Exposure** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Puerto Rico Highway and Transportation Authority | $— | $13 | $13 | $13 |
| **Non-Defaulting Puerto Rico Exposure** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Puerto Rico Municipal Finance Agency (MFA) | $76 | $15 | $91 | $97 |
| &nbsp;&nbsp;&nbsp;University of Puerto Rico | 1 |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total non-defaulting** | $77 | $15 | $92 | $98 |

---

**PREPA Amortization Schedule**

---

| | | |
|:---|:---|:---|
| | **Scheduled Net Par Amortization** | **Scheduled Net Debt Service Amortization** |
| 2025 (July 1 - September 30) | $68 | $78 |
| 2025 (October 1 - December 31) |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal 2025 | 68 | 80 |
| 2026 | 106 | 126 |
| 2027 | 106 | 122 |
| 2028 | 68 | 80 |
| 2029 | 39 | 47 |
| 2030-2034 | 141 | 158 |
| 2035-2037 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**532** | $**617** |

---

------

**Assured Guaranty Ltd.**

Direct Pooled Corporate Obligations Profile

As of June 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:** | | | | |
| &nbsp;&nbsp;&nbsp;AAA | $595 | 52.5% | 40.3% | 47.3% |
| &nbsp;&nbsp;&nbsp;AA | 298 | 26.3 | 58.5 | 39.1 |
| &nbsp;&nbsp;&nbsp;A | 87 | 7.7 | 41.3 | 48.6 |
| &nbsp;&nbsp;&nbsp;BBB | 153 | 13.5 | 36.1 | 36.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total exposures** | $**1133** | **100.0%** | **44.6%** | **43.8%** |

---

**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:** | | | | | |
| &nbsp;&nbsp;&nbsp;Trust preferred |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks and insurance | $188 | 16.6% | 42.3% | 66.7% | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. mortgage and real estate investment trusts | 50 | 4.4 | 48.4 | 67.5 | 3 |
| &nbsp;&nbsp;&nbsp;CLOs | 895 | 79.0 | 44.8 | 37.7 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total exposures** | $**1133** | **100.0%** | **44.6%** | **43.8%** | **20** |

---

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

------

**Assured Guaranty Ltd.**

Below Investment Grade Exposures (1 of 3)

(dollars in millions)

**BIG Exposures by Asset Exposure Type**

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **U.S. public finance:** |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare | $869 | $1200 |
| &nbsp;&nbsp;&nbsp;Municipal utilities | 831 | 813 |
| &nbsp;&nbsp;&nbsp;General obligation | 282 | 286 |
| &nbsp;&nbsp;&nbsp;Tax backed | 114 | 123 |
| &nbsp;&nbsp;&nbsp;Transportation | 98 | 107 |
| &nbsp;&nbsp;&nbsp;Higher education | 88 | 88 |
| &nbsp;&nbsp;&nbsp;Housing revenue | 66 | 67 |
| &nbsp;&nbsp;&nbsp;Infrastructure finance | 44 | 45 |
| &nbsp;&nbsp;&nbsp;Other public finance | 158 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total U.S. public finance | 2550 | 2888 |
| **Non-U.S. public finance:** |  |  |
| &nbsp;&nbsp;&nbsp;Regulated utilities | 5253 | 4744 |
| &nbsp;&nbsp;&nbsp;Renewable energy | 934 | 851 |
| &nbsp;&nbsp;&nbsp;Infrastructure finance | 905 | 765 |
| &nbsp;&nbsp;&nbsp;Sovereign and sub-sovereign |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-U.S. public finance | 7092 | 6398 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total public finance** | **9642** | **9286** |
| **U.S. structured finance:** |  |  |
| &nbsp;&nbsp;&nbsp;RMBS | 791 | 819 |
| &nbsp;&nbsp;&nbsp;Insurance reserve financings and securitizations | 40 | 40 |
| &nbsp;&nbsp;&nbsp;Other structured finance | 35 | 37 |
| &nbsp;&nbsp;&nbsp;Total U.S. structured finance | 866 | 896 |
| **Non-U.S. structured finance:** |  |  |
| &nbsp;&nbsp;&nbsp;Total non-U.S. structured finance |  |  |
| &nbsp;&nbsp;**Total structured finance** | **866** | **896** |
| &nbsp;&nbsp;**Total BIG net par outstanding** | $**10508** | $**10182** |

---

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

------

**Assured Guaranty Ltd.**

Below Investment Grade Exposures (2 of 3)

(dollars in millions)

**Net Par Outstanding by BIG Surveillance Category** <sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **BIG Category 1** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. public finance | $1410 | $2119 |
| &nbsp;&nbsp;&nbsp;Non-U.S. public finance | 4061 | 5879 |
| &nbsp;&nbsp;&nbsp;U.S. structured finance | 83 | 104 |
| &nbsp;&nbsp;&nbsp;Non-U.S. structured finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total BIG Category 1 | 5554 | 8102 |
| **BIG Category 2** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. public finance | 471 | 137 |
| &nbsp;&nbsp;&nbsp;Non-U.S. public finance | 3031 | 519 |
| &nbsp;&nbsp;&nbsp;U.S. structured finance | 48 | 50 |
| &nbsp;&nbsp;&nbsp;Non-U.S. structured finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total BIG Category 2 | 3550 | 706 |
| **BIG Category 3** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. public finance | 669 | 632 |
| &nbsp;&nbsp;&nbsp;Non-U.S. public finance |  |  |
| &nbsp;&nbsp;&nbsp;U.S. structured finance | 735 | 742 |
| &nbsp;&nbsp;&nbsp;Non-U.S. structured finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total BIG Category 3 | 1404 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;**BIG Total** | $**10508** | $**10182** |

---

1)&nbsp;&nbsp;&nbsp;&nbsp;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.

------

**Assured Guaranty Ltd.**

Below Investment Grade Exposures (3 of 3)

As of June 30, 2025

(dollars in millions)

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

---

| | | | |
|:---|:---|:---|:---|
| | **Net Par Outstanding** | **Internal** <br>**Rating** <sup>(1)</sup> | **60+ Day Delinquencies** |
| **Name or description** | | | |
| **U.S. public finance:** | | | |
| &nbsp;&nbsp;&nbsp;PREPA | $532 | CCC |  |
| &nbsp;&nbsp;&nbsp;Westchester Medical Center | 490 | BB+ |  |
| &nbsp;&nbsp;&nbsp;Palomar Health | 374 | CCC |  |
| &nbsp;&nbsp;&nbsp;Jackson Water & Sewer System, Mississippi | 148 | BB |  |
| &nbsp;&nbsp;&nbsp;MFA | 91 | B |  |
| &nbsp;&nbsp;&nbsp;New Jersey City University | 87 | BB |  |
| &nbsp;&nbsp;&nbsp;Stockton City, California | 86 | B |  |
| &nbsp;&nbsp;&nbsp;Harrisburg Parking System, Pennsylvania | 72 | B |  |
| &nbsp;&nbsp;&nbsp;San Jacinto River Authority (GRP Project), Texas | 56 | BB+ |  |
| &nbsp;&nbsp;&nbsp;Indiana University of Pennsylvania, Pennsylvania | 53 | CCC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. public finance** | **1989** |  |  |
| **Non-U.S. public finance:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Southern Water Services Limited | 2878 | BB |  |
| &nbsp;&nbsp;&nbsp;Thames Water Utilities Finance PLC | 2376 | B |  |
| &nbsp;&nbsp;&nbsp;Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc | 564 | B+ |  |
| &nbsp;&nbsp;&nbsp;Q Energy - Phase II - Pride Investments, S.A. | 285 | BB+ |  |
| &nbsp;&nbsp;&nbsp;Hypersol Solar Inversiones, S.A.U. | 277 | BB+ |  |
| &nbsp;&nbsp;&nbsp;Q Energy - Phase III - FSL Issuer, S.A.U. | 260 | B+ |  |
| &nbsp;&nbsp;&nbsp;Dartford & Gravesham NHS Trust The Hospital Company (Dartford) Plc | 116 | BB+ |  |
| &nbsp;&nbsp;&nbsp;Q Energy - Phase IV - Anselma Issuer, S.A. | 112 | BB+ |  |
| &nbsp;&nbsp;&nbsp;Road Management Services PLC (A13 Highway) | 94 | B+ |  |
| &nbsp;&nbsp;&nbsp;University of Essex, United Kingdom | 91 | BB+ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-U.S. public finance** | **7053** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total public finance** | **9042** |  |  |
| **U.S. structured finance:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**RMBS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Option One Mortgage Loan Trust 2007-Hl1 | 95 | CCC | 19.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argent Securities Inc. 2005-W4 | 93 | CCC | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Option One 2007-FXD2 | 92 | B | 14.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total RMBS-U.S. structured finance** | **280** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-U.S. structured finance** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total structured finance** | **280** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**9322** |  |  |

---

1)&nbsp;&nbsp;&nbsp;&nbsp;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.

------

**Assured Guaranty Ltd.**

Largest Exposures by Sector (1 of 3)

As of June 30, 2025

(dollars in millions)

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

---

| | | |
|:---|:---|:---|
| **Credit Name:** | **Net Par Outstanding** | **Internal <br>Rating** |
| Pennsylvania (Commonwealth of) | $2062 | BBB+ |
| New Jersey (State of) | 1964 | BBB |
| Metro Washington Airports Authority (Dulles Toll Road) | 1643 | BBB+ |
| JFK New Terminal One, New York | 1600 | BBB- |
| Alameda Corridor Transportation Authority, California | 1400 | BBB |
| Lower Colorado River Authority | 1333 | A |
| New York Power Authority | 1327 | AA- |
| New York Metropolitan Transportation Authority | 1313 | A- |
| Foothill/Eastern Transportation Corridor Agency, California | 1276 | BBB+ |
| South Carolina Public Service Authority - Santee Cooper | 1216 | BBB+ |
| North Texas Tollway Authority | 1194 | A+ |
| CommonSpirit Health, Illinois | 1157 | A- |
| Philadelphia Water & Wastewater, Pennsylvania | 1151 | A |
| Brightline Trains Florida LLC | 1133 | BBB- |
| Montefiore Medical Center, New York | 1129 | BBB- |
| Central Florida Expressway Authority, Florida | 1054 | A+ |
| North Carolina Turnpike Authority | 1052 | BBB |
| Pittsburgh International Airport, Pennsylvania | 1052 | A- |
| San Joaquin Hills Transportation, California | 969 | BBB+ |
| Pittsburgh Water & Sewer, Pennsylvania | 924 | A- |
| JFK Terminal 6, New York | 923 | BBB- |
| ProMedica Healthcare Obligated Group, Ohio | 919 | BBB- |
| Yankee Stadium LLC New York City Industrial Development Authority | 916 | BBB |
| Municipal Electric Authority of Georgia | 877 | BBB+ |
| San Diego Family Housing, LLC | 871 | AA |
| Metropolitan Pier and Exposition Authority, Illinois | 868 | BBB- |
| Chicago Water, Illinois | 854 | BBB+ |
| Philadelphia School District, Pennsylvania | 832 | A- |
| Thomas Jefferson University | 828 | A- |
| Harris County - Houston Sports Authority, Texas | 827 | A- |
| Maine (State of) | 815 | A |
| Dade County Seaport, Florida | 780 | A- |
| Houston Airport System, Texas | 767 | A |
| Chicago Public Schools, Illinois | 704 | BBB- |
| Clark County School District, Nevada | 695 | A- |
| Tucson (City of), Arizona | 679 | A+ |
| California (State of) | 673 | AA- |
| Nassau County, New York | 670 | AA- |
| Illinois (State of) | 665 | BBB |
| Massachusetts (Commonwealth of) Water Resources | 656 | AA |
| Anaheim (City of), California | 650 | A- |
| Downtown Revitalization Public Infrastructure District (SEG Redevelopment Project), Utah | 650 | A+ |
| New York Transportation Development Corporation (LaGuardia Airport Terminal Redevelopment Project) | 634 | BBB |
| New York (City of), New York | 634 | AA- |
| Chicago-O'Hare International Airport, Illinois | 624 | A- |
| Philadelphia (City of), Pennsylvania | 617 | A- |
| Duval County School Board, Florida | 612 | A |
| Chicago (City of) Wastewater Transmission, Illinois | 601 | BBB+ |
| Pennsylvania Turnpike Commission | 595 | A- |
| Private Transaction | 585 | BBB- |
| **Total top 50 U.S. public finance exposures** | $**47970** |  |

---

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

------

**Assured Guaranty Ltd.**

Largest Exposures by Sector (2 of 3)

As of June 30, 2025

(dollars in millions)

**25 Largest U.S. Structured Finance Exposures**

---

| | | |
|:---|:---|:---|
| **Credit Name:** | **Net Par Outstanding** | **Internal** <br>**Rating** <sup>(1)</sup> |
| Private US Insurance Reserve Financing and Securitization | $1100 | AA |
| Private US Insurance Reserve Financing and Securitization | 1100 | AA- |
| Private US Insurance Reserve Financing and Securitization | 1048 | AA- |
| Private US Insurance Reserve Financing and Securitization | 416 | AA- |
| Private US Insurance Reserve Financing and Securitization | 398 | AA- |
| Private Middle Market CLO | 180 | AA |
| DB Master Finance LLC | 165 | BBB |
| Private US Insurance Reserve Financing and Securitization | 153 | A |
| Private Middle Market CLO | 125 | BBB+ |
| Private US Insurance Reserve Financing and Securitization | 117 | AA |
| SLM Student Loan Trust 2007-A | 106 | AA |
| Private Balloon Note Guarantee | 100 | A |
| CWABS 2007-4 | 99 | BBB |
| Option One Mortgage Loan Trust 2007-Hl1 | 95 | CCC |
| Argent Securities Inc. 2005-W4 | 93 | CCC |
| Option One 2007-FXD2 | 92 | B |
| Private Subscription Finance Transaction | 90 | A- |
| CAPCO - Excess SIPC Excess of Loss Reinsurance | 63 | BBB |
| Private Balloon Note Guarantee | 59 | BBB |
| Private Other Structured Finance Transaction | 51 | A- |
| Private Balloon Note Guarantee | 50 | A |
| Nomura Asset Accept. Corp. 2007-1 | 49 | CCC |
| CWALT Alternative Loan Trust 2007-HY9 | 46 | BBB+ |
| ALESCO Preferred Funding XIII, Ltd. | 46 | AAA |
| Wendy's Funding, LLC | 46 | BBB |
| **Total top 25 U.S. structured finance exposures** | $**5887** |  |

---

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

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

------

**Assured Guaranty Ltd.**

Largest Exposures by Sector (3 of 3)

As of June 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 | $2878 | BB |
| Thames Water Utilities Finance PLC | United Kingdom | 2376 | B |
| Southern Gas Networks PLC | United Kingdom | 2310 | BBB+ |
| Dwr Cymru Financing Limited | United Kingdom | 2089 | A- |
| Anglian Water Services Financing PLC | United Kingdom | 1938 | A- |
| National Grid Gas PLC | United Kingdom | 1845 | A- |
| Yorkshire Water Services Finance Plc | United Kingdom | 1403 | BBB |
| Channel Link Enterprises Finance PLC | France, United Kingdom | 1335 | BBB |
| Severn Trent Water Utilities Finance Plc | United Kingdom | 1093 | BBB+ |
| Capital Hospitals (Issuer) PLC | United Kingdom | 1071 | BBB- |
| British Broadcasting Corporation (BBC) | United Kingdom | 1012 | A+ |
| United Utilities Water PLC | United Kingdom | 984 | BBB+ |
| Quebec Province | Canada | 956 | AA- |
| Wessex Water Services Finance Plc | United Kingdom | 840 | BBB+ |
| Verbund, Lease and Sublease of Hydro-Electric Equipment | Austria | 827 | AAA |
| National Grid Company PLC | United Kingdom | 825 | BBB+ |
| South West Water UK | United Kingdom | 784 | BBB+ |
| Aspire Defence Finance plc | United Kingdom | 757 | BBB+ |
| Verdun Participations 2 S.A.S. | France | 750 | BBB- |
| South East Water | United Kingdom | 709 | BBB |
| Heathrow Funding Limited | United Kingdom | 666 | BBB |
| Private International Sub-Sovereign Transaction | United Kingdom | 594 | A+ |
| Private Other Structured Finance Transaction | Australia | 575 | A- |
| Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc | United Kingdom | 564 | B+ |
| University of Sussex | United Kingdom | 559 | BBB |
| Campania Region - Healthcare receivable | Italy | 558 | BBB- |
| NewHospitals (St Helens & Knowsley) Finance PLC | United Kingdom | 555 | BBB+ |
| North Staffordshire, United Kingdom | United Kingdom | 529 | BBB- |
| Central Nottinghamshire Hospitals PLC | United Kingdom | 525 | BBB- |
| Derby Healthcare PLC | United Kingdom | 488 | BBB |
| The Hospital Company (QAH Portsmouth) Limited | United Kingdom | 465 | BBB |
| Sydney Airport Finance Company | Australia | 460 | BBB+ |
| Sutton and East Surrey Water plc | United Kingdom | 438 | BBB |
| Envestra Limited | Australia | 422 | A- |
| University of Essex, United Kingdom | United Kingdom | 400 | BBB- |
| South Lanarkshire Schools | United Kingdom | 384 | BBB |
| Western Power Distribution (South West) plc | United Kingdom | 382 | BBB+ |
| International Infrastructure Pool | United Kingdom | 377 | AAA |
| International Infrastructure Pool | United Kingdom | 377 | AAA |
| International Infrastructure Pool | United Kingdom | 377 | AAA |
| Northumbrian Water PLC | United Kingdom | 351 | BBB+ |
| Catalyst Healthcare (Romford) Financing PLC | United Kingdom | 344 | BBB |
| Private International Sub-Sovereign Transaction | United Kingdom | 341 | A |
| Portsmouth Water, United Kingdom | United Kingdom | 320 | BBB |
| South Staffordshire Water PLC | United Kingdom | 312 | BBB+ |
| Western Power Distribution (South Wales) PLC | United Kingdom | 309 | BBB+ |
| Japan Expressway Holding and Debt Repayment Agency | Japan | 306 | A+ |
| Bakethin Finance Plc | United Kingdom | 304 | A- |
| Private International Sub-Sovereign Transaction | United Kingdom | 295 | A |
| Feria Muestrario Internacional de Valencia | Spain | 293 | BBB- |
| &nbsp;&nbsp;**Total top 50 non-U.S. exposures** |  | $**39652** |  |

---

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

------

**Asset Management Segment**

------

**Assured Guaranty Ltd.** 

Asset Management Segment Results

(dollars in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Segment revenues | $15 | $7 | $21 | $8 |
| Segment expenses | 9 | 4 | 13 | 4 |
| Equity in earnings (losses) of investees | (1) | (3) | 12 | (2) |
| &nbsp;&nbsp;**Segment adjusted operating income (loss) before income taxes** | 5 |  | 20 | 2 |
| Less: Provision (benefit) for income taxes | 1 |  | 4 | 1 |
| &nbsp;&nbsp;**Segment adjusted operating income (loss)** | $4 | $— | $16 | $1 |

---

------

**Corporate Division**

------

**Assured Guaranty Ltd.**

Corporate Division Results

(dollars in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** | $4 | $4 | $8 | $9 |
| **Expenses** |  |  |  |  |
| Interest expense | 26 | 26 | 50 | 51 |
| Employee compensation and benefit expenses | 6 | 8 | 14 | 18 |
| Other operating expenses | 7 | 10 | 15 | 22 |
| &nbsp;&nbsp;**Total expenses** | 39 | 44 | 79 | 91 |
| Equity in earnings (losses) of investees | 3 |  | 19 |  |
| &nbsp;&nbsp;**Adjusted operating income (loss) before income taxes** | (32) | (40) | (52) | (82) |
| Less: Provision (benefit) for income taxes | (3) | (5) | (3) | (10) |
| &nbsp;&nbsp;**Adjusted operating income (loss)** | $(29) | $(35) | $(49) | $(72) |

---

------

**Other**

------

**Assured Guaranty Ltd.**

Other Results (1 of 2)

(dollars in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| | **FG VIEs** | **CIVs** | **Intersegment Eliminations and Reclassifications** | **Total Other** |
| **Revenues** | | | | |
| Net earned premiums | $(1) | $— | $— | $(1) |
| Net investment income |  |  | (3) | (3) |
| Fair value gains (losses) on FG VIEs | 2 |  |  | 2 |
| Fair value gains (losses) on CIVs |  | 4 |  | 4 |
| Other income (loss) |  | (2) |  | (2) |
| &nbsp;&nbsp;**Total revenues** | 1 | 2 | (3) |  |
| **Expenses** |  |  |  |  |
| Loss expense (benefit) | 1 |  |  | 1 |
| Interest expense |  |  | (3) | (3) |
| &nbsp;&nbsp;**Total expenses** | 1 |  | (3) | (2) |
| Equity in earnings (losses) of investees |  | (1) |  | (1) |
| &nbsp;&nbsp;**Adjusted operating income (loss) before income taxes** |  | 1 |  | 1 |
| Less: Provision (benefit) for income taxes |  | (1) |  | (1) |
| Less: Noncontrolling interests |  | 3 |  | 3 |
| &nbsp;&nbsp;**Adjusted operating income (loss)** | $— | $(1) | $— | $(1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| | **FG VIEs** | **CIVs** | **Intersegment Eliminations and Reclassifications** | **Total Other** |
| **Revenues** | | | | |
| Net investment income | $(1) | $— | $(3) | $(4) |
| Fair value gains (losses) on FG VIEs | (1) |  |  | (1) |
| Fair value gains (losses) on CIVs |  | 11 |  | 11 |
| Other income (loss) | (1) | (1) |  | (2) |
| &nbsp;&nbsp;**Total revenues** | (3) | 10 | (3) | 4 |
| **Expenses** |  |  |  |  |
| Loss expense (benefit) | (2) |  |  | (2) |
| Interest expense |  |  | (3) | (3) |
| &nbsp;&nbsp;**Total expenses** | (2) |  | (3) | (5) |
| Equity in earnings (losses) of investees |  | (7) |  | (7) |
| &nbsp;&nbsp;**Adjusted operating income (loss) before income taxes** | (1) | 3 |  | 2 |
| Less: Provision (benefit) for income taxes |  |  |  |  |
| Less: Noncontrolling interests |  | 3 |  | 3 |
| &nbsp;&nbsp;**Adjusted operating income (loss)** | $(1) | $— | $— | $(1) |

---

------

**Assured Guaranty Ltd.**

Other Results (2 of 2)

(dollars in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **FG VIEs** | **CIVs** | **Intersegment Eliminations and Reclassifications** | **Total Other** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Revenues** | | | | |
| Net earned premiums | $(1) | $— | $— | $(1) |
| Net investment income | (1) |  | (5) | (6) |
| Fair value gains (losses) on FG VIEs | 3 |  |  | 3 |
| Fair value gains (losses) on CIVs |  | 23 |  | 23 |
| Other income (loss) |  | (3) |  | (3) |
| &nbsp;&nbsp;**Total revenues** | 1 | 20 | (5) | 16 |
| **Expenses** |  |  |  |  |
| Loss expense (benefit) | 1 |  |  | 1 |
| Interest expense |  |  | (5) | (5) |
| &nbsp;&nbsp;**Total expenses** | 1 |  | (5) | (4) |
| Equity in earnings (losses) of investees |  | (7) |  | (7) |
| &nbsp;&nbsp;**Adjusted operating income (loss) before income taxes** |  | 13 |  | 13 |
| Less: Provision (benefit) for income taxes |  |  |  |  |
| Less: Noncontrolling interests |  | 12 |  | 12 |
| &nbsp;&nbsp;**Adjusted operating income (loss)** | $— | $1 | $— | $1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| | **FG VIEs** | **CIVs** | **Intersegment Eliminations and Reclassifications** | **Total Other** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Revenues** | | | | |
| Net earned premiums | $(1) | $— | $— | $(1) |
| Net investment income | (1) |  | (5) | (6) |
| Fair value gains (losses) on FG VIEs | (4) |  |  | (4) |
| Fair value gains (losses) on CIVs |  | 33 |  | 33 |
| Other income (loss) | (1) | (1) |  | (2) |
| &nbsp;&nbsp;**Total revenues** | (7) | 32 | (5) | 20 |
| **Expenses** |  |  |  |  |
| Loss expense (benefit) | (5) |  |  | (5) |
| Interest expense |  |  | (5) | (5) |
| &nbsp;&nbsp;**Total expenses** | (5) |  | (5) | (10) |
| Equity in earnings (losses) of investees |  | (24) |  | (24) |
| &nbsp;&nbsp;**Adjusted operating income (loss) before income taxes** | (2) | 8 |  | 6 |
| Less: Provision (benefit) for income taxes |  |  |  |  |
| Less: Noncontrolling interests |  | 7 |  | 7 |
| &nbsp;&nbsp;**Adjusted operating income (loss)** | $(2) | $1 | $— | $(1) |

---

------

**Summary**

------

**Assured Guaranty Ltd.**

Summary of Financial and Statistical Data

(dollars in millions, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of and for the Six Months Ended June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **As of and for the Six Months Ended June 30, 2025** | **2024** | **2023** | **2022** | **2021** |
| **GAAP Summary Statements of Operations Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net earned premiums | $180 | $403 | $344 | $494 | $414 |
| &nbsp;&nbsp;&nbsp;Net investment income | 176 | 340 | 365 | 269 | 269 |
| &nbsp;&nbsp;&nbsp;Total expenses | 320 | 446 | 733 | 536 | 465 |
| &nbsp;&nbsp;&nbsp;Income (loss) before income taxes | 362 | 426 | 640 | 187 | 383 |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to AGL | 279 | 376 | 739 | 124 | 389 |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to AGL per diluted share | 5.54 | 6.87 | 12.30 | 1.92 | 5.23 |
| **GAAP Summary Balance Sheet Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total investments and cash | $8870 | $8784 | $9212 | $8472 | $9728 |
| &nbsp;&nbsp;&nbsp;Total assets | 12095 | 11901 | 12539 | 16843 | 18208 |
| &nbsp;&nbsp;&nbsp;Unearned premium reserve | 3675 | 3719 | 3658 | 3620 | 3716 |
| &nbsp;&nbsp;&nbsp;Loss and LAE reserve | 315 | 268 | 376 | 296 | 869 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 1701 | 1699 | 1694 | 1675 | 1673 |
| &nbsp;&nbsp;&nbsp;Shareholders' equity attributable to AGL | 5633 | 5495 | 5713 | 5064 | 6292 |
| &nbsp;&nbsp;&nbsp;Shareholders' equity attributable to AGL per share | 117.10 | 108.80 | 101.63 | 85.80 | 93.19 |
| **Other Financial Information (GAAP Basis)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial guaranty: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt service outstanding (end of period) | $434562 | $415966 | $397636 | $369951 | $367360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross debt service outstanding (end of period) | 435062 | 416463 | 398037 | 370172 | 367770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net par outstanding (end of period) | 272778 | 261552 | 249153 | 233258 | 236392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross par outstanding (end of period) | 273260 | 262032 | 249535 | 233438 | 236765 |
| **Other Financial Information (Statutory Basis)**<sup>(1)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial guaranty: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt service outstanding (end of period) | $434306 | $415454 | $396448 | $366883 | $362013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross debt service outstanding (end of period) | 434806 | 415951 | 396849 | 367103 | 362423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net par outstanding (end of period) | 272514 | 260911 | 247833 | 230294 | 231742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross par outstanding (end of period) | 272996 | 261391 | 248215 | 230474 | 232115 |
| **Claims-paying resources**<sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policyholders' surplus | $4305 | $4329 | $4807 | $5155 | $5572 |
| &nbsp;&nbsp;&nbsp;Contingency reserve | 1453 | 1392 | 1296 | 1202 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Qualified statutory capital** | **5758** | **5721** | **6103** | **6357** | **6797** |
| &nbsp;&nbsp;&nbsp;Unearned premium reserve and net deferred ceding commission income | 3003 | 2964 | 2955 | 2941 | 2972 |
| &nbsp;&nbsp;&nbsp;Loss and LAE reserves | 52 | 53 | 145 | 165 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total policyholders' surplus and reserves** | **8813** | **8738** | **9203** | **9463** | **9936** |
| &nbsp;&nbsp;&nbsp;Present value of installment premium | 1137 | 1073 | 1062 | 955 | 883 |
| &nbsp;&nbsp;&nbsp;CCS and standby line of credit | 400 | 400 | 400 | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total claims-paying resources** | $**10350** | $**10211** | $**10665** | $**10818** | $**11219** |
| Ratios: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net exposure to qualified statutory capital | 48:1 | 46:1 | 41:1 | 36:1 | 34:1 |
| &nbsp;&nbsp;&nbsp;Capital ratio | 76:1 | 73:1 | 66:1 | 58:1 | 53:1 |
| &nbsp;&nbsp;&nbsp;Financial resources ratio | 42:1 | 41:1 | 37:1 | 34:1 | 32:1 |
| &nbsp;&nbsp;&nbsp;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)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross debt service written: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Public finance - U.S. | $23165 | $44019 | $41902 | $36954 | $35572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public finance - non-U.S. | 610 | 3302 | 3286 | 756 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured finance - U.S. | 154 | 1495 | 2130 | 1120 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured finance - non-U.S. | 1670 | 4078 | 3084 | 551 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross debt service written | $25599 | $52894 | $50402 | $39381 | $39212 |
| &nbsp;&nbsp;&nbsp;Net debt service written | $25599 | $52760 | $50402 | $39381 | $39212 |
| &nbsp;&nbsp;&nbsp;Net par written | 15398 | 31695 | 28960 | 22047 | 26656 |
| &nbsp;&nbsp;&nbsp;Gross par written | 15398 | 31829 | 28960 | 22047 | 26656 |

---

1)&nbsp;&nbsp;&nbsp;&nbsp;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.

2)&nbsp;&nbsp;&nbsp;&nbsp;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.

------

**Assured Guaranty Ltd.**

Summary of GAAP to Non-GAAP Reconciliations<sup>(1)</sup> (1 of 2)

(dollars in millions, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **Six Months Ended<br>June 30, 2025** | **2024** | **2023** | **2022** | **2021** |
| **Total GWP** | $**120** | $**440** | $**357** | $**360** | $**377** |
| &nbsp;&nbsp;&nbsp;Less: Installment GWP and other GAAP adjustments <sup>(2)</sup> | 54 | 300 | 247 | 145 | 158 |
| Upfront GWP | 66 | 140 | 110 | 215 | 219 |
| &nbsp;&nbsp;&nbsp;Plus: Installment premiums and other <sup>(3)</sup> | 37 | 262 | 294 | 160 | 142 |
| Total PVP | $103 | $402 | $404 | $375 | $361 |
| PVP: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Public finance - U.S. | $74 | $270 | $212 | $257 | $235 |
| &nbsp;&nbsp;&nbsp;Public finance - non-U.S. | 14 | 67 | 83 | 68 | 79 |
| &nbsp;&nbsp;&nbsp;Structured finance - U.S. | 3 | 25 | 68 | 43 | 42 |
| &nbsp;&nbsp;&nbsp;Structured finance - non-U.S. | 12 | 40 | 41 | 7 | 5 |
| Total PVP | $103 | $402 | $404 | $375 | $361 |
| **Adjusted operating income reconciliation:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to AGL** | $**279** | $**376** | $**739** | $**124** | $**389** |
| &nbsp;&nbsp;&nbsp;Less pre-tax adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) on investments | (22) | 9 | (14) | (56) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | (3) | 14 | 106 | (18) | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value gains (losses) on CCS | 1 | (10) | (35) | 24 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 104 | (26) | 51 | (110) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total pre-tax adjustments | 80 | (13) | 108 | (160) | (98) |
| &nbsp;&nbsp;&nbsp;Less tax effect on pre-tax adjustments | (13) |  | (17) | 17 | 17 |
| &nbsp;&nbsp;&nbsp;Adjusted operating income (loss) | $212 | $389 | $648 | $267 | $470 |
| **Adjusted operating income per diluted share reconciliation:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to AGL per diluted share** | $**5.54** | $**6.87** | $**12.30** | $**1.92** | $**5.23** |
| &nbsp;&nbsp;&nbsp;Less pre-tax adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) on investments | (0.43) | 0.16 | (0.23) | (0.87) | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | (0.07) | 0.27 | 1.75 | (0.27) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value gains (losses) on CCS | 0.02 | (0.19) | (0.57) | 0.37 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 2.06 | (0.47) | 0.84 | (1.72) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total pre-tax adjustments | 1.58 | (0.23) | 1.79 | (2.49) | (1.32) |
| &nbsp;&nbsp;&nbsp;Tax effect on pre-tax adjustments | (0.25) |  | (0.27) | 0.27 | 0.23 |
| &nbsp;&nbsp;&nbsp;Adjusted operating income (loss) per diluted share | $4.21 | $7.10 | $10.78 | $4.14 | $6.32 |

---

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

2)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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.*

------

**Assured Guaranty Ltd.**

Summary of GAAP to Non-GAAP Reconciliations<sup>(1)</sup> (2 of 2)

(dollars in millions, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **As of June 30, 2025** | **2024** | **2023** | **2022** | **2021** |
| **ABV reconciliation:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Shareholders' equity attributable to AGL** | $**5633** | $**5495** | $**5713** | $**5064** | $**6292** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less pre-tax adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 45 | 49 | 34 | (71) | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value gains (losses) on CCS | 3 | 2 | 13 | 47 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on investment portfolio | (218) | (397) | (361) | (523) | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less taxes | 25 | 46 | 37 | 68 | (72) |
| &nbsp;&nbsp;&nbsp;Adjusted operating shareholders' equity | 5778 | 5795 | 5990 | 5543 | 5991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Deferred acquisition costs | 185 | 176 | 161 | 147 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Net present value of estimated net future revenue | 196 | 202 | 199 | 157 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Net deferred premium reserve on financial guaranty contracts in excess of expected loss to be expensed | 3409 | 3473 | 3436 | 3428 | 3402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus taxes | (685) | (702) | (699) | (602) | (599) |
| &nbsp;&nbsp;&nbsp;ABV | $8513 | $8592 | $8765 | $8379 | $8823 |
| 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) | $1 | $— | $5 | $17 | $32 |
| ABV (net of tax provision (benefit) of $(1), $(2), $0, $3, and $3) | $(4) | $(6) | $— | $11 | $23 |
| **ABV per share reconciliation:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Shareholders' equity attributable to AGL per share** | $**117.10** | $**108.80** | $**101.63** | $**85.80** | $**93.19** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less pre-tax adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 0.94 | 0.96 | 0.61 | (1.21) | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value gains (losses) on CCS | 0.07 | 0.05 | 0.22 | 0.80 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on investment portfolio | (4.54) | (7.86) | (6.40) | (8.86) | 5.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less taxes | 0.52 | 0.90 | 0.66 | 1.15 | (1.07) |
| &nbsp;&nbsp;&nbsp;Adjusted operating shareholders' equity per share | 120.11 | 114.75 | 106.54 | 93.92 | 88.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Deferred acquisition costs | 3.85 | 3.47 | 2.87 | 2.48 | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Net present value of estimated net future revenue | 4.07 | 3.99 | 3.54 | 2.66 | 2.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Net deferred premium reserve on financial guaranty contracts in excess of expected loss to be expensed | 70.85 | 68.75 | 61.12 | 58.10 | 50.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus taxes | (14.23) | (13.90) | (12.41) | (10.22) | (8.88) |
| &nbsp;&nbsp;&nbsp;ABV per share | $176.95 | $170.12 | $155.92 | $141.98 | $130.67 |
| Gain (loss) related to FG VIE and CIV consolidation included in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted operating shareholders' equity per share | $0.03 | $0.01 | $0.07 | $0.28 | $0.47 |
| &nbsp;&nbsp;&nbsp;ABV per share | $(0.08) | $(0.13) | $— | $0.19 | $0.34 |

---

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

------

**Glossary**

**Financial Guaranty Insurance** 

***Net Par Outstanding and Internal Ratings***

*<u>Net Par Outstanding</u>* is insured par exposure, net of reinsurance cessions. Unless otherwise indicated, GAAP 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.

*<u>Internal Rating</u>* 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.

*<u>Statutory Net Par and Net Debt Service Outstanding.</u>* 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:

*<u>60+ Day Delinquencies</u>* 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.

*<u>Average Credit Enhancement</u>* 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:*

*<u>General Obligation Bonds</u>* 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.

*<u>Tax-Backed Bonds</u>* 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.

*<u>Municipal Utility Bonds</u>* 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.

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

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

*<u>Infrastructure Bonds</u>* 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.

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**Glossary (continued)**

***Sectors (continued)***

*<u>Higher Education Bonds</u>* 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.

*<u>Housing Revenue Bonds</u>* 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.

*<u>Renewable Energy Bonds</u>* are obligations backed by revenue from renewable energy sources.

*<u>Other Public Finance Bonds</u>* 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:*

*<u>Regulated Utility Obligations</u>* 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.

*<u>Infrastructure Finance Obligations</u>* 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.

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

*<u>Renewable Energy Bonds</u>* 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.

*<u>Pooled Infrastructure Obligations</u>* 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:*

*<u>Insurance Reserve Financings and Securitizations</u>* 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.

*<u>Residential Mortgage Backed Securities</u>* 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.

*<u>Subscription Finance Facilities</u>* 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.

*<u>Pooled Corporate Obligations</u>* 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.

*<u>Financial Products Business</u>* 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.

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**Glossary (continued)**

***Sectors (continued)***

*<u>Other Structured Finance Obligations</u>* 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.

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**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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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.

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**Non-GAAP Financial Measures (continued)**

5)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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) &nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;Addition of the net present value of estimated net future revenue. See below.

3)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;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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![agllogoa08.jpg](agllogoa08.jpg)

**Assured Guaranty Ltd.&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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