ASSURED GUARANTY LTD
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
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Asset Management Segment
Asset Management Segment Results
Asset Management Segment Results
| First Quarter | ||
|---|---|---|
| 2024 | 2023 | |
| (in millions) | ||
| Segment revenues | $1 | $41 |
| Segment expenses | — | 42 |
| Equity in earnings (losses) of investees | 1 | — |
| Segment adjusted operating income (loss) before income taxes | 2 | (1) |
| Less: Provision (benefit) for income taxes | 1 | — |
| Segment adjusted operating income (loss) | $1 | $(1) |
Results in the table above represent (i) asset management and performance fees, amortization of intangible assets and compensation and other operating expenses of AssuredIM in first quarter 2023, (ii) equity in earnings of Sound Point of $4 million in first quarter 2024 (Sound Point results are reported on a one quarter lag), net of the amortization of finite-lived intangible assets associated with the basis difference in Sound Point, (iii) an impairment loss of $3 million of a smaller financial services advisory firm with a carrying value of $4 million and (iv) other asset management related income.
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