ASSURED GUARANTY LTD
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
12. Shareholders’ Equity
- Shareholders’ Equity
Other Comprehensive Income
The following tables present the changes in each component of accumulated other comprehensive income (AOCI) and the effect of reclassifications out of AOCI into the respective lines in the condensed consolidated statements of operations.
| Net Unrealized Gains (Losses) on Investments with: · ISCR on FG VIEs’ Liabilities with Recourse · CumulativeTranslationAdjustment · Cash Flow Hedge · Total AOCI | ||||||
|---|---|---|---|---|---|---|
| No Credit Impairment · Credit Impairment | ||||||
| (in millions) | ||||||
| Balance, March 31, 2024 | $(231) | $(103) | $(21) | $(37) | $5 | $(387) |
| Other comprehensive income (loss) before reclassifications | (15) | 4 | 1 | (1) | — | (11) |
| Less: Amounts reclassified from AOCI to: | ||||||
| Net realized investment gains (losses) | (4) | (2) | — | — | — | (6) |
| Total before tax | (4) | (2) | — | — | — | (6) |
| Tax (provision) benefit | 1 | (1) | — | — | — | — |
| Total amount reclassified from AOCI, net of tax | (3) | (3) | — | — | — | (6) |
| Other comprehensive income (loss) | (12) | 7 | 1 | (1) | — | (5) |
| Balance, June 30, 2024 | $(243) | $(96) | $(20) | $(38) | $5 | $(392) |
| Net Unrealized Gains (Losses) on Investments with: · ISCR on FG VIEs’ Liabilities with Recourse · CumulativeTranslationAdjustment · Cash Flow Hedge · Total AOCI | ||||||
|---|---|---|---|---|---|---|
| No Credit Impairment · Credit Impairment | ||||||
| (in millions) | ||||||
| Balance, March 31, 2023 | $(254) | $(105) | $(24) | $(43) | $6 | $(420) |
| Other comprehensive income (loss) before reclassifications | (30) | (18) | 1 | 1 | — | (46) |
| Less: Amounts reclassified from AOCI to: | ||||||
| Net realized investment gains (losses) | 1 | (10) | — | — | — | (9) |
| Fair value gains (losses) on FG VIEs | — | — | (1) | — | — | (1) |
| Interest expense | — | — | — | — | 1 | 1 |
| Total before tax | 1 | (10) | (1) | — | 1 | (9) |
| Tax (provision) benefit | (1) | 2 | — | — | — | 1 |
| Total amount reclassified from AOCI, net of tax | — | (8) | (1) | — | 1 | (8) |
| Other comprehensive income (loss) | (30) | (10) | 2 | 1 | (1) | (38) |
| Balance, June 30, 2023 | $(284) | $(115) | $(22) | $(42) | $5 | $(458) |
| Net Unrealized Gains (Losses) on Investments with: · ISCR on FG VIEs’ Liabilities with Recourse · CumulativeTranslationAdjustment · Cash Flow Hedge · Total AOCI | ||||||
|---|---|---|---|---|---|---|
| No Credit Impairment · Credit Impairment | ||||||
| (in millions) | ||||||
| Balance, December 31, 2023 | $(202) | $(104) | $(20) | $(38) | $5 | $(359) |
| Other comprehensive income (loss) before reclassifications | (46) | 14 | (1) | — | — | (33) |
| Less: Amounts reclassified from AOCI to: | ||||||
| Net realized investment gains (losses) | (6) | 8 | — | — | — | 2 |
| Fair value gains (losses) on FG VIEs | — | — | (1) | — | — | (1) |
| Total before tax | (6) | 8 | (1) | — | — | 1 |
| Tax (provision) benefit | 1 | (2) | — | — | — | (1) |
| Total amount reclassified from AOCI, net of tax | (5) | 6 | (1) | — | — | — |
| Other comprehensive income (loss) | (41) | 8 | — | — | — | (33) |
| Balance, June 30, 2024 | $(243) | $(96) | $(20) | $(38) | $5 | $(392) |
| Net Unrealized Gains (Losses) on Investments with: · ISCR on FG VIEs’ Liabilities with Recourse · CumulativeTranslationAdjustment · Cash Flow Hedge · Total AOCI | ||||||
|---|---|---|---|---|---|---|
| No Credit Impairment · Credit Impairment | ||||||
| (in millions) | ||||||
| Balance, December 31, 2022 | $(343) | $(110) | $(23) | $(45) | $6 | $(515) |
| Other comprehensive income (loss) before reclassifications | 61 | (17) | (1) | 3 | — | 46 |
| Less: Amounts reclassified from AOCI to: | ||||||
| Net realized investment gains (losses) | 4 | (15) | — | — | — | (11) |
| Fair value gains (losses) on FG VIEs | — | — | (2) | — | — | (2) |
| Interest expense | — | — | — | — | 1 | 1 |
| Total before tax | 4 | (15) | (2) | — | 1 | (12) |
| Tax (provision) benefit | (2) | 3 | — | — | — | 1 |
| Total amount reclassified from AOCI, net of tax | 2 | (12) | (2) | — | 1 | (11) |
| Other comprehensive income (loss) | 59 | (5) | 1 | 3 | (1) | 57 |
| Balance, June 30, 2023 | $(284) | $(115) | $(22) | $(42) | $5 | $(458) |
Share Repurchases
On May 2, 2024, AGL’s Board of Directors (the Board) authorized the repurchase of an additional $300 million of its common shares. As of August 6, 2024, the Company was authorized to purchase $275 million of its common shares. The Company expects to repurchase shares from time to time in the open market or in privately negotiated transactions. 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. The repurchase program may be modified, extended or terminated by the Board at any time. It does not have an expiration date.
Share Repurchases
| Period | Number of Shares Repurchased | Total Payments (1)(in millions) | Average Price Paid Per Share (1) |
|---|---|---|---|
| 2023 (January 1 - March 31) | 36,369 | $2 | $62.23 |
| 2023 (April 1 - June 30) | 453,942 | 24 | 53.08 |
| 2023 (July 1- September 30) | 1,065,902 | 64 | 59.67 |
| 2023 (October 1- December 31) | 1,659,680 | 109 | 65.83 |
| Total 2023 | 3,215,893 | $199 | $61.95 |
| 2024 (January 1 - March 31) | 1,539,278 | 129 | 84.07 |
| 2024 (April 1 - June 30) | 1,928,328 | 152 | 78.50 |
| 2024 (July 1 - August 6) | 599,497 | 48 | 79.96 |
| Total 2024 | 4,067,103 | $329 | $80.82 |
(1) Excludes commissions and excise taxes.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.