ASSURED GUARANTY LTD
For the period ended Jun 30, 2024. Filed Aug 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.
Jun 30, 2024 · Filed Aug 8, 2024
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Asset Management Segment
Asset Management Segment Results
Asset Management Segment Results
| Second Quarter | Six Months | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (in millions) | ||||
| Segment revenues | $7 | $30 | $8 | $71 |
| Segment expenses | 4 | 33 | 4 | 75 |
| Equity in earnings (losses) of investees | (3) | — | (2) | — |
| Segment adjusted operating income (loss) before income taxes | — | (3) | 2 | (4) |
| Less: Provision (benefit) for income taxes | — | (1) | 1 | (1) |
| Segment adjusted operating income (loss) | $— | $(2) | $1 | $(3) |
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 second quarter 2023 and six months 2023, (ii) losses from Sound Point of $3 million in second quarter 2024 and $1 million in six months 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 in six months 2024 for a smaller financial services advisory firm with a carrying value of $4 million and (iv) other asset management related income.
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