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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Corporate
Corporate Division Results
Corporate Division Results
| Second Quarter | Six Months | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (in millions) | ||||
| Revenues | $4 | $2 | $9 | $4 |
| Expenses | ||||
| Interest expense | 26 | 24 | 51 | 47 |
| Employee compensation and benefit expenses | 8 | 9 | 18 | 18 |
| Other operating expenses | 10 | 27 | 22 | 43 |
| Total expenses | 44 | 60 | 91 | 108 |
| Adjusted operating income (loss) before income taxes | (40) | (58) | (82) | (104) |
| Less: Provision (benefit) for income taxes | (5) | (8) | (10) | (10) |
| Adjusted operating income (loss) | $(35) | $(50) | $(72) | $(94) |
Corporate division interest expense primarily relates to debt issued by the U.S. Holding Companies, and also includes intersegment interest expense. See “— Liquidity and Capital Resources — AGL and its U.S. Holding Companies, Intercompany Loans Payable,” for additional information.
Corporate division employee compensation and benefits expenses are an allocation of expenses based on time studies and represent the costs incurred and time spent on holding company activities, capital management, corporate oversight and governance including Board of Director expenses, legal fees and other direct or allocated expenses. The decrease in operating expenses in second quarter 2024 and six months 2024 compared with second quarter 2023 and six months 2023 was primarily due to expenses related to the Sound Point Transaction and AHP Transaction in 2023, and a value added tax adjustment in six months 2023, partially offset by increases in premises related expenses. Transaction related expenses in the Corporate division for Sound Point and AHP were $21 million for second quarter 2023 and $25 million for six months 2023.
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