ASSURED GUARANTY LTD
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 2024
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Asset Management Segment
Asset Management Segment Results
Asset Management Segment Results
| Third Quarter | Nine Months | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (in millions) | ||||
| Segment revenues | $2 | $— | $10 | $71 |
| Segment expenses | 2 | — | 6 | 75 |
| Equity in earnings (losses) of investees | 4 | — | 2 | — |
| Segment adjusted operating income (loss) before income taxes | 4 | — | 6 | (4) |
| Less: Provision (benefit) for income taxes | — | — | 1 | (1) |
| Segment adjusted operating income (loss) | $4 | $— | $5 | $(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 the first six months of 2023, (ii) gains from Sound Point of $4 million in third quarter 2024 and $5 million in nine 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 nine months 2024 for a smaller financial services advisory firm with a carrying value of $3 million as of September 30, 2024, and (iv) other asset management related income.
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