ASSURED GUARANTY LTD
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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Corporate Division
Corporate Division Results
Corporate Division Results
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in millions) | |||
| Revenues | |||
| Gain on sale of asset management subsidiaries | $— | $262 | $— |
| Other | 17 | 13 | 4 |
| Total revenues | 17 | 275 | 4 |
| Expenses | |||
| Interest expense | 101 | 99 | 89 |
| Employee compensation and benefit expenses | 32 | 38 | 30 |
| Other operating expenses | 36 | 79 | 24 |
| Total expenses | 169 | 216 | 143 |
| Equity in earnings (losses) of investees | 5 | — | — |
| Adjusted operating income (loss) before income taxes | (147) | 59 | (139) |
| Less: Provision (benefit) for income taxes | (12) | 14 | (5) |
| Adjusted operating income (loss) | $(135) | $45 | $(134) |
The gain on sale of asset management subsidiaries relates to the Sound Point Transaction and AHP Transaction. See Item 8, Financial Statements and Supplementary Data, Note 1, Business and Basis of Presentation.
Corporate division interest expense primarily relates to debt issued by AGUS and AGMH (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 and other operating 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 expense. The decrease in operating expenses in 2024 was primarily due to expenses related to the Sound Point Transaction and AHP Transaction and a higher charge for value added taxes in 2023. Transaction related expenses in the Corporate division for Sound Point and AHP in 2023 were $40 million, consisting primarily of $25 million advisory and consent fees and $8 million legal fees.
Equity in earnings of investees in 2024 relates to certain alternative investments, which AG transferred to AGMH as part of the share redemption that occurred on August 5, 2024.
The provision for income taxes in 2023 included a $19 million benefit attributable to a change in New York State tax law.
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