ASSURED GUARANTY LTD
For the period ended Mar 31, 2025. Filed May 9, 2025.
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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.
Mar 31, 2025 · Filed May 9, 2025
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Corporate Division
Corporate Division Results
Corporate Division Results
| First Quarter | ||
|---|---|---|
| 2025 | 2024 | |
| (in millions) | ||
| Revenues | $4 | $5 |
| Expenses | ||
| Interest expense | 24 | 25 |
| Employee compensation and benefit expenses | 8 | 10 |
| Other operating expenses | 8 | 12 |
| Total expenses | 40 | 47 |
| Equity in earnings (losses) of investees | 16 | — |
| Adjusted operating income (loss) before income taxes | (20) | (42) |
| Less: Provision (benefit) for income taxes | — | (5) |
| Adjusted operating income (loss) | $(20) | $(37) |
Corporate division interest expense primarily relates to debt issued by Assured Guaranty US Holdings Inc. (AGUS) and Assured Guaranty Municipal Holdings Inc. (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 the Board’s expenses, legal fees and other direct or allocated expense. The decrease in employee compensation and benefit expenses and other operating expenses in first quarter 2025 compared with first quarter 2024 was primarily attributable to lower allocated expenses.
Equity in earnings of investees in first quarter 2025 relates to certain alternative investments, which AG transferred to AGMH as part of a stock redemption that occurred on August 5, 2024. The carrying value of these transferred investments as of March 31, 2025 was $132 million.
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