ASSURED GUARANTY LTD
For the period ended Sep 30, 2025. Filed Nov 7, 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.
Sep 30, 2025 · Filed Nov 7, 2025
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Asset Management Segment
Asset Management Segment Results
Asset Management Segment Results
| Third Quarter | Nine Months | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (in millions) | ||||
| Segment revenues | $8 | $2 | $29 | $10 |
| Less: Segment expenses | 4 | 2 | 17 | 6 |
| Equity in earnings (losses) of investees | — | 4 | 12 | 2 |
| Segment adjusted operating income (loss) before income taxes | 4 | 4 | 24 | 6 |
| Less: Provision (benefit) for income taxes | 1 | — | 5 | 1 |
| Segment adjusted operating income (loss) | $3 | $4 | $19 | $5 |
Results in the table above primarily represent (i) equity in earnings (losses) of Sound Point of $4 million in third quarter 2024, $12 million in nine months 2025 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, (ii) an impairment loss of $3 million in nine months 2024 for a smaller financial services advisory firm, and (iii) other asset management related income.
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