ASSURED GUARANTY LTD
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Corporate Division Results
Corporate Division Results
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions) | |||
| Revenues | |||
| Gain on sale of asset management subsidiaries | $— | $— | $262 |
| Other | 14 | 17 | 13 |
| Total revenues | 14 | 17 | 275 |
| Expenses | |||
| Interest expense | 98 | 101 | 99 |
| Employee compensation and benefit expenses | 27 | 32 | 38 |
| Other operating expenses | 32 | 36 | 79 |
| Total expenses | 157 | 169 | 216 |
| Equity in earnings (losses) of investees | 48 | 5 | — |
| Adjusted operating income (loss) before income taxes | (95) | (147) | 59 |
| Less: Provision (benefit) for income taxes | (6) | (12) | 14 |
| Adjusted operating income (loss) | $(89) | $(135) | $45 |
Corporate division interest expense primarily relates to debt issued by the AGUS and AGMH (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.
Equity in earnings of investees in 2025 and 2024 relates to certain alternative investments, that AG transferred to AGMH as part of stock redemptions in 2024 and 2025. See “— Liquidity and Capital Resources—Insurance Subsidiaries—Stock Redemptions by Insurance Subsidiaries” below. The carrying value of these transferred investments as of December 31, 2025 was $184 million.
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.
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