ASSURED GUARANTY LTD
For the period ended Mar 31, 2026. Filed May 8, 2026.
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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, 2026 · Filed May 8, 2026
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Condensed Consolidated Cash Flow Summary
The summarized condensed consolidated statements of cash flows in the table below present the cash flow effect for the aggregate of the Financial Guaranty, Annuity Reinsurance and Asset Management segments and Corporate division, separately from the aggregate effect of consolidating FG VIEs and CIVs.
Summarized Condensed Consolidated Cash Flows
| First Quarter | ||
|---|---|---|
| 2026 | 2025 | |
| (in millions) | ||
| Net cash flows provided by (used in) operating activities, excluding FG VIEs and CIVs operating cash flows | $46 | $87 |
| FG VIEs and CIVs operating cash flows | 144 | — |
| Net cash flows provided by (used in) operating activities | 190 | 87 |
| Net cash flows provided by (used in) investing activities, excluding FG VIEs and CIVs investing cash flows | (7) | 130 |
| FG VIEs and CIVs investing cash flows | (53) | 4 |
| Net cash flows provided by (used in) investing activities | (60) | 134 |
| Net cash flows provided by (used in) financing activities, excluding FG VIEs and CIVs financing cash flows | ||
| Dividends paid | (19) | (19) |
| Repurchases of common shares | (75) | (120) |
| Other | (20) | (27) |
| FG VIEs and CIVs financing cash flows | (100) | (4) |
| Net cash flows provided by (used in) financing activities (1) | (214) | (170) |
| Effect of exchange rate changes | (2) | 3 |
| Increase (decrease) in cash and cash equivalents and restricted cash | (86) | 54 |
| Cash and cash equivalents and restricted cash at beginning of period | 419 | 128 |
| Cash and cash equivalents and restricted cash at the end of the period | $333 | $182 |
(1) Claims paid on consolidated FG VIEs are presented in the condensed consolidated statements of cash flows as a component of paydowns on FG VIEs’ liabilities in financing activities as opposed to operating activities.
Cash flows from operating activities were inflows of $190 million in first quarter 2026 and inflows of $87 million in first quarter 2025. The first quarter 2026 cash flow from operations attributable to FG VIEs and CIVs includes proceeds from sales of investments of a CIV, which were used to fund distributions and was subsequently deconsolidated. The first quarter 2025 cash flow from operations includes the receipt of $97 million in satisfaction of the judgment the Company was awarded and its recoveries in connection with the resolution of the LBIE litigation.
Investing activities primarily consisted of net sales (purchases) of fixed-maturity securities and short-term investments and paydowns on, and sales of, FG VIEs’ assets. During first quarter 2026, the Company paid $145 million (net of cash acquired), to acquire Assured Life Re. See Item 1. Financial Statements, Condensed Consolidated Statements of Cash Flows, and Note 5. Expected Loss to be Paid (Recovered), for additional information.
Financing activities primarily consist of (i) AGL share repurchases and dividends, and (ii) paydowns of FG VIEs’ liabilities. In addition, first quarter 2026 cash flows include distributions to noncontrolling interests from a CIV.
From April 1, 2026 through May 6, 2026, the Company repurchased an additional 350 thousand common shares. As of May 6, 2026, the Company was authorized to purchase $147 million of its common shares. For more information about the Company’s share repurchases and authorizations, see Item 1. Financial Statements, Note 14. Shareholders’ Equity.
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