ASSURED GUARANTY LTD
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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Sep 30, 2026 · Filed Nov 6, 2026
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Condensed Consolidated Cash Flow Summary
The summarized condensed consolidated statements of cash flows in the table below present the aggregate cash flows 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
| Nine Months | ||
|---|---|---|
| 2026 | 2025 | |
| (in millions) | ||
| Net cash flows provided by (used in) operating activities, excluding FG VIEs and CIVs operating cash flows | $179 | $218 |
| FG VIEs and CIVs operating cash flows | 143 | 2 |
| Net cash flows provided by (used in) operating activities | 322 | 220 |
| Net cash flows provided by (used in) investing activities, excluding FG VIEs and CIVs investing cash flows | (137) | 264 |
| FG VIEs and CIVs investing cash flows | (44) | 14 |
| Net cash flows provided by (used in) investing activities | (181) | 278 |
| Net cash flows provided by (used in) financing activities, excluding FG VIEs and CIVs financing cash flows | ||
| Dividends paid | (53) | (53) |
| Repurchases of common shares | (130) | (369) |
| Other | (19) | (32) |
| FG VIEs and CIVs financing cash flows | (109) | (13) |
| Net cash flows provided by (used in) financing activities (1) | (311) | (467) |
| Effect of exchange rate changes | (2) | 5 |
| Increase (decrease) in cash and cash equivalents and restricted cash | (172) | 36 |
| 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 | $247 | $164 |
(1) Claims paid on 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 $322 million in nine months 2026 and inflows of $220 million in nine months 2025. The nine months 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 nine months 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. In addition, during nine months 2026, the Company paid $145 million (net of cash acquired), to acquire Assured Life Re (see Item 1. Financial Statements, Note 2. Assured Life Re Acquisition, for additional information) and purchased $185 million of loans issued by a U.K. regulated utility and a U.S. infrastructure project to both of which the Company has insured exposure.
Financing activities primarily consist of (i) AGL share repurchases and dividends, and (ii) paydowns of FG VIEs’ liabilities. In addition, nine months 2026 cash flows include distributions to noncontrolling interests from a CIV.
As of November 4, 2026, the Company was authorized to purchase $121 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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