ago-20251106

Assured Guaranty Ltd. Reports Results for Third Quarter 2025

•GAAP Highlights:

•Net income attributable to Assured Guaranty Ltd. was $105 million, or $2.18 per share(1), for third quarter 2025.

•Shareholders’ equity attributable to Assured Guaranty Ltd. per share was $121.13 as of September 30, 2025.

•Gross written premiums (GWP) were $75 million for third quarter 2025.

•Non-GAAP Highlights:

•Adjusted operating income(2) was $124 million, or $2.57 per share, for third quarter 2025.

•Adjusted operating shareholders’ equity per share(2) and adjusted book value (ABV) per share(2) were $123.10 and $181.37, respectively, as of September 30, 2025.

•Present value of new business production (PVP)(2) was $91 million for third quarter 2025.

•Return of Capital to Shareholders:

•Third quarter 2025 capital returned to shareholders was $134 million including share repurchases of $118 million and dividends of $16 million.

•Share repurchase authorization was increased by $100 million on November 5, 2025.

Hamilton, Bermuda, November 6, 2025 -- Assured Guaranty Ltd. (NYSE: AGO) (AGL and, together with its subsidiaries, Assured Guaranty or the Company) announced today its financial results for the three-month period ended September 30, 2025 (third quarter 2025).

“Assured Guaranty continued to build shareholder value during the third quarter and first nine months of 2025. We attained record highs for shareholders’ equity, adjusted operating shareholders’ equity and adjusted book value on a per-share basis. Year-to-date through September 30, 2025, Assured Guaranty has earned net income of $7.73 per share, 20% higher than in last year’s comparable period, and adjusted operating income of $6.77 per share, up 17%.

“Par sold in the U.S. public finance market for the first nine months of the year reached a record level for a first nine months period. We guaranteed $21 billion of total par, which included four times the par amount of municipal secondary market policies than we wrote in the first three quarters of last year.

“Third quarter production was strong. Our three financial guaranty businesses – U.S. public finance, non-U.S. public finance and global structured finance – together produced $75 million of GWP and $91 million of PVP in third quarter 2025. GWP increased by 23%, while PVP increased by 44%, compared with the third quarter of last year, and also increased 25% and 77%, respectively, compared with the average GWP and PVP for the first two quarters of 2025. The increases in third quarter 2025 over the averages for the first two quarters were largely due to a resurgence of triple-B municipal issuance, where we insured a number of larger transactions.

“We also saw positive results in our loss development during the third quarter, with a net economic benefit of $38 million primarily related to legacy RMBS exposure and non-U.S. public finance exposure.

(1) All per share information for net income and adjusted operating income is based on diluted shares.

(2) Please see “Explanation of Non-GAAP Financial Measures” at the end of this press release.

“In capital management, as of November 5, 2025, the Company had repurchased 9.7% of the shares that were outstanding on December 31, 2024. On November 5, 2025, our Board of Directors authorized the repurchase of an additional $100 million of common shares.”

Summary Financial Results

(in millions, except per share amounts)


	Quarter Ended
	September 30,
	2025		2024

GAAP (1)
Net income (loss) attributable to AGL	$	105	$	171
Net income (loss) attributable to AGL per diluted share	$	2.18	$	3.17
Weighted average diluted shares	48.0		53.4
Non-GAAP (2)
Adjusted operating income (loss)	$	124	$	130
Adjusted operating income per diluted share	$	2.57	$	2.42
Weighted average diluted shares	48.0		53.4
Components of total adjusted operating income (loss)
Insurance segment	$	145	$	162
Asset Management segment	3		4
Corporate division	(24)		(29)
Other	—		(7)
Adjusted operating income (loss)	$	124	$	130


	As of
	September 30, 2025				December 31, 2024
	Amount		Per Share		Amount		Per Share

Shareholders’ equity attributable to AGL	$	5,658	$	121.13	$	5,495	$	108.80
Adjusted operating shareholders’ equity (2)	5,750		123.10		5,795		114.75
ABV (2)	8,471		181.37		8,592		170.12

Common Shares Outstanding	46.7				50.5

________________________________________

(1) Generally accepted accounting principles in the United States of America.

(2) Please see “Explanation of Non-GAAP Financial Measures” at the end of this press release.

On a per share basis, shareholders’ equity attributable to AGL increased to $121.13 as of September 30, 2025 from $108.80 as of December 31, 2024, primarily due to net income, unrealized gains on the investment portfolio and share repurchases, partially offset by dividends. On a per share basis, ABV increased to $181.37 as of September 30, 2025 from $170.12 as of December 31, 2024, primarily due to adjusted operating income, new business production and share repurchases, partially offset by dividends.

Insurance Segment

The Insurance segment primarily consists of (i) the Company’s insurance subsidiaries that provide credit protection products to the United States (U.S.) and non-U.S. public finance (including infrastructure) and structured finance markets, excluding the effect of variable interest entity (VIE) consolidations, and (ii) Assured Guaranty Inc.’s (AG, formerly Assured Guaranty Corp.) investment subsidiary, AG Asset Strategies LLC.

Insurance Segment New Business Production

Insurance Segment

New Business Production

(in millions)


	Quarter Ended September 30,
	2025						2024
	GWP		PVP (1)		Gross Par Written (2)		GWP		PVP (1)		Gross Par Written (2)

Public finance - U.S.	$	77	$	78	$	7,851	$	35	$	34	$	5,387
Public finance - non-U.S.	(13)		5		243		7		10		665
Structured finance - U.S.	2		—		42		4		5		551
Structured finance - non-U.S.	9		8		1,005		15		14		834
Total	$	75	$	91	$	9,141	$	61	$	63	$	7,437

________________________________________

(1) PVP, a non-GAAP financial measure, measures the value of the Insurance segment’s new business production for all contracts regardless of form or GAAP accounting model. See “Explanation of Non-GAAP Financial Measures” at the end of this press release. PVP is based on “close date,” when the transaction settles. PVP was discounted at 5.0% in both third quarter 2025 and in the three-month period ended September 30, 2024 (third quarter 2024).

(2) Gross Par Written is based on “close date,” when the transaction settles.

The increase in U.S. public finance GWP and PVP in third quarter 2025 compared with third quarter 2024 was primarily attributable to several large transportation, health care and tax-backed transactions as well as higher GWP and PVP generated in the secondary market. The Company’s primary par written represented 61% of the total municipal market insured par sold in third quarter 2025, compared with 60% in third quarter 2024, and the Company’s penetration of all municipal issuance was 4.9% in third quarter 2025 compared with 4.2% in third quarter 2024.

In the U.S. public finance secondary market, GWP and PVP both increased to $10 million in third quarter 2025 compared with $2 million in third quarter 2024. The Company’s par written in the secondary market represented 7.4% of U.S. public finance par written in third quarter 2025, compared with 3.9% in third quarter 2024.

GWP for non-U.S. public finance in third quarter 2025 was negative due to the early repayment of several United Kingdom (U.K.) sub-sovereign credits. In third quarter 2025, non-U.S. public finance GWP and PVP consisted of guaranties of regulated utilities.

Global structured finance GWP and PVP in third quarter 2025 primarily consisted of the upsize of a transaction providing protection on a core lending portfolio for an Australian bank, as well as subscription finance transactions.

Business activity in the non-U.S. public finance and structured finance markets often has long lead times and therefore may vary from period to period.

Insurance Segment Adjusted Operating Income

Insurance segment adjusted operating income decreased to $145 million in third quarter 2025 from $162 million in third quarter 2024, primarily due to a smaller, though still favorable, development attributable to U.S. residential mortgage-backed securities (RMBS) transactions in third quarter 2025 as compared with third quarter 2024.

Insurance Segment Results

(in millions)


	Quarter Ended
	September 30,
	2025		2024
Segment revenues
Net earned premiums and credit derivative revenues	$	99	$	101
Net investment income	94		82
Fair value gains (losses) on trading securities	8		9
Foreign exchange gains (losses) on remeasurement and other income (loss)	5		12
Total segment revenues	206		204

Segment expenses
Loss expense (benefit)	(31)		(53)

Amortization of deferred acquisition costs (DAC)	6		5
Employee compensation and benefit expenses	44		40
Other operating expenses	32		36
Total segment expenses	51		28
Equity in earnings (losses) of investees	16		28
Segment adjusted operating income (loss) before income taxes	171		204
Less: Provision (benefit) for income taxes	26		42
Segment adjusted operating income (loss)	$	145	$	162

The components of the Insurance segment’s premiums, losses and income from the investment portfolio are presented below.

Insurance Segment Net Earned Premiums and Credit Derivative Revenues

Insurance Segment

Net Earned Premiums and Credit Derivative Revenues

(in millions)


	Quarter Ended
	September 30,
	2025		2024
Scheduled net earned premiums and credit derivative revenues	$	93	$	87
Accelerations	6		14
Total	$	99	$	101

The increase in scheduled net earned premiums and credit derivative revenues in third quarter 2025 was primarily due to earnings on large transactions and supplemental premiums written in 2024.

Insurance Segment Loss Expense (Benefit) and the Roll Forward of Expected Losses

Loss expense is a function of net economic loss development (benefit) and deferred premium revenue. The difference between loss expense and economic development in a given period represents the amount of deferred premium revenue absorbing expected losses to be paid.

Insurance Segment

Loss Expense (Benefit)

(in millions)


	Quarter Ended
	September 30,
	2025		2024
Public finance	$	(7)	$	(8)
U.S. RMBS	(26)		(44)
Other structured finance	2		(1)
Total	$	(31)	$	(53)

The table below presents the roll forward of net expected losses for third quarter 2025.

Roll Forward of Net Expected Loss to be Paid (Recovered) (1)

(in millions)


	Net Expected Loss to be Paid (Recovered) as of June 30, 2025		Net Economic Loss Development (Benefit)		Net (Paid) Recovered Losses		Net Expected Loss to be Paid (Recovered) as of September 30, 2025

Public finance	$	192	$	(8)	$	(81)	$	103
U.S. RMBS	(35)		(31)		7		(59)
Other structured finance	29		1		30		60
Total	$	186	$	(38)	$	(44)	$	104

_________________________________________________

(1) Net economic loss development (benefit) represents the change in net expected loss to be paid (recovered) attributable to the effects of changes in the economic performance of insured transactions, changes in assumptions based on observed market trends, changes in discount rates, accretion of discount and the economic effects of loss mitigation efforts, each net of reinsurance. Net economic loss development (benefit) is the principal measure that the Company uses to evaluate the loss experience in its insured portfolio. Expected loss to be paid (recovered) includes all transactions insured by the Company, regardless of the accounting model prescribed under GAAP and without consideration of deferred premium revenue.

Net economic loss development was a benefit in third quarter 2025 primarily consisting of a $26 million benefit related to higher assumed recoveries for charged-off second lien loans.

Insurance Segment Income from the Investment Portfolio

Insurance Segment

Income from the Investment Portfolio

(in millions)


	Quarter Ended
	September 30,
	2025		2024
Net investment income	$	94	$	82
Fair value gains (losses) on trading securities	8		9
Equity in earnings (losses) of investees (1)	16		28
Total (2)	$	118	$	119

_________________________________________________

(1) Equity in earnings (losses) of investees primarily relates to funds managed by Sound Point Capital Management, LP and certain of its investment management subsidiaries (Sound Point), Assured Healthcare Partners, LLC, and certain other managers. Investments in funds are reported on a one-quarter lag. AG transferred to Assured Guaranty Municipal Holdings Inc. (AGMH) certain alternative investments as part of a stock redemption on August 5, 2024. AG results are reported in the Insurance segment and AGMH results are reported in the Corporate division.

(2) Certain collateralized loan obligation (CLO) equity tranche investments were reclassified to the available-for-sale fixed-maturity portfolio in the fourth quarter of 2024, with interest income now reported in net investment income, and changes in fair value reported in other comprehensive income. The Company had previously held the CLO equity tranches in a Sound Point managed fund with changes in its net asset value reported in “equity in earnings (losses) of investees” in the Insurance segment.

Net investment income represents interest income on available-for-sale fixed-maturity securities and short-term investments, which had an overall pre-tax book yield of 4.80% as of September 30, 2025 and 4.10% as of September 30, 2024. The increase in net investment income in third quarter 2025 compared with third quarter 2024 is primarily due to a shift in the portfolio from municipal securities to higher yielding corporate securities, as well as the addition of investment income from CLO equity tranches that were reclassified as described in the notes to the table above, partially offset by lower investment income on the short-term investment portfolio as a result of lower short-term interest rates and lower short-term average investment balances.

Equity in earnings (losses) of investees decreased to $16 million in third quarter 2025 compared with $28 million in third quarter 2024, primarily due to the reclassification of certain CLO equity tranches to the available-for-sale portfolio as well as the transfer of certain alternative investments to the Corporate division as described in the notes to the table above. Equity in earnings (losses) of investees may be more volatile than net investment income on available-for-sale fixed-maturity securities and short-term investments, due to mark-to-market changes associated with certain alternative investments.

As of September 30, 2025, the Company had $945 million in alternative investments across a variety of asset classes: $775 million in the Insurance segment consisting primarily of CLO equity tranches in the available-for-sale fixed-maturity securities portfolio and investments in funds focused on asset classes such as private healthcare and asset-based/specialty finance, as well as alternative investments in the Corporate division consisting primarily of legacy investments. The inception-to-date annualized internal rate of return for all alternative investments across the Insurance segment and Corporate division was 13% as of September 30, 2025.

Asset Management Segment

Asset management adjusted operating income was $3 million in third quarter 2025 and $4 million in third quarter 2024. It includes the Company’s ownership interest in Sound Point and the related amortization of intangible assets, as well as certain ongoing net performance fees. Sound Point’s results are reported on a one-quarter lag and are included in “equity in earnings (losses) of investees.”

Corporate Division

Corporate Division Results

(in millions)


	Quarter Ended
	September 30,
	2025		2024
Revenues	$	3	$	4
Expenses
Interest expense	24		24
Employee compensation and benefit expenses	6		7
Other operating expenses	8		6
Total expenses	38		37
Equity in earnings (losses) of investees	9		—
Adjusted operating income (loss) before income taxes	(26)		(33)
Less: Provision (benefit) for income taxes	(2)		(4)
Adjusted operating income (loss)	$	(24)	$	(29)

The Corporate division primarily consists of interest expense on the debt of Assured Guaranty US Holdings Inc. and AGMH, equity in earnings (losses) of investees related to certain alternative investments which AG transferred to AGMH as part of a stock redemption that occurred on August 5, 2024, as well as expenses attributed to the holding companies’ activities.

Reconciliation to GAAP

The following table presents a reconciliation of net income (loss) attributable to AGL to adjusted operating income (loss).

Reconciliation of Net Income (Loss) Attributable to AGL to

Adjusted Operating Income (Loss)

(in millions, except per share amounts)


		Quarter Ended
		September 30,
	2025			2024
		Total		Per Diluted Share		Total		Per Diluted Share
Net income (loss) attributable to AGL		$	105	$	2.18	$	171	$	3.17
Less pre-tax adjustments:
Realized gains (losses) on investments		(10)		(0.22)		—		—
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives		1		0.02		(2)		(0.03)
Fair value gains (losses) on committed capital securities (CCS)		8		0.17		(3)		(0.06)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and loss adjustment expense (LAE) reserves		(22)		(0.44)		54		1.00
Total pre-tax adjustments		(23)		(0.47)		49		0.91
Less tax effect on pre-tax adjustments		4		0.08		(8)		(0.16)
Adjusted operating income (loss)		$	124	$	2.57	$	130	$	2.42

Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income (1)		$	—	$	—	$	(7)	$	(0.12)

________________________________________

(1) The effect of consolidating financial guaranty (FG) VIEs and consolidated investment vehicles (CIVs).

Realized losses on investments in third quarter 2025 were primarily due to credit losses associated with alternative investments.

Except for credit impairment, the fair value adjustments on credit derivatives in the insured portfolio are non-economic adjustments that reverse to zero over the remaining term of that portfolio.

Fair value of CCS is heavily affected by, and in part fluctuates with, changes in market interest rates, credit spreads and other market factors and is not expected to result in an economic gain or loss.

Foreign exchange gains (losses) primarily relate to remeasurement of premiums receivable and are mainly due to changes in exchange rates relative to the U.S. dollar of the pound sterling and, to a lesser extent, the euro.

Common Share Repurchases

On November 5, 2025, the Board of Directors authorized the repurchase of an additional $100 million of the Company’s common shares. From the beginning of the repurchase program in 2013 through November 5, 2025, the Company has repurchased a total of 155 million common shares for $5.8 billion, representing 80% of the total shares outstanding as of January 1, 2013. As of November 5, 2025, the Company was authorized to purchase $332 million of its common shares. These repurchases can be made from time to time in the open market or in privately negotiated transactions.

Summary of Share Repurchases

(in millions, except per share amounts)


	Amount (1)		Number of Shares	Average Price Per Share

2025 (January 1 - March 31)	$	120	1.34	$	89.72
2025 (April 1 - June 30)	131		1.54	85.03
2025 (July 1 - September 30)	118		1.42	83.06
2024 (October 1 - November 5)	51		0.62	82.14
Total 2025	$	420	4.92	85.37

_________________________________________________

(1) Excludes commissions and excise taxes.

The Company’s share repurchase program may be modified, extended or terminated by the Company’s Board of Directors at any time and does not have an expiration date. The timing, form and amount of the share repurchases under the program are at the discretion of management and will depend on a variety of factors, including funds available at the parent company, other potential uses for such funds, market conditions, the Company’s capital position, legal requirements and other factors.

Stock Redemption Approval for U.S. Insurance Subsidiary

In third quarter 2025, after receiving approval from the Maryland Insurance Administration, AG redeemed $250 million of its common stock from AGMH in exchange for $213 million in cash and $37 million in alternative investments.

Financial Statements

Condensed Consolidated Statements of Operations (unaudited)

(in millions)


	Quarter Ended
	September 30,
	2025		2024
Revenues
Net earned premiums	$	94	$	97
Net investment income	94		82
Net realized investment gains (losses)	(10)		—
Fair value gains (losses) on credit derivatives	5		3
Fair value gains (losses) on CCS	8		(3)
Fair value gains (losses) on FG VIEs	3		(7)
Fair value gains (losses) on CIVs	17		21
Foreign exchange gains (loss) on remeasurement	(23)		55
Fair value gains (losses) on trading securities	8		9
Other income (loss)	11		12
Total revenues	207		269
Expenses
Loss and LAE (benefit)	(30)		(51)
Interest expense	22		22
Amortization of DAC	6		5
Employee compensation and benefit expenses	50		47
Other operating expenses	44		44
Total expenses	92		67
Income (loss) before income taxes and equity in earnings (losses) of investees	115		202
Equity in earnings (losses) of investees	20		18
Income (loss) before income taxes	135		220
Less: Provision (benefit) for income taxes	21		44
Net income (loss)	114		176
Less: Noncontrolling interests	9		5
Net income (loss) attributable to AGL	$	105	$	171

Condensed Consolidated Balance Sheets (unaudited)

(in millions)


	As of
	September 30, 2025		December 31, 2024
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value	$	6,278	$	6,369
Fixed-maturity securities, trading, at fair value	136		147
Short-term investments, at fair value	1,332		1,221
Other invested assets	1,012		926
Total investments	8,758		8,663
Cash	157		121
Premiums receivable, net of commissions payable	1,583		1,551
DAC	190		176
Salvage and subrogation recoverable	453		396
FG VIEs’ assets, at fair value	145		147
Assets of CIVs	136		101
Other assets	679		746
Total assets	$	12,101	$	11,901

Liabilities
Unearned premium reserve	$	3,663	$	3,719
Loss and LAE reserve	308		268
Long-term debt	1,702		1,699
FG VIEs’ liabilities, at fair value	159		164
Other liabilities	532		498
Total liabilities	6,364		6,348

Shareholders’ equity
Common shares	—		1
Retained earnings	5,836		5,878
Accumulated other comprehensive income (loss)	(179)		(385)
Deferred equity compensation	1		1
Total shareholders’ equity attributable to AGL	5,658		5,495
Nonredeemable noncontrolling interests	79		58
Total shareholders’ equity	5,737		5,553
Total liabilities and shareholders’ equity	$	12,101	$	11,901

Explanation of Non-GAAP Financial Measures

The Company discloses both: (i) financial measures determined in accordance with GAAP; and (ii) financial measures not determined in accordance with GAAP (non-GAAP financial measures). Financial measures identified as non-GAAP should not be considered substitutes for GAAP financial measures. The primary limitation of non-GAAP financial measures is the potential lack of comparability to financial measures of other companies, whose definitions of non-GAAP financial measures may differ from those of the Company.

The Company believes its presentation of non-GAAP financial measures provides information that is necessary for analysts to calculate their estimates of Assured Guaranty’s financial results in their research reports on Assured Guaranty and for investors, analysts and the financial news media to evaluate Assured Guaranty’s financial results.

GAAP requires the Company to consolidate entities where it is deemed to be the primary beneficiary which include FG VIEs, which the Company does not own and where its exposure is limited to its obligation under the financial guaranty insurance contract, and CIVs in which certain subsidiaries invest.

The Company discloses the effect of FG VIE and CIV consolidation that is embedded in each non-GAAP financial measure, as applicable. The Company believes this information may also be useful to analysts and investors evaluating Assured Guaranty’s financial results. In the case of both the consolidated FG VIEs and the CIVs, the economic effect on the Company of each of the consolidated FG VIEs and CIVs is reflected primarily in the results of the Insurance segment.

The Company’s management and AGL’s Board of Directors use non-GAAP financial measures further adjusted to remove the effect of FG VIE and CIV consolidation (which the Company refers to as its core financial measures), as well as GAAP financial measures and other factors, to evaluate the Company’s results of operations, financial condition and progress towards long-term goals. The Company uses core financial measures in its decision-making process for and in its calculation of certain components of management compensation. The financial measures that the Company uses to help determine compensation are: (i) adjusted operating income per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core operating income per share); (ii) adjusted operating shareholders’ equity per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core operating shareholders’ equity per share); (iii) ABV per share, further adjusted to remove the effect of FG VIE and CIV consolidation (core ABV per share); (iv) core operating return on equity, which is calculated as core operating income divided by the average of core operating shareholders’ equity at the beginning and end of the period; and (v) PVP.

The Company’s management believes that many investors, analysts and financial news reporters use adjusted operating shareholders’ equity and/or ABV, each further adjusted to remove the effect of FG VIE and CIV consolidation, as the principal financial measures for valuing AGL’s current share price or projected share price and also as the basis of their decision to recommend, buy or sell AGL’s common shares.

Adjusted operating income, further adjusted for the effect of FG VIE and CIV consolidation, enables investors and analysts to evaluate the Company’s financial results in comparison with the consensus analyst estimates distributed publicly by financial databases.

The following paragraphs define each non-GAAP financial measure disclosed by the Company and describe why it is useful. To the extent there is a directly comparable GAAP financial measure, a reconciliation of the non-GAAP financial measure and the most directly comparable GAAP financial measure is presented below.

Adjusted Operating Income

The Company’s management believes that adjusted operating income is a useful measure because it clarifies the understanding of the operating results of the Company. Adjusted operating income is defined as net income (loss) attributable to AGL, as reported under GAAP, adjusted for the following:

1) Elimination of realized gains (losses) on the Company’s investments that are recognized in net income (loss) attributable to AGL, except for gains and losses on securities classified as trading. The timing of realized gains and losses, which depends largely on market credit cycles, can vary considerably across periods. The timing of sales is largely subject to the Company’s discretion and influenced by market opportunities, as well as the Company’s tax and capital profile.

2) Elimination of non-credit impairment-related unrealized fair value gains (losses) on credit derivatives that are recognized in net income (loss) attributable to AGL, which is the amount of fair value gains (losses) in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, the Company’s credit spreads and other market factors and are not expected to result in an economic gain or loss.

3) Elimination of fair value gains (losses) on the Company’s CCS that are recognized in net income (loss) attributable to AGL. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss.

4) Elimination of foreign exchange gains (losses) on remeasurement of net premium receivables and loss and LAE reserves that are recognized in net income (loss) attributable to AGL. Long-dated receivables and loss and LAE reserves represent the present value of future contractual or expected cash flows. Therefore, the current period’s foreign exchange remeasurement gains (losses) are not necessarily indicative of the total foreign exchange gains (losses) that the Company will ultimately recognize.

5) The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

Adjusted operating income per share is calculated by dividing adjusted operating income by the weighted average diluted shares. The method for calculating weighted average diluted shares is in accordance with GAAP. See “Reconciliation to GAAP” above for a reconciliation of net income (loss) attributable to AGL to adjusted operating income (loss).

Adjusted Operating Shareholders’ Equity and ABV

The Company’s management believes that adjusted operating shareholders’ equity is a useful measure because it excludes the fair value adjustments on investments, credit derivatives and CCS that are not expected to result in economic gain or loss. The Company’s management uses ABV, further adjusted to remove the effect of FG VIE and CIV consolidation, to measure the intrinsic value of the Company, excluding franchise value. The Company’s management believes that ABV is a useful measure because it enables an evaluation of the Company’s in-force premiums and revenues net of expected losses.

Adjusted operating shareholders’ equity per share and ABV per share, each further adjusted for FG VIE and CIV consolidation (core operating shareholders’ equity per share and core ABV per share, respectively), are two of the key financial measures used in determining the amount of certain long-term compensation elements to management and employees and used by rating agencies and investors.

Adjusted operating shareholders’ equity is defined as shareholders’ equity attributable to AGL, as reported under GAAP, adjusted for the following:

1) Elimination of non-credit impairment-related unrealized fair value gains (losses) on credit derivatives that are reported on the consolidated balance sheet, which is the amount of unrealized fair value gains (losses) in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.

2) Elimination of fair value gains (losses) on the Company’s CCS that are reported on the consolidated balance sheet. Such amounts are affected by changes in market interest rates, the Company’s credit spreads, price indications on the Company’s publicly traded debt and other market factors and are not expected to result in an economic gain or loss.

3) Elimination of unrealized gains (losses) on the Company’s investments that are recorded as a component of accumulated other comprehensive income (AOCI). The AOCI component of the fair value adjustment on the investment portfolio is not deemed economic because the Company generally holds these investments to maturity and therefore would not result in an economic gain or loss.

4) The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

ABV is adjusted operating shareholders’ equity, as defined above, further adjusted for the following:

1) Elimination of deferred acquisition costs, net. These amounts represent net deferred expenses that have already been paid or accrued and will be expensed in future accounting periods.

2) Addition of the net present value of estimated net future revenue. See below.

3) Addition of the deferred premium revenue on financial guaranty contracts in excess of expected loss to be expensed, net of reinsurance. This amount represents the present value of the expected future net earned premiums, net of the present value of expected losses to be expensed.

4) The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

Shares outstanding as of the end of the reporting period are used to calculate adjusted operating shareholders’ equity per share and ABV per share.

The unearned premiums and revenues included in ABV will be earned in future periods, but actual earnings may differ materially from the estimated amounts used in determining current ABV due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults and other factors.

Reconciliation of Shareholders’ Equity Attributable to AGL to

Adjusted Operating Shareholders’ Equity and ABV

(in millions, except per share amounts)


	As of
	September 30, 2025				December 31, 2024
	Total		Per Share		Total		Per Share

Shareholders’ equity attributable to AGL	$	5,658	$	121.13	$	5,495	$	108.80
Less pre-tax adjustments:
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	46		0.99		49		0.96
Fair value gains (losses) on CCS	12		0.25		2		0.05
Unrealized gain (loss) on investment portfolio	(159)		(3.41)		(397)		(7.86)
Less taxes	9		0.20		46		0.90
Adjusted operating shareholders’ equity	5,750		123.10		5,795		114.75
Pre-tax adjustments:
Less: DAC	190		4.06		176		3.47
Plus: Net present value of estimated net future revenue	191		4.08		202		3.99
Plus: Net deferred premium revenue on financial guaranty contracts in excess of expected loss to be expensed	3,401		72.81		3,473		68.75
Plus taxes	(681)		(14.56)		(702)		(13.90)
ABV	$	8,471	$	181.37	$	8,592	$	170.12

Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity	$	3	$	0.05	$	—	$	0.01
ABV	(3)		(0.06)		(6)		(0.13)

Shares outstanding at the end of the period	46.7				50.5

Net Present Value of Estimated Net Future Revenue

The Company’s management believes that this amount is a useful measure because it enables an evaluation of the present value of estimated net future revenue for non-financial guaranty insurance contracts. This amount represents the net present value of estimated future revenue from these contracts (other than credit derivatives with net expected losses), net of reinsurance, ceding commissions and premium taxes.

Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Net present value of estimated future revenue for an obligation may change from period to period due to a change in the discount rate or due to a change in estimated net future revenue for the obligation, which may change due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation. There is no corresponding GAAP financial measure.

PVP or Present Value of New Business Production

The Company’s management believes that PVP is a useful measure because it enables the evaluation of the value of new business production in the Insurance segment by taking into account the value of estimated future installment premiums on all new contracts underwritten in a reporting period as well as additional installment premiums and fees on existing contracts (which may result from supplements or fees or from the issuer not calling an insured obligation the Company projected would be called), regardless of form, which management believes GAAP GWP

and changes in fair value of credit derivatives do not adequately measure. PVP in respect of contracts written in a specified period is defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums.

Future installment premiums are discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. The discount rate is recalculated annually and updated as necessary. Under GAAP, financial guaranty installment premiums are discounted at a risk-free rate. Additionally, under GAAP, management records future installment premiums on financial guaranty insurance contracts covering non-homogeneous pools of assets based on the contractual term of the transaction, whereas for PVP purposes, management records an estimate of the future installment premiums the Company expects to receive, which may be based upon a shorter period of time than the contractual term of the transaction.

Actual installment premiums may differ from those estimated in the Company’s PVP calculation due to factors including, but not limited to, changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation.

Reconciliation of GWP to PVP

(in millions)


	Quarter Ended
	September 30, 2025
	Public Finance				Structured Finance
	U.S.		Non - U.S.		U.S.		Non - U.S.		Total
GWP	$	77	$	(13)	$	2	$	9	$	75
Less: Installment GWP and other GAAP adjustments (1)	32		(13)		1		9		29
Upfront GWP	45		—		1		—		46
Plus: Installment premiums and other (2)	33		5		(1)		8		45
PVP	$	78	$	5	$	—	$	8	$	91


	Quarter Ended
	September 30, 2024
	Public Finance				Structured Finance
	U.S.		Non - U.S.		U.S.		Non - U.S.		Total
GWP	$	35	$	7	$	4	$	15	$	61
Less: Installment GWP and other GAAP adjustments (1)	2		(1)		2		15		18
Upfront GWP	33		8		2		—		43
Plus: Installment premiums and other (2)	1		2		3		14		20
PVP	$	34	$	10	$	5	$	14	$	63

_________________________________________________

(1) Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, and GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.

(2) Includes the present value of future premiums and fees on new business paid in installments discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities.

Conference Call and Webcast Information

The Company will host a conference call for investors at 8:00 a.m. Eastern Time (9:00 a.m. Atlantic Time) on Friday, November 7, 2025. The conference call will be available via live webcast in the Investor Information section of the Company’s website at AssuredGuaranty.com or by dialing 1-833-470-1428 (in the U.S.) or 1-404-975-4839 (International); the access code is 802981.

A replay of the conference call will be available approximately three hours after the call ends. The webcast replay will be available for 90 days in the Investor Information section of the Company’s website at AssuredGuaranty.com and the telephone replay will be available for 30 days by dialing 1-866-813-9403 (in the U.S.) or 1-929-458-6194 (International); the access code is 706961.

Please refer to Assured Guaranty’s September 30, 2025 Financial Supplement, which is posted on the Company’s website at assuredguaranty.com/agldata, for more information on the Company’s financial guaranty portfolio, investment portfolio and other items. In addition, the Company is posting at assuredguaranty.com/presentations its “September 30, 2025 Equity Investor Presentation.”

The Company plans to post by early next week on its website at assuredguaranty.com/agldata the following:

•“Public Finance Transactions in 3Q 2025,” which lists the U.S. public finance new issues insured by the Company in third quarter 2025, and

•“Structured Finance Transactions at September 30, 2025,” which lists the Company’s structured finance exposure as of that date.

In addition, the Company will post on its website, when available, Assured Guaranty Inc.’s financial supplement and its “Fixed Income Presentation” for the current quarter. Those documents will be furnished to the Securities and Exchange Commission in a Current Report on Form 8-K.

# # #

Assured Guaranty Ltd. is a publicly traded (NYSE: AGO), Bermuda-based holding company. Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and non-U.S. public finance, infrastructure and structured finance markets. Assured Guaranty also participates in the asset management business through its ownership interest in Sound Point Capital Management, LP and certain of its investment management affiliates. More information on Assured Guaranty Ltd. and its subsidiaries can be found at AssuredGuaranty.com.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this press release reflect the Company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Among factors that could cause actual results to differ materially are:

(i) significant changes in inflation, interest rates, the world’s credit markets or segments thereof, credit spreads, foreign exchange rates, tariff regimes or general economic conditions, including the possibility of a recession or stagflation; (ii) geopolitical risk, terrorism and political violence risk, including those arising out of Russia’s invasion of Ukraine and intentional or accidental escalation between The North Atlantic Treaty Organization and Russia, conflict in the Middle East, confrontation over Iran’s nuclear program, the polarized political environment in the United States (U.S.), and strategic competition and tensions between the U.S. and China; (iii) cybersecurity risk and the impacts of artificial intelligence, machine learning and other technological advances, including potentially increasing the risks of malicious cyber attacks, dissemination of misinformation, and disruption of markets, including the markets in which the Company participates; (iv) the impact of a U.S. government shutdown and/or the possibility of payment defaults on the debt of the U.S. government or instruments issued, insured or guaranteed by related institutions, agencies or instrumentalities, and downgrades to their credit ratings; (v) developments in the world’s financial and capital markets, including stresses in the financial condition of banking institutions in the U.S. and the possibility that increasing participation of unregulated financial institutions in these markets results in losses or lower valuations of assets, reduced liquidity and credit and/or contraction of these markets, that adversely affect repayment rates of insured obligors, Assured Guaranty’s insurance loss or recovery experience, or investments of Assured Guaranty; (vi) reduction in the amount of available insurance opportunities and/or in the demand for Assured Guaranty’s insurance; (vii) the possibility that investments made by Assured Guaranty for its investment portfolio, including alternative investments, do not result in the benefits anticipated or subject Assured Guaranty to reduced liquidity at a time it requires liquidity, or to other negative or unanticipated consequences; (viii) the possibility that Assured Guaranty’s mergers, acquisitions, divestitures and other strategic transactions, including the transactions with Sound Point Capital Management, LP (Sound Point, LP) and certain of its investment management affiliates (together with Sound Point, LP, Sound Point) and/or Assured Healthcare Partners LLC (AHP), do not result in the benefits anticipated and/or subject Assured Guaranty to negative consequences; (ix) the inability to control the business, management or policies of entities in which Assured Guaranty holds a minority interest; (x) the impact of market volatility on the fair value of Assured Guaranty’s assets and liabilities subject to mark-to-market, including certain of its investments, contracts accounted for as derivatives, its committed capital securities (CCS), and its consolidated variable interest entities (VIEs); (xi) the possibility that budget or pension shortfalls, difficulties in obtaining additional financing, changes in applicable laws or regulations or other factors will result in credit losses or liquidity claims on obligations of state, territorial and local governments, their related authorities, public corporations and other obligors that Assured Guaranty insures or reinsures; (xii) insured losses, including losses with respect to related legal proceedings, in excess of those expected by Assured Guaranty or the failure of Assured Guaranty to realize loss recoveries that are assumed in its expected loss estimates for insurance exposures, including below-investment-grade (BIG) healthcare, United Kingdom (U.K.) regulated utility, European renewable energy, and Puerto Rico Electric Power Authority (PREPA) exposures; (xiii) the impact of Assured Guaranty satisfying its obligations under insurance policies with respect to legacy insured Puerto Rico bonds; (xiv) the possibility that underwriting insurance in new jurisdictions and/or covering new sectors, lines or classes of business does not result in the benefits anticipated or subjects Assured Guaranty to negative consequences; (xv) increased competition, including from new entrants into the financial guaranty industry, nonpayment insurance and other forms of capital saving or risk syndication available to banks and insurers; (xvi) rating agency action, including a ratings downgrade, a change in outlook, the placement of ratings on watch for downgrade, or a change in rating criteria, at any time, of AGL or any of its insurance subsidiaries, and/or of any securities AGL or any of its subsidiaries have issued, and/or of transactions that AGL’s insurance subsidiaries have insured; (xvii) the inability of Assured Guaranty to access external sources of capital on acceptable terms; (xviii) noncompliance with, and/or changes in, applicable laws or regulations, including

insurance, bankruptcy and tax laws, tariffs, or other governmental actions; (xix) the possibility that legal or regulatory decisions or determinations subject Assured Guaranty or obligations that it insures or reinsures to negative consequences; (xx) difficulties or delays with the execution of Assured Guaranty’s business strategy; (xxi) loss of key personnel; (xxii) changes in applicable accounting policies or practices; (xxiii) public health crises, including pandemics and endemics, and the governmental and private actions taken in response to such events; (xxiv) natural or man-made catastrophes; (xxv) the impact of climate change on Assured Guaranty’s business and regulatory actions taken related to such risk; (xxvi) other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission (SEC); (xxvii) other risks and uncertainties that have not been identified at this time; and (xxviii) management’s response to these factors.

Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made as of November 6, 2025, and Assured Guaranty undertakes no obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contact Information

Robert Tucker

Senior Managing Director, Investor Relations and Corporate Communications

212-339-0861

[email protected]

Ashweeta Durani

Director, Media Relations

212-408-6042

[email protected]

Assured Guaranty Ltd.

September 30, 2025

Financial Supplement


Table of Contents		Page
	Selected Financial Highlights	1
	Condensed Consolidated Statements of Operations (unaudited)	3
	Condensed Consolidated Balance Sheets (unaudited)	4
	Selected Financial Highlights GAAP to Non-GAAP Reconciliations	5
	Income Components	8
	Fixed-Maturity Securities, Short-Term Investments and Cash	12
	Investment Portfolio, Cash and CIVs	13
	Income from Investment Portfolio and CIVs	15
	Insurance Segment:	17
	Insurance Segment Results	18
	Claims-Paying Resources	19
	New Business Production	20
	Gross Par Written	21
	New Business Production by Quarter	22
	Estimated Net Exposure Amortization and Estimated Future Financial Guaranty Net Premium and Credit Derivative Revenues	23
	Roll Forward of Net Expected Loss and Loss Adjustment Expenses to be Paid (Recovered)	24
	Loss Measures	25
	Net Expected Loss to be Expensed	26
	Financial Guaranty Profile	27
	Specialty Business	30
	Expected Amortization of Net Par Outstanding	31
	Puerto Rico Profile	32
	Direct Pooled Corporate Obligations Profile	33
	Below Investment Grade Exposures	34
	Largest Exposures by Sector	37
	Asset Management Segment	40
	Asset Management Results	41
	Corporate Division	42
	Corporate Results	43
	Other	44
	Other Results	45
	Summary	47
	Summary of Financial and Statistical Data	48
	Summary of GAAP to Non-GAAP Reconciliations	49
	Glossary	51
	Non-GAAP Financial Measures	54

This financial supplement should be read in conjunction with documents filed by Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty or the Company) with the United States (U.S.) Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2024 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025.

Cautionary Statement Regarding Forward Looking Statements

Any forward looking statements made in this supplement reflect the current views of Assured Guaranty with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Assured Guaranty’s forward looking statements could be affected by many events. These events include: (i) significant changes in inflation, interest rates, the world’s credit markets or segments thereof, credit spreads, foreign exchange rates, tariff regimes or general economic conditions, including the possibility of a recession or stagflation; (ii) geopolitical risk, terrorism and political violence risk, including those arising out of Russia’s invasion of Ukraine and intentional or accidental escalation between The North Atlantic Treaty Organization and Russia, conflict in the Middle East, confrontation over Iran’s nuclear program, the polarized political environment in the United States (U.S.), and strategic competition and tensions between the U.S. and China; (iii) cybersecurity risk and the impacts of artificial intelligence, machine learning and other technological advances, including potentially increasing the risks of malicious cyber attacks, dissemination of misinformation, and disruption of markets, including the markets in which the Company participates; (iv) the impact of a U.S. government shutdown and/or the possibility of payment defaults on the debt of the U.S. government or instruments issued, insured or guaranteed by related institutions, agencies or instrumentalities, and downgrades to their credit ratings; (v) developments in the world’s financial and capital markets, including stresses in the financial condition of banking institutions in the U.S. and the possibility that increasing participation of unregulated financial institutions in these markets results in losses or lower valuations of assets, reduced liquidity and credit and/or contraction of these markets, that adversely affect repayment rates of insured obligors, Assured Guaranty’s insurance loss or recovery experience, or investments of Assured Guaranty; (vi) reduction in the amount of available insurance opportunities and/or in the demand for Assured Guaranty’s insurance; (vii) the possibility that investments made by Assured Guaranty for its investment portfolio, including alternative investments, do not result in the benefits anticipated or subject Assured Guaranty to reduced liquidity at a time it requires liquidity, or to other negative or unanticipated consequences; (viii) the possibility that Assured Guaranty’s mergers, acquisitions, divestitures and other strategic transactions, including the transactions with Sound Point Capital Management, LP (Sound Point, LP) and certain of its investment management affiliates (together with Sound Point, LP, Sound Point) and/or Assured Healthcare Partners LLC (AHP), do not result in the benefits anticipated and/or subject Assured Guaranty to negative consequences; (ix) the inability to control the business, management or policies of entities in which Assured Guaranty holds a minority interest; (x) the impact of market volatility on the fair value of Assured Guaranty’s assets and liabilities subject to mark-to-market, including certain of its investments, contracts accounted for as derivatives, its committed capital securities (CCS), and its consolidated variable interest entities (VIEs); (xi) the possibility that budget or pension shortfalls, difficulties in obtaining additional financing, changes in applicable laws or regulations or other factors will result in credit losses or liquidity claims on obligations of state, territorial and local governments, their related authorities, public corporations and other obligors that Assured Guaranty insures or reinsures; (xii) insured losses, including losses with respect to related legal proceedings, in excess of those expected by Assured Guaranty or the failure of Assured Guaranty to realize loss recoveries that are assumed in its expected loss estimates for insurance exposures, including below-investment-grade (BIG) healthcare, United Kingdom (U.K.) regulated utility, European renewable energy, and Puerto Rico Electric Power Authority (PREPA) exposures; (xiii) the impact of Assured Guaranty satisfying its obligations under insurance policies with respect to legacy insured Puerto Rico bonds; (xiv) the possibility that underwriting insurance in new jurisdictions and/or covering new sectors, lines or classes of business does not result in the benefits anticipated or subjects Assured Guaranty to negative consequences; (xv) increased competition, including from new entrants into the financial guaranty industry, nonpayment insurance and other forms of capital saving or risk syndication available to banks and insurers; (xvi) rating agency action, including a ratings downgrade, a change in outlook, the placement of ratings on watch for downgrade, or a change in rating criteria, at any time, of AGL or any of its insurance subsidiaries, and/or of any securities AGL or any of its subsidiaries have issued, and/or of transactions that AGL’s insurance subsidiaries have insured; (xvii) the inability of Assured Guaranty to access external sources of capital on acceptable terms; (xviii) noncompliance with, and/or changes in, applicable laws or regulations, including insurance, bankruptcy and tax laws, tariffs, or other governmental actions; (xix) the possibility that legal or regulatory decisions or determinations subject Assured Guaranty or obligations that it insures or reinsures to negative consequences; (xx) difficulties or delays with the execution of Assured Guaranty’s business strategy; (xxi) loss of key personnel; (xxii) changes in applicable accounting policies or practices; (xxiii) public health crises, including pandemics and endemics, and the governmental and private actions taken in response to such events; (xxiv) natural or man-made catastrophes; (xxv) the impact of climate change on Assured Guaranty’s business and regulatory actions taken related to such risk; (xxvi) other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission (SEC); (xxvii) other risks and uncertainties that have not been identified at this time; and (xxviii) management’s response to these factors. Assured Guaranty undertakes no obligation to update publicly or review any forward looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Assured Guaranty Ltd.

Selected Financial Highlights (1 of 2)

(dollars in millions, except per share amounts)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
GAAP (1) Highlights
Net income (loss) attributable to AGL	$	105		$	171		$	384		$	358
Net income (loss) attributable to AGL per diluted share	$	2.18		$	3.17		$	7.73		$	6.44
Weighted average shares outstanding
Basic shares outstanding	47.4			52.4			48.8			54.1
Diluted shares outstanding	48.0			53.4			49.4			55.2
Effective tax rate on net income	15.4		%	19.9		%	18.5		%	19.2		%
GAAP return on equity (ROE) (4)	7.4		%	12.1		%	9.2		%	8.3		%

Non-GAAP Highlights (2)
Adjusted operating income (loss)	$	124		$	130		$	336		$	323
Adjusted operating income (loss) per diluted share (2)	$	2.57		$	2.42		$	6.77		$	5.80
Weighted average diluted shares outstanding	48.0			53.4			49.4			55.2
Effective tax rate on adjusted operating income (3)	15.7		%	20.7		%	18.9		%	19.2		%
Adjusted operating ROE (2)(4)	8.6		%	8.9		%	7.8		%	7.2		%

Components of adjusted operating income (loss) (2)
Insurance segment	$	145		$	162		$	389		$	427
Asset Management segment	3			4			19			5
Corporate division	(24)			(29)			(73)			(101)
Other (6)	—			(7)			1			(8)
Adjusted operating income (loss)	$	124		$	130		$	336		$	323

Capital Returned to Common Shareholders
Common share repurchases (7)	$	118		$	131		$	369		$	412
Dividends	16			16			53			52
Total capital returned to common shareholders	$	134		$	147		$	422		$	464

Insurance Segment
Gross written premiums (GWP)	$	75		$	61		$	195		$	254
Present value of new business production (PVP) (2)	91			63			194			281
Gross par written	9,141			7,437			24,539			20,603

Effect of refundings and terminations on GAAP measures:
Net earned premiums, pre-tax	$	5		$	14		$	14		$	56
Fair value gains (losses) of credit derivatives, pre-tax	1			—			41			—
Net income effect	5			11			44			43
Net income per diluted share	0.10			0.20			0.88			0.78

Effect of refundings and terminations on non-GAAP measures:
Operating net earned premiums and credit derivative revenues(5), pre-tax	$	6		$	14		$	55		$	56
Adjusted operating income(5) effect	5			11			44			43
Adjusted operating income per diluted share (5)	0.10			0.20			0.88			0.78

1) Accounting principles generally accepted in the United States of America (GAAP).

2) Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

3) Represents the ratio of adjusted operating provision for income taxes to adjusted operating income before income taxes.

4) Quarterly ROE calculations represent annualized returns. See page 6 for additional information on calculation.

5) Condensed consolidated statement of operations items mentioned in this Financial Supplement that are described as operating (i.e., operating net earned premiums and credit derivative revenues) are non-GAAP measures and represent components of adjusted operating income. Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

6) Represents the effect of consolidating financial guaranty VIEs (FG VIEs) and consolidated investment vehicles (CIVs) (FG VIE and CIV consolidation).

7) Excludes commissions and excise taxes.

Assured Guaranty Ltd.

Selected Financial Highlights (2 of 2)

(dollars in millions, except per share amounts)


	As of
	September 30, 2025				December 31, 2024
	Amount		Per Share		Amount		Per Share
Shareholders’ equity attributable to AGL	$	5,658	$	121.13	$	5,495	$	108.80
Adjusted operating shareholders’ equity (1)	5,750		123.10		5,795		114.75
Adjusted book value (ABV) (1)	8,471		181.37		8,592		170.12
Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity	3		0.05		—		0.01
ABV	(3)		(0.06)		(6)		(0.13)

Shares outstanding at the end of period	46.7				50.5

Exposure
Financial guaranty net debt service outstanding	$	438,764			$	415,966
Financial guaranty net par outstanding:
Investment grade	$	263,497			$	251,370
BIG	11,378				10,182
Total	$	274,875			$	261,552

Claims-paying resources (2)	$	10,138			$	10,211

1) Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

2) See page 19 for additional detail on claims-paying resources.

Assured Guaranty Ltd.

Condensed Consolidated Statements of Operations (unaudited)

(dollars in millions, except per share amounts)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Revenues
Net earned premiums	$	94	$	97	$	274	$	300
Net investment income	94		82		270		247
Net realized investment gains (losses)	(10)		—		(32)		2
Fair value gains (losses) on credit derivatives	5		3		110		19
Fair value gains (losses) on CCS	8		(3)		9		(12)
Fair value gains (losses) on FG VIEs	3		(7)		6		(11)
Fair value gains (losses) on CIVs	17		21		40		54
Foreign exchange gains (losses) on remeasurement	(23)		55		93		43
Fair value gains (losses) on trading securities	8		9		11		52
Other income (loss)	11		12		52		22
Total revenues	207		269		833		716
Expenses
Loss and loss adjustment expense (LAE) (benefit)	(30)		(51)		38		(54)
Interest expense	22		22		67		68
Amortization of deferred acquisition costs (DAC)	6		5		16		14
Employee compensation and benefit expenses	50		47		160		153
Other operating expenses	44		44		131		124
Total expenses	92		67		412		305
Income (loss) before income taxes and equity in earnings (losses) of investees	115		202		421		411
Equity in earnings (losses) of investees	20		18		76		47
Income (loss) before income taxes	135		220		497		458
Less: Provision (benefit) for income taxes	21		44		92		88
Net income (loss)	114		176		405		370
Less: Noncontrolling interests	9		5		21		12
Net income (loss) attributable to AGL	$	105	$	171	$	384	$	358

Earnings per share:
Basic	$	2.20	$	3.23	$	7.82	$	6.57
Diluted	$	2.18	$	3.17	$	7.73	$	6.44

Assured Guaranty Ltd.

Condensed Consolidated Balance Sheets (unaudited)

(dollars in millions)


	As of
	September 30,		December 31,
	2025		2024
Assets
Investments:
Fixed-maturity securities, available-for-sale, at fair value	$	6,278	$	6,369
Fixed-maturity securities, trading, at fair value	136		147
Short-term investments, at fair value	1,332		1,221
Other invested assets	1,012		926
Total investments	8,758		8,663
Cash	157		121
Premiums receivable, net of commissions payable	1,583		1,551
DAC	190		176
Salvage and subrogation recoverable	453		396
FG VIEs’ assets, at fair value	145		147
Assets of CIVs	136		101
Other assets	679		746
Total assets	$	12,101	$	11,901

Liabilities
Unearned premium reserve	$	3,663	$	3,719
Loss and LAE reserve	308		268
Long-term debt	1,702		1,699
FG VIEs’ liabilities, at fair value	159		164
Other liabilities	532		498
Total liabilities	6,364		6,348

Shareholders’ equity
Common shares	—		1
Retained earnings	5,836		5,878
Accumulated other comprehensive income (loss)	(179)		(385)
Deferred equity compensation	1		1
Total shareholders’ equity attributable to AGL	5,658		5,495
Nonredeemable noncontrolling interests	79		58
Total shareholders’ equity	5,737		5,553
Total liabilities and shareholders’ equity	$	12,101	$	11,901

Assured Guaranty Ltd.

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (1 of 3)

(dollars in millions, except per share amounts)


Adjusted Operating Income Reconciliation	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

Net income (loss) attributable to AGL	$	105	$	171	$	384	$	358
Less pre-tax adjustments:
Realized gains (losses) on investments	(10)		—		(32)		2
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	1		(2)		(2)		11
Fair value gains (losses) on CCS	8		(3)		9		(12)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	(22)		54		82		42
Total pre-tax adjustments	(23)		49		57		43
Less tax effect on pre-tax adjustments	4		(8)		(9)		(8)
Adjusted operating income (loss)	$	124	$	130	$	336	$	323

Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income	$	—	$	(7)	$	1	$	(8)

Components of adjusted operating income:
Segments:
Insurance	$	145	$	162	$	389	$	427
Asset Management	3		4		19		5
Total segments	148		166		408		432
Corporate division	(24)		(29)		(73)		(101)
Other	—		(7)		1		(8)
Adjusted operating income (loss)	$	124	$	130	$	336	$	323


Per diluted share:
Net income (loss) attributable to AGL	$	2.18	$	3.17	$	7.73	$	6.44
Less pre-tax adjustments:
Realized gains (losses) on investments	(0.22)		—		(0.65)		0.03
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	0.02		(0.03)		(0.05)		0.21
Fair value gains (losses) on CCS	0.17		(0.06)		0.19		(0.21)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	(0.44)		1.00		1.66		0.76
Total pre-tax adjustments	(0.47)		0.91		1.15		0.79
Less tax effect on pre-tax adjustments	0.08		(0.16)		(0.19)		(0.15)
Adjusted operating income (loss)	$	2.57	$	2.42	$	6.77	$	5.80

Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating income	$	—	$	(0.12)	$	0.03	$	(0.15)

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Assured Guaranty Ltd.

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (2 of 3)

(dollars in millions)


ROE Reconciliation and Calculation	As of
	September 30,		June 30,		December 31,			September 30,			June 30,			December 31,
	2025		2025		2024			2024			2024			2023
Shareholders’ equity attributable to AGL	$	5,658	$	5,633	$	5,495		$	5,728		$	5,539		$	5,713
Adjusted operating shareholders’ equity	5,750		5,778		5,795			5,875			5,844			5,990
Gain (loss) related to FG VIE and CIV consolidation included in adjusted operating shareholders' equity	3		1		—			(5)			3			5

					Three Months Ended						Nine Months Ended
					September 30,						September 30,
					2025			2024			2025			2024
Net income (loss) attributable to AGL					$	105		$	171		$	384		$	358
Adjusted operating income (loss)					124			130			336			323

Average shareholders’ equity attributable to AGL					$	5,646		$	5,634		$	5,577		$	5,721
Average adjusted operating shareholders’ equity					5,764			5,860			5,773			5,933
Gain (loss) related to FG VIE and CIV consolidation included in average adjusted operating shareholders’ equity					2			(1)			2			—

GAAP ROE (1)					7.4		%	12.1		%	9.2		%	8.3		%
Adjusted operating ROE (1)					8.6		%	8.9		%	7.8		%	7.2		%

1) Quarterly ROE calculations represent annualized returns.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Assured Guaranty Ltd.

Selected Financial Highlights

GAAP to Non-GAAP Reconciliations (3 of 3)

(dollars in millions)


	As of
	September 30,		June 30,		December 31,		September 30,		June 30,		December 31,
	2025		2025		2024		2024		2024		2023
Reconciliation of shareholders’ equity attributable to AGL to ABV:
Shareholders’ equity attributable to AGL	$	5,658	$	5,633	$	5,495	$	5,728	$	5,539	$	5,713
Less pre-tax reconciling items:
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	46		45		49		45		47		34
Fair value gains (losses) on CCS	12		3		2		1		4		13
Unrealized gain (loss) on investment portfolio	(159)		(218)		(397)		(211)		(400)		(361)
Less taxes	9		25		46		18		44		37
Adjusted operating shareholders' equity	5,750		5,778		5,795		5,875		5,844		5,990
Pre-tax reconciling items:
Less: DAC	190		185		176		172		169		161
Plus: Net present value of estimated net future revenue	191		196		202		189		190		199
Plus: Net deferred premium revenue on financial guaranty contracts in excess of expected loss to be expensed	3,401		3,409		3,473		3,370		3,424		3,436
Plus taxes	(681)		(685)		(702)		(680)		(691)		(699)
ABV	$	8,471	$	8,513	$	8,592	$	8,582	$	8,598	$	8,765

Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity (net of tax provision (benefit) of $0, $0, $0, $(1), $1 and $1)	$	3	$	1	$	—	$	(5)	$	3	$	5
ABV (net of tax provision (benefit) of $0, $(1), $(2), $(2), $(1) and $0)	$	(3)	$	(4)	$	(6)	$	(9)	$	(2)	$	—

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Assured Guaranty Ltd.

Income Components (1 of 4)

(in millions)

Components of Income for the Three Months Ended September 30, 2025


	Segments				Corporate and Other
	Insurance		Asset Management		Corporate		Other (1)		Reconciling Items		Consolidated

Revenues
Net earned premiums	$	95	$	—	$	—	$	(1)	$	—	$	94
Net investment income	94		—		3		(3)		—		94
Net realized investment gains (losses)	—		—		—		—		(10)		(10)
Fair value gains (losses) on credit derivatives (2)	4		—		—		—		1		5
Fair value gains (losses) on CCS	—		—		—		—		8		8
Fair value gains (losses) on FG VIEs	—		—		—		3		—		3
Fair value gains (losses) on CIVs	—		—		—		17		—		17
Foreign exchange gains (losses) on remeasurement	(1)		—		—		—		(22)		(23)
Fair value gains (losses) on trading securities	8		—		—		—		—		8
Other income (loss)	6		8		—		(3)		—		11
Total revenues	206		8		3		13		(23)		207

Expenses
Loss and LAE (benefit) (3)	(31)		—		—		1		—		(30)
Interest expense	—		—		24		(2)		—		22
Amortization of DAC	6		—		—		—		—		6
Employee compensation and benefit expenses	44		—		6		—		—		50
Other operating expenses	32		4		8		—		—		44
Total expenses	51		4		38		(1)		—		92
Equity in earnings (losses) of investees	16		—		9		(5)		—		20
Less: Provision (benefit) for income taxes	26		1		(2)		—		(4)		21
Less: Noncontrolling interests	—		—		—		9		—		9
Total	$	145	$	3	$	(24)	$	—	$	(19)	$	105

1) Includes the consolidation of the FG VIEs and CIVs and intersegment eliminations.

2) Insurance segment balances for this line include only the credit derivative revenues component of realized gains (losses) on credit derivatives.

3) Insurance segment balances for this line item includes credit derivative impairment (recoveries).

Assured Guaranty Ltd.

Income Components (2 of 4)

(in millions)

Components of Income for the Three Months Ended September 30, 2024


	Segments				Corporate and Other
	Insurance		Asset Management		Corporate		Other (1)		Reconciling Items		Consolidated

Revenues
Net earned premiums	$	98	$	—	$	—	$	(1)	$	—	$	97
Net investment income	82		—		3		(3)		—		82
Net realized investment gains (losses)	—		—		—		—		—		—
Fair value gains (losses) on credit derivatives (2)	3		—		—		—		—		3
Fair value gains (losses) on CCS	—		—		—		—		(3)		(3)
Fair value gains (losses) on FG VIEs	—		—		—		(7)		—		(7)
Fair value gains (losses) on CIVs	—		—		—		21		—		21
Foreign exchange gains (losses) on remeasurement	1		—		—		—		54		55
Fair value gains (losses) on trading securities	9		—		—		—		—		9
Other income (loss)	11		2		1		(2)		—		12
Total revenues	204		2		4		8		51		269

Expenses
Loss and LAE (benefit) (3)	(53)		—		—		—		2		(51)
Interest expense	—		—		24		(2)		—		22
Amortization of DAC	5		—		—		—		—		5
Employee compensation and benefit expenses	40		—		7		—		—		47
Other operating expenses	36		2		6		—		—		44
Total expenses	28		2		37		(2)		2		67
Equity in earnings (losses) of investees	28		4		—		(14)		—		18
Less: Provision (benefit) for income taxes	42		—		(4)		(2)		8		44
Less: Noncontrolling interests	—		—		—		5		—		5
Total	$	162	$	4	$	(29)	$	(7)	$	41	$	171

1) Includes the consolidation of the FG VIEs and CIVs and intersegment eliminations.

2) Insurance segment balances for this line include only the credit derivative revenues component of realized gains (losses) on credit derivatives.

3) Insurance segment balances for this line item includes credit derivative impairment (recoveries).

Assured Guaranty Ltd.

Income Components (3 of 4)

(in millions)

Components of Income for the Nine Months Ended September 30, 2025


	Segments				Corporate and Other
	Insurance		Asset Management		Corporate		Other (1)		Reconciling Items		Consolidated

Revenues
Net earned premiums	$	276	$	—	$	—	$	(2)	$	—	$	274
Net investment income	269		—		10		(9)		—		270
Net realized investment gains (losses)	—		—		—		—		(32)		(32)
Fair value gains (losses) on credit derivatives (2)	49		—		—		—		61		110
Fair value gains (losses) on CCS	—		—		—		—		9		9
Fair value gains (losses) on FG VIEs	—		—		—		6		—		6
Fair value gains (losses) on CIVs	—		—		—		40		—		40
Foreign exchange gains (losses) on remeasurement	11		—		—		—		82		93
Fair value gains (losses) on trading securities	11		—		—		—		—		11
Other income (loss)	28		29		1		(6)		—		52
Total revenues	644		29		11		29		120		833

Expenses
Loss and LAE (benefit)(3)	(27)		—		—		2		63		38
Interest expense	—		—		74		(7)		—		67

Amortization of DAC	16		—		—		—		—		16
Employee compensation and benefit expenses	140		—		20		—		—		160
Other operating expenses	91		17		23		—		—		131
Total expenses	220		17		117		(5)		63		412
Equity in earnings (losses) of investees	48		12		28		(12)		—		76
Less: Provision (benefit) for income taxes	83		5		(5)		—		9		92
Less: Noncontrolling interests	—		—		—		21		—		21
Total	$	389	$	19	$	(73)	$	1	$	48	$	384

1) Includes the consolidation of the FG VIEs and CIVs and intersegment eliminations.

2) Insurance segment balances for this line include only the credit derivative revenues component of realized gains (losses) on credit derivatives.

3) Insurance segment balances for this line item includes credit derivative impairment (recoveries).

Assured Guaranty Ltd.

Income Components (4 of 4)

(in millions)

Components of Income for the Nine Months Ended September 30, 2024


	Segments				Corporate and Other
	Insurance		Asset Management		Corporate		Other (1)		Reconciling Items		Consolidated

Revenues
Net earned premiums	$	302	$	—	$	—	$	(2)	$	—	$	300
Net investment income	246		—		10		(9)		—		247
Net realized investment gains (losses)	—		—		—		—		2		2
Fair value gains (losses) on credit derivatives (2)	8		—		—		—		11		19
Fair value gains (losses) on CCS	—		—		—		—		(12)		(12)
Fair value gains (losses) on FG VIEs	—		—		—		(11)		—		(11)
Fair value gains (losses) on CIVs	—		—		—		54		—		54
Foreign exchange gains (losses) on remeasurement	1		—		—		—		42		43
Fair value gains (losses) on trading securities	52		—		—		—		—		52
Other income (loss)	13		10		3		(4)		—		22
Total revenues	622		10		13		28		43		716

Expenses
Loss and LAE (benefit)(3)	(49)		—		—		(5)		—		(54)
Interest expense	—		—		75		(7)		—		68
Amortization of DAC	14		—		—		—		—		14
Employee compensation and benefit expenses	128		—		25		—		—		153
Other operating expenses	90		6		28		—		—		124
Total expenses	183		6		128		(12)		—		305
Equity in earnings (losses) of investees	83		2		—		(38)		—		47
Less: Provision (benefit) for income taxes	95		1		(14)		(2)		8		88
Less: Noncontrolling interests	—		—		—		12		—		12
Total	$	427	$	5	$	(101)	$	(8)	$	35	$	358

1) Includes the consolidation of the FG VIEs and CIVs and intersegment eliminations.

2) Insurance segment balances for this line include only the credit derivative revenues component of realized gains (losses) on credit derivatives.

3) Insurance segment balances for this line item includes credit derivative impairment (recoveries).

Assured Guaranty Ltd.

Fixed-Maturity Securities, Short-Term Investments and Cash

As of September 30, 2025

(dollars in millions)


	Amortized Cost		Allowance for Credit Losses			Pre-Tax Book Yield		After-Tax Book Yield		Fair Value		Annualized Investment Income (1)
Fixed maturity securities, available-for-sale:
Obligations of states and political subdivisions (3)	$	1,808	$	(13)		3.95	%	3.40	%	$	1,755	$	71
U.S. government and agencies	51		—			3.48		2.91		48		2
Corporate securities	2,977		(7)			4.37		3.65		2,923		130
Mortgage-backed securities:
Residential mortgage-backed securities (RMBS) (2)(3)	670		(24)			5.18		4.14		603		35
Commercial mortgage-backed securities	184		—			4.32		3.43		185		8
Asset-backed securities (ABS)
Collateralized loan obligation (CLOs)	506		(10)			10.97		8.67		472		56
Other ABS (3)	196		—			6.31		4.99		199		12
Non-U.S. government securities	100		—			3.06		3.03		93		3
Total fixed maturity securities, available-for-sale	6,492		(54)			4.88		4.04		6,278		317
Short-term investments	1,332		—			3.95		3.19		1,332		52
Cash (4)	157		—			—		—		157		—
Total	$	7,981	$	(54)		4.72	%	3.90	%	$	7,767	$	369

Fixed maturity securities, trading (6)										$	136


Ratings (5):	Fair Value		% of Portfolio
U.S. government and agencies	$	48	0.8		%
AAA/Aaa	829		13.2
AA/Aa	2,090		33.3
A/A	1,618		25.8
BBB	1,139		18.1
BIG	139		2.2
Not rated (7)	415		6.6
Total fixed maturity securities, available-for-sale	$	6,278	100.0		%


Duration of available-for-sale fixed maturity securities and short-term investments (in years):			4.1

1) Represents annualized investment income based on amortized cost and pre-tax book yields.

2) Includes fair value of $133 million in subprime RMBS, of which 92% were rated BIG.

3) Includes securities purchased or obtained as part of loss mitigation or other risk management strategies.

4) Cash is not included in the yield calculation.

5) Ratings generally reflect the lower of Moody’s Investors Service, Inc. or Standard & Poor’s Financial Services LLC classifications except for purchased securities that the Company has insured, and for which it had expected losses to be paid (Loss Mitigation Securities) and certain other securities, which use internal ratings classifications. Loss Mitigation Securities and other securities total $387 million in par with carrying value of $191 million and are primarily included in the BIG category.

6) Primarily includes contingent value instruments received in connection with the 2022 resolution of the Company’s exposure to insured Puerto Rico credits experiencing payment default other than PREPA. These securities are not rated.

7) Primarily includes CLO equity tranches and liquidity bonds issued by a U.K. regulated utility.

Assured Guaranty Ltd.

Investment Portfolio, Cash and CIVs

GAAP (1 of 2)

(dollars in millions)

Investment Portfolio, Cash and CIVs as of September 30, 2025


	Insurance Related Subsidiaries (1)		Holding Companies (2)		Other (3)		AGL Consolidated

Fixed-maturity securities, available-for-sale	$	6,260	$	18	$	—	$	6,278
Fixed-maturity securities, trading	136		—		—		136
Total fixed-maturity securities	6,396		18		—		6,414
Short-term investments	940		391		1		1,332
Cash	91		5		61		157
Total short-term investments and cash	1,031		396		62		1,489
Other invested assets
Equity method investments:
Ownership interest in Sound Point	—		414		—		414
Funds:
CLOs	94		—		—		94
Private healthcare investing	146		37		—		183
Asset-based/specialty finance	157		—		(45)		112
Private minority stakes in alternative asset managers	—		80		—		80
Other	65		50		—		115
Total funds	462		167		(45)		584
Other	—		3		—		3
Total equity method investments	462		584		(45)		1,001
Other	11		—		—		11
Other invested assets	473		584		(45)		1,012
Total investment portfolio and cash (4)	$	7,900	$	998	$	17	$	8,915
CIVs
Assets of CIVs	$	—	$	—	$	136	$	136
Liabilities of CIVs	—		—		—		—
Nonredeemable noncontrolling interests	—		—		(79)		(79)
Total CIVs	$	—	$	—	$	57	$	57

1) Includes the Company’s U.S., Bermuda, U.K. and French insurance subsidiaries and AG Asset Strategies LLC (AGAS) (separate company, excluding the effect of consolidating CIVs).

2) Includes the Company’s holding companies: AGL, Assured Guaranty US Holdings Inc. (AGUS) and Assured Guaranty Municipal Holdings Inc. (AGMH).

3) Includes the Company’s non-insurance subsidiaries, non-U.S. holding companies, CIVs and related intercompany eliminations.

4) The alternative investments, which do not include the Company’s ownership interest in Sound Point, had an inception-to-date annualized internal rate of return (IRR) of 13%, a year-to-date return of 9% and a quarter-to-date return of 3%. Returns are calculated using the cash basis IRR method and are annualized, other than quarter-to-date returns.

Assured Guaranty Ltd.

Investment Portfolio, Cash and CIVs

GAAP (2 of 2)

(dollars in millions)

Investment Portfolio, Cash and CIVs as of December 31, 2024


	Insurance Related Subsidiaries (1)		Holding Companies (2)		Other (3)		AGL Consolidated

Fixed-maturity securities, available-for-sale	$	6,351	$	18	$	—	$	6,369
Fixed-maturity securities, trading	147		—		—		147
Total fixed-maturity securities	6,498		18		—		6,516
Short-term investments	810		411		—		1,221
Cash	78		8		35		121
Total short-term investments and cash	888		419		35		1,342
Other invested assets
Equity method investments:
Ownership interest in Sound Point	—		418		—		418
Funds:
CLOs	100		—		—		100
Private healthcare investing	153		—		—		153
Asset-based/specialty finance	142		—		(33)		109
Private minority stakes in alternative asset managers	—		69		—		69
Other	13		49		—		62
Total funds	408		118		(33)		493
Other	—		3		—		3
Total equity method investments	408		539		(33)		914
Other	9		3		—		12
Other invested assets	417		542		(33)		926
Total investment portfolio and cash(4)	$	7,803	$	979	$	2	$	8,784
CIVs
Assets of CIVs	$	—	$	—	$	101	$	101
Liabilities of CIVs	—		—		—		—
Nonredeemable noncontrolling interests	—		—		(58)		(58)
Total CIVs	$	—	$	—	$	43	$	43

1) Includes the Company’s U.S., Bermuda, U.K. and French insurance subsidiaries and AGAS (separate company, excluding the effect of consolidating CIVs).

2) Includes the Company’s holding companies: AGL, AGUS, AGMH.

3) Includes the Company’s non-insurance subsidiaries, non-U.S. holding companies and CIVs and related intercompany eliminations.

4) The alternative investments,which do not include the Company’s ownership interest in Sound Point, had an inception-to-date annualized IRR of 13%, a year-to-date return of 16% and a quarter-to-date return of 4%. Returns are calculated using the cash basis IRR method and are annualized, other than quarter-to-date returns.

Assured Guaranty Ltd.

Income from Investment Portfolio and CIVs by Segment (1 of 2)

(dollars in millions)


	Three Months Ended September 30, 2025
	Insurance		Asset Management		Corporate		Other		Total
Net investment income
Fixed-maturity securities, available-for-sale (1)	$	80	$	—	$	—	$	(1)	$	79
Short-term investments	11		—		3		—		14
Other	3		—		—		(2)		1
Total net investment income	$	94	$	—	$	3	$	(3)	$	94

Fair value gains (losses) on trading securities	$	8	$	—	$	—	$	—	$	8

Equity in earnings (losses) of investees
Ownership interest in Sound Point	$	—	$	—	$	—	$	—	$	—
Funds:
CLOs	3		—		—		—		3
Private healthcare investing	5		—		—		—		5
Asset-based/specialty finance	7		—		—		(5)		2
Private minority stakes in alternative asset managers	—		—		5		—		5
Other	1		—		4		—		5
Total funds (2)	16		—		9		(5)		20
Other	—		—		—		—		—
Equity in earnings (losses) of investees	$	16	$	—	$	9	$	(5)	$	20

CIVs
Fair value gains (losses) on CIVs	$	—	$	—	$	—	$	17	$	17
Noncontrolling interests	—		—		—		(9)		(9)
Total CIVs	$	—	$	—	$	—	$	8	$	8


	Three Months Ended September 30, 2024
	Insurance		Asset Management		Corporate		Other		Total
Net investment income
Fixed-maturity securities, available-for-sale	$	62	$	—	$	—	$	(1)	$	61
Short-term investments	18		—		3		—		21
Other	2		—		—		(2)		—
Total net investment income	$	82	$	—	$	3	$	(3)	$	82

Fair value gains (losses) on trading securities	$	9	$	—	$	—	$	—	$	9

Equity in earnings (losses) of investees
Ownership interest in Sound Point	$	—	$	4	$	—	$	—	$	4
Funds:
CLOs	12		—		—		(8)		4
Private healthcare investing	6		—		—		—		6
Asset-based/specialty finance	7		—		—		(6)		1
Private minority stakes in alternative asset managers	7		—		—		—		7
Other	(4)		—		—		—		(4)
Total funds (2)	28		—		—		(14)		14
Other	—		—		—		—		—
Equity in earnings (losses) of investees	$	28	$	4	$	—	$	(14)	$	18

CIVs
Fair value gains (losses) on CIVs	$	—	$	—	$	—	$	21	$	21
Noncontrolling interests	—		—		—		(5)		(5)
Total CIVs	$	—	$	—	$	—	$	16	$	16

1) Includes CLO equity tranches distributed from a CLO fund in the fourth quarter of 2024.

2) Relates to funds managed by Sound Point and AHP, and certain other managers. Investments in funds are reported on a one-quarter lag.

Assured Guaranty Ltd.

Income from Investment Portfolio and CIVs by Segment (2 of 2)

(dollars in millions)


	Nine Months Ended September 30, 2025
	Insurance		Asset Management		Corporate		Other		Total
Net investment income
Fixed-maturity securities, available-for-sale (1)	$	230	$	—	$	—	$	(2)	$	228
Short-term investments	29		—		10		—		39
Other	10		—		—		(7)		3
Total net investment income	$	269	$	—	$	10	$	(9)	$	270

Fair value gains (losses) on trading securities	$	11	$	—	$	—	$	—	$	11

Equity in earnings (losses) of investees
Ownership interest in Sound Point	$	—	$	12	$	—	$	—	$	12
Funds:
CLOs	6		—		—		—		6
Private healthcare investing	18		—		—		—		18
Asset-based/specialty finance	21		—		—		(12)		9
Private minority stakes in alternative asset managers	—		—		20		—		20
Other	3		—		8		—		11
Total funds (2)	48		—		28		(12)		64
Other	—		—		—		—		—
Equity in earnings (losses) of investees	$	48	$	12	$	28	$	(12)	$	76

CIVs
Fair value gains (losses) on CIVs	$	—	$	—	$	—	$	40	$	40
Noncontrolling interests	—		—		—		(21)		(21)
Total CIVs	$	—	$	—	$	—	$	19	$	19


	Nine Months Ended September 30, 2024
	Insurance		Asset Management		Corporate		Other		Total
Net investment income
Fixed-maturity securities, available-for-sale	$	183	$	—	$	—	$	(2)	$	181
Short-term investments	56		—		10		—		66
Other	7		—		—		(7)		—
Total net investment income	$	246	$	—	$	10	$	(9)	$	247

Fair value gains (losses) on trading securities	$	52	$	—	$	—	$	—	$	52

Equity in earnings (losses) of investees
Ownership interest in Sound Point	$	—	$	5	$	—	$	—	$	5
Funds:
CLOs	38		—		—		(26)		12
Private healthcare investing	8		—		—		—		8
Asset-based/specialty finance	18		—		—		(12)		6
Private minority stakes in alternative asset managers	17		—		—		—		17
Other	2		—		—		—		2
Total funds (2)	83		—		—		(38)		45
Other	—		(3)		—		—		(3)
Equity in earnings (losses) of investees	$	83	$	2	$	—	$	(38)	$	47

CIVs
Fair value gains (losses) on CIVs	$	—	$	—	$	—	$	54	$	54
Noncontrolling interests	—		—		—		(12)		(12)
Total CIVs	$	—	$	—	$	—	$	42	$	42

1) Includes CLO equity tranches distributed from a CLO fund in the fourth quarter of 2024.

2) Relates to funds managed by Sound Point and AHP, and certain other managers. Investments in funds are generally reported on a one-quarter lag.

Insurance Segment

Assured Guaranty Ltd.

Insurance Segment Results

(dollars in millions)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Segment revenues
Net earned premiums and credit derivative revenues	$	99	$	101	$	325	$	310
Net investment income	94		82		269		246
Fair value gains (losses) on trading securities	8		9		11		52
Foreign exchange gains (losses) on remeasurement and other income (loss)	5		12		39		14
Total segment revenues	206		204		644		622

Segment expenses
Loss expense (benefit)	(31)		(53)		(27)		(49)

Amortization of DAC	6		5		16		14
Employee compensation and benefit expenses	44		40		140		128
Other operating expenses	32		36		91		90
Total segment expenses	51		28		220		183
Equity in earnings (losses) of investees	16		28		48		83
Segment adjusted operating income (loss) before income taxes	171		204		472		522
Less: Provision (benefit) for income taxes	26		42		83		95
Segment adjusted operating income (loss)	$	145	$	162	$	389	$	427

Assured Guaranty Ltd.

Claims-Paying Resources

(dollars in millions)


	As of September 30, 2025
	AG		AG Re (2)		Eliminations (3)		Total
Claims-paying resources
Policyholders’ surplus	$	3,268	$	772	$	56	$	4,096
Contingency reserve	1,481		—		—		1,481
Qualified statutory capital	4,749		772		56		5,577
Unearned premium reserve and net deferred ceding commission income (1)	2,431		627		(56)		3,002
Loss and LAE reserves (1)(4)	—		38		—		38
Total policyholders' surplus and reserves	7,180		1,437		—		8,617
Present value of installment premium (1)	844		277		—		1,121
CCS	400		—		—		400
Total claims-paying resources	$	8,424	$	1,714	$	—	$	10,138

Statutory net exposure (1)(5)	$	208,846	$	69,476	$	(552)	$	277,770
Net debt service outstanding (1)(5)	$	336,893	$	105,493	$	(960)	$	441,426

Ratios:
Net exposure to qualified statutory capital	44:1		90:1				50:1
Capital ratio (6)	71:1		137:1				79:1
Financial resources ratio (7)	40:1		62:1				44:1
Statutory net exposure to claims-paying resources	25:1		41:1				27:1

Separate company statutory basis:
Admitted assets	$	6,953	$	1,386
Total liabilities	3,685		614
Loss and LAE reserves (recoverable)	(154)		38
Paid in capital stock	197		826

1) The numbers shown for AG include its U.K. and French insurance subsidiaries.

2) Except for contingency reserves, Assured Guaranty Re Ltd. (AG Re) numbers represent the Company’s estimate of AG Re and Assured Guaranty Re Overseas Ltd. on a U.S. statutory basis.

3) Eliminations consist of intercompany deferred ceding commissions. Net exposure and net debt service outstanding eliminations relate to second-to-pay policies under which an Assured Guaranty insurance subsidiary guarantees an obligation already insured by another Assured Guaranty insurance subsidiary.

4) Loss and LAE reserves exclude adjustments to claims-paying resources for AG because the balance was in a net recoverable position of $144 million.

5) Net exposure and net debt service outstanding are presented on a statutory basis. Includes $4,177 million of specialty business.

6) The capital ratio is calculated by dividing net debt service outstanding by qualified statutory capital.

7) The financial resources ratio is calculated by dividing net debt service outstanding by total claims-paying resources.

Please refer to the Glossary for an explanation of changes in the presentation of net debt service and net par outstanding.

Assured Guaranty Ltd.

New Business Production

(dollars in millions)

Reconciliation of GWP to PVP


	Three Months Ended										Three Months Ended
	September 30, 2025										September 30, 2024
	Public Finance				Structured Finance						Public Finance				Structured Finance
	U.S.		Non - U.S.		U.S.		Non - U.S.		Total		U.S.		Non - U.S.		U.S.		Non - U.S.		Total
Total GWP	$	77	$	(13)	$	2	$	9	$	75	$	35	$	7	$	4	$	15	$	61
Less: Installment GWP and other GAAP adjustments (1)	32		(13)		1		9		29		2		(1)		2		15		18
Upfront GWP	45		—		1		—		46		33		8		2		—		43
Plus: Installment premiums and other(2)	33		5		(1)		8		45		1		2		3		14		20
Total PVP	$	78	$	5	$	—	$	8	$	91	$	34	$	10	$	5	$	14	$	63

Gross par written	$	7,851	$	243	$	42	$	1,005	$	9,141	$	5,387	$	665	$	551	$	834	$	7,437


	Nine Months Ended										Nine Months Ended
	September 30, 2025										September 30, 2024
	Public Finance				Structured Finance						Public Finance				Structured Finance
	U.S.		Non - U.S.		U.S.		Non - U.S.		Total		U.S.		Non - U.S.		U.S.		Non - U.S.		Total
Total GWP	$	175	$	(6)	$	8	$	18	$	195	$	182	$	34	$	19	$	19	$	254
Less: Installment GWP and other GAAP adjustments (1)	64		(6)		7		18		83		99		14		16		19		148
Upfront GWP	111		—		1		—		112		83		20		3		—		106
Plus: Installment premiums and other(2)	41		19		2		20		82		110		24		21		20		175
Total PVP	$	152	$	19	$	3	$	20	$	194	$	193	$	44	$	24	$	20	$	281

Gross par written	$	20,981	$	715	$	168	$	2,675	$	24,539	$	15,339	$	2,237	$	1,245	$	1,782	$	20,603

1) Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, and GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Assured Guaranty Ltd.

Gross Par Written

(dollars in millions)

Gross Par Written by Asset Type


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Sector:
U.S. public finance:
General obligation	$	2,529	$	1,916	$	7,595	$	5,735
Tax backed	1,543		1,104		4,527		2,560
Healthcare	1,479		436		2,947		774
Municipal utilities	775		1,183		2,242		2,012
Transportation	1,103		459		2,132		3,704
Higher education	422		127		1,367		372
Housing revenue	—		158		140		158
Other public finance	—		4		31		24
Total U.S. public finance	7,851		5,387		20,981		15,339
Non-U.S. public finance:
Regulated utilities	243		285		383		1,803
Infrastructure finance	—		380		228		434
Sovereign and sub-sovereign	—		—		104		—
Total non-U.S. public finance	243		665		715		2,237
Total public finance	8,094		6,052		21,696		17,576

U.S. structured finance:
Subscription finance facilities	6		21		101		213
Pooled corporate obligations	34		12		53		218
Insurance securitizations	—		200		—		450
Structured credit	—		275		—		285
Commercial mortgage-backed securities	—		25		—		25
Other structured finance	2		18		14		54
Total U.S. structured finance	42		551		168		1,245
Non-U.S. structured finance:
Subscription finance facilities	615		162		2,138		802
Pooled corporate obligations	94		50		241		358
Other structured finance	296		622		296		622
Total non-U.S. structured finance	1,005		834		2,675		1,782
Total structured finance	1,047		1,385		2,843		3,027

Total gross par written	$	9,141	$	7,437	$	24,539	$	20,603

Please refer to the Glossary for a description of sectors.

Assured Guaranty Ltd.

New Business Production by Quarter

(dollars in millions)


															Nine Months
	1Q-24		2Q-24		3Q-24		4Q-24		1Q-25		2Q-25		3Q-25		2025		2024
PVP:
Public finance - U.S.	$	43	$	116	$	34	$	77	$	25	$	49	$	78	$	152	$	193
Public finance - non-U.S.	1		33		10		23		7		7		5		19		44
Structured finance - U.S.	15		4		5		1		2		1		—		3		24
Structured finance - non-U.S.	4		2		14		20		5		7		8		20		20
Total PVP (1)	$	63	$	155	$	63	$	121	$	39	$	64	$	91	$	194	$	281

Reconciliation of GWP to PVP:

Total GWP	$	61	$	132	$	61	$	186	$	35	$	85	$	75	$	195	$	254
Less: Installment GWP and other GAAP adjustments	28		102		18		152		11		43		29		83		148
Upfront GWP	33		30		43		34		24		42		46		112		106
Plus: Installment premiums and other (2)	30		125		20		87		15		22		45		82		175
Total PVP	$	63	$	155	$	63	$	121	$	39	$	64	$	91	$	194	$	281

Gross par written:
Public finance - U.S.	$	2,909	$	7,043	$	5,387	$	8,419	$	4,269	$	8,861	$	7,851	$	20,981	$	15,339
Public finance - non-U.S.	—		1,572		665		436		197		275		243		715		2,237
Structured finance - U.S.	480		214		551		231		121		5		42		168		1,245
Structured finance - non-U.S. (1)	354		594		834		2,140		415		1,255		1,005		2,675		1,782
Total	$	3,743	$	9,423	$	7,437	$	11,226	$	5,002	$	10,396	$	9,141	$	24,539	$	20,603

1) PVP and gross par written include the present value of future premiums and total exposure, respectively, associated with other guaranties written by the Company that, under GAAP, are accounted for under Accounting Standards Codification (ASC) 460, Guarantees.

2) Includes the present value of future premiums and fees on new business paid in installments discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. Includes the present value of future premiums and fees associated with other business written by the Company that, under GAAP, are accounted for under ASC 460, Guarantees.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement. Please refer to the Glossary for a description of sectors.

Assured Guaranty Ltd.

Estimated Net Exposure Amortization(1) and Estimated Future Financial Guaranty Net Premium

and Credit Derivative Revenues

(dollars in millions)


					Financial Guaranty Insurance (2)
	Estimated Net Debt Service Amortization		Estimated Ending Net Debt Service Outstanding		Earnings of Deferred Premium Revenue		Accretion of Discount		Effect of FG VIE Consolidation on Earnings of Deferred Premium Revenue and Accretion of Discount		Future Credit Derivative Revenues (3)
2025 (as of September 30)			$	438,764
2025 Q4	$	6,854	431,910		$	78	$	10	$	1	$	2
2026	24,710		407,200		294		37		4		9
2027	21,881		385,319		272		35		3		9
2028	21,516		363,803		258		33		2		8
2029	22,432		341,371		240		31		2		7

2025-2029	97,393		341,371		1,142		146		12		35
2030-2034	104,295		237,076		954		130		9		26
2035-2039	80,937		156,139		627		96		6		19
2040-2044	56,960		99,179		414		63		—		12
2045-2049	44,994		54,185		275		36		—		7
2050-2054	31,169		23,016		142		16		—		—
After 2054	23,016		—		104		12		—		—
Total	$	438,764			$	3,658	$	499	$	27	$	99

Reconciliation of Net Deferred Premium Revenue to Net Unearned Premium Reserve (4)


	GAAP		Effect of FG VIE Consolidation on Net Unearned Premium Reserve
Net deferred premium revenue:
Financial guaranty	$	3,658	$	26
Specialty	5		—
Net deferred premium revenue	3,663		26
Contra-paid	(23)		(3)
Net unearned premium reserve	$	3,640	$	23

1) Represents the future expected amortization of current debt service outstanding (principal and interest), assuming no advance refundings, as of September 30, 2025. Actual amortization differs from expected maturities because borrowers may have the right to call or prepay guaranteed obligations, terminations and because of management’s assumptions on structured finance amortization.

2) See also page 26, for ‘‘Net Expected Loss to be Expensed.’’

3) Represents expected future premiums on insured credit derivatives.

4) Unearned premium reserve represents deferred premium revenue less claim payments made (net of recoveries received) that have been recognized in the statement of operations (contra-paid).

Assured Guaranty Ltd.

Roll Forward of Net Expected Loss and LAE to be Paid (Recovered)

(dollars in millions)

Roll Forward of Net Expected Loss and LAE to be Paid (Recovered) (1) for the Three Months Ended September 30, 2025


	Net Expected Loss to be Paid (Recovered) as of June 30, 2025		Net Economic Loss Development (Benefit) During 3Q-25		Net (Paid) Recovered Losses During 3Q-25		Net Expected Loss to be Paid (Recovered) as of September 30, 2025
Public Finance:
U.S. public finance	$	53	$	(2)	$	(81)	$	(30)
Non-U.S. public finance	139		(6)		—		133
Public Finance	192		(8)		(81)		103

Structured Finance:
U.S. RMBS	(35)		(31)		7		(59)
Other structured finance	29		1		30		60
Structured Finance	(6)		(30)		37		1
Total	$	186	$	(38)	$	(44)	$	104

Roll Forward of Net Expected Loss and LAE to be Paid (Recovered) (1) for the Nine Months Ended September 30, 2025


	Net Expected Loss to be Paid (Recovered) as of December 31, 2024		Net Economic Loss Development (Benefit) During 2025		Net (Paid) Recovered Losses During 2025		Net Expected Loss to be Paid (Recovered) as of September 30, 2025
Public Finance:
U.S. public finance	$	18	$	51	$	(99)	$	(30)
Non-U.S. public finance	98		36		(1)		133
Public Finance	116		87		(100)		103

Structured Finance:
U.S. RMBS	(43)		(40)		24		(59)
Other structured finance	33		(64)		91		60
Structured Finance	(10)		(104)		115		1
Total	$	106	$	(17)	$	15	$	104

1) Includes net expected loss to be paid (recovered), economic loss development (benefit) and (paid) recovered losses for all contracts (i.e., those accounted for as insurance, credit derivatives and FG VIEs).

Please refer to the Glossary for a description of sectors.

Assured Guaranty Ltd.

Loss Measures

(dollars in millions)


	As of September 30, 2025		Three Months Ended September 30, 2025
	Total Net Par Outstanding for BIG Transactions		Net Economic Loss Development (Benefit)		GAAP Loss and LAE (1)		Loss and LAE included in Adjusted Operating Income (2)		Insurance Segment Loss and LAE (3)
Public finance:
U.S. public finance	$	3,596	$	(2)	$	(5)	$	(5)	$	(5)
Non-U.S. public finance	6,929		(6)		(2)		(2)		(2)
Public finance	10,525		(8)		(7)		(7)		(7)
Structured finance:
U.S. RMBS	780		(31)		(25)		(25)		(26)
Other structured finance	73		1		2		2		2
Structured finance	853		(30)		(23)		(23)		(24)
Total	$	11,378	$	(38)	$	(30)	$	(30)	$	(31)


	As of September 30, 2025		Nine Months Ended September 30, 2025
	Total Net Par Outstanding for BIG Transactions		Net Economic Loss Development (Benefit)		GAAP Loss and LAE (1)		Loss and LAE included in Adjusted Operating Income (2)		Insurance Segment Loss and LAE (3)
Public finance:
U.S. public finance	$	3,596	$	51	$	46	$	46	$	46
Non-U.S. public finance	6,929		36		18		18		18
Public finance	10,525		87		64		64		64
Structured finance:
U.S. RMBS	780		(40)		(25)		(25)		(27)
Other structured finance	73		(64)		(1)		(64)		(64)
Structured finance	853		(104)		(26)		(89)		(91)
Total	$	11,378	$	(17)	$	38	$	(25)	$	(27)

1) Includes loss expense related to contracts that are accounted for as insurance contracts.

2) Includes loss expense related to contracts that are accounted for as insurance contracts and credit derivatives.

3) Includes loss expense related to contracts that are accounted for as insurance contracts, credit derivatives, and consolidated FG VIEs.

Please refer to the Glossary for an explanation of the presentation of net par outstanding and of the various sectors.

Assured Guaranty Ltd.

Net Expected Loss to be Expensed (1)

As of September 30, 2025

(dollars in millions)


	GAAP

2025 Q4	$	3
2026	14
2027	17
2028	20
2029	18
2025-2029	72
2030-2034	81
2035-2039	37
2040-2044	19
2045-2049	25
2050-2054	20
After 2054	3
Total expected present value of net expected loss to be expensed (2)	257
Future expected accretion	27
Total expected future loss and LAE	$	284

1) The present value of net expected loss to be paid is discounted using risk free rates for U.S. and non-U.S. currencies ranging from 1.92% to 5.70%.

2) Excludes $20 million related to FG VIEs, which are eliminated in consolidation.

Assured Guaranty Ltd.

Financial Guaranty Profile (1 of 3)

(dollars in millions)

Net Par Outstanding by Asset Type


	As of September 30, 2025		As of December 31, 2024
U.S. public finance:
General obligation	$	80,656	$	78,162
Tax backed	35,205		33,288
Municipal utilities	31,192		30,036
Transportation	28,559		26,958
Healthcare	16,666		14,007
Infrastructure finance	8,540		8,663
Higher education	8,533		7,381
Housing revenue	1,356		1,272
Renewable energy	164		164
Other public finance	1,220		1,244
Total U.S. public finance	212,091		201,175
Non-U.S. public finance:
Regulated utilities	24,252		22,361
Infrastructure finance	15,427		14,961
Sovereign and sub-sovereign	8,852		9,181
Renewable energy	1,690		1,596
Pooled infrastructure	1,106		1,101
Total non-U.S. public finance	51,327		49,200
Total public finance	263,418		250,375

U.S. structured finance:
Insurance reserve financings and securitizations	4,421		4,495
RMBS	1,400		1,507
Pooled corporate obligations	632		607
Financial products	411		492
Subscription finance facilities	211		185
Other structured finance	1,027		1,167
Total U.S. structured finance	8,102		8,453
Non-U.S. structured finance:
Subscription finance facilities	1,574		1,385
Pooled corporate obligations	594		468
RMBS	221		221
Other structured finance	966		650
Total non-U.S. structured finance	3,355		2,724
Total structured finance	11,457		11,177

Total net par outstanding	$	274,875	$	261,552

Please refer to the Glossary for an explanation of the presentation of net par outstanding and various sectors.

Assured Guaranty Ltd.

Financial Guaranty Profile (2 of 3)

As of September 30, 2025

(dollars in millions)

Distribution by Ratings of Financial Guaranty Portfolio


	Public Finance - U.S.				Public Finance - Non-U.S.				Structured Finance - U.S.				Structured Finance - Non-U.S.				Total
Ratings:	Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%
AAA	$	22	—	%	$	1,873	3.7	%	$	474	5.8	%	$	515	15.4	%	$	2,884	1.0	%
AA	17,346		8.2		2,522		4.9		5,303		65.5		134		4.0		25,305		9.3
A	121,320		57.2		12,422		24.2		766		9.5		2,698		80.4		137,206		49.9
BBB	69,807		32.9		27,581		53.7		706		8.7		8		0.2		98,102		35.7
BIG	3,596		1.7		6,929		13.5		853		10.5		—		—		11,378		4.1
Net Par Outstanding (1)	$	212,091	100.0	%	$	51,327	100.0	%	$	8,102	100.0	%	$	3,355	100.0	%	$	274,875	100.0	%

1) As of September 30, 2025, the Company excluded $801 million of net par outstanding attributable to Loss Mitigation Securities.

Please refer to the Glossary for an explanation of the presentation of net par outstanding and the Company's internal rating approach, and of the various sectors.

Assured Guaranty Ltd.

Financial Guaranty Profile (3 of 3)

As of September 30, 2025

(dollars in millions)

Geographic Distribution of Financial Guaranty Portfolio


	Net Par Outstanding		% of Total
U.S.:
U.S. public finance:
California	$	35,769	13.0	%
Texas	27,417		10.0
New York	21,117		7.7
Pennsylvania	18,994		6.9
Illinois	13,126		4.8
Florida	13,085		4.8
New Jersey	8,256		3.0
Louisiana	5,377		2.0
Michigan	5,094		1.9
Colorado	4,603		1.6
Other	59,253		21.5
Total U.S. public finance	212,091		77.2
U.S. structured finance (multiple states)	8,102		2.9
Total U.S.	220,193		80.1

Non-U.S.:
United Kingdom	43,044		15.7
Australia	1,879		0.7
Spain	1,873		0.7
France	1,677		0.6
Canada	1,211		0.4
Other	4,998		1.8
Total non-U.S.	54,682		19.9

Total net par outstanding	$	274,875	100.0	%

Please refer to the Glossary for an explanation of the presentation of net par outstanding.

Assured Guaranty Ltd.

Specialty Business

(dollars in millions)


	As of September 30, 2025				As of December 31, 2024
	Gross Exposure (1)		Net Exposure (1)		Gross Exposure (1)		Net Exposure (1)
Diversified real estate	$	2,071	$	2,071	$	2,004	$	2,004
Insurance reserve financings and securitizations	1,502		1,179		1,449		1,126
Pooled corporate obligations	840		840		868		868
Aircraft residual value insurance	147		87		147		87

1) All exposures are rated investment-grade, except gross and net exposure of $5 million of aircraft residual value insurance as of both September 30, 2025 and December 31, 2024.

Please refer to the Glossary for a description of sectors.

Assured Guaranty Ltd.

Expected Amortization of Net Par Outstanding

(dollars in millions)


	Public Finance								Structured Finance
	U.S. Public Finance		Non-U.S. Public Finance		Total		Estimated Ending Net Par Outstanding		U.S. RMBS		U.S. and Non-U.S. Pooled Corporate		Other Structured Finance		Total		Estimated Ending Net Par Outstanding

2025 (as of September 30)							$	263,418									$	11,457
2025 Q4	$	2,362	$	1,075	$	3,437	259,981		$	52	$	16	$	173	$	241	11,216
2026	8,972		2,047		11,019		248,962		191		312		1,592		2,095		9,121
2027	8,542		1,000		9,542		239,420		201		462		717		1,380		7,741
2028	8,893		1,105		9,998		229,422		122		237		667		1,026		6,715
2029	9,055		2,107		11,162		218,260		148		103		1,010		1,261		5,454

2025-2029	37,824		7,334		45,158		218,260		714		1,130		4,159		6,003		5,454
2030-2034	46,405		12,636		59,041		159,219		371		73		2,729		3,173		2,281
2035-2039	40,430		9,464		49,894		109,325		308		23		652		983		1,298
2040-2044	33,182		2,236		35,418		73,907		—		—		726		726		572
2045-2049	27,484		3,663		31,147		42,760		7		—		565		572		—
2050-2054	19,638		4,572		24,210		18,550		—		—		—		—		—
After 2054	7,128		11,422		18,550		—		—		—		—		—		—
Total	$	212,091	$	51,327	$	263,418			$	1,400	$	1,226	$	8,831	$	11,457

Net par outstanding (end of period)


	1Q-24		2Q-24		3Q-24		4Q-24		1Q-25		2Q-25		3Q-25
Public finance - U.S.	$	189,895	$	194,593	$	195,837	$	201,175	$	202,417	$	208,716	$	212,091
Public finance - non-U.S.	48,237		49,583		52,083		49,200		50,114		53,132		51,327
Structured finance - U.S.	8,643		8,759		8,717		8,453		8,373		8,166		8,102
Structured finance - non-U.S.	1,369		1,461		1,559		2,724		2,687		2,764		3,355
Net par outstanding	$	248,144	$	254,396	$	258,196	$	261,552	$	263,591	$	272,778	$	274,875

Please refer to the Glossary for an explanation of the presentation of net par outstanding and of the various sectors.

Assured Guaranty Ltd.

Puerto Rico Profile

As of September 30, 2025

(dollars in millions)


	Net Par Outstanding
	AG		AG Re		Total Net Par Outstanding		Gross Par Outstanding
Defaulted Puerto Rico Exposure
PREPA	$	322	$	142	$	464	$	470

Resolved Puerto Rico Exposure
Puerto Rico Highway and Transportation Authority	$	—	$	13	$	13	$	13

Non-Defaulting Puerto Rico Exposure
Puerto Rico Municipal Finance Agency (MFA)	$	64	$	11	$	75	$	81
University of Puerto Rico	1		—		1		1
Total non-defaulting	$	65	$	11	$	76	$	82

PREPA Amortization Schedule


	Scheduled Net Par Amortization		Scheduled Net Debt Service Amortization
2025 (October 1 - December 31)	$	—	$	2

2026 (January 1 - March 31)	—		9
2026 (April 1 - June 30)	—		2
2026 (July 1 - September 30)	106		114
2026 (October 1 - December 31)	—		1
Subtotal 2026	106		126
2027	106		122
2028	68		80
2029	39		47
2030-2034	141		158
2035-2037	4		4
Total	$	464	$	539

Assured Guaranty Ltd.

Direct Pooled Corporate Obligations Profile

As of September 30, 2025

(dollars in millions)

Distribution of Direct Pooled Corporate Obligations by Ratings


	Net Par Outstanding		% of Total		Average Initial Credit Enhancement		Average Current Credit Enhancement
Ratings:
AAA	$	590	48.1	%	40.3	%	47.1	%
AA	321		26.2		59.6		39.1
A	162		13.2		40.2		44.1
BBB	153		12.5		36.1		36.9
Total exposures	$	1,226	100.0	%	44.8	%	43.4	%

Distribution of Direct Pooled Corporate Obligations by Asset Class


	Net Par Outstanding		% of Total		Average Initial Credit Enhancement		Average Current Credit Enhancement		Number of Transactions
Asset class:
Trust preferred
Banks and insurance	$	185	15.1	%	42.3	%	66.8	%	7
U.S. mortgage and real estate investment trusts	49		4.0		48.4		68.1		3
CLOs	992		80.9		45.1		37.8		11
Total exposures	$	1,226	100.0	%	44.8	%	43.4	%	21

Please refer to the Glossary for an explanation of internal ratings, performance indicators and sectors.

Assured Guaranty Ltd.

Below Investment Grade Exposures (1 of 3)

(dollars in millions)

BIG Exposures by Asset Exposure Type


	As of
	September 30,		December 31,
	2025		2024
U.S. public finance:
Transportation	$	1,232	$	107
Healthcare	919		1,200
Municipal utilities	746		813
General obligation	270		286
Tax backed	97		123
Higher education	85		88
Housing revenue	63		67
Infrastructure finance	31		45
Other public finance	153		159
Total U.S. public finance	3,596		2,888
Non-U.S. public finance:
Regulated utilities	5,165		4,744
Renewable energy	930		851
Infrastructure finance	834		765
Sovereign and sub-sovereign	—		38
Total non-U.S. public finance	6,929		6,398
Total public finance	10,525		9,286

U.S. structured finance:
RMBS	780		819
Insurance reserve financings and securitizations	40		40
Other structured finance	33		37
Total U.S. structured finance	853		896
Non-U.S. structured finance:
Total non-U.S. structured finance	—		—
Total structured finance	853		896
Total BIG net par outstanding	$	11,378	$	10,182

Please refer to the Glossary for an explanation of the Company's presentation of net par outstanding and a description of various sectors.

Assured Guaranty Ltd.

Below Investment Grade Exposures (2 of 3)

(dollars in millions)

Net Par Outstanding by BIG Surveillance Category (1)


	As of
	September 30,		December 31,
	2025		2024
BIG Category 1
U.S. public finance	$	2,584	$	2,119
Non-U.S. public finance	4,494		5,879
U.S. structured finance	173		104
Non-U.S. structured finance	—		—
Total BIG Category 1	7,251		8,102
BIG Category 2
U.S. public finance	416		137
Non-U.S. public finance	2,435		519
U.S. structured finance	46		50
Non-U.S. structured finance	—		—
Total BIG Category 2	2,897		706
BIG Category 3
U.S. public finance	596		632
Non-U.S. public finance	—		—
U.S. structured finance	634		742
Non-U.S. structured finance	—		—
Total BIG Category 3	1,230		1,374
BIG Total	$	11,378	$	10,182

1) The Company assigns each BIG exposure to one of the three BIG surveillance categories below, which generally represent the following: BIG 1: Below-investment-grade exposures for which there are possible future losses, on a present value basis, and the aggregate probability weighting of scenarios with future losses is less than 50%, regardless of whether the Company has or has not paid a claim for which it expects to be reimbursed within one year (liquidity claim). BIG 2: Below-investment-grade exposures for which there are possible future losses, on a present value basis, and the aggregate probability weighting of scenarios with future losses is 50% or more, but for which no claims (other than liquidity claims) have yet been paid. BIG 3: Below-investment-grade exposures for which future losses are expected, on a present value basis, and the aggregate probability weighting of scenarios with future losses is 50% or more, and for which claims, other than liquidity claims have been paid.

For purposes of classifying BIG exposures into one of the three BIG categories, the Company calculates the present value of projected claim payments and recoveries using the pre-tax book yield of the investment portfolio as the applicable discount rate.

For financial statement measurement purposes, the Company uses risk-free rates (as determined each quarter) for discounting, rather than pre-tax book yield of the investment portfolio, to calculate the expected losses to be paid. Expected losses to be paid (recovered) are based on probability weighted scenarios and serve as the basis for the loss reserves reported in accordance with U.S. GAAP.

Please refer to the Glossary for an explanation of the Company's internal rating approach, presentation of net par outstanding and a description of various sectors.

Assured Guaranty Ltd.

Below Investment Grade Exposures (3 of 3)

As of September 30, 2025

(dollars in millions)

Public Finance and Structured Finance BIG Exposures with Revenue Sources Greater Than $50 Million

Net Par Outstanding

Internal

Rating (1)

60+ Day Delinquencies

Name or description

U.S. public finance:

Brightline Trains Florida LLC

1,134

BB+

Westchester Medical Center

540

BB+

PREPA

464

CCC

Palomar Health

374

CCC

Jackson Water & Sewer System, Mississippi

142

New Jersey City University

Stockton City, California

MFA

Harrisburg Parking System, Pennsylvania

San Jacinto River Authority (GRP Project), Texas

BB+

Indiana University of Pennsylvania, Pennsylvania

CCC

Total U.S. public finance

3,074

Non-U.S. public finance:

Southern Water Services Limited

2,820

Thames Water Utilities Finance PLC

2,345

Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc

554

B+

Q Energy - Phase II - Pride Investments, S.A.

283

BB+

Hypersol Solar Inversiones, S.A.U.

276

BB+

Q Energy - Phase III - FSL Issuer, S.A.U.

259

B+

Dartford & Gravesham NHS Trust The Hospital Company (Dartford) Plc

114

BB+

Q Energy - Phase IV - Anselma Issuer, S.A.

112

BB+

University of Essex, United Kingdom

BB+

Road Management Services PLC (A13 Highway)

B+

Total non-U.S. public finance

6,929

Total public finance

10,003

U.S. structured finance:

RMBS:

Option One Mortgage Loan Trust 2007-Hl1

CCC

18.2%

Argent Securities Inc. 2005-W4

CCC

7.6%

Option One 2007-FXD2

15.5%

Total RMBS-U.S. structured finance

279

Total non-U.S. structured finance

—

Total structured finance

279

Total

10,282

1) Transactions rated below B- are categorized as CCC.

Please refer to the Glossary for an explanation of the Company's internal rating approach, presentation of net par outstanding and a description of performance indicators and sectors.

Assured Guaranty Ltd.

Largest Exposures by Sector (1 of 3)

As of September 30, 2025

(dollars in millions)

50 Largest U.S. Public Finance Exposures by Revenue Source

Credit Name:

Net Par Outstanding

Internal
Rating

JFK New Terminal One, New York

2,209

BBB-

Pennsylvania (Commonwealth of)

1,864

BBB

New Jersey (State of)

1,856

BBB

Metro Washington Airports Authority (Dulles Toll Road)

1,649

BBB+

Alameda Corridor Transportation Authority, California

1,413

BBB

Lower Colorado River Authority

1,333

New York Power Authority

1,327

AA-

New York Metropolitan Transportation Authority

1,316

A-

Foothill/Eastern Transportation Corridor Agency, California

1,279

BBB+

South Carolina Public Service Authority - Santee Cooper

1,217

BBB+

North Texas Tollway Authority

1,210

A+

CommonSpirit Health, Illinois

1,157

A-

Brightline Trains Florida LLC

1,134

BB+

Philadelphia Water & Wastewater, Pennsylvania

1,133

Montefiore Medical Center, New York

1,129

BBB-

North Carolina Turnpike Authority

1,055

BBB

Pittsburgh International Airport, Pennsylvania

1,052

A-

Central Florida Expressway Authority, Florida

1,048

A+

San Joaquin Hills Transportation, California

970

BBB+

JFK Terminal 6, New York

924

BBB-

ProMedica Healthcare Obligated Group, Ohio

918

BBB-

Yankee Stadium LLC New York City Industrial Development Authority

918

BBB

Pittsburgh Water & Sewer, Pennsylvania

900

A-

Metropolitan Pier and Exposition Authority, Illinois

880

BBB-

Municipal Electric Authority of Georgia

878

BBB+

San Diego Family Housing, LLC

863

Chicago Water, Illinois

854

BBB+

Thomas Jefferson University

851

A-

Philadelphia School District, Pennsylvania

832

A-

Harris County - Houston Sports Authority, Texas

832

A-

Maine (State of)

801

Dade County Seaport, Florida

780

A-

Houston Airport System, Texas

767

Beth Israel Lahey Health, Massachusetts

709

A-

Chicago Public Schools, Illinois

705

BBB-

Illinois (State of)

701

BBB

Clark County School District, Nevada

695

A-

California (State of)

673

AA-

Nassau County, New York

667

AA-

Downtown Revitalization Public Infrastructure District (SEG Redevelopment Project), Utah

650

A+

Tucson (City of), Arizona

642

A+

New York Transportation Development Corporation (LaGuardia Airport Terminal Redevelopment Project)

631

BBB

Chicago-O'Hare International Airport, Illinois

624

A-

Anaheim (City of), California

614

A-

Massachusetts (Commonwealth of) Water Resources

605

Pennsylvania Turnpike Commission

603

A-

Chicago (City of) Wastewater Transmission, Illinois

601

BBB+

Orlando Tourist Development Tax, Florida

596

A-

Private Transaction

583

BBB-

Duval County School Board, Florida

576

Total top 50 U.S. public finance exposures

48,224

Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.

Assured Guaranty Ltd.

Largest Exposures by Sector (2 of 3)

As of September 30, 2025

(dollars in millions)

25 Largest U.S. Structured Finance Exposures

Credit Name:

Net Par Outstanding

Internal

Rating (1)

Private U.S. Insurance Reserve Financing

1,100

Private U.S. Insurance Reserve Financing

1,100

AA-

Private U.S. Insurance Reserve Financing

1,048

AA-

Private U.S. Insurance Reserve Financing

422

AA-

Private U.S. Insurance Reserve Financing

397

AA-

Private Middle Market CLO

203

Private US Insurance Securitization

167

DB Master Finance LLC

133

BBB

Private Middle Market CLO

125

BBB+

Private U.S. Insurance Securitization

116

Private Subscription Finance Transaction

104

A-

Private Balloon Note Guarantee

100

SLM Student Loan Trust 2007-A

CWABS 2007-4

BBB

Option One Mortgage Loan Trust 2007-Hl1

CCC

Argent Securities Inc. 2005-W4

CCC

Option One 2007-FXD2

CAPCO - Excess SIPC Excess of Loss Reinsurance

BBB

Private Balloon Note Guarantee

BBB

Private Balloon Note Guarantee

Nomura Asset Accept. Corp. 2007-1

CCC

Wendy's Funding, LLC

BBB

ALESCO Preferred Funding XIII, Ltd.

AAA

Sonic Capital LLC 2020-1

BBB

CWALT Alternative Loan Trust 2007-HY9

BBB+

Total top 25 U.S. structured finance exposures

5,891

1) Transactions rated below B- are categorized as CCC.

Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.

Assured Guaranty Ltd.

Largest Exposures by Sector (3 of 3)

As of September 30, 2025

(dollars in millions)

50 Largest Non-U.S. Exposures by Revenue Source

Credit Name:

Country

Net Par Outstanding

Internal Rating

Southern Water Services Limited

United Kingdom

2,820

Thames Water Utilities Finance PLC

United Kingdom

2,345

Southern Gas Networks PLC

United Kingdom

2,266

BBB+

Dwr Cymru Financing Limited

United Kingdom

2,024

A-

Anglian Water Services Financing PLC

United Kingdom

1,883

A-

National Grid Gas PLC

United Kingdom

1,811

A-

Yorkshire Water Services Finance Plc

United Kingdom

1,382

BBB

Channel Link Enterprises Finance PLC

France, United Kingdom

1,314

BBB

Severn Trent Water Utilities Finance Plc

United Kingdom

1,079

BBB+

Capital Hospitals (Issuer) PLC

United Kingdom

1,031

BBB-

United Utilities Water PLC

United Kingdom

974

BBB+

British Broadcasting Corporation (BBC)

United Kingdom

972

A+

Quebec Province

Canada

956

AA-

Private Other Structured Finance Transaction

Australia

869

A-

Wessex Water Services Finance Plc

United Kingdom

823

BBB+

National Grid Company PLC

United Kingdom

811

BBB+

South West Water UK

United Kingdom

769

BBB+

Verbund, Lease and Sublease of Hydro-Electric Equipment

Austria

758

AAA

Verdun Participations 2 S.A.S.

France

748

BBB-

Aspire Defence Finance plc

United Kingdom

728

BBB+

South East Water

United Kingdom

699

BBB

Heathrow Funding Limited

United Kingdom

663

BBB

Private International Sub-Sovereign Transaction

United Kingdom

580

A+

Campania Region - Healthcare receivable

Italy

556

BBB-

Coventry & Rugby Hospital Company (Walsgrave Hospital) Plc

United Kingdom

554

B+

University of Sussex

United Kingdom

552

BBB

NewHospitals (St Helens & Knowsley) Finance PLC

United Kingdom

536

BBB+

North Staffordshire, United Kingdom

United Kingdom

507

BBB-

Central Nottinghamshire Hospitals PLC

United Kingdom

503

BBB-

Derby Healthcare PLC

United Kingdom

478

BBB

Sydney Airport Finance Company

Australia

464

BBB+

The Hospital Company (QAH Portsmouth) Limited

United Kingdom

456

BBB

Sutton and East Surrey Water plc

United Kingdom

430

BBB

University of Essex, United Kingdom

United Kingdom

391

BBB-

Western Power Distribution (South West) plc

United Kingdom

375

BBB+

International Infrastructure Pool

United Kingdom

369

AAA

International Infrastructure Pool

United Kingdom

369

AAA

International Infrastructure Pool

United Kingdom

369

AAA

South Lanarkshire Schools

United Kingdom

368

BBB

Northumbrian Water PLC

United Kingdom

344

BBB+

Private International Sub-Sovereign Transaction

United Kingdom

334

Catalyst Healthcare (Romford) Financing PLC

United Kingdom

327

BBB

Portsmouth Water, United Kingdom

United Kingdom

312

BBB

South Staffordshire Water PLC

United Kingdom

306

BBB+

Western Power Distribution (South Wales) PLC

United Kingdom

303

BBB+

Japan Expressway Holding and Debt Repayment Agency

Japan

298

A+

Bakethin Finance Plc

United Kingdom

294

A-

Private International Sub-Sovereign Transaction

United Kingdom

289

Comision Federal De Electricidad (CFE) El Cajon Project

Mexico

288

BBB-

Feria Muestrario Internacional de Valencia

Spain

287

BBB-

Total top 50 non-U.S. exposures

38,964

Please refer to the Glossary for an explanation of net par outstanding, internal ratings and sectors.

Asset Management Segment

Assured Guaranty Ltd.

Asset Management Segment Results

(dollars in millions)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

Segment revenues	$	8	$	2	$	29	$	10
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

Corporate Division

Assured Guaranty Ltd.

Corporate Division Results

(dollars in millions)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

Revenues	$	3	$	4	$	11	$	13

Expenses
Interest expense	24		24		74		75
Employee compensation and benefit expenses	6		7		20		25
Other operating expenses	8		6		23		28
Total expenses	38		37		117		128
Equity in earnings (losses) of investees	9		—		28		—
Adjusted operating income (loss) before income taxes	(26)		(33)		(78)		(115)
Less: Provision (benefit) for income taxes	(2)		(4)		(5)		(14)
Adjusted operating income (loss)	$	(24)	$	(29)	$	(73)	$	(101)

Other

Assured Guaranty Ltd.

Other Results (1 of 2)

(dollars in millions)


	Three Months Ended September 30, 2025
	FG VIEs		CIVs		Intersegment Eliminations and Reclassifications		Total Other
Revenues
Net earned premiums	$	(1)	$	—	$	—	$	(1)
Net investment income	(1)		—		(2)		(3)
Fair value gains (losses) on FG VIEs	3		—		—		3
Fair value gains (losses) on CIVs	—		17		—		17
Other income (loss)	(1)		(2)		—		(3)
Total revenues	—		15		(2)		13
Expenses
Loss expense (benefit)	1		—		—		1
Interest expense	—		—		(2)		(2)
Total expenses	1		—		(2)		(1)
Equity in earnings (losses) of investees	—		(5)		—		(5)
Adjusted operating income (loss) before income taxes	(1)		10		—		9
Less: Provision (benefit) for income taxes	—		—		—		—
Less: Noncontrolling interests	—		9		—		9
Adjusted operating income (loss)	$	(1)	$	1	$	—	$	—


	Three Months Ended September 30, 2024
	FG VIEs		CIVs		Intersegment Eliminations and Reclassifications		Total Other
Revenues
Net earned premiums	$	(1)	$	—	$	—	$	(1)
Net investment income	(1)		—		(2)		(3)

Fair value gains (losses) on FG VIEs	(7)		—		—		(7)
Fair value gains (losses) on CIVs	—		21		—		21

Other income (loss)	(1)		(1)		—		(2)
Total revenues	(10)		20		(2)		8
Expenses

Interest expense	—		—		(2)		(2)

Total expenses	—		—		(2)		(2)
Equity in earnings (losses) of investees	—		(14)		—		(14)
Adjusted operating income (loss) before income taxes	(10)		6		—		(4)
Less: Provision (benefit) for income taxes	(2)		—		—		(2)
Less: Noncontrolling interests	—		5		—		5
Adjusted operating income (loss)	$	(8)	$	1	$	—	$	(7)

Assured Guaranty Ltd.

Other Results (2 of 2)

(dollars in millions)


	Nine Months Ended September 30, 2025
	FG VIEs		CIVs		Intersegment Eliminations and Reclassifications		Total Other
	(in millions)
Revenues
Net earned premiums	$	(2)	$	—	$	—	$	(2)
Net investment income	(2)		—		(7)		(9)

Fair value gains (losses) on FG VIEs	6		—		—		6
Fair value gains (losses) on CIVs	—		40		—		40

Other income (loss)	(1)		(5)		—		(6)
Total revenues	1		35		(7)		29
Expenses
Loss expense (benefit)	2		—		—		2
Interest expense	—		—		(7)		(7)

Total expenses	2		—		(7)		(5)
Equity in earnings (losses) of investees	—		(12)		—		(12)
Adjusted operating income (loss) before income taxes	(1)		23		—		22
Less: Provision (benefit) for income taxes	—		—		—		—
Less: Noncontrolling interests	—		21		—		21
Adjusted operating income (loss)	$	(1)	$	2	$	—	$	1


	Nine Months Ended September 30, 2024
	FG VIEs		CIVs		Intersegment Eliminations and Reclassifications		Total Other
	(in millions)
Revenues
Net earned premiums	$	(2)	$	—	$	—	$	(2)
Net investment income	(2)		—		(7)		(9)

Fair value gains (losses) on FG VIEs	(11)		—		—		(11)
Fair value gains (losses) on CIVs	—		54		—		54


Other income (loss)	(2)		(2)		—		(4)
Total revenues	(17)		52		(7)		28
Expenses
Loss expense (benefit)	(5)		—		—		(5)
Interest expense	—		—		(7)		(7)

Total expenses	(5)		—		(7)		(12)
Equity in earnings (losses) of investees	—		(38)		—		(38)
Adjusted operating income (loss) before income taxes	(12)		14		—		2
Less: Provision (benefit) for income taxes	(2)		—		—		(2)
Less: Noncontrolling interests	—		12		—		12
Adjusted operating income (loss)	$	(10)	$	2	$	—	$	(8)

Summary

Assured Guaranty Ltd.

Summary of Financial and Statistical Data

(dollars in millions, except per share amounts)


	As of and for the Nine Months Ended September 30, 2025		Year Ended December 31,
			2024		2023		2022		2021
GAAP Summary Statements of Operations Data
Net earned premiums	$	274	$	403	$	344	$	494	$	414
Net investment income	270		340		365		269		269
Total expenses	412		446		733		536		465
Income (loss) before income taxes	497		426		640		187		383
Net income (loss) attributable to AGL	384		376		739		124		389
Net income (loss) attributable to AGL per diluted share	7.73		6.87		12.30		1.92		5.23

GAAP Summary Balance Sheet Data
Total investments and cash	$	8,915	$	8,784	$	9,212	$	8,472	$	9,728
Total assets	12,101		11,901		12,539		16,843		18,208
Unearned premium reserve	3,663		3,719		3,658		3,620		3,716
Loss and LAE reserve	308		268		376		296		869
Long-term debt	1,702		1,699		1,694		1,675		1,673
Shareholders’ equity attributable to AGL	5,658		5,495		5,713		5,064		6,292
Shareholders’ equity attributable to AGL per share	121.13		108.80		101.63		85.80		93.19

Other Financial Information (GAAP Basis)
Financial guaranty:
Net debt service outstanding (end of period)	$	438,764	$	415,966	$	397,636	$	369,951	$	367,360
Gross debt service outstanding (end of period)	439,263		416,463		398,037		370,172		367,770
Net par outstanding (end of period)	274,875		261,552		249,153		233,258		236,392
Gross par outstanding (end of period)	275,355		262,032		249,535		233,438		236,765

Other Financial Information (Statutory Basis)(1)
Financial guaranty:
Net debt service outstanding (end of period)	$	437,249	$	415,454	$	396,448	$	366,883	$	362,013
Gross debt service outstanding (end of period)	437,748		415,951		396,849		367,103		362,423
Net par outstanding (end of period)	273,593		260,911		247,833		230,294		231,742
Gross par outstanding (end of period)	274,073		261,391		248,215		230,474		232,115

Claims-paying resources(2)
Policyholders' surplus	$	4,096	$	4,329	$	4,807	$	5,155	$	5,572
Contingency reserve	1,481		1,392		1,296		1,202		1,225
Qualified statutory capital	5,577		5,721		6,103		6,357		6,797
Unearned premium reserve and net deferred ceding commission income	3,002		2,964		2,955		2,941		2,972
Loss and LAE reserves	38		53		145		165		167
Total policyholders' surplus and reserves	8,617		8,738		9,203		9,463		9,936
Present value of installment premium	1,121		1,073		1,062		955		883
CCS and standby line of credit	400		400		400		400		400
Total claims-paying resources	$	10,138	$	10,211	$	10,665	$	10,818	$	11,219

Ratios:
Net exposure to qualified statutory capital	50:1		46:1		41:1		36:1		34:1
Capital ratio	79:1		73:1		66:1		58:1		53:1
Financial resources ratio	44:1		41:1		37:1		34:1		32:1
Adjusted statutory net exposure to claims-paying resources	27:1		26:1		24:1		21:1		21:1

Par and Debt Service Written (Financial Guaranty and Specialty)
Gross debt service written:
Public finance - U.S.	$	37,697	$	44,019	$	41,902	$	36,954	$	35,572
Public finance - non-U.S.	876		3,302		3,286		756		1,890
Structured finance - U.S.	195		1,495		2,130		1,120		1,319
Structured finance - non-U.S.	2,918		4,078		3,084		551		431
Total gross debt service written	$	41,686	$	52,894	$	50,402	$	39,381	$	39,212

Net debt service written	$	41,686	$	52,760	$	50,402	$	39,381	$	39,212
Net par written	24,539		31,695		28,960		22,047		26,656
Gross par written	24,539		31,829		28,960		22,047		26,656

1) Statutory amounts prepared on a consolidated basis. The National Association of Insurance Commissioners Annual Statements for the Company’s U.S. domiciled insurance subsidiary, Assured Guaranty Inc., are prepared on a stand-alone basis. As of September 30, 2025 par outstanding and debt service outstanding exclude par associated with Loss Mitigation Securities.

2) See page 19 for additional detail on claims-paying resources.

Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Please refer to the Glossary for an explanation of the presentation of net debt service and net par outstanding and of the various sectors.

Assured Guaranty Ltd.

Summary of GAAP to Non-GAAP Reconciliations(1) (1 of 2)

(dollars in millions, except per share amounts)


	Nine Months Ended September 30, 2025		Year Ended December 31,
			2024		2023		2022		2021
Total GWP	$	195	$	440	$	357	$	360	$	377
Less: Installment GWP and other GAAP adjustments (2)	83		300		247		145		158
Upfront GWP	112		140		110		215		219
Plus: Installment premiums and other (3)	82		262		294		160		142
Total PVP	$	194	$	402	$	404	$	375	$	361

PVP:
Public finance - U.S.	$	152	$	270	$	212	$	257	$	235
Public finance - non-U.S.	19		67		83		68		79
Structured finance - U.S.	3		25		68		43		42
Structured finance - non-U.S.	20		40		41		7		5
Total PVP	$	194	$	402	$	404	$	375	$	361

Adjusted operating income reconciliation:
Net income (loss) attributable to AGL	$	384	$	376	$	739	$	124	$	389
Less pre-tax adjustments:
Realized gains (losses) on investments	(32)		9		(14)		(56)		15
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	(2)		14		106		(18)		(64)
Fair value gains (losses) on CCS	9		(10)		(35)		24		(28)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	82		(26)		51		(110)		(21)
Total pre-tax adjustments	57		(13)		108		(160)		(98)
Less tax effect on pre-tax adjustments	(9)		—		(17)		17		17
Adjusted operating income (loss)	$	336	$	389	$	648	$	267	$	470

Adjusted operating income per diluted share reconciliation:
Net income (loss) attributable to AGL per diluted share	$	7.73	$	6.87	$	12.30	$	1.92	$	5.23
Less pre-tax adjustments:
Realized gains (losses) on investments	(0.65)		0.16		(0.23)		(0.87)		0.20
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	(0.05)		0.27		1.75		(0.27)		(0.85)
Fair value gains (losses) on CCS	0.19		(0.19)		(0.57)		0.37		(0.38)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	1.66		(0.47)		0.84		(1.72)		(0.29)
Total pre-tax adjustments	1.15		(0.23)		1.79		(2.49)		(1.32)
Tax effect on pre-tax adjustments	(0.19)		—		(0.27)		0.27		0.23
Adjusted operating income (loss) per diluted share	$	6.77	$	7.10	$	10.78	$	4.14	$	6.32

1) Please refer to the explanation of Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

2) Includes the present value of new business on installment policies discounted at the prescribed GAAP discount rates, and GWP adjustments on existing installment policies due to changes in assumptions and other GAAP adjustments.

3) Includes the present value of future premiums and fees on new business paid in installments, discounted at the approximate average pre-tax book yield of fixed-maturity securities purchased during the prior calendar year, other than certain fixed-maturity securities such as Loss Mitigation Securities. Includes the present value of future premiums and fees associated with other business written by the Company that, under GAAP, are accounted for under ASC 460, Guarantees.

Assured Guaranty Ltd.

Summary of GAAP to Non-GAAP Reconciliations(1) (2 of 2)

(dollars in millions, except per share amounts)


	As of September 30, 2025		As of December 31,
			2024		2023		2022		2021
ABV reconciliation:
Shareholders’ equity attributable to AGL	$	5,658	$	5,495	$	5,713	$	5,064	$	6,292
Less pre-tax adjustments:
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	46		49		34		(71)		(54)
Fair value gains (losses) on CCS	12		2		13		47		23
Unrealized gain (loss) on investment portfolio	(159)		(397)		(361)		(523)		404
Less taxes	9		46		37		68		(72)
Adjusted operating shareholders’ equity	5,750		5,795		5,990		5,543		5,991
Pre-tax adjustments:
Less: DAC	190		176		161		147		131
Plus: Net present value of estimated net future revenue	191		202		199		157		160
Plus: Net deferred premium reserve on financial guaranty contracts in excess of expected loss to be expensed	3,401		3,473		3,436		3,428		3,402
Plus taxes	(681)		(702)		(699)		(602)		(599)
ABV	$	8,471	$	8,592	$	8,765	$	8,379	$	8,823

Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity (net of tax provision (benefit) of $0, $0, $1, $4, and $5)	$	3	$	—	$	5	$	17	$	32
ABV (net of tax provision (benefit) of $0, $(2), $0, $3, and $3)	$	(3)	$	(6)	$	—	$	11	$	23

ABV per share reconciliation:
Shareholders’ equity attributable to AGL per share	$	121.13	$	108.80	$	101.63	$	85.80	$	93.19
Less pre-tax adjustments:
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	0.99		0.96		0.61		(1.21)		(0.80)
Fair value gains (losses) on CCS	0.25		0.05		0.22		0.80		0.34
Unrealized gain (loss) on investment portfolio	(3.41)		(7.86)		(6.40)		(8.86)		5.99
Less taxes	0.20		0.90		0.66		1.15		(1.07)
Adjusted operating shareholders' equity per share	123.10		114.75		106.54		93.92		88.73
Pre-tax adjustments:
Less: DAC	4.06		3.47		2.87		2.48		1.95
Plus: Net present value of estimated net future revenue	4.08		3.99		3.54		2.66		2.37
Plus: Net deferred premium reserve on financial guaranty contracts in excess of expected loss to be expensed	72.81		68.75		61.12		58.10		50.40
Plus taxes	(14.56)		(13.90)		(12.41)		(10.22)		(8.88)
ABV per share	$	181.37	$	170.12	$	155.92	$	141.98	$	130.67

Gain (loss) related to FG VIE and CIV consolidation included in:
Adjusted operating shareholders’ equity per share	$	0.05	$	0.01	$	0.07	$	0.28	$	0.47
ABV per share	$	(0.06)	$	(0.13)	$	—	$	0.19	$	0.34

1) See Non-GAAP Financial Measures set forth at the end of this Financial Supplement.

Glossary

Financial Guaranty Insurance

Net Par Outstanding and Internal Ratings

Net Par Outstanding is insured par exposure, net of reinsurance cessions. Unless otherwise indicated, net par outstanding amounts exclude amounts as a result of loss mitigation strategies, including securities the Company has purchased for loss mitigation purposes that are held in the investment portfolio.

Internal Rating utilizes the Company’s ratings scale, which is similar to that used by the nationally recognized statistical rating organizations; however, the ratings in the tables may not be the same as ratings assigned by any such rating agency.

Statutory Net Par and Net Debt Service Outstanding. Under statutory accounting, net par and net debt service outstanding would be reduced both when an outstanding issue is legally defeased (i.e., an issuer has legally discharged its obligations with respect to a municipal security by satisfying conditions set forth in defeasance provisions contained in transaction documents and is no longer responsible for the payment of debt service with respect to such obligations) and when such issue is economically defeased (i.e., transaction documents for a municipal security do not contain defeasance provisions but the issuer establishes an escrow account with U.S. government securities in amounts sufficient to pay the refunded bonds when due; the refunded bonds are not considered paid and continue to be outstanding under the transaction documents and the issuer remains responsible to pay debt service when due to the extent monies on deposit in the escrow account are insufficient for such purpose).

Performance Indicators

The performance information described below is obtained from third parties and/or provided by the trustee and may be subject to revision as updated or additional information is obtained:

60+ Day Delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or real estate owned divided by current collateral balance.

Average Credit Enhancement is intended to provide a measure of the amount of equity and/or subordinated tranches that are junior in the capital structure to Assured Guaranty’s exposure, expressed as a percentage of the total transaction size, and reflects any reduction of that credit support resulting from defaults or other factors. For transactions where excess spread may be available to absorb certain losses, the amounts shown do not include any benefit from excess spread. The calculation methodologies differ for the various asset classes to reflect differences in transaction structures in order to provide a measure that management believes is comparable across asset classes. Some asset classes may not have subordinated tranches so they are excluded from the weighted averages.

Sectors

Below are brief descriptions of selected types of public and structured finance obligations that the Company insures and reinsures. For a more complete description, please refer to Assured Guaranty Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2024.

U.S. Public Finance:

General Obligation Bonds are full faith and credit obligations that are issued by states, their political subdivisions and other municipal issuers, and are supported by the general obligation of the issuer to pay from available funds and by a pledge of the issuer to levy property taxes in an amount sufficient to provide for the full payment of the bonds.

Tax-Backed Bonds are obligations that are supported by the issuer from specific and discrete sources of taxation and tax-backed revenue bonds. Tax-backed obligations may be secured by a lien on specific pledged tax revenues, such as a gasoline or excise tax, or an income tax, or incrementally from growth in property tax revenue associated with growth in property values. These obligations also include obligations secured by special assessments levied against property owners and often benefit from issuer covenants to enforce collections of such assessments and to foreclose on delinquent properties. Lease revenue bonds typically are general fund obligations of a municipality or other governmental authority that are subject to annual appropriation or abatement; projects financed and subject to such lease payments ordinarily include real estate or equipment serving an essential public purpose.

Municipal Utility Bonds are obligations of all forms of municipal utilities, including electric, water and sewer utilities and resource recovery revenue bonds. These utilities may be organized in various forms, including municipal enterprise systems, authorities or joint action agencies.

Transportation Bonds include a wide variety of revenue-supported obligations, such as bonds for airports, ports, tunnels, municipal parking facilities, toll roads and toll bridges.

Healthcare Bonds are obligations of healthcare facilities, including community-based hospitals and systems, as well as of health maintenance organizations and long-term care facilities.

Infrastructure Bonds include obligations issued by a variety of entities engaged in the financing of infrastructure projects, such as roads, airports, ports, social infrastructure and other physical assets delivering essential services supported by long-term concession arrangements with a public sector entity.

Glossary (continued)

Sectors (continued)

Higher Education Bonds are obligations secured by revenue collected by either public or private secondary schools, colleges and universities. Such revenue can encompass all of an institution’s revenue, including tuition and fees, or in other cases, can be specifically restricted to certain auxiliary sources of revenue or revenue relating to student accommodation.

Housing Revenue Bonds are obligations relating to both single and multi-family housing, issued by states and localities, supported by cash flow and, in some cases, insurance from entities such as the Federal Housing Administration.

Renewable Energy Bonds are obligations backed by revenue from renewable energy sources.

Other Public Finance Bonds include other debt issued, guaranteed or otherwise supported by U.S. national or local governmental authorities, as well as student loans, revenue bonds, and obligations of some not-for-profit organizations.

Non-U.S. Public Finance:

Regulated Utility Obligations are obligations issued by government-regulated providers of essential services and commodities, including electric, water and gas utilities, supported by the rates and charges paid by the utilities’ customers. The majority of the Company’s non-U.S. regulated utility business is conducted in the U.K.

Infrastructure Finance Obligations are obligations issued by a variety of entities engaged in the financing of non-U.S. infrastructure projects, such as roads, airports, ports, social infrastructure, student accommodations, stadiums, and other physical assets delivering essential services supported either by long-term concession arrangements or a regulatory regime. The majority of the Company’s non-U.S. infrastructure business is conducted in the U.K.

Sovereign and Sub-Sovereign Obligations primarily includes obligations of local, municipal, regional or national governmental authorities or agencies outside of the U.S.

Renewable Energy Bonds are obligations secured by revenues relating to renewable energy sources, typically solar or wind farms. These transactions often benefit from regulatory support in the form of regulated minimum prices for the electricity produced. The majority of the Company’s non-U.S. renewable energy business is conducted in Spain.

Pooled Infrastructure Obligations are synthetic asset-backed obligations that take the form of credit default swap obligations or credit-linked notes that reference either infrastructure finance obligations or a pool of such obligations, with a defined deductible to cover credit risks associated with the referenced obligations. The Company has not entered into a pooled infrastructure transaction since 2006.

Structured Finance:

Insurance Reserve Financings and Securitizations are transactions, including life insurance transactions, where obligations are secured by the future earnings from pools of various types of insurance/reinsurance policies and income produced by invested assets.

Residential Mortgage Backed Securities are obligations backed by first and second lien mortgage loans on residential properties. The credit quality of borrowers covers a broad range, including “prime,” “subprime” and “Alt-A.” A prime borrower is generally defined as one with strong risk characteristics as measured by factors such as payment history, credit score, and debt-to-income ratio. A subprime borrower is a borrower with higher risk characteristics. An Alt-A borrower is generally defined as a prime quality borrower that lacks certain ancillary characteristics, such as fully documented income. RMBS include home equity lines of credit, which refers to a type of residential mortgage-backed transaction backed by second-lien loan collateral. The Company has not provided insurance for RMBS in the primary market since 2008.

Subscription Finance Facilities are lending facilities provided to closed-end private market funds, most frequently private-equity funds. The facilities are secured by the uncalled capital commitments of the limited partners (LP) to the fund. The Company may guarantee new or existing facilities and on a single facility or portfolio basis. Assured Guaranty’s exposures are generally to facilities with characteristics that include a high-quality fund sponsor with strong historical performance, a diverse LP base composed primarily of institutional LPs and experienced bank lenders.

Pooled Corporate Obligations are securities primarily backed by various types of corporate debt obligations, such as secured or unsecured bonds, bank loans or loan participations and trust preferred securities. These securities are often issued in “tranches,” with subordinated tranches providing credit support to the more senior tranches. The Company’s financial guaranty exposures generally are to the more senior tranches of these issues.

Financial Products Business is the guarantee of certain business written by financial products companies owned by Dexia SA, which comprised guaranteed investment contracts, medium term notes and equity payment undertaking agreements associated with leveraged lease business. This business is being run off with the final maturity due in 2031. Assured Guaranty is indemnified by Dexia SA and certain of its affiliates against loss from the former financial products business.

Glossary (continued)

Sectors (continued)

Other Structured Finance Obligations are obligations backed by assets not generally described in any of the other U.S. and Non-U.S. Structured Finance Obligations categories above.

Specialty Business

The Company also guarantees specialty business with similar risk profiles to its structured finance exposures written in financial guaranty form. Specialty business includes, for example, diversified real estate, insurance reserve financings and securitizations, pooled corporate obligations and aircraft residual value insurance transactions.

Non-GAAP Financial Measures

Adjusted Operating Income: The Company’s management believes that adjusted operating income is a useful measure because it clarifies the understanding of the operating results of the Company. Adjusted operating income is defined as net income (loss) attributable to AGL, as reported under GAAP, adjusted for the following:

Non-GAAP Financial Measures (continued)

5) The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

Adjusted Operating Shareholders’ Equity and ABV: The Company’s management believes that adjusted operating shareholders’ equity is a useful measure because it excludes the fair value adjustments on investments, credit derivatives and CCS that are not expected to result in economic gain or loss. The Company’s management uses ABV, further adjusted to remove the effect of FG VIE and CIV consolidation, to measure the intrinsic value of the Company, excluding franchise value. The Company’s management believes that ABV is a useful measure because it enables an evaluation of the Company’s in-force premiums and revenues net of expected losses.

Adjusted operating shareholders’ equity is defined as shareholders’ equity attributable to AGL, as reported under GAAP, adjusted for the following:

4) The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

ABV is adjusted operating shareholders’ equity, as defined above, further adjusted for the following:

1) Elimination of deferred acquisition costs, net. These amounts represent net deferred expenses that have already been paid or accrued and will be expensed in future accounting periods.

2) Addition of the net present value of estimated net future revenue. See below.

4) The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

Shares outstanding as of the end of the reporting period are used to calculate adjusted operating shareholders’ equity per share and ABV per share.

Non-GAAP Financial Measures (continued)

Adjusted Operating ROE: Adjusted Operating ROE represents adjusted operating income for a specified period divided by the average of adjusted operating shareholders’ equity at the beginning and the end of that period. Management believes that adjusted operating ROE is a useful measure to evaluate the Company’s return on invested capital. Many investors, analysts and members of the financial news media use adjusted operating ROE, adjusted for VIE consolidation, to evaluate AGL’s share price and as the basis of their decision to recommend, buy or sell the AGL common shares. Quarterly and year-to-date adjusted operating ROE are calculated on an annualized basis. Adjusted operating ROE, adjusted for VIE consolidation, is one of the key management financial measures used in determining the amount of certain long-term compensation to management and employees and used by rating agencies and investors.

Net Present Value of Estimated Net Future Revenue: The Company’s management believes that this amount is a useful measure because it enables an evaluation of the present value of estimated net future revenue for non-financial guaranty insurance contracts. This amount represents the net present value of estimated future revenue from these contracts (other than credit derivatives with net expected losses), net of reinsurance, ceding commissions and premium taxes.

PVP or Present Value of New Business Production: The Company’s management believes that PVP is a useful measure because it enables the evaluation of the value of new business production in the Insurance segment by taking into account the value of estimated future installment premiums on all new contracts underwritten in a reporting period as well as additional installment premiums and fees on existing contracts (which may result from supplements or fees or from the issuer not calling an insured obligation the Company projected would be called), regardless of form, which management believes GAAP GWP and changes in fair value of credit derivatives do not adequately measure. PVP in respect of contracts written in a specified period is defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums.

Assured Guaranty Ltd.

30 Woodbourne Avenue

Hamilton HM 08

Bermuda

(441) 279-5705

www.assuredguaranty.com

Contacts:

Equity and Fixed Income Investors:

Robert Tucker

Senior Managing Director, Investor Relations and Corporate Communications

(212) 339-0861

[email protected]

Michael Walker

Managing Director, Fixed Income Investor Relations

(212) 261-5575

[email protected]

Andre Thomas

Managing Director, Equity Investor Relations

(212) 339-3551

[email protected]

Media:

Ashweeta Durani

Director, Media Relations

(212) 408-6042

[email protected]


Bermuda	001-32141	98-0429991
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)


Title of each class:		Trading Symbol(s)	Name of exchange on which registered
Common Shares	$0.01 par value per share	AGO	New York Stock Exchange
Assured Guaranty US Holdings Inc. 6.125% Senior Notes due 2028 (and the related guarantee of Registrant)		AGO/28	New York Stock Exchange
Assured Guaranty US Holdings Inc. 3.150% Senior Notes due 2031 (and the related guarantee of Registrant)		AGO/31	New York Stock Exchange
Assured Guaranty US Holdings Inc. 3.600% Senior Notes due 2051 (and the related guarantee of Registrant)		AGO/51	New York Stock Exchange


Item 2.02			Results of Operations and Financial Condition. On November 6, 2025, Assured Guaranty Ltd. issued a press release reporting its third quarter 2025 results and the availability of its September 30, 2025 financial supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference herein.

Item 9.01			Financial Statements and Exhibits. (d) Exhibits

Exhibit Number			Description
99.1			Assured Guaranty Ltd. Press Release dated November 6, 2025 reporting third quarter 2025 results
99.2			September 30, 2025 Financial Supplement of Assured Guaranty Ltd.
104.1			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document


			Assured Guaranty Ltd.


			By:			/s/ BENJAMIN G. ROSENBLUM
						Name: Benjamin G. Rosenblum Title: Chief Financial Officer