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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition Period from              to       
Commission File No. 001-32141 
AG_300 - Logo.jpg
ASSURED GUARANTY LTD.
(Exact name of registrant as specified in its charter) 
Bermuda98-0429991
(State or other jurisdiction of incorporation)(I.R.S. employer identification no.)
30 Woodbourne Avenue
Hamilton HM 08, Bermuda
(Address of principal executive offices)
(441279-5700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbol(s)Name of exchange on which registered
Common Shares$0.01 par value per shareAGONew York Stock Exchange
Assured Guaranty US Holdings Inc. 6.125% Senior Notes due 2028 (and the related guarantee of Registrant)AGO/28New York Stock Exchange
Assured Guaranty US Holdings Inc. 3.150% Senior Notes due 2031 (and the related guarantee of Registrant)AGO/31New York Stock Exchange
Assured Guaranty US Holdings Inc. 3.600% Senior Notes due 2051 (and the related guarantee of Registrant)AGO/51New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No  
The number of registrant’s Common Shares ($0.01 par value) outstanding as of May 6, 2024 was 54,442,902 (includes 21,413 unvested restricted shares).


ASSURED GUARANTY LTD.
INDEX TO FORM 10-Q
  Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


PART I.    FINANCIAL INFORMATION
 
ITEM 1.    FINANCIAL STATEMENTS

Assured Guaranty Ltd.

Condensed Consolidated Balance Sheets (Unaudited) 

(dollars in millions except share data)
As of
 March 31, 2024December 31, 2023
Assets  
Investments:  
Fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of $67 and $77 (amortized cost of $6,553 and $6,746)
$6,091 $6,307 
Fixed-maturity securities, trading, at fair value272 318 
Short-term investments, at fair value1,649 1,661 
Other invested assets (includes $4 and $3, at fair value)
875 829 
Total investments8,887 9,115 
Cash115 97 
Premiums receivable, net of commissions payable1,450 1,468 
Deferred acquisition costs164 161 
Salvage and subrogation recoverable295 298 
Financial guaranty variable interest entities’ assets (includes $167 and $174, at fair value)
167 328 
Assets of consolidated investment vehicles (includes $353 and $331, at fair value)
377 366 
Other assets (includes $123 and $123, at fair value)
713 706 
Total assets$12,168 $12,539 
Liabilities  
Unearned premium reserve$3,612 $3,658 
Loss and loss adjustment expense reserve307 376 
Long-term debt1,695 1,694 
Credit derivative liabilities, at fair value43 53 
Financial guaranty variable interest entities’ liabilities, at fair value (with recourse $389 and $543, without recourse $10 and $11)
399 554 
Other liabilities430 439 
Total liabilities6,486 6,774 
Commitments and contingencies (Notes 3, 7 and 11)
Shareholders’ equity
Common shares ($0.01 par value, 500,000,000 shares authorized; 55,081,584 and 56,217,305 shares issued and outstanding)
1 1 
Retained earnings6,014 6,070 
Accumulated other comprehensive income (loss), net of tax of $(72) and $(67)
(387)(359)
Deferred equity compensation 1 1 
Total shareholders’ equity attributable to Assured Guaranty Ltd.5,629 5,713 
Nonredeemable noncontrolling interests (Note 8)
53 52 
Total shareholders’ equity5,682 5,765 
Total liabilities and shareholders’ equity$12,168 $12,539 

The accompanying notes are an integral part of these condensed consolidated financial statements.
1

Assured Guaranty Ltd.

Condensed Consolidated Statements of Operations (Unaudited)
 
(dollars in millions except share data)
Three Months Ended March 31,
 20242023
Revenues
Net earned premiums$119 $81 
Net investment income84 81 
Asset management fees 26 
Net realized investment gains (losses)8 (2)
Fair value gains (losses) on credit derivatives10 15 
Fair value gains (losses) on committed capital securities(10)(16)
Fair value gains (losses) on financial guaranty variable interest entities(3)(5)
Fair value gains (losses) on consolidated investment vehicles 22 58 
Foreign exchange gains (losses) on remeasurement(12)20 
Fair value gains (losses) on trading securities 26 (2)
Other income (loss)1 27 
Total revenues245 283 
Expenses
Loss and loss adjustment expenses (benefit)(1)4 
Interest expense23 21 
Amortization of deferred acquisition costs6 3 
Employee compensation and benefit expenses58 82 
Other operating expenses39 55 
Total expenses125 165 
Income (loss) before income taxes and equity in earnings (losses) of investees120 118 
Equity in earnings (losses) of investees24 2 
Income (loss) before income taxes144 120 
Less: Provision (benefit) for income taxes31 23 
Net income (loss)113 97 
Less: Noncontrolling interests4 16 
Net income (loss) attributable to Assured Guaranty Ltd.$109 $81 
Earnings per share:
Basic$1.94 $1.37 
Diluted$1.89 $1.34 

The accompanying notes are an integral part of these condensed consolidated financial statements.
2

Assured Guaranty Ltd.

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
 
(in millions)
 
 Three Months Ended March 31,
 20242023
Net income (loss)$113 $97 
Change in net unrealized gains (losses) on:
Investments with no credit impairment, net of tax provision (benefit) of $(5) and $14
(29)89 
Investments with credit impairment, net of tax provision (benefit) of $0 and $1
1 5 
Change in net unrealized gains (losses) on investments(28)94 
Change in instrument-specific credit risk on financial guaranty variable interest entities’ liabilities with recourse, net of tax provision (benefit)(1)(1)
Other, net of tax provision (benefit)1 2 
Other comprehensive income (loss)(28)95 
Comprehensive income (loss)85 192 
Less: Comprehensive income (loss) attributable to noncontrolling interests4 16 
Comprehensive income (loss) attributable to Assured Guaranty Ltd.$81 $176 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

Assured Guaranty Ltd.

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)

(dollars in millions, except share data)

For the Three Months Ended March 31, 2024

Shareholders’ Equity Attributable to Assured Guaranty Ltd.
 Common Shares OutstandingCommon 
Shares
Par Value
Retained EarningsAccumulated
Other
Comprehensive Income (Loss)
Deferred
Equity Compensation
TotalNonredeemable Noncontrolling Interests
Shareholders’ Equity
As of December 31, 202356,217,305 $1 $6,070 $(359)$1 $5,713 $52 $5,765 
Net income— — 109 — — 109 4 113 
Dividends ($0.31 per share)
— — (19)— — (19)— (19)
Common shares repurchases(1,539,278)— (131)— — (131)— (131)
Share-based compensation403,557 — (15)— — (15)— (15)
Distributions— — — — — — (3)(3)
Other comprehensive loss— — — (28)— (28)— (28)
As of March 31, 202455,081,584 $1 $6,014 $(387)$1 $5,629 $53 $5,682 


For the Three Months Ended March 31, 2023

Shareholders’ Equity Attributable to Assured Guaranty Ltd.
 Common Shares OutstandingCommon 
Shares
Par Value
Retained EarningsAccumulated
Other
Comprehensive Income (Loss)
Deferred
Equity Compensation
TotalNonredeemable Noncontrolling Interests
Shareholders’ Equity
As of December 31, 202259,013,040 $1 $5,577 $(515)$1 $5,064 $228 $5,292 
Net income— — 81 — — 81 16 97 
Dividends ($0.28 per share)
— — (18)— — (18)— (18)
Contributions— — — — — — 3 3 
Common shares repurchases(36,369)— (2)— — (2)— (2)
Share-based compensation297,441 — — — — — — — 
Distributions— — — — — — (52)(52)
Other comprehensive income— — — 95 — 95 — 95 
As of March 31, 202359,274,112 $1 $5,638 $(420)$1 $5,220 $195 $5,415 



The accompanying notes are an integral part of these condensed consolidated financial statements.
4


Assured Guaranty Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

 (in millions)
 
 Three Months Ended March 31,
 20242023
Net cash flows provided by (used in) operating activities$(74)$312 
Cash flows from investing activities:  
Fixed-maturity securities, available-for-sale:  
Purchases(321)(225)
Sales359 455 
Maturities and paydowns165 129 
Short-term investments with original maturities of over three months:
Purchases (12)
Sales 3 
Maturities and paydowns4 15 
Net sales (purchases) of short-term investments with original maturities of less than three months8 (460)
Sales of fixed-maturity securities, trading72  
Paydowns of financial guaranty variable interest entities’ assets6 7 
Purchases of and contributions to other invested assets(56)(10)
Sales of and return of capital from other invested assets17 5 
Other(1)(1)
Net cash flows provided by (used in) investing activities253 (94)
Cash flows from financing activities:  
Dividends paid(19)(18)
Repurchases of common shares(129)(2)
Net paydowns of financial guaranty variable interest entities’ liabilities(148)(9)
Other (28)(15)
Cash flows from consolidated investment vehicles:
Repayment of warehouse financing debt (152)
Borrowing (payment) under credit facilities (30)
Distributions to noncontrolling interests from consolidated investment vehicles(3)(70)
Net cash flows provided by (used in) financing activities(327)(296)
Effect of foreign exchange rate changes(1)1 
Increase (decrease) in cash and cash equivalents and restricted cash(149)(77)
Cash and cash equivalents and restricted cash at beginning of period 286 207 
Cash and cash equivalents and restricted cash at end of period $137 $130 

(continued on next page)



5

Assured Guaranty Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited) - (Continued)

 (in millions)
Three Months Ended March 31,
20242023
Supplemental cash flow information
Interest paid on long-term debt$22 $10 
Supplemental disclosure of non-cash activities:
Fixed-maturity securities, available-for-sale, received as salvage$ $1 
Contributions from noncontrolling interests 3 
Distributions to noncontrolling interests 3 
Distributions from equity method investments 7  
As of
March 31, 2024 March 31, 2023
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash$115 $118 
Cash and cash equivalents of consolidated investment vehicles (See Note 8)
22 (13)
Cash (included in assets held for sale) 25 
Cash and cash equivalents and restricted cash at the end of period$137 $130 


The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Assured Guaranty Ltd.
Notes to Condensed Consolidated Financial Statements (Unaudited)

1.    Business and Basis of Presentation
 
Business
 
Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty or the Company) is a Bermuda-based holding company that provides, through its wholly owned operating subsidiaries, credit protection products to the United States (U.S.) and non-U.S. public finance (including infrastructure) and structured finance markets. Assured Guaranty also participates in the asset management business.

Insurance

Through its insurance subsidiaries, the Company applies its credit underwriting judgment, risk management skills and capital markets experience primarily to offer financial guaranty insurance that protects holders of debt instruments and other monetary obligations from defaults in scheduled payments. If an obligor defaults on a scheduled payment due on an obligation, including a scheduled principal or interest payment (collectively, debt service), the Company is required under its unconditional and irrevocable financial guaranty to pay the amount of the shortfall to the holder of the obligation. The Company markets its financial guaranty insurance directly to issuers and underwriters of public finance and structured finance securities as well as to investors in such obligations. The Company guarantees obligations issued principally in the U.S. and the United Kingdom (U.K.), and also guarantees obligations issued in other countries and regions, including Western Europe. The Company also provides specialty insurance and reinsurance on transactions with risk profiles similar to those of its structured finance exposures written in financial guaranty form.

Asset Management

Until July 1, 2023, the Company served as an investment advisor to primarily collateralized loan obligations (CLOs) and opportunity funds, through Assured Investment Management LLC (AssuredIM LLC) and its investment management affiliates (together with AssuredIM LLC, AssuredIM). Beginning July 1, 2023, the Company participates in the asset management business through its ownership interest in Sound Point Capital Management, LP (Sound Point, LP) and certain of its investment management affiliates (together with Sound Point, LP, Sound Point), as described below.
On July 1, 2023, Assured Guaranty contributed to Sound Point, LP most of its asset management business, other than that conducted by Assured Healthcare Partners LLC (AHP) (AssuredIM Contributed Business), as contemplated by the transaction agreement entered into with Sound Point on April 5, 2023 (Transaction Agreement). Assured Guaranty received, subject to certain potential post-closing adjustments, approximately 30% of the common interests in Sound Point, LP, and certain other interests in Sound Point.

In addition, in accordance with the terms of a letter agreement (Letter Agreement), effective July 1, 2023 Assured Guaranty Municipal Corp. and Assured Guaranty Corp. (collectively, the U.S. Insurance Subsidiaries) (i) engaged Sound Point as their sole alternative credit manager and (ii) transitioned to Sound Point the management of certain existing alternative investments and related commitments. The Letter Agreement also provides that, within the first two years of Sound Point’s engagement, the U.S. Insurance Subsidiaries, including through their investment subsidiary AG Asset Strategies LLC (AGAS), would, subject to regulatory approval, cure terms and other terms of the Letter Agreement, make new investments in funds, other vehicles and separately managed accounts managed by Sound Point which, when aggregated with the alternative investments and commitments transitioned from AssuredIM and any reinvestments (collectively, Sound Point Investments), and investments made by other Assured Guaranty affiliates, will total $1 billion. The Letter Agreement contemplates a long-term investment partnership between Sound Point and Assured Guaranty, whereby the U.S. Insurance Subsidiaries have agreed to reinvest all returns of capital from Sound Point Investments for a period of 15 years, until July 1, 2038. Similarly, the Letter Agreement provides for reinvestment by the U.S. Insurance Subsidiaries of all gains and dividends from Sound Point Investments for the first two years of Sound Point’s engagement, and reinvestment of half of all such gains and dividends thereafter until July 1, 2033 (the transactions contemplated under the Transaction Agreement and the Letter Agreement, the Sound Point Transaction). On July 1, 2028, the U.S. Insurance Subsidiaries may choose to reduce the amounts invested or required to be reinvested in certain Sound Point Investments under the Letter Agreement, subject to adjustment in Assured Guaranty’s portion of its ownership interest in Sound Point. To the extent not required to be reinvested by the Letter Agreement, all proceeds from Sound Point Investments received in accordance with their operative investment documents can be distributed to the U.S. Insurance Subsidiaries. See Note 7, Investments.

7

Assured Guaranty Ltd.
Notes to Condensed Consolidated Financial Statements (Unaudited), Continued
In July 2023, Assured Guaranty sold all of its equity interests in AHP, which manages healthcare funds, to an entity owned and controlled by the managing partner of AHP (AHP Transaction). In connection with the AHP Transaction, the Company agreed to remain a strategic investor in certain AHP managed funds, is retaining its portion of carried interest in certain AHP managed funds, and received other consideration.

Upon closing of the Sound Point Transaction and the AHP Transaction, the Company deconsolidated most of the corresponding AssuredIM entities (which had previously been classified as held for sale) and reported an investment in Sound Point that is accounted for under the equity method. In connection with the Sound Point Transaction and AHP Transaction, the Company reevaluated its consolidation conclusion for each consolidated investment vehicle (CIV) and deconsolidated all but three CIVs. See Note 8, Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles. After the Sound Point Transaction and AHP Transaction, the Company continues to consolidate the general partner of a fund that Sound Point now manages and may report performance fees reported in “other income.”

Prior to the Sound Point Transaction and AHP Transaction, the Company received management fees, as well as performance fees, incentive allocations or carried interest (collectively referred to as performance fees) in exchange for AssuredIM providing investment advisory services to manage investment funds and CLOs. Prior to the Sound Point Transaction and the AHP Transaction, these fees were reported in “asset management fees” in the condensed consolidated financial statements.

Assets and Liabilities Held For Sale

The Company designated certain assets and liabilities supporting the Insurance segment as held for sale in the first quarter of 2023. The held for sale assets and liabilities were $28 million (reported in “other assets”) and $3 million (reported in “other liabilities”), respectively, as of March 31, 2024.

Basis of Presentation
 
The unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). In management’s opinion, all material adjustments necessary for a fair statement of the financial condition, results of operations and cash flows of the Company, including its consolidated variable interest entities (VIEs), are reflected in the periods presented and are of a normal, recurring nature. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

These unaudited interim condensed consolidated financial statements are as of March 31, 2024 and cover the three-month period ended March 31, 2024 (first quarter 2024) and the three-month period ended March 31, 2023 (first quarter 2023). Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but is not required for interim reporting purposes, has been condensed or omitted. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain prior year balances have been reclassified to conform to the current period’s presentation.

    The unaudited interim condensed consolidated financial statements include the accounts of AGL, its direct and indirect subsidiaries, and its consolidated financial guaranty VIEs (FG VIEs) and CIVs. See Note 8, Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles. Intercompany accounts and transactions between and among all consolidated entities have been eliminated. All amounts are reported in U.S. dollars, unless otherwise specified.
 
These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (SEC).

The Company’s principal insurance subsidiaries are:

Assured Guaranty Municipal Corp. (AGM), domiciled in New York;
Assured Guaranty Corp. (AGC), domiciled in Maryland;
Assured Guaranty UK Limited (AGUK), organized in the U.K.;
8

Assured Guaranty Ltd.
Notes to Condensed Consolidated Financial Statements (Unaudited), Continued
Assured Guaranty (Europe) SA (AGE), organized in France;
Assured Guaranty Re Ltd. (AG Re), domiciled in Bermuda; and
Assured Guaranty Re Overseas Ltd. (AGRO), domiciled in Bermuda.
        
The U.S. Insurance Subsidiaries jointly own an investment subsidiary, AGAS, which invests in funds managed by Sound Point, AHP, and, prior to July 1, 2023, AssuredIM (Sound Point and AHP funds, some of which were formerly known as AssuredIM funds).

AGL directly or indirectly owns several holding companies, two of which - Assured Guaranty US Holdings Inc. (AGUS) and Assured Guaranty Municipal Holdings Inc. (AGMH) (collectively the U.S. Holding Companies) - have public debt outstanding.

Recent Accounting Standards Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require disclosure of significant segment expenses regularly provided to the chief operating decision maker (CODM), extend certain annual disclosures to interim periods, and permit more than one measure of segment profit or loss to be reported under certain conditions. This ASU is effective in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company will adopt this ASU during the fourth quarter of 2024 and apply its amendments retrospectively to all prior periods presented in its consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require enhanced annual disclosures regarding the rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. The Company will apply the amendments in this ASU prospectively to all annual periods beginning after December 15, 2024. The adoption of this ASU will affect certain of the Company’s income tax disclosures.

2.    Segment Information

     The Company reports its results of operations in two segments: Insurance and Asset Management. The Company separately reports the results of its Corporate division and the effects of consolidating FG VIEs and CIVs. This presentation is consistent with the manner in which the Company’s CODM reviews the business to assess performance and allocate resources.

The Insurance segment primarily consists of: (i) the Company’s insurance subsidiaries; and (ii) AGAS. Prior to July 1, 2023, the Asset Management segment consisted of AssuredIM, which provided asset management services to third-party investors, the U.S. Insurance Subsidiaries and AGAS. Beginning in July 2023, the Company participates in the asset management business through its ownership interest in Sound Point as described in Note 1, Business and Basis of Presentation. Beginning in the third quarter of 2023, the Asset Management segment primarily includes the results of the Company’s equity method investment in Sound Point.

    The Corporate division primarily consists of: (i) interest expense and any losses on the extinguishment of the U.S. Holding Companies’ debt; and (ii) other corporate operating expenses of AGL and the U.S. Holding Companies.
    
    The Other category primarily includes the effect of consolidating FG VIEs, CIVs, intersegment eliminations and, prior to July 1, 2023, the reclassification of reimbursable fund expenses. See Note 8, Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles.

    The segment results differ from the consolidated financial statements in certain respects. The Insurance segment includes: (i) premiums and losses from the financial guaranty insurance policies issued by the U.S. Insurance Subsidiaries that guarantee the FG VIEs’ debt; and (ii) the insurance segment’s share of earnings from investments in funds managed by Sound Point (prior to July 1, 2023, AssuredIM) and AHP funds in “equity in earnings (losses) of investees.” Under GAAP, (i) FG VIEs are consolidated by the U.S. Insurance Subsidiaries and the premiums and losses/recoveries associated with the financial guaranty policies associated with the FG VIEs’ debt are eliminated (the reconciliation tables below present the FG VIEs and related eliminations in “other”); and (ii) CIVs are consolidated by either AGUS or AGAS (in the reconciliation tables below, the CIVs and related eliminations of the Insurance segment’s “equity in earnings (losses) of investees” associated with AGAS’ ownership interest in CIVs are presented in “other”). Until July 1, 2023, under GAAP, reimbursable fund expenses were shown
9

Assured Guaranty Ltd.
Notes to Condensed Consolidated Financial Statements (Unaudited), Continued
as a component of asset management fees and included in total revenues, whereas in the Asset Management segment in the tables below these expenses were netted in “segment expenses.”

The Company analyzes the operating performance of each segment using “segment adjusted operating income (loss).” Results for each segment include specifically identifiable expenses as well as intersegment expense allocations, as applicable, based on time studies and other cost allocation methodologies based on headcount or other metrics. Segment adjusted operating income is defined as “net income (loss) attributable to AGL,” adjusted for the following items, which primarily affect the Insurance segment and Corporate division:
 
Elimination of realized gains (losses) on the Company’s investments, except for gains and losses on securities classified as trading.
Elimination of non-credit impairment-related unrealized fair value gains (losses) on credit derivatives that are recognized in net income, which is the amount of unrealized fair value gains (losses) in excess of the present value of the expected estimated economic credit losses, and non-economic payments.
Elimination of fair value gains (losses) on the Company’s committed capital securities (CCS) that are recognized in net income.
Elimination of foreign exchange gains (losses) on remeasurement of net premium receivables and loss and loss adjustment expense (LAE) reserves that are recognized in net income.
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.

The Company does not report assets by reportable segment as the CODM does not assess performance and allocate resources based on assets.

The following table presents information for the Company’s operating segments. Intersegment revenues include transactions between and among the segments, the corporate division and other.

Segment Information
First Quarter
20242023
InsuranceAsset ManagementInsuranceAsset Management
(in millions)
Third-party revenues$227 $1 $188 $25 
Intersegment revenues2  2 16 
Segment revenues229 1 190 41 
Segment expenses85  79 42 
Segment equity in earnings (losses) of investees40 1 30  
Less: Segment provision (benefit) for income taxes35 1 24  
Segment adjusted operating income (loss)$149 $1 $117 $(1)

10

Assured Guaranty Ltd.
Notes to Condensed Consolidated Financial Statements (Unaudited), Continued
The tables below present a reconciliation of significant components of segment information to the comparable consolidated amounts.