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Condensed Consolidated Statements of Operations (unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Net earned premiums $ 121 $ 112 $ 224 $ 230
Net investment income 78 110 158 208
Asset management fees 20 0 43 0
Net realized investment gains (losses) 4 8 (1) (4)
Net change in fair value of credit derivatives 100 (8) 23 (30)
Fair value gains (losses) on committed capital securities (25) 19 23 10
Fair value gains (losses) on financial guaranty variable interest entities 1 33 (8) 38
Fair value gains (losses) on consolidated investment vehicles 31 0 19 0
Foreign exchange gains (losses) on remeasurement 2 (14) (60) (3)
Commutation gains (losses) 38 1 38 1
Other income (loss) 2 5 9 11
Total revenues 372 266 468 461
Expenses        
Loss and loss adjustment expenses 37 (1) 57 45
Interest expense 21 22 43 45
Amortization of deferred acquisition costs 4 4 7 10
Employee compensation and benefit expenses 46 39 110 80
Other operating expenses 42 21 87 44
Total expenses 150 85 304 224
Income (loss) before income taxes and equity in net earnings of investees 222 181 164 237
Equity in net earnings of investees 0 1 (4) 3
Income (loss) before income taxes 222 182 160 240
Provision (benefit) for income taxes 34 40 30 44
Net income (loss) 188 142 130 196
Less: Noncontrolling interests 5 0 2 0
Net income (loss) attributable to Assured Guaranty Ltd. $ 183 $ 142 $ 128 $ 196
Earnings per share:        
Basic (in dollars per share) $ 2.11 $ 1.40 $ 1.43 $ 1.92
Diluted (in dollars per share) $ 2.10 $ 1.39 $ 1.42 $ 1.90