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Investments and Cash (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Investment Portfolio
Carrying Value
As of December 31,
 20222021
 (in millions)
Fixed-maturity securities, available-for-sale (1):
Externally managed$5,519 $6,843 
Loss Mitigation Securities and other705 818 
AssuredIM managed537 541 
Fixed-maturity securities - Puerto Rico New Recovery Bonds (2)358 — 
Fixed-maturity securities, trading - Puerto Rico CIVs (2)303 — 
Short-term investments (3)810 1,225 
Other invested assets:
Equity method investments123 169 
Other10 12 
Total$8,365 $9,608 
____________________
(1)    7.4% and 7.5% of fixed-maturity securities were rated BIG as of December 31, 2022 and December 31, 2021, respectively, consisting primarily of Loss Mitigation Securities. 5.9% and 0.9% were not rated, as of December 31, 2022 and December 31, 2021, respectively.
(2)    These securities are not rated.
(3)     Weighted average credit rating of AAA as of both December 31, 2022 and December 31, 2021, based on the lower of the Moody’s Investors Service, Inc. (Moody’s) and S&P classifications.
Fixed Maturity Securities and Short Term Investments by Security Type
Available-for-Sale Fixed-Maturity Securities by Security Type 
As of December 31, 2022
Security TypePercent
of
Total (1)		Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Weighted
Average
Credit
Rating (2)
 (dollars in millions)
Obligations of state and political subdivisions45 %$3,509 $(14)$37 $(138)$3,394 A
U.S. government and agencies2 118 — 1 (8)111 AA+
Corporate securities (3)31 2,387 (6)2 (299)2,084 A
Mortgage-backed securities (4): 
RMBS5 418 (19)3 (62)340 BBB
Commercial mortgage-backed securities (CMBS)4 282 — — (11)271 AAA
Asset-backed securities:
CLOs6 449 — — (21)428 A+
Other5 423 (26)22 (26)393 CCC+
Non-U.S. government securities2 121 — — (23)98 AA-
Total available-for-sale fixed-maturity securities100 %$7,707 $(65)$65 $(588)$7,119 A
Available-for-Sale Fixed-Maturity Securities by Security Type 
As of December 31, 2021
Security TypePercent
of
Total (1)		Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Weighted
Average
Credit
Rating (2)
 (dollars in millions)
Obligations of state and political subdivisions43 %$3,386 $(12)$290 $(4)$3,660 AA-
U.S. government and agencies2 123 — 7 (2)128 AA+
Corporate securities (3)32 2,516 (1)111 (21)2,605 A
Mortgage-backed securities (4):      
RMBS6 454 (17)24 (24)437 BBB+
CMBS4 332 — 14 — 346 AAA
Asset-backed securities:
CLOs6 457 — 1 — 458 AA-
Other5 420 (12)26 (2)432 CCC+
Non-U.S. government securities2 134 — 5 (3)136 AA-
Total available-for-sale fixed-maturity securities100 %$7,822 $(42)$478 $(56)$8,202 A+
____________________
(1)Based on amortized cost.
(2)    Ratings represent the lower of the Moody’s and S&P classifications, except for Loss Mitigation Securities and certain other securities, which use internal ratings classifications. The Company’s portfolio primarily consists of high-quality, liquid instruments. New Recovery Bonds received in connection with the consummation of the 2022 Puerto Rico Resolutions are not rated.
(3)    Includes securities issued by taxable universities and hospitals.
(4)    U.S. government-agency obligations were approximately 30% of mortgage-backed securities as of December 31, 2022 and 31% as of December 31, 2021, based on fair value.

Gross Unrealized Loss by Length of Time
for Available-for-Sale Fixed-Maturity Securities for Which a Credit Loss was Not Recorded
As of December 31, 2022
 Less than 12 months12 months or moreTotal
 Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss
 (dollars in millions)
Obligations of state and political subdivisions$1,763 $(79)$163 $(56)$1,926 $(135)
U.S. government and agencies32 — 52 (8)84 (8)
Corporate securities1,276 (95)519 (147)1,795 (242)
Mortgage-backed securities: 
RMBS147 (9)3 (1)150 (10)
CMBS270 (11)— — 270 (11)
Asset-backed securities:
CLOs171 (7)250 (14)421 (21)
Other27 (2)— — 27 (2)
Non-U.S. government securities65 (10)30 (13)95 (23)
Total$3,751 $(213)$1,017 $(239)$4,768 $(452)
Number of securities (1) 1,340  466  1,776 
 
Gross Unrealized Loss by Length of Time
for Available-for-Sale Fixed-Maturity Securities for Which a Credit Loss was Not Recorded
As of December 31, 2021
 Less than 12 months12 months or moreTotal
 Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss		Fair
Value		Gross Unrealized
Loss
 (dollars in millions)
Obligations of state and political subdivisions$117 $(3)$10 $(1)$127 $(4)
U.S. government and agencies26 — 32 (2)58 (2)
Corporate securities407 (12)70 (5)477 (17)
Mortgage-backed securities:    
RMBS4 — — — 4 — 
Asset-backed securities:
CLOs226 — — — 226 — 
Non-U.S. government securities24 (2)8 (1)32 (3)
Total$804 $(17)$120 $(9)$924 $(26)
Number of securities (1) 355  60  410 
___________________
(1)    The number of securities does not add across because lots consisting of the same securities have been purchased at different times and appear in both categories above (i.e., less than 12 months and 12 months or more). If a security appears in both categories, it is counted only once in the total column.
Distribution of Fixed Maturity Securities by Contractual Maturity
Distribution of Available-for-Sale Fixed-Maturity Securities by Contractual Maturity
As of December 31, 2022 
 Amortized
Cost		Estimated
Fair Value
 (in millions)
Due within one year$290 $282 
Due after one year through five years1,713 1,585 
Due after five years through 10 years1,778 1,667 
Due after 10 years3,226 2,974 
Mortgage-backed securities:  
RMBS418 340 
CMBS282 271 
Total$7,707 $7,119 
New Recovery Bonds in FG VIEs’ Assets
Distribution by Contractual Maturity
As of December 31, 2022 
 Amortized
Cost		Estimated
Fair Value
 (in millions)
Due within one year$1 $1 
Due after one year through five years6 5 
Due after five years through 10 years41 41 
Due after 10 years156 157 
Total$204 $204 
Net Investment Income
Income from Investments
 Year Ended December 31,
 202220212020
 (in millions)
Investment income:
Externally managed$189 $204 $231 
Loss Mitigation Securities and other63 55 65 
Managed by AssuredIM (1)22 16 8 
Investment income274 275 304 
Investment expenses(5)(6)(7)
Net investment income$269 $269 $297 
Fair value gains (losses) on trading securities (2)$(34)$— $— 
Equity in earnings (losses) of investees $(39)$94 $27 
____________________
(1)    Represents interest income on a portfolio of CLOs and municipal bonds managed by AssuredIM under an IMA.
(2)    Fair value losses on trading securities pertaining to securities still held as of December 31, 2022 were $29 million for 2022.
Net Realized Investment Gains (Losses) The table below presents the components of net realized investment gains (losses).
Net Realized Investment Gains (Losses) 
 Year Ended December 31,
 202220212020
 (in millions)
Gross realized gains on sales of available-for-sale securities$3 $20 $27 
Gross realized losses on sales of available-for-sale securities (1)(45)(5)(5)
Net foreign currency gains (losses)(4)2 6 
Change in the allowance for credit losses and intent to sell (2)(21)(7)(17)
Other net realized gains (losses) (3)11 5 7 
Net realized investment gains (losses)$(56)$15 $18 
____________________
(1)2022 related primarily to sales of New Recovery Bonds received as part of the 2022 Puerto Rico Resolutions.
(2)    Change in allowance for credit losses in 2022 and 2021 was primarily due to Loss Mitigation Securities. COVID-19 pandemic restrictions contributed to the increase in the allowance for credit losses in 2020.
(3)    Net realized gains in 2022 related primarily to the sale of one of the Company’s alternative investments.
Debt Securities, Available-for-Sale, Allowance for Credit Loss
The following table presents the roll forward of allowance for the credit losses on available-for-sale fixed-maturity securities.
 
Roll Forward of Allowance for Credit Losses
for Available-for-Sale Fixed-Maturity Securities
 Year Ended December 31,
 202220212020
 (in millions)
Balance, beginning of period$42 $78 $— 
Effect of adoption of accounting guidance on credit losses on January 1, 2020— — 62 
Additions for securities for which credit losses were not previously recognized7 4 1 
Additions for purchases of securities accounted for as purchased financial assets with credit deterioration2 — — 
Additions (reductions) for securities for which credit losses were previously recognized14 2 15 
Reductions for securities sold and other settlements— (42)— 
Balance, end of period$65 $42 $78 
Equity in Earnings of Investees
Equity in Earnings (Losses) of Investees
 Year Ended December 31,
 202220212020
 (in millions)
AssuredIM Funds$2 $30 $14 
Other(41)64 13 
Total equity in earnings (losses) of investees (1)$(39)$94 $27 
____________________
(1)    Includes $36 million, and $14 million for the year ended December 31, 2021 and 2020, respectively, related to fair value gains on investments at FVO using net asset value (NAV), as a practical expedient.
Summary of Financial Information for Equity Method Investments The table below presents summarized financial information for equity method investments that meet, in aggregate, the requirements for reporting summarized disclosures. Amounts in the table below represent amounts reported in the consolidated financial statements as of December 31, 2022 and 2021, and for the years ended December 31, 2022, 2021 and 2020. The financial statements for the majority of these equity method investments are reported on a lag.
Aggregate Equity Investments’
Summarized Balance Sheet Data
As of December, 31
20222021
(in millions)
Total assets$697 $1,543 
Total liabilities76 412 
Total equity621 1,131 

Aggregate Equity Investments’
Summarized Statement of Operations Data
Year Ended December 31,
202220212020
(in millions)
Total revenues$(315)$548 $225 
Total expenses49 64 84 
Net income (loss)(364)484 141