\n| \n Shareholders\u2019 equity attributable to AGL<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 5,403<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 122.91<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 5,663<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 125.32<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted operating shareholders\u2019 equity (2)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,802<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n131.99<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,729<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n126.78<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nABV (2)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,466<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n192.60<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,424<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n186.43<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Common Shares Outstanding<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 44.0<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 45.2<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n________________________________________<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(1)<\/p>\n<\/td>\n | \n \nGenerally accepted accounting principles in the United States of America.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2)<\/p>\n<\/td>\n | \n \nPlease see \u201cExplanation of Non-GAAP Financial Measures\u201d at the end of this press release.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nOn a per share basis, shareholders\u2019 equity attributable to AGL decreased to $122.91 as of September 30, 2026 from $125.32 as of December 31, 2025, primarily due to unrealized losses on the investment portfolio due largely to the rising interest rate environment. On a per share basis, ABV increased to $192.60 as of September 30, 2026 from $186.43 as of December 31, 2025, primarily due to adjusted operating income, new business production, share repurchases, and the accretive effect of the acquisition of Assured Life Reinsurance Ltd. (Assured Life Re), partially offset by dividends.<\/p>\n Financial Guaranty Segment<\/b><\/p>\n \nThe Financial Guaranty segment primarily consists of (i) the Company\u2019s financial guaranty 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.\u2019s investment subsidiary, AG Asset Strategies LLC.<\/p>\n Financial Guaranty Segment New Business Production<\/i><\/b>\u00a0<\/p>\n\n\n| \n Financial Guaranty Segment
\n
New Business Production
\n
<\/b>(in millions)\u00a0<\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Quarter Ended September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n GWP<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n PVP (1)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Gross Par<\/b><\/p>\n Written (2)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n GWP<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n PVP (1)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Gross Par<\/b><\/p>\n Written (2)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPublic finance – U.S.<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 87<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n93<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n5,566<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 77<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n78<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n7,851<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPublic finance – non-U.S.<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 21<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n284<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (13<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n243<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nStructured finance – U.S.<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 13<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n646<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n42<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nStructured finance – non-U.S.<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,045<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 9<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,005<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 127<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n128<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n7,541<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 75<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n91<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n9,141<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n________________________________________<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(1)<\/p>\n<\/td>\n | \n \nPVP, a non-GAAP financial measure, measures the value of the Financial Guaranty segment\u2019s new business production for all contracts regardless of form or GAAP accounting model. See \u201cExplanation of Non-GAAP Financial Measures\u201d at the end of this press release. PVP is based on \u201cclose date,\u201d when the transaction settles. PVP was discounted at 4.5% and 5.0% in third quarter 2026 and in the three-month period ended September 30, 2025 (third quarter 2025), respectively.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2)<\/p>\n<\/td>\n | \n \nGross Par Written is based on \u201cclose date,\u201d when the transaction settles.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nU.S. public finance GWP and PVP include transactions closed in both the primary and secondary markets. U.S. public finance GWP and PVP in third quarter 2026 increased compared with third quarter 2025 by $10 million and $15 million, respectively. Significant contributors to U.S. public finance results this quarter included infrastructure finance, transportation revenue and municipal utility revenue transactions.<\/p>\n \nNon-U.S. public finance GWP and PVP in third quarter 2026 increased compared with third quarter 2025, by $34 million and $15 million, respectively, and were primarily attributable to an infrastructure finance transaction in France and a regulated energy transaction in Spain. GWP for non-U.S. public finance in third quarter 2025 was negative due to the early repayment of several U.K. sub-sovereign credits, which had no impact on third quarter 2025 PVP.<\/p>\n \nGlobal (U.S. and non-U.S.) structured finance GWP and PVP in third quarter 2026 increased compared with third quarter 2025, and results were primarily attributable to fund finance transactions, a commercial real estate balloon note guaranty transaction and a non-U.S. consumer receivables auto lending facility transaction.<\/p>\n Financial Guaranty Segment Adjusted Operating Income<\/i><\/b><\/p>\n \nFinancial Guaranty segment adjusted operating income decreased to $115 million in third quarter 2026 from $145 million in third quarter 2025 primarily due to a $1 million loss expense in third quarter 2026 compared with a $31 million benefit in third quarter 2025, fair value losses on trading securities of $2 million in third quarter 2026 compared with $8 million of gains in third quarter 2025, and the decrease of $7 million in equity in earnings of investees in third quarter 2026 compared with third quarter 2025, partially offset by the increase of $16 million in net earned premiums and credit derivative revenues in third quarter 2026.<\/p>\n \n\n| \u00a0<\/td>\n<\/tr>\n | \n| \n Financial Guaranty Segment Results
\n
<\/b>(in millions)\u00a0<\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Quarter Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment revenues<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet earned premiums and credit derivative revenues<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n115<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n99<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet investment income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n93<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n94<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange gains (losses) on remeasurement<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFair value gains (losses) on trading securities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther income (loss)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total segment revenues<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n207<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n206<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment expenses<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss expense (benefit)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(31<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of deferred acquisition costs (DAC)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEmployee compensation and benefit expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n43<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n44<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther operating expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n31<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n32<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total segment expenses<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n78<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n51<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquity in earnings (losses) of investees<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment adjusted operating income (loss) before income taxes<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n138<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n171<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLess: Provision (benefit) for income taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n23<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n26<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment adjusted operating income (loss)<\/b><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n115<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n145<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe components of the Financial Guaranty segment\u2019s premiums, losses and income from the investment portfolio are presented below.<\/p>\n Financial Guaranty Segment Net Earned Premiums and Credit Derivative Revenues<\/i><\/p>\n\n\n| \n Financial Guaranty Segment
\n
Net Earned Premiums and Credit Derivative Revenues
\n
<\/b>(in millions)\u00a0<\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Quarter Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nScheduled net earned premiums and credit derivative revenues<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n97<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n93<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccelerations and modifications<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total<\/b><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n115<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n99<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nScheduled net earned premiums and credit derivative revenues increased to $97 million in third quarter 2026 from $93 million in third quarter 2025 primarily due to continued growth in shorter duration strategies like fund finance, as well as higher scheduled public finance net earned premiums.<\/p>\n Financial Guaranty Segment Loss Expense (Benefit) and the Roll Forward of Expected Losses<\/i><\/p>\n \nLoss expense is a function of net economic loss development (benefit) and deferred premium revenue. The difference between loss expense and economic development in a given period represents the amount of deferred premium revenue absorbing expected losses to be paid.<\/p>\n \n\n| \n Financial Guaranty Segment
\n
Loss Expense (Benefit)
\n
<\/b>(in millions)\u00a0<\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Quarter Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPublic finance<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(7<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nU.S. Residential Mortgage-Backed Securities (RMBS)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(26<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther structured finance<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total<\/b><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(31<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nLoss expense attributable to U.S. RMBS was a benefit of $1 million in third quarter 2026 compared with a benefit of $26 million in third quarter 2025 primarily due to updates of recoveries for charged-off second lien loans in third quarter 2025.<\/p>\n \nThe table below presents the roll forward of net expected losses for third quarter 2026.<\/p>\n \n\n| \n Roll Forward of Net Expected Loss to be Paid (Recovered) (1)
\n
<\/sup><\/b>(in millions)\u00a0<\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Net Expected<\/b><\/p>\n Loss to be Paid<\/b><\/p>\n (Recovered) as of<\/b><\/p>\n June 30, 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Net<\/b><\/p>\n E<\/b>conomic Loss<\/b><\/p>\n Development<\/b><\/p>\n (Benefit)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Net (Paid)<\/b><\/p>\n Recovered<\/b><\/p>\n L<\/b>osses<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Net Expected<\/b><\/p>\n Loss to be Paid<\/b><\/p>\n (Recovered) as of<\/b><\/p>\n September 30, 2026<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPublic finance<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n174<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(23<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(60<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n91<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nU.S. RMBS<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(40<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(36<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther structured finance<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n58<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n58<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total<\/b><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n192<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(27<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(52<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n113<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n________________________________________<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(1)<\/p>\n<\/td>\n | \n \nNet economic loss development (benefit) represents the change in net expected loss to be paid (recovered) attributable to the effects of changes in the economic performance of insured transactions, changes in assumptions based on observed market trends, changes in discount rates, accretion of discount and the economic effects of loss mitigation efforts, each net of reinsurance. Net economic loss development (benefit) is the principal measure that the Company uses to evaluate the loss experience in its insured portfolio. Expected loss to be paid (recovered) includes all transactions insured by the Company, regardless of the accounting model prescribed under GAAP and without consideration of deferred premium revenue.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet economic benefit in third quarter 2026 was primarily attributable to additional liquidity available to Brightline Trains Florida LLC (Brightline), as a result of its recent proposed restructuring. The Company insures 51% of Brightline\u2019s senior revenue bonds, which are secured by a senior lien on Brightline\u2019s assets.<\/p>\n Financial Guaranty Segment Income from the Investment Portfolio<\/i><\/p>\n\n\n| \n Financial Guaranty Segment
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Income from the Investment Portfolio
\n
<\/b>(in millions)\u00a0<\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Quarter Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet investment income<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n93<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n94<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFair value gains (losses) on trading securities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquity in earnings (losses) of investees (1)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total<\/b><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n100<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n118<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n________________________________________<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(1)<\/p>\n<\/td>\n | \n \nEquity 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) and Assured Healthcare Partners, LLC. Investments in funds are reported on a one-quarter lag.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet 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 5.00% as of September 30, 2026 and 4.80% as of September 30, 2025.<\/p>\n \nEquity in earnings (losses) of investees was a gain of $9 million in third quarter 2026, compared with a gain of $16 million in third quarter 2025. 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.<\/p>\n \nAs of September 30, 2026, the Company had $922 million in alternative investments across a variety of asset classes: $729 million in the Financial Guaranty segment consisting primarily of collateralized loan obligation (CLO) subordinated notes in the available-for-sale fixed-maturity securities portfolio and investments in funds focused on asset classes such as private healthcare investing, asset-based\/specialty finance, commercial real estate finance and CLOs. The remaining alternative investments are in the Corporate division. The inception-to-date annualized internal rate of return for all alternative investments was 11.5% as of September 30, 2026.<\/p>\n Annuity Reinsurance Segment<\/b><\/p>\n \nOn January 21, 2026, the Company expanded its insurance operations to include annuity reinsurance through the acquisition of Warwick Re Limited, which the Company renamed Assured Life Re. The Annuity Reinsurance segment consists of the results of Assured Life Re and the other subsidiaries acquired as part of that transaction.<\/p>\n \n\n| \n Annuity Reinsurance Segment Results
\n
<\/b>(in millions)\u00a0<\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Quarter Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n 2026<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Segment revenues<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet investment income (1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFair value gains (losses) on derivatives (2)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther income (loss)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total segment revenues<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment expenses<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBenefit expense for annuity reinsurance contracts (3)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEmployee compensation and benefit expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther operating expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total segment expenses<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment adjusted operating income (loss) before income taxes<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLess: Provision (benefit) for income taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment adjusted operating income (loss)<\/b><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n________________________________________<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(1)<\/p>\n<\/td>\n | \n \nRepresents primarily net investment income on assets supporting the U.K. bulk purchase annuities (pension risk transfers, PRT) contract.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2)<\/p>\n<\/td>\n | \n \nRepresents the change in the fair value of the embedded derivative in funds withheld, excluding realized and unrealized gains (losses) on the underlying investments of the funds withheld account supporting Assured Life Re\u2019s U.S. multi-year guaranteed annuities (MYGA) contract.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(3)<\/p>\n<\/td>\n | \n \nBenefit expense for annuity reinsurance contracts includes $6 million related to PRT benefit expense and $4 million related to MYGA interest expense.\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAssured Life Re reinsures a block of PRT business, with reserves of $459 million, supported by a $569 million asset portfolio that consists primarily of U.S. and U.K. corporate and government bonds, including a portfolio of inflation-linked bonds. The asset portfolio also includes derivatives that economically hedge the currency, inflation and interest rate mismatches between the PRT liabilities, which are long-dated inflation-linked obligations denominated in pound sterling, and the investment portfolio, which includes certain U.S. dollar denominated and non-inflation linked securities. See \u201cReconciliation to GAAP.\u201d<\/p>\n \nAssured Life Re also reinsures a block of MYGA business with a policyholder account value of $248 million. The MYGA policyholder account balances for annuity reinsurance contracts are supported by assets in a funds withheld arrangement with the cedant and primarily consist of mortgage and other asset-backed securities for which the Company reports a funds withheld receivable of $267 million.<\/p>\n Asset Management Segment<\/b><\/p>\n \nAsset management adjusted operating income was $2 million in third quarter 2026 and $3 million in third quarter 2025. It includes the Company\u2019s ownership interest in Sound Point and the related amortization of intangible assets.<\/p>\n Corporate Division<\/b><\/p>\n\n\n| \n Corporate Division Results
\n
<\/b>(in millions)\u00a0<\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n<\/tr>\n | \n| \n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |