Assured Guaranty Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	402	376	739	124	389	362
Depreciation & Amortization	-	-	-	-	12	13
Gain (Loss) on Sale of Assets	-	-	-262	-	-	-
Gain (Loss) on Sale of Investments	-74	-74	-62	71	13	-18
Change in Accounts Receivable	-80	-80	-157	74	-	-102
Change in Unearned Revenue	62	62	26	-93	-17	19
Change in Income Taxes	-6	-6	72	-106	64	9
Change in Insurance Reserves / Liabilities	-202	-202	35	-1,207	-99	-174
Change in Other Net Operating Assets	-40	-40	-209	-39	46	-86
Other Operating Activities	219	26	300	-1,352	-2,251	-849
Operating Cash Flow	266	47	461	-2,479	-1,937	-853
Operating Cash Flow Growth	30.39%	-89.81%	-	-	-	-
Investment in Securities	506	765	114	1,659	-33	704
Other Investing Activities	8	15	172	81	56	84
Investing Cash Flow	514	780	286	1,740	23	788
Long-Term Debt Issued	-	-	345	2,404	5,503	972
Total Debt Repaid	-231	-375	-650	-1,270	-3,034	-309
Net Debt Issued (Repaid)	-231	-375	-305	1,134	2,469	663
Repurchases of Common Stock	-493	-532	-219	-514	-496	-446
Common Dividends Paid	-69	-68	-67	-64	-66	-69
Other Financing Activities	2	-8	-79	56	53	35
Financing Cash Flow	-791	-983	-670	612	1,960	183
Foreign Exchange Rate Adjustments	1	-2	2	-8	-2	-3
Net Cash Flow	-10	-158	79	-135	44	115
Cash Interest Paid	85	88	77	77	80	81
Cash Income Tax Paid	71	90	4	105	24	-25
Levered Free Cash Flow	352.5	715.75	-857.38	381.25	407.75	430.75
Unlevered Free Cash Flow	408.75	772.63	-801.13	431.88	462.13	483.88
Change in Working Capital	-266	-266	-233	-1,371	-6	-334

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.