ASSURED GUARANTY LTD - FORM 8-K - EX-99.1

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Exhibit 99.1

Assured Guaranty Corp.
December 31, 2010
Financial Supplement

Table of Contents		Page

Selected Financial Highlights			1
Consolidated Statements of Operations			2
Net Income (Loss) Reconciliation to Operating Income			3-4
Consolidated Balance Sheets			5
Claims Paying Resources			6
New Business Production			7
Financial Guaranty Gross Par Written			8
Underwriting Gain (Loss)			9
Investment Portfolio, Available-for-Sale			10
Estimated Net Exposure Amortization and Estimated Future Net Premium and Credit Derivative Revenues			11
Present Value of Financial Guaranty Insurance Net Loss to be Expensed			12
Financial Guaranty Profile			13-15
Direct Pooled Corporate Obligations Profile			16
Consolidated U.S. Residential Mortgage-Backed Securities Profile			17
Financial Guaranty Direct U.S. RMBS Profile			18-19
Financial Guaranty Direct U.S. Commercial Real Estate Profile			20
Direct U.S. Consumer Receivables Profile			21
Direct Credit Derivative Net Par Outstanding Profile			22
Below Investment Grade Exposures			23-25
Largest Exposures by Sector			26-29
Loss and Loss Adjustment Expense Reserves and Credit Impairment by Segment			30
Rollforward of Net Expected Loss and Loss Adjustment Expense to be Paid			31
Financial Guaranty Insurance and Credit Derivatives U.S. RMBS Representations and Warranties Benefit Development			32
Financial Guaranty Direct and Reinsurance Segment Losses Incurred and Paid			33
Summary of Statutory Financial and Statistical Data			34
Glossary			35-36
Endnotes Related to Non-GAAP Financial Measures			37-38

This supplement should be read in conjunction with documents filed by Assured Guaranty Ltd. (together with its subsidiaries, "Assured Guaranty") with the Securities and Exchange Commission ("SEC"), including Assured Guaranty's Annual Report on Form 10-K for the year ended December 31, 2010. For the purposes of this financial supplement, all references to the "Company" shall mean Assured Guaranty Corp. ("AGC").

Some amounts in this Financial Supplement may not add due to rounding.

Cautionary Statement Regarding Forward-Looking Statements:
Any forward-looking statements made in this supplement reflect the current views of Assured Guaranty with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Assured Guaranty's forward looking statements could be affected by many events. These events include (1) rating agency action, including a ratings downgrade or change in outlook at any time of Assured Guaranty Ltd. or its subsidiaries and/or of transactions insured by Assured Guaranty Ltd.'s subsidiaries, both of which have occurred in the past, or a change in rating criteria; (2) developments in the world's financial and capital markets that adversely affect issuers' payment rates, Assured Guaranty's loss experience, its ability to cede exposure to reinsurers, its access to capital, its unrealized (losses) gains on derivative financial instruments or its investment returns; (3) changes in the world's credit markets, segments thereof or general economic conditions; (4) more severe or frequent losses implicating the adequacy of Assured Guaranty's expected loss estimates; (5) the impact of market volatility on the mark-to-market of Assured Guaranty's contracts written in credit default swap form; (6) reduction in the amount of reinsurance portfolio opportunities available to Assured Guaranty; (7) deterioration in the financial condition of our reinsurers, the amount and timing of reinsurance recoverable actually received and the risk that reinsurers may dispute amounts owed to us under our reinsurance agreements; (8) the possibility that Assured Guaranty will not realize insurance loss recoveries or damages expected from originators, sellers, sponsors, underwriters or servicers of residential mortgage-backed securities transactions; (9) decreased demand or increased competition; (10) changes in applicable accounting policies or practices; (11) changes in applicable laws or regulations, including insurance and tax laws; (12) other governmental actions; (13) difficulties with the execution of Assured Guaranty's business strategy; (14) contract cancellations; (15) Assured Guaranty's dependence on customers; (16) loss of key personnel; (17) adverse technological developments; (18) the effects of mergers, acquisitions and divestitures; (19) natural or man-made catastrophes; (20) other risks and uncertainties that have not been identified at this time; (21) management's response to these factors; and (22) other risk factors identified in Assured Guaranty's filings with the SEC. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the dates on which they are made. Assured Guaranty undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Assured Guaranty Corp.
Selected Financial Highlights
(dollars in millions)

			Three Months Ended December 31,						Year Ended December 31,

			2010			2009			2010			2009
Operating income reconciliation:
	Operating income (loss) ¹		$	(52.8	)	$	(37.4	)	$	(49.0	)	$	(130.0	)
	Plus after-tax adjustments:
		Realized gains (losses) on investments		0.1			(2.1	)		1.6			1.9
		Non-credit impairment unrealized fair value gains (losses) on credit derivatives		(57.9	)		(58.8	)		(12.6	)		(165.3	)
		Fair value gains (losses) on committed capital securities		1.3			(3.2	)		4.6			(30.6	)
		Foreign exchange gains (losses) on revaluation of premiums receivable		(0.5	)		0.4			(2.4	)		2.8
		Effect of consolidating financial guaranty variable interest entities ("VIEs") ²		(7.4	)		-			9.9			-
		Goodwill impairment		-			-			-			(85.4	)

	Net income (loss)		$	(117.2	)	$	(101.1	)	$	(47.9	)	$	(406.6	)

Return on equity ("ROE") calculations ³:
	ROE, excluding unrealized gain (loss) on investment portfolio			(41.7	)%		(41.6	)%		(4.2	)%		(36.1	)%
	Operating ROE			(14.0	)%		(11.3	)%		(3.2	)%		(9.2	)%
Other Information
	Gross par written		$	911		$	6,491		$	6,763		$	46,633

			As of

			December 31, 2010			December 31, 2009
Reconciliation of shareholder's equity to adjusted book value:
	Shareholder's equity attributable to Assured Guaranty Corp.		$	1,074.1		$	1,226.2
	Less after-tax adjustments:
		Effect of consolidating financial guaranty VIEs ²		(30.0	)		-
		Non-credit impairment unrealized fair value gains (losses) on credit derivatives		(385.1	)		(380.7	)
		Fair value gains (losses) on committed capital securities		7.2			2.6
		Unrealized gain (loss) on investment portfolio excluding foreign exchange effect		13.5			27.6

	Operating shareholder's equity		$	1,468.5		$	1,576.7
	After-tax adjustments
		Less: Deferred acquisition costs		37.6			29.3
		Plus: Net present value of estimated net future credit derivative revenue		199.4			244.8
		Plus: Net unearned premium reserve on financial guaranty contracts in excess of expected loss to be expensed		595.6			651.3

	Adjusted book value		$	2,225.9		$	2,443.5

Other Information
	Net debt service outstanding		$	171,047		$	186,606
	Net par outstanding			118,908			130,468
	Claims-paying resources ⁴			3,621			3,759

1. The Company has revised its definition of operating income in 2010 to exclude foreign exchange revaluation gains and losses on premiums receivable. Prior periods are presented on a consistent basis.

2. Effective January 1, 2010, GAAP accounting required the consolidation of VIEs where the Company is determined to be the control party through rights under our financial guaranty insurance contracts. For those VIEs that the Company consolidates, it records all of the activities of the VIE and eliminates the related insurance accounting. Operating income and operating shareholder's equity reverse the financial effect of consolidating these entities and accounts for them as financial guaranty insurance contracts in order to present the Company's insured obligations on a consistent basis.

3. Quarterly ROE calculations represent annualized returns.

4. See page 6.

Note: Please refer to the endnotes for an explanation of the non-GAAP financial measures.

Page 1

Assured Guaranty Corp.
Consolidated Statements of Operations
(dollars in millions)

			Three Months Ended December 31,						Year Ended December 31,

			2010			2009			2010			2009
Revenues:
	Net earned premiums		$	24.4		$	30.9		$	106.7		$	138.7
	Net investment income			24.9			18.3			88.1			76.6
	Net realized investment gains (losses)			0.1			(3.2	)		2.4			3.0
	Net change in fair value of credit derivatives:
		Credit derivative revenues		23.8			21.5			86.6			88.9
		Losses incurred on credit derivatives		(71.6	)		(61.4	)		(144.7	)		(230.6	)
		Net unrealized gains (losses), excluding losses incurred		(89.1	)		(90.5	)		(19.4	)		(254.4	)

		Net change in fair value of credit derivatives		(136.9	)		(130.4	)		(77.5	)		(396.1	)
	Fair value gains (losses) on committed capital securities			2.0			(4.9	)		7.1			(47.1	)
	Net change in financial guaranty VIEs			(16.2	)		-			11.2			-
	Other income			(0.5	)		0.8			(4.8	)		5.4

		Total revenues		(102.2	)		(88.5	)		133.2			(219.5	)
Expenses:
	Loss and loss adjustment expenses			55.0			47.4			111.2			193.0
	Amortization of deferred acquisition costs			6.3			3.8			16.2			6.7
	Interest expense			3.7			0.5			15.0			0.5
	Goodwill impairment			-			-			-			85.4
	Other operating expenses			18.6			19.9			84.1			86.8

		Total expenses		83.6			71.6			226.5			372.4

	Income (loss) before income taxes			(185.8	)		(160.1	)		(93.3	)		(591.9	)
	Provision (benefit) for income taxes			(68.6	)		(59.0	)		(45.4	)		(185.3	)

	Net income (loss)		$	(117.2	)	$	(101.1	)	$	(47.9	)	$	(406.6	)
	Less after-tax adjustments:
		Realized gains (losses) on investments		0.1			(2.1	)		1.6			1.9
		Non-credit impairment unrealized fair value gains (losses) on credit derivatives		(57.9	)		(58.8	)		(12.6	)		(165.3	)
		Fair value gains (losses) on committed capital securities		1.3			(3.2	)		4.6			(30.6	)
		Foreign exchange gains (losses) on revaluation of premiums receivable		(0.5	)		0.4			(2.4	)		2.8
		Effect of consolidating financial guaranty VIEs ¹		(7.4	)		-			9.9			-
		Goodwill impairment		-			-			-			(85.4	)

	Operating income (loss)		$	(52.8	)	$	(37.4	)	$	(49.0	)	$	(130.0	)

	Effect of refundings and accelerations, net
	Earned premiums from refundings and accelerations, net		$	0.2		$	6.4		$	4.3		$	53.8
	Operating income effect		$	-		$	2.5		$	2.1		$	34.0

1. Effective January 1, 2010, GAAP accounting required the consolidation of VIEs where the Company is determined to be the control party through rights under our financial guaranty insurance contracts. For those VIEs that the Company consolidates, it records all of the activities of the VIE and eliminates the related insurance accounting. Operating income reverses the financial effect of consolidating these entities and accounts for them as financial guaranty insurance contracts in order to present the Company's insured obligations on a consistent basis.

Note: Please refer to the endnotes for an explanation of the non-GAAP financial measures.

Page 2

Assured Guaranty Corp.
Net Income (Loss) Reconciliation to Operating Income (1 of 2)
(in millions)

				Three Months Ended December 31, 2010									Three Months Ended December 31, 2009

				GAAP Income Statement As Reported			Less: Operating Income Adjustments			Non-GAAP Operating Income Results			GAAP Income Statement As Reported			Less: Operating Income Adjustments			Non-GAAP Operating Income Results
Revenues:
	Net earned premiums			$	24.4		$	(0.4	)	$	24.8		$	30.9		$	-		$	30.9
	Net investment income				24.9			-			24.9			18.3			-			18.3
	Net realized investment gains (losses)				0.1			0.1			-			(3.2	)		(3.2	)		-
	Net change in fair value of credit derivatives:
		Realized gains and other settlements			28.1			28.1			-			18.4			18.4			-
		Net unrealized gains (losses)			(165.0	)		(165.0	)		-			(148.8	)		(148.8	)		-
		Credit derivative revenues			-			(23.8	)		23.8			-			(21.5	)		21.5
		Losses incurred on credit derivatives			-			71.6			(71.6	)		-			61.4			(61.4	)

			Net change in fair value of credit derivatives		(136.9	)		(89.1	)		(47.8	)		(130.4	)		(90.5	)		(39.9	)
	Fair value gain (loss) on committed capital securities				2.0			2.0			-			(4.9	)		(4.9	)		-
	Net change in financial guaranty VIEs				(16.2	)		(16.2	)		-			-			-			-
	Other income				(0.5	)		(0.8	)		0.3			0.8			0.6			0.2

	Total revenues				(102.2	)		(104.4	)		2.2			(88.5	)		(98.0	)		9.5
Expenses:
	Loss and loss adjustment expenses				55.0			(5.2	)		60.2			47.4			-			47.4
	Amortization of deferred acquisition costs				6.3			-			6.3			3.8			-			3.8
	Interest expense				3.7			-			3.7			0.5			-			0.5
	Goodwill impairment				-			-			-			-			-			-
	Other operating expenses				18.6			-			18.6			19.9			-			19.9

	Total expenses				83.6			(5.2	)		88.8			71.6			-			71.6

	Income (loss) before income taxes				(185.8	)		(99.2	)		(86.6	)		(160.1	)		(98.0	)		(62.1	)
	Provision (benefit) for income taxes				(68.6	)		(34.8	)		(33.8	)		(59.0	)		(34.3	)		(24.7	)

	Net income (loss)			$	(117.2	)	$	(64.4	)	$	(52.8	)	$	(101.1	)	$	(63.7	)	$	(37.4	)

Note: Please refer to the endnotes for an explanation of non-GAAP financial measures.

Page 3

Assured Guaranty Corp.
Net Income (Loss) Reconciliation to Operating Income (2 of 2)
(in millions)

				Year Ended December 31, 2010									Year Ended December 31, 2009

				GAAP Income Statement As Reported			Less: Operating Income Adjustments			Non-GAAP Operating Income Results			GAAP Income Statement As Reported			Less: Operating Income Adjustments			Non-GAAP Operating Income Results
Revenues:
	Net earned premiums			$	106.7		$	(1.4	)	$	108.1		$	138.7		$	-		$	138.7
	Net investment income				88.1			-			88.1			76.6			-			76.6
	Net realized investment gains (losses)				2.4			2.4			-			3.0			3.0			-
	Net change in fair value of credit derivatives:
		Realized gains and other settlements			73.7			73.7			-			85.3			85.3			-
		Net unrealized gains (losses)			(151.2	)		(151.2	)		-			(481.4	)		(481.4	)		-
		Credit derivative revenues			-			(86.6	)		86.6			-			(88.9	)		88.9
		Losses incurred on credit derivatives			-			144.7			(144.7	)		-			230.6			(230.6	)

			Net change in fair value of credit derivatives		(77.5	)		(19.4	)		(58.1	)		(396.1	)		(254.4	)		(141.7	)
	Fair value gain (loss) on committed capital securities				7.1			7.1			-			(47.1	)		(47.1	)		-
	Net change in financial guaranty VIEs				11.2			11.2			-			-			-			-
	Other income				(4.8	)		(3.8	)		(1.0	)		5.4			4.2			1.2

	Total revenues				133.2			(3.9	)		137.1			(219.5	)		(294.3	)		74.8
Expenses:
	Loss and loss adjustment expenses				111.2			(5.5	)		116.7			193.0			-			193.0
	Amortization of deferred acquisition costs				16.2			-			16.2			6.7			-			6.7
	Interest expense				15.0			-			15.0			0.5			-			0.5
	Goodwill impairment				-			-			-			85.4			85.4			-
	Other operating expenses				84.1			-			84.1			86.8			-			86.8

	Total expenses				226.5			(5.5	)		232.0			372.4			85.4			287.0

	Income (loss) before income taxes				(93.3	)		1.6			(94.9	)		(591.9	)		(379.7	)		(212.2	)
	Provision (benefit) for income taxes				(45.4	)		0.5			(45.9	)		(185.3	)		(103.1	)		(82.2	)

	Net income (loss)			$	(47.9	)	$	1.1		$	(49.0	)	$	(406.6	)	$	(276.6	)	$	(130.0	)

Note: Please refer to the endnotes for an explanation of non-GAAP financial measures.

Page 4

Assured Guaranty Corp.
Consolidated Balance Sheets
(in millions)

			As of

			December 31, 2010		December 31, 2009
Assets:
	Investment portfolio:
		Fixed maturity securities, available-for-sale, at fair value	$	2,488.9	$	2,045.2
		Short-term investments, at fair value		235.7		802.6
		Other invested assets		12.5		-

	Total investment portfolio			2,737.1		2,847.8
	Cash			16.6		2.5
	Premiums receivable, net of ceding commissions payable			269.6		351.4
	Ceded unearned premium reserve			388.6		435.3
	Deferred acquisition costs			57.9		45.2
	Reinsurance recoverable on unpaid losses			68.1		50.7
	Salvage and subrogation recoverable			184.0		169.9
	Credit derivative assets			399.5		252.0
	Deferred tax asset, net			342.6		241.8
	Current income tax receivable			38.3		60.1
	Financial guaranty VIE assets¹, at fair value			966.0		-
	Other assets			74.6		43.1

Total assets			$	5,542.9	$	4,499.8

Liabilities and shareholder's equity:
Liabilities:
	Unearned premium reserve		$	1,323.1	$	1,451.6
	Loss and loss adjustment expense reserve			231.1		191.2
	Reinsurance balances payable, net			121.6		166.0
	Note payable to affiliate			300.0		300.0
	Credit derivative liabilities			1,360.4		1,076.7
	Financial guaranty VIE liabilities with recourse¹, at fair value			523.5		-
	Financial guaranty VIE liabilities without recourse¹, at fair value			495.7		-
	Other liabilities			113.4		88.1

Total liabilities				4,468.8		3,273.6
Shareholder's equity:
	Preferred stock			-		-
	Common stock			15.0		15.0
	Additional paid-in capital			1,037.1		1,037.1
	Retained earnings ¹			15.9		153.7
	Accumulated other comprehensive income			6.1		20.4

Total shareholder's equity				1,074.1		1,226.2

Total liabilities and shareholder's equity			$	5,542.9	$	4,499.8

Page 5

Assured Guaranty Corp.
Claims Paying Resources
(dollars in millions)

		As of

		December 31, 2010		December 31, 2009
Claims paying resources
Policyholders' surplus		$	854	$	1,224
Contingency reserve			703		556

	Qualified statutory capital		1,557		1,780
Unearned premium reserve			877		887
Loss and loss adjustment expense reserve ¹			448		280

	Total policyholders' surplus and reserves		2,882		2,947
Present value of installment premium ²			539		612
Standby line of credit/stop loss			200		200

	Total claims paying resources	$	3,621	$	3,759

Net par outstanding ³		$	118,898	$	130,468
Net debt service outstanding ³			171,037		186,606
Ratios:
	Net par outstanding to qualified statutory capital		76:1		73:1
	Capital ratio ⁴		110:1		105:1
	Financial resources ratio ⁵		47:1		50:1

1. Reserves as of December 31, 2010 and December 31, 2009 are reduced by approximately $0.3 billion and $0.3 billion, respectively, for the benefit related to representation and warranty recoverables.

2. Includes financial guaranty insurance and credit derivatives.

3. Net par outstanding and net debt service outstanding are presented on a statutory basis. Under statutory accounting, such amounts would be reduced both when an outstanding issue is legally defeased (i.e., the rights and interests of bondholders and their lien on pledged revenues or other security are terminated in accordance with bond documentation) and when such issue is economically defeased (i.e., bond documentation does not provide a procedure for termination of such rights, interests and lien other than through payment of all outstanding debt in full; funds are deposited in an escrow account for future payment of the debt; and if the funds deposited prove insufficient to pay the outstanding debt in full, the issuer continues to be legally obligated to make payment on such debt).

4. The capital ratio is calculated by dividing net debt service outstanding by qualified statutory capital.

5. The financial resources ratio is calculated by dividing net debt service outstanding by total claims paying resources.

Page 6

Assured Guaranty Corp.
New Business Production
(in millions)

				Three Month Ended December 31,						Year Ended December 31,

				2010			2009			2010			2009
Consolidated new business production analysis:
	Present value of new business production ("PVP")
		Public finance - U.S.
			Primary markets	$	6.2		$	82.2		$	36.3		$	527.2
			Secondary markets		-			13.9			10.1			56.1
		Public finance - non-U.S.
			Primary markets		-			-			-			1.6
			Secondary markets		-			-			0.7			0.2
		Structured finance - U.S.			15.8			4.7			27.0			21.3
		Structured finance - non-U.S.			-			-			-			-

	Total PVP				22.0			100.8			74.1			606.4
		Less: PVP of credit derivatives			-			-			-			2.4

	PVP of financial guaranty insurance				22.0			100.8			74.1			604.0
		Less: Financial guaranty installment premium PVP			16.1			18.8			28.1			52.1

	Total: Financial guaranty upfront gross written premiums ("GWP")				5.9			82.0			46.0			551.9
		Plus: Financial guaranty installment adjustment ¹			(48.3	)		(10.8	)		(25.9	)		25.0

	Total financial guaranty GWP				(42.4	)		71.2			20.1			576.9
	Plus: other segment GWP				-			-			-			-

	Total GWP			$	(42.4	)	$	71.2		$	20.1		$	576.9

	Consolidated financial guaranty gross par written:
	Public finance - U.S.
			Primary markets	$	547		$	4,806		$	3,472		$	42,784
			Secondary markets		2			435			295			1,309
	Public finance - non-U.S.
			Primary markets		-			-			-			226
			Secondary markets		-			-			34			90
	Structured finance - U.S.				362			1,250			2,962			2,224
	Structured finance - non-U.S.				-			-			-			-

		Total		$	911		$	6,491		$	6,763		$	46,633

1. Represents present value of new business on installment policies plus GWP adjustment on existing installment deals due to changes in assumptions.

Note: Please refer to the endnotes for an explanation of the non-GAAP financial measures.

Page 7

Assured Guaranty Corp.
Financial Guaranty Gross Par Written
(in millions)

Financial Guaranty Gross Par Written by Asset Type

			Three Months Ended December 31, 2010				Year Ended December 31, 2010

			Gross Par Written		Avg. Rating ¹		Gross Par Written		Avg. Rating ¹
Sector:
U.S. public finance
	General obligation		$	329		A	$	2,401		A
	Municipal utilities			104		A		513		A-
	Higher education			114		A-		415		A
	Tax backed			1		A-		264		A
	Transportation			1		A		163		A
	Healthcare			-				11		A

		Total U.S. public finance		549		A		3,767		A
Non-U.S. public finance:
	Infrastructure finance			-		-		34		BBB

		Total non-U.S. public finance		-		-		34		BBB

Total public finance			$	549		A	$	3,801		A

U.S. structured finance
Consumer receivables			$	-		-	$	1,600		AAA
Structured credit				362		A-		362		A-
Other structured finance				-		-		1,000		AAA

		Total U.S. structured finance		362		A-		2,962		AA+
Non-U.S. structured finance:
		Total non-U.S. structured finance		-				-

Total structured finance			$	362		A-	$	2,962		AA+

Total gross par written			$	911		A	$	6,763		AA-

1. Assured Guaranty's internal rating. The Company's ratings scale is similar to that used by the nationally recognized statistical rating organizations ("NRSROs"); however, the ratings in the above table may not be the same as ratings assigned by any such rating agency.

Note: Please refer to the Glossary for a description of select types of U.S. public finance, non-U.S. public finance, U.S. structured finance and non-U.S. structured finance obligations that the Company insures and reinsures.

Page 8

Assured Guaranty Corp.
Underwriting Gain (Loss)
(in millions)

																											Full Year

			1Q-09			2Q-09			3Q-09			4Q-09			1Q-10			2Q-10			3Q-10			4Q-10			2009			2010
Income statement:
Net earned premiums:
	Scheduled net earned premiums:
		Public finance - U.S.	$	13.0		$	15.0		$	(0.7	)	$	14.0		$	10.9		$	19.3		$	15.7		$	17.5		$	41.3		$	63.4
		Public finance - non-U.S.		0.8			0.6			0.8			0.6			6.1			(4.9	)		2.2			0.5			2.8			3.9
		Structured finance - U.S.		1.1			18.2			9.2			9.0			9.6			9.1			8.1			5.8			37.5			32.6
		Structured finance - non-U.S.		10.2			(8.7	)		0.9			0.9			0.8			0.9			1.4			0.8			3.3			3.9

	Total scheduled net earned premiums			25.1			25.1			10.2			24.5			27.4			24.4			27.4			24.6			84.9			103.8
	Net earned premiums from refundings and accelerations			42.6			1.6			3.2			6.4			2.1			1.4			0.6			0.2			53.8			4.3

Total net earned premiums				67.7			26.7			13.4			30.9			29.5			25.8			28.0			24.8			138.7			108.1
Credit derivative revenues ¹				23.0			22.0			22.4			21.5			20.7			20.9			21.2			23.8			88.9			86.6
Other income				0.7			0.5			(0.2	)		0.2			0.4			(0.4	)		(1.3	)		0.3			1.2			(1.0	)

	Total underwriting revenues			91.4			49.2			35.6			52.6			50.6			46.3			47.9			48.9			228.8			193.7
Loss and loss adjustment expenses				21.4			46.4			77.8			47.4			34.5			3.7			18.3			60.2			193.0			116.7
Losses incurred on credit derivatives ²				1.1			26.2			141.9			61.4			64.6			(0.4	)		8.9			71.6			230.6			144.7

	Total losses incurred			22.5			72.6			219.7			108.8			99.1			3.3			27.2			131.8			423.6			261.4
Amortization of deferred acquisition costs				(0.3	)		3.1			0.1			3.8			4.1			1.6			4.2			6.3			6.7			16.2
Operating expenses				15.2			14.2			13.8			14.6			24.5			15.8			17.4			17.3			57.8			75.0

	Total underwriting expenses			37.4			89.9			233.6			127.2			127.7			20.7			48.8			155.4			488.1			352.6

		Underwriting gain (loss) ³	$	54.0		$	(40.7	)	$	(198.0	)	$	(74.6	)	$	(77.1	)	$	25.6		$	(0.9	)	$	(106.5	)	$	(259.3	)	$	(158.9	)

1. Includes premiums and ceding commissions.

2. Includes paid and payable losses and received and receivable recoveries.

3. The Company has revised its definition of underwriting gain in 2010 to exclude foreign exchange revaluation gains and losses on premiums receivable. 2009 amounts are presented on a consistent basis.

Page 9

Assured Guaranty Corp.
Investment Portfolio, Available-For-Sale
As of December 31, 2010
(dollars in millions)

				Amortized Cost				Fair Value		Annualized Investment Income ¹

Investment portfolio, available for sale:
Fixed maturity securities:
	U.S. Treasury securities and obligations of U.S. government agencies			$	313.4	2.54%	1.65%	$	325.7	$	7.9
	Agency obligations				152.2	2.89%	1.88%		158.6		4.4
	Obligations of states and political subdivisions				1,089.1	4.33%	4.07%		1,076.7		47.2
	Insured obligations of state and political subdivisions ²				363.7	4.75%	4.50%		360.8		17.3
	Corporate securities				217.0	3.45%	2.24%		224.8		7.5
	Mortgage-backed securities ("MBS"):
		Residential MBS ("RMBS")			115.0	4.30%	2.79%		113.5		4.9
		Commercial MBS ("CMBS")			76.0	5.37%	3.49%		80.3		4.1
	Asset-backed securities ³				57.0	2.60%	1.69%		59.3		1.5
	Foreign government securities				84.4	3.80%	2.47%		89.2		3.2

			Total fixed maturity securities		2,467.8	3.97%	3.34%		2,488.9		98.0
Short-term investments					235.7	0.15%	0.10%		235.7		0.3

			Total	$	2,703.5	3.64%	3.06%	$	2,724.6	$	98.3

Ratings ⁴ :			Fair Value

	Treasury and government obligations of U.S. government agencies		$	325.7	13.1%
	Agency obligations			158.6	6.4%
	AAA/Aaa			607.5	24.4%
	AA/Aa			1,012.0	40.7%
	A/A			324.0	13.0%
	BBB			13.6	0.5%
	Below investment grade ("BIG") ⁵			47.5	1.9%

		Total fixed maturity securities available for sale	$	2,488.9	100.0%

Duration of available-for-sale investment portfolio (in years):					5.7

Average ratings of available-for-sale investment portfolio					AA

1. Represents annualized investment income based on amortized cost and pre-tax book yields.

2. Reflects obligations of state and local political subdivisions that have been insured by other financial guarantors. The underlying ratings of these bonds, after giving effect to the lower of the rating assigned by Standard & Poor's Rating Services ("S&P") or Moody's Investors Service, Inc. ("Moody's") average AA-.

3. Contains no collateralized debt obligations ("CDOs") of asset-backed securities ("ABS").

4. Ratings are represented by the lower of the Moody's and S&P classifications except for bonds purchased for loss mitigation or risk management strategies which use internal ratings classifications.

5. Included in the investment portfolio are securities purchased or obtained as part of loss mitigation or other risk management strategies of $152.9 million in par with carrying value of $47.5 million.

Page 10

Assured Guaranty Corp.
Estimated Net Exposure Amortization ¹ and Estimated Future Net Earned Premium and Credit Derivative Revenues
(in millions)

						Financial Guaranty Insurance ²

		Estimated Net Debt Service Amortization		Estimated Ending Net Debt Service Outstanding		Expected PV Net Earned Premiums		Accretion of Discount		Future Net Earned Premiums		Future Credit Derivative Revenues ³		Total
2010 (as of December 31)				$	171,047
2011			10,272		160,775	$	75.7	$	5.7	$	81.4	$	67.0	$	148.4
2012			11,845		148,930		71.5		5.2		76.7		60.1		136.8
2013			11,970		136,960		66.5		4.6		71.1		49.2		120.3
2014			14,094		122,866		60.8		4.2		65.0		35.9		100.9
2015			12,678		110,188		56.9		3.9		60.8		26.1		86.9
2011-2015			60,859		110,188		331.4		23.6		355.0		238.3		593.3
2016-2020			35,274		74,914		229.4		14.5		243.9		75.7		319.6
2021-2025			27,734		47,180		160.5		8.9		169.4		47.9		217.3
2026-2030			18,512		28,668		105.6		5.3		110.9		36.6		147.5
After 2030			28,668		-		107.6		2.8		110.4		55.9		166.3

	Total	$	171,047			$	934.5	$	55.1	$	989.6	$	454.4	$	1,444.0

1. Represents the future expected amortization of current debt service outstanding (principal and interest), assuming no advance refundings, as of December 31, 2010. Actual amortization may differs from expected maturities because borrowers may have the right to call or prepay guaranteed obligations and because of management's assumptions on structured finance amortization.

2. See page 12 for "Present Value of Financial Guaranty Insurance Net Loss to be Expensed."

3. Excludes contracts with credit impairment.

Page 11

Assured Guaranty Corp.
Present Value ("PV") of Financial Guaranty Insurance Net Loss to be Expensed
(in millions)

		Net Expected Loss to be Expensed ¹

Financial guaranty insurance losses to be expensed:
2011 (January 1 - March 31)		$	0.5
2011 (April 1 - June 30)			0.5
2011 (July 1 - September 30)			0.5
2011 (October 1 - December 31)			0.4
2012			1.7
2013			1.5
2014			1.3
2015			1.1
2011-2015			7.5
2016-2020			4.2
2021-2025			2.1
2026-2030			1.6
After 2030			2.0

	Total expected PV of net loss to be expensed		17.4
Discount			125.3

	Total future value	$	142.7

1. The expected present value of net loss to be expensed is discounted by weighted-average risk free rates ranging from 0% to 5.34%.

Page 12

Assured Guaranty Corp.
Financial Guaranty Profile (1 of 3)
(in millions)

Net Par Outstanding and Average Rating by Asset Type

			As of December 31, 2010

			Net Par Outstanding		Avg. Rating ¹
U.S. public finance:
	General obligation		$	25,281	A
	Tax backed			11,791	A
	Municipal utilities			9,002	A
	Transportation			6,538	A
	Healthcare			5,035	A
	Higher education			3,447	A
	Infrastructure finance			962	BBB
	Investor-owned utilities			577	A-
	Housing			246	AA-
	Other public finance			1,701	A

		Total U.S. public finance		64,580	A
Non-U.S. public finance:
	Pooled infrastructure			1,849	AA
	Infrastructure finance			1,192	BBB
	Regulated utilities			1,070	A-
	Other public finance			92	AA-

		Total non-U.S. public finance		4,203	A

Total public finance			$	68,783	A

U.S. structured finance:
	Pooled corporate obligations		$	20,871	AA+
	RMBS			9,710	BB+
	CMBS and other commercial real estate related exposures			5,467	AAA
	Consumer receivables			2,283	AAA
	Commercial receivables			1,054	BBB+
	Structured credit			916	BBB
	Insurance securitizations			243	A
	Other structured finance			117	A-

		Total U.S. structured finance		40,661	AA-
Non-U.S. structured finance:
	Pooled corporate obligations			6,830	AAA
	RMBS			1,240	AAA
	Commercial receivables			560	A-
	Structured credit			364	BBB
	Insurance securitizations			279	CCC-
	CMBS and other commercial real estate related exposures			188	AAA
	Other structured finance			3	A

		Total non-U.S. structured finance		9,464	AA+

Total structured finance			$	50,125	AA-

Total net par outstanding			$	118,908	A+

Page 13

Assured Guaranty Corp.
Financial Guaranty Profile (2 of 3)
(in millions)

Distribution by Ratings of Financial Guaranty Portfolio

		As of December 31, 2010

		Public Finance - U.S.				Public Finance - Non-U.S.				Structured Finance - U.S.				Structured Finance - Non-U.S.				Consolidated
Ratings¹ :		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%

Super senior		$	-		0.0%	$	955		22.7%	$	6,919		17.0%	$	2,313		24.4%	$	10,187		8.6%
AAA			126		0.2%		13		0.3%		16,143		39.7%		4,666		49.3%		20,948		17.6%
AA			11,240		17.4%		257		6.1%		3,326		8.2%		434		4.6%		15,257		12.8%
A			41,849		64.8%		1,368		32.5%		2,966		7.3%		266		2.8%		46,449		39.1%
BBB			10,565		16.4%		1,409		33.5%		3,627		8.9%		1,230		13.0%		16,831		14.2%
BIG			800		1.2%		201		4.9%		7,680		18.9%		555		5.9%		9,236		7.7%

	Total net par outstanding	$	64,580		100.0%	$	4,203		100.0%	$	40,661		100.0%	$	9,464		100.0%	$	118,908		100.0%

Ceded Par Outstanding by Reinsurer and Insurer Financial Strength Rating

Reinsurer				Ceded Par Outstanding


Affiliated companies		A1	AA	$	42,989	92.8%
Non-affiliated companies:
	RAM Reinsurance Co. Ltd.	WR	WR		2,904	6.3%
	Radian Asset Assurance Inc.	Ba1	BB-		183	0.4%
	Ambac Assurance Corporation	Caa2	WR		109	0.2%
	MBIA Insurance Corporation	B3	B		108	0.2%
	Other	Various	Various		36	0.1%

Non-affiliated companies					3,340	7.2%

	Total			$	46,329	100.0%

1. Assured Guaranty's internal rating. The Company's ratings scale is similar to that used by the NRSROs; however, the ratings in the above table may not be the same as ratings assigned by any such rating agency. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured Guaranty's AAA-rated exposure on its internal rating scale has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured Guaranty's exposure or (2) Assured Guaranty's exposure benefiting from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss, and such credit enhancement, in management's opinion, causes Assured Guaranty's attachment point to be materially above the AAA attachment point.

Page 14

Assured Guaranty Corp.
Financial Guaranty Profile (3 of 3)
(dollars in millions)

Geographic Distribution of Financial Guaranty Portfolio as of December 31, 2010

			Net Par Outstanding

U.S.:
Public finance:
	California		$	7,633	6.4%
	Texas			6,488	5.5%
	New York			4,973	4.2%
	Pennsylvania			4,715	4.0%
	Florida			4,587	3.9%
	Illinois			3,593	3.0%
	New Jersey			2,665	2.2%
	Puerto Rico			1,998	1.7%
	Alabama			1,970	1.7%
	Other states			25,958	21.8%

		Total U.S. public finance		64,580	54.4%
Structured finance (multiple states)				40,661	34.2%

		Total U.S.		105,241	88.6%

Non-U.S.:
	United Kingdom			6,227	5.2%
	Australia			1,058	0.9%
	Cayman Islands			734	0.6%
	Turkey			222	0.2%
	Other			5,426	4.5%

		Total non-U.S.		13,667	11.4%

	Total net par outstanding		$	118,908	100.0%

Page 15

Assured Guaranty Corp.
Direct Pooled Corporate Obligations Profile
(dollars in millions)

Distribution of Financial Guaranty Direct Pooled Corporate Obligations by Ratings as of December 31, 2010

Ratings ¹:		Net Par Outstanding

Super Senior		$	4,968	18.2%	41.7%	38.0%
AAA			16,474	60.2%	34.5%	32.1%
AA			1,444	5.3%	42.8%	38.0%
A			386	1.4%	53.9%	47.2%
BBB			1,871	6.8%	45.3%	34.9%
BIG			2,218	8.1%	45.4%	22.5%

	Total exposures	$	27,361	100.0%	38.2%	33.1%

Distribution of Financial Guaranty Direct Pooled Corporate Obligations by Asset Class as of December 31, 2010

Asset class:		Net Par Outstanding

CBOs/CLOs ³		$	18,499	67.6%	35.3%	32.5%	AAA
Market value CDOs ⁴ of corporate			3,109	11.4%	43.1%	39.3%	AAA
Trust preferred - banks and insurance ⁵			2,659	9.7%	46.8%	31.1%	BBB-
Trust preferred - U.S. mortgage and REITs ⁵ ⁶			1,827	6.7%	50.1%	33.2%	BB
Synthetic investment grade pooled corporate			702	2.6%	30.0%	30.1%	Super Senior
Trust preferred - european Mortgage and REITs ⁵ ⁶			565	2.0%	37.3%	33.9%	BBB-

	Total exposures	$	27,361	100.0%	38.2%	33.1%	AA+

2. "Average Credit Enhancement" is intended to provide a measure of the amount of equity and/or subordinated tranches that are junior in the capital structure to Assured Guaranty's exposure, expressed as a percentage of the total transaction size, and reflects any reduction of that credit support resulting from defaults or other factors. For transactions where excess spread may be available to absorb certain losses, the amounts shown above do not include any benefit from excess spread. The calculation methodologies differ for the various asset classes to reflect differences in transaction structures in order to provide a measure that management believes is comparable across asset classes. Data is obtained from third-party sources such as trustee reports and may be subject to misstatement or correction.

3. CBOs (collateralized bond obligations) /CLOs (collateralized loan obligations) are largely non-investment grade/high yield collateral.

4. CDOs are collateralized debt obligations.

5. Prior to fourth quarter 2010, the ratio of average current credit enhancement for Trust Preferred Pooled Corporate Obligations was based on the value of the collateral as reported by the trustees, which for non-performing or low-rated collateral varied by transaction in accordance with the individual transaction documents. Beginning fourth quarter 2010, Assured Guaranty has made the measure consistent across transactions, assigning a value of 100% of the par to all performing securities, applying a standard haircut for restructured performing collateral, assigning recovery assumptions for defaulted collateral by collateral type, and making additional negative adjustments for transactions where the notional amount of interest rate hedges materially exceeds the amount of performing collateral requiring hedges.

6. REITs are real estate investment trusts.

Page 16

Assured Guaranty Corp.
Consolidated U.S. RMBS Profile
(dollars in millions)

Distribution of U.S. RMBS by Rating ¹ and Type of Exposure as of December 31, 2010

Ratings ¹:		Prime First Lien		Closed End Seconds		HELOC ²		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		Total Net Par Outstanding

AAA		$	2	$	0	$	12	$	12	$	-	$	753	$	780
AA			27		28		5		134		22		1,274		1,490
A			14		0		-		77		96		858		1,045
BBB			19		-		9		809		87		357		1,282
BIG			487		200		492		2,551		754		627		5,111

	Total exposures	$	549	$	228	$	519	$	3,584	$	959	$	3,869	$	9,710

Distribution of U.S. RMBS by Year Insured and Type of Exposure as of December 31, 2010

Year insured ³:		Prime First Lien		Closed End Seconds		HELOC		Alt-A First Lien		Alt-A Option ARMs		Subprime First Lien		Total Net Par Outstanding

2004 and prior		$	44	$	0	$	31	$	38	$	39	$	239	$	391
2005			115		-		198		261		23		28		626
2006			-		-		-		-		32		2,873		2,905
2007			390		228		291		1,989		783		729		4,410
2008			-		-		-		1,295		82		-		1,377

	Total exposures	$	549	$	228	$	519	$	3,584	$	959	$	3,869	$	9,710

Distribution of U.S. RMBS by Rating ¹ and Year Insured as of December 31, 2010

Year insured:		AAA Rated		AA Rated		A Rated		BBB Rated		BIG Rated		Total

2004 and prior		$	117	$	63	$	46	$	133	$	31	$	391
2005			28		-		75		54		469		626
2006			628		1,273		805		99		100		2,905
2007			7		29		38		477		3,860		4,410
2008			-		125		82		519		651		1,377

	Total exposures	$	780	$	1,490	$	1,045	$	1,282	$	5,111	$	9,710

% of total			8.0%		15.4%		10.8%		13.2%		52.6%		100.0%

2. Home equity line of credit ("HELOC") securitizations.

3. AGC has not insured any U.S. RMBS transactions since 2008.

Page 17

Assured Guaranty Corp.
Financial Guaranty Direct U.S. RMBS Profile (1 of 2)
(dollars in millions)

Distribution of Financial Guaranty Direct U.S. RMBS Insured January 1, 2005 or Later by Exposure Type, Average Pool Factor, Subordination, Cumulative Losses and 60+ Day Delinquencies as of December 31, 2010 ¹

U.S. Prime First Lien

Year insured:	Net Par Outstanding

2005	$	115	50.4%	4.9%	0.9%	7.9%	6
2006		-	-	-	-	-	-
2007		390	62.9%	10.3%	2.4%	14.7%	1
2008		-	-	-	-	-	-

	$	505	60.0%	9.1%	2.0%	13.2%	7

U.S. Closed End Seconds

Year insured:	Net Par Outstanding

2005	$	-	-	-	-	-	-
2006		-	-	-	-	-	-
2007		228	31.8%	1.3%	56.2%	13.0%	5
2008		-	-	-	-	-	-

	$	228	31.8%	1.3%	56.2%	13.0%	5

U.S. HELOC

Year insured:	Net Par Outstanding

2005	$	198	20.6%	0.0%	18.4%	16.4%	2
2006		-	-	-	-	-	-
2007		291	38.6%	0.0%	36.4%	10.0%	2
2008		-	-	-	-	-	-

	$	489	31.3%	0.0%	29.1%	12.6%	4

U.S. Alt-A First Lien

Year insured:	Net Par Outstanding

2005	$	261	44.1%	11.7%	2.9%	15.9%	13
2006		-	-	-	-	-	-
2007		1,989	59.6%	9.2%	8.2%	33.1%	8
2008		1,295	55.5%	26.3%	9.4%	30.9%	5

	$	3,546	56.9%	15.7%	8.3%	31.0%	26

1. Net par outstanding is based on values as of December 31, 2010. All performance information such as pool factor, subordination, cumulative losses and delinquency is based on December 31, 2010 information obtained from Intex, Bloomberg, and/or provided by the trustee and may be subject to restatement or correction.

2. Pool factor is the percentage of the current collateral balance divided by the original collateral balance of the transactions at inception.

3. Represents the sum of subordinate tranches and over-collateralization, expressed as a percentage of total transaction size and does not include any benefit from excess interest collections that may be used to absorb losses.

4. Cumulative losses are defined as net charge-offs on the underlying loan collateral divided by the original pool balance.

5. 60+ day delinquencies are defined as loans that have been delinquent for more than 60 days and all loans that are in foreclosure, bankruptcy or real estate owned ("REO"), divided by net par outstanding.

Page 18

Assured Guaranty Corp.
Financial Guaranty Direct U.S. RMBS Profile (2 of 2)
(dollars in millions)

U.S. Alt-A Option ARMs

Year insured:	Net Par Outstanding

2005	$	23	23.4%	24.3%	4.0%	21.7%	1
2006		32	38.1%	9.2%	8.0%	23.5%	1
2007		783	60.8%	8.1%	9.2%	33.0%	5
2008		82	62.2%	49.4%	8.1%	35.1%	1

	$	921	59.2%	12.2%	8.9%	32.6%	8

U.S. Subprime First Lien

Year insured:	Net Par Outstanding

2005	$	28	20.3%	83.6%	10.9%	61.5%	1
2006		2,873	25.0%	62.0%	13.7%	41.1%	2
2007		729	36.6%	27.9%	20.0%	47.2%	4
2008		-	-	-	-	-	-

	$	3,630	27.3%	55.3%	15.0%	42.5%	7

2. Pool factor is the percentage of the current collateral balance divided by the original collateral balance of the transactions at inception.

4. Cumulative losses are defined as net charge-offs on the underlying loan collateral divided by the original pool balance.

5. 60+ day delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or REO divided by net par outstanding.

Page 19

Assured Guaranty Corp.
Financial Guaranty Direct U.S. Commercial Real Estate Profile
(dollars in millions)

Distribution of Financial Guaranty Direct U.S. CMBS Insured January 1, 2005 or Later by Exposure Type, Internal Rating ¹, Average Pool Factor, Subordination, Cumulative Losses and 60+ Day Delinquencies as of December 31, 2010 ²

U.S. CMBS

Rating:	Net Par Outstanding

Super senior	$	3,349	88.3%	31.4%	0.7%	8.3%	183
AAA		196	82.6%	27.3%	0.4%	13.2%	9
AA		525	85.3%	14.1%	0.9%	7.3%	29
A		370	75.2%	12.9%	0.8%	8.9%	11
BBB		-	-	-	-	-	-
BIG		-	-	-	-	-	-

Total exposures	$	4,440	86.6%	27.6%	0.7%	8.5%	232

CDOs of U.S. Commercial Real Estate and CMBS ⁷

	Net Par Outstanding

CDOs of commercial real estate	$	557	55.8%	49.7%	50.5%
CDO of CMBS ⁹		442	44.2%	30.4%	47.9%

Total exposures	$	999	100.0%	41.2%	49.3%

1. Assured Guaranty's internal rating. The Company's ratings scale is similar to that used by the NRSROs; however, the ratings in the above table may not be the same as ratings assigned by any such rating agency. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured Guaranty's AAA- rated exposure has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured Guaranty's exposure or (2) Assured Guaranty's exposure benefiting from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss, and such credit enhancement, in management's opinion, causes Assured Guaranty's attachment point to be materially above the AAA attachment point.

2. Net par outstanding is based on values as of December 31, 2010. All performance information such as pool factor, subordination, cumulative losses and delinquency is based on December 31, 2010 information obtained from Intex, Bloomberg, and/or provided by the trustee and may be subject to restatement or correction.

3. Pool factor is the percentage of the current collateral balance divided by the original collateral balance of the transactions at inception.

4. Represents the sum of subordinate tranches and over-collateralization, expressed as a percentage of total transaction size and does not include any benefit from excess interest collections that may be used to absorb losses.

5. Cumulative losses are defined as net charge-offs on the underlying loan collateral divided by the original pool balance.

6. 60+ day delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or REO divided by net par outstanding.

7. Represents U.S. other CMBS not included in the table above.

8. "Average Credit Enhancement" is intended to provide a measure of the amount of equity and/or subordinated tranches that are junior in the capital structure to Assured Guaranty's exposure, expressed as a percentage of the total transaction size, and reflects any reduction of that credit support resulting from defaults or other factors. For transactions where excess spread may be available to absorb certain losses, the amounts shown above do not include any benefit from excess spread. The calculation methodologies differ for the various asset classes to reflect differences in transaction structures in order to provide a measure that management believes is comparable across asset classes. Data is obtained from third-party sources such as trustee reports and may be subject to misstatement or correction.

9. Relates to vintages 2003 and prior.

Page 20

Assured Guaranty Corp.
Direct U.S. Consumer Receivables Profile
(dollars in millions)

Distribution of Direct U.S. Consumer Receivables by Rating ¹ as of December 31, 2010

Rating:		Credit Cards		Student Loans		Auto		Total Net Par Outstanding

Super senior		$	863	$	-	$	-	$	863
AAA			-		1,029		-		1,029
AA			-		-		-		-
A			-		-		246		246
BBB			-		-		44		44
BIG			-		-		-		-

	Total exposures	$	863	$	1,029	$	290	$	2,182

Average rating ¹			Super Senior		AAA		A		AAA
Avg. initial credit enhancement ²			53.7%		7.1%		19.8%		27.2%
Avg. current credit enhancement ²			56.8%		8.5%		30.7%		30.5%

1. Assured Guaranty's internal rating. The Company's ratings scale is similar to that used by the NRSROs; however, the ratings in the above table may not be the same as ratings assigned by any such rating agency. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured Guaranty's AAA- rated exposure on its internal rating scale has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured Guaranty's exposure or (2) Assured Guaranty's exposure benefiting from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss, and such credit enhancement, in management's opinion, causes Assured Guaranty's attachment point to be materially above the AAA attachment point.

Page 21

Assured Guaranty Corp.
Direct Credit Derivative Net Par Outstanding Profile
(dollars in millions)

Distribution of Direct Credit Derivative Net Par Outstanding by Rating

		December 31, 2010

Ratings ¹:		Net Par Outstanding		% of Total
Super senior		$	9,325		21.9%
AAA			17,799		41.8%
AA			3,232		7.6%
A			2,998		7.0%
BBB			3,321		7.8%
BIG			5,892		13.9%

	Total direct credit derivative net par outstanding	$	42,567		100.0%

Distribution of Direct Credit Derivative Net Par Outstanding by Sector and Average Rating

			December 31, 2010

			Net Par Outstanding		Average Rating ¹
Public finance
	U.S. public finance		$	-		-
	Non-U.S. public finance			2,830		A+

Total public finance			$	2,830		A+

U.S. structured finance:
	Pooled corporate obligations		$	18,235		AA+
	RMBS			7,445		BBB-
	CMBS			5,272		AAA
	Commercial receivables			581		BBB+
	Consumer receivables			462		AAA
	Structured credit			191		BB
	Insurance securitizations			75		BBB
	Other structured finance			95		AA-

		Total U.S. structured finance		32,356		AA-

Non-U.S. structured finance:
	Pooled corporate obligations			6,204		AAA
	RMBS			887		AAA
	CMBS			189		AAA
	Structured credit			71		BBB
	Insurance securitizations			30		CCC

		Total non-U.S. structured finance		7,381		AAA

Total structured finance			$	39,737		AA

	Total direct credit derivative net par outstanding		$	42,567		AA

Page 22

Assured Guaranty Corp.
Below Investment Grade Exposures (1 of 3)
As of December 31, 2010
(in millions)

			Net Par Outstanding

BIG Exposures by Asset Exposure Type
U.S. public finance:
	Municipal utilities		$	193
	Transportation			162
	Tax backed			113
	General obligation			111
	Healthcare			98
	Infrastructure finance			26
	Higher education			12
	Housing			1
	Other public finance			84

		Total U.S. public finance		800
Non-U.S. public finance:
	Infrastructure finance			201

		Total non-U.S. public finance		201

Total public finance			$	1,001

U.S. structured finance:
RMBS			$	5,111
Pooled corporate obligations				2,224
Structured credit				245
Commercial receivables				67
Consumer receivables				13
Other structured finance				20

		Total U.S. structured finance		7,680

Non-U.S. structured finance:
Insurance securitizations				279
Pooled corporate obligations				276

		Total non-U.S. structured finance		555

Total structured finance			$	8,235

Total BIG net par outstanding			$	9,236

Page 23

Assured Guaranty Corp.
Below Investment Grade Exposures (2 of 3)
As of December 31, 2010
(dollars in millions)

Net Par Outstanding by BIG Category ¹

			Financial Guaranty Insurance and Credit Derivatives BIG Surveillance Categories

			December 31, 2010		December 31, 2009
Category 1
	U.S. public finance		$	502	$	280
	Non-U.S. public finance			200		65
	U.S. structured finance			2,434		1,543
	Non-U.S. structured finance			276		—

		Total Category 1		3,412		1,888
Category 2
	U.S. public finance			47		63
	Non-U.S. public finance			1		4
	U.S. structured finance			3,641		4,179
	Non-U.S. structured finance			—		—

		Total Category 2		3,689		4,246
Category 3
	U.S. public finance			251		271
	Non-U.S. public finance			—		36
	U.S. structured finance			1,605		1,507
	Non-U.S. structured finance			279		279

		Total Category 3		2,135		2,093

Total BIG net par outstanding			$	9,236	$	8,227

1. Assured Guaranty's surveillance department is responsible for monitoring our portfolio of credits and maintains a list of BIG credits. During the fourth quarter of 2010 the Company revised the definitions of the three BIG surveillance categories to more closely track Risk Management personnel's view of whether a transaction is expected to experience a loss, without regard to whether the probability weighted expected loss exceeded the unearned premium reserve. While the revisions resulted in a number of transactions moving between BIG categories, the Company estimates that the revisions had a relatively small impact on the totals in each category. BIG Category 1: Below investment grade transactions showing sufficient deterioration to make lifetime losses possible, but for which none are currently expected. Transactions on which claims have been paid but are expected to be fully reimbursed (other than investment grade transactions on which only liquidity claims have been paid) are in this category. BIG Category 2: Below investment grade transactions for which lifetime losses are expected but for which no claims (other than liquidity claims) have yet been paid. BIG Category 3: Below investment grade transactions for which lifetime losses are expected and on which claims (other than liquidity claims) have been paid. Transactions remain in this category when claims have been paid and only a recoverable remains.

Page 24

Assured Guaranty Corp.
Below Investment Grade Exposures (3 of 3)
As of December 31, 2010
(dollars in millions)

BIG Exposures Greater Than $50 Million

Name or description				Net Par Outstanding		Internal Rating ¹	Current Credit Enhancement	60+ Day Delinquencies ²

U.S. public finance:
	Jefferson County Alabama Sewer			$	192	D
	San Joaquin Hills California Transportation				162	BB
	Detroit (City of) Michigan				87	BB+
	Orlando Tourist Development Tax - Florida				57	BB+
	St. Barnabas Health System - New Jersey				55	BB

			Total	$	553
Non-U.S. public finance:
	Reliance Rail Finance Pty. Limited			$	117	BB
	Alte Liebe I Limited (Wind Farm)				57	BB

		Total		$	174
U.S. structured finance:
	U.S. RMBS:
	Deutsche Alt-A Securities Mortgage Loan 2007-2			$	582	CCC	1.6%	31.6%
	Mortgage IT Securities Corp. Mortgage Loan 2007-2				390	B	10.3%	14.7%
	Private Residential Mortgage Transaction				346	CCC	24.8%	32.8%
	Deutsche Alt-A Securities Mortgage Loan 2007-3				343	B	6.2%	22.1%
	Private Residential Mortgage Transaction				341	B	21.8%	29.5%
	CWALT Alternative Loan Trust 2007-HY9				317	CCC	6.4%	47.5%
	Private Residential Mortgage Transaction				311	BB	21.8%	28.7%
	Private Residential Mortgage Transaction				310	B	14.7%	36.2%
	Countrywide Home Equity Loan Trust 2007-D				277	CCC	0.0%	10.3%
	AAA Trust 2007-2				273	CCC	34.5%	47.3%
	Countrywide Home Equity Loan Trust 2005-J				163	CCC	0.0%	16.3%
	CWALT 2007-OA10				123	CCC	10.5%	53.7%
	Lehman Excess Trust 2007-16N				105	CCC	8.6%	43.2%
	ACE Home Equity Loan Trust 2007-SL3				96	B	0.0%	16.3%
	Taylor Bean & Whitaker 2007-2				90	CCC	0.0%	30.8%
	MASTR Asset Backed Securities Trust 2005-NC2				68	B	15.1%	39.5%
	CSAB Mortgage-Backed Trust 2007-1				52	CCC	0.0%	33.6%

		Total U.S. RMBS		$	4,187
	Other:
	Taberna Preferred Funding IV, LTD.				219	CCC	26.1%	N/A
	Taberna Preferred Funding III, LTD.				215	CCC	16.7%	N/A
	Alesco Preferred Funding XVI, LTD.				215	B-	7.8%	N/A
	Trapeza CDO XI				196	BB	26.8%	N/A
	Weinstein Film Securitization				191	BB	N/A	N/A
	Taberna Preferred Funding II, LTD.				176	CCC	21.0%	N/A
	Attentus CDO I Limited				172	BB	30.0%	N/A
	Alesco Preferred Funding XVII, LTD.				172	B-	15.8%	N/A
	Attentus CDO II Limited				142	BB	26.7%	N/A
	Trapeza CDO X, LTD.				133	BB	29.4%	N/A
	Taberna Preferred Funding VI, LTD.				114	CCC	25.7%	N/A
	US Capital Funding IV, LTD.				113	B-	13.4%	N/A
	Preferred Term Securities XVI, LTD.				101	B	26.5%	N/A
	Capco - Excess SIPC Excess of Loss Reinsurance				54	BB	N/A	N/A

		Total other		$	2,213

			Total	$	6,400
Non-U.S. structured finance:
	Orkney Re II, Plc Series A-1 Floating Rate Notes			$	149	CCC	N/A	N/A
	Ballantyne Re PLC				130	CC	N/A	N/A
	Augusta Funding Limited 05 Perpetual Note Issue				82	BB	N/A	N/A
	Augusta Funding Limited 07 Perpetual Note Issue				77	BB	N/A	N/A

			Total	$	438

Total				$	7,565

2. 60+ day delinquencies are defined as loans that are greater than 60 days delinquent and all loans that are in foreclosure, bankruptcy or REO divided by net par outstanding.

Page 25

Assured Guaranty Corp.
Largest Exposures by Sector (1 of 4)
As of December 31, 2010
(dollars in millions)

50 Largest U.S Public Finance Exposures

Credit name:		Net Par Outstanding		Internal Rating ¹

California (State of)		$	1,017	A-
Puerto Rico (Commonwealth of)			907	BBB-
North Texas Tollway Authority			699	A
Miami-Dade County Florida Aviation Authority - Miami International Airport			683	A+
Miami-Dade County Florida School District			651	A-
Pennsylvania Turnpike Commission			590	A+
Georgia Board of Regents Revenue Stream			590	A
Philadelphia (City of) Pennsylvania			580	BBB+
New Jersey (State of)			568	AA-
New York (State of)			509	AA
Puerto Rico Highway and Transportation Authority			500	BBB
Houston Texas Water and Sewer Authority			482	A+
New York (City of) New York			465	AA
Dade County, Florida General Obligation			401	AA-
Chicago-O'Hare International Airport			368	A
San Francisco Airports Commission			362	A
Michigan (State of)			355	A+
Denver (City and County of) Colorado Airport Revenue Bonds			353	A+
Dormitory Authority of the State of New York School District			315	A
The Indianapolis Local Public Improvement Bond Bank, Indiana			305	AA-
Puerto Rico Aqueduct & Sewer Authority			288	BBB-
Chicago Illinois Public Schools			285	A+
New York MTA Transportation Authority			283	A
Piedmont Municipal Power Authority - South Carolina			272	A-
American Municipal Power-Ohio, Inc. - Prairie State			269	A
Metro Wash Airports Authority Dulles Toll Road			269	BBB+
Kentucky (Commonwealth of)			263	AA-
New Jersey Higher Education Student Assistance 2008-A			263	A
Massachusetts Turnpike Authority Revenue Stream			260	A
Chicago Transit Authority Capital Grant Receipts			252	A
Louisville Arena Authority Inc.			247	BBB-
Dallas (City of) Texas Civic Center Convention Complex			243	A
Long Island Power Authority			240	A-
North Carolina Eastern Municipal Power Agency			239	BBB
Louisiana (State of)			236	AA-
Oakland (City of) California General Obligation			226	A
Florida (State of) Department of Environmental Protection			222	A+
Virtua Health - New Jersey			221	A
Orange County Schools, Florida			218	A+
Massachusetts (Commonwealth of)			213	AA
Nassau County, New York			209	A
District of Columbia Water and Sewer Authority Public Utility Bonds			205	A+
Yankee Stadium LLC (New York City Industrial Development Authority)			205	BBB-
North Carolina Turnpike Authority - Triangle Expressway			204	BBB-
Orlando Tourist Development Tax - Florida			200	A
Iowa Health System			195	A+
Jefferson County Alabama Sewer			192	D
Port Authority of New York and New Jersey			190	AA-
Matanuska-Sustina Borough, AK			180	A+
Indianapolis Gas Utility Revenue Stream			170	A

	Total top 50 U.S. public finance exposures	$	17,659

Page 26

Assured Guaranty Corp.
Largest Exposures by Sector (2 of 4)
As of December 31, 2010
(dollars in millions)

50 Largest U.S Structured Finance Exposures

Credit name:		Net Par Outstanding

Deutsche Alt-A Securities Mortgage Loan 2007-2		$	582	CCC	1.6%
ARES Enhanced Credit Opportunities Fund			506	AAA	42.5%
280 Funding I			495	AAA	39.1%
Private Consumer Receivable Transaction			488	Super Senior	49.4%
Private Structured Credit Transaction			400	BBB+	N/A
MortgageIT Securities Corp. Mortgage Loan 2007-2			390	B	10.3%
SLM Private Credit Student Trust 2007-A			375	AAA	11.3%
Private Residential Mortgage Transaction			346	CCC	24.8%
Deutsche ALT-A Securities Mortgage Loan 2007-3			343	B	6.2%
Private Residential Mortgage Transaction			341	B	21.8%
KKR Financial CLO 2007-1			341	AAA	51.4%
Sandelman Finance 2006-1 Limited			338	AAA	40.5%
Private Residential Mortgage Transaction			337	BBB-	22.0%
SLM Student Loan Trust 2007-6			333	AAA	3.4%
CWALT Alternative Loan Trust 2007-HY9			317	CCC	6.4%
Liberty CLO LTD Series			316	Super Senior	36.0%
Private Residential Mortgage Transaction			310	BB	21.8%
Private Residential Mortgage Transaction			310	B	14.7%
ARES Enhanced Credit Opportunities Fund			308	AAA	42.5%
Private Consumer Receivable Transaction			300	Super Senior	62.2%
Symphony Credit Opportunities Fund			295	AAA	46.2%
Countrywide Home Equity Loan Trust 2007-D			277	CCC	0.0%
Wasatch CLO, LTD.			273	AAA	22.6%
AAA Trust 2007-2			273	CCC	34.5%
CDX.NA.IG.8 5-YR 30-100%			273	Super Senior	30.3%
Geer Mountain Financing, LTD.			270	AAA	31.0%
Cent CDO XI Limited			270	AAA	21.9%
SLM Private Credit Student Loan Trust 2006-C			267	AAA	10.5%
Southfork CLO LTD. Series 2005-A1			265	AAA	29.6%
Alesco Preferred Funding XIV			264	BBB-	28.4%
Advantage Capital Holdings II, L.L.C.			262	A-	N/A
HSAM Long/Short 2007-2			255	AAA	30.4%
Babcock & Brown Air Funding I LTD. Series 2007-1			245	A-	N/A
Sandelman Finance 2006-2, LTD.			235	AAA	33.5%
Fortress Credit Funding I LP			234	Super Senior	41.6%
Fortress Credit Funding III			234	AAA	50.5%
Newstar Credit Opportunities Funding II LTD			231	AAA	30.5%
Kodiak CDO II			231	AA	49.3%
Blue Mountain CLO LTD. 2005-1			227	Super Senior	34.5%
CDX.NA.IG.4 7-YR 30-100%			225	Super Senior	29.7%
Kingsland IV			225	AAA	21.1%
Baker Street CLO II			224	AAA	21.9%
RAIT Preferred Funding II, LTD.			223	AAA	47.5%
Denali Credit Opportunity Fund			221	AAA	32.0%
Taberna Preferred Funding IV, LTD.			219	CCC	26.1%
Kingsland V			219	AAA	25.0%
Franklin CLO V Limited			219	AAA	26.1%
Foothill CLO I, LTD.			217	AAA	27.5%
Taberna Preferred Funding III, LTD.			215	CCC	16.7%
Alesco Preferred Funding XVI, LTD.			215	B-	7.8%

	Total top 50 U.S. structured finance exposures	$	14,779

1. Assured Guaranty's internal rating. The Company's ratings scale is similar to that used by the NRSROs; however, the ratings in the above table may not be the same as ratings assigned by any such rating agency. The super senior category, which is not generally used by rating agencies, is used by the Company in instances where Assured Guaranty's AAA- rated exposure on its internal rating scale has additional credit enhancement due to either (1) the existence of another security rated AAA that is subordinated to Assured Guaranty's exposure or (2) Assured Guaranty's exposure benefiting from a different form of credit enhancement that would pay any claims first in the event that any of the exposures incurs a loss, and such credit enhancement, in management's opinion, causes Assured Guaranty's attachment point to be materially above the AAA attachment point.

Page 27

Assured Guaranty Corp.
Largest Exposures by Sector (3 of 4)
As of December 31, 2010
(dollars in millions)

25 Largest Non-U.S. Exposures

Credit name:		Net Par Outstanding		Internal Rating ¹

Essential Public Infrastructure Capital II		$	735	Super Senior
Fortress Credit Investments I			734	AAA
Global Senior Loan Index Fund 1 B.V.			439	Super Senior
Windmill CLO I PLC			412	Super Senior
Paragon Mortgages (No.13) PLC			348	AAA
Broadcast Australia Finance			347	BBB
Harvest CLO III			340	AAA
RMF Euro CDO V PLC			318	AAA
Taberna Europe CDO I PLC			299	BBB-
International Infrastructure Pool			298	A-
International Infrastructure Pool			298	A-
International Infrastructure Pool			298	A-
Wood Street CLO V B.V.			293	Super Senior
Neptuno CLO I B.V.			287	AAA
Halcyon Structured Management Europe CLO 2007-I			282	Super Senior
Airspeed Limited Series 2007-1			275	BBB+
Alpstar CLO 2 PLC			273	Super Senior
Taberna Europe CDO II PLC			265	BBB-
Highlander Euro CDO			261	Super Senior
Dalradian European CLO IV B.V.			240	AAA
North Westerly CLO III B.V.			228	AAA
Stichting Profile Securitisation I			221	Super Senior
Dalradian European CLO II B.V.			206	AA
RMF Euro CDO IV PLC			201	AAA
Dalradian European CLO III B.V.			193	Super Senior

	Total top 25 largest non-U.S. exposures	$	8,091

Page 28

Assured Guaranty Corp.
Largest Exposures by Sector (4 of 4)
As of December 31, 2010
(dollars in millions)

10 Largest U.S. Residential Mortgage Servicers Exposures

Servicer:		Net Par Outstanding

Bank of America, N.A. ¹		$	2,663
Wells Fargo Bank, N.A.			1,477
GMAC Mortgage Corporation			1,431
American Home Mortgage Servicing, Inc.			1,149
JPMorgan Chase Bank			765
Ocwen Loan Servicing, LLC.			348
Carrington Mortgage Services			327
Wilshire Credit Corporation			324
Select Portfolio Servicing, Inc.			239
OneWest Bank Group LLC			225

	Total top 10 U.S. residential mortgage servicers exposures	$	8,948

10 Largest U.S. Healthcare Exposures

Credit name:		Net Par Outstanding

Virtua Health - New Jersey		$	221	A	NJ
Iowa Health System			195	A+	IA
CHRISTUS Health			167	A+	TX
Children's Hospital - Alabama			162	A+	AL
Integris Health, Inc.			162	AA-	OK
Fairview Health Services			157	A	MN
Spartanburg Regional Medical Center			141	A	SC
Essentia Health			139	A-	MN
Meridian Health System			135	A-	NJ
Methodist Healthcare, TN			135	A	TN

	Total top 10 U.S. healthcare exposures	$	1,614

1. Includes Countrywide Home Loans Servicing LP.

2. Assured Guaranty's internal rating. The Company's ratings scale is similar to that used by the NRSROs; however, the ratings in the above table may not be the same as ratings assigned by any such rating agency.

Page 29

Assured Guaranty Corp.
Loss and Loss Adjustment Expense ("LAE") Reserves and Credit Impairment by Segment
(in millions)

		As of December 31, 2010

		Financial Guaranty Direct		Financial Guaranty Reinsurance		Total Financial Guaranty		Other		Total
Insurance reserves:
Gross		$	175.8	$	54.1	$	229.9	$	1.2	$	231.1
Ceded			66.9		-		66.9		1.2		68.1

	Net insurance reserves	$	108.9	$	54.1	$	163.0	$	-	$	163.0

Salvage and subrogation recoverable:
Gross		$	181.9	$	2.1	$	184.0	$	-	$	184.0
Ceded ¹			52.4		-		52.4		-		52.4

	Net salvage and subrogation recoverable	$	129.5	$	2.1	$	131.6	$	-	$	131.6

Credit impairment on credit derivative contracts ²:
Gross		$	479.4	$	-	$	479.4	$	-	$	479.4
Ceded			92.4		-		92.4		-		92.4

	Net credit derivative credit impairment	$	387.0	$	-	$	387.0	$	-	$	387.0

Net loss and LAE reserves on financial guaranty insurance and credit derivative contracts, net of reinsurance ³
Net loss and LAE reserves on financial guaranty contracts net of ceded reinsurance		$	108.9	$	54.1	$	163.0
Credit impairment on credit derivative contracts			387.0		-		387.0

	Net Loss and LAE reserves and credit impairment	$	495.9	$	54.1	$	550.0

1. Recorded in "reinsurance balances payable, net" on the consolidated balance sheets.

2. Credit derivative assets and liabilities recorded on the balance sheet incorporate credit impairment on credit derivatives.

3. Gross of salvage and subrogation assets.

Page 30

Assured Guaranty Corp.
Rollforward of Net Expected Loss and LAE to be Paid
As of December 31, 2010
(in millions)

Rollforward of Net Expected Loss and LAE to be Paid for the Three Months Ended December 31, 2010

Financial Guaranty Insurance Contracts and Credit Derivatives				Expected Loss to be Paid as of September 30, 2010			Loss Development and Accretion of Discount for 4Q-10 ¹			Less: Paid Losses 4Q-10			Expected Loss to be Paid as of December 31, 2010

U.S. RMBS
	First lien:
		Prime first lien		$	1.3		$	(0.5	)	$	-		$	0.8
		Alt-A first lien			155.9			47.1			7.7			195.3
		Alt-A option ARMs			140.3			(0.8	)		0.5			139.0
		Subprime first lien			82.0			20.6			2.7			99.9

			Total first lien		379.5			66.4			10.9			435.0
	Second lien:
		Closed end seconds			(16.5	)		26.5			16.3			(6.3	)
		HELOC			(249.2	)		162.3			31.4			(118.3	)

			Total second lien		(265.7	)		188.8			47.7			(124.6	)

			Total U.S. RMBS		113.8			255.2			58.6			310.4
	TruPS				72.6			(2.3	)		2.5			67.8
	Other structured finance				170.4			(115.9	)		(12.6	)		67.1
	Public finance				21.9			29.8			4.4			47.3

Total				$	378.7		$	166.8		$	52.9		$	492.6

Rollforward of Net Expected Loss and LAE to be Paid for the Year Ended December 31, 2010

Financial Guaranty Insurance Contracts and Credit Derivatives				Expected Loss to be Paid as of January 1, 2010			Loss Development and Accretion of Discount for 2010 ¹		Less: Paid Losses During 2010			Expected Loss to be Paid as of December 31, 2010

U.S. RMBS
	First lien:
		Prime first lien		$	-		$	0.8	$	-		$	0.8
		Alt-A first lien			125.4			76.8		6.9			195.3
		Alt-A option ARMs			128.3			34.4		23.7			139.0
		Subprime first lien			48.2			59.0		7.3			99.9

			Total first lien		301.9			171.0		37.9			435.0
	Second lien:
		Closed end seconds			17.4			25.7		49.4			(6.3	)
		HELOC			(107.5	)		71.4		82.2			(118.3	)

			Total second lien		(90.1	)		97.1		131.6			(124.6	)

			Total U.S. RMBS		211.8			268.1		169.5			310.4
	TruPS				45.4			24.9		2.5			67.8
	Other structured finance				24.7			23.3		(19.1	)		67.1
	Public finance				55.8			23.1		31.6			47.3

Total				$	337.7		$	339.4	$	184.5		$	492.6

1. Includes the effect of changes in the Company's estimate of future recovery on representations and warranties ("R&W").

Page 31

Assured Guaranty Corp.
Financial Guaranty Insurance and Credit Derivatives U.S. RMBS R&W Benefit Development
(dollars in millions)

Financial Guaranty Insurance and Credit Derivatives U.S. RMBS R&W Benefit Development for the Three Months Ended December 31, 2010

			Future Net R&W Benefit at September 30, 2010		Development and Accretion of Discount During 4Q-10			Less: R&W Recovered During 4Q-10		Future Net R&W Benefit at December 31, 2010

Financial guaranty insurance:
	Prime first lien		$	0.5	$	0.1		$	-	$	0.6
	Alt-A first lien			10.1		-			-		10.1
	Alt-A option ARMs			16.8		11.0			13.5		14.3
	Subprime first lien			-		-			-		-
	Closed end seconds			63.1		3.9			-		67.0
	HELOC			174.2		(7.0	)		4.7		162.5

		Total	$	264.7	$	8.0		$	18.2	$	254.5

Credit derivatives			$	62.6	$	(13.8	)	$	-		48.8

Financial Guaranty Insurance and Credit Derivatives U.S. RMBS R&W Benefit Development for the Year Ended December 31, 2010

			Future Net R&W Benefit at December 31, 2009		R&W Development and Accretion of Discount During 2010			Less: R&W Recovered During 2010		Future Net R&W Benefit at December 31, 2010

Financial guaranty insurance:
	Prime first lien		$	-	$	0.6		$	-	$	0.6
	Alt-A first lien			8.8		1.3			-		10.1
	Alt-A option ARMs			16.3		13.6			15.6		14.3
	Subprime first lien			-		-			-		-
	Closed end seconds			64.2		2.8			-		67.0
	HELOC			193.4		(2.9	)		28.0		162.5

		Total	$	282.7	$	15.4		$	43.6	$	254.5

Credit derivatives			$	24.4	$	24.4		$	-		48.8

Financial Guaranty Insurance and Credit Derivatives U.S. RMBS Debt Services on Policies With R&W Benefit as of December 31, 2010 and 2009

			# of Insurance Policies with R&W Benefit Recorded as of December 31,				Outstanding Principal and Interest on Policies with R&W Benefit Recorded as of December 31,

			2010		2009		2010		2009
Financial guaranty insurance:
	Prime first lien			1		-	$	28.6
	Alt-A first lien			6		6		353.3		312.8
	Alt-A option ARMs			1		1		67.9		81.3
	Subprime first lien			-		-		-		-
	Closed end seconds			2		2		156.5		187.9
	HELOC			3		3		492.3		606.3

		Total		13		12	$	1,098.6	$	1,188.3

Credit derivatives				6		1	$	2,626.4	$	1,496.4

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Assured Guaranty Corp.
Financial Guaranty Direct and Reinsurance Segment Losses Incurred and Paid
As of December 31, 2010
(in millions)

Financial Guaranty Insurance Contracts and Credit Derivatives				Total Net Par Outstanding for BIG Transactions		4Q-10 Losses Incurred			2010 Losses Incurred			Net Reserve and Credit Impairment			Net Salvage and Subrogation Assets			Expected Loss to be Expensed

Financial guaranty direct and reinsurance:
	First lien:
		Prime first lien		$	486.5	$	0.2		$	0.5		$	0.6		$	-		$	-
		Alt-A first lien			2,551.3		42.7			56.2			171.8			-			1.5
		Alt-A option ARMs			754.2		14.9			33.9			137.8			-			1.1
		Subprime first lien			626.8		26.3			62.8			91.5			-			1.5

			Total first lien		4,418.8		84.1			153.4			401.7			-			4.1
	Second lien:
		Closed end seconds			200.1		7.2			4.0			6.0			16.2			3.9
		HELOC			492.4		24.7			39.9			2.3			120.7			0.1

			Total second lien		692.5		31.9			43.9			8.3			136.9			4.0

			Total U.S. RMBS		5,111.3		116.0			197.3			410.0			136.9			8.1
	Other structured finance				3,123.7		1.1			53.4			113.0			2.3			6.3
	Public finance				1,001.4		14.6			10.6			44.4			1.3			3.8

Total financial guaranty direct and reinsurance				$	9,236.4	$	131.7		$	261.3		$	567.4		$	140.5		$	18.2

Effect of consolidating financial guaranty VIEs					-		(5.2	)		(5.5	)		(17.4	)		(8.9	)		(0.8	)

Total				$	9,236.4	$	126.5		$	255.8		$	550.0		$	131.6		$	17.4

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Assured Guaranty Corp.
Summary of Statutory Financial and Statistical Data
(dollars in millions)

				Year Ended December 31,

				2010			2009			2008			2007			2006
Statutory Data
	Net income (loss)			$	(182.1	)	$	(243.1	)	$	27.7		$	71.6		$	64.3
	Policyholders' surplus			$	854		$	1,224		$	378		$	400		$	286
	Contingency reserve				703			556			712			582			631

			Qualified statutory capital		1,557			1,780			1,090			982			917
	Unearned premium reserve				877			887			570			302			239
	Loss and LAE reserves				448			280			15			12			15

			Total policyholders' surplus and reserves		2,882			2,947			1,675			1,296			1,171
	Present value of installment premium				539			612			566			554			356
	Standby line of credit / stop loss				200			200			200			280			455

			Total claims-paying resources	$	3,621		$	3,759		$	2,441		$	2,130		$	1,982

Statutory Financial Ratios
		Loss and LAE ratio			181.8	%		243.9	%		90.3	%		(13.5	)%		4.5	%
		Expense ratio			66.0	%		15.4	%		11.5	%		49.9	%		64.8	%

		Combined ratio			247.8	%		259.3	%		101.8	%		36.4	%		69.3	%

Other Financial Information (Statutory Basis)
	Net debt service outstanding (end of period)			$	171,037		$	186,606		$	164,283		$	128,351		$	85,522
	Gross debt service outstanding (end of period)				238,455			259,867			225,152			172,046			112,115
	Net par outstanding (end of period)				118,898			130,468			111,025			94,127			68,370
	Gross par outstanding (end of period)				165,227			180,765			152,801			127,743			91,858
	Ceded par to all Assured Guaranty companies				42,989			46,411			37,372			29,087			22,569
	Ratios:
		Par insured to statutory capital			76:1			73:1			102:1			75:1			75:1
		Capital ratio ¹			110:1			105:1			151:1			93:1			93:1
		Financial resources ratio ²			47:1			50:1			67:1			43:1			43:1
	Gross debt service written:
		Public finance — U.S.		$	5,876		$	78,012		$	56,864		$	8,142		$	3,440
		Public finance — non-U.S.			51			522			771			5,202			7,402
		Structured finance — U.S.			2,962			2,480			13,228			35,396			26,848
		Structured finance — non-U.S.			-			-			5,265			10,061			5,843

	Total gross debt service written			$	8,889		$	81,014		$	76,128		$	58,801		$	43,533

1. The capital ratio is calculated by dividing net par and interest insured divided by qualified statutory capital.

2. The financial resources ratio is calculated by dividing net par and interest insured by total claims paying resources.

Page 34

Glossary

Below are the brief descriptions of selected types of U.S. public finance, non-U.S. public finance, U.S. structured finance and non-U.S. structured finance obligations that the Company insures and reinsures. For a more complete description, please refer to Assured Guaranty Ltd.'s 10-K report for the year ended December 31, 2010.

General Obligation Bonds are full faith and credit bonds that are issued by states, their political subdivisions and other municipal issuers, and are supported by the general obligation of the issuer to pay from available funds and by a pledge of the issuer to levy ad valorem taxes in an amount sufficient to provide for the full payment of the bonds.

Tax-Backed Bonds are obligations that are supported by the issuer from specific and discrete sources of taxation. They include tax-backed revenue bonds, general fund obligations and lease revenue bonds. Tax-backed obligations may be secured by a lien on specific pledged tax revenues, such as a gasoline or excise tax, or incrementally from growth in property tax revenue associated with growth in property values. These obligations also include obligations secured by special assessments levied against property owners and often benefit from issuer covenants to enforce collections of such assessments and to foreclose on delinquent properties. Lease revenue bonds typically are general fund obligations of a municipality or other governmental authority that are subject to annual appropriation or abatement; projects financed and subject to such lease payments ordinarily include real estate or equipment serving an essential public purpose. Bonds in this category also include moral obligations of municipalities or governmental authorities.

Municipal Utility Bonds are obligations of all forms of municipal utilities, including electric, water and sewer utilities and resource recovery revenue bonds. These utilities may be organized in various forms, including municipal enterprise systems, authorities or joint action agencies.

Transportation Bonds include a wide variety of revenue-supported bonds, such as bonds for airports, ports, tunnels, municipal parking facilities, toll roads and toll bridges.

Healthcare Bonds are obligations of healthcare facilities, including community based hospitals and systems, as well as of health maintenance organizations and long-term care facilities.

Higher Education Bonds are obligations secured by revenue collected by either public or private secondary schools, colleges and universities. Such revenue can encompass all of an institution's revenue, including tuition and fees, or in other cases, can be specifically restricted to certain auxiliary sources of revenue.

Housing Revenue Bonds are obligations relating to both single and multi-family housing, issued by states and localities, supported by cash flow and, in some cases, insurance from entities such as the Federal Housing Administration.

Infrastructure Bonds include obligations issued by a variety of entities engaged in the financing of infrastructure projects, such as roads, airports, ports, social infrastructure and other physical assets delivering essential services supported by long-term concession arrangements with a public sector entity.

Investor-Owned Utility Bonds are obligations primarily backed by investor-owned utilities, first mortgage bond obligations of for-profit electric or water utilities providing retail, industrial and commercial service, and also include sale-leaseback obligation bonds supported by such entities.

Regulated Utilities Obligations are issued by government-regulated providers of essential services and commodities, including electric, water and gas utilities. The majority of the Company's international regulated utility business is conducted in the UK.

Pooled Infrastructure Obligations are synthetic asset-backed obligations that take the form of CDS obligations or credit-linked notes that reference either infrastructure finance obligations or a pool of such obligations, with a defined deductible to cover credit risks associated with the referenced obligations.

Other public finance: primarily includes government insured student loans, government-sponsored project finance and structured municipal which includes excess of loss reinsurance on portfolios of municipal credits.

Pooled Corporate Obligations are securities primarily backed by various types of corporate debt obligations, such as secured or unsecured bonds, bank loans or loan participations and trust preferred securities. These securities are often issued in "tranches," with subordinated tranches providing credit support to the more senior tranches. The Company's financial guaranty exposures generally are to the more senior tranches of these issues.

Residential Mortgage-Backed Securities ("RMBS") and Home Equity Securities are obligations backed by closed-end first mortgage loans and closed- and open-end second mortgage loans or home equity loans on one-to-four family residential properties, including condominiums and cooperative apartments. First mortgage loan products in these transactions include fixed rate, adjustable rate ("ARM") and option adjustable-rate ("Option ARM") mortgages. The credit quality of borrowers covers a broad range, including "prime", "subprime" and "Alt-A". A prime borrower is generally defined as one with strong risk characteristics as measured by factors such as payment history, credit score, and debt-to-income ratio. A subprime borrower is a borrower with

Page 35

higher risk characteristics, usually as determined by credit score and/or credit history. An Alt-A borrower is generally defined as a prime quality borrower that lacks certain ancillary characteristics, such as fully documented income.

Structured Credit Securities include program-wide credit enhancement for commercial paper conduits in the U.S., and securities issued in whole business securitizations and intellectual property securitizations. Program-wide credit enhancement generally involves insuring against the default of ABS in a bank-sponsored commercial paper conduit. Securities issued in whole business and intellectual property securitizations are backed by revenue-producing assets sold to a limited-purpose company by an operating company, including franchise agreements, lease agreements, intellectual property and real property.

Consumer Receivables Securities are obligations backed by non-mortgage consumer receivables, such as automobile loans and leases, credit card receivables and other consumer receivables.

Commercial Mortgage-Backed Securities ("CMBS") and other real estate related exposures are obligations backed by pools of commercial mortgages. The collateral supporting CMBS include office, multi-family, retail, hotel, industrial and other specialized or mixed-use properties.

Commercial Receivables Securities are obligations backed by equipment loans or leases, fleet auto financings, business loans and trade receivables. Credit support is derived from the cash flows generated by the underlying obligations, as well as property or equipment values as applicable.

Insurance Securitization Securities are obligations secured by the future earnings from pools of various types of insurance/reinsurance policies and income produced by invested assets.

Other Structured Finance Securities are obligations backed by assets not generally described in any of the other described categories. One such type of asset is a tax benefit to be realized by an investor in one of the Federal or state programs that permit such investor to receive a credit against taxes (such as Federal corporate income tax or state insurance premium tax) for making qualified investments in specified enterprises, typically located in designated low-income areas.

Page 36

Endnotes related to non-GAAP financial measures discussed in the financial supplement:

The Company references financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP").

Assured Guaranty's management and board of directors utilize non-GAAP measures in evaluating the Company's financial performance and as a basis for determining senior management incentive compensation. By providing these non-GAAP financial measures, investors, analysts and financial news reporters have access to the same information that management reviews internally. In addition, Assured Guaranty's presentation of non-GAAP financial measures is consistent with how analysts calculate their estimates of Assured Guaranty's financial results in their research reports on Assured Guaranty and with how investors, analysts and the financial news media evaluate Assured Guaranty's financial results.

The following paragraphs define each non-GAAP financial measure and describe why it is useful. A reconciliation of the non-GAAP financial measure and the most directly comparable GAAP financial measure, if available, is presented within this financial supplement. Non-GAAP financial measures should not be viewed as substitutes for their most directly comparable GAAP measures.

Operating Income: Management believes that operating income is a useful measure because it clarifies the understanding of the underwriting results of the Company's financial guaranty insurance business, and also includes financing costs and net investment income, and enables investors and analysts to evaluate the Company's financial results as compared to the consensus analyst estimates distributed publicly by financial databases. Operating income is defined as net income (loss) attributable to Assured Guaranty Corp., as reported under GAAP, adjusted for the following:

1): Elimination of the after-tax realized gains (losses) on the Company's investments, including other than temporary impairments, and credit and interest rate related gains and losses from sales of securities. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate related gains or losses, is largely subject to the Company's discretion and influenced by market opportunities, as well as the Company's tax and capital profile. Trends in the underlying profitability of the Company's business can be more clearly identified without the fluctuating effects of these transactions.
2): Elimination of the after-tax non-credit impairment unrealized fair value gains (losses) on credit derivatives, which is the amount in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss. Additionally, such adjustments present all financial guaranty contracts on a more consistent basis of accounting, whether or not they are subject to derivative accounting rules.
3): Elimination of the after-tax fair value gains (losses) on the Company's committed capital securities. Such amounts are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.
4): Elimination of the after-tax foreign exchange gains (losses) on revaluation of net premium receivables. Long-dated receivables constitute a significant portion of the net premium receivable balance and represent the present value of future contractual or expected collections. Therefore, the current period's foreign exchange revaluation gains (losses) are not necessarily indicative of the total foreign exchange gains (losses) that the Company will ultimately recognize.
5): Elimination of the effects of consolidating certain financial guaranty VIEs in order to present all financial guaranty contracts on a more consistent basis of accounting, whether or not GAAP requires consolidation. GAAP requires the Company to consolidate certain VIEs that have issued debt obligations insured by the Company even though the Company does not own such VIEs and is not liable for such debt obligations.
6): Elimination of goodwill impairment.

Operating Shareholder's Equity: Management believes that operating shareholders' equity is a useful measure because it presents the equity of Assured Guaranty Ltd. with all financial guaranty contracts accounted for on a more consistent basis and excluding fair value adjustments that are not expected to result in economic loss. Many investors, analysts and financial news reporters use operating shareholders' equity as the principal financial measure for valuing Assured Guaranty Ltd.'s current share price or projected share price and also as the basis of their decision to recommend, buy or sell the Assured Guaranty Ltd.'s common shares. Many of the Company's fixed income investors also use operating shareholders' equity to evaluate the Company's capital adequacy. Operating shareholders' equity is the basis of the calculation of adjusted book value (see below). Operating shareholders' equity is defined as shareholder's equity attributable to Assured Guaranty Corp., as reported under GAAP, adjusted for the following:

1): Elimination of the effects of consolidating certain VIEs in order to present all financial guaranty contracts on a more consistent basis of accounting, whether or not GAAP requires consolidation. GAAP requires the Company to consolidate certain VIEs that have issued debt obligations insured by the Company even though the Company does not own such VIEs and is not liable for such debt obligations.

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2): Elimination of the after-tax non-credit impairment unrealized fair value gains (losses) on credit derivatives, which is the amount in excess of the present value of the expected estimated economic credit losses. Such fair value adjustments are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.
3): Elimination of the after-tax fair value gains (losses) on the Company's committed capital securities. Such amounts are heavily affected by, and in part fluctuate with, changes in market interest rates, credit spreads and other market factors and are not expected to result in an economic gain or loss.
4): Elimination of the after-tax unrealized gains (losses) on the Company's investments, that are recorded as a component of accumulated other comprehensive income (AOCI) (excluding foreign exchange revaluation). The AOCI component of the fair value adjustment on the investment portfolio is not deemed economic because the Company generally holds these investments to maturity and therefore will not recognize an economic loss.

Operating return on equity ("Operating ROE"): Operating ROE represents operating income for a specified period divided by the average of operating shareholders' equity at the beginning and the end of that period. Management believes that operating ROE is a useful measure to evaluate the Company's return on invested capital. Many investors, analysts and members of the financial news media use operating ROE to evaluate Assured Guaranty Ltd.'s share price and as the basis of their decision to recommend, buy or sell the Assured Guaranty Ltd. common shares. Quarterly and year-to-date operating ROE are calculated on an annualized basis.

Adjusted Book Value: Management believes that adjusted book value is a useful measure because it enables an evaluation of the net present value of the Company's in force premiums and revenues in addition to operating shareholders' equity. The premiums and revenues included in adjusted book value will be earned in future periods, but actual earnings may differ materially from the estimated amounts used in determining current adjusted book value due to changes in, foreign exchange rates, refinancing or refunding activity, prepayment speeds, terminations, credit defaults and other factors. Many investors, analysts and financial news reporters use adjusted book value to evaluate Assured Guaranty Ltd.'s share price and as the basis of their decision to recommend, buy or sell the Assured Guaranty Ltd. common shares. Adjusted book value is operating shareholders' equity, as defined above, further adjusted for the following:

1): Elimination of after-tax deferred acquisition costs. These amounts represent net deferred expenses that have already been paid or accrued that will be expensed in future accounting periods.
2): Addition of the after-tax net present value of estimated net future credit derivative revenue. See below.
3): Addition of the after-tax value of the unearned premium reserve on financial guaranty contracts in excess of net expected loss to be expensed, net of reinsurance. This amount represents the expected future net earned premiums, net of expected losses to be expensed, which are not reflected in GAAP equity.

Net present value of estimated net future credit derivative revenue: Management believes that this amount is a useful measure because it enables an evaluation of the value of future estimated credit derivative revenue. There is no corresponding GAAP financial measure. This amount represents the present value of estimated future revenue from the Company's credit derivative in-force book of business, net of reinsurance, ceding commissions and premium taxes in excess of expected losses, and is discounted at 6% (which represents the Company's tax-equivalent pre-tax investment yield on its investment portfolio). Estimated net future credit derivative revenue may change from period to period due to changes in foreign exchange rates, prepayment speeds, terminations, credit defaults or other factors that affect par outstanding or the ultimate maturity of an obligation.

PVP or present value of new business production: Management believes that PVP is a useful measure because it enables the evaluation of the value of new business production for Assured Guaranty by taking into account the value of estimated future installment premiums on all new contracts underwritten in a reporting period as well as premium supplements and additional installment premium on existing contracts as to which the issuer has the right to call the insured obligation but has not exercised such right, whether in insurance or credit derivative contract form, which GAAP gross premiums written and the net credit derivative premiums received and receivable portion of net realized gains and other settlement on credit derivatives ("Credit Derivative Revenues") do not adequately measure. PVP in respect of insurance and credit derivative contracts written in a specified period is defined as gross upfront and installment premiums received and the present value of gross estimated future installment premiums, in each case, discounted at 6% (the Company's tax-equivalent pre-tax investment yield on its investment portfolio). For purposes of the PVP calculation, management discounts estimated future installment premiums on insurance contracts at 6%, while under GAAP, these amounts are discounted at a risk free rate. Additionally, under GAAP, management records future installment premiums on financial guaranty insurance contracts covering non-homogeneous pools of assets based on the contractual term of the transaction, whereas for PVP purposes, management records an estimate of the future installment premiums the Company expects to receive, which may be based upon a shorter period of time than the contractual term of the transaction. Actual future net earned or written premiums and credit derivative revenues may differ from PVP due to factors including, but not limited to, changes in foreign exchange rates, refinancing or refunding activity, prepayment speeds, terminations, credit defaults, or other factors that affect par outstanding or the ultimate maturity of an obligation.

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		Contacts: Equity Investors: Sabra Purtill Managing Director, Investor Relations (212) 408-6044 spurtill@assuredguaranty.com
		Ross Aron Assistant Vice President, Investor Relations (212) 261-5509 raron@assuredguaranty.com

Assured Guaranty Corp. 31 West 52nd Street New York, NY 10019 (212) 974-0100 www.assuredguaranty.com		Fixed Income Investors: Robert Tucker Managing Director, Fixed Income Investor Relations (212) 339-0861 rtucker@assuredguaranty.com Michael Walker Director, Fixed Income Investor Relations (212) 261-5575 mwalker@assuredguaranty.com Media: Betsy Castenir Managing Director, Corporate Communications (212) 339-3424 bcastenir@assuredguaranty.com Ashweeta Durani Vice President, Corporate Communications (212) 408-6042 adurani@assuredguaranty.com

QuickLinks

Exhibit 99.1

ASSURED GUARANTY LTD - FORM 8-K - EX-99.1 - March 21, 2011

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