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v3.22.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table presents information for the Company’s operating segments. Segment Information
|  | Second Quarter
|  | 2022 |  | 2021
|  | Insurance |  | Asset Management |  | Insurance |  | Asset Management
|  | (in millions)
Third-party revenues |  | $ | 137 |  |  | $ | 16 |  |  | $ | 180 |  |  | $ | 19 |
Intersegment revenues |  | 2 |  |  | 12 |  |  | 2 |  |  | 2 |
Segment revenues |  | 139 |  |  | 28 |  |  | 182 |  |  | 21 |
Segment expenses |  | 41 |  |  | 28 |  |  | 47 |  |  | 24 |
Segment equity in earnings (losses) of investees |  | (34) |  |  | — |  |  | 48 |  |  | — |
Less: Segment provision (benefit) for income taxes |  | 9 |  |  | — |  |  | 31 |  |  | (1) |
Segment adjusted operating income (loss) |  | $ | 55 |  |  | $ | — |  |  | $ | 152 |  |  | $ | (2) |
|  | Six Months
|  | 2022 |  | 2021
|  | Insurance |  | Asset Management |  | Insurance |  | Asset Management
|  | (in millions)
Third-party revenues |  | $ | 413 |  |  | $ | 46 |  |  | $ | 357 |  |  | $ | 37 |
Intersegment revenues |  | 4 |  |  | 21 |  |  | 4 |  |  | 4 |
Segment revenues |  | 417 |  |  | 67 |  |  | 361 |  |  | 41 |
Segment expenses |  | 163 |  |  | 67 |  |  | 153 |  |  | 53 |
Segment equity in earnings (losses) of investees |  | (35) |  |  | — |  |  | 67 |  |  | — |
Less: Segment provision (benefit) for income taxes |  | 31 |  |  | — |  |  | 44 |  |  | (3) |
Segment adjusted operating income (loss) |  | $ | 188 |  |  | $ | — |  |  | $ | 231 |  |  | $ | (9) |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | The tables below present a reconciliation of significant components of segment information to the comparable consolidated amounts. Reconciliation of Segment Information to Consolidated Information Three Months Ended June 30, 2022
|  |  |  |  | Equity in Earnings (Losses) of Investees |  | Less: |  | Net Income (Loss) Attributable to AGL
| Revenues |  | Expenses |  |  | Provision (Benefit) for Income Taxes |  | Noncontrolling Interests |
| (in millions)
Segments: |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 139 |  |  | $ | 41 |  |  | $ | (34) |  |  | $ | 9 |  |  | $ | — |  |  | $ | 55 |
Asset Management | 28 |  |  | 28 |  |  | — |  |  | — |  |  | — |  |  | — |
Total segments | 167 |  |  | 69 |  |  | (34) |  |  | 9 |  |  | — |  |  | 55 |
Corporate division | 1 |  |  | 36 |  |  | — |  |  | — |  |  | — |  |  | (35) |
Other | 7 |  |  | 7 |  |  | 34 |  |  | 2 |  |  | 22 |  |  | 10 |
Subtotal | 175 |  |  | 112 |  |  | — |  |  | 11 |  |  | 22 |  |  | 30 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (28) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (28) |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |
Fair value gains (losses) on CCS | 10 |  |  |  |  |  |  |  |  |  |  | 10 |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | (73) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (73) |
Tax effect | — |  |  | — |  |  | — |  |  | (8) |  |  | — |  |  | 8 |
Total consolidated | $ | 90 |  |  | $ | 112 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 22 |  |  | $ | (47) |
Reconciliation of Segment Information to Consolidated Information Three Months Ended June 30, 2021
|  |  |  |  | Equity in Earnings (Losses) of Investees |  | Less: |  | Net Income (Loss) Attributable to AGL
| Revenues |  | Expenses |  |  | Provision (Benefit) for Income Taxes |  | Noncontrolling Interests |
| (in millions)
Segments: |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 182 |  |  | $ | 47 |  |  | $ | 48 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 152 |
Asset Management | 21 |  |  | 24 |  |  | — |  |  | (1) |  |  | — |  |  | (2) |
Total segments | 203 |  |  | 71 |  |  | 48 |  |  | 30 |  |  | — |  |  | 150 |
Corporate division | — |  |  | 36 |  |  | — |  |  | (2) |  |  | — |  |  | (34) |
Other | 27 |  |  | 4 |  |  | (14) |  |  | 1 |  |  | 4 |  |  | 4 |
Subtotal | 230 |  |  | 111 |  |  | 34 |  |  | 29 |  |  | 4 |  |  | 120 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | (37) |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | (31) |
Fair value gains (losses) on CCS | (6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |
Tax effect | — |  |  | — |  |  | — |  |  | (6) |  |  | — |  |  | 6 |
Total consolidated | $ | 196 |  |  | $ | 105 |  |  | $ | 34 |  |  | $ | 23 |  |  | $ | 4 |  |  | $ | 98 |
Reconciliation of Segment Information to Consolidated Information Six Months Ended June 30, 2022
|  |  |  |  | Equity in Earnings (Losses) of Investees |  | Less: |  | Net Income (Loss) Attributable to AGL
| Revenues |  | Expenses |  |  | Provision (Benefit) for Income Taxes |  | Noncontrolling Interests |
| (in millions)
Segments: |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 417 |  |  | $ | 163 |  |  | $ | (35) |  |  | $ | 31 |  |  | $ | — |  |  | $ | 188 |
Asset Management | 67 |  |  | 67 |  |  | — |  |  | — |  |  | — |  |  | — |
Total segments | 484 |  |  | 230 |  |  | (35) |  |  | 31 |  |  | — |  |  | 188 |
Corporate division | 2 |  |  | 70 |  |  | — |  |  | — |  |  | — |  |  | (68) |
Other | 21 |  |  | 12 |  |  | 24 |  |  | 2 |  |  | 31 |  |  | — |
Subtotal | 507 |  |  | 312 |  |  | (11) |  |  | 33 |  |  | 31 |  |  | 120 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (25) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (25) |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | (1) |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | 3 |
Fair value gains (losses) on CCS | 11 |  |  |  |  | — |  |  | — |  |  | — |  |  | 11 |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | (102) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (102) |
Tax effect | — |  |  | — |  |  | — |  |  | (12) |  |  | — |  |  | 12 |
Total consolidated | $ | 390 |  |  | $ | 308 |  |  | $ | (11) |  |  | $ | 21 |  |  | $ | 31 |  |  | $ | 19 |
Reconciliation of Segment Information to Consolidated Information Six Months Ended June 30, 2021
|  |  |  |  | Equity in Earnings (Losses) of Investees |  | Less: |  | Net Income (Loss) Attributable to AGL
| Revenues |  | Expenses |  |  | Provision (Benefit) for Income Taxes |  | Noncontrolling Interests |
| (in millions)
Segments: |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 361 |  |  | $ | 153 |  |  | $ | 67 |  |  | $ | 44 |  |  | $ | — |  |  | $ | 231 |
Asset Management | 41 |  |  | 53 |  |  | — |  |  | (3) |  |  | — |  |  | (9) |
Total segments | 402 |  |  | 206 |  |  | 67 |  |  | 41 |  |  | — |  |  | 222 |
Corporate division | — |  |  | 68 |  |  | — |  |  | (5) |  |  | — |  |  | (63) |
Other | 48 |  |  | 11 |  |  | (24) |  |  | 1 |  |  | 8 |  |  | 4 |
Subtotal | 450 |  |  | 285 |  |  | 43 |  |  | 37 |  |  | 8 |  |  | 163 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | (59) |  |  | (9) |  |  | — |  |  | — |  |  | — |  |  | (50) |
Fair value gains (losses) on CCS | (25) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (25) |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |
Tax effect | — |  |  | — |  |  | — |  |  | (14) |  |  | — |  |  | 14 |
Total consolidated | $ | 373 |  |  | $ | 276 |  |  | $ | 43 |  |  | $ | 23 |  |  | $ | 8 |  |  | $ | 109 |

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