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Segment Information (Tables)

6 Months Ended

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

X

- Definition

Tabular disclosure of each significant reconciling item, other than profit (loss), revenues, or assets, in the reconciliation of totals of such items in reportable segments to the entity's corresponding consolidated amount.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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