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Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table presents information for the Company’s operating segments. Intersegment revenues include transactions between and among the segments, the corporate division and other. Segment Information
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  | Insurance |  | Asset Management |  | Insurance |  | Asset Management |  | Insurance |  | Asset Management
|  | (in millions)
Third-party revenues |  | $ | 748 |  |  | $ | 78 |  |  | $ | 724 |  |  | $ | 73 |  |  | $ | 864 |  |  | $ | 61 |
Intersegment revenues |  | 9 |  |  | 34 |  |  | 9 |  |  | 10 |  |  | 10 |  |  | 5 |
Segment revenues |  | 757 |  |  | 112 |  |  | 733 |  |  | 83 |  |  | 874 |  |  | 66 |
Segment expenses |  | 259 |  |  | 119 |  |  | 33 |  |  | 108 |  |  | 446 |  |  | 128 |
Segment equity in earnings (losses) of investees |  | (51) |  |  | — |  |  | 144 |  |  | — |  |  | 61 |  |  | — |
Less: Segment provision (benefit) for income taxes |  | 34 |  |  | (1) |  |  | 122 |  |  | (6) |  |  | 60 |  |  | (12) |
Segment adjusted operating income (loss) |  | $ | 413 |  |  | $ | (6) |  |  | $ | 722 |  |  | $ | (19) |  |  | $ | 429 |  |  | $ | (50) |
Selected components of segment adjusted operating income: |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 278 |  |  | $ | — |  |  | $ | 280 |  |  | $ | — |  |  | $ | 310 |  |  | $ | — |
Interest expense |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Non-cash compensation and operating expenses (1) |  | 41 |  |  | 18 |  |  | 56 |  |  | 17 |  |  | 39 |  |  | 31 |
_____________________ (1) Consists of amortization of DAC and intangible assets, depreciation, share-based compensation (see Note 13, Employee Benefit Plans), write-off of long-lived intangible assets related to MAC licenses (see Note 11, Goodwill and Other Intangible Assets), and lease impairment (see Note 17, Leases).
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 Year Ended December 31, 2022
|  |  |  |  |  |  | Less: |  | Net Income (Loss) Attributable to AGL
| Revenues |  | Expenses |  | Equity in Earnings (Losses) of Investees |  | Provision (Benefit) for Income Taxes |  | Noncontrolling Interests |
| (in millions)
Segments: |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 757 |  |  | $ | 259 |  |  | $ | (51) |  |  | $ | 34 |  |  | $ | — |  |  | $ | 413 |
Asset Management | 112 |  |  | 119 |  |  | — |  |  | (1) |  |  | — |  |  | (6) |
Total segments | 869 |  |  | 378 |  |  | (51) |  |  | 33 |  |  | — |  |  | 407 |
Corporate division | 4 |  |  | 143 |  |  | — |  |  | (5) |  |  | — |  |  | (134) |
Other | 14 |  |  | 19 |  |  | 12 |  |  | — |  |  | 13 |  |  | (6) |
Subtotal | 887 |  |  | 540 |  |  | (39) |  |  | 28 |  |  | 13 |  |  | 267 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (56) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (56) |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | (22) |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | (18) |
Fair value gains (losses) on CCS | 24 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24 |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | (110) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (110) |
Tax effect | — |  |  | — |  |  | — |  |  | (17) |  |  | — |  |  | 17 |
Total consolidated | $ | 723 |  |  | $ | 536 |  |  | $ | (39) |  |  | $ | 11 |  |  | $ | 13 |  |  | $ | 124 |
Reconciliation of Segment Information to Consolidated Information Year Ended December 31, 2021
|  |  |  |  |  |  | Less: |  | Net Income (Loss) Attributable to AGL
| Revenues |  | Expenses |  | Equity in Earnings (Losses) of Investees |  | Provision (Benefit) for Income Taxes |  | Noncontrolling Interests |
| (in millions)
Segments: |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 733 |  |  | $ | 33 |  |  | $ | 144 |  |  | $ | 122 |  |  | $ | — |  |  | $ | 722 |
Asset Management | 83 |  |  | 108 |  |  | — |  |  | (6) |  |  | — |  |  | (19) |
Total segments | 816 |  |  | 141 |  |  | 144 |  |  | 116 |  |  | — |  |  | 703 |
Corporate division | 2 |  |  | 312 |  |  | — |  |  | (47) |  |  | — |  |  | (263) |
Other | 142 |  |  | 26 |  |  | (50) |  |  | 6 |  |  | 30 |  |  | 30 |
Subtotal | 960 |  |  | 479 |  |  | 94 |  |  | 75 |  |  | 30 |  |  | 470 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | (78) |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | (64) |
Fair value gains (losses) on CCS | (28) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (28) |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | (21) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (21) |
Tax effect | — |  |  | — |  |  | — |  |  | (17) |  |  | — |  |  | 17 |
Total consolidated | $ | 848 |  |  | $ | 465 |  |  | $ | 94 |  |  | $ | 58 |  |  | $ | 30 |  |  | $ | 389 |
Reconciliation of Segment Information to Consolidated Information Year Ended December 31, 2020
|  |  |  |  |  |  | Less: |  | Net Income (Loss) Attributable to AGL
| Revenues |  | Expenses |  | Equity in Earnings (Losses) of Investees |  | Provision (Benefit) for Income Taxes |  | Noncontrolling Interests |
| (in millions)
Segments: |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 874 |  |  | $ | 446 |  |  | $ | 61 |  |  | $ | 60 |  |  | $ | — |  |  | $ | 429 |
Asset Management | 66 |  |  | 128 |  |  | — |  |  | (12) |  |  | — |  |  | (50) |
Total segments | 940 |  |  | 574 |  |  | 61 |  |  | 48 |  |  | — |  |  | 379 |
Corporate division | 9 |  |  | 132 |  |  | (6) |  |  | (18) |  |  | — |  |  | (111) |
Other | 40 |  |  | 21 |  |  | (28) |  |  | (3) |  |  | 6 |  |  | (12) |
Subtotal | 989 |  |  | 727 |  |  | 27 |  |  | 27 |  |  | 6 |  |  | 256 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | 18 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18 |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 67 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 65 |
Fair value gains (losses) on CCS | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 42 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42 |
Tax effect | — |  |  | — |  |  | — |  |  | 18 |  |  | — |  |  | (18) |
Total consolidated | $ | 1,115 |  |  | $ | 729 |  |  | $ | 27 |  |  | $ | 45 |  |  | $ | 6 |  |  | $ | 362 |
Supplemental Information Year Ended December 31, 2022
| Net Earned Premiums |  | Net Investment Income |  | Loss and LAE (Benefit) |  | Amortization of DAC |  | Other Expenses(1)
| (in millions)
Segments: |  |  |  |  |  |  |  |  |
Insurance | $ | 497 |  |  | $ | 278 |  |  | $ | 12 |  |  | $ | 14 |  |  | $ | 232 |
Asset Management | — |  |  | — |  |  | — |  |  | — |  |  | 118 |
Total segments | 497 |  |  | 278 |  |  | 12 |  |  | 14 |  |  | 350 |
Corporate division | — |  |  | 4 |  |  | — |  |  | — |  |  | 54 |
Other | (3) |  |  | (13) |  |  | 8 |  |  | — |  |  | 21 |
Subtotal | 494 |  |  | 269 |  |  | 20 |  |  | 14 |  |  | 425 |
Reconciling items: |  |  |  |  |  |  |  |  |
Credit derivative impairment (recoveries) (2) | — |  |  | — |  |  | (4) |  |  | — |  |  | — |
Total consolidated | $ | 494 |  |  | $ | 269 |  |  | $ | 16 |  |  | $ | 14 |  |  | $ | 425 |
_____________________ (1) Consists of “employee compensation and benefit expenses” and “other operating expenses.” Includes non-cash compensation and operating expenses of $41 million for Insurance segment, $18 million for Asset Management segment, and $13 million for Corporate division. (2) Credit derivative impairment (recoveries) are included in “fair value gains (losses) on credit derivatives” in the Company’s consolidated statements of operations, and in loss and LAE (benefit) on a segment basis. Supplemental Information Year Ended December 31, 2021
| Net Earned Premiums |  | Net Investment Income |  | Loss and LAE (Benefit) |  | Amortization of DAC |  | Other Expenses(1)
| (in millions)
Segments: |  |  |  |  |  |  |  |  |
Insurance | $ | 418 |  |  | $ | 280 |  |  | $ | (221) |  |  | $ | 14 |  |  | $ | 240 |
Asset Management | — |  |  | — |  |  | — |  |  | — |  |  | 107 |
Total segments | 418 |  |  | 280 |  |  | (221) |  |  | 14 |  |  | 347 |
Corporate division | — |  |  | 2 |  |  | — |  |  | — |  |  | 41 |
Other | (4) |  |  | (13) |  |  | 15 |  |  | — |  |  | 21 |
Subtotal | 414 |  |  | 269 |  |  | (206) |  |  | 14 |  |  | 409 |
Reconciling items: |  |  |  |  |  |  |  |  |
Credit derivative impairment (recoveries) (2) | — |  |  | — |  |  | (14) |  |  | — |  |  | — |
Total consolidated | $ | 414 |  |  | $ | 269 |  |  | $ | (220) |  |  | $ | 14 |  |  | $ | 409 |
_____________________ (1) Consists of “employee compensation and benefit expenses” and “other operating expenses.” Includes non-cash compensation and operating expenses of $56 million for Insurance segment, $17 million for Asset Management segment, and $5 million for Corporate division. (2) Credit derivative impairment (recoveries) are included in “fair value gains (losses) on credit derivatives” in the Company’s consolidated statements of operations, and in loss and LAE (benefit) on a segment basis. Supplemental Information Year Ended December 31, 2020
| Net Earned Premiums |  | Net Investment Income |  | Loss and LAE (Benefit) |  | Amortization of DAC |  | Other Expenses(1)
| (in millions)
Segments: |  |  |  |  |  |  |  |  |
Insurance | $ | 490 |  |  | $ | 310 |  |  | $ | 204 |  |  | $ | 16 |  |  | $ | 226 |
Asset Management | — |  |  | — |  |  | — |  |  | — |  |  | 128 |
Total segments | 490 |  |  | 310 |  |  | 204 |  |  | 16 |  |  | 354 |
Corporate division | — |  |  | 2 |  |  | — |  |  | — |  |  | 37 |
Other | (5) |  |  | (15) |  |  | (3) |  |  | — |  |  | 34 |
Subtotal | 485 |  |  | 297 |  |  | 201 |  |  | 16 |  |  | 425 |
Reconciling items: |  |  |  |  |  |  |  |  |
Credit derivative impairment (recoveries) (2) | — |  |  | — |  |  | 2 |  |  | — |  |  | — |
Total consolidated | $ | 485 |  |  | $ | 297 |  |  | $ | 203 |  |  | $ | 16 |  |  | $ | 425 |
_____________________ (1) Consists of “employee compensation and benefit expenses” and “other operating expenses.” Includes non-cash compensation and operating expenses of $39 million for Insurance segment, $31 million for Asset Management segment, and $6 million for Corporate division. (2) Credit derivative impairment (recoveries) are included in “fair value gains (losses) on credit derivatives” in the Company’s consolidated statements of operations, and in loss and LAE (benefit) on a segment basis.
Revenue from External Customers by Geographic Areas | The table below summarizes revenues for the operating segments, Corporate division and Other category by country of domicile for each period indicated, based on the country of domicile of the Company’s subsidiaries that generated the revenues. Segment, Corporate Division and Other Revenues by Country of Domicile
|  | Year Ended December 31,
Country of Domicile |  | 2022 |  | 2021 |  | 2020
|  | (in millions)
U.S. |  | $ | 727 |  |  | $ | 762 |  |  | $ | 788 |
Bermuda |  | 129 |  |  | 153 |  |  | 155 |
U.K. |  | 32 |  |  | 42 |  |  | 38 |
Other |  | (1) |  |  | 3 |  |  | 8 |
Total |  | $ | 887 |  |  | $ | 960 |  |  | $ | 989 |

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