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v3.23.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
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
|  | Second Quarter
|  | 2023 |  | 2022
|  | Insurance |  | Asset Management |  | Insurance |  | Asset Management
|  | (in millions)
Third-party revenues |  | $ | 221 |  |  | $ | 19 |  |  | $ | 137 |  |  | $ | 16 |
Intersegment revenues |  | 3 |  |  | 11 |  |  | 2 |  |  | 12 |
Segment revenues |  | 224 |  |  | 30 |  |  | 139 |  |  | 28 |
Segment expenses |  | 110 |  |  | 33 |  |  | 41 |  |  | 28 |
Segment equity in earnings (losses) of investees |  | 5 |  |  | — |  |  | (34) |  |  | — |
Less: Segment provision (benefit) for income taxes |  | 13 |  |  | (1) |  |  | 9 |  |  | — |
Segment adjusted operating income (loss) |  | $ | 106 |  |  | $ | (2) |  |  | $ | 55 |  |  | $ | — |
|  | Six Months
|  | 2023 |  | 2022
|  | Insurance |  | Asset Management |  | Insurance |  | Asset Management
|  | (in millions)
Third-party revenues |  | $ | 409 |  |  | $ | 44 |  |  | $ | 413 |  |  | $ | 46 |
Intersegment revenues |  | 5 |  |  | 27 |  |  | 4 |  |  | 21 |
Segment revenues |  | 414 |  |  | 71 |  |  | 417 |  |  | 67 |
Segment expenses |  | 189 |  |  | 75 |  |  | 163 |  |  | 67 |
Segment equity in earnings (losses) of investees |  | 35 |  |  | — |  |  | (35) |  |  | — |
Less: Segment provision (benefit) for income taxes |  | 37 |  |  | (1) |  |  | 31 |  |  | — |
Segment adjusted operating income (loss) |  | $ | 223 |  |  | $ | (3) |  |  | $ | 188 |  |  | $ | — |
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, 2023
|  |  |  |  | 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 | $ | 224 |  |  | $ | 110 |  |  | $ | 5 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 106 |
Asset Management | 30 |  |  | 33 |  |  | — |  |  | (1) |  |  | — |  |  | (2) |
Total segments | 254 |  |  | 143 |  |  | 5 |  |  | 12 |  |  | — |  |  | 104 |
Corporate division | 2 |  |  | 60 |  |  | — |  |  | (8) |  |  | — |  |  | (50) |
Other | (3) |  |  | 19 |  |  | — |  |  | (5) |  |  | 1 |  |  | (18) |
Subtotal | 253 |  |  | 222 |  |  | 5 |  |  | (1) |  |  | 1 |  |  | 36 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (9) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9) |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 89 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 90 |
Fair value gains (losses) on CCS | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 26 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26 |
Tax effect | — |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | (19) |
Total consolidated | $ | 360 |  |  | $ | 221 |  |  | $ | 5 |  |  | $ | 18 |  |  | $ | 1 |  |  | $ | 125 |
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 Six Months Ended June 30, 2023
|  |  |  |  | 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 | $ | 414 |  |  | $ | 189 |  |  | $ | 35 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 223 |
Asset Management | 71 |  |  | 75 |  |  | — |  |  | (1) |  |  | — |  |  | (3) |
Total segments | 485 |  |  | 264 |  |  | 35 |  |  | 36 |  |  | — |  |  | 220 |
Corporate division | 4 |  |  | 108 |  |  | — |  |  | (10) |  |  | — |  |  | (94) |
Other | 32 |  |  | 15 |  |  | (28) |  |  | (6) |  |  | 17 |  |  | (22) |
Subtotal | 521 |  |  | 387 |  |  | 7 |  |  | 20 |  |  | 17 |  |  | 104 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (11) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11) |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 102 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 103 |
Fair value gains (losses) on CCS | (15) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (15) |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 46 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 46 |
Tax effect | — |  |  | — |  |  | — |  |  | 21 |  |  | — |  |  | (21) |
Total consolidated | $ | 643 |  |  | $ | 386 |  |  | $ | 7 |  |  | $ | 41 |  |  | $ | 17 |  |  | $ | 206 |
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 |

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