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v3.23.3

Segment Information (Tables) | 9 Months Ended
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Sep. 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
|  | Third Quarter
|  | 2023 |  | 2022
|  | Insurance |  | Asset Management |  | Insurance |  | Asset Management
|  | (in millions)
Third-party revenues |  | $ | 206 |  |  | $ | — |  |  | $ | 145 |  |  | $ | 13 |
Intersegment revenues |  | 2 |  |  | — |  |  | 2 |  |  | 8 |
Segment revenues |  | 208 |  |  | — |  |  | 147 |  |  | 21 |
Segment expenses |  | 165 |  |  | — |  |  | (16) |  |  | 24 |
Segment equity in earnings (losses) of investees |  | 25 |  |  | — |  |  | (11) |  |  | — |
Less: Segment provision (benefit) for income taxes |  | 9 |  |  | — |  |  | (7) |  |  | — |
Segment adjusted operating income (loss) |  | $ | 59 |  |  | $ | — |  |  | $ | 159 |  |  | $ | (3) |
|  | Nine Months
|  | 2023 |  | 2022
|  | Insurance |  | Asset Management |  | Insurance |  | Asset Management
|  | (in millions)
Third-party revenues |  | $ | 615 |  |  | $ | 44 |  |  | $ | 558 |  |  | $ | 59 |
Intersegment revenues |  | 7 |  |  | 27 |  |  | 6 |  |  | 29 |
Segment revenues |  | 622 |  |  | 71 |  |  | 564 |  |  | 88 |
Segment expenses |  | 354 |  |  | 75 |  |  | 147 |  |  | 91 |
Segment equity in earnings (losses) of investees |  | 60 |  |  | — |  |  | (46) |  |  | — |
Less: Segment provision (benefit) for income taxes |  | 46 |  |  | (1) |  |  | 24 |  |  | — |
Segment adjusted operating income (loss) |  | $ | 282 |  |  | $ | (3) |  |  | $ | 347 |  |  | $ | (3) |
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 September 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 | $ | 208 |  |  | $ | 165 |  |  | $ | 25 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 59 |
Asset Management | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total segments | 208 |  |  | 165 |  |  | 25 |  |  | 9 |  |  | — |  |  | 59 |
Corporate division | 259 |  |  | 57 |  |  | — |  |  | 47 |  |  | — |  |  | 155 |
Other | (4) |  |  | (3) |  |  | (7) |  |  | (2) |  |  | 2 |  |  | (8) |
Subtotal | 463 |  |  | 219 |  |  | 18 |  |  | 54 |  |  | 2 |  |  | 206 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (9) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9) |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |
Fair value gains (losses) on CCS | (20) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20) |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | (37) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (37) |
Tax effect | — |  |  | — |  |  | — |  |  | (11) |  |  | — |  |  | 11 |
Total consolidated | $ | 403 |  |  | $ | 219 |  |  | $ | 18 |  |  | $ | 43 |  |  | $ | 2 |  |  | $ | 157 |
Reconciliation of Segment Information to Consolidated Information Three Months Ended September 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 | $ | 147 |  |  | $ | (16) |  |  | $ | (11) |  |  | $ | (7) |  |  | $ | — |  |  | $ | 159 |
Asset Management | 21 |  |  | 24 |  |  | — |  |  | — |  |  | — |  |  | (3) |
Total segments | 168 |  |  | 8 |  |  | (11) |  |  | (7) |  |  | — |  |  | 156 |
Corporate division | 1 |  |  | 34 |  |  | — |  |  | (3) |  |  | — |  |  | (30) |
Other | 13 |  |  | 2 |  |  | (9) |  |  | 1 |  |  | (6) |  |  | 7 |
Subtotal | 182 |  |  | 44 |  |  | (20) |  |  | (9) |  |  | (6) |  |  | 133 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (14) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14) |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | (50) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | (49) |
Fair value gains (losses) on CCS | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | (78) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (78) |
Tax effect | — |  |  | — |  |  | — |  |  | (18) |  |  | — |  |  | 18 |
Total consolidated | $ | 41 |  |  | $ | 43 |  |  | $ | (20) |  |  | $ | (27) |  |  | $ | (6) |  |  | $ | 11 |
Reconciliation of Segment Information to Consolidated Information Nine Months Ended September 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 | $ | 622 |  |  | $ | 354 |  |  | $ | 60 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 282 |
Asset Management | 71 |  |  | 75 |  |  | — |  |  | (1) |  |  | — |  |  | (3) |
Total segments | 693 |  |  | 429 |  |  | 60 |  |  | 45 |  |  | — |  |  | 279 |
Corporate division | 263 |  |  | 165 |  |  | — |  |  | 37 |  |  | — |  |  | 61 |
Other | 28 |  |  | 12 |  |  | (35) |  |  | (8) |  |  | 19 |  |  | (30) |
Subtotal | 984 |  |  | 606 |  |  | 25 |  |  | 74 |  |  | 19 |  |  | 310 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (20) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20) |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 108 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 109 |
Fair value gains (losses) on CCS | (35) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (35) |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |
Tax effect | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | (10) |
Total consolidated | $ | 1,046 |  |  | $ | 605 |  |  | $ | 25 |  |  | $ | 84 |  |  | $ | 19 |  |  | $ | 363 |
Reconciliation of Segment Information to Consolidated Information Nine Months Ended September 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 | $ | 564 |  |  | $ | 147 |  |  | $ | (46) |  |  | $ | 24 |  |  | $ | — |  |  | $ | 347 |
Asset Management | 88 |  |  | 91 |  |  | — |  |  | — |  |  | — |  |  | (3) |
Total segments | 652 |  |  | 238 |  |  | (46) |  |  | 24 |  |  | — |  |  | 344 |
Corporate division | 3 |  |  | 104 |  |  | — |  |  | (3) |  |  | — |  |  | (98) |
Other | 34 |  |  | 14 |  |  | 15 |  |  | 3 |  |  | 25 |  |  | 7 |
Subtotal | 689 |  |  | 356 |  |  | (31) |  |  | 24 |  |  | 25 |  |  | 253 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (39) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (39) |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | (51) |  |  | (5) |  |  | — |  |  | — |  |  | — |  |  | (46) |
Fair value gains (losses) on CCS | 12 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12 |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | (180) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (180) |
Tax effect | — |  |  | — |  |  | — |  |  | (30) |  |  | — |  |  | 30 |
Total consolidated | $ | 431 |  |  | $ | 351 |  |  | $ | (31) |  |  | $ | (6) |  |  | $ | 25 |  |  | $ | 30 |

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