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Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
     The Company reports its results of operations in two segments: Insurance and Asset Management. The Company separately reports the results of its Corporate division and the effects of consolidating FG VIEs and CIVs. This presentation is consistent with the manner in which the Company’s CODM reviews the business to assess performance and allocate resources.

The Insurance segment primarily consists of: (i) the Company’s insurance subsidiaries; and (ii) AGAS. Prior to July 1, 2023, the Asset Management segment consisted of AssuredIM, which provided asset management services to third-party investors, as well as to AG, AGM and AGAS. Since July 2023, the Company participates in the asset management business through its ownership interest in Sound Point as described in Note 1, Business and Basis of Presentation. Beginning in the third
quarter of 2023, the Asset Management segment primarily includes the results of the Company’s equity method investment in Sound Point.

    The Corporate division primarily consists of: (i) interest expense and any losses on the extinguishment of the U.S. Holding Companies’ debt; and (ii) other corporate operating expenses of AGL and the U.S. Holding Companies.
    
    The Other category in the tables below primarily includes the effect of consolidating FG VIEs, CIVs, intersegment eliminations and, prior to July 1, 2023, the reclassification of reimbursable fund expenses. See Note 8, Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles.

    The segment results differ from the consolidated financial statements in certain respects. The Insurance segment includes: (i) premiums and losses from the financial guaranty insurance policies issued by the U.S. Insurance Subsidiaries that guarantee the FG VIEs’ debt; and (ii) the insurance segment’s share of earnings from investments in funds managed by Sound Point (prior to July 1, 2023, AssuredIM) and AHP funds in “equity in earnings (losses) of investees.” Under GAAP, (i) FG VIEs are consolidated by the U.S. Insurance Subsidiaries and the premiums and losses/recoveries associated with the financial guaranty policies associated with the FG VIEs’ debt are eliminated (the reconciliation tables below present the FG VIEs and related eliminations in “other”); and (ii) CIVs are consolidated by either AGUS or AGAS (in the reconciliation tables below, the CIVs and related eliminations of the Insurance segment’s “equity in earnings (losses) of investees” associated with AGAS’ ownership interest in CIVs are presented in “other”). Until July 1, 2023, under GAAP, reimbursable fund expenses were shown as a component of asset management fees and included in total revenues, whereas in the Asset Management segment in the tables below these expenses were netted in “segment expenses.”

The Company analyzes the operating performance of each segment using “segment adjusted operating income (loss).” Results for each segment include specifically identifiable expenses as well as intersegment expense allocations, as applicable, based on time studies and other cost allocation methodologies based on headcount or other metrics. Segment adjusted operating income is defined as “net income (loss) attributable to AGL,” adjusted for the following items, which primarily affect the Insurance segment and Corporate division:
 
•Elimination of realized gains (losses) on the Company’s investments, except for gains and losses on securities classified as trading.
•Elimination of non-credit impairment-related unrealized fair value gains (losses) on credit derivatives that are recognized in net income, which is the amount of unrealized fair value gains (losses) in excess of the present value of the expected estimated economic credit losses, and non-economic payments.
•Elimination of fair value gains (losses) on the Company’s committed capital securities (CCS) that are recognized in net income.
•Elimination of foreign exchange gains (losses) on remeasurement of net premium receivables and loss and loss adjustment expense (LAE) reserves that are recognized in net income.
•The tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

The Company does not report assets by reportable segment as the CODM does not assess performance and allocate resources based on assets.
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
20242023
InsuranceAsset ManagementInsuranceAsset Management
(in millions)
Third-party revenues$186 $6 $221 $19 
Intersegment revenues3 1 3 11 
Segment revenues189 7 224 30 
Segment expenses70 4 110 33 
Segment equity in earnings (losses) of investees15 (3)5 — 
Less: Segment provision (benefit) for income taxes18 — 13 (1)
Segment adjusted operating income (loss)$116 $— $106 $(2)

Six Months
20242023
InsuranceAsset ManagementInsuranceAsset Management
(in millions)
Third-party revenues$413 $7 $409 $44 
Intersegment revenues5 1 5 27 
Segment revenues418 8 414 71 
Segment expenses155 4 189 75 
Segment equity in earnings (losses) of investees55 (2)35 — 
Less: Segment provision (benefit) for income taxes53 1 37 (1)
Segment adjusted operating income (loss)$265 $1 $223 $(3)
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, 2024
Equity in Earnings (Losses) of InvesteesLess:Net Income (Loss) Attributable to AGL
 Revenues Expenses Provision (Benefit) for Income Taxes Noncontrolling Interests 
 (in millions)
Segments:
Insurance$189 $70 $15 $18 $— $116 
Asset Management7 4 (3)— — — 
Total segments196 74 12 18 — 116 
Corporate division4 44 — (5)— (35)
Other4 (5)(7)— 3 (1)
Subtotal204 113 5 13 3 80 
Reconciling items:
Realized gains (losses) on investments(6)— — — — (6)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives3 — — — — 3 
Fair value gains (losses) on CCS1 — — — — 1 
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves— — — — — — 
Tax effect— — — — — — 
Total consolidated$202 $113 $5 $13 $3 $78 
Reconciliation of Segment Information to Consolidated Information
Three Months Ended June 30, 2023
Equity in Earnings (Losses) of InvesteesLess: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 Management30 33 — (1)— (2)
Total segments254 143 5 12 — 104 
Corporate division2 60 — (8)— (50)
Other(3)19 — (5)1 (18)
Subtotal253 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 derivatives89 (1)— — — 90 
Fair value gains (losses) on CCS1 — — — — 1 
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves26 — — — — 26 
Tax effect— — — 19 — (19)
Total consolidated$360 $221 $5 $18 $1 $125 


Reconciliation of Segment Information to Consolidated Information
Six Months Ended June 30, 2024
Equity in Earnings (Losses) of InvesteesLess:Net Income (Loss) Attributable to AGL
 Revenues Expenses Provision (Benefit) for Income Taxes Noncontrolling Interests 
 (in millions)
Segments:
Insurance$418 $155 $55 $53 $— $265 
Asset Management8 4 (2)1 — 1 
Total segments426 159 53 54 — 266 
Corporate division9 91 — (10)— (72)
Other20 (10)(24)— 7 (1)
Subtotal455 240 29 44 7 193 
Reconciling items:
Realized gains (losses) on investments2 — — — — 2 
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives11 (2)— — — 13 
Fair value gains (losses) on CCS(9)— — — — (9)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves(12)— — — — (12)
Tax effect— — — — — — 
Total consolidated$447 $238 $29 $44 $7 $187 
Reconciliation of Segment Information to Consolidated Information
Six Months Ended June 30, 2023
Equity in Earnings (Losses) of InvesteesLess: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 Management71 75 — (1)— (3)
Total segments485 264 35 36 — 220 
Corporate division4 108 — (10)— (94)
Other32 15 (28)(6)17 (22)
Subtotal521 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 derivatives102 (1)— — — 103 
Fair value gains (losses) on CCS(15)— — — — (15)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves46 — — — — 46 
Tax effect— — — 21 — (21)
Total consolidated$643 $386 $7 $41 $17 $206