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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Information by Operating Segments

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
						2024												2023
						Insurance						Asset Management						Insurance						Asset Management
						(in millions)
Third-party revenues						$	186					$	6					$	221					$	19
Intersegment revenues						3						1						3						11
Segment revenues						189						7						224						30
Segment expenses						70						4						110						33
Segment equity in earnings (losses) of investees						15						(3)						5						—
Less: Segment provision (benefit) for income taxes						18						—						13						(1)
Segment adjusted operating income (loss)						$	116					$	—					$	106					$	(2)

						Six Months
						2024												2023
						Insurance						Asset Management						Insurance						Asset Management
						(in millions)
Third-party revenues						$	413					$	7					$	409					$	44
Intersegment revenues						5						1						5						27
Segment revenues						418						8						414						71
Segment expenses						155						4						189						75
Segment equity in earnings (losses) of investees						55						(2)						35						—
Less: Segment provision (benefit) for income taxes						53						1						37						(1)
Segment adjusted operating income (loss)						$	265					$	1					$	223					$	(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 June 30, 2024

															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			$	189					$	70					$	15					$	18					$	—					$	116
Asset Management			7						4						(3)						—						—						—
Total segments			196						74						12						18						—						116
Corporate division			4						44						—						(5)						—						(35)
Other			4						(5)						(7)						—						3						(1)
Subtotal			204						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 derivatives			3						—						—						—						—						3
Fair value gains (losses) on CCS			1						—						—						—						—						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 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

Six Months Ended June 30, 2024

															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			$	418					$	155					$	55					$	53					$	—					$	265
Asset Management			8						4						(2)						1						—						1
Total segments			426						159						53						54						—						266
Corporate division			9						91						—						(10)						—						(72)
Other			20						(10)						(24)						—						7						(1)
Subtotal			455						240						29						44						7						193
Reconciling items:
Realized gains (losses) on investments			2						—						—						—						—						2
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives			11						(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 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

X

- Definition

Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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