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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
|  | 2024 |  | 2023 (3) |  | 2022
|  | Insurance |  | Asset Management |  | Insurance |  | Asset Management |  | Insurance |  | Asset Management
|  | (in millions)
Third-party revenues |  | $ | 811 |  |  | $ | 8 |  |  | $ | 845 |  |  | $ | 49 |  |  | $ | 748 |  |  | $ | 78 |
Intersegment revenues |  | 10 |  |  | 2 |  |  | 10 |  |  | 27 |  |  | 9 |  |  | 34 |
Segment revenues |  | 821 |  |  | 10 |  |  | 855 |  |  | 76 |  |  | 757 |  |  | 112 |
Segment loss and LAE (benefit) |  | (18) |  |  | — |  |  | 161 |  |  | — |  |  | 12 |  |  | — |
Segment employee compensation and benefit expenses |  | 170 |  |  | — |  |  | 154 |  |  | 59 |  |  | 148 |  |  | 80 |
Segment amortization of DAC |  | 20 |  |  | — |  |  | 13 |  |  | — |  |  | 14 |  |  | — |
Other segment items (1) |  | 117 |  |  | 6 |  |  | 107 |  |  | 19 |  |  | 85 |  |  | 39 |
Segment expenses |  | 289 |  |  | 6 |  |  | 435 |  |  | 78 |  |  | 259 |  |  | 119 |
Segment equity in earnings (losses) of investees |  | 102 |  |  | 2 |  |  | 82 |  |  | 5 |  |  | (51) |  |  | — |
Less: Segment provision (benefit) for income taxes |  | 109 |  |  | 1 |  |  | (119) |  |  | — |  |  | 34 |  |  | (1) |
Segment adjusted operating income (loss) |  | $ | 525 |  |  | $ | 5 |  |  | $ | 621 |  |  | $ | 3 |  |  | $ | 413 |  |  | $ | (6) |
Selected components of segment adjusted operating income: |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 339 |  |  | $ | — |  |  | $ | 370 |  |  | $ | — |  |  | $ | 278 |  |  | $ | — |
Non-cash compensation and operating expenses (2) |  | 60 |  |  | — |  |  | 38 |  |  | 8 |  |  | 41 |  |  | 18 |
_____________________ (1) Other segment items include professional services expenses, maintenance, depreciation expense, lease expense, investment management expenses and certain overhead expenses. (2) Consists of depreciation and amortization, share-based compensation (see Note 12, Employee Benefit Plans) and the write-off of long-lived intangible assets related to AGM licenses (see Note 1, Business and Basis of Presentation). (3) In 2023, the Corporate division had revenues of $275 million primarily consisting of a gain on the Sound Point and AHP transactions. Expenses for the Corporate division consisted of $99 million of interest expense, $38 million of employee compensation and benefit expenses, and $79 million of other expenses.
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, 2024
|  |  |  |  |  |  | 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 | $ | 821 |  |  | $ | 289 |  |  | $ | 102 |  |  | $ | 109 |  |  | $ | — |  |  | $ | 525 |
Asset Management | 10 |  |  | 6 |  |  | 2 |  |  | 1 |  |  | — |  |  | 5 |
Total segments | 831 |  |  | 295 |  |  | 104 |  |  | 110 |  |  | — |  |  | 530 |
Corporate division | 17 |  |  | 169 |  |  | 5 |  |  | (12) |  |  | — |  |  | (135) |
Other | 38 |  |  | (17) |  |  | (47) |  |  | (2) |  |  | 16 |  |  | (6) |
Subtotal | 886 |  |  | 447 |  |  | 62 |  |  | 96 |  |  | 16 |  |  | 389 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | 9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 13 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 14 |
Fair value gains (losses) on CCS | (10) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | (26) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (26) |
Tax effect | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total consolidated | $ | 872 |  |  | $ | 446 |  |  | $ | 62 |  |  | $ | 96 |  |  | $ | 16 |  |  | $ | 376 |
Reconciliation of Segment Information to Consolidated Information Year Ended December 31, 2023
|  |  |  |  |  |  | Less: |  | Net Income (Loss) Attributable to AGL
| Revenues |  | Expenses |  | Equity in Earnings (Losses) of Investees |  | Provision (Benefit) for Income Taxes (1) |  | Noncontrolling Interests |
| (in millions)
Segments: |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 855 |  |  | $ | 435 |  |  | $ | 82 |  |  | $ | (119) |  |  | $ | — |  |  | $ | 621 |
Asset Management | 76 |  |  | 78 |  |  | 5 |  |  | — |  |  | — |  |  | 3 |
Total segments | 931 |  |  | 513 |  |  | 87 |  |  | (119) |  |  | — |  |  | 624 |
Corporate division | 275 |  |  | 216 |  |  | — |  |  | 14 |  |  | — |  |  | 45 |
Other | 61 |  |  | 6 |  |  | (59) |  |  | (5) |  |  | 22 |  |  | (21) |
Subtotal | 1,267 |  |  | 735 |  |  | 28 |  |  | (110) |  |  | 22 |  |  | 648 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (14) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14) |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 104 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | 106 |
Fair value gains (losses) on CCS | (35) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (35) |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 51 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 51 |
Tax effect | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | (17) |
Total consolidated | $ | 1,373 |  |  | $ | 733 |  |  | $ | 28 |  |  | $ | (93) |  |  | $ | 22 |  |  | $ | 739 |
_____________________ (1) Includes $189 million of tax benefit related to a Bermuda tax law change, which is included in the Insurance segment. See Note 13, Income Taxes. 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 |
Supplemental Information Year Ended December 31, 2024
| Net Earned Premiums |  | Net Investment Income |  | Loss and LAE (Benefit) |  | Amortization of DAC |  | Other Expenses(1)
| (in millions)
Segments: |  |  |  |  |  |  |  |  |
Insurance | $ | 406 |  |  | $ | 339 |  |  | $ | (18) |  |  | $ | 20 |  |  | $ | 287 |
Asset Management | — |  |  | — |  |  | — |  |  | — |  |  | 6 |
Total segments | 406 |  |  | 339 |  |  | (18) |  |  | 20 |  |  | 293 |
Corporate division | — |  |  | 14 |  |  | — |  |  | — |  |  | 68 |
Other | (3) |  |  | (13) |  |  | (7) |  |  | — |  |  | — |
Subtotal | 403 |  |  | 340 |  |  | (25) |  |  | 20 |  |  | 361 |
Reconciling items: |  |  |  |  |  |  |  |  |
Credit derivative impairment (recoveries) (2) | — |  |  | — |  |  | (1) |  |  | — |  |  | — |
Total consolidated | $ | 403 |  |  | $ | 340 |  |  | $ | (26) |  |  | $ | 20 |  |  | $ | 361 |
_____________________ (1) Consists of “employee compensation and benefit expenses” and “other operating expenses.” (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, 2023
| Net Earned Premiums |  | Net Investment Income |  | Loss and LAE (Benefit) |  | Amortization of DAC |  | Other Expenses(1)
| (in millions)
Segments: |  |  |  |  |  |  |  |  |
Insurance | $ | 347 |  |  | $ | 370 |  |  | $ | 161 |  |  | $ | 13 |  |  | $ | 261 |
Asset Management | — |  |  | — |  |  | — |  |  | — |  |  | 77 |
Total segments | 347 |  |  | 370 |  |  | 161 |  |  | 13 |  |  | 338 |
Corporate division | — |  |  | 8 |  |  | — |  |  | — |  |  | 117 |
Other | (3) |  |  | (13) |  |  | 3 |  |  | — |  |  | 13 |
Subtotal | 344 |  |  | 365 |  |  | 164 |  |  | 13 |  |  | 468 |
Reconciling items: |  |  |  |  |  |  |  |  |
Credit derivative impairment (recoveries) (2) | — |  |  | — |  |  | (2) |  |  | — |  |  | — |
Total consolidated | $ | 344 |  |  | $ | 365 |  |  | $ | 162 |  |  | $ | 13 |  |  | $ | 468 |
_____________________ (1) Consists of “employee compensation and benefit expenses” and “other operating expenses.” (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, 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.” (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 |  | 2024 |  | 2023 |  | 2022
|  | (in millions)
U.S. |  | $ | 685 |  |  | $ | 1,064 |  |  | $ | 727 |
Bermuda |  | 168 |  |  | 166 |  |  | 129 |
U.K. |  | 32 |  |  | 36 |  |  | 32 |
Other |  | 1 |  |  | 1 |  |  | (1) |
Total |  | $ | 886 |  |  | $ | 1,267 |  |  | $ | 887 |

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