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v3.25.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
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 category. Segment Information
|  | Third Quarter
|  | 2025 |  | 2024
|  | Insurance |  | Asset Management |  | Insurance |  | Asset Management
|  | (in millions)
Third-party revenues |  | $ | 204 |  |  | $ | 6 |  |  | $ | 202 |  |  | $ | 1 |
Intersegment revenues |  | 2 |  |  | 2 |  |  | 2 |  |  | 1 |
Segment revenues |  | 206 |  |  | 8 |  |  | 204 |  |  | 2 |
Segment loss and LAE (benefit) |  | (31) |  |  | — |  |  | (53) |  |  | — |
Segment employee compensation and benefit expenses |  | 44 |  |  | — |  |  | 40 |  |  | — |
Segment amortization of deferred acquisition costs (DAC) |  | 6 |  |  | — |  |  | 5 |  |  | — |
Other segment items (2) |  | 32 |  |  | 4 |  |  | 36 |  |  | 2 |
Segment expenses |  | 51 |  |  | 4 |  |  | 28 |  |  | 2 |
Segment equity in earnings (losses) of investees |  | 16 |  |  | — |  |  | 28 |  |  | 4 |
Less: Segment provision (benefit) for income taxes |  | 26 |  |  | 1 |  |  | 42 |  |  | — |
Segment adjusted operating income (loss) |  | $ | 145 |  |  | $ | 3 |  |  | $ | 162 |  |  | $ | 4 |
Selected components of segment adjusted operating income: |  |  |  |  |  |  |  |
Net investment income |  | $ | 94 |  |  | $ | — |  |  | $ | 82 |  |  | $ | — |
Non-cash compensation and operating expenses (3) |  | 15 |  |  | — |  |  | 18 |  |  | — |
|  | Nine Months
|  | 2025 |  | 2024
|  | Insurance (1) |  | Asset Management |  | Insurance |  | Asset Management
|  | (in millions)
Third-party revenues |  | $ | 637 |  |  | $ | 24 |  |  | $ | 615 |  |  | $ | 8 |
Intersegment revenues |  | 7 |  |  | 5 |  |  | 7 |  |  | 2 |
Segment revenues |  | 644 |  |  | 29 |  |  | 622 |  |  | 10 |
Segment loss and LAE (benefit) |  | (27) |  |  | — |  |  | (49) |  |  | — |
Segment employee compensation and benefit expenses |  | 140 |  |  | — |  |  | 128 |  |  | — |
Segment amortization of DAC |  | 16 |  |  | — |  |  | 14 |  |  | — |
Other segment items (2) |  | 91 |  |  | 17 |  |  | 90 |  |  | 6 |
Segment expenses |  | 220 |  |  | 17 |  |  | 183 |  |  | 6 |
Segment equity in earnings (losses) of investees |  | 48 |  |  | 12 |  |  | 83 |  |  | 2 |
Less: Segment provision (benefit) for income taxes |  | 83 |  |  | 5 |  |  | 95 |  |  | 1 |
Segment adjusted operating income (loss) |  | $ | 389 |  |  | $ | 19 |  |  | $ | 427 |  |  | $ | 5 |
Selected components of segment adjusted operating income: |  |  |  |  |  |  |  |
Net investment income |  | $ | 269 |  |  | $ | — |  |  | $ | 246 |  |  | $ | — |
Non-cash compensation and operating expenses (3) |  | 47 |  |  | — |  |  | 46 |  |  | — |
_____________________ (1) Nine months 2025 results include the gain recognized in connection with the Lehman Brothers International (Europe) (in administration) (LBIE) litigation, which represents the full satisfaction of the judgment the Company was awarded and its claims for attorneys’ fees, expenses and interest. See Note 6, Contracts Accounted for as Credit Derivatives, for additional information. (2) Other segment items for the Insurance segment include professional services expenses, maintenance, depreciation expense, lease expense, investment management expenses and certain overhead expenses; and for the Asset Management segment include expenses associated with incentive fees. (3) Amounts consist of depreciation, amortization and share-based compensation 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 Three Months Ended September 30, 2025
|  |  |  |  | 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 | $ | 206 |  |  | $ | 51 |  |  | $ | 16 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 145 |
Asset Management | 8 |  |  | 4 |  |  | — |  |  | 1 |  |  | — |  |  | 3 |
Total segments | 214 |  |  | 55 |  |  | 16 |  |  | 27 |  |  | — |  |  | 148 |
Corporate division | 3 |  |  | 38 |  |  | 9 |  |  | (2) |  |  | — |  |  | (24) |
Other | 13 |  |  | (1) |  |  | (5) |  |  | — |  |  | 9 |  |  | — |
Subtotal | 230 |  |  | 92 |  |  | 20 |  |  | 25 |  |  | 9 |  |  | 124 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (10) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Fair value gains (losses) on CCS | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | (22) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22) |
Tax effect | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | 4 |
Consolidated | $ | 207 |  |  | $ | 92 |  |  | $ | 20 |  |  | $ | 21 |  |  | $ | 9 |  |  | $ | 105 |
Reconciliation of Segment Information to Consolidated Information Three Months Ended September 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 | $ | 204 |  |  | $ | 28 |  |  | $ | 28 |  |  | $ | 42 |  |  | $ | — |  |  | $ | 162 |
Asset Management | 2 |  |  | 2 |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
Total segments | 206 |  |  | 30 |  |  | 32 |  |  | 42 |  |  | — |  |  | 166 |
Corporate division | 4 |  |  | 37 |  |  | — |  |  | (4) |  |  | — |  |  | (29) |
Other | 8 |  |  | (2) |  |  | (14) |  |  | (2) |  |  | 5 |  |  | (7) |
Subtotal | 218 |  |  | 65 |  |  | 18 |  |  | 36 |  |  | 5 |  |  | 130 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | (2) |
Fair value gains (losses) on CCS | (3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 54 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 54 |
Tax effect | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | (8) |
Consolidated | $ | 269 |  |  | $ | 67 |  |  | $ | 18 |  |  | $ | 44 |  |  | $ | 5 |  |  | $ | 171 |
Reconciliation of Segment Information to Consolidated Information Nine Months Ended September 30, 2025
|  |  |  |  | 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 | $ | 644 |  |  | $ | 220 |  |  | $ | 48 |  |  | $ | 83 |  |  | $ | — |  |  | $ | 389 |
Asset Management | 29 |  |  | 17 |  |  | 12 |  |  | 5 |  |  | — |  |  | 19 |
Total segments | 673 |  |  | 237 |  |  | 60 |  |  | 88 |  |  | — |  |  | 408 |
Corporate division | 11 |  |  | 117 |  |  | 28 |  |  | (5) |  |  | — |  |  | (73) |
Other | 29 |  |  | (5) |  |  | (12) |  |  | — |  |  | 21 |  |  | 1 |
Subtotal | 713 |  |  | 349 |  |  | 76 |  |  | 83 |  |  | 21 |  |  | 336 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (32) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (32) |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 61 |  |  | 63 |  |  | — |  |  | — |  |  | — |  |  | (2) |
Fair value gains (losses) on CCS | 9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 82 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 82 |
Tax effect | — |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | (9) |
Consolidated | $ | 833 |  |  | $ | 412 |  |  | $ | 76 |  |  | $ | 92 |  |  | $ | 21 |  |  | $ | 384 |
Reconciliation of Segment Information to Consolidated Information Nine Months Ended September 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 | $ | 622 |  |  | $ | 183 |  |  | $ | 83 |  |  | $ | 95 |  |  | $ | — |  |  | $ | 427 |
Asset Management | 10 |  |  | 6 |  |  | 2 |  |  | 1 |  |  | — |  |  | 5 |
Total segments | 632 |  |  | 189 |  |  | 85 |  |  | 96 |  |  | — |  |  | 432 |
Corporate division | 13 |  |  | 128 |  |  | — |  |  | (14) |  |  | — |  |  | (101) |
Other | 28 |  |  | (12) |  |  | (38) |  |  | (2) |  |  | 12 |  |  | (8) |
Subtotal | 673 |  |  | 305 |  |  | 47 |  |  | 80 |  |  | 12 |  |  | 323 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives | 11 |  |  |  |  | — |  |  | — |  |  | — |  |  | 11 |
Fair value gains (losses) on CCS | (12) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12) |
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves | 42 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42 |
Tax effect | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | (8) |
Consolidated | $ | 716 |  |  | $ | 305 |  |  | $ | 47 |  |  | $ | 88 |  |  | $ | 12 |  |  | $ | 358 |

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