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Segment Information (Tables)

9 Months Ended

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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- Definition

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

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-Name Accounting Standards Codification
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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.

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