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v3.26.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2026
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 the Other category. Segment Information
|  | First Quarter
|  | 2026 |  | 2025
|  | Financial Guaranty |  | Annuity Reinsurance |  | Asset Management |  | Financial Guaranty (1) |  | Asset Management
|  | (in millions)
Third-party revenues |  | $ | 180 |  |  | $ | 10 |  |  | $ | 94 |  |  | $ | 237 |  |  | $ | 5 |
Intersegment revenues |  | 2 |  |  | — |  |  | 24 |  |  | 2 |  |  | 1 |
Segment revenues |  | 182 |  |  | 10 |  |  | 118 |  |  | 239 |  |  | 6 |
Segment loss and loss adjustment expense (LAE) (benefit) |  | 17 |  |  | — |  |  | — |  |  | (23) |  |  | — |
Segment benefit expense for annuity reinsurance contracts |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |
Segment employee compensation and benefit expenses |  | 54 |  |  | 2 |  |  | — |  |  | 52 |  |  | — |
Segment amortization of deferred acquisition costs |  | 5 |  |  | — |  |  | — |  |  | 5 |  |  | — |
Other segment items (2) |  | 31 |  |  | 2 |  |  | 68 |  |  | 30 |  |  | 4 |
Segment expenses |  | 107 |  |  | 11 |  |  | 68 |  |  | 64 |  |  | 4 |
Segment equity in earnings (losses) of investees |  | 8 |  |  | — |  |  | 6 |  |  | 30 |  |  | 13 |
Less: Segment provision (benefit) for income taxes |  | (19) |  |  | (1) |  |  | 12 |  |  | 37 |  |  | 3 |
Segment adjusted operating income (loss) |  | $ | 102 |  |  | $ | — |  |  | $ | 44 |  |  | $ | 168 |  |  | $ | 12 |
Selected components of segment adjusted operating income: |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 88 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 86 |  |  | $ | — |
Non-cash compensation and operating expenses (3) |  | 21 |  |  | 1 |  |  | — |  |  | 18 |  |  | — |
_____________________ (1) First quarter 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 8. Derivatives, for additional information. (2) Other segment items for the Financial Guaranty segment include professional services expenses, maintenance, depreciation expense, lease expense and certain overhead expenses; for the Asset Management segment include expenses associated with incentive fees; and for the Annuity Reinsurance segment include professional service fees and certain overhead expenses. (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 March 31, 2026
|  |  |  |  | Equity in Earnings (Losses) of Investees |  | Less: |  | Net Income (Loss) Attributable to AGL
| Revenues |  | Expenses |  |  | Provision (Benefit) for Income Taxes |  | Noncontrolling Interest |
| (in millions)
Segments: |  |  |  |  |  |  |  |  |  |  |
Financial Guaranty | $ | 182 |  |  | $ | 107 |  |  | $ | 8 |  |  | $ | (19) |  |  | $ | — |  |  | $ | 102 |
Annuity Reinsurance | 10 |  |  | 11 |  |  | — |  |  | (1) |  |  | — |  |  | — |
Asset Management | 118 |  |  | 68 |  |  | 6 |  |  | 12 |  |  | — |  |  | 44 |
Total segments | 310 |  |  | 186 |  |  | 14 |  |  | (8) |  |  | — |  |  | 146 |
Corporate division | 8 |  |  | 43 |  |  | 19 |  |  | (1) |  |  | — |  |  | (15) |
Other | (24) |  |  | (2) |  |  | (2) |  |  | (5) |  |  | (3) |  |  | (16) |
Subtotal | 294 |  |  | 227 |  |  | 31 |  |  | (14) |  |  | (3) |  |  | 115 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (15) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (15) |
Non-credit impairment-related fair value gains (losses) on credit derivatives | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Fair value gains (losses) of freestanding derivatives in the Annuity Reinsurance segment | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Realized and unrealized fair value gains (losses) of the embedded derivative in funds withheld | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Fair value gains (losses) on CCS | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |
Foreign exchange gains (losses) on remeasurement of certain assets and liabilities | (18) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (18) |
Tax effect | — |  |  | — |  |  | — |  |  | (6) |  |  | — |  |  | 6 |
Consolidated | $ | 261 |  |  | $ | 227 |  |  | $ | 31 |  |  | $ | (20) |  |  | $ | (3) |  |  | $ | 88 |
Reconciliation of Segment Information to Consolidated Information Three Months Ended March 31, 2025
|  |  |  |  | Equity in Earnings (Losses) of Investees |  | Less: |  | Net Income (Loss) Attributable to AGL
| Revenues |  | Expenses |  |  | Provision (Benefit) for Income Taxes |  | Noncontrolling Interest |
| (in millions)
Segments: |  |  |  |  |  |  |  |  |  |  |
Financial Guaranty | $ | 239 |  |  | $ | 64 |  |  | $ | 30 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 168 |
Asset Management | 6 |  |  | 4 |  |  | 13 |  |  | 3 |  |  | — |  |  | 12 |
Total segments | 245 |  |  | 68 |  |  | 43 |  |  | 40 |  |  | — |  |  | 180 |
Corporate division | 4 |  |  | 40 |  |  | 16 |  |  | — |  |  | — |  |  | (20) |
Other | 16 |  |  | (2) |  |  | (6) |  |  | 1 |  |  | 9 |  |  | 2 |
Subtotal | 265 |  |  | 106 |  |  | 53 |  |  | 41 |  |  | 9 |  |  | 162 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on investments | (16) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16) |
Non-credit impairment-related fair value gains (losses) on credit derivatives | 61 |  |  | 63 |  |  | — |  |  | — |  |  | — |  |  | (2) |
Fair value gains (losses) on CCS | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Foreign exchange gains (losses) on remeasurement of certain assets and liabilities | 33 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33 |
Tax effect | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | (3) |
Consolidated | $ | 345 |  |  | $ | 169 |  |  | $ | 53 |  |  | $ | 44 |  |  | $ | 9 |  |  | $ | 176 |

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- 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 -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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