Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

A summary of selected quarterly information follows:



2019	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
	(dollars in millions, except per share data)
Revenues
Net earned premiums	$	118		$	112		$	123		$	123		$	476
Net investment income	98			110			88			82			378
Asset management fees	—			—			—			22			22
Net realized investment gains (losses)	(12		)	8			16			10			22
Net change in fair value of credit derivatives	(22		)	(8		)	5			19			(6		)
Fair value gains (losses) on FG VIEs	5			33			4			—			42
Foreign exchange gains (losses) on remeasurement	11			(14		)	(21		)	48			24
Commutation gains	—			1			—			—			1
Other income (loss)	(3		)	24			(9		)	(8		)	4
Expenses
Loss and LAE	46			(1		)	30			18			93
Interest expense	23			22			22			22			89
Amortization of DAC	6			4			3			5			18
Employee compensation and benefit expenses	41			39			38			60			178
Other operating expenses	23			21			27			54			125
Income (loss) before income taxes and equity in net earnings of investees	56			181			86			137			460
Equity in net earnings of investees	2			1			—			1			4
Income (loss) before income taxes	58			182			86			138			464
Provision (benefit) for income taxes	4			40			17			2			63
Net income (loss)	54			142			69			136			401
Less: Redeemable noncontrolling interests	—			—			—			(1		)	(1		)
Net income (loss) attributable to AGL	54			142			69			137			402
Earnings (loss) per share(1):
Basic	$	0.52		$	1.40		$	0.71		$	1.43		$	4.04
Diluted	$	0.52		$	1.39		$	0.70		$	1.42		$	4.00



2018	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
	(dollars in millions, except per share data)
Revenues
Net earned premiums	$	145		$	136		$	142		$	125		$	548
Net investment income	100			98			99			98			395
Net realized investment gains (losses)	(5		)	(2		)	(7		)	(18		)	(32		)
Net change in fair value of credit derivatives	34			48			21			9			112
Fair value gains (losses) on FG VIEs	4			2			5			3			14
Foreign exchange gains (losses) on remeasurement	22			(36		)	(8		)	(15		)	(37		)
Commutation gains	1			(18		)	1			—			(16		)
Other income (loss)	(8		)	(8		)	22			11			17
Expenses
Loss and LAE	(18		)	44			17			21			64
Interest expense	24			24			23			23			94
Amortization of DAC	5			4			3			4			16
Employee compensation and benefit expenses	40			36			36			40			152
Other operating expenses	25			26			20			25			96
Income (loss) before income taxes and equity in net earnings of investees	217			86			176			100			579
Equity in net earnings of investees	—			1			(1		)	1			1
Income (loss) before income taxes	217			87			175			101			580
Provision (benefit) for income taxes	20			12			14			13			59
Net income (loss)	197			75			161			88			521
Less: Noncontrolling interests	—			—			—			—			—
Net income (loss) attributable to AGL	197			75			161			88			521
Earnings (loss) per share(1):
Basic	$	1.71		$	0.67		$	1.48		$	0.84		$	4.73
Diluted	$	1.68		$	0.67		$	1.47		$	0.83		$	4.68

____________________

(1)

Per share amounts for the quarters and the full years have each been calculated separately. Accordingly, quarterly amounts may not sum up to the annual amounts because of differences in the average common shares outstanding during each period and, with regard to diluted per share amounts only, because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive.