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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Reconciliation of Net Income (Loss) Attributable to AGL
to Adjusted Operating Income (Loss)

 
Three Months Ended March 31,
 
2020
 
2019
 
(in millions)
Net income (loss) attributable to AGL
$
(55
)
 
$
54

Less pre-tax adjustments:
 
 
 
Realized gains (losses) on investments
(5
)
 
(12
)
Non-credit impairment unrealized fair value gains (losses) on credit derivatives
(88
)
 
(28
)
Fair value gains (losses) on CCS
48

 
(9
)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves
(57
)
 
9

Total pre-tax adjustments
(102
)
 
(40
)
Less tax effect on pre-tax adjustments
14

 
8

Adjusted operating income (loss)
$
33

 
$
86













The following tables present the Company's operations by operating segment. The information for the prior year has been conformed to the new segment presentation.

Segment Information

 
Three Months Ended March 31, 2020
 
Insurance
 
Asset Management
 
Corporate
 
Other
 
Total
 
(in millions)
Third-party revenues
$
193

 
$
16

 
$
(4
)
 
$
(15
)
 
$
190

Intersegment revenues
3

 
1

 
—

 
(4
)
 
—

Total revenues
196

 
17

 
(4
)
 
(19
)
 
190

Total expenses
84

 
28

 
35

 
(1
)
 
146

Income (loss) before income taxes and equity in net earnings of investees
112

 
(11
)
 
(39
)
 
(18
)
 
44

Equity in net earnings of investees
(9
)
 
—

 
(5
)
 
10

 
(4
)
Adjusted operating income (loss) before income taxes
103

 
(11
)
 
(44
)
 
(8
)
 
40

Provision (benefit) for income taxes
18

 
(2
)
 
(5
)
 
(1
)
 
10

Noncontrolling interests
—

 
—

 
—

 
(3
)
 
(3
)
Adjusted operating income (loss)
$
85

 
$
(9
)
 
$
(39
)
 
$
(4
)
 
$
33

 
 
 
 
 
 
 
 
 
 
Supplemental income statement information
 
 
 
 
 
 
 
 
 
Net investment income
$
83

 
$
—

 
$
1

 
$
(4
)
 
$
80

Interest expense
—

 
—

 
25

 
(3
)
 
22

Non-cash compensation and operating expenses (1)
9

 
3

 
3

 
—

 
15



 
Three Months Ended March 31, 2019
 
Insurance
 
Asset Management
 
Corporate
 
Other
 
Total
 
(in millions)
Third-party revenues
$
233

 
$
—

 
$
—

 
$
1

 
$
234

Intersegment revenues
1

 
—

 
—

 
(1
)
 
—

Total revenues
234

 
—

 
—

 
—

 
234

Total expenses
107

 
—

 
31

 
—

 
138

Income (loss) before income taxes and equity in net earnings of investees
127

 
—

 
(31
)
 
—

 
96

Equity in net earnings of investees
1

 
—

 
1

 
—

 
2

Adjusted operating income (loss) before income taxes
128

 
—

 
(30
)
 
—

 
98

Provision (benefit) for income taxes
17

 
—

 
(5
)
 
—

 
12

Noncontrolling interests
—

 
—

 
—

 
—

 
—

Adjusted operating income (loss)
$
111

 
$
—

 
$
(25
)
 
$
—

 
$
86

 
 
 
 
 
 
 
 
 
 
Supplemental income statement information
 
 
 
 
 
 
 
 
 
Net investment income
$
99

 
$
—

 
$
1

 
$
(2
)
 
$
98

Interest expense
—

 
—

 
24

 
(1
)
 
23

Non-cash compensation and operating expenses (1)
11

 
—

 
1

 
—

 
12

_____________________
(1)
Consists of amortization of deferred acquisition costs and intangible assets, depreciation and share-based compensation
The following table reconciles the Company's total consolidated revenues and expenses to segment revenues and expenses:

Reconciliation of Segment Revenues and Expenses

 
Three Months Ended March 31,
 
2020
 
2019
 
(in millions)
Revenues
 
 
 
Total consolidated revenues
$
96

 
$
195

Less: Realized gains (losses) on investments
(5
)
 
(12
)
Less: Non-credit impairment unrealized fair value gains (losses) on credit derivatives
(88
)
 
(28
)
Less: Fair value gains (losses) on CCS
48

 
(9
)
Less: Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves
(57
)
 
9

Plus: Credit derivative impairment (recoveries) (1)
(8
)
 
(1
)
Total segment revenues
$
190

 
$
234

 
 
 
 
Expenses
 
 
 
Total consolidated expenses
$
154

 
$
139

Plus: Credit derivative impairment (recoveries) (1)
(8
)
 
(1
)
Total segment expenses
$
146

 
$
138

_____________________
(1)
Credit derivative impairment (recoveries) are included in "Net change in fair value of credit derivatives" in the Company's condensed consolidated statements of operations.
Revenue from External Customers by Geographic Areas
Revenue by Country of Domicile

 
Three Months Ended March 31,
 
2020
 
2019
 
(in millions)
U.S.
$
150

 
$
182

Bermuda
34

 
44

U.K. and other
6

 
8

Total
$
190

 
$
234