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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
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
Third Quarter 2020
InsuranceAsset ManagementCorporateOtherTotal
(in millions)
Third-party revenues$186 $13 $12 $21 $232 
Intersegment revenues3 1 — (4)— 
Total revenues 189 14 12 17 232 
Total expenses134 29 32 5 200 
Income (loss) before income taxes and equity in net earnings of investees55 (15)(20)12 32 
Equity in net earnings of investees20 — — (13)7 
Adjusted operating income (loss) before income taxes75 (15)(20)(1)39 
Provision (benefit) for income taxes(6)(3)(2)(1)(12)
Noncontrolling interests— — — 3 3 
Adjusted operating income (loss)$81 $(12)$(18)$(3)$48 
Supplemental income statement information
Net investment income$75 $— $— $(4)$71 
Interest expense— — 24 (3)21 
Non-cash compensation and operating expenses (1)9 4 1 — 14 


Third Quarter 2019
InsuranceAsset ManagementCorporateOtherTotal
(in millions)
Third-party revenues$221 $— $1 $1 $223 
Intersegment revenues1 — — (1)— 
Total revenues 222 — 1 — 223 
Total expenses97 — 31 2 130 
Income (loss) before income taxes and equity in net earnings of investees125 — (30)(2)93 
Equity in net earnings of investees1 — (1)— — 
Adjusted operating income (loss) before income taxes126 — (31)(2)93 
Provision (benefit) for income taxes19 — (3)— 16 
Noncontrolling interests— — — — — 
Adjusted operating income (loss)$107 $— $(28)$(2)$77 
Supplemental income statement information
Net investment income$89 $— $1 $(2)$88 
Interest expense— — 23 (1)22 
Non-cash compensation and operating expenses (1)9 — 1 — 10 
Nine Months Ended September 30, 2020
InsuranceAsset ManagementCorporateOtherTotal
(in millions)
Third-party revenues$623 $41 $8 $44 $716 
Intersegment revenues8 3 — (11)— 
Total revenues 631 44 8 33 716 
Total expenses308 81 99 8 496 
Income (loss) before income taxes and equity in net earnings of investees323 (37)(91)25 220 
Equity in net earnings of investees37 — (5)(29)3 
Adjusted operating income (loss) before income taxes360 (37)(96)(4)223 
Provision (benefit) for income taxes40 (7)(13)(2)18 
Noncontrolling interests— — — 5 5 
Adjusted operating income (loss)$320 $(30)$(83)$(7)$200 
Supplemental income statement information
Net investment income$240 $— $1 $(12)$229 
Interest expense— — 72 (8)64 
Non-cash compensation and operating expenses (1)27 13 4 — 44 


Nine Months Ended September 30, 2019
InsuranceAsset ManagementCorporateOtherTotal
(in millions)
Third-party revenues$695 $— $2 $23 $720 
Intersegment revenues2 — — (2)— 
Total revenues 697 — 2 21 720 
Total expenses244 — 93 16 353 
Income (loss) before income taxes and equity in net earnings of investees453 — (91)5 367 
Equity in net earnings of investees3 — — — 3 
Adjusted operating income (loss) before income taxes456 — (91)5 370 
Provision (benefit) for income taxes77 — (12)1 66 
Noncontrolling interests— — — — — 
Adjusted operating income (loss)$379 $— $(79)$4 $304 
Supplemental income statement information
Net investment income$298 $— $3 $(5)$296 
Interest expense— — 69 (2)67 
Non-cash compensation and operating expenses (1)29 — 4 — 33 
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(1)    Consists of amortization of deferred acquisition costs and intangible assets, depreciation and share-based compensation
Reconciliation of Net Income (Loss) Attributable to AGL
to Adjusted Operating Income (Loss)

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(in millions)
Net income (loss) attributable to AGL$86 $69 $214 $265 
Less pre-tax adjustments:
Realized gains (losses) on investments13 16 12 12 
Non-credit impairment unrealized fair value gains (losses) on credit derivatives(3)11 6 (29)
Fair value gains (losses) on CCS (1)(10)(14)13 (4)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves40 (20)(15)(23)
Total pre-tax adjustments40 (7)16 (44)
Less tax effect on pre-tax adjustments(2)(1)(2)5 
Adjusted operating income (loss)$48 $77 $200 $304 
_____________________
(1)    Presented in Other income (loss) on the condensed consolidated statements of operations.
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 September 30,Nine Months Ended September 30,
 2020201920202019
 (in millions)
Revenues
Total consolidated revenues$268 $206 $736 $667 
Less: Realized gains (losses) on investments13 16 12 12 
Less: Non-credit impairment unrealized fair value gains (losses) on credit derivatives(3)11 6 (29)
Less: Fair value gains (losses) on CCS(10)(14)13 (4)
Less: Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves40 (20)(15)(23)
Plus: Credit derivative impairment (recoveries) (1)4 10 (4)9 
Total segment revenues$232 $223 $716 $720 
Expenses
Total consolidated expenses$196 $120 $500 $344 
Plus: Credit derivative impairment (recoveries) (1)4 10 (4)9 
Total segment expenses$200 $130 $496 $353 
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(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 September 30,Nine Months Ended September 30,
 2020201920202019
 (in millions)
U.S.$186 $172 $579 $560 
Bermuda33 43 105 128 
U.K. and other13 8 32 32 
Total$232 $223 $716 $720