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Segment Information
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
     The Company reports its results of operations in two segments: Insurance and Asset Management, separate from its Corporate division and the effects of consolidating FG VIEs and CIVs, which is consistent with the manner in which the Company’s chief operating decision maker (CODM) reviews the business to assess performance and allocate resources.

The Insurance segment primarily consists of: (i) the Company’s insurance subsidiaries; and (ii) AGAS. The Asset Management segment consists of AssuredIM, which provides asset management services to third-party investors as well as to the U.S. Insurance Subsidiaries and AGAS.

    The Corporate division primarily consists of interest expense on the debt of the U.S. Holding Companies and any losses on extinguishment or repurchases of their debt, as well as other operating expenses attributed to the corporate activities of AGL and the U.S. Holding Companies.
    
    The Other category primarily includes the effect of consolidating FG VIEs and CIVs, intersegment eliminations and the reclassification of reimbursable fund expenses. See Note 8, Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles.

    The segments differ from the consolidated financial statements in certain respects. The Insurance segment includes: (i) premiums and losses from the financial guaranty insurance policies issued by the U.S. Insurance Subsidiaries which guarantee the FG VIEs’ debt; and (ii) AGAS’ share of earnings from investments in AssuredIM Funds in “equity in earnings (losses) of investees.” Under GAAP, (i) FG VIEs are consolidated by the U.S. Insurance Subsidiaries and the premiums and losses associated with their financial guaranty policies associated with the FG VIEs’ debt are eliminated, whereas the reconciliation tables below present the FG VIEs and related eliminations in “Other”, and (ii) CIVs are consolidated by AGUS, a U.S. holding company, whereas in the reconciliation tables below, the CIVs and related eliminations of the Insurance segment’s “equity in earnings (losses) of investees” associated with AGAS’ interest in CIVs are presented in “Other.” In addition, under GAAP, reimbursable fund expenses are shown as a component of asset management fees and included in total revenues, whereas in the Asset Management segment in the tables below, they are netted in “segment expenses”.

The Company analyzes the operating performance of each segment using “segment adjusted operating income (loss).” Results for each segment include specifically identifiable expenses as well as intersegment expense allocations, as applicable, based on time studies and other cost allocation methodologies based on headcount or other metrics. Segment adjusted operating income is defined as “net income (loss) attributable to AGL,” adjusted for the following items:
 
•Elimination of realized gains (losses) on the Company’s investments, except for gains and losses on securities classified as trading.
•Elimination of non-credit impairment-related unrealized fair value gains (losses) on credit derivatives that are recognized in net income, which is the amount of unrealized fair value gains (losses) in excess of the present value of the expected estimated economic credit losses, and non-economic payments.
•Elimination of fair value gains (losses) on the Company’s committed capital securities (CCS) that are recognized in net income.
•Elimination of foreign exchange gains (losses) on remeasurement of net premium receivables and loss and loss adjustment expense (LAE) reserves that are recognized in net income.
•Elimination of the tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

The Company does not report assets by reportable segment as the CODM does not use assets to assess performance and allocate resources.

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.

Segment Information

Third Quarter
20222021
InsuranceAsset ManagementInsuranceAsset Management
(in millions)
Third-party revenues$145 $13 $187 $17 
Intersegment revenues2 8 3 2 
Segment revenues147 21 190 19 
Segment expenses(16)24 (22)29 
Segment equity in earnings (losses) of investees(11)— 33 — 
Less: Segment provision (benefit) for income taxes(7)— 31 (3)
Segment adjusted operating income (loss)$159 $(3)$214 $(7)


Nine Months
20222021
InsuranceAsset ManagementInsuranceAsset Management
(in millions)
Third-party revenues$558 $59 $544 $54 
Intersegment revenues6 29 7 6 
Segment revenues564 88 551 60 
Segment expenses147 91 131 82 
Segment equity in earnings (losses) of investees(46)— 100 — 
Less: Segment provision (benefit) for income taxes24 — 75 (6)
Segment adjusted operating income (loss)$347 $(3)$445 $(16)

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, 2022
Equity in Earnings (Losses) of InvesteesLess:Net Income (Loss) Attributable to AGL
 RevenuesExpenses Provision (Benefit) for Income Taxes Noncontrolling Interests 
 (in millions)
Segments:
Insurance$147 $(16)$(11)$(7)$— $159 
Asset Management21 24 — — — (3)
Total segments168 8 (11)(7)— 156 
Corporate division1 34 — (3)— (30)
Other13 2 (9)1 (6)7 
Subtotal182 44 (20)(9)(6)133 
Reconciling items:
Realized gains (losses) on investments(14)— — — — (14)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives(50)(1)— — — (49)
Fair value gains (losses) on CCS1 — — — — 1 
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves(78)— — — — (78)
Tax effect— — — (18)— 18 
Total consolidated$41 $43 $(20)$(27)$(6)$11 

Reconciliation of Segment Information to Consolidated Information
Three Months Ended September 30, 2021

Equity in Earnings (Losses) of InvesteesLess:Net Income (Loss) Attributable to AGL
 Revenues Expenses Provision (Benefit) for Income Taxes Noncontrolling Interests 
 (in millions)
Segments:
Insurance$190 $(22)$33 $31 $— $214 
Asset Management19 29 — (3)— (7)
Total segments209 7 33 28 — 207 
Corporate division1 211 1 (40)— (169)
Other18 10 (11)(2)3 (4)
Subtotal228 228 23 (14)3 34 
Reconciling items:
Realized gains (losses) on investments3 — — — — 3 
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives11 2 — — — 9 
Fair value gains (losses) on CCS(3)— — — — (3)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves(27)— — — — (27)
Tax effect— — — (1)— 1 
Total consolidated$212 $230 $23 $(15)$3 $17 
Reconciliation of Segment Information to Consolidated Information
Nine Months Ended September 30, 2022
Equity in Earnings (Losses) of InvesteesLess:Net Income (Loss) Attributable to AGL
 Revenues Expenses Provision (Benefit) for Income Taxes Noncontrolling Interests 
 (in millions)
Segments:
Insurance$564 $147 $(46)$24 $— $347 
Asset Management88 91 — — — (3)
Total segments652 238 (46)24 — 344 
Corporate division3 104 — (3)— (98)
Other34 14 15 3 25 7 
Subtotal689 356 (31)24 25 253 
Reconciling items:
Realized gains (losses) on investments(39)— — — — (39)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives(51)(5)— — — (46)
Fair value gains (losses) on CCS12 — — — 12 
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves(180)— — — — (180)
Tax effect— — — (30)— 30 
Total consolidated$431 $351 $(31)$(6)$25 $30 


Reconciliation of Segment Information to Consolidated Information
Nine Months Ended September 30, 2021
Equity in Earnings (Losses) of InvesteesLess:Net Income (Loss) Attributable to AGL
 Revenues Expenses Provision (Benefit) for Income Taxes Noncontrolling Interests 
 (in millions)
Segments:
Insurance$551 $131 $100 $75 $— $445 
Asset Management60 82 — (6)— (16)
Total segments611 213 100 69 — 429 
Corporate division1 279 1 (45)— (232)
Other66 21 (35)(1)11 — 
Subtotal678 513 66 23 11 197 
Reconciling items:
Realized gains (losses) on investments4 — — — — 4 
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives(48)(7)— — — (41)
Fair value gains (losses) on CCS(28)— — — — (28)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves(21)— — — — (21)
Tax effect— — — (15)— 15 
Total consolidated$585 $506 $66 $8 $11 $126