Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Segment Reporting Information, by Segment

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
	2022				2021
	Insurance		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	145	$	13	$	187	$	17
Intersegment revenues	2		8		3		2
Segment revenues	147		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
	2022				2021
	Insurance		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	558	$	59	$	544	$	54
Intersegment revenues	6		29		7		6
Segment revenues	564		88		551		60
Segment expenses	147		91		131		82
Segment equity in earnings (losses) of investees	(46)		—		100		—
Less: Segment provision (benefit) for income taxes	24		—		75		(6)
Segment adjusted operating income (loss)	$	347	$	(3)	$	445	$	(16)

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 September 30, 2022


					Equity in Earnings (Losses) of Investees		Less:				Net Income (Loss) Attributable to AGL
	Revenues		Expenses				Provision (Benefit) for Income Taxes		Noncontrolling Interests
	(in millions)
Segments:
Insurance	$	147	$	(16)	$	(11)	$	(7)	$	—	$	159
Asset Management	21		24		—		—		—		(3)
Total segments	168		8		(11)		(7)		—		156
Corporate division	1		34		—		(3)		—		(30)
Other	13		2		(9)		1		(6)		7
Subtotal	182		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 CCS	1		—		—		—		—		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 Investees		Less:				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 Management	19		29		—		(3)		—		(7)
Total segments	209		7		33		28		—		207
Corporate division	1		211		1		(40)		—		(169)
Other	18		10		(11)		(2)		3		(4)
Subtotal	228		228		23		(14)		3		34
Reconciling items:
Realized gains (losses) on investments	3		—		—		—		—		3
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	11		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 Investees		Less:				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 Management	88		91		—		—		—		(3)
Total segments	652		238		(46)		24		—		344
Corporate division	3		104		—		(3)		—		(98)
Other	34		14		15		3		25		7
Subtotal	689		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 CCS	12				—		—		—		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 Investees		Less:				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 Management	60		82		—		(6)		—		(16)
Total segments	611		213		100		69		—		429
Corporate division	1		279		1		(45)		—		(232)
Other	66		21		(35)		(1)		11		—
Subtotal	678		513		66		23		11		197
Reconciling items:
Realized gains (losses) on investments	4		—		—		—		—		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