Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

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


	Three Months Ended March 31,
	2023				2022
	Insurance		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	188	$	25	$	276	$	30
Intersegment revenues	2		16		2		9
Segment revenues	190		41		278		39
Segment expenses	79		42		122		39
Segment equity in earnings (losses) of investees	30		—		(1)		—
Less: Segment provision (benefit) for income taxes	24		—		22		—
Segment adjusted operating income (loss)	$	117	$	(1)	$	133	$	—

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

First Quarter 2023


					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	$	79	$	30	$	24	$	—	$	117
Asset Management	41		42		—		—		—		(1)
Total segments	231		121		30		24		—		116
Corporate division	2		48		—		(2)		—		(44)
Other	35		(4)		(28)		(1)		16		(4)
Subtotal	268		165		2		21		16		68
Reconciling items:
Realized gains (losses) on investments	(2)		—		—		—		—		(2)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	13		—		—		—		—		13
Fair value gains (losses) on CCS	(16)		—		—		—		—		(16)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	20		—		—		—		—		20
Tax effect	—		—		—		2		—		(2)
Total consolidated	$	283	$	165	$	2	$	23	$	16	$	81

Reconciliation of Segment Information to Consolidated Information

First Quarter 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	$	278	$	122	$	(1)	$	22	$	—	$	133
Asset Management	39		39		—		—		—		—
Total segments	317		161		(1)		22		—		133
Corporate division	1		34		—		—		—		(33)
Other	14		5		(10)		—		9		(10)
Subtotal	332		200		(11)		22		9		90
Reconciling items:
Realized gains (losses) on investments	3		—		—		—		—		3
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	(7)		(4)		—		—		—		(3)
Fair value gains (losses) on CCS	1		—		—		—		—		1
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	(29)		—		—		—		—		(29)
Tax effect	—		—		—		(4)		—		4
Total consolidated	$	300	$	196	$	(11)	$	18	$	9	$	66