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Segment Information
 6 Months Ended
Jun. 30, 2023
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. As of June 30, 2023, the Asset Management segment consisted of AssuredIM, which provided asset management services to third-party investors as well as to the U.S. Insurance Subsidiaries and AGAS. Beginning in July 2023, the Company participates in the asset management business through its investment in Sound Point as described in Note 1, Business and Basis of Presentation.
    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 segment results 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/recoveries associated with the financial guaranty policies associated with the FG VIEs’ debt are eliminated (the reconciliation tables below present the FG VIEs and related eliminations in “other”,) and (ii) CIVs are consolidated by AGUS, (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, these expenses 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 assess performance and allocate resources based on assets.
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

Second Quarter
20232022
InsuranceAsset ManagementInsuranceAsset Management
(in millions)
Third-party revenues$221 $19 $137 $16 
Intersegment revenues3 11 2 12 
Segment revenues224 30 139 28 
Segment expenses110 33 41 28 
Segment equity in earnings (losses) of investees5 — (34)— 
Less: Segment provision (benefit) for income taxes13 (1)9 — 
Segment adjusted operating income (loss)$106 $(2)$55 $— 

Six Months
20232022
InsuranceAsset ManagementInsuranceAsset Management
(in millions)
Third-party revenues$409 $44 $413 $46 
Intersegment revenues5 27 4 21 
Segment revenues414 71 417 67 
Segment expenses189 75 163 67 
Segment equity in earnings (losses) of investees35 — (35)— 
Less: Segment provision (benefit) for income taxes37 (1)31 — 
Segment adjusted operating income (loss)$223 $(3)$188 $— 
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 June 30, 2023
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$224 $110 $5 $13 $— $106 
Asset Management30 33 — (1)— (2)
Total segments254 143 5 12 — 104 
Corporate division2 60 — (8)— (50)
Other(3)19 — (5)1 (18)
Subtotal253 222 5 (1)1 36 
Reconciling items:
Realized gains (losses) on investments(9)— — — — (9)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives89 (1)— — — 90 
Fair value gains (losses) on CCS1 — — — — 1 
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves26 — — — — 26 
Tax effect— — — 19 — (19)
Total consolidated$360 $221 $5 $18 $1 $125 
Reconciliation of Segment Information to Consolidated Information
Three Months Ended June 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$139 $41 $(34)$9 $— $55 
Asset Management28 28 — — — — 
Total segments167 69 (34)9 — 55 
Corporate division1 36 — — — (35)
Other7 7 34 2 22 10 
Subtotal175 112 — 11 22 30 
Reconciling items:
Realized gains (losses) on investments(28)— — — — (28)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives6 — — — — 6 
Fair value gains (losses) on CCS10 — — — — 10 
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves(73)— — — — (73)
Tax effect— — — (8)— 8 
Total consolidated$90 $112 $— $3 $22 $(47)


Reconciliation of Segment Information to Consolidated Information
Six Months Ended June 30, 2023
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$414 $189 $35 $37 $— $223 
Asset Management71 75 — (1)— (3)
Total segments485 264 35 36 — 220 
Corporate division4 108 — (10)— (94)
Other32 15 (28)(6)17 (22)
Subtotal521 387 7 20 17 104 
Reconciling items:
Realized gains (losses) on investments(11)— — — — (11)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives102 (1)— — — 103 
Fair value gains (losses) on CCS(15)— — — — (15)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves46 — — — — 46 
Tax effect— — — 21 — (21)
Total consolidated$643 $386 $7 $41 $17 $206 
Reconciliation of Segment Information to Consolidated Information
Six Months Ended June 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$417 $163 $(35)$31 $— $188 
Asset Management67 67 — — — — 
Total segments484 230 (35)31 — 188 
Corporate division2 70 — — — (68)
Other21 12 24 2 31 — 
Subtotal507 312 (11)33 31 120 
Reconciling items:
Realized gains (losses) on investments(25)— — — — (25)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives(1)(4)— — — 3 
Fair value gains (losses) on CCS11 — — — — 11 
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves(102)— — — — (102)
Tax effect— — — (12)— 12 
Total consolidated$390 $308 $(11)$21 $31 $19