Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

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

	Second Quarter
	2023				2022
	Insurance		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	221	$	19	$	137	$	16
Intersegment revenues	3		11		2		12
Segment revenues	224		30		139		28
Segment expenses	110		33		41		28
Segment equity in earnings (losses) of investees	5		—		(34)		—
Less: Segment provision (benefit) for income taxes	13		(1)		9		—
Segment adjusted operating income (loss)	$	106	$	(2)	$	55	$	—

	Six Months
	2023				2022
	Insurance		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	409	$	44	$	413	$	46
Intersegment revenues	5		27		4		21
Segment revenues	414		71		417		67
Segment expenses	189		75		163		67
Segment equity in earnings (losses) of investees	35		—		(35)		—
Less: Segment provision (benefit) for income taxes	37		(1)		31		—
Segment adjusted operating income (loss)	$	223	$	(3)	$	188	$	—

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 June 30, 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	$	224	$	110	$	5	$	13	$	—	$	106
Asset Management	30		33		—		(1)		—		(2)
Total segments	254		143		5		12		—		104
Corporate division	2		60		—		(8)		—		(50)
Other	(3)		19		—		(5)		1		(18)
Subtotal	253		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 derivatives	89		(1)		—		—		—		90
Fair value gains (losses) on CCS	1		—		—		—		—		1
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	26		—		—		—		—		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 Investees		Less:				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 Management	28		28		—		—		—		—
Total segments	167		69		(34)		9		—		55
Corporate division	1		36		—		—		—		(35)
Other	7		7		34		2		22		10
Subtotal	175		112		—		11		22		30
Reconciling items:
Realized gains (losses) on investments	(28)		—		—		—		—		(28)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	6		—		—		—		—		6
Fair value gains (losses) on CCS	10		—		—		—		—		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 Investees		Less:				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 Management	71		75		—		(1)		—		(3)
Total segments	485		264		35		36		—		220
Corporate division	4		108		—		(10)		—		(94)
Other	32		15		(28)		(6)		17		(22)
Subtotal	521		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 derivatives	102		(1)		—		—		—		103
Fair value gains (losses) on CCS	(15)		—		—		—		—		(15)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	46		—		—		—		—		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 Investees		Less:				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 Management	67		67		—		—		—		—
Total segments	484		230		(35)		31		—		188
Corporate division	2		70		—		—		—		(68)
Other	21		12		24		2		31		—
Subtotal	507		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 CCS	11		—		—		—		—		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