Segment Information (Tables)

9 Months Ended

Sep. 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

	Third Quarter
	2023				2022
	Insurance		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	206	$	—	$	145	$	13
Intersegment revenues	2		—		2		8
Segment revenues	208		—		147		21
Segment expenses	165		—		(16)		24
Segment equity in earnings (losses) of investees	25		—		(11)		—
Less: Segment provision (benefit) for income taxes	9		—		(7)		—
Segment adjusted operating income (loss)	$	59	$	—	$	159	$	(3)

	Nine Months
	2023				2022
	Insurance		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	615	$	44	$	558	$	59
Intersegment revenues	7		27		6		29
Segment revenues	622		71		564		88
Segment expenses	354		75		147		91
Segment equity in earnings (losses) of investees	60		—		(46)		—
Less: Segment provision (benefit) for income taxes	46		(1)		24		—
Segment adjusted operating income (loss)	$	282	$	(3)	$	347	$	(3)

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, 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	$	208	$	165	$	25	$	9	$	—	$	59
Asset Management	—		—		—		—		—		—
Total segments	208		165		25		9		—		59
Corporate division	259		57		—		47		—		155
Other	(4)		(3)		(7)		(2)		2		(8)
Subtotal	463		219		18		54		2		206
Reconciling items:
Realized gains (losses) on investments	(9)		—		—		—		—		(9)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	6		—		—		—		—		6
Fair value gains (losses) on CCS	(20)		—		—		—		—		(20)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	(37)		—		—		—		—		(37)
Tax effect	—		—		—		(11)		—		11
Total consolidated	$	403	$	219	$	18	$	43	$	2	$	157

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

Nine Months Ended September 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	$	622	$	354	$	60	$	46	$	—	$	282
Asset Management	71		75		—		(1)		—		(3)
Total segments	693		429		60		45		—		279
Corporate division	263		165		—		37		—		61
Other	28		12		(35)		(8)		19		(30)
Subtotal	984		606		25		74		19		310
Reconciling items:
Realized gains (losses) on investments	(20)		—		—		—		—		(20)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	108		(1)		—		—		—		109
Fair value gains (losses) on CCS	(35)		—		—		—		—		(35)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	9		—		—		—		—		9
Tax effect	—		—		—		10		—		(10)
Total consolidated	$	1,046	$	605	$	25	$	84	$	19	$	363

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