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Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
     The Company reports its results of operations in two segments: Insurance and Asset Management. The Company separately reports the results of its Corporate division and the effects of consolidating FG VIEs and CIVs. This presentation is consistent with the manner in which the Company’s 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. Prior to July 1, 2023, the Asset Management segment consisted of AssuredIM, which provided asset management services to third-party investors, the U.S. Insurance Subsidiaries and AGAS. Beginning in July 2023, the Company participates in the asset management business through its ownership interest in Sound Point as described in Note 1, Business and Basis of Presentation. Beginning in the third quarter of 2023, the Asset Management segment primarily includes the results of the Company’s equity method investment in Sound Point.

    The Corporate division primarily consists of: (i) interest expense and any losses on the extinguishment of the U.S. Holding Companies’ debt; and (ii) other corporate operating expenses of AGL and the U.S. Holding Companies.
    
    The Other category primarily includes the effect of consolidating FG VIEs, CIVs, intersegment eliminations and, prior to July 1, 2023, 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 that guarantee the FG VIEs’ debt; and (ii) the insurance segment’s share of earnings from investments in funds managed by Sound Point (prior to July 1, 2023, AssuredIM) and AHP 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 either AGUS or AGAS (in the reconciliation tables below, the CIVs and related eliminations of the Insurance segment’s “equity in earnings (losses) of investees” associated with AGAS’ ownership interest in CIVs are presented in “other”). Until July 1, 2023, under GAAP, reimbursable fund expenses were 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 were 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, which primarily affect the Insurance segment and Corporate division:
 
•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.
•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
First Quarter
20242023
InsuranceAsset ManagementInsuranceAsset Management
(in millions)
Third-party revenues$227 $1 $188 $25 
Intersegment revenues2 — 2 16 
Segment revenues229 1 190 41 
Segment expenses85 — 79 42 
Segment equity in earnings (losses) of investees40 1 30 — 
Less: Segment provision (benefit) for income taxes35 1 24 — 
Segment adjusted operating income (loss)$149 $1 $117 $(1)
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 2024
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$229 $85 $40 $35 $— $149 
Asset Management1 — 1 1 — 1 
Total segments230 85 41 36 — 150 
Corporate division5 47 — (5)— (37)
Other16 (5)(17)— 4 — 
Subtotal251 127 24 31 4 113 
Reconciling items:
Realized gains (losses) on investments8 — — — — 8 
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives8 (2)— — — 10 
Fair value gains (losses) on CCS(10)— — — — (10)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves(12)— — — — (12)
Tax effect— — — — — — 
Total consolidated$245 $125 $24 $31 $4 $109 
Reconciliation of Segment Information to Consolidated Information
First Quarter 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$190 $79 $30 $24 $— $117 
Asset Management41 42 — — — (1)
Total segments231 121 30 24 — 116 
Corporate division2 48 — (2)— (44)
Other35 (4)(28)(1)16 (4)
Subtotal268 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 derivatives13 — — — — 13 
Fair value gains (losses) on CCS(16)— — — — (16)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves20 — — — — 20 
Tax effect— — — 2 — (2)
Total consolidated$283 $165 $2 $23 $16 $81