Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

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


	First Quarter
	2024				2023
	Insurance		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	227	$	1	$	188	$	25
Intersegment revenues	2		—		2		16
Segment revenues	229		1		190		41
Segment expenses	85		—		79		42
Segment equity in earnings (losses) of investees	40		1		30		—
Less: Segment provision (benefit) for income taxes	35		1		24		—
Segment adjusted operating income (loss)	$	149	$	1	$	117	$	(1)

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 2024


					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	$	229	$	85	$	40	$	35	$	—	$	149
Asset Management	1		—		1		1		—		1
Total segments	230		85		41		36		—		150
Corporate division	5		47		—		(5)		—		(37)
Other	16		(5)		(17)		—		4		—
Subtotal	251		127		24		31		4		113
Reconciling items:
Realized gains (losses) on investments	8		—		—		—		—		8
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	8		(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 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