Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Information by Operating Segments

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
	2024				2023
	Insurance		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	202	$	1	$	206	$	—
Intersegment revenues	2		1		2		—
Segment revenues	204		2		208		—
Segment expenses	28		2		165		—
Segment equity in earnings (losses) of investees	28		4		25		—
Less: Segment provision (benefit) for income taxes	42		—		9		—
Segment adjusted operating income (loss)	$	162	$	4	$	59	$	—


	Nine Months
	2024				2023
	Insurance		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	615	$	8	$	615	$	44
Intersegment revenues	7		2		7		27
Segment revenues	622		10		622		71
Segment expenses	183		6		354		75
Segment equity in earnings (losses) of investees	83		2		60		—
Less: Segment provision (benefit) for income taxes	95		1		46		(1)
Segment adjusted operating income (loss)	$	427	$	5	$	282	$	(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, 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	$	204	$	28	$	28	$	42	$	—	$	162
Asset Management	2		2		4		—		—		4
Total segments	206		30		32		42		—		166
Corporate division	4		37		—		(4)		—		(29)
Other	8		(2)		(14)		(2)		5		(7)
Subtotal	218		65		18		36		5		130
Reconciling items:
Realized gains (losses) on investments	—		—		—		—		—		—
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	—		2		—		—		—		(2)
Fair value gains (losses) on CCS	(3)		—		—		—		—		(3)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	54		—		—		—		—		54
Tax effect	—		—		—		8		—		(8)
Total consolidated	$	269	$	67	$	18	$	44	$	5	$	171

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

Nine Months Ended September 30, 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	$	622	$	183	$	83	$	95	$	—	$	427
Asset Management	10		6		2		1		—		5
Total segments	632		189		85		96		—		432
Corporate division	13		128		—		(14)		—		(101)
Other	28		(12)		(38)		(2)		12		(8)
Subtotal	673		305		47		80		12		323
Reconciling items:
Realized gains (losses) on investments	2		—		—		—		—		2
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	11		—		—		—		—		11
Fair value gains (losses) on CCS	(12)		—		—		—		—		(12)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	42		—		—		—		—		42
Tax effect	—		—		—		8		—		(8)
Total consolidated	$	716	$	305	$	47	$	88	$	12	$	358

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