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Segment Information (Tables)

12 Months Ended

Dec. 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


	Years Ended December 31,
	2024				2023 (3)				2022
	Insurance		Asset Management		Insurance		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	811	$	8	$	845	$	49	$	748	$	78
Intersegment revenues	10		2		10		27		9		34
Segment revenues	821		10		855		76		757		112
Segment loss and LAE (benefit)	(18)		—		161		—		12		—
Segment employee compensation and benefit expenses	170		—		154		59		148		80
Segment amortization of DAC	20		—		13		—		14		—
Other segment items (1)	117		6		107		19		85		39
Segment expenses	289		6		435		78		259		119
Segment equity in earnings (losses) of investees	102		2		82		5		(51)		—
Less: Segment provision (benefit) for income taxes	109		1		(119)		—		34		(1)
Segment adjusted operating income (loss)	$	525	$	5	$	621	$	3	$	413	$	(6)

Selected components of segment adjusted operating income:
Net investment income	$	339	$	—	$	370	$	—	$	278	$	—
Non-cash compensation and operating expenses (2)	60		—		38		8		41		18

_____________________

(1) Other segment items include professional services expenses, maintenance, depreciation expense, lease expense, investment management expenses and certain overhead expenses.

(2) Consists of depreciation and amortization, share-based compensation (see Note 12, Employee Benefit Plans) and the write-off of long-lived intangible assets related to AGM licenses (see Note 1, Business and Basis of Presentation).

(3) In 2023, the Corporate division had revenues of $275 million primarily consisting of a gain on the Sound Point and AHP transactions. Expenses for the Corporate division consisted of $99 million of interest expense, $38 million of employee compensation and benefit expenses, and $79 million of other expenses.

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

Year Ended December 31, 2024


							Less:				Net Income (Loss) Attributable to AGL
	Revenues		Expenses		Equity in Earnings (Losses) of Investees		Provision (Benefit) for Income Taxes		Noncontrolling Interests
	(in millions)
Segments:
Insurance	$	821	$	289	$	102	$	109	$	—	$	525
Asset Management	10		6		2		1		—		5
Total segments	831		295		104		110		—		530
Corporate division	17		169		5		(12)		—		(135)
Other	38		(17)		(47)		(2)		16		(6)
Subtotal	886		447		62		96		16		389
Reconciling items:
Realized gains (losses) on investments	9		—		—		—		—		9
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	13		(1)		—		—		—		14
Fair value gains (losses) on CCS	(10)		—		—		—		—		(10)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	(26)		—		—		—		—		(26)
Tax effect	—		—		—		—		—		—
Total consolidated	$	872	$	446	$	62	$	96	$	16	$	376

Reconciliation of Segment Information to Consolidated Information

Year Ended December 31, 2023


							Less:				Net Income (Loss) Attributable to AGL
	Revenues		Expenses		Equity in Earnings (Losses) of Investees		Provision (Benefit) for Income Taxes (1)		Noncontrolling Interests
	(in millions)
Segments:
Insurance	$	855	$	435	$	82	$	(119)	$	—	$	621
Asset Management	76		78		5		—		—		3
Total segments	931		513		87		(119)		—		624
Corporate division	275		216		—		14		—		45
Other	61		6		(59)		(5)		22		(21)
Subtotal	1,267		735		28		(110)		22		648
Reconciling items:
Realized gains (losses) on investments	(14)		—		—		—		—		(14)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	104		(2)		—		—		—		106
Fair value gains (losses) on CCS	(35)		—		—		—		—		(35)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	51		—		—		—		—		51
Tax effect	—		—		—		17		—		(17)
Total consolidated	$	1,373	$	733	$	28	$	(93)	$	22	$	739

_____________________

(1) Includes $189 million of tax benefit related to a Bermuda tax law change, which is included in the Insurance segment. See Note 13, Income Taxes.

Reconciliation of Segment Information to Consolidated Information

Year Ended December 31, 2022


							Less:				Net Income (Loss) Attributable to AGL
	Revenues		Expenses		Equity in Earnings (Losses) of Investees		Provision (Benefit) for Income Taxes		Noncontrolling Interests
	(in millions)
Segments:
Insurance	$	757	$	259	$	(51)	$	34	$	—	$	413
Asset Management	112		119		—		(1)		—		(6)
Total segments	869		378		(51)		33		—		407
Corporate division	4		143		—		(5)		—		(134)
Other	14		19		12		—		13		(6)
Subtotal	887		540		(39)		28		13		267
Reconciling items:
Realized gains (losses) on investments	(56)		—		—		—		—		(56)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	(22)		(4)		—		—		—		(18)
Fair value gains (losses) on CCS	24		—		—		—		—		24
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	(110)		—		—		—		—		(110)
Tax effect	—		—		—		(17)		—		17
Total consolidated	$	723	$	536	$	(39)	$	11	$	13	$	124

Supplemental Information

Year Ended December 31, 2024


	Net Earned Premiums		Net Investment Income		Loss and LAE (Benefit)		Amortization of DAC		Other Expenses(1)
	(in millions)
Segments:
Insurance	$	406	$	339	$	(18)	$	20	$	287
Asset Management	—		—		—		—		6
Total segments	406		339		(18)		20		293
Corporate division	—		14		—		—		68
Other	(3)		(13)		(7)		—		—
Subtotal	403		340		(25)		20		361
Reconciling items:
Credit derivative impairment (recoveries) (2)	—		—		(1)		—		—
Total consolidated	$	403	$	340	$	(26)	$	20	$	361

_____________________

(1) Consists of “employee compensation and benefit expenses” and “other operating expenses.”

(2) Credit derivative impairment (recoveries) are included in “fair value gains (losses) on credit derivatives” in the Company’s consolidated statements of operations and in loss and LAE (benefit) on a segment basis.

Supplemental Information

Year Ended December 31, 2023


	Net Earned Premiums		Net Investment Income		Loss and LAE (Benefit)		Amortization of DAC		Other Expenses(1)
	(in millions)
Segments:
Insurance	$	347	$	370	$	161	$	13	$	261
Asset Management	—		—		—		—		77
Total segments	347		370		161		13		338
Corporate division	—		8		—		—		117
Other	(3)		(13)		3		—		13
Subtotal	344		365		164		13		468
Reconciling items:
Credit derivative impairment (recoveries) (2)	—		—		(2)		—		—
Total consolidated	$	344	$	365	$	162	$	13	$	468

_____________________

(1) Consists of “employee compensation and benefit expenses” and “other operating expenses.”

Supplemental Information

Year Ended December 31, 2022


	Net Earned Premiums		Net Investment Income		Loss and LAE (Benefit)		Amortization of DAC		Other Expenses(1)
	(in millions)
Segments:
Insurance	$	497	$	278	$	12	$	14	$	232
Asset Management	—		—		—		—		118
Total segments	497		278		12		14		350
Corporate division	—		4		—		—		54
Other	(3)		(13)		8		—		21
Subtotal	494		269		20		14		425
Reconciling items:
Credit derivative impairment (recoveries) (2)	—		—		(4)		—		—
Total consolidated	$	494	$	269	$	16	$	14	$	425

_____________________

(1) Consists of “employee compensation and benefit expenses” and “other operating expenses.”

Revenue from External Customers by Geographic Areas

The table below summarizes revenues for the operating segments, Corporate division and Other category by country of domicile for each period indicated, based on the country of domicile of the Company’s subsidiaries that generated the revenues.

Segment, Corporate Division and Other

Revenues by Country of Domicile


	Year Ended December 31,
Country of Domicile	2024		2023		2022
	(in millions)
U.S.	$	685	$	1,064	$	727
Bermuda	168		166		129
U.K.	32		36		32
Other	1		1		(1)
Total	$	886	$	1,267	$	887