Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

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


	First Quarter
	2025				2024
	Insurance (1)		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	237	$	5	$	227	$	1
Intersegment revenues	2		1		2		—
Segment revenues	239		6		229		1
Segment loss and LAE (benefit)	(23)		—		4		—
Segment employee compensation and benefit expenses	52		—		48		—
Segment amortization of deferred acquisition cost	5		—		6		—
Other segment items (2)	30		4		27		—
Segment expenses	64		4		85		—
Segment equity in earnings (losses) of investees	30		13		40		1
Less: Segment provision (benefit) for income taxes	37		3		35		1
Segment adjusted operating income (loss)	$	168	$	12	$	149	$	1

Selected components of segment adjusted operating income:
Net investment income	$	86	$	—	$	83	$	—
Non-cash compensation and operating expenses (3)	18		—		17		—

_____________________

(1) First quarter 2025 results include the gain recognized in connection with the Lehman Brothers International (Europe) (in administration) (LBIE) litigation, which represents the full satisfaction of the judgment it was awarded and its claims for attorneys’ fees, expenses and interest. See Note 6, Contracts Accounted for as Credit Derivatives, for additional information.

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

(3) Consists of depreciation and amortization and share-based compensation 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

First Quarter 2025


					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	$	239	$	64	$	30	$	37	$	—	$	168
Asset Management	6		4		13		3		—		12
Total segments	245		68		43		40		—		180
Corporate division	4		40		16		—		—		(20)
Other	16		(2)		(6)		1		9		2
Subtotal	265		106		53		41		9		162
Reconciling items:
Realized gains (losses) on investments	(16)		—		—		—		—		(16)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	61		63		—		—		—		(2)
Fair value gains (losses) on CCS	2		—		—		—		—		2
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	33		—		—		—		—		33
Tax effect	—		—		—		3		—		(3)
Consolidated	$	345	$	169	$	53	$	44	$	9	$	176

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	—		—		—		—		—		—
Consolidated	$	245	$	125	$	24	$	31	$	4	$	109