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Segment Information
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Information
3. Segment Information
We report our results of operations consistent with the manner in which our chief operating decision makers review the business to assess performance and allocate resources, as follows:
GENERAL INSURANCE
General Insurance business is presented as two operating segments:
•North America – consists of insurance businesses in the United States, Canada and Bermuda, and our global reinsurance business, AIG Re.
•International – consists of regional insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Holdings, Ltd. as well as AIG’s Global Specialty business.
North America and International operating segments consist of the following products:
–Commercial Lines – consists of Property, Liability, Financial Lines, and Specialty.
–Personal Insurance – consists of Accident & Health and Personal Lines.
LIFE AND RETIREMENT
Life and Retirement business is presented as four operating segments:
•Individual Retirement – consists of fixed annuities, fixed index annuities, variable annuities and retail mutual funds.
•Group Retirement – consists of record-keeping, plan administrative and compliance services, financial planning and advisory solutions offered to employer-defined contribution plan participants, along with proprietary and non-proprietary annuities and advisory and brokerage products offered outside of plans.
•Life Insurance – primary products in the U.S. include term life and universal life insurance. International operations primarily include distribution of life and health products in the UK and Ireland.
•Institutional Markets – consists of stable value wrap products, structured settlement and pension risk transfer annuities, corporate- and bank-owned life insurance, high net worth products and guaranteed investment contracts (GICs).
OTHER OPERATIONS
Other Operations primarily consists of income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, our institutional asset management business and results of our consolidated investment entities, General Insurance portfolios in run-off as well as the historical results of our legacy insurance lines ceded to Fortitude Re.
We evaluate segment performance based on adjusted revenues and adjusted pre-tax income (loss). Adjusted revenues and adjusted pre-tax income (loss) are derived by excluding certain items from total revenues and pre-tax income (loss), respectively. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and measures that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity. For the items excluded from adjusted revenues and adjusted pre-tax income (loss) see the table below.
The following table presents AIG’s continuing operations by operating segment:
Three Months Ended September 30,20222021
(in millions)Adjusted
Revenues		Adjusted
Pre-tax
Income (Loss)		Adjusted
Revenues		Adjusted
Pre-tax
Income (Loss)
General Insurance
North America$3,140 $(439)
(a)
$2,907 $(166)
(a)
International3,267 607 
(a)
3,516 186 
(a)
Net investment income582 582 791 791 
Total General Insurance6,989 750 7,214 811 
Life and Retirement
Individual Retirement1,312 200 1,560 292 
Group Retirement680 183 832 316 
Life Insurance1,234 123 1,211 134 
Institutional Markets1,110 83 841 135 
Total Life and Retirement4,336 589 4,444 877 
Other Operations
Other Operations before consolidation and eliminations126 (467)301 (370)
Consolidation and eliminations(152)(147)(206)(192)
Total Other Operations(26)(614)95 (562)
Total11,299 725 11,753 1,126 
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits14 6 14 26 
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses)— (28)— 9 
Changes in the fair value of equity securities16 16 (45)(45)
Other income (expense) - net(7)— (6)— 
Loss on extinguishment of debt— — — (51)
Net investment income on Fortitude Re funds withheld assets155 155 495 495 
Net realized gains (losses) on Fortitude Re funds withheld assets(86)(86)190 190 
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative1,757 1,757 (209)(209)
Net realized gains(b)
1,446 1,449 643 652 
Net gain on divestitures— 6 — 102 
Non-operating litigation reserves and settlements8 3 — (3)
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— 62 — 115 
Net loss reserve discount charge— (10)— (72)
Pension expense related to a one-time lump sum payment to former employees— — — (27)
Integration and transaction costs associated with acquiring or divesting businesses— (52)— (11)
Restructuring and other costs— (147)— (104)
Non-recurring costs related to regulatory or accounting changes— (9)— (17)
Revenues and pre-tax income$14,602 $3,847 $12,835 $2,176 
Nine Months Ended September 30,20222021
(in millions)Adjusted
Revenues		Adjusted
Pre-tax
Income (Loss)		Adjusted
Revenues		Adjusted
Pre-tax
Income (Loss)
General Insurance
North America$8,901 $223 
(a)
$7,980 $(199)
(a)
International10,148 1,190 
(a)
10,524 755 
(a)
Net investment income1,805 1,805 2,294 2,294 
Total General Insurance20,854 3,218 20,798 2,850 
Life and Retirement
Individual Retirement3,985 788 4,556 1,441 
Group Retirement2,106 572 2,458 970 
Life Insurance3,820 231 3,839 114 
Institutional Markets2,445 285 2,617 417 
Total Life and Retirement12,356 1,876 13,470 2,942 
Other Operations
Other Operations before consolidation and eliminations627 (1,086)884 (1,240)
AIG consolidation and eliminations(424)(410)(511)(462)
Total Other Operations203 (1,496)373 (1,702)
Total33,413 3,598 34,641 4,090 
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits41 29 46 61 
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses)— (429)— (74)
Changes in the fair value of equity securities(41)(41)(36)(36)
Other income (expense) - net(23)— (14)— 
Loss on extinguishment of debt— (299)— (149)
Net investment income on Fortitude Re funds withheld assets634 634 1,488 1,488 
Net realized gains (losses) on Fortitude Re funds withheld assets(312)(312)536 536 
Net realized gains on Fortitude Re funds withheld embedded derivative7,851 7,851 117 117 
Net realized gains(b)
3,242 3,257 1,192 1,220 
Net gain on divestitures— 45 — 108 
Non-operating litigation reserves and settlements46 41 — (3)
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— 206 — 199 
Net loss reserve discount charge— (4)— (62)
Pension expense related to a one-time lump sum payment to former employees— — — (27)
Integration and transaction costs associated with acquiring or divesting businesses— (136)— (55)
Restructuring and other costs— (415)— (304)
Non-recurring costs related to regulatory or accounting changes— (22)— (58)
Revenues and pre-tax income$44,851 $14,003 $37,970 $7,051 
(a)General Insurance North America’s and General Insurance International’s Adjusted pre-tax income does not include Net investment income as the investment portfolio results are managed at the General Insurance level. Net investment income is shown separately as a component of General Insurance’s total Adjusted pre-tax income results.
(b)Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).