Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Continuing Operations by Operating Segment

The following table presents AIG’s continuing operations by operating segment:


Three Months Ended September 30,	2022					2021
(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)
International		3,267		607	(a)		3,516		186	(a)
Net investment income		582		582			791		791
Total General Insurance		6,989		750			7,214		811
Life and Retirement
Individual Retirement		1,312		200			1,560		292
Group Retirement		680		183			832		316
Life Insurance		1,234		123			1,211		134
Institutional Markets		1,110		83			841		135
Total Life and Retirement		4,336		589			4,444		877
Other Operations
Other Operations before consolidation and eliminations		126		(467)			301		(370)
Consolidation and eliminations		(152)		(147)			(206)		(192)
Total Other Operations		(26)		(614)			95		(562)
Total		11,299		725			11,753		1,126
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		14		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 securities		16		16			(45)		(45)
Other income (expense) - net		(7)		—			(6)		—
Loss on extinguishment of debt		—		—			—		(51)
Net investment income on Fortitude Re funds withheld assets		155		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 derivative		1,757		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 settlements		8		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,	2022					2021
(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)
International		10,148		1,190	(a)		10,524		755	(a)
Net investment income		1,805		1,805			2,294		2,294
Total General Insurance		20,854		3,218			20,798		2,850
Life and Retirement
Individual Retirement		3,985		788			4,556		1,441
Group Retirement		2,106		572			2,458		970
Life Insurance		3,820		231			3,839		114
Institutional Markets		2,445		285			2,617		417
Total Life and Retirement		12,356		1,876			13,470		2,942
Other Operations
Other Operations before consolidation and eliminations		627		(1,086)			884		(1,240)
AIG consolidation and eliminations		(424)		(410)			(511)		(462)
Total Other Operations		203		(1,496)			373		(1,702)
Total		33,413		3,598			34,641		4,090
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		41		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 assets		634		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 derivative		7,851		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 settlements		46		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).