Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Continuing Operations by Operating Segment

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


Three Months Ended September 30,	2023					2022
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)			Adjusted Revenues		Adjusted Pre-tax Income (Loss)
General Insurance
North America	$	3,079	$	235	(a)	$	3,140	$	(439)	(a)
International		3,343		376	(a)		3,267		607	(a)
Net investment income		756		756			582		582
Total General Insurance		7,178		1,367			6,989		750
Life and Retirement
Individual Retirement		1,560		572			1,301		377
Group Retirement		688		191			672		193
Life Insurance		1,276		133			1,250		131
Institutional Markets		656		75			1,110		83
Total Life and Retirement		4,180		971			4,333		784
Other Operations
Other Operations before consolidation and eliminations		56		(468)			126		(467)
Consolidation and eliminations		26		3			(152)		(147)
Total Other Operations		82		(465)			(26)		(614)
Total		11,440		1,873			11,296		920
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		13		(6)			14		6
Change in the fair value of market risk benefits, net(b)		—		418			—		435
Changes in benefit reserves related to net realized gains (losses)		—		2			—		2
Changes in the fair value of equity securities		40		40			16		16
Other income (expense) - net		(7)		—			(7)		—
Gain (loss) on extinguishment of debt		—		(21)			—		—
Net investment income on Fortitude Re funds withheld assets		264		264			155		155
Net realized losses on Fortitude Re funds withheld assets		(227)		(227)			(86)		(86)
Net realized gains on Fortitude Re funds withheld embedded derivative		1,137		1,137			1,757		1,757
Net realized gains(c)		114		133			845		846
Net gain on divestitures and other		—		101			—		6
Non-operating litigation reserves and settlements		—		—			8		3
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—		75			—		62
Net loss reserve discount charge		—		(5)			—		(10)
Pension expense related to a one-time lump sum payment to former employees		—		(8)			—		—
Integration and transaction costs associated with acquiring or divesting businesses		—		(65)			—		(52)
Restructuring and other costs		—		(132)			—		(147)
Non-recurring costs related to regulatory or accounting changes		—		(11)			—		(9)
Revenues and pre-tax income	$	12,774	$	3,568		$	13,998	$	3,904


Nine Months Ended September 30,	2023		2022
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)				Adjusted Revenues		Adjusted Pre-tax Income (Loss)

General Insurance
North America	$	9,254			$	886	(a)		$	8,901	$	223	(a)
International		9,924				821	(a)			10,148		1,190	(a)
Net investment income		2,227				2,227				1,805		1,805
Total General Insurance		21,405				3,934				20,854		3,218
Life and Retirement
Individual Retirement		4,622				1,690				3,915		1,213
Group Retirement		2,061				579				2,078		614
Life Insurance		3,805				293				3,875		364
Institutional Markets		4,979				286				2,445		274
Total Life and Retirement		15,467				2,848				12,313		2,465
Other Operations
Other Operations before consolidation and eliminations		299				(1,325)				627		(1,086)
AIG consolidation and eliminations		(52)				(51)				(424)		(410)
Total Other Operations		247				(1,376)				203		(1,496)
Total		37,119				5,406				33,370		4,187
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		40				(12)				41		29
Change in the fair value of market risk benefits, net(b)		—				484				—		713
Changes in benefit reserves related to net realized gains (losses)		—				7				—		11
Changes in the fair value of equity securities		134				134				(41)		(41)
Other income (expense) - net		(26)				—				(23)		—
Loss on extinguishment of debt		—				(21)				—		(299)
Net investment income on Fortitude Re funds withheld assets		1,001				1,001				634		634
Net realized gains (losses) on Fortitude Re funds withheld assets		(396)				(396)				(312)		(312)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		152				152				7,851		7,851
Net realized gains (losses)(c)		(1,053)				(1,023)				1,039		1,055
Net gain (loss) on divestitures and other		—				142				—		45
Non-operating litigation reserves and settlements		1				—				46		41
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—				112				—		206
Net loss reserve discount charge		—				(85)				—		(4)
Pension expense related to a one-time lump sum payment to former employees		—				(75)				—		—
Integration and transaction costs associated with acquiring or divesting businesses		—				(196)				—		(136)
Restructuring and other costs		—				(402)				—		(415)
Non-recurring costs related to regulatory or accounting changes		—				(36)				—		(22)
Net impact from elimination of international reporting lag(d)		4				12				—		—
Revenues and pre-tax income (loss)	$	36,976			$	5,204			$	42,605	$	13,543

(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 realized gains and losses on certain derivative instruments used for non-qualifying (economic) hedging.

(c)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).

(d)See Note 1.