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Segment Information
 3 Months Ended
Mar. 31, 2024
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.
•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 Underwriting 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.
For further discussion on recent activity in the General Insurance business, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.
LIFE AND RETIREMENT
Life and Retirement business is presented as four operating segments:
•Individual Retirement – consists of fixed annuities, fixed index annuities and variable annuities.
•Group Retirement – consists of recordkeeping, plan administration and compliance services, financial planning and advisory solutions offered to employer-defined contribution plan participants, along with proprietary and limited 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. Corebridge previously announced agreements to sell Laya Healthcare Limited (Laya) and AIG Life. The sale of Laya closed on October 31, 2023 and the AIG Life sale closed on April 8, 2024.
•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).
For further discussion on the ongoing separation of the Life and Retirement business from AIG and other recent activity, see Note 1.
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.
SEGMENT RESULTS
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 March 31,20242023
(in millions)Adjusted
Revenues		Adjusted
Pre-tax
Income
(Loss)		Adjusted
Revenues		Adjusted
Pre-tax
Income
(Loss)
General Insurance
North America$2,502 $224 
(a)
$2,980 $299 
(a)
International3,284 372 
(a)
3,279 203 
(a)
Net investment income762 762 746 746 
Total General Insurance6,548 1,358 7,005 1,248 
Life and Retirement
Individual Retirement1,686 622 1,484 533 
Group Retirement689 199 683 187 
Life Insurance1,214 58 1,249 82 
Institutional Markets2,332 112 1,955 84 
Total Life and Retirement5,921 991 5,371 886 
Other Operations
Other Operations before consolidation and eliminations57 (438)132 (434)
AIG consolidation and eliminations39 30 (64)(57)
Total Other Operations96 (408)68 (491)
Total12,565 1,941 12,444 1,643 
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits17 (2)13 (3)
Change in the fair value of market risk benefits, net(b)
— 369 — (196)
Changes in benefit reserves related to net realized gains (losses)— 2 — 6 
Changes in the fair value of equity securities99 99 51 51 
Other income (expense) - net7 — (7)— 
Net investment income on Fortitude Re funds withheld assets369 369 446 446 
Net realized losses on Fortitude Re funds withheld assets(179)(179)(31)(31)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative13 13 (1,165)(1,165)
Net realized losses(c)
(313)(307)(772)(766)
Net gain (loss) on divestitures and other— 6 — (2)
Non-operating litigation reserves and settlements— — 1 1 
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— (2)— 19 
Net loss reserve discount benefit (charge)— (76)— (64)
Integration and transaction costs associated with acquiring or divesting businesses— (64)— (52)
Restructuring and other costs— (114)— (117)
Non-recurring costs related to regulatory or accounting changes— (4)— (13)
Net impact from elimination of international reporting lag(d)
— — 4 12 
Revenues and pre-tax income (loss)$12,578 $2,051 $10,984 $(231)
(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)For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.