Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Continuing Operations by Operating Segment

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


Three Months Ended June 30,	2024					2023
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)			Adjusted Revenues		Adjusted Pre-tax Income (Loss)
General Insurance
North America	$	2,470	$	163	(a)	$	3,195	$	352	(a)
International		3,279		267	(a)		3,302		242	(a)
Net investment income		746		746			725		725
Total General Insurance		6,495		1,176			7,222		1,319






Other Operations
Other Operations before consolidation and eliminations		144		(158)			173		(270)
Consolidation and eliminations		(5)		—			(17)		(8)
Total Other Operations		139		(158)			156		(278)
Total		6,634		1,018			7,378		1,041
Reconciling items:



Changes in the fair values of equity securities and AIG's investment in Corebridge		59		59			41		41
Other income (expense) - net		15		—			8		—
Gain (loss) on extinguishment of debt		—		(1)			—		—
Net investment income on Fortitude Re funds withheld assets		33		33			25		25
Net realized losses on Fortitude Re funds withheld assets		(1)		(1)			(7)		(7)
Net realized gains on Fortitude Re funds withheld embedded derivative		8		8			58		58
Net realized losses(b)		(188)		(186)			(67)		(64)
Net gain (loss) on divestitures and other		—		102			—		(15)
Non-operating litigation reserves and settlements		—		—			—		(1)
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—		62			—		18
Net loss reserve discount charge		—		(26)			—		(16)
Pension expense related to lump sum payments to former employees		—		—			—		(54)
Integration and transaction costs associated with acquiring or divesting businesses		—		(18)			—		(8)
Restructuring and other costs(c)		—		(426)			—		(125)
Non-recurring costs related to regulatory or accounting changes		—		(7)			—		(7)
Revenues and pre-tax income	$	6,560	$	617		$	7,436	$	886


Six Months Ended June 30,	2024		2023
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)				Adjusted Revenues		Adjusted Pre-tax Income (Loss)

General Insurance
North America	$	4,972			$	387	(a)		$	6,175	$	651	(a)
International		6,563				639	(a)			6,581		445	(a)
Net investment income		1,508				1,508				1,471		1,471
Total General Insurance		13,043				2,534				14,227		2,567






Other Operations
Other Operations before consolidation and eliminations		308				(355)				319		(544)
AIG consolidation and eliminations		(3)				(1)				(39)		(13)
Total Other Operations		305				(356)				280		(557)
Total		13,348				2,178				14,507		2,010
Reconciling items:



Changes in the fair values of equity securities and AIG's investment in Corebridge		147				147				62		62
Other income (expense) - net		17				—				23		—
Gain (loss) on extinguishment of debt		—				(1)				—		—
Net investment income on Fortitude Re funds withheld assets		72				72				77		77
Net realized losses on Fortitude Re funds withheld assets		(20)				(20)				(61)		(61)
Net realized losses on Fortitude Re funds withheld embedded derivative		(1)				(1)				(82)		(82)
Net realized losses(b)		(240)				(241)				(386)		(383)
Net gain (loss) on divestitures and other		—				102				—		(12)
Non-operating litigation reserves and settlements		—				—				1		—
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—				60				—		37
Net loss reserve discount benefit (charge)		—				(102)				—		(80)
Pension expense related to lump sum payments to former employees		—				—				—		(54)
Integration and transaction costs associated with acquiring or divesting businesses		—				(15)				—		(8)
Restructuring and other costs		—				(493)				—		(215)
Non-recurring costs related to regulatory or accounting changes		—				(11)				—		(15)
Net impact from elimination of international reporting lag(d)		—				—				4		12
Revenues and pre-tax income	$	13,323			$	1,675			$	14,145	$	1,288

(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).

(c)In the second quarter of 2024, Restructuring and other costs increased primarily as a result of employee-related costs, including severance, and real estate impairment charges.

(d)For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.