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Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information
3. Segment Information
As a result of the Corebridge deconsolidation, we no longer present a Life and Retirement segment and no longer include asset management and Corebridge Life Holdings, Inc. interest and general expenses within the Other Operations segment. Historical results of Other Operations have been revised to reflect these changes. Previously reported results for the General Insurance segment were not impacted by the Corebridge deconsolidation. For further details on the separation of the Life and Retirement business, see Note 4.
As presented herein and reflecting the Corebridge deconsolidation, 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 and Note 4 herein and Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.
OTHER OPERATIONS
Other Operations primarily consists of income and expenses from assets, including AIG's ownership of Corebridge, held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, 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 Reinsurance Company Ltd. (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 income (loss) from continuing operations before income tax expense (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 30,20242023
(in millions)Adjusted
Revenues		Adjusted
Pre-tax
Income
(Loss)		Adjusted
Revenues		Adjusted
Pre-tax
Income
(Loss)
General Insurance
North America - Underwriting income$2,638 $37 
(a)
$3,079 $235 
(a)
International - Underwriting income3,309 400 
(a)
3,343 376 
(a)
Net investment income773 773 756 756 
Total General Insurance6,720 1,210 7,178 1,367 
Other Operations
Other Operations before consolidation and eliminations123 (141)171 (271)
Consolidation and eliminations— (2)(22)(7)
Total Other Operations123 (143)149 (278)
Total6,843 1,067 7,327 1,089 
Reconciling items:
Changes in the fair values of equity securities and AIG's investment in Corebridge25 25 31 31 
Other income (expense) - net(1)— 17 — 
Loss on extinguishment of debt— — — (21)
Net investment income on Fortitude Re funds withheld assets51 51 29 29 
Net realized losses on Fortitude Re funds withheld assets(18)(18)(3)(3)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative(157)(157)57 57 
Net realized gains (losses)(b)
8 7 (191)(190)
Net gain (loss) on divestitures and other— (8)— 101 
Three Months Ended September 30,20242023
(in millions)Adjusted
Revenues		Adjusted
Pre-tax
Income
(Loss)		Adjusted
Revenues		Adjusted
Pre-tax
Income
(Loss)
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— (126)— 75 
Net loss reserve discount charge— (29)— (5)
Pension expense related to lump sum payments to former employees— — — (8)
Integration and transaction costs associated with acquiring or divesting businesses— (22)— (2)
Restructuring and other costs— (137)— (49)
Non-recurring costs related to regulatory or accounting changes— (4)— (4)
Revenues and pre-tax income$6,751 $649 $7,267 $1,100 
Nine Months Ended September 30,20242023
(in millions)Adjusted
Revenues		Adjusted
Pre-tax
Income
(Loss)		Adjusted
Revenues		Adjusted
Pre-tax
Income
(Loss)
General Insurance
North America - Underwriting income$7,610 $424 
(a)
$9,254 $886 
(a)
International - Underwriting income9,872 1,039 
(a)
9,924 821 
(a)
Net investment income2,281 2,281 2,227 2,227 
Total General Insurance19,763 3,744 21,405 3,934 
Other Operations
Other Operations before consolidation and eliminations431 (496)490 (815)
AIG consolidation and eliminations(3)(3)(61)(20)
Total Other Operations428 (499)429 (835)
Total20,191 3,245 21,834 3,099 
Reconciling items:
Changes in the fair values of equity securities and AIG's investment in Corebridge172 172 93 93 
Other income (expense) - net16 — 40 — 
Gain (loss) on extinguishment of debt— (1)— (21)
Net investment income on Fortitude Re funds withheld assets123 123 106 106 
Net realized losses on Fortitude Re funds withheld assets(38)(38)(64)(64)
Net realized losses on Fortitude Re funds withheld embedded derivative(158)(158)(25)(25)
Net realized losses(b)
(232)(234)(577)(573)
Net gain (loss) on divestitures and other— 94 — 89 
Non-operating litigation reserves and settlements— — 1 — 
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— (66)— 112 
Net loss reserve discount benefit (charge)— (131)— (85)
Pension expense related to lump sum payments to former employees— — — (62)
Integration and transaction costs associated with acquiring or divesting businesses— (37)— (10)
Restructuring and other costs(c)
— (630)— (264)
Non-recurring costs related to regulatory or accounting changes— (15)— (19)
Net impact from elimination of international reporting lag(d)
— — 4 12 
Revenues and pre-tax income$20,074 $2,324 $21,412 $2,388 
(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 three and nine months ended September 30, 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.
For the three and nine months ended September 30, 2024, we recorded severance charges of $66 million and $351 million, respectively, and asset impairment of $53 million for the nine months ended September 30, 2024, as a result of restructuring activities.