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Segment Information
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
     The Company reports its results of operations in two distinct segments, Insurance and Asset Management, consistent with the manner in which the Company's chief operating decision maker (CODM) reviews the business to assess performance and allocate resources. The following describes the components of each segment, along with the Corporate division and Other categories. The Insurance and Asset Management segments are presented without giving effect to the consolidation of FG VIEs and those AssuredIM investment vehicles for which the Company is deemed the primary beneficiary (consolidated investment vehicles, or CIVs as described in Note 9, Variable Interest Entities).

    The Insurance segment primarily consists of the Company's insurance subsidiaries that provide credit protection products to the U.S. and international public finance (including infrastructure) and structured finance markets. The Insurance segment is presented without giving effect to the consolidation of FG VIEs and therefore includes premiums and losses of all financial guaranty contracts, whether or not the associated FG VIEs are consolidated, and also includes its share of earnings from AssuredIM Funds in which the Insurance segment invests.
    
    The Asset Management segment consists of AssuredIM, which provides asset management services to outside investors as well as to the U.S. Insurance Subsidiaries and AGAS. The Asset Management segment includes asset management fees attributable to CIVs and inter-segment asset management fees earned from the U.S. Insurance Subsidiaries. The Asset Management segment presents fund expenses and reimbursable fund expenses netted in other operating expenses, whereas on the condensed consolidated statement of operations, reimbursable expenses are shown as a component of asset management fees.

    The Corporate division primarily consists of interest expense on the debt of the U.S. Holding Companies, as well as other operating expenses attributed to AGL, the U.S. Holding Companies and other corporate activities, including administrative services performed by operating subsidiaries for the holding companies.

    Other items primarily consist of intersegment eliminations, reclassification of the reimbursement of fund expenses to revenue, and consolidation adjustments, including the effect of consolidating FG VIEs and CIVs. See Note 9, Variable Interest Entities.
    
    The Company does not report assets by reportable segment as the CODM does not use assets to assess performance and allocate resources and only reviews assets at a consolidated level.
Total adjusted operating income includes the effect of consolidating both FG VIEs and CIVs. The effect of consolidating such entities, including the related eliminations, is included in the "other" column in the tables below, which represents the CODM's view, consistent with the management approach guidance for presentation of segment metrics.

    The Company analyzes the operating performance of each segment using "adjusted operating income." Results for each segment include specifically identifiable expenses as well as allocations of expenses between legal entities based on time studies and other cost allocation methodologies based on headcount or other metrics. Adjusted operating income is defined as net income (loss) attributable to AGL, as reported under GAAP, adjusted for the following:
 
1)    Elimination of realized gains (losses) on the Company’s investments, except for gains and losses on securities classified as trading.

2)    Elimination of non-credit-impairment unrealized fair value gains (losses) on credit derivatives that are recognized in net income, which is the amount of unrealized fair value gains (losses) in excess of the present value of the expected estimated economic credit losses, and non-economic payments.
 
3)    Elimination of fair value gains (losses) on the Company’s committed capital securities (CCS) that are recognized in net income.

4)    Elimination of foreign exchange gains (losses) on remeasurement of net premium receivables and loss and loss adjustment expense (LAE) reserves that are recognized in net income.

5)    Elimination of the tax effects related to the above adjustments, which are determined by applying the statutory tax rate in each of the jurisdictions that generate these adjustments.

The following tables present the Company's operations by operating segment.

Segment Information

Three Months Ended March 31, 2021
InsuranceAsset ManagementCorporateOtherTotal
(in millions)
Third-party revenues$177 $18 $— $25 $220 
Intersegment revenues2 2 — (4)— 
Total revenues 179 20 — 21 220 
Total expenses106 29 32 7 174 
Income (loss) before income taxes and equity in earnings of investees73 (9)(32)14 46 
Equity in earnings of investees19 — — (10)9 
Adjusted operating income (loss) before income taxes92 (9)(32)4 55 
Provision (benefit) for income taxes13 (2)(3)— 8 
Noncontrolling interests— — — 4 4 
Adjusted operating income (loss)$79 $(7)$(29)$— $43 
Three Months Ended March 31, 2020
InsuranceAsset ManagementCorporateOtherTotal
(in millions)
Third-party revenues$193 $16 $(4)$(15)$190 
Intersegment revenues3 1 — (4)— 
Total revenues 196 17 (4)(19)190 
Total expenses84 28 35 (1)146 
Income (loss) before income taxes and equity in earnings of investees112 (11)(39)(18)44 
Equity in earnings of investees(9)— (5)10 (4)
Adjusted operating income (loss) before income taxes103 (11)(44)(8)40 
Provision (benefit) for income taxes18 (2)(5)(1)10 
Noncontrolling interests— — — (3)(3)
Adjusted operating income (loss)$85 $(9)$(39)$(4)$33 


Reconciliation of Net Income (Loss) Attributable to AGL
to Adjusted Operating Income (Loss)
Three Months Ended March 31,
20212020
(in millions)
Net income (loss) attributable to AGL$11 $(55)
Less pre-tax adjustments:
Realized gains (losses) on investments(3)(5)
Non-credit impairment unrealized fair value gains (losses) on credit derivatives(19)(88)
Fair value gains (losses) on CCS(19)48 
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves1 (57)
Total pre-tax adjustments(40)(102)
Less tax effect on pre-tax adjustments8 14 
Adjusted operating income (loss)$43 $33