Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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

Segment Information

	Third Quarter 2021
	Insurance		Asset Management		Corporate		Other		Total
	(in millions)
Third-party revenues	$	187	$	17	$	1	$	23	$	228
Intersegment revenues	3		2		—		(5)		—
Total revenues	190		19		1		18		228
Total expenses	(22)		29		211		10		228
Income (loss) before income taxes and equity in earnings of investees	212		(10)		(210)		8		—
Equity in earnings of investees	33		—		1		(11)		23
Adjusted operating income (loss) before income taxes	245		(10)		(209)		(3)		23
Less: Provision (benefit) for income taxes	31		(3)		(40)		(2)		(14)
Noncontrolling interests	—		—		—		3		3
Adjusted operating income (loss)	$	214	$	(7)	$	(169)	$	(4)	$	34

	Third Quarter 2020
	Insurance		Asset Management		Corporate		Other		Total
	(in millions)
Third-party revenues	$	186	$	13	$	12	$	21	$	232
Intersegment revenues	3		1		—		(4)		—
Total revenues	189		14		12		17		232
Total expenses	134		29		32		5		200
Income (loss) before income taxes and equity in earnings of investees	55		(15)		(20)		12		32
Equity in earnings of investees	20		—		—		(13)		7
Adjusted operating income (loss) before income taxes	75		(15)		(20)		(1)		39
Less: Provision (benefit) for income taxes	(6)		(3)		(2)		(1)		(12)
Noncontrolling interests	—		—		—		3		3
Adjusted operating income (loss)	$	81	$	(12)	$	(18)	$	(3)	$	48

	Nine Months 2021
	Insurance		Asset Management		Corporate		Other		Total
	(in millions)
Third-party revenues	$	544	$	54	$	1	$	79	$	678
Intersegment revenues	7		6		—		(13)		—
Total revenues	551		60		1		66		678
Total expenses	131		82		279		21		513
Income (loss) before income taxes and equity in earnings of investees	420		(22)		(278)		45		165
Equity in earnings of investees	100		—		1		(35)		66
Adjusted operating income (loss) before income taxes	520		(22)		(277)		10		231
Less: Provision (benefit) for income taxes	75		(6)		(45)		(1)		23
Noncontrolling interests	—		—		—		11		11
Adjusted operating income (loss)	$	445	$	(16)	$	(232)	$	—	$	197

	Nine Months 2020
	Insurance		Asset Management		Corporate		Other		Total
	(in millions)
Third-party revenues	$	623	$	41	$	8	$	44	$	716
Intersegment revenues	8		3		—		(11)		—
Total revenues	631		44		8		33		716
Total expenses	308		81		99		8		496
Income (loss) before income taxes and equity in earnings of investees	323		(37)		(91)		25		220
Equity in earnings of investees	37		—		(5)		(29)		3
Adjusted operating income (loss) before income taxes	360		(37)		(96)		(4)		223
Less: Provision (benefit) for income taxes	40		(7)		(13)		(2)		18
Noncontrolling interests	—		—		—		5		5
Adjusted operating income (loss)	$	320	$	(30)	$	(83)	$	(7)	$	200

Reconciliation of Net Income (Loss) Attributable to AGL

to Adjusted Operating Income (Loss)

	Third Quarter				Nine Months
	2021		2020		2021		2020
	(in millions)
Net income (loss) attributable to AGL	$	17	$	86	$	126	$	214
Less pre-tax adjustments:
Realized gains (losses) on investments	3		13		4		12
Non-credit impairment unrealized fair value gains (losses) on credit derivatives	9		(3)		(41)		6
Fair value gains (losses) on CCS	(3)		(10)		(28)		13
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	(27)		40		(21)		(15)
Total pre-tax adjustments	(18)		40		(86)		16
Less tax effect on pre-tax adjustments	1		(2)		15		(2)
Adjusted operating income (loss)	$	34	$	48	$	197	$	200