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Segment Information
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
     The Company reports its results of operations in two segments: Insurance and Asset Management, separate from its Corporate division and the effects of consolidating FG VIEs and CIVs, which is consistent with the manner in which the Company’s chief operating decision maker (CODM) reviews the business to assess performance and allocate resources.

The Insurance segment primarily consists of: (i) the Company’s insurance subsidiaries; and (ii) AGAS. The Asset Management segment consists of AssuredIM, which provides asset management services to third-party investors as well as to the U.S. Insurance Subsidiaries and AGAS.

    The Corporate division primarily consists of interest expense on the debt of the U.S. Holding Companies and any losses on extinguishment or repurchases of their debt, as well as other operating expenses attributed to the corporate activities of AGL and the U.S. Holding Companies.
    
    The Other category primarily includes the effect of consolidating FG VIEs and CIVs, intersegment eliminations and the reclassification of reimbursable fund expenses. See Note 8, Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles.

    The segments differ from the consolidated financial statements in certain respects. The Insurance segment includes: (i) premiums and losses from the financial guaranty insurance policies issued by the U.S. Insurance Subsidiaries which guarantee the FG VIEs’ debt; and (ii) AGAS’s share of earnings from investments in AssuredIM Funds in “equity in earnings (losses) of investees.” Under GAAP, (i) FG VIEs are consolidated by the U.S. Insurance Subsidiaries and the premiums and losses associated with their financial guaranty policies associated with the FG VIEs’ debt is eliminated, whereas the reconciliation tables below present the FG VIEs and related eliminations in “Other”, and (ii) CIVs are consolidated by AGUS, a U.S. holding company, whereas in the reconciliation tables below, the CIVs and related eliminations of the Insurance segment’s “equity in earnings (losses) of investees” associated with AGAS’s interest in CIVs are presented in “Other.” In addition, under GAAP, reimbursable fund expenses are shown as a component of asset management fees and included in total revenues, whereas in the Asset Management segment in the tables below, they are netted in segment expenses.

The Company analyzes the operating performance of each segment using “segment adjusted operating income.” Results for each segment include specifically identifiable expenses as well as intersegment expense allocations, as applicable, based on time studies and other cost allocation methodologies based on headcount or other metrics. Segment adjusted operating income is defined as net income (loss) attributable to AGL, adjusted for the following items:
 
•Elimination of realized gains (losses) on the Company’s investments, except for gains and losses on securities classified as trading.
•Elimination of non-credit impairment-related 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.
•Elimination of fair value gains (losses) on the Company’s committed capital securities (CCS) that are recognized in net income.
•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.
•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 Company does not report assets by reportable segment as the CODM does not use assets to assess performance and allocate resources.

The following table presents information for the Company’s operating segments.

Segment Information

Second Quarter
20222021
InsuranceAsset ManagementInsuranceAsset Management
(in millions)
Third-party revenues$137 $16 $180 $19 
Intersegment revenues2 12 2 2 
Segment revenues139 28 182 21 
Segment expenses41 28 47 24 
Segment equity in earnings (losses) of investees(34)— 48 — 
Less: Segment provision (benefit) for income taxes9 — 31 (1)
Segment adjusted operating income (loss)$55 $— $152 $(2)


Six Months
20222021
InsuranceAsset ManagementInsuranceAsset Management
(in millions)
Third-party revenues$413 $46 $357 $37 
Intersegment revenues4 21 4 4 
Segment revenues417 67 361 41 
Segment expenses163 67 153 53 
Segment equity in earnings (losses) of investees(35)— 67 — 
Less: Segment provision (benefit) for income taxes31 — 44 (3)
Segment adjusted operating income (loss)$188 $— $231 $(9)

The tables below present a reconciliation of significant components of segment information to the comparable consolidated amounts.
Reconciliation of Segment Information to Consolidated Information
Three Months Ended June 30, 2022
Equity in Earnings (Losses) of InvesteesLess:Net Income (Loss) Attributable to AGL
 RevenuesExpenses Provision (Benefit) for Income Taxes Noncontrolling Interests 
 (in millions)
Segments:
Insurance$139 $41 $(34)$9 $— $55 
Asset Management28 28 — — — — 
Total segments167 69 (34)9 — 55 
Corporate division1 36 — — — (35)
Other7 7 34 2 22 10 
Subtotal175 112 — 11 22 30 
Reconciling items:
Realized gains (losses) on investments(28)— — — — (28)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives6 — — — — 6 
Fair value gains (losses) on CCS10 10 
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves(73)— — — — (73)
Tax effect— — — (8)— 8 
Total consolidated$90 $112 $— $3 $22 $(47)

Reconciliation of Segment Information to Consolidated Information
Three Months Ended June 30, 2021

Equity in Earnings (Losses) of InvesteesLess:Net Income (Loss) Attributable to AGL
 Revenues Expenses Provision (Benefit) for Income Taxes Noncontrolling Interests 
 (in millions)
Segments:
Insurance$182 $47 $48 $31 $— $152 
Asset Management21 24 — (1)— (2)
Total segments203 71 48 30 — 150 
Corporate division— 36 — (2)— (34)
Other27 4 (14)1 4 4 
Subtotal230 111 34 29 4 120 
Reconciling items:
Realized gains (losses) on investments4 — — — — 4 
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives(37)(6)— — — (31)
Fair value gains (losses) on CCS(6)— — — — (6)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves5 — — — — 5 
Tax effect— — — (6)— 6 
Total consolidated$196 $105 $34 $23 $4 $98 
Reconciliation of Segment Information to Consolidated Information
Six Months Ended June 30, 2022
Equity in Earnings (Losses) of InvesteesLess:Net Income (Loss) Attributable to AGL
 Revenues Expenses Provision (Benefit) for Income Taxes Noncontrolling Interests 
 (in millions)
Segments:
Insurance$417 $163 $(35)$31 $— $188 
Asset Management67 67 — — — — 
Total segments484 230 (35)31 — 188 
Corporate division2 70 — — — (68)
Other21 12 24 2 31 — 
Subtotal507 312 (11)33 31 120 
Reconciling items:
Realized gains (losses) on investments(25)— — — — (25)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives(1)(4)— — — 3 
Fair value gains (losses) on CCS11 — — — 11 
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves(102)— — — — (102)
Tax effect— — — (12)— 12 
Total consolidated$390 $308 $(11)$21 $31 $19 


Reconciliation of Segment Information to Consolidated Information
Six Months Ended June 30, 2021
Equity in Earnings (Losses) of InvesteesLess:Net Income (Loss) Attributable to AGL
 Revenues Expenses Provision (Benefit) for Income Taxes Noncontrolling Interests 
 (in millions)
Segments:
Insurance$361 $153 $67 $44 $— $231 
Asset Management41 53 — (3)— (9)
Total segments402 206 67 41 — 222 
Corporate division— 68 — (5)— (63)
Other48 11 (24)1 8 4 
Subtotal450 285 43 37 8 163 
Reconciling items:
Realized gains (losses) on investments1 — — — — 1 
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives(59)(9)— — — (50)
Fair value gains (losses) on CCS(25)— — — — (25)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves6 — — — — 6 
Tax effect— — — (14)— 14 
Total consolidated$373 $276 $43 $23 $8 $109