Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Continuing Operations by Operating Segment

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


Three Months Ended June 30,	2022					2021
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)			Adjusted Revenues		Adjusted Pre-tax Income (Loss)
General Insurance
North America	$	2,972	$	406	(a)	$	2,685	$	169	(a)
International		3,414		393	(a)		3,530		294	(a)
Net investment income		458		458			731		731
Total General Insurance		6,844		1,257			6,946		1,194
Life and Retirement
Individual Retirement		1,288		204			1,519		617
Group Retirement		682		164			820		347
Life Insurance		1,299		117			1,295		20
Institutional Markets		786		78			1,412		140
Total Life and Retirement		4,055		563			5,046		1,124
Other Operations
Other Operations before consolidation and eliminations		207		(331)			259		(516)
Consolidation and eliminations		(136)		(130)			(125)		(94)
Total Other Operations		71		(461)			134		(610)
Total		10,970		1,359			12,126		1,708
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		13		10			14		13
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses)		—		(128)			—		120
Changes in the fair value of equity securities		(30)		(30)			(13)		(13)
Other income (expense) - net		(9)		—			(2)		—
Loss on extinguishment of debt		—		(299)			—		(106)
Net investment income on Fortitude Re funds withheld assets		188		188			507		507
Net realized gains (losses) on Fortitude Re funds withheld assets		(86)		(86)			173		173
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		2,776		2,776			(2,056)		(2,056)
Net realized gains (losses)(b)		615		620			(68)		(59)
Net loss on divestitures		—		(1)			—		(1)
Non-operating litigation reserves and settlements		4		4			—		—
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—		144			—		65
Net loss reserve discount charge		—		(14)			—		(22)

Integration and transaction costs associated with acquiring or divesting businesses		—		(38)			—		(35)
Restructuring and other costs		—		(175)			—		(126)
Non-recurring costs related to regulatory or accounting changes		—		(9)			—		(21)
Revenues and pre-tax income	$	14,441	$	4,321		$	10,681	$	147


Six Months Ended June 30,	2022					2021
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)			Adjusted Revenues		Adjusted Pre-tax Income (Loss)
General Insurance
North America	$	5,761	$	662	(a)	$	5,073	$	(33)	(a)
International		6,881		583	(a)		7,008		569	(a)
Net investment income		1,223		1,223			1,503		1,503
Total General Insurance		13,865		2,468			13,584		2,039
Life and Retirement
Individual Retirement		2,673		588			2,996		1,149
Group Retirement		1,426		389			1,626		654
Life Insurance		2,586		108			2,628		(20)
Institutional Markets		1,335		202			1,776		282
Total Life and Retirement		8,020		1,287			9,026		2,065
Other Operations
Other Operations before consolidation and eliminations		501		(619)			583		(870)
AIG consolidation and eliminations		(272)		(263)			(305)		(270)
Total Other Operations		229		(882)			278		(1,140)
Total		22,114		2,873			22,888		2,964
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		27		23			32		35
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses)		—		(401)			—		(83)
Changes in the fair value of equity securities		(57)		(57)			9		9
Other income (expense) - net		(16)		—			(8)		—
Loss on extinguishment of debt		—		(299)			—		(98)
Net investment income on Fortitude Re funds withheld assets		479		479			993		993
Net realized gains (losses) on Fortitude Re funds withheld assets		(226)		(226)			346		346
Net realized gains on Fortitude Re funds withheld embedded derivative		6,094		6,094			326		326
Net realized gains(b)		1,796		1,808			549		568
Net gain on divestitures		—		39			—		6
Non-operating litigation reserves and settlements		38		38			—		—
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—		144			—		84
Net loss reserve discount benefit		—		6			—		10

Integration and transaction costs associated with acquiring or divesting businesses		—		(84)			—		(44)
Restructuring and other costs		—		(268)			—		(200)
Non-recurring costs related to regulatory or accounting changes		—		(13)			—		(41)
Revenues and pre-tax income	$	30,249	$	10,156		$	25,135	$	4,875

(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).