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Segment Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Information
3. Segment Information
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, and our global reinsurance business, AIG Re.
•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 Holdings, 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.
LIFE AND RETIREMENT
Life and Retirement business is presented as four operating segments:
•Individual Retirement – consists of fixed annuities, fixed index annuities, variable annuities and retail mutual funds.
•Group Retirement – consists of record-keeping, plan administrative and compliance services, financial planning and advisory solutions offered to employer-defined contribution plan participants, along with proprietary and non-proprietary annuities and advisory and brokerage products offered outside of plans.
•Life Insurance – primary products in the U.S. include term life and universal life insurance. International operations primarily include distribution of life and health products in the UK and Ireland.
•Institutional Markets – consists of stable value wrap products, structured settlement and pension risk transfer annuities, corporate- and bank-owned life insurance, high net worth products and guaranteed investment contracts (GICs).
OTHER OPERATIONS
Other Operations primarily consists of income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, our institutional asset management business and 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 Re.
SEGMENT RESULTS
The accounting policies of the segments are described in Note 2. 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 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:
(in millions)Adjusted
Revenues		Net
Investment
Income		Interest
Expense		Amortization
of DAC		Adjusted
Pre-tax
Income
(Loss)
2022
General Insurance
North America$12,071 $— $1,585 $648 
(a)
International13,269 — 1,948 1,400 
(a)
Net investment income2,382 $2,382 — — 2,382 
Total General Insurance27,722 2,382 — 3,533 4,430 
Life and Retirement
Individual Retirement5,415 3,898 11 761 1,222 
Group Retirement2,780 2,005 6 96 749 
Life Insurance5,299 1,393 4 267 337 
Institutional Markets4,160 1,051 2 6 349 
Total Life and Retirement17,654 8,347 23 1,130 2,657 
Other Operations
Other Operations before consolidation and eliminations827 714 1,131 5 (1,542)
AIG consolidation and eliminations(435)(446)(56)— (405)
Total Other Operations392 268 1,075 5 (1,947)
Total45,768 10,997 1,098 4,668 5,140 
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits55 55 — — 30 
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses)— — — 302 (308)
Changes in the fair value of equity securities(53)(53)— — (53)
Other income (expense) - net(29)28 28 — — 
Loss on extinguishment of debt— — — — (303)
Net investment income on Fortitude Re funds withheld assets943 943 — — 943 
Net realized gains (losses) on Fortitude Re funds withheld assets(486)— — — (486)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative7,481 — — — 7,481 
Net realized gains (losses)(b)
1,731 (244)(1)— 1,750 
Net gain (loss) on divestitures and other— — — — (82)
Non-operating litigation reserves and settlements49 — — — 41 
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— — — — 160 
Net loss reserve discount benefit (charge)— — — — 703 
Pension expense related to a one-time lump sum payment to former employees— — — — (60)
Integration and transaction costs associated with acquiring or divesting businesses— — — — (194)
Restructuring and other costs— — — — (570)
Non-recurring costs related to regulatory or accounting changes— — — — (37)
Net impact from elimination of international reporting lag(c)
978 41 — — 127 
Revenues and pre-tax income (loss)$56,437 $11,767 $1,125 $4,970 $14,282 
(in millions)Adjusted
Revenues		Net
Investment
Income		Interest
Expense		Amortization
of DAC		Adjusted
Pre-tax
Income
(Loss)
2021
General Insurance
North America$10,989 $— $1,333 $(47)
(a)
International14,068 — 2,197 1,102 
(a)
Net investment income3,304 $3,304 — — 3,304 
Total General Insurance28,361 3,304 — 3,530 4,359 
Life and Retirement
Individual Retirement6,083 4,338 61 736 1,939 
Group Retirement3,291 2,410 35 61 1,284 
Life Insurance5,112 1,619 25 170 106 
Institutional Markets5,108 1,154 9 6 582 
Total Life and Retirement19,594 9,521 130 973 3,911 
Other Operations
Other Operations before consolidation and eliminations1,338 1,112 1,220 37 (1,418)
AIG consolidation and eliminations(991)(996)(65)— (932)
Total Other Operations347 116 1,155 37 (2,350)
Total48,302 12,941 1,285 4,540 5,920 
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits60 60 — — 61 
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses)— — — 33 (52)
Changes in the fair value of equity securities(237)(237)— — (237)
Other income (expense) - net(24)33 33 — — 
Loss on extinguishment of debt— — — — (389)
Net investment income on Fortitude Re funds withheld assets1,971 1,971 — — 1,971 
Net realized gains (losses) on Fortitude Re funds withheld assets1,003 — — — 1,003 
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative(603)— — — (603)
Net realized gains (losses)(b)
1,585 (156)(13)— 1,623 
Net gain (loss) on divestitures and other— — — — 3,044 
Non-operating litigation reserves and settlements— — — — (3)
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— — — — 186 
Net loss reserve discount benefit (charge)— — — — 193 
Pension expense related to a one-time lump sum payment to former employees— — — — (34)
Integration and transaction costs associated with acquiring or divesting businesses— — — — (83)
Restructuring and other costs— — — — (433)
Non-recurring costs related to regulatory or accounting changes— — — — (68)
Revenues and pre-tax income (loss)$52,057 $14,612 $1,305 $4,573 $12,099 
(in millions)Adjusted
Revenues		Net
Investment
Income		Interest
Expense		Amortization
of DAC		Adjusted
Pre-tax
Income
(Loss)
2020
General Insurance
North America$10,302 $— $1,365 $(1,301)
(a)
International13,360 — 2,173 277 
(a)
Net investment income2,925 $2,925 — — 2,925 
Total General Insurance26,587 2,925 — 3,538 1,901 
Life and Retirement
Individual Retirement5,714 4,131 72 590 1,938 
Group Retirement2,970 2,236 42 7 1,013 
Life Insurance4,877 1,526 30 30 142 
Institutional Markets3,714 988 11 5 438 
Total Life and Retirement17,275 8,881 155 632 3,531 
Other Operations
Other Operations before consolidation and eliminations1,385 1,087 1,306 50 (1,963)
AIG consolidation and eliminations(562)(572)(70)— (466)
Total Other Operations823 515 1,236 50 (2,429)
Total44,685 12,321 1,391 4,220 3,003 
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits56 56 — — 41 
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses)— — — (9)12 
Changes in the fair value of equity securities200 200 — — 200 
Other income (expense) - net49 99 99 — — 
Loss on extinguishment of debt— — — — (12)
Net investment income on Fortitude Re funds withheld assets1,053 1,053 — — 1,053 
Net realized gains (losses) on Fortitude Re funds withheld assets463 — — — 463 
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative(2,645)— — — (2,645)
Net realized gains (losses)(b)
(148)(98)(33)— (97)
Net gain (loss) on divestitures and other— — — — (8,525)
Non-operating litigation reserves and settlements23 — — — 21 
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— — — — 221 
Net loss reserve discount benefit (charge)— — — — (516)
Integration and transaction costs associated with acquiring or divesting businesses— — — — (12)
Restructuring and other costs— — — — (435)
Non-recurring costs related to regulatory or accounting changes— — — — (65)
Revenues and pre-tax income (loss)$43,736 $13,631 $1,457 $4,211 $(7,293)
(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)See Note 1.
The following table presents AIG’s year-end identifiable assets and capital expenditures by segment:
Year-End Identifiable AssetsCapital Expenditures
(in millions)2022202120222021
General Insurance$147,102 $159,000 $68 $76 
Life and Retirement356,623 406,104 102 62 
Other Operations22,909 31,008 40 205 
Total Assets$526,634 $596,112 $210 $343 
The following table presents AIG’s consolidated total revenues and real estate and other fixed assets, net of accumulated depreciation, by major geographic area:
Total Revenues*Real Estate and Other Fixed Assets,
Net of Accumulated Depreciation
(in millions)202220212020202220212020
North America$41,605 $37,224 $30,204 $1,206 $1,212 $1,230 
International14,832 14,833 13,532 387 500 610 
Consolidated$56,437 $52,057 $43,736 $1,593 $1,712 $1,840 
*Revenues are generally reported according to the geographic location of the segment. International revenues consists of revenues from our General Insurance International operating segment.