Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Continuing Operations by Operating Segment

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)
International		13,269				—		1,948		1,400	(a)
Net investment income		2,382	$	2,382		—		—		2,382
Total General Insurance		27,722		2,382		—		3,533		4,430
Life and Retirement
Individual Retirement		5,415		3,898		11		761		1,222
Group Retirement		2,780		2,005		6		96		749
Life Insurance		5,299		1,393		4		267		337
Institutional Markets		4,160		1,051		2		6		349
Total Life and Retirement		17,654		8,347		23		1,130		2,657
Other Operations
Other Operations before consolidation and eliminations		827		714		1,131		5		(1,542)
AIG consolidation and eliminations		(435)		(446)		(56)		—		(405)
Total Other Operations		392		268		1,075		5		(1,947)
Total		45,768		10,997		1,098		4,668		5,140
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		55		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 assets		943		943		—		—		943
Net realized gains (losses) on Fortitude Re funds withheld assets		(486)		—		—		—		(486)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		7,481		—		—		—		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 settlements		49		—		—		—		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)
International		14,068				—		2,197		1,102	(a)
Net investment income		3,304	$	3,304		—		—		3,304
Total General Insurance		28,361		3,304		—		3,530		4,359
Life and Retirement
Individual Retirement		6,083		4,338		61		736		1,939
Group Retirement		3,291		2,410		35		61		1,284
Life Insurance		5,112		1,619		25		170		106
Institutional Markets		5,108		1,154		9		6		582
Total Life and Retirement		19,594		9,521		130		973		3,911

Other Operations
Other Operations before consolidation and eliminations		1,338		1,112		1,220		37		(1,418)
AIG consolidation and eliminations		(991)		(996)		(65)		—		(932)
Total Other Operations		347		116		1,155		37		(2,350)
Total		48,302		12,941		1,285		4,540		5,920
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		60		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 assets		1,971		1,971		—		—		1,971
Net realized gains (losses) on Fortitude Re funds withheld assets		1,003		—		—		—		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)
International		13,360				—		2,173		277	(a)
Net investment income		2,925	$	2,925		—		—		2,925
Total General Insurance		26,587		2,925		—		3,538		1,901
Life and Retirement
Individual Retirement		5,714		4,131		72		590		1,938
Group Retirement		2,970		2,236		42		7		1,013
Life Insurance		4,877		1,526		30		30		142
Institutional Markets		3,714		988		11		5		438
Total Life and Retirement		17,275		8,881		155		632		3,531
Other Operations
Other Operations before consolidation and eliminations		1,385		1,087		1,306		50		(1,963)
AIG consolidation and eliminations		(562)		(572)		(70)		—		(466)
Total Other Operations		823		515		1,236		50		(2,429)
Total		44,685		12,321		1,391		4,220		3,003
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		56		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 securities		200		200		—		—		200
Other income (expense) - net		49		99		99		—		—
Loss on extinguishment of debt		—		—		—		—		(12)
Net investment income on Fortitude Re funds withheld assets		1,053		1,053		—		—		1,053
Net realized gains (losses) on Fortitude Re funds withheld assets		463		—		—		—		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 settlements		23		—		—		—		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 Assets				Capital Expenditures
(in millions)		2022		2021		2022		2021
General Insurance	$	147,102	$	159,000	$	68	$	76
Life and Retirement		356,623		406,104		102		62
Other Operations		22,909		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)		2022		2021		2020		2022		2021		2020
North America	$	41,605	$	37,224	$	30,204	$	1,206	$	1,212	$	1,230
International		14,832		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.