Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Continuing Operations by Operating Segment

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


Three Months Ended March 31,	2023		2022
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)				Adjusted Revenues		Adjusted Pre-tax Income (Loss)

General Insurance
North America	$	2,980			$	299	(a)		$	2,789	$	256	(a)
International		3,279				203	(a)			3,467		190	(a)
Net investment income		746				746				765		765
Total General Insurance		7,005				1,248				7,021		1,211
Life and Retirement
Individual Retirement		1,484				533				1,347		466
Group Retirement		683				187				734		241
Life Insurance		1,249				82				1,311		113
Institutional Markets		1,955				84				549		114
Total Life and Retirement		5,371				886				3,941		934
Other Operations
Other Operations before consolidation and eliminations		132				(434)				294		(288)
AIG consolidation and eliminations		(64)				(57)				(136)		(133)
Total Other Operations		68				(491)				158		(421)
Total		12,444				1,643				11,120		1,724
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		13				(3)				14		13
Change in the fair value of market risk benefits, net(b)		—				(196)				—		233
Changes in benefit reserves related to net realized gains (losses)		—				6				—		2
Changes in the fair value of equity securities		51				51				(27)		(27)
Other income (expense) - net		(7)				—				(7)		—

Net investment income on Fortitude Re funds withheld assets		446				446				291		291
Net realized gains (losses) on Fortitude Re funds withheld assets		(31)				(31)				(140)		(140)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		(1,165)				(1,165)				3,318		3,318
Net realized gains (losses)(c)		(772)				(766)				341		349
Net gain (loss) on divestitures and other		—				(2)				—		40
Non-operating litigation reserves and settlements		1				1				34		34
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—				19				—		—
Net loss reserve discount benefit (charge)		—				(64)				—		20

Integration and transaction costs associated with acquiring or divesting businesses		—				(52)				—		(46)
Restructuring and other costs		—				(117)				—		(93)
Non-recurring costs related to regulatory or accounting changes		—				(13)				—		(4)
Net impact from elimination of international reporting lag(d)		4				12				—		—
Revenues and pre-tax income (loss)	$	10,984			$	(231)			$	14,944	$	5,714

(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 realized gains and losses on certain derivative instruments used for non-qualifying (economic) hedging.

(c)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).

(d)See Note 1.