Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Continuing Operations by Operating Segment

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


Three Months Ended June 30,	2023					2022
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)			Adjusted Revenues		Adjusted Pre-tax Income (Loss)
General Insurance
North America	$	3,195	$	352	(a)	$	2,972	$	406	(a)
International		3,302		242	(a)		3,414		393	(a)
Net investment income		725		725			458		458
Total General Insurance		7,222		1,319			6,844		1,257
Life and Retirement
Individual Retirement		1,578		585			1,267		370
Group Retirement		690		201			672		180
Life Insurance		1,280		78			1,314		120
Institutional Markets		2,368		127			786		77
Total Life and Retirement		5,916		991			4,039		747
Other Operations
Other Operations before consolidation and eliminations		111		(423)			207		(331)
Consolidation and eliminations		(14)		3			(136)		(130)
Total Other Operations		97		(420)			71		(461)
Total		13,235		1,890			10,954		1,543
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		14		(3)			13		10
Change in the fair value of market risk benefits, net(b)		—		262			—		45
Changes in benefit reserves related to net realized gains (losses)		—		(1)			—		7
Changes in the fair value of equity securities		43		43			(30)		(30)
Other income (expense) - net		(12)		—			(9)		—
Loss on extinguishment of debt		—		—			—		(299)
Net investment income on Fortitude Re funds withheld assets		291		291			188		188
Net realized losses on Fortitude Re funds withheld assets		(138)		(138)			(86)		(86)
Net realized gains on Fortitude Re funds withheld embedded derivative		180		180			2,776		2,776
Net realized losses(c)		(395)		(390)			(147)		(140)
Net gain (loss) on divestitures and other		—		43			—		(1)
Non-operating litigation reserves and settlements		—		(1)			4		4
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—		18			—		144
Net loss reserve discount charge		—		(16)			—		(14)
Pension expense related to a one-time lump sum payment to former employees		—		(67)			—		—
Integration and transaction costs associated with acquiring or divesting businesses		—		(79)			—		(38)
Restructuring and other costs		—		(153)			—		(175)
Non-recurring costs related to regulatory or accounting changes		—		(12)			—		(9)
Revenues and pre-tax income	$	13,218	$	1,867		$	13,663	$	3,925


Six Months Ended June 30,	2023		2022
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)				Adjusted Revenues		Adjusted Pre-tax Income (Loss)

General Insurance
North America	$	6,175			$	651	(a)		$	5,761	$	662	(a)
International		6,581				445	(a)			6,881		583	(a)
Net investment income		1,471				1,471				1,223		1,223
Total General Insurance		14,227				2,567				13,865		2,468
Life and Retirement
Individual Retirement		3,062				1,118				2,614		836
Group Retirement		1,373				388				1,406		421
Life Insurance		2,529				160				2,625		233
Institutional Markets		4,323				211				1,335		191
Total Life and Retirement		11,287				1,877				7,980		1,681
Other Operations
Other Operations before consolidation and eliminations		243				(857)				501		(619)
AIG consolidation and eliminations		(78)				(54)				(272)		(263)
Total Other Operations		165				(911)				229		(882)
Total		25,679				3,533				22,074		3,267
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		27				(6)				27		23
Change in the fair value of market risk benefits, net(b)		—				66				—		278
Changes in benefit reserves related to net realized gains (losses)		—				5				—		9
Changes in the fair value of equity securities		94				94				(57)		(57)
Other income (expense) - net		(19)				—				(16)		—
Loss on extinguishment of debt		—				—				—		(299)
Net investment income on Fortitude Re funds withheld assets		737				737				479		479
Net realized gains (losses) on Fortitude Re funds withheld assets		(169)				(169)				(226)		(226)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		(985)				(985)				6,094		6,094
Net realized gains (losses)(c)		(1,167)				(1,156)				194		209
Net gain (loss) on divestitures and other		—				41				—		39
Non-operating litigation reserves and settlements		1				—				38		38
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—				37				—		144
Net loss reserve discount benefit (charge)		—				(80)				—		6
Pension expense related to a one-time lump sum payment to former employees		—				(67)				—		—
Integration and transaction costs associated with acquiring or divesting businesses		—				(131)				—		(84)
Restructuring and other costs		—				(270)				—		(268)
Non-recurring costs related to regulatory or accounting changes		—				(25)				—		(13)
Net impact from elimination of international reporting lag(d)		4				12				—		—
Revenues and pre-tax income (loss)	$	24,202			$	1,636			$	28,607	$	9,639

(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.