Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Continuing Operations by Operating Segment

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


Three Months Ended March 31,	2024		2023
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)				Adjusted Revenues		Adjusted Pre-tax Income (Loss)

General Insurance
North America	$	2,502			$	224	(a)		$	2,980	$	299	(a)
International		3,284				372	(a)			3,279		203	(a)
Net investment income		762				762				746		746
Total General Insurance		6,548				1,358				7,005		1,248
Life and Retirement
Individual Retirement		1,686				622				1,484		533
Group Retirement		689				199				683		187
Life Insurance		1,214				58				1,249		82
Institutional Markets		2,332				112				1,955		84
Total Life and Retirement		5,921				991				5,371		886
Other Operations
Other Operations before consolidation and eliminations		57				(438)				132		(434)
AIG consolidation and eliminations		39				30				(64)		(57)
Total Other Operations		96				(408)				68		(491)
Total		12,565				1,941				12,444		1,643
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		17				(2)				13		(3)
Change in the fair value of market risk benefits, net(b)		—				369				—		(196)
Changes in benefit reserves related to net realized gains (losses)		—				2				—		6
Changes in the fair value of equity securities		99				99				51		51
Other income (expense) - net		7				—				(7)		—

Net investment income on Fortitude Re funds withheld assets		369				369				446		446
Net realized losses on Fortitude Re funds withheld assets		(179)				(179)				(31)		(31)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		13				13				(1,165)		(1,165)
Net realized losses(c)		(313)				(307)				(772)		(766)
Net gain (loss) on divestitures and other		—				6				—		(2)
Non-operating litigation reserves and settlements		—				—				1		1
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—				(2)				—		19
Net loss reserve discount benefit (charge)		—				(76)				—		(64)

Integration and transaction costs associated with acquiring or divesting businesses		—				(64)				—		(52)
Restructuring and other costs		—				(114)				—		(117)
Non-recurring costs related to regulatory or accounting changes		—				(4)				—		(13)
Net impact from elimination of international reporting lag(d)		—				—				4		12
Revenues and pre-tax income (loss)	$	12,578			$	2,051			$	10,984	$	(231)

(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)For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.