Three Months Ended March 31,

2020

2019

Adjusted

Total

Pre-tax

Total

Pre-tax

(in millions)

Revenues

Income (Loss)

Revenues

Income (Loss)

General Insurance

North America

$

3,414

$

409

$

4,098

$

934

International

3,253

92

3,704

334

Total General Insurance

6,667

501

7,802

1,268

Life and Retirement

Individual Retirement

1,370

306

1,351

508

Group Retirement

694

143

709

232

Life Insurance

1,091

55

1,073

116

Institutional Markets

1,017

70

1,071

68

Total Life and Retirement

4,172

574

4,204

924

Other Operations

162

(451)

139

(387)

Legacy Portfolio

264

(368)

706

112

AIG Consolidation and elimination

(145)

(84)

(97)

(70)

Total AIG Consolidated adjusted revenues and adjusted pre-tax income

11,120

172

12,754

1,847

Reconciling items from adjusted pre-tax income to pre-tax income:

Changes in fair value of securities used to hedge guaranteed living benefits

14

(7)

105

96

Changes in benefit reserves and DAC, VOBA and SIA related to net realized

capital gains (losses)

-

(538)

-

99

Changes in the fair value of equity securities

(191)

79

Professional fees related to regulatory or accounting changes

-

(13)

-

Other income (expense) - net

9

-

7

-

Gain (loss) on extinguishment of debt

-

(17)

-

2

Net realized capital gains (losses)^*

3,485

3,502

(489)

(474)

Income (loss) from divested businesses

-

(216)

-

6

Non-operating litigation reserves and settlements

6

-

(1)

Favorable prior year development and related amortization

changes ceded under retroactive reinsurance agreements

-

8

-

27

Net loss reserve discount charge

-

(56)

-

(473)

Integration and transaction costs associated with acquired businesses

-

(2)

-

(7)

Restructuring and other costs

-

(90)

-

(47)

Revenues and Pre-tax income

$

14,443

$

2,558

$

12,456

$

1,154