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SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2020
SEGMENT INFORMATION  
Schedule of continuing operations by operating segment including reconciling items

Three Months Ended June 30,

2020

 

2019

 

 

 

 

Adjusted

 

 

 

 

Adjusted

 

 

Total

 

Pre-tax

 

 

Total

 

Pre-tax

(in millions)

 

Revenues

 

Income (Loss)

 

 

Revenues

 

Income (Loss)

General Insurance

 

 

 

 

 

 

 

 

 

North America

$

3,077

$

5

 

$

4,025

$

718

International

 

3,178

 

170

 

 

3,502

 

262

Total General Insurance

 

6,255

 

175

 

 

7,527

 

980

Life and Retirement

 

 

 

 

 

 

 

 

 

Individual Retirement

 

1,333

 

550

 

 

1,466

 

588

Group Retirement

 

712

 

214

 

 

790

 

293

Life Insurance

 

1,113

 

(9)

 

 

1,154

 

86

Institutional Markets

 

1,391

 

126

 

 

418

 

82

Total Life and Retirement

 

4,549

 

881

 

 

3,828

 

1,049

Other Operations

 

15

 

(559)

 

 

144

 

(415)

Legacy Portfolio

 

719

 

257

 

 

740

 

119

AIG Consolidation and elimination

 

31

 

49

 

 

(79)

 

(56)

Total AIG Consolidated adjusted revenues and adjusted pre-tax income

 

11,569

 

803

 

 

12,160

 

1,677

Reconciling items from adjusted pre-tax income to pre-tax income (loss):

 

 

 

 

 

 

 

 

 

Changes in fair value of securities used to hedge guaranteed

 

 

 

 

 

 

 

 

 

living benefits

 

14

 

16

 

 

84

 

75

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

 

 

 

 

 

 

 

 

 

realized capital gains (losses)

 

-

 

255

 

 

-

 

(73)

Changes in the fair value of equity securities

 

56

 

56

 

 

(22)

 

(22)

Other income (expense) - net

 

14

 

-

 

 

4

 

-

Loss on extinguishment of debt

 

-

 

-

 

 

-

 

(15)

Net investment income on Fortitude Re funds withheld assets(a)

 

116

 

116

 

 

-

 

-

Net realized capital gains (losses) on Fortitude Re funds withheld assets(a)

 

96

 

96

 

 

-

 

-

Net realized capital gains (losses) on Fortitude Re funds withheld embedded

 

 

 

 

 

 

 

 

 

derivative(a)

 

(837)

 

(837)

 

 

-

 

-

Net realized capital gains (losses)(b)

 

(1,632)

 

(1,619)

 

 

335

 

351

Loss from divested businesses

 

-

 

(8,412)

 

 

-

 

(1)

Non-operating litigation reserves and settlements

 

-

 

-

 

 

-

 

-

Favorable prior year development and related amortization

 

 

 

 

 

 

 

 

 

changes ceded under retroactive reinsurance agreements

 

-

 

33

 

 

-

 

125

Net loss reserve discount charge

 

-

 

(16)

 

 

-

 

(212)

Integration and transaction costs associated with acquired businesses

 

-

 

(4)

 

 

-

 

(6)

Restructuring and other costs

 

-

 

(134)

 

 

-

 

(60)

Non-recurring costs related to regulatory or accounting changes

 

-

 

(14)

 

 

-

 

(2)

Revenues and Pre-tax income (loss)

$

9,396

$

(9,661)

 

$

12,561

$

1,837

Six Months Ended June 30,

2020

 

2019

 

 

 

 

Adjusted

 

 

 

 

Adjusted

 

 

Total

 

Pre-Tax

 

 

Total

 

Pre-Tax

(in millions)

 

Revenues

 

Income (Loss)

 

 

Revenues

 

Income (Loss)

General Insurance

 

 

 

 

 

 

 

 

 

North America

$

6,491

$

414

 

$

8,123

$

1,652

International

 

6,431

 

262

 

 

7,206

 

596

Total General Insurance

 

12,922

 

676

 

 

15,329

 

2,248

Life and Retirement

 

 

 

 

 

 

 

 

 

Individual Retirement

 

2,703

 

856

 

 

2,817

 

1,096

Group Retirement

 

1,406

 

357

 

 

1,499

 

525

Life Insurance

 

2,204

 

46

 

 

2,227

 

202

Institutional Markets

 

2,408

 

196

 

 

1,489

 

150

Total Life and Retirement

 

8,721

 

1,455

 

 

8,032

 

1,973

Other Operations

 

177

 

(1,010)

 

 

283

 

(802)

Legacy Portfolio

 

983

 

(111)

 

 

1,446

 

231

AIG Consolidation and elimination

 

(114)

 

(35)

 

 

(176)

 

(126)

Total AIG Consolidated adjusted revenues and adjusted pre-tax income

 

22,689

 

975

 

 

24,914

 

3,524

Reconciling items from adjusted pre-tax income to pre-tax income (loss):

 

 

 

 

 

 

 

 

 

Changes in fair value of securities used to hedge guaranteed

 

 

 

 

 

 

 

 

 

living benefits

 

28

 

9

 

 

189

 

171

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

 

 

 

 

 

 

 

 

 

realized capital gains (losses)

 

-

 

(283)

 

 

-

 

26

Changes in the fair value of equity securities

 

(135)

 

(135)

 

 

57

 

57

Other income (expense) - net

 

23

 

-

 

 

11

 

-

Loss on extinguishment of debt

 

-

 

(17)

 

 

-

 

(13)

Net investment income on Fortitude Re funds withheld assets(a)

 

116

 

116

 

 

-

 

-

Net realized capital gains (losses) on Fortitude Re funds withheld assets(a)

 

96

 

96

 

 

-

 

-

Net realized capital gains (losses) on Fortitude Re funds withheld embedded

 

 

 

 

 

 

 

 

 

derivative(a)

 

(837)

 

(837)

 

 

-

 

-

Net realized capital gains (losses)(b)

 

1,853

 

1,883

 

 

(154)

 

(123)

Income (loss) from divested businesses

 

-

 

(8,628)

 

 

-

 

5

Non-operating litigation reserves and settlements

 

6

 

6

 

 

-

 

(1)

Favorable prior year development and related amortization

 

 

 

 

 

 

 

 

 

changes ceded under retroactive reinsurance agreements

 

-

 

41

 

 

-

 

152

Net loss reserve discount charge

 

-

 

(72)

 

 

-

 

(685)

Integration and transaction costs associated with acquired businesses

 

-

 

(6)

 

 

-

 

(13)

Restructuring and other costs

 

-

 

(224)

 

 

-

 

(107)

Non-recurring costs related to regulatory or accounting changes

 

-

 

(27)

 

 

-

 

(2)

Revenues and Pre-tax income (loss)

$

23,839

$

(7,103)

 

$

25,017

$

2,991

(a)Represents activity subsequent to the deconsolidation of Fortitude Re on June 2, 2020.

(b)Includes all net realized capital 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).