Schedule of continuing operations by operating segment including reconciling items |
Three Months Ended September 30, | 2020 | | 2019 | | | | | Adjusted | | | | | Adjusted | | | Total | | Pre-tax | | | Total | | Pre-tax | (in millions) | | Revenues | | Income (Loss) | | | Revenues | | Income (Loss) | General Insurance | | | | | | | | | | North America | $ | 3,417 | $ | 399 | | $ | 3,878 | $ | 435 | International | | 3,275 | | 17 | | | 3,537 | | 72 | Total General Insurance | | 6,692 | | 416 | | | 7,415 | | 507 | Life and Retirement | | | | | | | | | | Individual Retirement | | 1,480 | | 533 | | | 1,416 | | 387 | Group Retirement | | 758 | | 338 | | | 726 | | 203 | Life Insurance | | 1,076 | | 5 | | | 1,037 | | (7) | Institutional Markets | | 556 | | 99 | | | 654 | | 63 | Total Life and Retirement | | 3,870 | | 975 | | | 3,833 | | 646 | Other Operations | | 128 | | (426) | | | 139 | | (454) | Legacy Portfolio | | 214 | | 89 | | | 751 | | 93 | AIG Consolidation and elimination | | (148) | | (136) | | | (81) | | (46) | Total AIG Consolidated adjusted revenues and adjusted pre-tax income | | 10,756 | | 918 | | | 12,057 | | 746 | Reconciling items from adjusted pre-tax income to pre-tax income: | | | | | | | | | | Changes in fair value of securities used to hedge guaranteed | | | | | | | | | | living benefits | | 14 | | 15 | | | 25 | | 12 | Changes in benefit reserves and DAC, VOBA and SIA related to net | | | | | | | | | | realized capital gains (losses) | | - | | 78 | | | - | | (65) | Changes in the fair value of equity securities | | 119 | | 119 | | | (51) | | (51) | Other income (expense) - net | | 23 | | - | | | 16 | | - | Gain on extinguishment of debt | | - | | 2 | | | - | | - | Net investment income on Fortitude Re funds withheld assets(a) | | 458 | | 458 | | | - | | - | Net realized capital gains (losses) on Fortitude Re funds withheld assets(a) | | 32 | | 32 | | | - | | - | Net realized capital gains (losses) on Fortitude Re funds withheld embedded | | | | | | | | | | derivative(a) | | (656) | | (656) | | | - | | - | Net realized capital gains (losses)(b) | | (525) | | (514) | | | 867 | | 881 | Loss from divested businesses | | - | | (24) | | | - | | (9) | Non-operating litigation reserves and settlements | | - | | (1) | | | - | | (5) | Favorable prior year development and related amortization | | | | | | | | | | changes ceded under retroactive reinsurance agreements | | - | | 30 | | | - | | 59 | Net loss reserve discount benefit (charge) | | - | | 31 | | | - | | (235) | Integration and transaction costs associated with acquired businesses | | - | | (1) | | | - | | (3) | Restructuring and other costs | | - | | (100) | | | - | | (67) | Non-recurring costs related to regulatory or accounting changes | | - | | (19) | | | - | | (3) | Revenues and Pre-tax income | $ | 10,221 | $ | 368 | | $ | 12,914 | $ | 1,260 |
Nine Months Ended September 30, | 2020 | | 2019 | | | | | Adjusted | | | | | Adjusted | | | Total | | Pre-Tax | | | Total | | Pre-Tax | (in millions) | | Revenues | | Income (Loss) | | | Revenues | | Income (Loss) | General Insurance | | | | | | | | | | North America | $ | 9,908 | $ | 813 | | $ | 12,001 | $ | 2,087 | International | | 9,706 | | 279 | | | 10,743 | | 668 | Total General Insurance | | 19,614 | | 1,092 | | | 22,744 | | 2,755 | Life and Retirement | | | | | | | | | | Individual Retirement | | 4,183 | | 1,389 | | | 4,233 | | 1,483 | Group Retirement | | 2,164 | | 695 | | | 2,225 | | 728 | Life Insurance | | 3,280 | | 51 | | | 3,264 | | 195 | Institutional Markets | | 2,964 | | 295 | | | 2,143 | | 213 | Total Life and Retirement | | 12,591 | | 2,430 | | | 11,865 | | 2,619 | Other Operations | | 305 | | (1,436) | | | 422 | | (1,256) | Legacy Portfolio | | 1,197 | | (22) | | | 2,197 | | 324 | AIG Consolidation and elimination | | (262) | | (171) | | | (257) | | (172) | Total AIG Consolidated adjusted revenues and adjusted pre-tax income | | 33,445 | | 1,893 | | | 36,971 | | 4,270 | Reconciling items from adjusted pre-tax income to pre-tax income (loss): | | | | | | | | | | Changes in fair value of securities used to hedge guaranteed | | | | | | | | | | living benefits | | 42 | | 24 | | | 214 | | 183 | Changes in benefit reserves and DAC, VOBA and SIA related to net | | | | | | | | | | realized capital gains (losses) | | - | | (205) | | | - | | (39) | Changes in the fair value of equity securities | | (16) | | (16) | | | 6 | | 6 | Other income (expense) - net | | 46 | | - | | | 27 | | - | Loss on extinguishment of debt | | - | | (15) | | | - | | (13) | Net investment income on Fortitude Re funds withheld assets(a) | | 574 | | 574 | | | - | | - | Net realized capital gains (losses) on Fortitude Re funds withheld assets(a) | | 128 | | 128 | | | - | | - | Net realized capital gains (losses) on Fortitude Re funds withheld embedded | | | | | | | | | | derivative(a) | | (1,493) | | (1,493) | | | - | | - | Net realized capital gains(b) | | 1,328 | | 1,369 | | | 713 | | 758 | loss from divested businesses | | - | | (8,652) | | | - | | (4) | Non-operating litigation reserves and settlements | | 6 | | 5 | | | - | | (6) | Favorable prior year development and related amortization | | | | | | | | | | changes ceded under retroactive reinsurance agreements | | - | | 71 | | | - | | 211 | Net loss reserve discount charge | | - | | (41) | | | - | | (920) | Integration and transaction costs associated with acquired businesses | | - | | (7) | | | - | | (16) | Restructuring and other costs | | - | | (324) | | | - | | (174) | Non-recurring costs related to regulatory or accounting changes | | - | | (46) | | | - | | (5) | Revenues and Pre-tax income (loss) | $ | 34,060 | $ | (6,735) | | $ | 37,931 | $ | 4,251 |
(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).
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