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SEGMENT INFORMATION (Tables)
9 Months Ended
Sep. 30, 2020
SEGMENT INFORMATION  
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).