Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Information by Operating Segments

The following table presents information for the Company’s operating segments. Intersegment revenues include transactions between and among the segments, the Corporate division and Other category.

Segment Information


	Second Quarter
	2025				2024
	Insurance		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	196	$	13	$	186	$	6
Intersegment revenues	3		2		3		1
Segment revenues	199		15		189		7
Segment loss and LAE (benefit)	27		—		—		—
Segment employee compensation and benefit expenses	44		—		40		—
Segment amortization of deferred acquisition cost	5		—		3		—
Other segment items (2)	29		9		27		4
Segment expenses	105		9		70		4
Segment equity in earnings (losses) of investees	2		(1)		15		(3)
Less: Segment provision (benefit) for income taxes	20		1		18		—
Segment adjusted operating income (loss)	$	76	$	4	$	116	$	—

Selected components of segment adjusted operating income:
Net investment income	$	89	$	—	$	81	$	—
Non-cash compensation and operating expenses (3)	14		—		11		—


	Six Months
	2025				2024
	Insurance (1)		Asset Management		Insurance		Asset Management
	(in millions)
Third-party revenues	$	433	$	18	$	413	$	7
Intersegment revenues	5		3		5		1
Segment revenues	438		21		418		8
Segment loss and LAE (benefit)	4		—		4		—
Segment employee compensation and benefit expenses	96		—		88		—
Segment amortization of deferred acquisition cost	10		—		9		—
Other segment items (2)	59		13		54		4
Segment expenses	169		13		155		4
Segment equity in earnings (losses) of investees	32		12		55		(2)
Less: Segment provision (benefit) for income taxes	57		4		53		1
Segment adjusted operating income (loss)	$	244	$	16	$	265	$	1

Selected components of segment adjusted operating income:
Net investment income	$	175	$	—	$	164	$	—
Non-cash compensation and operating expenses (3)	32		—		28		—

_____________________

(1) Six months 2025 results include the gain recognized in connection with the Lehman Brothers International (Europe) (in administration) (LBIE) litigation, which represents the full satisfaction of the judgment the Company was awarded and its claims for attorneys’ fees, expenses and interest. See Note 6, Contracts Accounted for as Credit Derivatives, for additional information.

(2) Other segment items for the Insurance segment include professional services expenses, maintenance, depreciation expense, lease expense, investment management expenses and certain overhead expenses; and for the Asset Management segment include expenses associated with incentive fees.

(3) Amounts consist of depreciation, amortization and share-based compensation expenses.

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

The tables below present a reconciliation of significant components of segment information to the comparable consolidated amounts.

Reconciliation of Segment Information to Consolidated Information

Three Months Ended June 30, 2025


					Equity in Earnings (Losses) of Investees		Less:				Net Income (Loss) Attributable to AGL
	Revenues		Expenses				Provision (Benefit) for Income Taxes		Noncontrolling Interests
	(in millions)
Segments:
Insurance	$	199	$	105	$	2	$	20	$	—	$	76
Asset Management	15		9		(1)		1		—		4
Total segments	214		114		1		21		—		80
Corporate division	4		39		3		(3)		—		(29)
Other	—		(2)		(1)		(1)		3		(1)
Subtotal	218		151		3		17		3		50
Reconciling items:
Realized gains (losses) on investments	(6)		—		—		—		—		(6)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	(1)		—		—		—		—		(1)
Fair value gains (losses) on CCS	(1)		—		—		—		—		(1)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	71		—		—		—		—		71
Tax effect	—		—		—		10		—		(10)
Consolidated	$	281	$	151	$	3	$	27	$	3	$	103

Reconciliation of Segment Information to Consolidated Information

Three Months Ended June 30, 2024


					Equity in Earnings (Losses) of Investees		Less:				Net Income (Loss) Attributable to AGL
	Revenues		Expenses				Provision (Benefit) for Income Taxes		Noncontrolling Interests
	(in millions)
Segments:
Insurance	$	189	$	70	$	15	$	18	$	—	$	116
Asset Management	7		4		(3)		—		—		—
Total segments	196		74		12		18		—		116
Corporate division	4		44		—		(5)		—		(35)
Other	4		(5)		(7)		—		3		(1)
Subtotal	204		113		5		13		3		80
Reconciling items:
Realized gains (losses) on investments	(6)		—		—		—		—		(6)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	3		—		—		—		—		3
Fair value gains (losses) on CCS	1		—		—		—		—		1
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	—		—		—		—		—		—
Tax effect	—		—		—		—		—		—
Consolidated	$	202	$	113	$	5	$	13	$	3	$	78

Reconciliation of Segment Information to Consolidated Information

Six Months Ended June 30, 2025


					Equity in Earnings (Losses) of Investees		Less:				Net Income (Loss) Attributable to AGL
	Revenues		Expenses				Provision (Benefit) for Income Taxes		Noncontrolling Interests
	(in millions)
Segments:
Insurance	$	438	$	169	$	32	$	57	$	—	$	244
Asset Management	21		13		12		4		—		16
Total segments	459		182		44		61		—		260
Corporate division	8		79		19		(3)		—		(49)
Other	16		(4)		(7)		—		12		1
Subtotal	483		257		56		58		12		212
Reconciling items:
Realized gains (losses) on investments	(22)		—		—		—		—		(22)
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	60		63		—		—		—		(3)
Fair value gains (losses) on CCS	1		—		—		—		—		1
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	104		—		—		—		—		104
Tax effect	—		—		—		13		—		(13)
Consolidated	$	626	$	320	$	56	$	71	$	12	$	279

Reconciliation of Segment Information to Consolidated Information

Six Months Ended June 30, 2024


					Equity in Earnings (Losses) of Investees		Less:				Net Income (Loss) Attributable to AGL
	Revenues		Expenses				Provision (Benefit) for Income Taxes		Noncontrolling Interests
	(in millions)
Segments:
Insurance	$	418	$	155	$	55	$	53	$	—	$	265
Asset Management	8		4		(2)		1		—		1
Total segments	426		159		53		54		—		266
Corporate division	9		91		—		(10)		—		(72)
Other	20		(10)		(24)		—		7		(1)
Subtotal	455		240		29		44		7		193
Reconciling items:
Realized gains (losses) on investments	2		—		—		—		—		2
Non-credit impairment-related unrealized fair value gains (losses) on credit derivatives	11		(2)		—		—		—		13
Fair value gains (losses) on CCS	(9)		—		—		—		—		(9)
Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and LAE reserves	(12)		—		—		—		—		(12)
Tax effect	—		—		—		—		—		—
Consolidated	$	447	$	238	$	29	$	44	$	7	$	187