When you click 'Replace footage…' in the Project panel in Premiere, if you choose an After Effects file, rather than giving you the option to select a composition from within that file, an error message reads 'The importer reported a generic error', and then the footage is replaced with a media offline error.
It should instead be possible to select a composition. This is useful when using the raw footage as a placeholder during assembly before adding effects in After Effects at a later point.
AdChoices