Third Quarter 2023 Financial Results Presentation November 2, 2023 Copyright ® 2023 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Group Performance Strategy Segment Performance GI L&R Other Investments Capital Operating EPS* Increased 92% from the Prior Year Quarter with Co ...

Financial Data and Key Metrics Changes - Adjusted after-tax income was $1.2 billion or $1.61 per diluted common share, representing a 92% increase year-over-year [8][38] - Consolidated net investment income on an adjusted pre-tax income basis was $3.3 billion, a 29% increase year-over-year [8] - General Insurance underwriting income improved over 250% from the prior year quarter to $611 million [8] Business Line Data and Key Metrics Changes - In General Insurance, net premiums written grew 9% year-over-year to $6.5 billion [14] - Life and Retirement's adjusted pre-tax income was $971 million, up 24% year-over-year, with premiums and deposits growing 4% to $9.2 billion [9][46] - The accident year combined ratio for General Insurance, excluding catastrophes, improved by 210 basis points to 86.3% [8][23] Market Data and Key Metrics Changes - North America commercial net premiums written increased 5% in the third quarter [14] - International Commercial net premiums written grew 7%, primarily driven by property, which was up 13% [18] - Personal Insurance net premiums written increased 16% year-over-year, primarily driven by North America [22] Company Strategy and Development Direction - The company is focused on simplifying its portfolio and reducing volatility through strategic divestitures, including the sale of Validus Re [11][36] - AIG aims for a 10% plus return on common equity (ROCE) post deconsolidation of Corebridge [34][50] - The company is committed to maintaining a balanced capital management strategy, focusing on share repurchases and debt reduction [33][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underwriting results and the strategic repositioning of the company [35][36] - The company is well-positioned to take advantage of opportunities in the current marketplace despite challenges from social inflation [32][66] - Management highlighted the importance of maintaining strong underwriting standards and risk management practices [27][41] Other Important Information - AIG returned over $1 billion to shareholders through stock repurchases and dividends during the quarter [11] - The company expects continued improvement in financial performance from its Personal Insurance segment [23] - Corebridge Financial is on track for operational separation, with significant returns to shareholders since its IPO [10][39] Q&A Session Summary Question: What is the process for ensuring that the adverse development in international commercial doesn't reflect social inflation problems? - Management explained that the DVR process involves a deep dive into reserves annually, with adjustments made quarterly based on actual versus expected analysis [54][56] Question: Can you provide insight into the underlying underwriting results and path to profitability in North America Personal? - Management acknowledged that the segment is in transition and expects significant benefits from premium earnings in the coming quarters [58][59] Question: How is the company managing through the cycle in financial lines given the current market conditions? - Management indicated a cautious approach to the large account public company D&O business, focusing on maintaining margins and reducing limits in excess layers [61][66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 —————————— FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or o ...

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Second Quarter 2023 Financial Results Presentation August 2, 2023 Copyright ® 2023 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Group Performance Strategy Segment Performance GI L&R Other Investments Capital Best Quarterly Adjusted EPS* Since 2007, Execution of Numerous ...

American International Group, Inc. (NYSE:AIG) Q2 2023 Earnings Conference Call August 1, 2023 8:30 AM ET Company Participants Quentin McMillan - VP, MD & Head, IR Peter Zaffino - Chairman & CEO Sabra Purtill - EVP & Interim CFO Conference Call Participants Jon Newsome - Piper Sandler & Co. Meyer Shields - KBW Yaron Kinar - Jefferies Alexander Scott - Goldman Sachs Group Michael Zaremski - BMO Operator Good day, and welcome to AIG's Second Quarter 2023 Financial Results Conference Call. This conference is be ...

Financial Position - Total assets increased to $537,138 million as of June 30, 2023, compared to $522,228 million at the end of 2022, reflecting a growth of approximately 2.0%[9] - Total liabilities rose to $490,647 million, up from $478,774 million at the end of 2022, indicating an increase of about 2.4%[9] - AIG shareholders' equity increased to $42,454 million, compared to $40,970 million at the end of 2022, representing a growth of approximately 3.6%[9] - The company reported a liability for unpaid losses and loss adjustment expenses of $70,284 million, down from $75,167 million at the end of 2022, a decrease of about 6.0%[9] - Common stock issued remained stable at 1,906,671,492 shares for both 2023 and 2022, with total common stock valued at $4,766 million[9] - Retained earnings increased to $35,916 million as of June 30, 2023, compared to $34,893 million at the end of 2022, reflecting an increase of approximately 2.9%[9] - The company’s total investments amounted to $306,758 million, a slight decrease from $309,150 million at the end of 2022, representing a decline of about 0.1%[9] - Cash and cash equivalents rose to $2,283 million, up from $2,043 million at the end of 2022, reflecting an increase of about 11.7%[9] - The company reported a total of 89,718 million in separate account assets at fair value, an increase from 84,853 million at the end of 2022, representing a growth of approximately 5.0%[9] Revenue and Income - Total revenues for Q2 2023 were $13,218 million, a decrease of 3.3% from $13,663 million in Q2 2022[11] - Net income attributable to AIG for Q2 2023 was $1,493 million, down 45.7% from $2,754 million in Q2 2022[11] - Net investment income for Q2 2023 was $3,571 million, an increase of 37.1% compared to $2,604 million in Q2 2022[11] - Policyholder benefits and losses incurred for Q2 2023 were $6,858 million, an increase of 37.5% from $4,984 million in Q2 2022[11] - Basic income per common share attributable to AIG common shareholders for Q2 2023 was $2.05, down from $3.47 in Q2 2022[11] - Total benefits, losses, and expenses for Q2 2023 were $11,351 million, an increase of 16.5% from $9,738 million in Q2 2022[11] - Comprehensive income attributable to AIG for Q2 2023 was $13 million, a significant recovery from a loss of $8,865 million in Q2 2022[13] - AIG reported a net income attributable to AIG or noncontrolling interests of $1,604 million for the six months ended June 30, 2023, compared to $3,079 million for the same period in 2022, reflecting a decrease of approximately 47.9%[18] - Net income for the six months ended June 30, 2023, was $1,604 million, a decrease of 79% compared to $7,639 million in 2022[21] Cash Flow and Investments - Net cash provided by operating activities increased to $1,111 million from $598 million year-over-year[21] - Total cash and restricted cash at the end of the period was $2,352 million, down from $2,728 million in the previous year[23] - Policyholder contract deposits rose to $15,920 million, compared to $12,491 million in the same period last year[21] - Net cash used in investing activities was $(641) million, a decrease from $2,534 million in 2022[21] - The company reported net losses on sales of securities available for sale and other assets of $786 million, compared to $749 million in 2022[21] - Interest paid during the period increased to $636 million from $574 million in the prior year[23] - The company experienced a net change in short-term investments of $743 million, down from $3,787 million in the prior year[21] - Total adjustments to reconcile net income to net cash provided by operating activities were $(493) million, compared to $(7,042) million in 2022[21] Shareholder Equity and Dividends - AIG's common stock dividends for the second quarter were $0.36 per share, totaling $260 million, compared to $0.32 per share and $248 million in the same quarter of the previous year, representing a 9.7% increase in dividends paid[16] - AIG's total shareholders' equity decreased from $58,666 million at the end of June 30, 2022, to $46,491 million at the end of June 30, 2023, reflecting a decline of approximately 20.7%[19] - The total equity at the end of the period was $46,491 million, an increase from $47,225 million at the end of June 30, 2022, indicating a decrease of about 1.6% year-over-year[18] - AIG's retained earnings at the end of the period were $35,916 million, compared to $32,092 million at the end of June 30, 2022, indicating an increase of approximately 12.5%[18] - The balance of preferred stock remained constant at $485 million throughout the reporting period[19] - AIG's additional paid-in capital was $4,766 million, consistent with the previous year, indicating stability in this area[18] Other Comprehensive Income - Other comprehensive loss for the second quarter was $1,738 million, compared to a loss of $12,617 million in the same quarter of the previous year, showing a significant improvement[16] - AIG's total comprehensive income for the six months ended June 30, 2023, was $2,175 million, compared to a total comprehensive loss of $12,617 million for the same period in 2022, marking a significant turnaround[18] - The company reported a change in the fair value of market risk benefits, net of $(262) million for Q2 2023, compared to $(45) million in Q2 2022[11] - The company experienced a change in unrealized depreciation of fixed maturity securities of $84 million in Q2 2023, compared to $36 million in Q2 2022[13]

Financial Data and Key Metrics Changes - Adjusted after-tax income was $1.2 billion or $1.63 per diluted common share, representing a 9% increase year-over-year [6][37] - Net investment income on a consolidated basis was $3.1 billion, with a focus on improving credit quality and reducing volatility [6][38] - Book value per common share was $58.87 at quarter end, up 7% from year-end [43] Business Line Data and Key Metrics Changes - Net premiums written in General Insurance grew 10% on a constant dollar basis, driven by the Commercial business [6][11] - Life and Retirement reported premiums and deposits of $10.4 billion in the first quarter, a 44% increase year-over-year [7][25] - The accident year combined ratio, excluding catastrophes, was 88.7%, an 80 basis point improvement from the prior year [22] Market Data and Key Metrics Changes - North America Commercial saw a strong growth of 15% in net premiums written, driven by Validus Re [12] - International Commercial net premiums written grew 6%, primarily due to Property, which was up over 40% [17] - Global Personal reported a first quarter accident year combined ratio, excluding catastrophes, of 98.6%, a 120 basis point increase from the prior year [23] Company Strategy and Development Direction - The company is focused on long-term value creation and has made significant progress in strategic and operational priorities [5] - AIG plans to reduce its ownership interest in Corebridge and explore options aligned with shareholder interests [9] - The company is transitioning to a simpler, leaner business model, aiming for a 10%-plus return on common equity (ROCE) [30][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future earnings power and commitment to disciplined capital management [8][34] - The company anticipates strong top-line growth in General Insurance for the remainder of 2023 [24] - Management highlighted the importance of maintaining appropriate capital levels in subsidiaries to support profitable growth [68] Other Important Information - AIG returned approximately $840 million to shareholders in the first quarter through stock repurchases and dividends [8] - The company approved a 12.5% increase in its common stock quarterly dividend, starting in the second quarter [8][34] - Corebridge has made substantial progress since its IPO, paying $450 million in dividends to public shareholders [9] Q&A Session Summary Question: Growth and Net-to-Gross Ratio - Management explained that the net-to-gross ratio remained unchanged due to portfolio composition and strategic reinsurance partnerships [50][52] Question: Implications of North American Personal Lines Changes - Management clarified that changes in North American Personal Lines do not significantly impact the International Personal segment due to their distinct business models [54][56] Question: Expense Ratio Expectations with MGA - Management indicated that as the MGA gains speed, the expense ratio is expected to fall over time, leading to improved profitability [57][60] Question: Catastrophe Load Stabilization - Management confirmed that the catastrophe load has stabilized, and they are focused on maintaining a balanced portfolio with reduced risk [61][64] Question: Excess Capital and Liquidity Management - Management emphasized a disciplined approach to capital management, maintaining strong liquidity while evaluating opportunities for share repurchases [66][70]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 —————————— FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or other ...

Fourth Quarter and Full Year 2022 Financial Results Presentation February 16, 2023 Copyright ® 2023 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Certain statements in this presentation and other publicly available documents may include, and members of AIG management mayfrom time to time make and discuss, Cautionary Statement statements which, to the extent they are not statements of historical or ...