Financial Data and Key Metrics Changes - Adjusted after-tax income for Q4 2022 was $1 billion, or $1.36 per diluted share, with full year adjusted after-tax income reaching $3.6 billion, or $4.55 per diluted share, down from $4.4 billion in 2021 [8][48] - The company repurchased approximately $780 million of common stock and redeemed $1.8 billion of debt in Q4 2022, returning $6.1 billion to shareholders for the full year [8][49] - Adjusted return on common equity (ROCE) was 6.5% for the full year 2022, down from 8.6% in 2021, primarily due to lower alternative investment income [48][50] Business Line Data and Key Metrics Changes - General Insurance achieved underwriting income of $2 billion in 2022, with a combined ratio of 88.7%, an improvement of 230 basis points year-over-year [14][20] - Global Commercial reported a combined ratio of 84.5%, improving by 460 basis points year-over-year, while Global Personal's combined ratio deteriorated to 99.2% [20][48] - Net premiums written in General Insurance grew 4% on an FX-adjusted basis, driven by 6% growth in Global Commercial [19] Market Data and Key Metrics Changes - The company experienced significant rate increases in the commercial insurance market, with U.S. Property CAT rates increasing between 30% and 100% [33] - International commercial rate increases were 4%, driven by Asia Pacific at 9% and EMEA at 7% [10] - The reinsurance market faced challenges due to over $130 billion in insured natural catastrophe losses in 2022, impacting supply and pricing dynamics [22][23] Company Strategy and Development Direction - The company aims to achieve a 10% or greater ROCE by focusing on underwriting results, expense savings, and capital management [50] - AIG plans to invest in growth areas such as Lexington and Global Specialty, with expectations of continued rate momentum [31][32] - The company is also focused on completing the operational separation of Corebridge and exploring secondary offerings to enhance capital management [37][49] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenging conditions in the equity markets and insurance industry throughout 2022, but expressed optimism about the company's positioning for 2023 [6][39] - The company anticipates continued pressure in the reinsurance market but believes it is well-positioned to capitalize on opportunities due to its improved portfolio quality [25][30] - Management emphasized the importance of maintaining expense discipline and achieving operational efficiencies to support future growth [37][51] Other Important Information - The company completed the IPO of Corebridge in September 2022, marking it as the largest financial services IPO since 2020 [12] - AIG's investment management strategy has been restructured through partnerships with Blackstone and BlackRock, which are expected to yield benefits [13] - The company plans to launch a new Managing General Agency in partnership with Stone Point Capital to enhance its Private Client Group offerings [36] Q&A Session Summary Question: What is the starting point for the double-digit ROE target excluding Life and Retirement contributions? - Management indicated that achieving the 10% ROE target involves improving underwriting results, expense savings, and capital management, estimating a 300 to 350 basis point target for these components [54] Question: What are the expectations for loss trend assumptions and pricing in the first quarter? - Management confirmed that the loss cost assumption remains at 6.5%, with expectations that pricing will improve above loss trends in the first quarter [55][56] Question: How is the company managing its facultative reinsurance and commercial lines? - Management stated that while facultative reinsurance is used in certain segments, the focus is primarily on core treaty structures, which have been effectively managed to respond to market conditions [64][66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 —————————— FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 juri ...

American International Group, Inc. (NYSE:AIG) Q3 2022 Earnings Conference Call November 2, 2022 8:30 AM ET Company Participants Quentin McMillan - IR Peter Zaffino - Chairman and CEO Shane Fitzsimons - CFO Mark Lyons - Global Chief Actuary and Head, Portfolio Management David McElroy - EVP and Chief Executive Officer, AIG General Insurance Conference Call Participants J Paul Newsome - Piper Sandler Meyer Shields - KBW Elyse Greenspan - Wells Fargo Brian Meredith - UBS Alexander Scott - Goldman Sachs Operat ...

American International Group, Inc. (NYSE:AIG) KBW Insurance Conference 2022 Call September 7, 2022 4:20 PM ET Company Participants Peter Zaffino - Chairman and Chief Executive Officer Conference Call Participants Meyer Shields - KBW Meyer Shields Sorry. AIG is going to start with some opening comments, and then we'll head into Q&A. And following the practice we've had all day, I'll start off with a few questions. If you have questions that you want to address to Peter, please make sure to raise your hand. T ...

American International Group, Inc. (NYSE:AIG) Q2 2022 Results Conference Call August 9, 2022 8:30 AM ET Company Participants Quentin McMillan - Investor Relations Peter Zaffino - Chairman and Chief Executive Officer Mark Lyons - Global Chief Actuary and Head, Portfolio Management Shane Fitzsimons - Chief Financial Officer David McElroy - EVP and Chief Executive Officer, AIG General Insurance Kevin Hogan - EVP and Chief Executive Officer, AIG Life & Retirement Conference Call Participants Meyer Shields - KBW ...

American International Group, Inc. (NYSE:AIG) Q1 2022 Earnings Conference Call May 4, 2022 8:30 AM ET Company Participants Quentin McMillan - Investor Relations Peter Zaffino - Chairman and Chief Executive Officer Mark Lyons - Global Chief Actuary and Head, Portfolio Management Shane Fitzsimons - Chief Financial Officer David McElroy - Executive Vice President and Chief Executive Officer, AIG General Insurance Kevin Hogan - Executive Vice President and Chief Executive Officer, AIG Life & Retirement Conferen ...

Financial Data and Key Metrics Changes - Adjusted after-tax income for 2021 was $5.12 per diluted share, representing over 100% year-over-year growth [5] - The company returned $3.7 billion to shareholders through share repurchases and dividends, and repurchased $4 billion of debt, reducing debt leverage by 380 basis points to 24.6% [5][34] - Diluted adjusted earnings per share for Q4 2021 were $1.58, a 68% increase over the prior year [33] Business Line Data and Key Metrics Changes - General Insurance net premiums written increased by 8% overall on an FX-adjusted basis in Q4 2021, with Commercial lines growing by 13% [9] - Life and Retirement business achieved a return on adjusted segment common equity of 14.2% for the full year [8] - The accident year combined ratio ex CATs for General Insurance improved by 310 basis points year-over-year to 89.8% in Q4 2021 [10] Market Data and Key Metrics Changes - North America Commercial saw an 11% growth in net premiums, while International Commercial grew by 16% on an FX-adjusted basis [11][37] - Personal Lines net premium growth contracted by 1% in Q4 2021, driven by a 5% reduction in International [9] - The overall Global Commercial saw rate increases of 10% in Q4 2021, marking the third consecutive year of double-digit increases [38] Company Strategy and Development Direction - AIG is pursuing a separation of its Life and Retirement business, with an IPO expected in the second quarter of 2022 [8][26] - The company aims to maintain a balanced capital management strategy, focusing on growth opportunities in General Insurance while returning capital to shareholders [30] - AIG 200 transformation program is expected to deliver $1 billion in run rate savings by the end of 2022 [8][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's improved underwriting portfolio and strong performance heading into 2022 [32] - The company acknowledged challenges from climate change and increased natural catastrophe risks, prompting a strategic repositioning of certain business lines [20][21] - Management expects continued margin expansion and improvement in combined ratios through 2022 and into 2023 [40][45] Other Important Information - The company ended 2021 with $10.7 billion in parent liquidity, providing significant flexibility for capital management [30] - AIG's investment portfolio performed well, with total cash and investments reaching $361 billion and net investment income for the full year at $12.9 billion [51] - The company plans to maintain its current annual dividend level at $1.28 per share post-IPO [31] Q&A Session Summary Question: Regarding capital management and share buybacks - Management indicated that the $3.9 billion share buyback authorization is a floor and may be updated post-IPO based on capital management strategies [58][59] Question: On the sub-90% underlying margin target in General Insurance - Management expects continued improvement in both loss and expense ratios in 2022, with a focus on maintaining a sub-90% combined ratio [60][61] Question: Clarification on alternative investments and consolidation offsets - Management explained the relationship between alternative investments and consolidation offsets, noting that outperformance should not be expected to continue at the same level [65][66] Question: On the mechanics of capital transfers prior to the IPO - Management confirmed that Life and Retirement will issue debt to pay an $8.3 billion dividend to AIG, which will be used to retire debt, positioning the company favorably for the IPO [73][74]