Summary of AIG's KBW Insurance Conference 2022 Call Company Overview - **Company**: American International Group, Inc. (NYSE:AIG) - **Event**: KBW Insurance Conference 2022 - **Date**: September 7, 2022 - **Key Participants**: Peter Zaffino (Chairman and CEO), Meyer Shields (KBW) Core Points and Arguments Company Transformation and Strategy - AIG has undergone significant transformation since 2018, focusing on repositioning and changing its operational strategy to address fundamental issues in its core Property & Casualty (P&C) business [2][3] - The company has implemented a turnaround program known as AIG 200, which aims to improve underwriting results, reduce volatility, and modernize operations [5][6] - AIG has exited or repositioned ineffective businesses and established a new reinsurance strategy focused on combined ratio improvement and risk-adjusted returns [4][6] Underwriting and Financial Performance - AIG has reduced gross limits by over $1 trillion since 2018 and achieved cumulative rate increases of over 50% across its gross portfolio [8][10] - The company reported a sub-90 calendar year combined ratio in General Insurance for the first time since the financial crisis, marking a significant milestone [11] - AIG has experienced seven consecutive quarters of net premium growth in Commercial Lines, with an 85% retention rate on its Global Commercial business [10][11] Cost Management and Capital Strategy - AIG achieved $1 billion in cost savings six months ahead of schedule as part of the AIG 200 initiative [11][12] - The company has executed a capital management strategy that includes reducing leverage, returning capital to shareholders, and buying back shares [12][13] - AIG aims for a return on capital employed (ROCE) of 10% or greater, focusing on underwriting excellence, expense reduction, and the separation of its life and retirement business [13] Market Dynamics and Competitive Position - The wholesale insurance market has changed dramatically, with wholesale brokers growing faster than retail brokers, capturing significant market share [30][31] - AIG has adapted to these changes by focusing on dual distribution and specialized underwriting strategies [32][33] - The company has seen consistent double-digit rate increases in property wholesale, indicating a strong market position [33] International Operations and Growth Opportunities - AIG's Japanese market is a significant growth area, with opportunities to improve combined ratios and expand into digital capabilities [24][26] - The company is optimistic about growth in cyber insurance, which is currently underdeveloped in Japan [27] Reinsurance Strategy - AIG has improved its reinsurance strategy, with significant enhancements in ceding commissions and a focus on quality underwriting [60][64] - The company has reduced its net retention in casualty from $100 million to a maximum of $15 million, reflecting a more conservative risk appetite [10] Future Outlook - AIG is committed to continuous improvement in operational capabilities and digitization as part of its long-term strategy [70][71] - The company plans to maintain expense discipline and improve efficiency as it transitions to a new operating model post-separation of its life and retirement business [72] Additional Important Insights - AIG's operational transformation has been as significant as its underwriting turnaround, with a focus on data management and process improvement [68][71] - The company is cautious about the impact of external factors such as inflation and supply chain issues on its insurance portfolio [40][41] - AIG is actively monitoring the recovery of its travel insurance segment, which was impacted by the COVID-19 pandemic [52][54] This summary encapsulates the key points discussed during the AIG conference call, highlighting the company's strategic initiatives, financial performance, market dynamics, and future outlook.

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]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or other jurisdiction of incorporation or organization) 1271 Avenue of the Americas, New York, New York 10020 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 June 30, 2021 OR ☐ TRANSITION REPOR ...