#1AIG Fourth Quarter and Full Year 2021 Financial Results Presentation February 17, 2022 Copyright 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.#2Cautionary Statement Regarding Forward-Looking Information, Comment on Regulation G and Other Information On October 26, 2020, AIG announced its intention to separate its Life and Retirement business from AIG. On November 2, 2021, AIG and Blackstone completed the acquisition by Blackstone of a 9.9 percent equity stake in SAFG Retirement Services, Inc. (SAFG), which is the holding company for AIG's Life and Retirement business, for $2.2 billion in an all-cash transaction, subject to adjustment if the final pro forma adjusted book value is greater or lesser than the target pro forma adjusted book value. This resulted in a $629 million decrease to AIG's shareholders' equity. For additional information, please refer to Note 1 to the Consolidated Financial Statements in AIG's 10-K for the year ended December 31, 2021. This document and the remarks made within this presentation may include, and officers and representatives of American International Group, Inc. (AIG) may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute "forward looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are intended to provide management's current expectations or plans for AIG's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements are often preceded by, followed by or include words such as "will," "believe," "anticipate," "expect," "expectations," "intend," "plan," "strategy," "prospects," "project," "anticipate," "should," "see," "guidance," "outlook," "confident," "focused on achieving," "view," "target," "goal," "estimate" and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, such as the separation of the Life and Retirement business, the effect of catastrophes, such as the COVID-19 pandemic, and macroeconomic events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, or successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause AIG's actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause AIG's actual results to differ, possibly materially, from those in the specific projections, goals, assumptions and statements include, without limitation: AIG's ability to successfully separate the Life and Retirement business and the impact any separation may have on AIG, its businesses, employees, contracts and customers; the occurrence of catastrophic events, both natural and man-made, including COVID-19, other pandemics, civil unrest and the effects of climate change; the effect of economic conditions in the markets in which AIG and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in interest rates and foreign currency exchange rates and inflationary pressures; AIG's ability to effectively execute on the AIG 200 operational programs designed to modernize AIG's operating infrastructure and enhance user and customer experiences, and AIG's ability to achieve anticipated cost savings from AIG 200; the impact of potential information technology, cybersecurity or data security breaches, including as a result of supply chain disruptions, cyber-attacks or security vulnerabilities, the likelihood of which may increase due to extended remote business operations as a result of COVID-19; the impact of COVID-19 and responses thereto, including new or changed governmental policy and regulatory actions, on AIG's business, financial condition and results of operations; availability of reinsurance or access to reinsurance on acceptable terms; disruptions in the availability of AIG's electronic data systems or those of third parties; changes to the valuation of AIG's investments; actions by rating agencies with respect to AIG's credit and financial strength ratings as well as those of its businesses and subsidiaries; concentrations in AIG's investment portfolios, including as a result of our asset management relationship with Blackstone Inc. (Blackstone); the effectiveness of strategies to recruit and retain key personnel and to implement effective succession plans; the effectiveness of AIG's enterprise risk management policies and procedures, including with respect to business continuity and disaster recovery plans; changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill; AIG's ability to effectively execute on ESG targets and standards; AIG's ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses; nonperformance or defaults by counterparties, including Fortitude Reinsurance Company Ltd. (Fortitude Re); changes in judgments concerning potential cost-saving opportunities; changes to our sources of or access to liquidity; changes in judgments or assumptions concerning insurance underwriting and insurance liabilities; the requirements, which may change from time to time, of the global regulatory framework to which AIG is subject; significant legal, regulatory or governmental proceedings and such other factors discussed in: Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) and Part I, Item 1A. Risk Factors in AIG's Annual Report on Form 10-K for the year ended December 31, 2021 (which will be filed with the Securities and Exchange Commission), Part I, Item 2. MD&A in AIG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, Part I, Item 2. MD&A in AIG's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, Part I, Item 2. MD&A in AIG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, and Part II, Item 7. MD&A and Part I, Item 1A. Risk Factors in AIG's Annual Report on Form 10-K for the year ended December 31, 2020. The forward-looking statements speak only as of the date of this presentation. AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions or other statements, whether written or oral, that may be er as a result of new information, future events or otherwise. This document and the remarks made orally may also contain certain financial measures not calculated in accordance with generally accepted accounting principles (non-GAAP). The reconciliation of such measures to the most comparable GAAP measures in accordance with Regulation G is included in the earnings release and Fourth Quarter 2021 Financial Supplement available in the Investor Information section of AIG's corporate website, www.aig.com, as well as in the Appendix to this presentation. Note: Amounts presented may not foot due to rounding. AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 2#34Q21 and FY'21 APTI reflects continued strong underwriting margin improvement in General Insurance and solid Life and Retirement APTI * Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations. AIG Copyright 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 4Q21 Financial Results FY'21 Financial Results ■ Adjusted after-tax income attributable to AIG common shareholders (AATI)* of $1.3B, or $1.58 per diluted common share, compared to $827M, or $0.94 per diluted common share, in 4Q20, due to strong operating performance in General Insurance General Insurance adjusted pre-tax income (APTI)* of $1.5B reflects strong underwriting gains; the combined ratio was 92.4, a 10.4 point improvement from 4Q20, primarily due to strong underwriting results across the portfolio, including lower catastrophe losses, net of reinsurance (CATs) and reinstatement premiums; the accident year combined ratio (AYCR), as adjusted* improved 3.1 points to 89.8 General Insurance net premiums written (NPW) increased by 7% (8% on a constant dollar basis) to $6B from 4Q20, primarily driven by 13% growth (13% on a constant dollar basis) in Global Commercial Lines ■Life and Retirement APTI of $969M compared to $1,027M in 4Q20 reflects unfavorable mortality, lower fair value option bond and call and tender income, offset by higher alternative income and higher fee income; Life and Retirement annualized return on adjusted segment common equity* was 13.7% Net income attributable to AIG common shareholders was $3.7B, or $4.38 per diluted common share, compared to a net loss of $60M, or $0.07 per common share, in 4Q20, primarily due to overall strong General Insurance underwriting results, including lower CATs, net realized gains and gains on divestitures in 4Q21 compared to net realized losses in 4Q20 ■ Annualized return on common equity (ROCE) and adjusted ROCE* were 23.0% and 9.9%, respectively ☐ ◉ ■ $10.7B AIG Parent liquidity at December 31, 2021, up $5.4B from September 30, 2021, primarily driven by the receipt of net cash proceeds of approximately $6B resulting from the Blackstone transactions in 4Q21 Book value and adjusted tangible book value* per common share increased 5% and 23%, respectively, from the prior year; up 4% and 12%, respectively, from September 30, 2021 AIG repurchased $1B of common stock (~17M shares) and used $1B towards debt reduction in the quarter AATI was $4.4B, or $5.12 per diluted common share, compared to $2.2B, or $2.52 per diluted common share, in 2020 General Insurance APTI of $4.4B reflects strong underwriting gains; the combined ratio was 95.8, an 8.5 point improvement from 2020 primarily due to strong underwriting results across the portfolio, including lower CATS; the AYCR, as adjusted improved 3.1 points to 91.0 General Insurance NPW increased by 13% (11% on a constant dollar basis) to $26B from 2020 driven by 18% (16% on a constant dollar basis) growth in Global Commercial Lines Life and Retirement APTI of $3.9B reflects higher alternative investment income, higher call and tender income, and commercial mortgage loan prepayments, partially offset by unfavorable mortality and base net investment spread compression; Life and Retirement return on adjusted segment common equity* was 14.2% Net income attributable to AIG common shareholders was $9.4B, or $10.82 per diluted common share, compared to net loss of $6.0B, or $6.88 per common share, in 2020, primarily due to overall strong General Insurance underwriting results, including lower CATS, higher net investment income (NII), net realized gains and gains on divestitures in 2021 compared to net realized losses in 2020 ROCE and adjusted ROCE were 14.5% and 8.6%, respectively ■Completed the sale of 9.9% equity stake in Life and Retirement and certain affordable housing interests for total proceeds to AIG Parent of approximately $6B ■ $10.7B AIG Parent liquidity at December 31, 2021, compared to $10.5B at December 30, 2020, relatively flat year over year In 2021 AIG returned $7.7B of capital to stakeholders, including $2.6B of common stock repurchases (~50M shares) and used $4B to reduce debt, lowering total debt and preferred stock leverage by 380 basis points from prior year end to 24.6% 3#4Adjusted ROE improvement and tangible book value growth reflect strong operating performance in General Insurance and solid Life and Retirement results General Insurance 4Q21 and FY'21 APTI of $1.5B and $4.4B reflect strong underwriting results; the combined ratio was 92.4 in 4Q21 and 95.8 in FY'21, a 10.4 point and 8.5 point improvement, respectively, from prior year periods; the AYCR, as adjusted was 89.8 and 91.0 in 4Q21 and FY'21, reflecting continued improvement by Commercial Lines in the quality of the portfolio and Commercial Insurance underwriting business mix Life and Retirement 4Q21 and FY'21 APTI of $969M and $3.9B, compared to $1,027M and $3.5B in prior year periods; Life Insurance 4Q21 adjusted pre-tax loss (APTL)* of $8M and FY'21 APTI of $106M, down $38M and $36M, respectively, from prior year periods primarily due to unfavorable mortality Other Operations 4Q21 and FY'21 APTL was $648M and $2.4B, including $470M and $932M of reductions from consolidation and eliminations; the increase in consolidation and eliminations APTL reflects the elimination of the insurance companies' NII on their investment in consolidated investment entities that is accounted for as realized gains or losses in consolidation 1) Other Operations is primarily comprised of corporate, our institutional asset management business and consolidation and eliminations. * Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations. AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. ($M, except per common share amounts) Adjusted Pre-tax Income (Loss): General Insurance Life and Retirement Other Operations¹ Total adjusted pre-tax income AATI attributable to AIG common shareholders AATI per diluted share attributable to AIG common shareholders Net income (loss) attributable to AIG common shareholders 4Q20 4Q21 Variances FY'20 FY'21 Variances $809 $1,509 $700 1,027 969 (58) (720) (648) 72 $1,116 $1,830 $714 $827 $1,339 $512 $0.94 $1.58 $0.64 $1,901 $4,359 $2,458 3,531 3,911 380 (2,429) (2,350) 79 $3,003 $5,920 $2,917 $2,201 $4,430 $2,229 $2.52 $5.12 $2.60 $57.01 $68.83 ($60) $3,739 $3,799 $76.46 $79.97 $3.51 $11.82 ($5,973) $9,359 $15,332 $76.46 $79.97 $3.51 $57.01 $68.83 $11.82 Adjusted tangible book value per common share $51.18 $62.82 $11.64 $51.18 $62.82 $11.64 Net income (loss) attributable to noncontrolling interests Total adjusted return on common equity General Insurance Underwriting Ratios: Loss ratio $37 $360 6.7% 9.9% $323 3.2% $115 $535 4.4% 8.6% $420 4.2% 70.2% 61.8% 8.4% 71.0% 64.2% 6.8% Book value per common share Adjusted book value per common share Less: impact on loss ratio Prior year development (PYD) Accident year loss ratio (AYLR), as adjusted Expense ratio Catastrophe losses and reinstatement premiums (0.9%) 0.3% 60.3% 59.2% (9.0%) (2.9%) 6.1% 1.2% 1.1% (10.3%) (5.4%) 4.9% 0.1% 0.6% 0.5% 32.6% 30.6% 102.8% 92.4% 92.9% 89.8% 2.0% 10.4% 3.1% 60.8% 59.4% 33.3% 31.6% 1.4% 1.7% 104.3% 95.8% 94.1% 91.0% 8.5% 3.1% Combined ratio Accident year combined ratio, as adjusted 4#5AIG finished the year with a strong Parent liquidity position of $10.7B, benefiting from sales proceeds on the closing of two transactions ■ Total debt & preferred stock leverage of 24.6%, a decrease 380 bps from prior year end ☐ Completed the sale of 9.9% equity stake in SAFG and certain affordable housing interests for total net proceeds to AIG Parent of approximately $6B 1) Hybrids and financial debt values include changes in foreign exchange. 2) Includes AIG notes, bonds, loans and mortgages payable, AIG Life Holdings, Inc. (AIGLH) notes and bonds payable and junior subordinated debt, and Validus notes and bonds payable. 3) September 30, 2021 AOCI is computed as GAAP AOCI of $8.6B excluding $3.0B of cumulative unrealized gains and losses related to Fortitude Re funds withheld assets; December 31, 2021, AOCI is computed as GAAP AOCI of $6.7B excluding $2.8B of cumulative unrealized gains and losses related to Fortitude Re funds withheld assets. 4) The inclusion of RBC measures is intended solely for the information of investors and is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities. ACL is defined as Authorized Control Level and CAL is defined as Company Action Level. RBC ratio for Domestic Life and Retirement companies excludes holding company, AGC Life Insurance Company. 5) Preliminary range subject to change with completion of statutory closing process. 6) As of the date of this presentation: S&P Outlook: CreditWatch Negative, with the exception of the Life Insurance Companies, which is CreditWatch Developing; Moody's Outlook: Stable, with the exception of Life Insurance Companies, which is Negative; Fitch Outlook: Stable, Non-Life and Life Companies; Rating Watch Negative, AIG Sr. Debt; A.M. Best Outlook: Stable. For General Insurance companies FSR and Life and Retirement companies FSR, ratings only reflect those of the core insurance companies. AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Total Equity: $65.7 $88.3 $1.6 $21.0 Capital Structure ($B) $0.8 $5.6 $0.5 $7.1 $90.8 Hybrids¹ 1.2 Period Life and Retirement Companies Risk Based Capital (RBC) Ratios4 General Insurance Companies 1,2 $20.7 ■Financial Debt $3.0 Year-end 2020 433% (CAL) 460% (ACL) $3.9 $0.5 NCI AOCI³ 3 3Q21 443% (CAL) 458% (ACL) Preferred Equity Tax Attribute DTA Year-end 2021 Estimated 5 440%-450% (CAL) 460%-470% (ACL) Adjusted S/E $5.2 H $51.7 Total Equity:- $68.9 $56.4 Pending finalization of Statutory financials September 30, 2021 December 31, 2021 Capital Ratios Credit Ratings Dec. 31, 2020 Sept. 30, Dec. 31, 2021 S&P Moody's Fitch A.M. Best 2021 1.7% 1.8% 1.3% AIG - Senior Debt BBB+ Baa2 BBB+ NR Ratios: Hybrids / Total capital Financial debt / Total capital (incl. AOCI) 26.2% 23.8% 22.8% General A+ A2 A A Insurance - FSR Total hybrids & Financial debt / Total capital 27.9% 25.6% 24.1% Life and A+ A2 A+ A Preferred stock / Total capital (incl. AOCI) 0.5% 0.5% 0.5% Retirement - FSR Total debt & preferred stock/ Total capital (incl. AOCI) 28.4% 26.1% 24.6% Total debt & preferred stock/ Total capital (ex. AOCI)³* 31.4% 27.9% 25.8% 5#6AIG 200: Continued execution of global, multi-year initiative to achieve transformational change ■ Estimated run-rate net general operating expense exit savings of $1B by end of 2022 ■ Achieved run-rate savings of $810M since program began in 2020 1) Targets assume estimated amortization / depreciation related to the capitalized assets of ~$10M-$15M and ~$25M-$30M for 2021 and 2022, respectively. Targets assume that the unamortized balance will be expensed at ~$50M per year from 2023-2027 and the remainder will trail off in the periods thereafter. AIG Copyright © 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 1 General 2 Insurance 3 Shared 4 Services 5 Information Technology 6 7 Finance 8 The Standard Commercial Underwriting Platform will modernize global underwriting capabilities by simplifying processes and tools to create a contemporary data architecture Transform Japan business into a next-generation digital insurance company with the ability to offer "anywhere, anytime, any device" experience Improve decision-making in Private Client Group through modernizing legacy technology and moving to digitized workloads Create AIG Global Operations, a multifunctional, fully integrated operating model with digitally enabled end-to-end process and increased scope and scale Transform IT operating model Build a modern, scalable and secure technology foundation to improve operational stability and enable faster business technology deployment Transform Finance operating model Modernize infrastructure through technology solutions and simplify finance and actuarial processes, while materially improving analytics capabilities Procurement 9 Create a highly efficient global procurement and sourcing organization to leverage our purchasing power, maximize value, minimize risk, and support sustained profitable growth Real Estate 10 Optimize portfolio to ensure it is cost effective, resilient and reflective of global footprint AIG 200 Costs to Achieve and General Operating Expense (GOE) Benefits ($M) 2020- 4Q21 Actual 2021 Actual 2022E Total Comments Investment / Costs to Achieve Capitalized assets, not in APTI initially ~$225 ~$145 $175 $400 Restructuring and Other charges, offset by Gain on Sale, in Net Income ~$420 ~$270 $480 $900 Total investment ~$645 ~$415 $655 $1,300 Run-rate net GOE savings, cumulative¹ ~$810 ~$420 $190 Net benefit to APTI ~$540 ~$405 Amortized/depreciated in GOE / APTI when IT or capital asset placed into service¹ Modest impact to APTI; primarily related to professional, IT and other restructuring fees, offset by gain on sale on divested entities Estimated exit run-rate savings will emerge over a period of time, which began in 2020, as a result of actions taken in the AIG 200 program Estimated APTI benefit as a result of actions taken in the AIG 200 program 6#7General Insurance: Successfully built a stable and profitable underwriting portfolio between 2018 and 2021 General Insurance Accident Year Combined Ratio, As Adjusted (1,120) bps 101.0% 99.4% 98.8% 96.1% 96.1% 95.9% 95.8% 95.5% 94.9% 93.3% 92.9% 92.4% 91.1% 90.5% 89.8% 14.5% 14.1% 12.5% 12.5% 21.1% 21.7% 22.4% 21.8% 22.2% 12.6% 12.4% 12.8% 12.8% 13.4% 22.0% 21.4% 21.9% 20.0% 12.8% 12.8% 13.0% 12.1% 11.5% 11.4% 19.8% 19.8% 20.2% 19.1% 19.8% 19.2% 65.4% 63.6% 63.9% 61.8% 61.3% 61.5% 61.6% 60.8% 61.5% 60.7% 60.3% 59.2% 59.9% 59.2% 59.2% ☐ 14 consecutive quarters and 1,120 basis points of cumulative improvement in the General Insurance AYCR, as adjusted between 2Q18 and 4Q21 ■ Confident in updated guidance for sub-90% AYCR, as adjusted for full year 2022 and reported 89.8% AYCR, as adjusted in 4Q21 and 91.0% for full year 2021 ■ Global Commercial Lines AYCR, as adjusted has improved 1,820 basis points cumulatively between 2Q18 and 4Q21 ■ GAAP Combined Ratio cumulative improvement of 1,560 basis points between 2018 and 2021, driven by 690 basis points reduction in CATS and PYD in addition to 870 basis points improvement in AYCR, as adjusted 2Q18 3Q18 4Q18 1Q19 AIG Copyright © 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 General Insurance Combined Ratio Global Commercial Insurance Accident Year Combined Ratio, As Adjusted (1,560) bps (1,820) bps 106.1% 111.4% 100.9% 100.4% 104.3% 10.5% 99.6% 94.8% 14.6% 12% 4.8% 10.3% 95.8% 13.6% 11.8% 14.0% 5.4% 12.6% 12.6% 12.9% 16.2% 12.0% 16.9% 17.9% 98.3% 97.4% 96.1% 94.8% 94.3% 91.8% 91.7% 90.4% 89.3% 88.9% 87.9% 12.4% 11.5% 12.3% 12.4% 12.5% 11.4% 11.2% 11.9% 10.6% 10.1% 10.0% 16.9% 17.6% 17.4% 16.6% 21.7% 18.3% 16.4% 16.1% 16.4% 21.8% 17.7% 16.7% 16.9% 16.0% 20.4% 19.6% 75.3% 70.4% 70.7% 64.0% 65.3% 68.3% 68.5% 67.2% 64.1% 65.4% 64.3% 64.1% 60.8% 62.0% 61.9% 61.9% 61.6% 60.8% 59.4% -0.1% -0.6% -1.2% 2018 2019 2020 2021 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 ■AYLR, As Adj. Acq. Ratio GOE Ratio PYD Ratio ■CAT Ratio 7#8AIG Fourth Quarter 2021 Financial Detail 127 Copyright ® 2021 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.#9Gross investment income (GII), APTI basis* Invested Assets & Gross Investment Income, APTI Basis General Insurance Life and Retirement Gross Investment Income, APTI basis ($M) ■Interest & dividends ■ Alternative investments ■ All other ■ Other adjustments¹ Interest & dividends Alternative investments All other $2,435 $79 $293 $2,411 $17 $374 Other Operations Total AIG $3,377 $135 $3,406 $22 -$82 $812 $605 $1,039 $2,615 $2,534 $1,058 $34 $6 $2,063 $2,020 $452 $535 $59 $22 $553 $517 ($119) $(140) ($41) ($97) ($22) ($1) ($3) 4Q20 4Q21 4Q20 4Q21 4Q20 4Q21 4Q20 4Q21 4Q21 Invested Assets ($B) 81.2 5.0 1.7 194.3 5.1 1.2 10.4 (1.0) 6.1 285.9 9.1 9.0 1) Other adjustments include net realized gains related to economic hedges and other. 2) Interest and dividends include amounts related to commercial mortgage loan prepayments and call and tender income; Life and Retirement annualized yields include yield on collateral related to hedging program. 3) Alternative investment income includes income on hedge funds, private equity funds and affordable housing partnerships. 4Q21 and 4Q20 Annualized Investment Yields 2.91% 2.53% Fixed Maturities² Alternative Investments³ Total Alternative Investments Consolidated AIG Hedge Funds & Private Equity 46.54% 4.41% 4.18% 41.59% 3.82% 3.58% 35.33% 31.60% 35.81% 30.38% 32.08% 35.38% 27.12% 23.76% * Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non- GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations. AIG Copyright 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. General Insurance Life and Retirement Consolidated AIG General Insurance Life and Retirement Consolidated AIG 4Q20 4Q21 ■4Q20 4Q21 Hedge Funds Private Equity 9#104Q20 and 4Q21 noteworthy items 4Q20 4Q21 EPS - EPS - ($M, except per share amounts) CATS excluding General Insurance COVID-193 General Insurance COVID-19 CATS APTI AATI¹ APTI AATI¹ Diluted² diluted² $377 $298 $0.34 $194 $153 $0.18 178 141 0.16 Reinstatement premiums related to current year catastrophes (5) (4) (0.00) (2) (2) (0.00) (49) (39) (0.04) 42 33 0.04 Favorable (unfavorable) PYD4 Investment performance: 1) Computed using a U.S. statutory tax rate of 21%. Adjusted after-tax income attributable to AIG common shareholders (AATI) is derived by excluding the tax-effect of Adjusted pre-tax income (APTI), dividends on preferred stock and noncontrolling interests. 2) Computed using weighted average diluted shares on an AATI basis, which is provided on page 7 of the 4Q21 Financial Supplement. 3) 4Q21 includes $189M of CATS, pre-tax in General Insurance and $5M of CATS, pre-tax in Other Operations primarily related to Blackboard. 4) 4Q21 includes $44M of favorable PYD, pre-tax in General Insurance. 5) The annualized expected rate of return for both 4Q20 and 4Q21 is 6% for alternative investments and 4% for FVO fixed maturity securities, respectively, pre-tax. 6) Presented on a consolidated AIG basis, which consists of General Insurance, Life and Retirement and Other Operations, including consolidation and eliminations. AIG Copyright 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Better than expected alternative investment returns – consolidated 5,6 Better/(worse) than expected fair value changes on fixed maturity securities - other accounted under fair value option (FVO)5 491 388 0.45 676 484 0.57 41 32 0.04 (73) (58) (0.07) 10#11General Insurance: Global Commercial Lines NPW grew 13%; AYCR, as adjusted improved by 3.1 points in 4Q21 ☐ General Insurance Calendar Year Combined Ratio was 92.4, a 10.4 point reduction from 4Q20 primarily due to strong underwriting results across the portfolio, including lower CATS General Insurance AYCR, as adjusted was 89.8, a 3.1 point improvement from 4Q20 due to improved North America (NA) and International Commercial Lines and NA Personal Insurance underwriting results General Insurance NPW increased by 7% to $6.0B from 4Q20 (8% on a constant dollar basis) reflecting strong incremental rate improvement, higher renewal retentions and high levels of new business production AIG Copyright © 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. ($M) 4Q20 4Q21 Net premiums written Global Commercial Lines $5,565 $5,961 General Insurance Net Premiums Written ($M) Global Personal Insurance Net premiums earned $5,993 $6,553 Loss and loss adjustment expense 4,210 4,047 $3,654 +13% +13% $4,123 Acquisition expenses (Ex. FX) 1,186 1,258 $1,915 General operating expenses $1,662 768 749 Underwriting income (loss) $1,911 ($171) $499 $1,838 Net investment income $980 $1,010 $1,992 $2,208 $1,542 $1,404 Adjusted pre-tax income $809 $1,509 $369 $434 Note: Impact of CATS, pre-tax ($545) ($189) 4Q20 4Q21 4Q20 4Q21 Calendar Year Combined Ratios ■North America International Accident Year Combined Ratio, as adjusted AYCR, as adjusted improved -3.1 points CYCR improved 102.8% -10.4 points 92.4% 92.9% 0.9% 9.0% 2.9% 12.8% 12.8% 11.4% 19.8% 19.8% 19.2% 60.3% 59.2% 4Q20 -0.3% 4Q21 89.8% 11.4% 19.2% 60.3% 59.2% 4Q20 4Q21 ■AYLR, As Adj. Acq. Ratio GOE Ratio PYD Ratio CAT Ratio ■AYLR, As Adj. Acq. Ratio GOE Ratio 11#12General Insurance: North America NPW growth of 12% and a 5.0 point improvement in AYCR, as adjusted ($M) 4Q20 4Q21 Net premiums written North America Net Premiums Written ($M) $2,361 Commercial Lines 1,992 $2,642 2,208 Personal Insurance Total NPW 369 434 +12% $2,642 Net premiums earned $2,603 $3,009 Commercial Lines $2,361 $369 Personal Insurance $434 +18% 2,289 2,585 Personal Insurance 314 424 Underwriting income (loss) ($389) $152 Commercial Lines Personal Insurance $1,992 (285) Commercial Lines +11% $2,208 135 (104) 17 ($477) ($166) NA Commercial Lines NPW grew 11% from 4Q20 reflecting strong incremental rate improvement, higher renewal retentions and high levels of new business production NA Personal Insurance NPW grew 18% from 4Q20 reflecting a rebound in travel activity and lower reinsurance cessions NA Commercial Lines AYCR, as adjusted, improved 4.7 points to 88.9% reflecting improved business mix along with strong incremental earned rate improvement in excess of loss trend, focused risk selection and improved terms and conditions NA Personal Insurance AYCR, as adjusted, improved 7.7 points to 94.9% reflecting changes in business mix and a rebound in travel activity generating operating leverage to support expenses CATS of $166M primarily related to tornadoes in the Southern United States and wildfires vs. $477M in 4Q20 Note: Impact of CATS, pre-tax Total Calendar Year Combined Ratio 114.9% 4Q20 4Q21 ■Commercial Lines Personal Insurance North America Combined Ratios Commercial Lines Calendar Year Combined Ratio 112.4% 94.8% Personal Insurance Calendar Year Combined Ratio 133.2% 96.0% 95.0% 94.7% AYCR, as adjusted improved -5.0 points 93.6% -4.7 points AYCR, as adjusted improved 102.6% -7.7 points AYCR, as adjusted improved 94.9% 20.1% 88.9% 15.3% Favorable PYD of $29M with favorable PYD of $16M in Commercial Lines and favorable PYD of $13M in Personal 89.7% 9.1% 10.4% 8.2% 9.2% 14.0% 14.4% 27.1% 22.2% 15.6% 15.5% Insurance AIG Copyright © 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 68.7% 65.0% 70.5% 66.3% 55.4% 57.4% 4Q20 4Q21 4Q20 4Q21 4Q20 4Q21 ■AYLR, As Adj Acq. Ratio GOE Ratio 12#13General Insurance: Strong International Commercial Lines NPW growth of 15% and a 2.5 point improvement in Commercial Lines AYCR, as adjusted ($M) Net premiums written International Commercial Lines NPW grew 15% (16% on a constant dollar basis) compared to 4Q20, reflecting strong incremental rate improvement, higher renewal retentions and strong new business production International Personal Insurance NPW decreased 9% (5% on a constant dollar basis) compared to 4Q20, reflecting underwriting actions taken to improve the portfolio mix and to maintain rate adequacy, partially offset by growth in Personal Accident and Health, and Travel due to a rebound in travel activity International Commercial Lines AYCR, as adjusted, improved 2.5 points primarily from expense discipline, enhanced risk selection, and changes in business mix 4Q20 4Q21 International Net Premiums Written ($M) $3,204 $3,319 Commercial Lines 1,662 1,915 Personal Insurance $3,204 Total NPW 1,542 1,404 Net premiums earned +4% +6% (Ex. FX) $3,319 $3,390 $3,544 Commercial Lines $1,404 $1,542 1,771 2,004 Personal Insurance 1,619 1,540 Underwriting income $218 $347 Commercial Lines 138 239 $1,662 Personal Insurance 80 108 Commercial Lines +15% +16% (Ex. FX) $1,915 Note: Impact of CATS, pre-tax ($68) ($23) 4Q20 4Q21 ■Commercial Lines Personal Insurance Total Calendar Year Combined Ratio 93.6% 90.1% International Combined Ratios Commercial Lines Calendar Year Combined Ratio 92.1% 88.1% Personal Insurance Calendar Year Combined Ratio 95.0% 93.0% AYCR, as adjusted improved -1.8 points -2.5 points AYCR, as adjusted improved 94.1% 94.1% International Personal Insurance AYCR, as adjusted, was flat; benefiting from lower operating expenses, offset by higher acquisition costs 91.7% 89.9% 89.2% 86.7% 15.4% 14.5% 14.7% 13.3% 13.9% 12.5% CATS of $23M primarily related to multi-state tornadoes; vs. $68M in 4Q20 23.0% 22.3% 19.4% 18.0% 26.9% 27.9% Favorable PYD of $15M with $16M favorable PYD in Personal Insurance offset by $1M unfavorable PYD in Commercial Lines AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 54.0% 54.3% 55.9% 56.2% 51.8% 51.7% 4Q20 4Q21 4Q20 4Q21 4Q20 4Q21 ■AYLR, As Adj Acq. Ratio GOE Ratio 13#14Life and Retirement: Adverse mortality and lower yield enhancements, offset by favorable alternative investment income and fee income Adjusted Pre-tax Income (APTI) ($M) Noteworthy Items ($M) $1,027 $127 4Q20 4Q21 Variance $969 $165 50 $318 $314 Return on alternative investments Other yield enhancements Includes: 293 374 81 206 136 (70) $552 $498 ($8) Fair value changes on Fixed Maturity Securities- Other accounted under 19 (5) (24) FVO 4Q20 4Q21 All other yield enhancements 187 141 (46) APTI is lower primarily due to: Unfavorable mortality; Increases in deferred policy acquisition costs amortization; and Lower fair value option bond and call and tender income; these APTI decreases were partially offset by higher alternative investment income and higher fee income I Individual Retirement Life Insurance ■Group Retirement Institutional Markets Premiums and Deposits ($M) $8,609 +16% $7,400 $2,233 $1,287 Premiums and deposits benefited from improved Fixed, Index and Variable Annuity sales as well as higher pension risk transfer activity $1,156 $1,206 $1,862 $2,199 $2,758 1) Return on adjusted segment common equity is on an annualized basis. AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. $3,308 4Q20 4Q21 Individual Retirement ■Group Retirement Life Insurance I Institutional Markets Return on adjusted segment common equity¹ 16.0% 13.7% 4Q20 4Q21 14#15Life and Retirement: Solid sales growth in Individual Retirement; elevated Group Retirement net outflows due to lower group acquisitions, higher group surrenders and individual withdrawals as a result of higher customer asset balances Premiums and Deposits ($M) $3,308 (+20% vs. 4Q20) Net Flows ($M) Assets Under Administration ($B) APTI ($M) ($34) n.m. $158.6 (+2% vs. 4Q20) (-10% vs. 4Q20) Base Net Investment Spread 1.40% 1.36% 1.26% Individual Retirement $498 Total Net Investment Spread 4Q21 vs 4Q20 APTI reflects Favorable impacts from: ■ Higher alternative investments income and higher fee income Unfavorable impacts from: Higher deferred acquisition cost / sales inducement amortization Lower call and tender income and fair value option bond income Other Key Metrics Favorable impacts from: Growth of assets under administration Unfavorable impacts from: 3.44% 3.23% 3.10% ☐ 2.59% 2.51% 2.36% 2.28% 2.24% 2.10% III Fixed Annuities Variable and Index Annuities Fixed Annuities Variable and Index Annuities ◉ 4Q20 3Q21 4Q21 4Q20 3Q21 4Q21 ■ Base net investment spread compression AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Premiums and Deposits ($M) $1,862 (-15% vs. 4Q20) Net Flows ($M) ($1,072) Assets Under Administration ($B) APTI ($M) n.m. $140.0 (+8% vs. 4Q20) $314 (-1% vs. 4Q20) Base Net Investment Spread Total Net Investment Spread Group Retirement 4Q21 vs 4Q20 APTI reflects Favorable impacts from: Higher alternative investments income and higher fee income Unfavorable impacts from: ☐ Higher deferred acquisition cost / sales inducement amortization and reserves Lower call and tender income and fair value option bond income 2.43% 2.31% 2.33% 1.54% 1.52% 1.42% ■4Q20 3Q21 4Q21 ■4Q20 3Q21 4Q21 Other Key Metrics Favorable impacts from: " Growth of assets under administration Higher surrenders of high guarantee minimum interest rate business Unfavorable impacts from: Base net investment spread compression 15#16Life and Retirement: Life Insurance shows solid international life sales, but continues to experience adverse mortality; Institutional Markets had strong reserve growth New Business Sales ($M) Premiums and Deposits ($M) $108 (+4% vs. 4Q20) 35% $1,206 (+4% vs. 4Q20) New Business Sales Mix 4Q20 40% 4Q21 Life Insurance APTI ($M) ($8) n.m. 4Q21 vs 4Q20 APTI reflects Favorable impacts from: ■ Higher alternative investments income Unfavorable impacts from: ■ Adverse mortality, albeit lower than high water mark at 1Q21 Other Key Metrics Favorable impacts from: Premiums and deposits continue to benefit from solid international life sales AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 60% 65% Domestic (U.S.) International APTI ($M) $165 (+30% vs. 4Q20) Premiums and Deposits ($M) GAAP Reserves ($B) ■ $30.2 $1,287 $2,233 $27.3 $7.5 $25 $8.1 $2.7 $0.1 $850 $2.2 $5.1 $2,111 $5.1 $11.5 $4 $369 $64 $97 4Q20 4Q21 - SS ■ PRT $8.2 $3.6 $3.5 Institutional Markets 4Q21 vs 4Q20 APTI reflects Favorable impacts from: Higher alternative investments income Higher call and tender income Higher base net investment income driven by reserve growth ■ Favorable year-over-year impact from non- recurring items Other Key Metrics Favorable impacts from: Continued year-over-year reserve growth, notably in PRT business 4Q20 4Q21 ■COLI/BOLI ■ HNW ■SVW ■GIC Definitions: SS = Structured Settlements | PRT = Pension Risk Transfer | COLI/BOLI = Corporate and Bank-owned Life Insurance | HNW = High Net Worth | SVW = Stable Value Wrap | GIC = Guaranteed Investment Contracts 16#17Other Operations: APTL improved due to higher NII and lower interest expense Other Operations APTL was $648M in 4Q21, including $470M of reductions from consolidation and eliminations, compared to APTL of $720M, including $292M of reductions from consolidation and eliminations, in 4Q20; the increase in consolidation and eliminations APTL reflects the elimination of the General Insurance and Life and Retirement segment net investment income on their investment in consolidated investment entities that is accounted for as realized capital gains or losses in consolidation Before consolidation and eliminations, the decrease in APTL reflects higher net investment income, primarily from realized gains from property sales in the real estate portfolio, and lower corporate interest expense resulting from 2021 debt redemption and repurchase activity, partially offset by higher corporate GOE including increased in performance-based employee compensation ($M) Corporate and Other Asset Management Adjusted pre-tax loss before consolidation and eliminations Consolidation and eliminations: Consolidation and eliminations - consolidated investment entities Consolidation and eliminations - Other Total Consolidation and eliminations AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Adjusted pre-tax loss 4Q20 4Q21 ($519) ($577) 91 399 ($428) ($178) (285) (469) (7) (1) (292) (470) ($720) ($648) 17#18AIG Full Year 2021 Financial Detail 127 Copyright ® 2021 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.#19Gross investment income¹ (GII), APTI basis Invested Assets & Gross Investment Income, APTI Basis General Insurance Life and Retirement Gross Investment Income, APTI basis ($M) ■Interest & dividends ■ Alternative investments ■ All other ■ Other adjustments² $9,178 $348 $9,753 $289 $591 $1,299 Other Operations Total AIG $12,863 $616 $1 $13,303 $579 $914 $2,579 $11,332 $10,266 $3,173 $188 $3,491 $8,239 $131 $8,165 $595 $1,232 $159 $48 $511 $2,390 $2,128 $703 $80 $180 ($27) ($272) FY'20 FY'21 FY'20 FY'21 FY'20 FY'21 FY'20 FY'21 Interest & dividends 81.2 Alternative investments All other 5.0 1.7 FY'21 Invested Assets ($B) 194.3 5.1 1.2 1) Includes Fortitude Re activity subsequent to the deconsolidation June, 2, 2020. 2) Other adjustments include net realized gains related to economic hedges and other. 3) Interest and dividends include amounts related to commercial mortgage loan prepayments and call and tender income; Life and Retirement annualized yields include yield on collateral related to hedging program. 4) Alternative investment income includes income on hedge funds, private equity funds and affordable housing partnerships. FY'21 and FY'20 Annualized Investment Yields Fixed Maturities³ 3.18% 2.65% 4.49% 4.28% 4.01% 3.68% * Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non- GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations. AIG Copyright 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 10.4 (1.0) 6.1 285.9 9.1 9.0 Alternative Investments4 Total Alternative Investments Consolidated AIG Hedge Funds & Private Equity 29.49% 31.89% 28.37% 23.76% 18.65% 11.86% 14.14% 14.89% 11.80% 9.81% General Insurance Life and Retirement Consolidated AIG General Insurance Life and Retirement Consolidated AIG Hedge Funds Private Equity FY'20 FY'21 ■FY'20 ■FY'21 ($122) 19#20FY'20 and FY'21 noteworthy items ($M, except per share amounts) CATS excluding General Insurance COVID-193 General Insurance COVID-19 CATS Reinstatement premiums related to current year catastrophes Favorable PYD4 Annual Life and Retirement actuarial assumption Investment performance: FY'20 FY'21 EPS - EPS - APTI AATI¹ APTI AATI¹ Diluted² diluted² $1,358 $1,073 $1.23 $1,401 $1,107 $1.28 1,093 863 0.99 1) Computed using a U.S. statutory tax rate of 21%. Adjusted after-tax income attributable to AIG common shareholders (AATI) is derived by excluding the tax-effect of Adjusted pre-tax income (APTI), dividends on preferred stock and noncontrolling interests. 2) Computed using weighted average diluted shares on an AATI basis, which is provided on page 7 of the 4Q21 Financial Supplement. 3) FY'21 includes $1.4B of CATs, pre-tax in General Insurance and $44M of CATS, pre-tax in Other Operations primarily related to Blackboard. 4) FY'21 includes $201M of favorable PYD, pre-tax in General Insurance. 5) The annualized expected rate of return for both FY'20 and FY'21 is 6% for alternative investments and 4% for FVO fixed maturity securities, respectively, pre-tax. 6) Presented on a consolidated AIG basis, which consists of General Insurance, Life and Retirement and Other Operations, including consolidation and eliminations. AIG Copyright 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Better than expected alternative investment returns – consolidated 5,6 Better/(worse) than expected fair value changes on fixed maturity securities - other accounted under fair value option (FVO)5 14 11 0.01 20 20 16 0.02 74 58 0.07 115 91 0.11 107 85 0.10 166 131 0.15 460 363 0.42 2,063 1,460 1.69 157 124 0.14 (150) (119) (0.14) 20 20#21General Insurance: Global Commercial Lines NPW grew 18%; AYCR, as adjusted improved by 3.1 points in FY'21 ($M) FY'20 FY'21 General Insurance Net Premiums Written ($M) Net premiums written Global Commercial Lines $22,959 $25,890 Net premiums earned +18% $18,256 $23,662 $25,057 $15,509 +16% Loss and loss adjustment expense 16,803 16,097 (Ex. FX) Acquisition expenses $8,030 Global Personal Insurance $7,450 +2% $7,634 +1% (Ex. FX) 4,821 4,903 $6,874 General operating expenses 3,062 3,002 $6,127 $6,301 Underwriting income (loss) ($1,024) $1,055 Net investment income ☐ General Insurance AYCR, as adjusted was 91.0, a 3.1 point improvement from FY'20 due to improved NA and $2,925 $3,304 $10,226 $8,635 Adjusted pre-tax income International Commercial Lines and NA Personal Insurance underwriting results $1,901 $4,359 $1,149 $1,507 Note: Impact of CATS, pre-tax ■ General Insurance NPW increased by 13% to $25.9B from FY'20 (11% on a constant dollar basis) ($2,428) ($1,357) FY'20 FY'21 ■North America FY'20 International FY'21 AIG Copyright © 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Calendar Year Combined Ratios (CYCR) Accident Year Combined Ratio (AYCR), as adjusted AYCR, as adjusted improved -3.1 points CYCR improved 104.3% -8.5 points 95.8% 94.1% 10.3% 5.4% 12.9% 12.9% 12.0% 20.4% 20.4% 19.6% 60.8% 59.4% -0.1% FY'20 -0.6% FY'21 91.0% 12.0% 19.6% 60.8% 59.4% FY'20 FY'21 ■AYLR, As Adj. Acq. Ratio GOE Ratio ■PYD Ratio CAT Ratio ■AYLR, As Adj. Acq. Ratio GOE Ratio 21#22General Insurance: North America NPW growth of 20% and a 4.9 point improvement in AYCR, as adjusted ($M) FY'20 FY'21 Net premiums written North America Net Premiums Written ($M) $9,784 $11,733 Commercial Lines 8,635 Total NPW 10,226 Personal Insurance +20% 1,149 1,507 Net premiums earned $9,784 $1,149 $11,733 $1,507 Personal Insurance $10,302 $10,989 +31% 8,516 9,451 1,786 1,538 ($1,301) ($47) $8,635 Commercial Lines +18% $10,226 (861) (342) (440) 295 Note: Impact of CATS, pre-tax ($1,737) ($1,047) ☐ NA Commercial Lines NPW grew 18% from FY'20 reflecting strong rate improvement, higher renewal retentions and strong new business volumes as well as reductions in reinsurance cessions NA Personal Insurance NPW grew 31% from FY'20 reflecting growth in Travel and Warranty business driven by a rebound in travel activity and consumer spending, as well as lower reinsurance cessions NA Commercial Lines AYCR, as adjusted, improved 4.5 points to 91.0% reflecting changes in business mix along with strong earned rate improvement in excess of loss trend, focused risk selection and improved terms and conditions NA Personal Insurance AYCR, as adjusted, improved 4.2 points to 99.6% reflecting changes in business mix, improved PCG loss experience and a rebound in travel activity supporting the expense leverage Commercial Lines Personal Insurance Underwriting loss Commercial Lines Personal Insurance Total Calendar Year Combined Ratio FY'20 FY'21 ■Commercial Lines Personal Insurance North America Combined Ratios Commercial Lines Calendar Year Combined Ratio 110.0% Personal Insurance Calendar Year Combined Ratio 124.7% 80.9% 103.7% 112.6% 100.4% AYCR, as adjusted improved -4.9 points 97.0% 95.5% -4.5 points AYCR, as adjusted improved AYCR, as adjusted improved 103.8% -4.2 points 99.6% 15.7% 92.1% 91.0% 17.8% CATS of $1.0B primarily related to Hurricane Ida and Texas Winter Storm events vs. $1.7B in FY'20 11.3% 10.3% 10.3% 9.1% 14.3% 28.1% 16.7% 15.2% 22.0% 16.1% Favorable PYD of $194M with favorable PYD of $429M in Personal Insurance offset by unfavorable PYD of $235M in Commercial Lines AIG Copyright © 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 69.0% 70.9% 65.7% 66.7% 60.0% 59.8% FY'20 FY'21 FY'20 FY'21 FY'20 FY'21 22 ■AYLR, As Adj Acq. Ratio GOE Ratio#23☐ General Insurance: Strong International Commercial Lines NPW growth of 17% along with 3.4 points of Commercial Lines AYCR, as adjusted improvement International Commercial Lines NPW grew 17% (13% on a constant dollar basis) compared to FY'20, reflecting strong rate improvement, higher renewal retentions and strong new business production International Personal Insurance NPW decreased 3% (4% on a constant dollar basis) compared to FY'20, reflecting underwriting actions taken to improve our portfolio mix and to maintain rate adequacy, partially offset by a rebound in travel activity International Commercial Lines AYCR, as adjusted, improved 3.4 points primarily from expense discipline supported by enhanced risk selection and changes in business mix International Personal Insurance AYCR, as adjusted, improved 0.1 points due expense discipline, offset by lower COVID-19 frequency related benefits in FY'21, as compared to FY'20 ($M) Net premiums written International Net Premiums Written ($M) Total NPW +7% +5% (Ex. FX) $14,157 FY'20 FY'21 $13,175 $14,157 Commercial Lines 6,874 8,030 $13,175 Personal Insurance 6,301 6,127 Net premiums earned $13,360 $14,068 $6,301 Commercial Lines 6,927 7,746 Personal Insurance 6,433 6,322 Underwriting income $277 $1,102 (27) 549 $6,874 304 553 ($691) ($310) Commercial Lines Personal Insurance Note: Impact of CATS, pre-tax Commercial Lines +17% +13% (Ex. FX) $6,127 $8,030 FY'20 FY'21 ■Commercial Lines Personal Insurance International Combined Ratios Total Calendar Year Combined Ratio 97.9% 92.1% Commercial Lines Calendar Year Combined Ratio 100.4% 92.8% Personal Insurance Calendar Year Combined Ratio 95.3% 91.2% AYCR, as adjusted improved -2.0 points 91.9% 14.2% 89.9% 90.1% -3.4 points AYCR, as adjusted improved 93.9% 93.8% 86.7% 14.8% 14.3% 13.3% 13.8% 12.5% ■ CATS of $310M primarily related to Europe/UK floods, Hurricane Ida, South Africa civil unrest, Japan Winter Weather and NA Winter Storms vs. $691M in FY'20 23.2% 22.2% 19.8% 18.7% 26.8% 26.5% Favorable PYD of $7M with $227M favorable PYD in Personal Insurance offset by $220M unfavorable PYD in Commercial Lines 54.5% 54.4% 56.5% 55.5% 52.3% 53.0% AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. FY'20 FY'21 FY'20 FY'21 FY'20 FY'21 23 ■AYLR, As Adj Acq. Ratio GOE Ratio#24Adjusted Pre-tax Income (APTI) ($M) Life and Retirement: Favorable net investment income and fee income, partially offset by unfavorable impact of mortality $1,013 APTI is higher primarily due to: - Higher alternative investment income Higher fee income; and Higher call and tender income and commercial mortgage loan prepayments These APTI increases were partially offset by: - Noteworthy Items ($M) FY'20 FY'21 Variance +11% $3,531 $3,911 $582 $438 Annual actuarial assumption updates ($107) ($166) ($59) 142 $1,284 Return on alternative investments 591 1,299 708 Other yield enhancements 682 728 46 $1,938 $1,939 Includes: FY'20 FY'21 Fair value changes on Fixed Maturity Securities- Other accounted under FVO 58 17 (41) ■Individual Retirement ■Group Retirement Life Insurance ■Institutional Markets All other yield enhancements 624 711 80 87 Return on adjusted segment common equity Premiums and Deposits ($M) Unfavorable mortality; $31,280 +15% Base net investment spread compression; $27,125 $4,948 Lower yield enhancements due to lower fair value $4,846 $4,650 13.6% option bond income and favorable prior year non- recurring item $4,413 $7,766 $7,496 Premiums and deposits benefited from improved Index and Variable Annuity sales as well as higher pension risk transfer sales partially offset by lower guaranteed investment contracts issuance $10,370 FY'20 Individual Retirement AIG Copyright © 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Life Insurance $13,916 FY'21 ■Group Retirement ■Institutional Markets 14.2% FY'20 FY'21 24 14#25Individual Retirement Net Flows ($M) Assets Under Administration ($B) APTI ($M) ■ ($590) n.m. $158.6 (+2% vs. FY'20) Life and Retirement: Solid sales growth in Individual Retirement; Group Retirement delivers record- level assets under administration Premiums and Deposits ($M) $13,916 (+34% vs. FY'20) Base Net Investment Spread $1,939 n.m. Total Net Investment Spread FY'21 vs FY'20 APTI reflects Favorable impacts from: Higher alternative investments income and higher fee income Unfavorable impacts from: 3.04% 3.24% ◉ 2.63% 2.51% 2.00% 2.14% 1.53% 1.36% Fixed Annuities Variable and Index Annuities Fixed Annuities Variable and Index Annuities FY'20 FY'21 FY'20 FY'21 ◉ Year-over-year change for annual actuarial assumption update Higher deferred acquisition cost / sales inducement amortization and reserves Lower fair value option bond income Other Key Metrics Favorable impacts from: Growth of assets under administration Unfavorable impacts from: Base net investment spread compression AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Group Retirement Premiums and Deposits ($M) $7,766 (+4% vs. FY'20) Net Flows ($M) ($3,208) Assets Under Administration ($B) APTI ($M) n.m. $140.0 (+8% vs. FY'20) $1,284 (+27% vs. FY'20) ◉ Base Net Investment Spread 1.61% 1.50% Total Net Investment Spread 2.09% 2.34% FY'21 vs FY'20 APTI reflects Favorable impacts from: Higher alternative investments income and higher fee income Higher call and tender income and commercial mortgage loan prepayments Unfavorable impacts from: Year-over-year change for annual actuarial assumption update Other Key Metrics Favorable impacts from: Growth of assets under administration Higher surrenders of high guarantee minimum interest rate business Unfavorable impacts from: ◉ Base net investment spread compression ■FY'20 ■FY'21 FY'20 FY'21 ◉ 25#26Life and Retirement: Life Insurance had favorable impact from annual actuarial assumption update, partially offset by unfavorable mortality; strong reserve growth for Institutional Markets New Business Sales ($M) Premiums and Deposits ($M) $453 n.m. Life Insurance APTI ($M) $4,650 (+5% vs. FY'20) $106 (-25% vs. FY'20) ☐ 41% New Business Sales Mix FY'20 . 59% 44% FY'21 56% FY'21 vs FY'20 APTI reflects Favorable impacts from: ■ Year-over-year change for annual actuarial assumption updates Higher alternative investments income Unfavorable impacts from: ■ Adverse mortality Other Key Metrics Favorable impacts from: Premiums and deposits continue to benefit from solid international life sales AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Domestic (U.S.) ■International Institutional Markets APTI ($M) $582 (+33% vs. FY'20) FY'21 vs FY'20 APTI reflects Premiums and Deposits ($M) GAAP Reserves ($B) Higher alternative investments income $4,948 $30.2 ◉ $27.3 $4,846 $1,000 $7.5 $76 $1 $8.1 $2.7 $2,124 $0.1 $2.2 $5.1 $2 $5.1 $71 $3,658 Favorable impacts from: Higher base net investment income driven by reserve growth Other Key Metrics Favorable impacts from: ■ Continued year-over-year reserve growth, notably in PRT business $11.5 $2,320 $8.2 $329 $214 $3.6 $3.5 FY'20 FY'21 -$1 FY'20 FY'21 ■ SS ■ PRT ■COLI/BOLI ■ HNW - SVW GIC Definitions: SS = Structured Settlements | PRT = Pension Risk Transfer | COLI/BOLI = Corporate and Bank-owned Life Insurance | HNW = High Net Worth | SVW Stable Value Wrap | GIC = Guaranteed Investment Contracts 26#27Other Operations: APTL improved due to higher NII and lower interest expense Other Operations APTL was $2.4B in FY'21, including $932M of reductions from consolidation and eliminations, compared to APTL of $2.4B, including $466M of reductions from consolidation and eliminations, in FY'20; the increase in consolidation and eliminations in APTL reflects the impact of consolidated investment entities principally reflecting adjustments offsetting investment returns in the subsidiaries which are then eliminated in Other Operations Before consolidation and eliminations, the decrease in APTL reflects higher corporate GOE primarily driven by increases in performance-based employee compensation, partially offset by higher net investment income and lower corporate interest expense resulting from year-to-date debt redemption activity ($M) Corporate and Other Asset Management Adjusted pre-tax loss before consolidation and eliminations Consolidation and eliminations: Consolidation and eliminations - consolidated investment entities Consolidation and eliminations - Other AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. FY'20 FY'21 ($2,041) ($2,329) 78 911 ($1,963) ($1,418) (457) (919) (9) (13) Total Consolidation and eliminations (466) (932) Adjusted pre-tax loss ($2,429) ($2,350) Impact of Fortitude APTL, included in Corporate and Other above APTL before consolidation and eliminations, excluding the impact of Fortitude ($233) ($1,730) ($1,418) 27#28AIG Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations 127 Copyright ® 2021 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.#29Glossary of Non-GAAP Financial Measures Glossary of Non-GAAP Throughout this presentation, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are "Non-GAAP financial measures" under Securities and Exchange Commission rules and regulations. GAAP is the acronym for generally accepted accounting principles in the United States. The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies. The reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables or in the Fourth Quarter 2021 Financial Supplement available in the Investor Information section of AIG's website, www.aig.com. We may use certain non-GAAP operating performance measures as forward-looking financial targets or projections. These financial targets or projections are provided based on management's estimates. The most directly comparable GAAP financial targets or projections would be heavily dependent upon results that are beyond management's control and the outcome of these items could be significantly different than management's estimates. Therefore, we do not provide quantitative reconciliations for these financial targets or projections as we cannot predict with accuracy future actual events (e.g., catastrophe losses) and impacts from changes in macro-economic market conditions, including the interest rate environment (e.g.net reserve discount change and returns on alternative investments). We use the following operating performance measures because we believe they enhance the understanding of the underlying profitability of continuing operations and trends of our business segments. We believe they also allow for more meaningful comparisons with our insurance competitors. When we use these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis. Adjusted Pre-tax Income (APTI) is derived by excluding the items set forth below from income from continuing operations before income tax. This definition is consistent across our segments. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and measures that we believe to be common to the industry. APTI is a GAAP measure for our segments. Excluded items include the following: • • income or loss from discontinued operations; changes in fair value of securities used to hedge guaranteed living benefits; changes in benefit reserves and deferred policy acquisition costs (DAC), value of business acquired (VOBA), and deferred sales inducements (DSI) related to net realized gains and losses; • net loss reserve discount benefit (charge); • . . • • loss (gain) on extinguishment of debt; • • • • pension expense related to lump sum payments to former employees; net gain or loss on divestitures; non-operating litigation reserves and settlements; restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization; the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain; integration and transaction costs associated with acquiring or divesting businesses; • changes in the fair value of equity securities; net investment income on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re's reinsurance obligations to AIG post deconsolidation of Fortitude Re (Fortitude Re funds withheld assets); following deconsolidation of Fortitude Re, net realized gains and losses on Fortitude Re funds withheld assets; ⚫ all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g. net investment income and interest credited to policyholder account balances); • losses from the impairment of goodwill; and non-recurring costs associated with the implementation of non- ordinary course legal or regulatory changes or changes to accounting principles. Adjusted After-tax Income attributable to AIG Common Shareholders (AATI) is derived by excluding the tax effected adjusted pre-tax income (APTI) adjustments described above, dividends on preferred stock, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG: - deferred income tax valuation allowance releases and charges; - - changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and net tax charge related to the enactment of the Tax Cuts and Jobs Act (Tax Act). AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 29#30Glossary of Non-GAAP Financial Measures B Glossary of Non-GAAP Book Value per Common Share, Excluding Accumulated Other Comprehensive Income (Loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets and Deferred Tax Assets (DTA) (Adjusted Book Value per Common Share) is used to show the amount of our net worth on a per-common share basis after eliminating items that can fluctuate significantly from period to period including changes in fair value of AIG's available for sale securities portfolio, foreign currency translation adjustments and U.S. tax attribute deferred tax assets. This measure also eliminates the asymmetrical impact resulting from changes in fair value of our available for sale securities portfolio wherein there is largely no offsetting impact for certain related insurance liabilities. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. We exclude deferred tax assets representing U.S. tax attributes related to net operating loss carryforwards and foreign tax credits as they have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As net operating loss carryforwards and foreign tax credits are utilized, the portion of the DTA utilized is included in these book value per common share metrics. Adjusted Book Value per Common Share is derived by dividing Total AIG common shareholders' equity, excluding AOCI adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets, and DTA (Adjusted Common Shareholders' Equity), by total common shares outstanding. ■ Book Value per Common Share, Excluding Goodwill, Value of Business Acquired (VOBA), Value of Distribution Channel Acquired (VODA), Other Intangible Assets, AOCI adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets, and Deferred Tax Assets (DTA) (Adjusted Tangible Book Value per Common Share) is used to provide more accurate measure of the realizable value of shareholder on a per-common share basis. Adjusted Tangible Book Value per Common Share is derived by dividing Total AIG common shareholders' equity, excluding intangible assets, AOCI adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets, and DTA (Adjusted Tangible Common Shareholders' Equity), by total common shares outstanding. ■ AIG Return on Common Equity (ROCE) - Adjusted After-tax Income Excluding AOCI adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets and DTA (Adjusted Return on Common Equity) is used to show the rate of return on common shareholders' equity. We believe this measure is useful to investors because it eliminates items that can fluctuate significantly from period to period, including changes in fair value of our available for sale securities portfolio, foreign currency translation adjustments and U.S. tax attribute deferred tax assets. This measure also eliminates the asymmetrical impact resulting from changes in fair value of our available for sale securities portfolio wherein there is largely no offsetting impact for certain related insurance liabilities. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. We exclude deferred tax assets representing U.S. tax attributes related to net operating loss carryforwards and foreign tax credits as they have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As net operating loss carryforwards and foreign tax credits are utilized, the portion of the DTA utilized is included in Adjusted Return on Common Equity. Adjusted Return on Common Equity is derived by dividing actual or annualized adjusted after-tax income attributable to AIG common shareholders by average Adjusted Common Shareholders' Equity. ■ General Insurance and Life and Retirement Adjusted Segment Common Equity is based on segment equity adjusted for the attribution of debt and preferred stock (Segment Common Equity) and is consistent with AIG's Adjusted Common Shareholders' Equity definition. ■ General Insurance and Life and Retirement Return on Adjusted Segment Common Equity - Adjusted After-tax Income (Return on Adjusted Segment Common Equity) is used to show the rate of return on Adjusted Segment Common Equity. Return on Adjusted Segment Common Equity is derived by dividing actual or annualized Adjusted After-tax Income by Average Adjusted Segment Common Equity. Adjusted After-tax Income Attributable to General Insurance and Life and Retirement is derived by subtracting attributed interest expense, income tax expense and attributed dividends on preferred stock from APTI. Attributed debt and the related interest expense and dividends on preferred stock are calculated based on our internal allocation model. Tax expense or benefit is calculated based on an internal attribution methodology that considers among other things the taxing jurisdiction in which the segments conduct business, as well as the deductibility of expenses in those jurisdictions. AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 30#31Glossary of Non-GAAP Financial Measures " Glossary of Non-GAAP Adjusted Revenues exclude Net realized gains (losses), income from non-operating litigation settlements (included in Other income for GAAP purposes) and changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes). Adjusted revenues is a GAAP measure for our segments. ■ Premiums and deposits: includes direct and assumed amounts received and earned on traditional life insurance policies, group benefit policies and life-contingent payout annuities, as well as deposits received on universal life, investment-type annuity contracts, Federal Home Loan Bank (FHLB) funding agreements and mutual funds. We believe the measure of premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales performance period over period. ■ Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios. Accident year loss and Accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses (CATS) and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting. Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management's control. We also exclude prior year development to provide transparency related to current accident year results. Underwriting ratios are computed as follows: a) Loss ratio = Loss and loss adjustment expenses incurred ÷ Net premiums earned (NPE) b) Acquisition ratio = Total acquisition expenses + NPE c) General operating expense ratio = General operating expenses ÷ NPE d) Expense ratio = Acquisition ratio + General operating expense ratio e) Combined ratio = Loss ratio + Expense ratio f) CATS and reinstatement premiums = [Loss and loss adjustment expenses incurred - (CATS)] [NPE +/(-) Reinstatement premiums related to catastrophes] - Loss ratio g) Accident year loss ratio, as adjusted (AYLR ex-CAT) = [Loss and loss adjustment expenses incurred - CATS - PYD] [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums + Adjustment for ceded premium under reinsurance contracts related to prior accident years] h) Accident year combined ratio, as adjusted (AYCR ex-CAT) = AYLR ex-CAT + Expense ratio i) Prior year development net of reinsurance and prior year premiums = [Loss and loss adjustment expenses incurred - CATS - PYD] [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums] - Loss ratio - CATS and reinstatement premiums ratio. Results from discontinued operations are excluded from all of these measures. AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 31#32Non-GAAP Reconciliations- Adjusted Pre-tax and After-tax Income - Consolidated (in millions) Pre-tax income (loss) from continuing operations Adjustments to arrive at Adjusted pre-tax income (loss) Changes in fair value of securities used to hedge guaranteed living benefits Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses) Twelve Months Ended Quarterly December 31, 4Q20 4Q21 2020 2021 ՄԴ $ (558) $ 5,048 $ (7,293) $ 12,099 (17) (41) (61) (217) (22) (12) 52 Changes in the fair value of equity securities Loss (gain) on extinguishment of debt Net investment income on Fortitude Re funds withheld assets (a) Net realized gains on Fortitude Re funds withheld assets (a) (216) 201 (200) 237 (3) 240 12 389 (479) (483) (335) (467) (1,053) (463) (1,971) (1,003) Net realized losses on Fortitude Re funds withheld embedded derivative (a) 1,152 720 2,645 603 Net realized (gains) losses (b) 1,472 (403) 97 Net (gain) loss on divestitures (127) (2,936) 8,525 (1,623) (3,044) Non-operating litigation reserves and settlements (16) (21) 3 Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements (150) 13 (221) (186) Net loss reserve discount (benefit) charge 475 (255) 516 (193) Pension expense related to lump sum payments to former employees Integration and transaction costs associated with acquiring or divesting businesses 7 34 Restructuring and other costs Non-recurring costs related to regulatory or accounting changes Adjusted pre-tax income 5 111 19 28 12 83 129 435 433 10 65 $ 1,116 $ 1,830 $ 3,003 $ 68 5,920 AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. (a) Represents activity subsequent to the deconsolidation of Fortitude Re on June 2, 2020. (b) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets. 32#33Non-GAAP Reconciliations- Adjusted Pre-tax and After-tax Income - Consolidated (in millions) After-tax net income (loss), including noncontrolling interests Noncontrolling interests (income) loss Net income (loss) attributable to AIG Dividends on preferred stock Net income (loss) attributable to AIG common shareholders Adjustments to arrive at Adjusted after-tax income (amounts net of tax, at U.S. statutory tax rate for each respective period, except where noted): Changes in uncertain tax positions and other tax adjustments (a) Deferred income tax valuation allowance (releases) charges (b) Changes in fair value of securities used to hedge guaranteed living benefits Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses) Changes in the fair value of equity securities Loss (gain) on extinguishment of debt Net investment income on Fortitude Re funds withheld assets(c) Net realized gains on Fortitude Re funds withheld assets(c) Twelve Months Ended Quarterly December 31, 4Q20 4Q21 2020 2021 $ (16) $ 4,106 $ (5,829) $ 9,923 (37) (360) (115) (535) $ (53) $ 3,746 $ (5,944) $ 9,388 7 $ (60) $ 7 3,739 $ 29 (5,973) $ 29 9,359 (336) (97) (132) (998) (157) 12 (65) 718 (13) 1 (32) (48) (171) (18) (9) 41 (171) 157 (158) 188 (2) 189 10 307 (378) (381) (832) (264) (369) (365) (1,557) (792) Net realized losses on Fortitude Re funds withheld embedded derivative (c) 910 570 2,090 477 Net realized (gains) losses (d)(e) 1,141 (322) 75 Net (gain) loss on divestitures and (income) loss from discontinued operations (e) (21) (2,309) 6,911 (1,282) (2,394) Non-operating litigation reserves and settlements (13) 13 (1) (17) 2 Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements (119) 11 (175) (147) Pension expense related to lump sum payments to former employees Net loss reserve discount (benefit) charge Integration and transaction costs associated with acquiring or divesting Businesses Restructuring and other costs Non-recurring costs related to regulatory or accounting changes 375 (202) 407 (153) 6 27 88 Noncontrolling interests (f) Adjusted after-tax income (loss) attributable to AIG common shareholders Weighted average diluted shares outstanding (g) 4801 22 9 65 102 15 7 བྷཧ 344 342 51 53 (1) 827 $ $ 868.4 (0.07) $ 0.94 222 1,339 $ 872.0 4.38 $ 1.58 62 222 2,201 $ 4,430 869.3 (6.88) $ 2.52 864.9 10.82 5.12 AIG Copyright © 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Income (loss) per common share attributable to AIG common shareholders (diluted) (g) Adjusted after-tax income per common share attributable to AIG common shareholders (diluted) (g) (a) The three months ended December 31, 2020 as well as twelve months ended December 31, 2021 and 2020 include the completion of audit activity by the Internal Revenue Service. Twelve months ended December 31, 2020 includes the write-down of net operating loss deferred tax assets in certain foreign jurisdictions, which is offset by valuation allowance release. (b) The three months ended December 31, 2020 as well as twelve months ended December 31, 2021 and 2020 include valuation allowance established against a portion of certain tax attribute carryforwards of AIG's U.S. federal consolidated income tax group, as well as valuation allowance changes in certain foreign jurisdictions. (c) Represents activity subsequent to the deconsolidation of Fortitude Re on June 2, 2020. (d) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets. (e) Includes the impact of non-U.S. tax rates which differ from the applicable U.S. statutory tax rate and tax-only adjustments. (f) For the year ended December 31, 2021, noncontrolling interests include realized non-operating gains on consolidated investment entities. Prior to June 2, 2020, noncontrolling interests was primarily due to the 19.9 percent investment in Fortitude by an affiliate of The Carlyle Group L.P. (Carlyle), which occurred in the fourth quarter of 2018. Carlyle was allocated 19.9 percent of Fortitude Holdings' standalone financial results through the June 2, 2020 closing date of the Majority Interest Fortitude Sale. Fortitude Holdings' results were mostly eliminated in AIG's consolidated income from continuing operations given that its results arose from intercompany transactions. Noncontrolling interests was calculated based on the standalone financial results of Fortitude Holdings. The most significant component of Fortitude Holdings' standalone results was the change in fair value of the embedded derivatives which changes with movements in interest rates and credit spreads, and which was recorded in net realized gains and losses of Fortitude Holdings. In accordance with AIG's adjusted after-tax income definition, realized gains and losses are excluded from noncontrolling interests. Subsequent to the Majority Interest Fortitude Sale, AIG owns 3.5 percent of Fortitude Holdings and no longer consolidates Fortitude Holdings in its financial statements as of such date. The minority interest in Fortitude Holdings is carried at cost within AIG's Other invested assets, which was $100 million as of December 31, 2021. (g) For the three-month period ended December 31, 2021, an option for Blackstone to exchange all or a portion of its ownership interest in SAFG for AIG common shares was anti-dilutive and are therefore excluded from the calculation of adjusted after-tax income per diluted share attributable to AIG common shareholders. Because we reported net losses attributable to AIG common shareholders for the three and twelve months ended December 31, 2020, all common stock equivalents are anti-dilutive and are therefore excluded from the calculation of diluted shares and diluted per share amounts. 33#34Non-GAAP Reconciliations- Book Value Per Common Share Book Value Per Common Share (in millions, except per common share data) Book Value Per Common Share Total AIG shareholders' equity Less: Preferred equity Total AIG common shareholders' equity (a) Less: Accumulated other comprehensive income (AOCI) Add: Cumulative unrealized gains and losses related to Fortitude Re Funds Withheld Assets Less: Deferred tax assets (DTA)* Total adjusted common shareholders' equity (b) Total common shares outstanding (c) Book value per common share (a+c) Adjusted book value per common share (b+c) September 30, December 31, 2021 2020 2021 $ 64,863 $ 66,362 $ 65,956 485 485 485 64,378 65,877 65,471 8,606 13,511 6,687 2,966 4,657 2,791 7,083 7,907 5,221 $ 51,655 49,116 $ 56,354 835.8 861.6 818.7 ՄԴ $ 77.03 $ 76.46 $ 79.97 61.80 57.01 68.83 (in millions, except per common share data) Tangible Book Value Per Common Share Total AIG common shareholders' equity (a) Less Intangible Assets: Goodwill Value of business acquired Value of distribution channel acquired Other intangibles Total intangibles assets Less: Accumulated other comprehensive income (AOCI) Add: Cumulative unrealized gains and losses related to Fortitude Re Funds Withheld Assets Less: Deferred tax assets (DTA)* September 30, 2021 December 31, 2020 2021 $ 64,378 65,877 $ 65,471 4,058 4,074 4,056 117 126 111 467 497 458 302 319 300 4,944 5,016 4,925 8,606 13,511 6,687 2,966 4,657 2,791 7,083 7,907 5,221 Total adjusted tangible common shareholders' equity (b) $ Total common shares outstanding (c) 46,711 835.8 $ 44,100 $ 51,429 861.6 818.7 Adjusted tangible book value per common share (b+c) ՄԴ $ 55.89 $ 51.18 $ 62.82 AIG Copyright © 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. * Represents deferred tax assets only related to U.S. net operating loss and foreign tax credit carryforwards on a U.S. GAAP basis and excludes other balance sheet deferred tax assets and liabilities. 34#35Non-GAAP Reconciliations- Return on Common Equity Return on Common Equity (in millions) Return On Common Equity Computations Twelve Months Ended Quarterly December 31, 4Q20 4Q21 2020 2021 Actual or Annualized net income (loss) attributable to AIG Actual or Annualized adjusted after-tax income attributable to common shareholders (a) AIG common shareholders (b) Average AIG Common Shareholders' equity (c) Less: Average AOCI Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets Less: Average DTA* Average adjusted common shareholders' equity (d) ROCE (a+c) Adjusted return on common equity (b÷d) $ (240) $ 14,956 $ (5,973) $ 9,359 St St 3,308 $ 64,750 $ 5,356 $ 2,201 $ 4,430 64,925 $ 63,225 $ 64,704 12,245 7,647 7,529 9,096 4,525 2,879 2,653 3,200 8,015 6,152 8,437 7,025 49,015 $ 54,005 $ 49,912 $ 51,783 (0.4%) 23.0% (9.4%) 14.5% 6.7% 9.9% 4.4% 8.6% Life and Retirement (in millions) Adjusted pre-tax income Quarterly Twelve Months Ended December 31, 4Q20 4Q21 1,027 $ 969 $ 2020 3,531 2021 $ 3,911 Interest expense on attributed financial debt 70 72 285 291 Adjusted pre-tax income including attributed interest expense 957 897 3,246 3,620 Income tax expense 185 181 640 724 Adjusted after-tax income 772 $ 716 2,606 $ 2,896 Dividends declared on preferred stock 2 2 8 8 Adjusted after-tax income attributable to common shareholders (a) $ 770 $ 714 $ 2,598 $ 2,888 Ending adjusted segment common equity $ 19,172 $ 20,525 es $ 19,172 $ 20,525 Average adjusted segment common equity (b) 19,297 20,880 19,128 20,369 Return on adjusted segment common equity (a+b) 16.0 % 13.7 % 13.6 % 14.2 % Total segment shareholder's equity $ 29,688 $ 28,063 Less: Preferred equity 128 138 29,688 128 28,063 138 Total segment common equity 29,560 27,925 29,560 27,925 Less: Accumulated other comprehensive income (AOCI) Add: Cumulative unrealized gains and losses related to 14,613 10,029 14,613 10,029 Fortitude Re funds withheld assets 4,225 2,629 4,225 2,629 Total adjusted segment common equity S 19,172 $ 20,525 19,172 20,525 AIG Copyright © 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. * Represents deferred tax assets only related to U.S. net operating loss and foreign tax credit carryforwards on a U.S. GAAP basis and excludes other balance sheet deferred tax assets and liabilities. 35#36Non-GAAP Reconciliations- Accident Year Loss Ratio, as adjusted, and Accident Year Combined Ratio, as adjusted General Insurance AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Twelve Months Quarterly Ended December 31, General Insurance - North America Quarterly Twelve Months Ended December 31, Loss ratio 2Q18 4Q20 4Q21 65.7 70.2 61.8 2020 2021 4Q20 4Q21 2020 2021 Loss ratio 88.9 70.3 84.6 74.0 71.0 64.2 Catastrophe losses and reinstatement premiums Prior year development, net of reinsurance and prior year premiums (2.3) (9.0) (2.9) (10.3) (5.4) 0.8 (0.9) 0.3 Catastrophe losses and reinstatement premiums Prior year development, net of reinsurance and prior year premiums (18.0) (5.6) (16.7) (9.5) (2.2) 0.3 1.2 1.2 0.1 0.6 Adjustments for ceded premium under reinsurance contracts and other Adjustments for ceded premium under 1.2 reinsurance contracts and other (0.1) Accident year loss ratio, as adjusted Acquisition ratio General operating expense ratio Expense ratio Combined ratio 65.4 60.3 59.2 60.8 59.4 Accident year loss ratio, as adjusted 68.7 65.0 69.0 65.7 Acquisition ratio 15.6 15.5 16.7 16.1 21.1 19.8 19.2 20.4 19.6 General operating expense ratio 10.4 9.2 11.3 10.3 14.5 12.8 11.4 12.9 12.0 Expense ratio 26.0 24.7 28.0 26.4 35.6 32.6 30.6 33.3 31.6 Combined ratio 114.9 95.0 112.6 100.4 101.3 102.8 92.4 Accident year combined ratio, as adjusted 101.0 92.9 89.8 104.3 94.1 95.8 Accident year combined ratio, as adjusted 94.7 89.7 97.0 92.1 91.0 Twelve Months Twelve Months General Insurance - North America - Commercial Lines Quarterly Ended December 31, General Insurance - North America - Ended Personal Insurance Quarterly December 31, Loss ratio Catastrophe losses and reinstatement premiums Prior year development, net of reinsurance and prior year premiums (5.9) 2Q18 4Q20 4Q21 84.2 89.3 72.2 (17.4) (5.8) 2020 2021 4Q20 4Q21 2020 2021 85.4 79.4 Loss ratio 86.0 58.5 80.9 41.1 (16.7) (9.7) 1.2 (1.4) (0.1) 2.2 (3.0) Adjustments for ceded premium under Catastrophe losses and reinstatement premiums Prior year development, net of reinsurance and prior year premiums (22.6) (4.0) (16.9) (9.0) (8.0) 2.9 (4.0) 27.7 reinsurance contracts and other 4.9 Accident year loss ratio, as adjusted 55.4 57.4 60.0 59.8 Accident year loss ratio, as adjusted 84.4 70.5 66.3 70.9 66.7 Acquisition ratio 27.1 22.2 28.1 22.0 Acquisition ratio 12.2 14.0 14.4 14.3 15.2 General operating expense ratio 20.1 15.3 15.7 17.8 General operating expense ratio Expense ratio Combined ratio 12.7 9.1 8.2 10.3 9.1 Expense ratio 47.2 37.5 43.8 39.8 24.9 23.1 22.6 24.6 24.3 Combined ratio 133.2 96.0 124.7 80.9 Accident year combined ratio, as adjusted 109.3 109.1 112.4 94.8 93.6 88.9 110.0 95.5 103.7 91.0 Accident year combined ratio, as adjusted 102.6 94.9 103.8 99.6 36#37Non-GAAP Reconciliations- Accident Year Loss Ratio, as adjusted, and Accident Year Combined Ratio, as adjusted General Insurance - International Loss ratio Catastrophe losses and reinstatement premiums Prior year development, net of reinsurance and prior year premiums Accident year loss ratio, as adjusted Acquisition ratio General operating expense ratio Expense ratio Twelve Months Ended Quarterly December 31, General Insurance - International- Commercial Lines Quarterly Twelve Months Ended December 31, 4Q20 4Q21 2020 2021 4Q20 4Q21 2020 2021 55.9 54.5 60.5 56.6 Loss ratio 58.8 (2.1) (0.6) (5.3) (2.3) 0.2 0.4 (0.7) 0.1 Catastrophe losses and reinstatement premiums Prior year development, net of reinsurance and prior year premiums 57.6 (4.0) (1.1) 66.8 61.6 (8.5) (3.1) 1.1 (0.3) (1.8) (3.0) 54.0 54.3 54.5 54.4 Accident year loss ratio, as adjusted 55.9 56.2 56.5 55.5 23.0 22.3 23.2 22.2 Acquisition ratio 19.4 18.0 19.8 18.7 14.7 13.3 14.2 13.3 General operating expense ratio 13.9 12.5 13.8 12.5 37.7 35.6 37.4 35.5 Expense ratio 33.3 30.5 33.6 31.2 Combined ratio 93.6 90.1 97.9 92.1 Combined ratio 91.7 89.9 91.9 89.9 Accident year combined ratio, as adjusted Accident year combined ratio, as adjusted 89.2 92.1 88.1 86.7 100.4 90.1 92.8 86.7 AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Twelve Months General Insurance - International- Ended General Insurance - Global Twelve Months Ended Personal Insurance Quarterly December 31, Commercial Lines Quarterly December 31, 4Q20 4Q21 2020 2021 4Q20 4Q21 2020 2021 Loss ratio 52.7 50.6 53.7 50.4 Loss ratio 76.0 65.8 77.1 71.4 Catastrophe losses and reinstatement premiums (1.8) (1.1) Prior year development, net of reinsurance and prior year premiums (0.9) 1.1 0.4 3.7 Catastrophe losses and reinstatement premiums Prior year development, net of reinsurance and prior year premiums (11.6) (3.7) (13.1) (6.8) (0.3) (0.2) 0.5 (2.9) Accident year loss ratio, as adjusted 51.8 51.7 52.3 53.0 Accident year loss ratio, as adjusted 64.1 61.9 64.5 61.7 Acquisition ratio 26.9 27.9 26.8 26.5 Acquisition ratio 16.4 16.0 16.8 16.8 General operating expense ratio 15.4 14.5 14.8 14.3 General operating expense ratio 11.2 10.0 11.9 10.6 Expense ratio 42.3 42.4 41.6 40.8 Expense ratio 27.6 26.0 28.7 27.4 Combined ratio 103.6 91.8 105.8 98.8 Combined ratio 95.0 93.0 95.3 91.2 Accident year combined ratio, as adjusted 94.1 94.1 93.9 93.8 Accident year combined ratio, as adjusted 91.7 87.9 93.2 89.1 37#38Non-GAAP Reconciliations- Accident Year Loss Ratio, as adjusted, and Accident Year Combined Ratio, as adjusted General Insurance Loss ratio Catastrophe losses and AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Quarterly 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'18 FY'19 FY'20 FY'21 63.0 69.3 65.6 66.8 72.6 74.6 70.2 65.6 61.3 68.4 61.8 75.7 65.2 71.0 64.2 65.7 88.6 80.1 63.1 reinstatement premiums (2.3) (22.0) (11.3) (2.7) (2.6) (7.5) (6.5) (6.9) (9.0) (11.9) (13.5) (7.3) (2.1) (9.7) (2.9) (10.5) (4.8) (10.3) (5.4) Prior year development, net of reinsurance and prior year premiums 0.8 (2.7) (5.3) 1.0 0.9 2.2 0.9 0.8 80 (0.4) (0.9) 0.9 0.7 0.5 0.3 (1.5) 1.1 0.1 90 0.6 Adjustments for ceded premium under reinsurance contracts and other Accident year loss ratio, as adjusted 1.2 65.4 (0.3) 63.6 0.4 0.4 63.9 61.8 (0.3) 0.3 61.3 61.5 61.6 - 0.3 60.8 61.5 60.7 60.3 59.2 59.9 59.2 59.2 64.0 61.6 이영 0.1 - 60.8 59.4 Acquisition ratio General operating expense ratio Expense ratio 21.1 14.5 21.7 22.4 21.8 14.1 12.5 12.5 22.2 22.0 21.4 21.9 20.0 35.6 35.8 34.9 34.3 12.6 34.8 12.4 12.8 34.4 34.2 12.8 13.4 19.8 12.8 19.8 20.2 19.1 12.8 13.0 12.1 19.8 11.5 19.2 11.4 21.7 21.8 20.4 19.6 14.0 12.6 12.9 12.0 34.7 33.4 32.6 32.6 33.2 31.2 31.3 30.6 35.7 34.4 33.3 31.6 Combined ratio 101.3 124.4 115.0 97.4 97.8 103.7 99.8 101.5 106.0 107.2 102.8 98.8 92.5 Accident year combined ratio, as adjusted 101.0 99.4 98.8 96.1 96.1 95.9 95.8 95.5 94.9 93.3 92.9 92.4 91.1 99.7 92.4 90.5 89.8 111.4 99.6 104.3 95.8 99.7 96.0 94.1 91.0 Commercial Insurance Quarterly 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 Loss ratio 73.7 93.8 88.1 67.5 69.6 75.8 Catastrophe losses and reinstatement premiums Prior year development, net of reinsurance and prior year premiums (3.3) (21.2) (8.7) (3.4) (3.4) (7.0) 74.7 70.4 81.6 (6.2) (8.6) (18.1) 3Q'20 80.1 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 76.0 69.1 63.8 86.4 65.8 (14.0) (11.6) (9.6) (2.2) (11.7) (3.7) 2.6 (1.8) (9.5) 0.7 2.1 0.1 (1.7) 2.3 23 1.9 (1.8) (0.3) 33 1.3 +0 0.4 (12.8) (0.2) Adjustments for ceded premium under reinsurance contracts and other 2.3 (0.4) 0.8 0.5 (0.4) 0.4 Accident year loss ratio, as adjusted 75.3 70.4 70.7 65.3 68.3 68.5 67.2 64.1 65.4 64.3 64.1 60.8 62.0 61.9 61.9 Acquisition ratio 16.2 16.9 17.9 16.9 17.6 17.4 16.6 18.3 16.4 16.1 16.4 17.7 16.7 16.9 16.0 General operating expense ratio 14.6 13.6 11.8 12.6 12.4 11.5 12.3 12.4 12.5 11.4 11.2 11.9 10.6 10.1 10.0 Expense ratio 30.8 30.5 29.7 29.5 30.0 28.9 28.9 30.7 28.9 27.5 27.6 29.6 27.3 27.0 26.0 Combined ratio 104.5 124.3 117.8 97.0 99.6 104.7 103.6 101.1 110.5 107.6 103.6 98.7 91.1 113.4 91.8 Accident year combined ratio, as adjusted 106.1 100.9 100.4 94.8 98.3 97.4 96.1 94.8 94.3 91.8 91.7 90.4 89.3 88.9 87.9 38#39Non-GAAP Reconciliations- Net Premiums Written- Change in Constant Dollar and Net Investment Income Net Premiums Written - Change in Constant Dollar General Insurance Foreign exchange effect on worldwide premiums: Change in net premiums written General Insurance 4Q21 North America - Commercial Lines 4Q21 North America - Personal Insurance International 4Q21 4Q21 International - Commercial Lines 4Q21 International- Personal Insurance Global - Commercial Lines Global - Personal Insurance 4Q21 4Q21 4Q21 Increase (decrease) in original currency 8 % 11 % 17 % 6 % Foreign exchange effect (1) 1 (2) 16 % (1) (5) % (4) 13 % (1) % (3) Increase (decrease) as reported in U.S. dollars 7 % 11 % 18 % 4 % 15 % (9) % 13 % (4) % General Insurance Foreign exchange effect on worldwide premiums: General Insurance FY'21 North America - Commercial Lines FY'21 North America - Personal Insurance FY'21 International FY'21 International - Commercial Lines International- Personal Insurance FY'21 FY'21 Global - Commercial Lines FY'21 Global - Personal Insurance FY'21 Change in net premiums written Increase (decrease) in original currency 11 % 18 % 31 % 5 % 13 % (4) % 16 % 1 % Foreign exchange effect 2 2 4 1 2 1 Increase (decrease) as reported in U.S. dollars 13 % 18 % 31 % 7 % 17 % (3) % 18 % 2 % AIG Copyright © 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. International - Commercial Lines Global General Insurance Foreign exchange effect on worldwide premiums: Specialty 4Q21 Talbot 4Q21 Property 4Q21 Change in net premiums written Increase (decrease) in original currency 27 % 20 % 13 % Foreign exchange effect (2) Increase (decrease) as reported in U.S. dollars 27 % 20 % 11 % Reconciliation of Net Investment Income Quarterly Twelve Months Ended December 31, Net investment income on Fortitude Re funds withheld assets (in millions) Net investment income per Consolidated Statements of Operations Changes in fair value of securities used to hedge guaranteed living benefits Changes in the fair value of equity securities Net realized gains (losses) related to economic hedges and other Total Net investment income - APTI Basis 4Q20 4Q21 2020 2021 $ 3,957 $ 3,565 $ 13,631 $ 14,612 (14) (14) (56) (60) (216) 201 (200) 237 (479) (483) (1,053) (1,971) (22) 22 (1) 122 $ 3,226 $ Add: Investment expenses 129 AIG investment income, APTI basis $ 3,355 $ Net realized (gains) losses related to economic hedges and other Gross investment income, APTI basis 22 3,291 $ 137 3,428 $ (22) 12,321 $ 12,940 541 485 12,862 $ 13,425 (122) $ 3,377 $ 3,406 $ 12,863 $ 13,303 39#40Non-GAAP Reconciliations- Premiums (in millions) Individual Retirement: Premiums Quarterly Twelve Months Ended December 31, 4Q20 4Q21 2020 2021 $ 37 $ 68 $ 151 $ 191 Deposits 2,720 3,244 10,228 13,732 Other 1 Premiums and deposits $ 2,758 $ (4) 3,308 $ (9) 10,370 $ (7) 13,916 Individual Retirement (Fixed Annuities): Premiums $ 38 $ 68 $ 154 $ 192 Deposits 522 738 2,414 2,829 Other (1) (4) (33) (10) Premiums and deposits $ 559 $ 802 $ 2,535 $ 3,011 Individual Retirement (Variable Annuities): Premiums $ (1) $ $ (3) $ (1) Deposits 931 1,203 2,982 5,023 Other 2 24 3 Premiums and deposits $ 932 $ 1,203 $ 3,003 $ 5,025 Individual Retirement (Index Annuities): Premiums $ $ S $ Deposits 1,128 1,303 4,096 5,621 Other Premiums and deposits $ 1,128 $ 1,303 $ 4,096 $ 5,621 Individual Retirement (Retail Mutual Funds): Premiums $ $ $ $ Deposits 139 736 259 Other Premiums and deposits $ 139 $ 736 $ 259 Group Retirement: Premiums $ 5 $ Deposits 2,194 7 $ 1,855 19 $ 22 7,477 7,744 Other Premiums and deposits $ 2,199 $ 1,862 $ 7,496 $ 7,766 Life Insurance: Premiums S 491 $ 518 $ 1,915 $ 2,051 Deposits 430 426 1,648 1,635 Other 235 262 850 964 Premiums and deposits $ 1,156 $ 1,206 $ 4,413 $ 4,650 Institutional Markets: Premiums $ 417 $ 2,150 $ 2,539 $ 3,765 Deposits 864 77 2,281 1,158 Other 6 6 26 25 Premiums and deposits $ 1,287 $ 2,233 $ 4.846 $ 4.948 Total Life and Retirement: Premiums $ 950 $ Deposits 6,208 Other 242 Premiums and deposits $ 7,400 $ 2,743 $ 5,602 264 8,609 S 4,624 $ 21,634 867 27,125 $ 6,029 24,269 982 31,280 AIG Copyright ® 2022 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. 40 40