Investor Presentaiton

Non-GAAP Reconciliations Return on Common Equity Twelve Months General Insurance (in millions) Quarterly 4Q18 4Q19 Adjusted pre-tax income (loss) $ Interest expense on attributed financial debt (722) $ 778 142 151 Ended December 31, 2018 2019 (469) $ 3,533 544 Life and Retirement (in millions) Quarterly Twelve Months Ended December 31, 4Q18 4Q19 2018 2019 Adjusted pre-tax income 623 $ 839 $ 3,190 $ 3,458 589 Adjusted pre-tax income (loss) including attributed interest expense Income tax expense (benefit) (864) 627 (1,013) (100) 164 (120) 2,944 686 Interest expense on attributed financial debt Adjusted pre-tax income including attributed interest expense 31 47 107 173 592 792 3,083 3,285 Income tax expense 116 158 610 652 Adjusted after-tax income (loss) $ (764) S 463 IS (893) $ 2.258 Adjusted after-tax income 476 $ 634 $ 2,473 $ 2,633 Dividends declared on preferred stock 4 13 Adjusted after-tax income (loss) attributable to common shareholders (a) $ (764) S 459 (893) $ 2.245 Dividends declared on preferred stock Adjusted after-tax income attributable to common shareholders (a) 3 9 476 $ 631 $ 2,473 $ 2,624 Ending adjusted attributed common equity Average adjusted attributed common equity (b) Adjusted return on attributed common equity (a+b) $ 25,066 25,988 $ 25,142 25,109 $ 25,066 24,588 $ 25,142 25,078 Ending adjusted attributed common equity $ 19,695 Average adjusted attributed common equity (b) Adjusted return on attributed common equity (a+b) 19,475 9.8% $ 19,513 19,374 13.0% $ 19,695 $ 19,513 19,664 12.6 % 19,109 13.7 % (11.8) 9 7.3 % (3.6) % 9.0 % Twelve Months Core (in millions) Adjusted pre-tax income (loss) Interest expense (benefit) on attributed financial debt Adjusted pre-tax income (loss) including Quarterly 4Q18 4Q19 (519) $ 1,031 2018 Ended December 31, 2019 Legacy (in millions) Quarterly Twelve Months Ended December 31, $ 1,196 $ 4,977 Adjusted pre-tax income (loss) $ 4Q18 (150) $ 4Q19 2018 2019 177 $ 213 $ 501 (10) Interest expense on attributed financial debt Adjusted pre-tax income (loss) including 10 attributed interest expense Income tax expense (benefit) (519) (93) 1,031 1,206 4,977 attributed interest expense (150) 177 203 501 196 281 1,106 Income tax expense (benefit) (31) 37 43 105 Adjusted after-tax income (loss) $ (426) $ 835 IS 925 3,871 Dividends declared on preferred stock 7 22 Adjusted after-tax income (loss) attributable to common shareholders (a) $. (119) S 140 $ 160 $ 396 Adjusted after-tax income (loss) attributable to common shareholders (a) (426) $ 828 925 $ 3.849 Ending adjusted attributed common equity Average adjusted attributed common equity (b) Adjusted return on attributed common equity (a+b) $ 38,735 39,547 $ 44,213 43,774 $ 38,735 40,394 $ 44,213 41,955 Ending adjusted attributed common equity Average adjusted attributed common equity (b) Adjusted return on attributed common equity (a+b) $ 8,886 $ 7,018 8,849 (5.4) % 6,897 8.1 $ 8,886 9,099 $ 7,018 7,384 5.4 (4.3)% 7.6 % 2.3% 9.2 % AIG 38

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