AIG Earnings and Investment Portfolio Report

Non-GAAP Reconciliations Return on Common Equity (in millions) Return On Common Equity Computations Actual or Annualized net income (loss) attributable to AIG common shareholders (a) Actual or Annualized adjusted after-tax income attributable to AIG common shareholders (b) Quarterly December 31, 4Q19 4Q20 2019 2020 EA 3.688 $ (240) $ 3.326 $ (5.973) Average AIG Common Shareholders' equity (c) SS $ 3.692 $ 3.308 $ 4.078 $ 2.201 $ 65,154 $ 64,750 $ 62,205 $ 63,225 Less: Average AOCI 5,299 12,245 3,261 7,529 Add: Average cumulative unrealized gains and losses related to Fortitude Re's Funds Withheld Assets 4,525 2,653 Less: Average DTA* 9,185 8,015 9,605 8,437 Average adjusted common shareholders' equity (d) $ 50.670 S 49.015 $ 49.339 $ 49.912 ROCE (a+c) Adjusted return on common equity (b+d) 5.7% 7.3% (0.4%) 6.7% 5.3% (9.4%) 8.3% 4.4% General Insurance (in millions) Adjusted pre-tax income Quarterly Life and Retirement (in millions) Twelve Months Ended Quarterly December 31, 4Q19 4Q20 4Q19 4Q20 2019 2020 $ 778 $ 809 Adjusted pre-tax income $ 858 $ 1,027 Interest expense on attributed financial debt 150 145 Interest expense on attributed financial debt 68 70 3,553 $ 3,531 266 285 Adjusted pre-tax income including attributed interest expense 628 664 Adjusted pre-tax income including attributed interest expense 790 957 3,287 3,246 Income tax expense 165 182 Income tax expense 159 185 653 640 Adjusted after-tax income 463 $ 482 Adjusted after-tax income S 631 IS 772 $ 2,634 S 2.606 Dividends declared on preferred stock 3 3 Dividends declared on preferred stock 2 6 8 Adjusted after-tax income attributable to common shareholders (a) Ending adjusted segment common equity Average adjusted segment common equity (b) Return on adjusted segment common equity (a+b) Adjusted after-tax income attributable to common shareholders (a) S 629 IS 770 2,628 IS 2.598 460 $ 25,059 25,128 479 25,044 Ending adjusted segment common equity $ 17,799 $ 19,172 $ 17,799 $ 19,172 25,065 7.3 % 7.6 % Average adjusted segment common equity (b) Return on adjusted segment common equity (a+b) 17,645 14.3 % 19,297 16.0 18,076 14.5 % 19,128 13.6 % AIG Note (March 15, 2021): Adjusted after-tax income (loss) attributable to common shareholders, ending adjusted segment common equity, average adjusted segment common equity and return on adjusted segment common equity have been updated to reflect revisions to segment balance sheets and debt and interest allocated to segments. * 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. 37

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