AIG 200 Strategic Update

Life and Retirement**: 57% increase in APTI driven by favorable capital markets conditions resulting in higher NII and lower DAC/SIA amortization, partially offset by base net investment spread compression and elevated mortality Adjusted Pre-Tax Income ($M) +57% $941 $601 +$340M $142 $75 $307 $78 $143 $305 1Q20 $532 $(40) 1Q21 Premiums and Deposits ($M) Key Takeaways ☐ 1Q21 APTI growth reflects business and investment portfolio strength and diversification as: - - - - Favorable equity market returns resulted in higher private equity returns, which are reported on a one quarter lag, and lower Variable Annuity DAC/SIA amortization, net of fee income and changes in reserves, and Lower interest rates and tighter credit spreads drove higher call and tender income and FVO bond income; partially offset by Base net investment spread compression, and Elevated mortality in Life Insurance principally due to COVID-19 1Q21 premiums and deposits decreased 9%, as the prior year quarter had higher PRT1 and GIC² activity; partially offsetting the decrease were improved Variable Annuity sales Return on adjusted segment common equity (annualized) -9% $7,009 $6,402 -$607M $80 $976 +6% $1,131 $1,062 $1,855 $1,818 +8% $3,116 $3,373 1Q20 1Q21 8.9% +5.3 pts 14.2% 1Q20 1Q21 Noteworthy Items ($M) 1Q20 1Q21 Variance Return on alternative investments $ Other yield enhancements $ 115 $ 292 $ 177 8 $ 193 $ 185 Includes: Fair value changes on Fixed Maturity Securities - Other accounted under FVO All other yield enhancements (53) $ 12 $ 65 $ 61 $ 181 $ 120 ■Individual Retirement ■Life Insurance AIG Group Retirement Institutional Markets **Note: On October 26, 2020, AIG announced its intention to separate its Life and Retirement business from AIG. Any separation transaction will be subject to the satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission. While we currently believe an initial public offering represents an optimal path, no assurance can be given regarding the form that a separation transaction may take or the specific terms or timing thereof, or that a separation will in fact occur. 1) PRT is defined as Pension Risk Transfer. 2) GIC is defined as Guaranteed Investment Contracts. 10

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