AIG 200 Strategic Update

Life and Retirement: Individual and Group Retirement APTI up 74% and 115%, respectively, driven by favorable capital markets conditions, partially offset by base net investment spread compression Deposits ($M) Individual Retirement¹ Assets Under Premiums and Net Flows ($M) Administration ($B) APTI ($M) ($574) n.m. $532 (+10% vs. 1Q20) (+74% vs. 1Q20) $3,373 (+8% vs. 1Q20) Base Net Investment Spread $ 160.0 Total Net Investment Spread 3.44% 3.32% 2.83% 2.59% 2.52% 2.68% 1.75% 1.92% 2.28% 2.01% 1.40% 1.37% Fixed Annuities Variable and Index Annuities Fixed Annuities Variable and Index Annuities Administration ($B) 1Q21 vs 1Q20 APTI reflects Favorable impacts from: " Equity markets, resulting in higher fee income and lower DAC/SIA amortization Higher alternative investment income from strong private equity returns Lower interest rates and tighter credit spreads in 1Q21 drove higher call and tender income and FVO bond income Unfavorable impacts from: " Base net investment spread compression Other Key Metrics Net flows improved significantly driven by lower Retail Mutual Fund (RMF) outflows. Excluding RMF net flows were positive at $50M and favorable to 1Q20 at ($84M). Sales continued to recover from broad industry sales disruptions Assets under administration rose 10% due to strong equity market performance over the last twelve months Group Retirement Assets Under Premiums and Deposits ($M) Net Flows ($M) APTI ($M) $1,818 ($893) (-2% vs. 1Q20) n.m. $ 131.3 $307 (+26% vs. 1Q20) (+115% vs. 1Q20) " Base Net Investment Spread 1.70% Total Net Investment Spread 1.81% 1.54% 1.48% 2.43% 2.37% -1Q20 - 4Q20 ■ 1Q21 AIG 1) Includes Retail Mutual Funds. 1Q21 vs 1Q20 APTI reflects Favorable impacts from: " Equity markets, resulting in higher fee income and lower DAC/SIA amortization Higher alternative investment income from strong private equity returns Lower interest rates and tighter credit spreads in 1Q21 drove higher call and tender income and FVO bond income Lower GOE Unfavorable impacts from: " Base net investment spread compression Other Key Metrics Net flows were adversely impacted by higher group surrenders in 1Q21 Assets under administration rose 26% driven primarily by strong equity market performance over the last twelve months 11

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