Investor Presentaiton

4Q18 $3,480 $3,016 1,561 1,379 1,919 1,637 $3,743 $3,232 1,852 1,528 Personal Insurance 1,891 1,704 Underwriting income (loss) ($200) Commercial Lines (251) $31 (25) General Insurance: International underwriting results continue to reflect better AYLR, as adjusted ($ in millions) Net premiums written Commercial Lines Personal Insurance Net premiums earned Commercial Lines 4Q19 Key Takeaways: ■ NPW decreased 13% primarily due to underwriting actions and changes in reinsurance programs in 2019 AYLR, as adjusted, decreased 4.4 pts primarily driven by Specialty Lines, Talbot (Lloyd's Syndicate) and Japanese Personal Auto ■ GOE ratio increased 0.7 pts as the decline in GOE was less than the decline in net premiums earned Personal Insurance 51 56 ■ Acquisition ratio was roughly flat Net investment income $53 $125 Adjusted pre-tax income (loss) ($147) $156 Underwriting Ratios: 4Q18 4Q19 B/(W) International Combined Ratio Commercial Lines AY combined ratio, as adjusted 102.3% 97.2% 5.1 pts 105.4% 99.1% Catastrophe losses and 3.7% CYCR, as adjusted, 3.4% 7.2% 3.3% 3.9 pts improved 6.3 pts reinstatement premiums 1.0% (1.4%) Prior year development 4.1% 1.1% 3.0 pts 100.7% 97.1% Combined ratio 113.6% 101.6% 12.0 pts AYCR, as 14.5% adjusted, 15.2% Personal Insurance improved 3.6 pts 24.1% 24.2% AY combined ratio, as adjusted 99.1% 97.0% 2.1 pts Catastrophe losses and 0.2% 3.3% (3.1) pts reinstatement premiums 62.1% Prior year development Combined ratio (2.0%) (3.5%) 1.5 pts AYLR, as adjusted, improved 4.4 pts 57.7% 97.3% 96.8% 0.5 pts AIG 4Q18 4Q19 Calendar Year Combined Ratio CAT Ratio PYD Ratio AYCR, As adjusted GOE Ratio Acquisition Ratio AYLR, As adjusted 11

View entire presentation