Investor Presentaiton

Life and Retirement: Group Retirement 2Q20 results reflect equity market recovery, offset by lower base investment spreads ($ in millions) Premiums and deposits Premiums 2Q19 2Q20 $2,047 $1,670 5 3 Policy fees 106 100 Net investment income 618 541 Advisory fee and other income 61 68 Total adjusted revenues 790 712 Benefits, losses and expenses 497 498 Adjusted pre-tax income $293 $214 Net Flows ($B) Premiums and Deposits Key Takeaways 2Q20 results reflect strong capital market recovery, offset by private equity losses and continued spread compression trends Net flows continue to be negative due to sales channel disruptions related to COVID-19; lower sales for the quarter were partially offset by lower group and individual surrenders Growth in AUA driven by higher market values driven by lower interest rates, partially offset by negative net flows Continued spread compression as higher yielding investment assets roll off the in-force portfolio, the result of maturities, calls and structured asset paydowns Assets Under Administration (AUA - $B) 1.7% $105.8 $107.6 $20.4 $21.0 2Q19 $2.0 $36.2 $35.3 2Q20 $1.7 $49.2 $51.3 2Q19 2Q20 Surrender and Other Withdrawals ■General Accounts ■Separate Accounts Mutual Funds 2Q19 $2.1 2Q20 $1.7 Base Net Investment Spread 1.88% Net Flows1 1.63% 2Q19 ($0.2) 2Q20 ($0.2) 2Q19 2Q20 1) Includes death and other contract benefits. AIG 17

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