Investor Presentaiton

Strong 4Q19 and FY'19 results driven by General Insurance underwriting profit and stable Life and Retirement earnings 4Q19 Financial Results 4Q19 adjusted after-tax income* (AATI) of $919M ($1.03 per diluted share) versus 4Q18 adjusted after-tax loss (AATL) of $559M (-$0.63 per diluted share) 4Q19 adjusted pre-tax income* (APTI) of $1.2B versus 4Q18 adjusted pre-tax loss (APTL) of $669M primarily due to: - Improved GI AYCR, as adjusted*, of 95.8% compared to 98.8% in 4Q18 Lower CATS of $413M compared to $798M in 4Q18 Net favorable development of $153M compared to unfavorable $365M in 4Q18 NII increased to $3.5B reflecting higher alternative investment income ($288M vs. -$139M in 4Q18) Annualized yield for alternative investment income was ~12%, above 8% yield assumption · 4Q18 Legacy L&R run-off included $105M of loss recognition expense on certain Accident and Health cancer and disability blocks FY'19 Financial Results FY'19 AATI of $4.1B ($4.59 per diluted share) versus FY'18 AATI of $1.1B ($1.17 per diluted share) APTI of $5.5B increased from FY'18 primarily due to: - - Improved GI AYCR, as adjusted, of 96.0% compared to 99.7% in FY'18 Lower CATS of $1.3B compared to $2.9B in FY'18 Net favorable development of $294M compared to unfavorable development of $362M in FY'18 Life and Retirement APTI of $3.5B and adjusted ROCE of 13.7% NII increased to $14.4B, compared to $12.7B in FY'18 reflecting higher alternative investment income ($1.4B in FY'19) Lower adjusted effective tax rate of 22.1% AIG * Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations. 3

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