Investor Presentaiton

Life and Retirement: Institutional Markets closed two reinsurance transactions, driving an increase in premiums and deposits; higher APTI reflects business growth and strong investment results ($ in millions) Premiums and deposits Premiums Policy fees Net investment income Other income Total adjusted revenues Benefits, losses and expenses Adjusted pre-tax income 2Q19 2Q20 $268 $1,129 152 1,089 43 40 223 262 ■ Premiums and Deposits ($M) $1,129 1,035 418 1,391 336 1,265 $82 $126 Key Takeaways Premiums growth reflects higher Pension Risk Transfer issuance; closed two large Pension Risk Transfer reinsurance transactions NII increased driven by higher other yield enhancements and asset growth, partially offset by private equity losses Continued focus on maintaining pricing and expense discipline GAAP Reserves by Line of Business ($B) 11.4% $21.0 6.8 $23.4 6.9 0.6 0.9 5.0 5.0 $268 7.6 5.2 94 116 58 2Q19 95 (1) 2Q20 3.1 3.4 2Q19 2Q20 ■ Structured Settlements ■ Pension Risk Transfer ■COLI/BOLI* ■Stable Value Wrap ■ Guaranteed Investment Contracts AIG * COLI/BOLI = Corporate and Bank-owned life insurance 19

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