General Insurance Financial Overview
Cautionary Statement
Regarding Forward-Looking
Information, Comment on
Regulation G and Other
Information
On October 26, 2020, AIG announced its intention to separate
its Life and Retirement business from AIG. On November 2,
2021, AIG and Blackstone completed the acquisition by
Blackstone of a 9.9 percent equity stake in SAFG Retirement
Services, Inc. (SAFG), which is the holding company for AIG's
Life and Retirement business, for $2.2 billion in an all-cash
transaction, subject to adjustment if the final pro forma
adjusted book value is greater or lesser than the target pro
forma adjusted book value. This resulted in a $629 million
decrease to AIG's shareholders' equity. For additional
information, please refer to Note 1 to the Consolidated
Financial Statements in AIG's 10-K for the year ended
December 31, 2021.
This document and the remarks made within this presentation may include, and officers and representatives of American International Group, Inc. (AIG) may from time to
time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute "forward looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are intended to provide management's current expectations or
plans for AIG's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements are often preceded by,
followed by or include words such as "will," "believe," "anticipate," "expect," "expectations," "intend," "plan," "strategy," "prospects," "project," "anticipate," "should,"
"see," "guidance," "outlook," "confident," "focused on achieving," "view," "target," "goal," "estimate" and other words of similar meaning in connection with a
discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future
actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the
outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, such as the separation of the Life and Retirement
business, the effect of catastrophes, such as the COVID-19 pandemic, and macroeconomic events, anticipated dispositions, monetization and/or acquisitions of
businesses or assets, or successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial
results, and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause AIG's actual results
and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could
cause AIG's actual results to differ, possibly materially, from those in the specific projections, goals, assumptions and statements include, without limitation: AIG's ability
to successfully separate the Life and Retirement business and the impact any separation may have on AIG, its businesses, employees, contracts and customers; the
occurrence of catastrophic events, both natural and man-made, including COVID-19, other pandemics, civil unrest and the effects of climate change; the effect of
economic conditions in the markets in which AIG and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions,
fluctuations in interest rates and foreign currency exchange rates and inflationary pressures; AIG's ability to effectively execute on the AIG 200 operational programs
designed to modernize AIG's operating infrastructure and enhance user and customer experiences, and AIG's ability to achieve anticipated cost savings from AIG 200; the
impact of potential information technology, cybersecurity or data security breaches, including as a result of supply chain disruptions, cyber-attacks or security
vulnerabilities, the likelihood of which may increase due to extended remote business operations as a result of COVID-19; the impact of COVID-19 and responses thereto,
including new or changed governmental policy and regulatory actions, on AIG's business, financial condition and results of operations; availability of reinsurance or
access to reinsurance on acceptable terms; disruptions in the availability of AIG's electronic data systems or those of third parties; changes to the valuation of AIG's
investments; actions by rating agencies with respect to AIG's credit and financial strength ratings as well as those of its businesses and subsidiaries; concentrations in
AIG's investment portfolios, including as a result of our asset management relationship with Blackstone Inc. (Blackstone); the effectiveness of strategies to recruit and
retain key personnel and to implement effective succession plans; the effectiveness of AIG's enterprise risk management policies and procedures, including with respect
to business continuity and disaster recovery plans; changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill; AIG's ability to
effectively execute on ESG targets and standards; AIG's ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired
businesses; nonperformance or defaults by counterparties, including Fortitude Reinsurance Company Ltd. (Fortitude Re); changes in judgments concerning potential
cost-saving opportunities; changes to our sources of or access to liquidity; changes in judgments or assumptions concerning insurance underwriting and insurance
liabilities; the requirements, which may change from time to time, of the global regulatory framework to which AIG is subject; significant legal, regulatory or
governmental proceedings and such other factors discussed in: Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) and Part
I, Item 1A. Risk Factors in AIG's Annual Report on Form 10-K for the year ended December 31, 2021 (which will be filed with the Securities and Exchange Commission), Part
I, Item 2. MD&A in AIG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, Part I, Item 2. MD&A in AIG's Quarterly Report on Form 10-Q for
the quarterly period ended June 30, 2021, Part I, Item 2. MD&A in AIG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, and Part II, Item 7.
MD&A and Part I, Item 1A. Risk Factors in AIG's Annual Report on Form 10-K for the year ended December 31, 2020. The forward-looking statements speak only as of the
date of this presentation. AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions or other
statements, whether written or oral, that may be er as a result of new information, future events or otherwise.
This document and the remarks made orally may also contain certain financial measures not calculated in accordance with generally accepted accounting principles
(non-GAAP). The reconciliation of such measures to the most comparable GAAP measures in accordance with Regulation G is included in the earnings release and Fourth
Quarter 2021 Financial Supplement available in the Investor Information section of AIG's corporate website, www.aig.com, as well as in the Appendix to this presentation.
Note: Amounts presented may not foot due to rounding.
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