AIG 200 Strategic Update

1Q20 and 1Q21 noteworthy items ($M, except per share amounts) CATS excluding General Insurance COVID-193 General Insurance COVID-19 CATS 1Q20 - Income / (Loss) Pre-tax After-tax¹ 1Q21 - Income / (Loss) EPS diluted² 1 Pre-tax After-tax1 EPS- diluted² ($147) (272) ($116) ($0.13) ($441) ($348) ($0.40) (215) ($0.24) 60 47 0.05 37 29 0.03 Favorable prior year development (PYD)4 Investment performance: Better/(worse) than expected alternative investment returns consolidated 5,6 - (186) (147) (0.17) 451 356 0.41 (Worse) than expected fair value changes on fixed maturity securities other accounted under FVO5 (321) (254) (0.29) (67) (53) (0.06) Total noteworthy items - APTI basis ($866) ($684) ($0.78) ($20) ($16) ($0.02) 1) Computed using a U.S. statutory tax rate of 21%. 2) Computed using weighted average diluted shares on an operating basis, which is provided on page 6 of the 1Q21 Financial Supplement. 3) 1Q21 includes $422M of CATS in General Insurance and $19M of CATS in Other Operations related to Blackboard, pre-tax. AIG 4) 1Q21 includes $56M of favorable PYD in General Insurance and $19M of unfavorable PYD in Other Operations primarily related to Blackboard, pre-tax. 5) The annualized expected rate of return for both 1Q20 and 1Q21 is 6% for alternative investments and 4% for FVO fixed maturity securities, respectively. Presented on a consolidated AIG basis, which consists of GI, L&R and Other Operations, including consolidation and eliminations. 6) 5

View entire presentation