Investor Presentaiton

Life and Retirement: Individual Retirement reflects positive net flows for Annuity Business, asset growth and continued spread compression ($ in millions) Premiums and deposits Premiums Policy fees 1 FY18 FY19 $14,473 $14,899 52 104 804 811 Net investment income 3,827 4,133 Advisory fee and other income 655 Total adjusted revenues 5,338 606 5,654 Benefits, losses and expenses 3,657 3,670 Adjusted pre-tax income (APTI) $1,681 $1,984 Annual actuarial assumption update ($52) APTI, excluding annual actuarial assumption update $1,733 ($63) $2,047 Net Flows ($B) Key Takeaways ■ APTI improvement driven by favorable impacts from equity market returns, impacts from lower interest rates driving higher income on fair value option bonds, and higher income resulting from growth in Index Annuity assets throughout 2019 ■ Continued spread compression trend as a result of higher yielding assets rolling off the large in-force portfolio, while continuing to maintain pricing discipline ■ Positive net flows, excluding Retail Mutual Funds, primarily driven by strong Fixed and Index Annuity sales ■ Growth in assets under administration driven by strong equity market performance and higher Annuity net flows in first half of 2019, partially offset by net redemptions in Retail Mutual Funds Assets Under Administration ($B) Premiums and Deposits FY18 $4.8 $3.1 $4.3 $2.4 $14.5 FY19 $5.3 $2.9 $5.5 $1.3 $14.9 Surrender and Other Withdrawals FY18 $4.1 $4.0 $0.5 $5.5 $14.1 FY19 $3.7 $4.1 $0.7 $4.7 $13.2 Net Flows² FY 18 FY19 ($2.9) ($1.5) ■Fixed Annuities Variable Annuities Index Annuities Retail Mutual Funds 1) Excludes FHLB Funding Agreement issued in 2018 ($1.1B) AIG 2) Includes death and other contract benefits 11.7% $139.1 $13.3 $43.7 $82.1 $155.4 $12.0 $49.7 $93.8 4Q18 4Q19 General Accounts ■Separate Accounts Retail Mutual Funds Base Net Investment Spread 1.95% 3.33% 1.86% 3.05% FY18 ■Fixed Annuities FY19 Variable and Index Annuities 25

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