Investor Presentaiton

Life and Retirement: Life Insurance APTI decreased due to higher mortality and insurance reserves and prior year reserve and reinsurance refinements ($ in millions) Premiums and deposits Premiums Policy fees 1Q19 1Q20 $995 $1,015 395 419 373 370 Net investment income 291 291 Other income¹ 14 11 Total adjusted revenues 1,073 1,091 ■ Benefits, losses and expenses 957 1,036 Adjusted pre-tax income (APTI) $116 $55 AIG By Product $125 $122 22% 27% 26% 24% 52% 1Q19 49% 1Q20 ■Term Universal Life Group and Other Life Key Takeaways: ■ APTI is lower than 1Q19 due to higher mortality and insurance reserves, and prior year favorable reserve and reinsurance refinements ■ Premiums reflect growth in term and international life and health products Mortality is better than pricing assumptions, however 1Q20 includes an IBNR reserve strengthening related to potential death notice delays due to COVID-19 New Business Sales ($M) By Geography $125 $122 39% 61% 40% 60% 1Q19 1Q20 US ■ UK 1) Includes Other income primarily related to commission and profit sharing revenues received by Laya Healthcare from the distribution of insurance products. 17

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