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Life and Retirement: Group Retirement APTI decreased due to unfavorable equity markets and lower income on FVO securities; lower surrenders resulted in improved net flows ($ in millions) Premiums and deposits Premiums 1Q19 1Q20 $2,063 $1,855 6 Policy fees 100 109 Net investment income 541 517 Advisory fee and other income 64 62 Total adjusted revenues 709 694 Benefits, losses and expenses 477 551 Adjusted pre-tax income (APTI) $232 $143 Net Flows ($B) Premiums and Deposits 1Q19 $2.1 Key Takeaways: ■ APTI is lower than 1Q19 driven by unfavorable impacts from equity markets resulting in higher DAC amortization and higher reserves. Widening credit spreads resulted in lower income on FVO securities ■ Net flows remain negative, although favorable to 1Q19 primarily due to lower surrenders, partially offset by lower deposits ■ AUA is lower than 1Q19 primarily due to unfavorable equity market performance in 1Q20 ■ Continued focus on active spread management in the current low interest rate environment Assets Under Administration (AUA - $B) $102.1 $19.5 $35.5 1Q20 $1.9 $47.1 Surrender and Other Withdrawals 1Q19 ■General Accounts 1Q19 $2.8 1Q20 $2.3 Net Flows1 1Q19 1Q20 ($0.9) ($0.6) -5.8% $96.2 $17.8 $30.2 $48.3 1Q20 ■Separate Accounts Mutual Funds Base Net Investment Spread 1.83% 1.70% 1Q19 1Q20 1) Includes death and other contract benefits. AIG 16

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