Investor Presentaiton

2Q20 results reflect manageable impacts from COVID-19, continued improvement in General Insurance AY underwriting profitability, adjusted for CATS, and strong financial and capital flexibility; Completion of Fortitude sale sharpens focus on Core businesses Highlights Continued improvement in General Insurance accident year underwriting profitability, adjusted for catastrophe losses (CATs) Strong Life and Retirement performance with $881M of adjusted pre-tax income (APTI) Sale of Fortitude Group Holdings, LLC (Fortitude) de-risks balance sheet and sharpens focus on Core businesses; transaction accounting reflected in GAAP results; the transaction did not negatively impact the statutory capital of AIG's insurance subsidiaries Impacts from COVID-19 remain manageable, with increased General Insurance losses and higher mortality as well as lower annuity sales and lower premiums from Travel and other lines of business Capital and liquidity positions remain very strong at the holding company and principal insurance companies Strong Financial and Capital Flexibility General Insurance AIG " " $10.7B holding company liquidity at June 30, 2020, net of: - - - $4.1B in debt issuances and $2.2B proceeds from the sale of Fortitude repayment of $1.3B credit facility draw-down and prepayment of $0.5B to the U.S. Treasury in connection with certain proposed tax settlement agreements; AIG expects to make, as early as 4Q20, additional settlement payments of -$1.2B, dependent upon the final calculation of accrued interest Ratio of total debt and preferred stock to total capital of 30.6% at June 30, 2020 2Q20 combined ratio of 106.0%; accident year combined ratio (AYCR), as adjusted*, of 94.9%, improved 1.2 pts from 2Q19 reflecting: - Improvement in Commercial Lines in both North America and International due to underwriting and reinsurance actions taken to improve business mix, loss performance, and improved rate adequacy - North America Personal Insurance AYCR, as adjusted, increased due to change in business mix driven by a series of new quota share reinsurance agreements, including participation by our newly formed Syndicate 2019, a Lloyd's Syndicate managed by Talbot, to reinsure risks related to AIG's Private Client Group and the impact of COVID-19 on the Travel business, partially offset by lower attritional losses in International Personal Insurance in Japan and Asia Pacific Personal Auto Strong rate momentum in North America and International Commercial Lines continued into the second quarter Reduced general operating expenses (GOE) reflecting ongoing expense discipline Favorable net prior year loss reserve development, net of reinsurance, totaled $74M, and was primarily due to $53M of amortization from the Adverse Development Cover 2Q20 APTI of $175M impacted by CATS and private equity losses * Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations. 3

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