AIG 200 Strategic Update

Non-GAAP Reconciliations Adjusted Pre-tax and After-tax Income - Consolidated (in millions) After-tax net income, including noncontrolling interests Noncontrolling interests (income) loss Net income attributable to AIG Dividends on preferred stock Net income attributable to AIG common shareholders Adjustments to arrive at Adjusted after-tax income (loss) (amounts net of Quarterly 1Q20 1Q21 $ 1,654 $ 3,930 95 (54) $ 1,749 S 3,876 7 7 $ 1,742 $ 3,869 tax, at U.S. statutory tax rate for each respective period, except where noted): Changes in uncertain tax positions and other tax adjustments (a) 5 (901) Deferred income tax valuation allowance charges (b) Changes in fair value of securities used to hedge guaranteed living benefits Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses) Changes in the fair value of equity securities Loss (gain) on extinguishment of debt Net investment income on Fortitude Re funds withheld assets Net realized capital gains on Fortitude Re funds withheld assets Net realized capital gains on Fortitude Re funds withheld embedded derivative Net realized capital gains (c)(d) 283 686 5 (17) 425 160 151 (17) 13 (6) (384) (137) (1,883) (2,729) (482) (Income) loss from discontinued operations and divested businesses (d) 171 (6) Non-operating litigation reserves and settlements (5) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements (6) (15) AIG Net loss reserve discount (benefit) charge Integration and transaction costs associated with acquiring or divesting businesses Restructuring and other costs Non-recurring costs related to regulatory or accounting changes Noncontrolling interests primarily related to net realized capital gains (losses) of Fortitude Holdings' standalone results (e) Adjusted after-tax income attributable to AIG common shareholders Weighted average diluted shares outstanding Income (loss) per common share attributable to AIG common shareholders (diluted) Adjusted after-tax income per common share attributable to AIG common shareholders (diluted) (a) Three months ended March 31, 2021 includes the recent completion of audit activity by the IRS. (b) Three months ended March 31, 2021 includes an increase in the valuation allowance against a portion of certain tax attribute carryforwards of AIG's U.S. federal consolidated income tax group, as well as net valuation allowance release in certain foreign jurisdictions. (c) Includes all net realized capital gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets. (d) Includes the impact of non-U.S. tax rates which differ from the applicable U.S. statutory tax rate and tax-only adjustments. (e) Prior to June 2, 2020, noncontrolling interests was primarily due to the 19.9 percent investment in Fortitude by an affiliate of The Carlyle Group L.P. (Carlyle), which occurred in the fourth quarter of 2018. Carlyle was allocated 19.9 percent of Fortitude Holdings' standalone financial results through the June 2, 2020 closing date of the Majority Interest Fortitude Sale. Fortitude Holdings' results were mostly eliminated in AIG's consolidated income from continuing operations given that its results arose from intercompany transactions. Noncontrolling interests was calculated based on the standalone financial results of Fortitude Holdings. The most significant component of Fortitude Holdings' standalone results was the change in fair value of the embedded derivatives which changes with movements in interest rates and credit spreads, and which was recorded in net realized capital gains and losses of Fortitude Holdings. In accordance with AIG's adjusted after- tax income definition, realized capital gains and losses are excluded from noncontrolling interests. Subsequent to the Majority Interest Fortitude Sale, AIG owns 3.5 percent of Fortitude Holdings and no longer consolidates Fortitude Holdings in its financial statements as of such date. The minority interest in Fortitude Holdings is carried at cost within AIG's Other invested assets, which was $100 million as of March 31, 2021. 44 (25) 2 71 10 786 (77) $ 105 S 923 878.9 876.3 $ 1.98 $ 4.41 0.12 1.05 22

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