Investor Presentaiton

FY'18 $15,024 FY'19 $12,989 6,916 Personal Insurance 8,108 6,203 6,786 General Insurance: International underwriting results reflect lower CATS and better AYLR, as adjusted ($ in millions) Net premiums written Commercial Lines Net premiums earned $15,191 $13,585 Commercial Lines 7,068 6,364 Personal Insurance 8,123 7,221 Underwriting income (loss) ($824) $309 Commercial Lines (764) 29 Personal Insurance (60) 280 Net investment income $363 $515 Key Takeaways: ■ NPW decreased 14% (11% excluding FX) primarily due to underwriting actions and changes in reinsurance programs in 2019, partially offset by the full year inclusion of the Validus acquisition AYLR, as adjusted, decreased 2.7 pts due to reduced net severity of loss events and beneficial impact of underwriting and reinsurance actions Acquisition ratio increased driven by changes in business mix ■ GOE ratio declined, driven by continued expense discipline Adjusted pre-tax income (loss) ($461) $824 Underwriting Ratios: FY'18 FY'19 B/(W) International Combined Ratio Commercial Lines AY combined ratio, as adjusted 100.3% 95.1% 5.2 pts 105.3% 97.7% Catastrophe losses and 6.8% CYCR, as adjusted, 2.9% 8.7% 3.1% 5.6 pts improved 7.6 pts reinstatement premiums 0.2% (0.3%) Prior year development 1.8% 1.3% 0.5 pts 98.3% 95.1% Combined ratio 110.8% 99.5% 11.3 pts AYCR, as 15.5% adjusted, 14.6% Personal Insurance improved 3.2 pts 23.7% 24.1% AY combined ratio, as adjusted 96.7% 95.2% 1.5 pts Catastrophe losses and 5.2% 2.8% 2.4 pts reinstatement premiums 59.1% Prior year development Combined ratio (1.2%) 100.7% (1.8%) 0.6 pts AYLR, as adjusted, improved 2.7 pts 56.4% 96.2% 4.5 pts FY'18 Calendar Year Combined Ratio AYCR, As adjusted GOE Ratio FY'19 CAT Ratio Acquisition Ratio PYD Ratio AYLR, As adjusted AIG 23

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