AIG 200 Strategic Update

1Q21 APTI reflects continued improvement in General Insurance accident year, as adjusted*, underwriting profitability and strong Life and Retirement APTI 1Q21 Financial Results General Insurance Life and Retirement Capital Management AIG " ◉ " ◉ . Adjusted after-tax income attributable to AIG common shareholders (AATI)* of $923M ($1.05/diluted share) and adjusted pre-tax income (APTI)* of $1.3B reflecting: A 69% increase in General Insurance APTI reflecting a 92.4 accident year combined ratio (AYCR), as adjusted*, which improved 3.1 pts driven by Global Commercial Lines and International Personal Insurance, and 7.3 pts of catastrophe losses, net of reinsurance (CATS), or $422M, primarily from winter storms - A 57% increase in Life and Retirement APTI due to higher net investment income (NII), APTI basis, which contributed to increased APTI in Individual and Group Retirement and Institutional Markets; Life Insurance was impacted by elevated mortality primarily from COVID-19, and An increase of 18% in NII, APTI basis*, to $3.2B compared to 1Q20; excluding the impact of Fortitude Group Holdings, LLC (Fortitude) in 1Q20, NII, APTI basis, increased 24%, or $611M, reflecting higher private equity returns and positive hedge fund income - Net income attributable to AIG common shareholders of $3.9B ($4.41/diluted share) reflecting $923M of AATI and $2.4B of net realized capital gains related to the Fortitude embedded derivative Return on common equity (ROCE) and Adjusted ROCE* were 24.2% and 7.4%, respectively, on an annualized basis for 1Q21 Book value per common share was $72.37, a decrease of 5.3% from December 31, 2020, due to the impact of higher interest rates on accumulated other comprehensive income (AOCI) during 1Q21; Adjusted book value per common share* was $58.69, an increase of 2.9% from December 31, 2020 Net premiums written (NPW) increased by 9% from 1Q20 driven by 25% growth in Global Commercial Lines (22% on a constant dollar basis) AYCR, as adjusted, of 92.4, a 3.1 pt improvement from 1Q20; the 59.2 accident year loss ratio (AYLR), as adjusted* and 33.2 expense ratio improved 1.6 pts and 1.5 pts, respectively - Commercial Lines continued to show strong improvement in both North America (NA) (AYCR, as adjusted, down 3.7 pts) and International (AYCR, as adjusted, down 4.9 pts) due to improved business mix along with rate increases International Personal Insurance AYCR, as adjusted, was down 1.5 pts due to improved attritional losses and expense discipline NA Personal Insurance AYCR, as adjusted, increased 7.9 pts to 105.9 compared to the prior year quarter due to the impact of COVID-19, most notably on the Travel business, and changes in business mix driven by the combined impact of the creation of Syndicate 2019 and cessions placed on AIG's Private Client Group (PCG) business, which occurred in 2Q20 1Q21 APTI of $941M and annualized return on adjusted segment common equity* of 14.2% both reflect the impact of favorable capital markets conditions on NII, APTI basis, Variable Annuity deferred acquisition cost (DAC) and sales inducement assets (SIA) amortization, net of fee income and changes in reserves, partially offset by elevated mortality in Life Insurance, principally due to COVID-19 On October 26, 2020, AIG announced its intention to separate the Life and Retirement business from AIG. Refer to page 10 for further discussion on the announced separation $7.9B AIG Parent liquidity at March 31, 2021, down from $10.5B at December 31, 2020, principally due to debt repayment, share repurchases and shareholder dividends Total debt and preferred stock leverage of 28.4%; excluding AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude's funds withheld assets, total debt and preferred stock leverage was 29.7% at March 31, 2021 Repurchased $362M of AIG Common Stock (~8M shares); as of May 6, 2021, $1.1B remained under the share repurchase authorization 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

View entire presentation