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AIG Press Release AIG 175 Water Street New York , NY 10038 www.aig.com ● AIG Reports First Quarter 2021 Financial Results General Insurance adjusted pre - tax income ( APTI ) increased 69 % from the prior year quarter reflecting better underwriting results Commercial Lines net premiums written grew 25 % ( 22 % on a constant dollar basis ) from the prior year quarter driven by both North America and International Life and Retirement APTI increased 57 % from the prior year quarter supported by diverse products and improving market conditions Repurchased approximately $ 362 million of AIG common stock during the quarter FIRST QUARTER NOTEWORTHY ITEMS General Insurance APTI of $ 845 million included better underwriting results and higher net investment income ; the combined ratio was 98.8 , a 2.7 point improvement from the prior year quarter , despite 7.3 points of catastrophe losses , net of reinsurance ( CATS ) , or $ 422 million , primarily from winter storms . ● ● FOR IMMEDIATE RELEASE Contacts : Sabra Purtill ( Investors ) : sabra.purtill@aig.com Shelley Singh ( Investors ) : shelley.singh@aig.com Claire Talcott ( Media ) : claire.talcott@aig.com 1 The General Insurance accident year combined ratio , as adjusted * , was 92.4 , a 3.1 point improvement from the prior year quarter due to improved North America and International Commercial Lines underwriting results . Life and Retirement APTI was $ 941 million due to strong net investment income , offset in part by an adjusted pre - tax loss ( APTL ) in Life Insurance ; return on adjusted segment common equity - Life and Retirement * for the first quarter was 14.2 % , on an annualized basis . Strong consolidated net investment income of $ 3.7 billion was up 46 % from the prior year quarter , driven by alternative investments and other investment income . Net income attributable to AIG common shareholders was $ 3.9 billion , or $ 4.41 per diluted common share , compared to $ 1.7 billion , or $ 1.98 per diluted common share , in the prior year quarter . Adjusted after - tax income attributable to AIG common shareholders * ( AATI ) was $ 923 million , or $ 1.05 per diluted common share , compared to $ 105 million , or $ 0.12 per diluted common share , in the prior year quarter . As of March 31 , 2021 , book value per common share was $ 72.37 , a decrease of 5.3 % from December 31 , 2020. Adjusted book value per common share * was $ 58.69 , an increase of 2.9 % from December 31 , 2020 . Return on common equity ( ROCE ) and Adjusted ROCE * were 24.2 % and 7.4 % , respectively , on an annualized basis for the first quarter of 2021 . The AIG Board of Directors declared quarterly cash dividends of $ 0.32 per share on AIG common stock and $ 365.625 per share on AIG preferred stock . * Refers to financial measure not calculated in accordance with generally accepted accounting principles ( non - GAAP ) ; definitions of non - GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Comment on Regulation G and Non - GAAP Financial Measures .