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Copyright © 2025 American International Group, Inc. All rights reserved.
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Cautionary Note Regarding Forward-Looking Statements Certain statements in this presentation and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any forward-looking statement made during this presentation speaks only as of the date on which it is made. These forward-looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. There can be no assurance that future developments affecting us will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “confident,” “focused on achieving,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation: the impact of adverse developments affecting economic conditions in the markets in which we operate in the U.S. and globally, including financial market conditions, macroeconomic trends, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, and an economic slowdown or recession and geopolitical events or conflicts; the occurrence of catastrophic events, both natural and man-made, which may be exacerbated by the effects of climate change; disruptions in the availability or accessibility of our or a third party’s information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches or infrastructure vulnerabilities; our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives; the effects of changes in laws and regulations, including those relating to privacy, data protection, cybersecurity and AI, and the regulation of insurance, in the U.S. and other countries in which we operate; our ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof; concentrations in our investment portfolios, including our continuing equity market exposure to Corebridge Financial, Inc. ; our reliance on third-party investment managers; changes in the valuation of our investments; our reliance on third parties to provide certain business and administrative services; availability of adequate reinsurance or access to reinsurance on acceptable terms; our ability to adequately assess risk and estimate related losses as well as the effectiveness of our enterprise risk management policies and procedures; changes in judgments or assumptions concerning insurance underwriting and insurance liabilities; concentrations of our insurance, reinsurance and other risk exposures; nonperformance or defaults by counterparties; the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans; difficulty in marketing and distributing products through current and future distribution channels; actions by rating agencies with respect to our credit and financial strength ratings as well as those of its businesses and subsidiaries; changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill; our ability to address evolving global stakeholder expectations and regulatory requirements with respect to environmental, social and governance matters; the effects of sanctions and the failure to comply with those sanctions; our ability to effectively implement restructuring initiatives and potential cost-savings opportunities; changes to sources of or access to liquidity; changes in accounting principles and financial reporting requirements or their applicability to us; changes to tax laws in the U.S. and other countries in which we operate; the outcome of significant legal, regulatory or governmental proceedings; our ability to effectively execute on sustainability targets and standards; the impact of epidemics, pandemics and other public health crises and responses thereto; and such other factors discussed in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in AIG’s Annual Report on Form 10-K for the year ended December 31, 2024 (filed with the Securities and Exchange Commission (SEC) on February 13, 2025) and our other filings with the SEC. Forward-looking statements speak only as of the date of this presentation or in the case of any document incorporated by reference, the date of that document. AIG is not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in our filings with the SEC. 2
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Non-GAAP Financial MeasuresThis presentation and the remarks made orally may contain certain financial measures not calculated in accordance with generally accepted accounting principles (non-GAAP). Reconciliations of non-GAAP information to GAAP for measures noted within in accordance with Regulation G are included in the appendix to this presentation. Additional reconciliations of such measures to the most comparable GAAP measures are included in Fourth Quarter 2024 Financial Supplement and company’s SEC filings available in the Investor Information section of AIG’s corporate website, www.aig.com. Metrics Reported on Comparable BasisThis presentation and the remarks made orally related to General Insurance results, including key metrics such as Net Premiums Written, Net Premiums Earned, Losses and loss adjustment expense incurred, underwriting income, margin and underwriting leverage, are presented on a comparable basis, which reflects year-over-year comparison adjusted for the sale of Crop Risk Services and the sale of Validus Re, as applicable. We believe this presentation provides the most useful view of our results and the go forward business in light of the substantial changes to the portfolio since 2023. Please refer to the appendix for reconciliations of the metrics reported on comparable basis. 3
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5 Opening Remarks and Business UpdatePeter Zaffino, Chairman & CEO
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Unprecedented Turnaround with Unparalleled Opportunity 6
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Accelerating Tomorrow Operating EPS CAGR20%+Core Operating ROE10% - 13%GI Expense Ratio<30%Dividends Per Share CAGR10%+ (2025-2026) PERFORMANCE METRICS 2025 - 2027F1 For footnote(s), see appendix 7
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Revived our brand through underwriting and operational excellenceReinsurance strategy: You have to know what you're doingOverview of our global businessesExhibited operational excellence as a core competencyGenAI: Unlocking unparalleled opportunityRelentlessly driving top-quartile financial performance I II IIIIV VVI 8
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IIRevived our brand through underwriting and operational excellenceI 9
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North America Commercial $8.5B U.K. $4.4B Japan $2.9B#1 Foreign P&C Insurer1 APAC $2.2B EMEA $3.5B21 countries Global Platform – Three Diverse Operating Segments 2024 NET PREMIUMS WRITTEN (NPW) BY SEGMENT$24B Pins represent 4 Distribution Hubs in London, Singapore, Dubai and Miami and AIG's Joint Venture with Tata Group.GLOBAL FOOTPRINT 35% | $8.4BInternational Commercial 30% | $7.1BGlobal Personal 35% | $8.5BNorth AmericaCommercial More than 200 countries and jurisdictions AIG since 20172 3,10067% new Underwriters80%New Top 100 Leaders 100%New Executive Leadership 4,20045% new Claims professionals For footnote(s), see appendix 10
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48%Our Businesses at a Glance 2024 NET PREMIUMS WRITTEN (NPW) $24B 22%30% Retail Property Financial LinesRetail Casualty Glatfelter, Programs and CaptivesGlobal Specialty LexingtonTalbot-SpecialtyHigh Net WorthAuto & Home-ownersWarranty Global A&H For footnote(s), see appendix 11
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38% 83% 121%114% 39% 75% 38% 65% 103% 38% 70% 108% 33% 60% 93% 36% 60% 96% 34% 59% 93% 36% 63% 99% 20182019202020212022202320242017 Loss RatioFully Loaded Expense Ratio2 28 points of Combined Ratio Improvement since 2017 Calendar Year Combined Ratio (%)1Significant Multi-Year Improvement Across Both Loss and Expense Ratios For footnote(s), see appendix 12
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Substantial Combined Ratio ImprovementCalendar Year Combined Ratio (%)1 2017 2019 202120202018 AIG 103% 99% 96% 93%93% 121% IndustryAvg2 98% 96% 101%102%99%103% Peer Avg3 96% 94% 94%96%96%99% 202220232024 CONSISTENTOUTPERFORMANCE Peer Top Quartile 95% 91%94%96% 93%93% For footnote(s), see appendix 13
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(683) (2,598) (5,448) (3,130)(2,987) (373)(730) (4,126) (5,605)(4,481) (2,911) 95 (919) 1,0481,8061,9381,917 20082009201020112012201320142015201620172018201920202021202220232024 2008 – 20182$33B underwriting loss Very strong and consistent underwriting profitabilityUnprecedented Improvement in Underwriting Profitability1 For footnote(s), see appendix 14
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Historic Limit Reduction with NPW GrowthGlobal Commercial Gross Limit ($T) vs. Global Commercial Net Premiums Written ($B) 201820192020202120222023 2024 $14.8 $16.8 $13.1$13.1 $15.0$15.2$15.8 $2.7 Trillion $1.4 Trillion Global Commercial Gross Limit ($T)Global Commercial NPW1 ($B) For footnote(s), see appendix 15
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AIG CATASTROPHE LOSSES AND REINSTATEMENT PREMIUMS RATIO1 AIG CAT LOSS2 AS % OF INDUSTRY INSURED LOSSES FROM NATURAL DISASTERS3 Significantly Reduced Volatility from Property CatastropheLosses 16% 10% 4% 10% 5%5%4%5% 0 0.02 0.04 0.06 0.08 0.1 0.12 0.14 0.16 0.18 20172018201920202021202220232024 4 134 9071 97 130132118 145 0% 1% 2% 3% 4% 5% 0 50 10 0 15 0 20172018201920202021202220232024 AIG SHARE (%) INDUSTRY INSURED LOSSES (NOMINAL $B) Industry Insured Losses (Nominal $B)AIG Share (%)5 4 For footnote(s), see appendix 16
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119 74 17 25 30 78 480 134 82 108 166 113 96 29 33 37 628 219 132143 233201 96 2018201920202021202220232024 11 10 Dramatic Reduction in Severe Losses1 from Underwriting and Reinsurance ApplicationNorth America Commercial ex. ValidusInternational CommercialGlobal Personal Insurance2.3% 0.9% 0.6%0.6% 1.1%0.9% 0.4% Loss Ratio Points Severe losses – 5-year average decreased by 70%2 For footnote(s), see appendix 10 17
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Reinsurance strategy: You have to know what you're doingII 18
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AIG’s Reinsurance Philosophy is Designed to Reduce Volatility and Optimize Our Long-Term Position REINSURANCE BUYING PRINCIPLES Financial Impact Volatility Reduction Gross Underwriting Strategy Enterprise Net Underwriting Strategy Long-Term Approach to Buying Balance Sheet Protection 19
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Reinsurance Strategy Enhances the Quality of Underwriting Earnings INCURRED LOSSES PROBABILITY Greater certainty around reduced expected losses Gross Reduced probability of extreme loss events 90% less chance of aggregate losses being $20B+ GrossNet of Reinsurance PROBABILITY INCURRED LOSSES$20B Note: Figure illustrative based on AIG Enterprise Underwriting Model enhanced for scale.20
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North America CATOccurrenceJapan CAT OccurrenceRest of Wo rld CA TOccurrenceCommercial Property Risk(non-CAT) $1,500M $500M $25M $600M$675M $200M$125M No Purchase 100% Retained U.S. C asualtyInternational Casu alty PROPERTY CAT OCCURENCE & PROPERTY RISK1 2017 VS. 2025CASUALTY2 2017 VS. 2025 $160M $12M$15M No Purchase 100% Retained Net Retention Reductions are Massive from 2017201720252017 no purchase and/or 100% retained For footnote(s), see appendix Japan CAT OccurrenceRest of World CAT OccurrenceCommercial Property Risk(non-CAT)North AmericaCAT OccurrenceCommercial 21
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1.7 1.9 1.9 2.5 5.0 0.5 0.6 0.7 0.8 1.5 1.9 3.2 4.4 6.3 8.9 1.0 1.8 2.5 3.5 5.1 1-in-101-in-251-in-501-in-1001-in-250 USD $B Gross Reinsurance Impact Return Period (years) Gross: -46%Net: -70% Gross: -43%Net: -67% Gross: -43%Net: -64% Gross: -45%Net: -70% Gross: -43%Net: -70% Property Catastrophe Loss Occurrence Distributions – Worldwide All Perils1 20172025 1-in-10 1-in-25 1-in-50 1-in-100 1-in-250 For footnote(s), see appendix 22
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US & Canada Core Casualty QSPlaced: 20% $25M $75M AIG Retention US & Canada Casualty XOL$10M xs $15MPlaced: 80% AIG Retention $15M Global Casualty XOLSection B:US & Canada$50M xs $25MPlaced: 100% $100M Global Casualty XOLSection A:International$85M xs $15MPlaced: 100% 2025 Global Casualty Program1 For footnote(s), see appendix 23
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0 10 0 20 0 30 0 40 0 50 0 60 0 70 0 80 0 5 1025501002002505001000 AGGREGATE LOSSES ($M) RETURN PERIOD $10M xs $15M US & Canada Aggregate Available - $320M $85M xs $15M International Aggregate Available - $765M $50M xs $25M US & Canada Aggregate Available - $525M Casualty Reinstateable Limits Designed to Withstand Vertical Loss and Extreme Tail Scenarios1 1-IN-250 RETURN PERIOD$85M xs $15M aggregate remaining: 53%$50M xs $25M aggregate remaining: 65%$10M xs $15M aggregate remaining: 48% 5 1025501002002505001000RETURN PERIOD AGGREGATE LOSSES ($M) For footnote(s), see appendix 24
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$12.5M$11.2M$12.3M$11.3M$11.6M$12.0M20% 254% 0 12 ,50 0,00 0 25 ,00 0,00 0 37 ,50 0,00 0 50 ,00 0,00 0 62 ,50 0,00 0 75 ,00 0,00 0 0% 50% 100% 150% 200% 250% 300% 201920202021202220232024 INDEX (2019 = 100%) North America Excess Casualty Total Exposed Net Limit1 Net RetentionTotal Exposed Limit xs $25MCumulative RateNet Premiums Written 100% Total limits reduced by 80%$243M$178M$418M$421M$392M$474M For footnote(s), see appendix 25
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Overview of our global businessesIII 26
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North America Commercial:Diversified, High-Quality Business Retail55% Wholesale23% Glatfelter, Programs, Captives22% Large Commercial45%Middle Market and Small Commercial55% Large Commercial: Clients with a total revenue of $1B+Middle Market and Small CommercialClients with a total revenue of less than $1B Lexington 29% Retail Casualty 24% Financial Lines 21% Glatfelter, Programs, Captives 16% Retail Property10% RETAIL PROPERTYMarket leading capabilities with a multi segment strategy LEXINGTONAIG’s Company for accessing Excess & Surplus (E&S) Lines RETAIL CASUALTYLeaders with a multi-product offering, including Primary and Excess FINANCIAL LINESLeads the industry on market intelligence, rate discipline, innovation and product offerings SEGMENT BUSINESS2024 NPW | $8.5B DISTRIBUTION GLATFELTER, PROGRAMS, CAPTIVE SOLUTIONSGlatfelter: Wholly-owned specialty program manager and insurerPrograms: Delegated Underwriting authority market leaderCaptive Solutions: Capabilities across all stages of a captive's lifecycle 27
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74.7%72.9%66.1%61.9%61.3%61.7% 4.6%16.7%9.9%7.3%6.3%9.7%1.0% -2.5% 5.0%0.2% -4.8%-1.5% 28.3%28.1%28.0%27.2%25.9%24.6% 108.6%115.2%109.0%96.6%88.7%94.5% 201920202021202220232024 North America Commercial: Strong Premium Growth and Significant Combined Ratio ImprovementCALENDAR YEAR COMBINED RATIO2NET PREMIUMS WRITTEN1 ($B)ACCIDENT YEAR COMBINED RATIO (ADJ.)2 PYDAYLR (Adj.)CATAYLR (Adj.) Expense Ratio 20192020202120232024 6.3 6.3 7.0 7.4 7.7 8.5 201920202021202220232024 74.7%72.9%66.1%61.9%61.3%61.7% 28.3%28.1%28.0%27.2%25.9%24.6% 103.0%101.0%94.1%89.1%87.2%86.3% 2019202020212022202320242022 201920202021202320242022 201920202021202320242022 Expense Ratio +6% CAGR 74.7%72.9%66.1%61.9%61.3%61.7% 28.3%28.1%28.0%27.2%25.9%24.6% 4.6%16.7%9.9%7.3%6.3%9.7% 0.7% -2.5% 5.0%0.2% -4.8%-1.5% 108.3%115.2%109.0%96.6%88.7%94.5% -16.7% points-13.8% points For footnote(s), see appendix 28
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NEW BUSINESS ($B)2024 NEW BUSINESS1Targeted for best risk-adjusted returns North America Commercial: Strong New Business Growth for Stronger Risk-Adjusted Returns 1.71.6 2.1 1.9 2.1 2.4 201920202021202220232024 Lexington PropertyLexington CasualtyRetailProperty $525M $300M$230M +7% CAGR For footnote(s), see appendix 29
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Excess and Surplus Lines Industry GrowthDirect Premiums Written ($B): Total E&S Industry (incl. Lloyd’s) 7%8%9%10%11%12%13%14%19%22%23%26%29%29% Lexington NPW as a % of AIG NA Commercial1% Non-Admitted lines of Total Industry DPW2 Non-Admitted Lines Industry DPW Excess & Surplus projected growth3 10% CAGR F F F For footnote(s), see appendix 30
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$1.7$2.0$2.2$2.3$2.7$2.8$3.1 30K 300K 0 50 10 0 15 0 20 0 25 0 30 0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2018201920202021202220232024 Lexington: Exponential Growth in Submission ActivityGPWSubmissions 10xGross Premiums Written ($B) Note: Submissions exclude Western World. 31
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International Commercial: Diversified, High-Quality Business Large Commercial: Clients with a Total Revenue of $1B+Middle Market and Small Commercial : Clients with a Total Revenue under $1B SEGMENT DISTRIBUTION Global Brokers46% Inter-national brokers10% DomesticBrokers22% Agents8% Partnerships14% LargeCommercial56% Middle Market and SmallCommercial44%%TALBOT AT LLOYD’STop Lloyd's Managing Agent with three syndicates under management PROPERTYHigh-quality portfolio with reduced exposures GLOBAL SPECIALTYA leading worldwide specialty insurer FINANCIAL LINESLeaders in all our markets with the largest global portfolio CASUALTYLeaders in primary and excess lines Geographically diverse Global Specialty27% Talbot11% Financial Lines25% Property18% Casualty19% BUSINESS2024 NPW | $8.4B For footnote(s), see appendix 32
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International Commercial: Outstanding Portfolio, Delivered Strong Growth and Excellent Combined RatiosNET PREMIUMS WRITTEN1 ($B)ACCIDENT YEAR COMBINED RATIO (ADJ.)2AYLR (Adj.) 201920202021202320242022 201920202021202320242022 Expense Ratio 59.9% 37.7% 56.6% 36.9% 55.7% 35.2% 52.6% 33.0% 52.8% 30.7% 52.9% 31.3% 97.6%93.5%90.9%85.6%83.5%84.2% 6.46.47.37.78.18.4 74.7%72.9%66.1%61.9%61.3%61.7% 4.6%16.7%9.9%7.3%6.3%9.7%1.0% -2.5% 5.0%0.2% -4.8%-1.5% 28.3%28.1%28.0%27.2%25.9%24.6% 108.6%115.2%109.0%96.6%88.7%94.5% 201920202021202220232024 CALENDAR YEAR COMBINED RATIO2PYDAYLR (Adj.)CATExpense Ratio 201920202021202320242022 59.9%56.6%55.7%52.6%52.8%52.9% 37.7%36.9%35.2%33.0%30.7%31.3% 3.3%8.4%2.9%4.9%3.8%2.9%1.7% -0.2% 1.9%3.2% -1.6%-1.0% 100.7% 103.8%97.0% 88.9%89.0%86.1% -14.6% points -13.4% points +6% CAGR For footnote(s), see appendix 33
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NEW BUSINESS1 ($B) 2024 NEW BUSINESS2Targeted for best risk-adjusted returns International Commercial: Strong New Business 201920202021202220232024 1.71.51.81.92.12.1 Global SpecialtyCasualtyTalbot $715M $280M$300M +4% CAGR For footnote(s), see appendix 34
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Global Personal Insurance: High-Potential Business Warranty & Services10% Accident & Health35% High Net Worth16% Auto & Home29% North America29% APAC15% UK 3%LAC 3% Japan32% EMEA18% GEOGRAPHIC FOOTPRINT2024 NPW |$7.1BPRODUCT MIX1 Travel10% 2024 NPW |$7.1B For footnote(s), see appendix 35
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Global Personal Insurance: Scale Business, with Significant Opportunity to Improve Underwriting Margin CALENDAR YEAR COMBINED RATIO2NET PREMIUMS WRITTEN1 ($B)ACCIDENT YEAR COMBINED RATIO (ADJ.)2AYLR (Adj.)Expense Ratio 2020202120222023202420202021202220232024 20242020202120232022 6.36.56.36.97.1 54.0% 45.4% 54.3% 44.5% 55.5% 47.4% 54.5% 46.4% 53.7% 45.1% 99.4%98.8%102.9%100.9%98.8%0.6%2.7% -8.4%-3.8%-1.8% 2.0% -1.6% 5.0% 105.0%93.1%101.4%101.7%99.2%2.6% +3% CAGR-0.6% points-5.8% pointsPYDAYLR (Adj.)CATExpense Ratio 45.4%44.5% 2.3% 47.4%46.4%45.1% 54.3%55.5%54.5%54.0% 53.7% For footnote(s), see appendix 36
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Exhibited operational excellence as a core competency IV 37
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AIG 200 Established a Culture and Foundation of Operational Excellence Key AccomplishmentsIT Operating Model IT Modernization Procurement Standards Operations Finance Real Estate Private Client Group Standard Commercial Underwriting Platform AIG 200 CORE PRIORITY AREAS Achieved $1 billion in run-rate savings with a 1.3x Cost To AchieveInvested $500 million to digitize commercial underwriting platformReshaped our operational infrastructure and upskilled talentScaled our public cloud adoption from 20% to 80% in 2 yearsEliminated 1,200 legacy applications, a 30% reductionModernized our data and document foundation 38
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Divested Businesses That Were Not Core and Eliminated Significant Costs For footnote(s), see appendix Key Accomplishments2STRATEGIC DIVESTITURES1 Transferred 13,000 full-time employees, $1.1B of cost reductionEliminated $250M of stranded costsSold legacy data centers for over $100M, reducing our annual costs by $25MReduced our real estate footprint by 40% 39
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Key Accomplishments $700 $625 $350 $1,300 As Part of AIG Next, We Reduced Costs While Weaving the Company Together PARENT COMPANY EXPENSE1 ($M) 201920232024 ($275) 2025F2 $300 $1,000 CRBGAIG Next ActionsAIG –44%$1,000 $300 For footnote(s), see appendix Executing transformation with over $500M+ exit run rate savingsImplemented a lean parent company of $350M, realizing our target operating structureIntroduced US voluntary retirement program to accelerate structural changes Enabled future investment in GenAI, underwriting and claims capabilities 40
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GenAI: Unlocking unparalleled opportunityV 41
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For footnote(s), see appendix Portfolio Optimization §Performance modeling of risk-adjusted returns§Identify risk classes and segments expected to yield/exceed target returns §Large scale simulations define the optimal portfolio§Reprioritization back to UW to enable diversification Capital Allocation Accelerating the End-to-End Underwriting Process by 2X – 5X Using GenAI Underwriting §Assemble 125+ data elements for the “perfect” underwriting submission§UW decision and data extraction consistency§Culture shift drives 2X - 5X or more Large Language Models §Document classification and data extraction§Prioritize target risk characteristics§Data augmentation and learning with source Data Ingestion §Heterogeneous submission data §Existing AIG data§Reliable 3rd party sources (30 approved) BROKER & AGENT SUBMISSIONS 42
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For footnote(s), see appendix Large Language Models §Document classification and data extraction§Prioritize target risk characteristics§Data augmentation and learning with source Accelerating the End-to-End Underwriting Process by 2X – 5X Using GenAI Underwriting §Assemble 125+ data elements for the “perfect” underwriting submission§UW decision and data extraction consistency§Culture shift drives 2X - 5X or more Data Ingestion §Heterogeneous submission data §Existing AIG data§Reliable 3rd party sources (30 approved) BROKER & AGENT SUBMISSIONS Portfolio Optimization §Performance modeling of risk-adjusted returns§Identify risk classes and segments expected to yield/exceed target returns §Large scale simulations define the optimal portfolio§Reprioritization back to UW to enable diversification Capital Allocation ENABLERS1 43
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Portfolio Optimization §Performance modeling of risk-adjusted returns§Identify risk classes and segments expected to yield/exceed target returns §Large scale simulations define the optimal portfolio§Reprioritization back to UW to enable diversification Capital Allocation Accelerating the End-to-End Underwriting Process by 2X – 5X Using GenAILarge Language Models Underwriting §Assemble 125+ data elements for the “perfect” underwriting submission§UW decision and data extraction consistency§Culture shift drives 2X - 5X or more Data Ingestion §Heterogeneous submission data §Existing AIG data§Reliable 3rd party sources (30 approved) BROKER & AGENT SUBMISSIONS §Document classification and data extraction§Prioritize target risk characteristics§Data augmentation and learning with source ENABLERS1 For footnote(s), see appendix 44
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Portfolio Optimization §Performance modeling of risk-adjusted returns§Identify risk classes and segments expected to yield/exceed target returns §Large scale simulations define the optimal portfolio§Reprioritization back to UW to enable diversification Capital Allocation Accelerating the End-to-End Underwriting Process by 2X – 5X Using GenAILarge Language Models Underwriting §Assemble 125+ data elements for the “perfect” underwriting submission§UW decision and data extraction consistency§Culture shift drives 2X - 5X or more BROKER & AGENT SUBMISSIONS §Document classification and data extraction§Prioritize target risk characteristics§Data augmentation and learning with source Data Ingestion §Heterogeneous submission data §Existing AIG data§Reliable 3rd party sources (30 approved) ENABLERS1 For footnote(s), see appendix 45
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Accelerating the End-to-End Underwriting Process by 2X – 5X Using GenAIPortfolio Optimization §Large scale simulations define the optimal portfolio§Reprioritization back to UW to enable diversification Capital Allocation §Performance modeling of risk-adjusted returns§Identify risk classes and segments expected to yield/exceed target returns Large Language Models Underwriting §Assemble 125+ data elements for the “perfect” underwriting submission§UW decision and data extraction consistency§Culture shift drives 2X - 5X or more BROKER & AGENT SUBMISSIONS §Document classification and data extraction§Prioritize target risk characteristics§Data augmentation and learning with source Data Ingestion §Heterogeneous submission data §Existing AIG data§Reliable 3rd party sources (30 approved) ENABLERS1 For footnote(s), see appendix 46
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Lexington: Exponential Growth in Submission Activity 50566683981151357%8%9%10%11%12%13%14%19%22%23%26%29%29% -30%-20%-10%0%10%20%30% 020406080100120140160180200 2018201920202021202220232024202520262027 Excess & Surplus projected growth3 DIRECT PREMIUMS WRITTEN ($B): TOTAL E&S INDUSTRY (INCLUDING LLOYD’S)LEXINGTON GROSS PREMIUMS WRITTEN ($B) $1.7$2.0$2.2$2.3$2.7$2.8$3.1 30K 300K 2018201920202021202220232024 GPWSubmissionsLexington NPW as a % of AIG NA Commercial1 Non-Admitted Lines Industry DPW % Non-Admitted lines of Total Industry DPW2 10x 7%8%9%10%11%12%13%14%19%22%23%26%29%29% 10% CAGR FFF For footnote(s), see appendix. Note: Submissions exclude Western World. 47
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New Technology Expected to Turbocharge Growth Challenge and Resilience (2015 – 2020) Strategic Turnaround (2020 – 2025) Revolutionizing AIG’s capabilities (2025 – 2030) Without adoption of tech10%+ CAGR 20%+ CAGR 1 With end-to-end adoption of tech advancements Tomorrow's increase will be driven by technology advancements 2018 2025 2030F Today's increasefrom 2018 is due to E&S market growth and Lexington reposition For footnote(s), see appendix. 48
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New Technology Expected to Turbocharge Growth 30,0002018 1,300 (4%) $0.3B260,000 NEW BUSINESS SUBMISSIONS BIND/SUBMIT NEW BUSINESS PREMIUM AVERAGE NEW PREMIUM For footnote(s), see appendix. Note: Excludes Western World. 49
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New Technology Expected to Turbocharge Growth 30,0002018 1,300 (4%) $0.3B260,000 NEW BUSINESS SUBMISSIONS BIND/SUBMIT NEW BUSINESS PREMIUM AVERAGE NEW PREMIUM 300,0002024 6,700 (2%) $1B140,000 NEW BUSINESS SUBMISSIONS BIND/SUBMIT NEW BUSINESS PREMIUM AVERAGE NEW PREMIUM For footnote(s), see appendix. Note: Excludes Western World. 50
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New Technology Expected to Turbocharge Growth 30,0002018 1,300 (4%) $0.3B260,000 NEW BUSINESS SUBMISSIONS BIND/SUBMIT NEW BUSINESS PREMIUM AVERAGE NEW PREMIUM 300,0002024 6,700 (2%) $1B140,000 NEW BUSINESS SUBMISSIONS BIND/SUBMIT NEW BUSINESS PREMIUM AVERAGE NEW PREMIUM 2030F1(with adoption of Tech) 27,500 (6%) $4B 500,000 140,000 NEW BUSINESS SUBMISSIONS BIND/SUBMIT NEW BUSINESS PREMIUM AVERAGE NEW PREMIUM For footnote(s), see appendix. Note: Excludes Western World. 51
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Relentlessly driving top-quartile financial performanceVI 52
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SUBSIDIARY DIVIDEND3DEBT LEVERAGE2RETURN OF CAPITAL SHARES OUTSTANDINGANNUALIZED DIVIDEND PER SHARE1 FINANCIAL & HYBRID DEBTDEBT-TO-TOTAL-CAPITAL RATIO $22.2B $8.7B 20172024 25.3% 17.0% 20172024 20172024 $350M 899M 20172024 606M $1.60 20172023 $1.28 Significant Progress in Capital Management $2.5B $1.6BExtraordinary Dividend Ordinary Dividend $4.1B$1.44 2024 For footnote(s), see appendix 53
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2024120171 Strengthening in General Insurance Ordinary Dividend CapacityCorebridge Ordinary DividendsGI Ordinary Dividends USES Shareholder Dividends Interest ExpenseRestructuringExpenseParent Expenses $400M USES 2,000 $1,000M 1,000 600 2,350 450300 1,170 4,000 1,170 400 USES Shareholder Dividends Interest Expense RestructuringExpense Parent Expenses 970 1,460 Run Rate Uses 1,500 1,850 350SOURCES ($2,150M) SOURCES 240 2,510 2,750 SOURCES 3,000 Restructuring & Interest Expense Shareholder Dividends Parent Expenses 650 1,000 350 2025-2027F2 For footnote(s), see appendix 54
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Global Personal Insurance: Underwriting Profitability Improvement Potential 2024 Combined Ratio1 Acquisition Ratio2025-2027FCombined Ratio2GOE RatioNPW GrowthCAT RatioAYLR 99.2% 94.0%LOSS RATIO EXPENSE RATIO Over500 bps of a Combined Ratio Improvement For footnote(s), see appendix. Note: The boxes in this chart are not scaled to represent the % contribution from each driver.55
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22.2%20.6%19.6%19.2%19.2%19.4%18.8% 16.1%16.9%16.7%16.6%14.8%13.8%13.6% 38.3%37.5%36.3%35.8%34.0%33.2%32.4% 20192020202120222023202420242025 Fully Loaded GOE Ratio2GI Acquisition Ratio Fully Loaded Expense Ratio Expected to Continue to DeclineFully Loaded General Insurance Expense Ratio1 (%) <30% Ex Travel3 2025-2027F4 For footnote(s), see appendix 56
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KEY ASSESSMENT CRITERIA INCLUDE:KEY FINANCIAL TARGETS INCLUDE:Enhance AIG’s position in core product capabilities Accretive to ROEAccretive to EPS Manageable TBV Impact Provide additional scale or access in new geographies Relentless focus on business quality with track record of underwriting excellenceAdjacencies of core businesses that strengthen AIG AIG M&A Framework Supports a Structured, Disciplined Approach 57
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Core Operating ROE (%)Path to 10% – 13% Core Operating ROE 10–13% 2024 2025–2027F1Underwriting IncomeExpense OptimizationNet Investment IncomeInterest ExpenseTax EfficiencyShare Repurchase 9.1% For footnote(s), see appendix. Note: The boxes in this chart are not scaled to represent the % contribution from each driver.58
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$2.40 $0.31$2.38 $5.09$2.40 $3.86 $6.82 Industry-Leading Operating EPS GrowthOperating Earnings Per Share ($)AIG Operating EPS (ex. ValRe & CRS and CRBG)Validus Re & CRS ContributionCRBG Contribution $3.10 $2.38$2.47 $4.95 $5.70 $2.52 $1.70 $2.79 $4.58 2020 20212022 2025F202320242019 2027F $2.05$0.09$0.47 $0.13 $0.56 2022-2024 CAGR 44% 2025-2027F CAGR +20%2 2026F Corebridge and Validus Re contributed 50%+ of EPS1 For footnote(s), see appendix 59
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Accelerating Tomorrow Operating EPS CAGR20%+Core Operating ROE10% - 13%GI Expense Ratio<30%Dividends Per Share CAGR10%+ (2025-2026) PERFORMANCE METRICS 2025 - 2027F1 For footnote(s), see appendix 60
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61 Financial UpdateKeith Walsh, CFO
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Strong balance sheet and financial flexibility III Capital management Strong reserve positionIIIIVExpense optimizationV Investments and net investment income 62
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Strong balance sheet and financial flexibilityI 63
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$20.5 $22.6 $21.9 $22.9 $23.9 72%76%78%82%89% 20202021202220232024 General Insurance Net Premium Written (NPW) ($B) to Statutory Capital1Well Capitalized to Support GrowthGeneral Insurance NPWNPW/Statutory Surplus For footnote(s), see appendix 64
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Sustainable Insurance Company Dividends Driven by Strong Profitability General Insurance Subsidiary Dividends / Distributions1 ($B)Ordinary DividendsExtraordinary Dividends / Distribution $2.38$0.7 $0.6 $1.3$0.9 $1.4 $2.3 $0.9 $2.5 $3.4 20202021 Target Annual Ordinary Dividends Run Rate220222023 $1.6 $2.5 $4.1 2024 $1.9 $1.9 For footnote(s), see appendix ~$3.0 65
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AIG TOTAL DEBT AND PREFERRED STOCK TO TOTAL CAPITAL LEVERAGE RATIO & DEBT STRUCTURE1 ($B) Reduced debt by $17.8Bfrom 2020 to 2024 AIG leverage ratio of17.0%at year-end 2024 Peer leverage ratio2 of23.4%at year-end 2024 AIG Financial & Hybrid DebtCRBG Financial & Hybrid DebtPreferred StockTotal Debt & Preferred Stock to Total Capital 28.5% 17.0% 28.4%24.6% 33.6% $8.7B$9.4 $10.3 $20.2B $11.7 $9.4 $21.6B$22.3B $21.4 $0.4 $26.5B $25.4 $0.6$0.5 2020202120222023 2024 Industry-Leading Debt to Total Capital Ratio For footnote(s), see appendix 66
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Built Balance Sheet Strength with Financial Flexibility FINANCIAL STRENGTH RATINGS1 A2 Positive A Stable A+ Positive A+ Stable KEY HIGHLIGHTS (AS OF DECEMBER 31, 2024) $7.7BStrong Parent Liquidity 407% RBCRobust U.S. Insurance Subsidiary Capitalization 17%Debt/Total CapitalLeverage RatioFor footnote(s), see appendix 2 67
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Strong reserve positionII 68
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$40.1B Net Loss Reserves Actuarial Pricing and Reserving is Foundational Actuarial PrinciplesConservative initial loss picks developed at a granular level Strong and frequent triangulation between actuarial, claims and underwriting to get ahead of trendsRobust governance including internal and external reviewsRecognize favorable trends slowly and adverse trends fast $23.4BNorth America Commercial $11.3BInternational Commercial$3.1B Global Personal $2.4BOther1 (As of December 31, 2024) For footnote(s), see appendix 69
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($3,275) ($5,442) ($999)($429) $212$42$163$437$393$368 (8,000) (6,000) (4,000) (2,000) - 2,000 4,000 6,000 8,000Discipline Driving Consistent Favorable Reserve DevelopmentPrior Year Development1 ($M) and Impact to Adjusted Book Value Per Share (ABVPS) CUMULATIVE IMPACT ON ADJUSTED BVPS: 3%CUMULATIVE IMPACT ON ADJUSTED BVPS: (11%) 2015201620172018201920202021202220232024 For footnote(s), see appendix 70
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Accident Year Loss Ratio Development | U.S. Long-Tail Commercial1 ACCIDENT YEAR LOSS RATIO (AYLR) DEVELOPMENT: INITIAL VS. CURRENT AS OF 2024 AY’15AY’16AY’17AY’18 AY’24AY’23AY’22AY’21AY’20AY’19 P&C Industry Initial LR2 73%73% AIG Current LR2 95% 89% P&C Industry Current LR269% AIG Initial LR2 85% 70% For footnote(s), see appendix 71
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U.S. OTHER LIABILITY OCCURRENCE: INITIAL VS. CURRENT AS OF 2024U.S. COMMERCIAL AUTO LIABILITY: INITIAL VS. CURRENT AS OF 2024 AY’15AY’16AY’17AY’18AY’19AY’20AY’21AY’22AY’23AY’24AY’15AY’16AY’17AY’18AY’19AY’20AY’21AY’22AY’23AY’24 AIG acted earlier by materially strengthening these AYs by over $1B, ~80% of it before 2021. By acting early, AIG had posted ~70% of the strengthening in AY 2016 – 2019 by the end of 2019 and ~80% by the end of 2020 for U.S. Casualty. AIG Current LR1115%110% P&C IndustryCurrent LR175%80%AIG Initial LR1 89% 73%P&C IndustryInitial LR1 68% 73% 112% 84% 78%80% AYLR Development | U.S. Other Liability Occurrence and Commercial Auto For footnote(s), see appendix 72
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68%71%71%73%78%80% 201920202021202220232024 64%65%66%67%67%68% 201920202021202220232024 IBNR-to-Reserves | U.S. Long-Tail Commercial Lines1 10 YEAR U.S. LONG-TAIL COMMERCIAL LINES IBNR2-TO-RESERVES RATIO AYs ‘10-’19 AYs ‘11-’20 AYs ‘12-’21 AYs ‘13-’22 AYs ‘14-’23 AYs‘15-’24 P&C INDUSTRY3 +4 pts AIG3 +12 pts IBNR-to-Reserves Ratio Consistently Increased For footnote(s), see appendix 73
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IBNR-to-Reserves | Other Liability Occurrence and Commercial Auto10 YEAR U.S. OTHER LIABILITY OCCURRENCE10 YEAR U.S. COMMERCIAL AUTO LIABILITY 71%80%79%77%83%85% 201920202021202220232024 71%74%74%74%75%76% 201920202021202220232024 61%61%61%66%72%75% 201920202021202220232024 47%48%48%49%50%52% 201920202021202220232024 AIG’s IBNR1 ratio for both U.S. Other Liability Occurrence and Commercial Auto Liability increased 14 points since 2019, compared to 5 points for P&C Industry +14 ptssince 2019 +14 pts +5 pts +5 pts AYs ‘10-’19AYs ‘11-’20AYs ‘12-’21AYs ‘13-’22AYs ‘14-’23AYs‘15-’24 P&C INDUSTRY2 AIG2 For footnote(s), see appendix 74
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Investments and net investment incomeIII 75
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$61.3 $3.4$9.8$14.4$0.7 KEY PORTFOLIO HIGHLIGHTSAIG INVESTMENT PORTFOLIO ($B) $89.8B Fixed maturity securities2 Mortgage and other loans receivableOther invested assets (incl. alternatives)3 Equity securitiesShort-term investments (STI) Average Duration63.8 yearsAllocation to Fixed Income Assets592%NAIC Rating 1 or 2493%Average Credit Rating4A+ High-Quality Investment Portfolio1 For footnote(s), see appendix 76
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$0.4 AIG INVESTMENT PORTFOLIO ($B)General InsuranceOther Operations $2.4 $0.3$0.4 2024 $3.1 $0.4$3.5 2024 $77.4 $12.4 $89.8B NET INVESTMENT INCOME – APTI BASIS($B)General InsuranceOther OperationsFMS – AFS & Loans2STIAlternatives & Others $0.4 For footnote(s), see appendix Core General Insurance Portfolio Driving Investment Income Growth1 77
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$0.4 $2.4 $0.3$0.4 2024 $3.1 $0.4$3.5 2024 NET INVESTMENT INCOME – APTI BASIS($B)General InsuranceOther OperationsFMS – AFS & Loans2STIAlternatives & Others $0.4 For footnote(s), see appendix Core General Insurance Portfolio Driving Investment Income Growth1 78
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$0.4 $2.4 $0.3$0.4 2024 $0.4 Core General Insurance Portfolio Driving Investment Income Growth1 GI NET INVESTMENT INCOME – APTI BASIS($B)General InsuranceOther Operations AREAS OF OPPORTUNITY3 Increase allocations to private credit Consistently grow the invested asset baseOptimize lower-yielding international portfoliosContinue investing portfolio runoff in higher new money yields FMS – AFS & Loans2STIAlternatives & Others $3.1 For footnote(s), see appendix 79
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12-15%6-8% Increase Allocation to Private Credit and Private Equity 8%5%CURRENT TARGET1 GENERAL INSURANCE INVESTMENT PORTFOLIO2 Private CreditPrivate Equity For footnote(s), see appendix 80
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Capital managementIV 81
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1.01.73.7 9.4 2.2 2.60.5 2.6 5.1 3.0 6.6 1.11.1 1.1 1.0 1.0 1.0 $2.1$3.3 $7.4 $15.5 $6.2 $10.2 201920202021202220232024 Share RepurchasesDividends Total Asset Sales and Other - $2.1$6.1$10.0$7.4$6.6 Leverage Reduction1 2 Key Uses of Capital | 2019 – 2024($B) For footnote(s), see appendix 82
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$2.6 $5.1 $3.0 $6.6 20212022202320242025F Driving Value Through Share Repurchases ~$5-$6B REPURCHASE OF COMMON STOCK ($B) Restructuring & Interest ExpenseShareholder Dividends Parent ExpensesDeployable Capital TARGET RUN RATE SOURCES AND USES1 ($B) 1 $3.0GI Ordinary Dividends (.65)(.35)(~1.0) (1.0) For footnote(s), see appendix 83
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Consistent and Sustainable Common Stock Dividend Increases $1.28 $1.28 $1.44 $1.60 2021 2022 2023 20242025-26F 10%+ CAGRDouble Digit Growth COMMON STOCK DIVIDEND PER SHARE 2 2For footnote(s), see appendix 1 84
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Expense optimizationV 85
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22.2%20.6%19.6%19.2%19.2%19.4%18.8% 16.1%16.9%16.7%16.6%14.8%13.8%13.6% 38.3%37.5%36.3%35.8%34.0%33.2%32.4% 20192020202120222023202420242025 Fully Loaded GOE Ratio2GI Acquisition Ratio Fully Loaded Expense Ratio Expected to Continue to DeclineFully Loaded General Insurance Expense Ratio1 (%) <30% Ex Travel3 2025-2027F4 For footnote(s), see appendix 86
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Core Operating ROE (%)Path to 10% – 13% Core Operating ROE 10–13% 2024 2025–2027F1Underwriting IncomeExpense OptimizationNet Investment IncomeInterest ExpenseTax EfficiencyShare Repurchase 9.1% For footnote(s), see appendix. Note: The boxes in this chart are not scaled to represent the % contribution from each driver.87
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Accelerating Tomorrow Operating EPS CAGR20%+Core Operating ROE10% - 13%GI Expense Ratio<30%Dividends Per Share CAGR10%+ (2025-2026) PERFORMANCE METRICS 2025 - 2027F1 For footnote(s), see appendix 88
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89 Panel Discussion: Growth and DifferentiationPeter Zaffino, Chairman & CEODon Bailey, EVP & CEO, North America Commercial InsuranceCharlie Fry, EVP Reinsurance & Risk Capital OptimizationJon Hancock, EVP & CEO, International Commercial & Global Personal Insurance
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Strong broker positions with room to expand High-growth, high-margin Marine and Energy Accelerated growth through our hubs and global distributionData-led portfolio management Expert underwriters across AIG and Talbot platformsSuperior loss ratios enable high growth GROWTH AND PERFORMANCE ENABLERSMARKET LEADING RESULTS (FY24) AviationGPW $805MCYCR 81.5%Credit LinesGPW $381MCYCR 47.5% MarineGPW $1,920MCYCR 83.6%Energy GPW $2,543MCYCR 52.8% Global Specialty | World-Class Portfolio with Accelerated Growth PotentialA leading Specialty insurer in the world. Headquartered in London and writing $5.6B in Gross Premiums Written at ~76% Calendar Year Combined Ratio 2020-2024 5-year average 90
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North America Commercial P&C Retail Businesses Retail CasualtyRepositioned the portfolio, establishing the foundation for strategic growth Depth of underwriting expertise and market leadership Retail Property Technical underwriting excellenceDifferentiated capacity and expertise Financial LinesFocused growth in high-margin lines and strategic positioning towards Lead layersExperienced and well-respected team Glatfelter, Programs, Captives 16% Lexington 29% Retail Property10% Financial Lines21% Retail Casualty24% 91
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Retail CasualtyRepositioned the portfolio, establishing the foundation for strategic growth Depth of underwriting expertise and market leadership Retail Property Technical underwriting excellenceDifferentiated capacity and expertise Financial LinesFocused growth in high-margin lines and strategic positioning towards Lead layersExperienced and well-respected team North America Commercial P&C Retail Businesses Retail Property10% Financial Lines21% Retail Casualty24% 92
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DISTRIBUTION APPROACH Broker- and client-firstTargeted orientationHighly aligned with Claims and UnderwritingAlignment Intense accountabilityChannel clarity and commitmentThought Leadership orientationAccountability KPI-driven decisionsData North America Commercial Distribution Strategy 93
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No rth Americ a…No rth Americ a…Japan…Japan…Rest of World…Rest of World… AGGREGATE Property Catastrophe Retentions1: 2017 and 2025OCCURRENCE REST OF WORLD2nd EVENTREST OF WORLD1st EVENTNORTH AMERICA 2nd EVENT COMMERCIAL NORTH AMERICA 1st EVENT COMMERCIAL JAPAN2nd EVENTJAPAN1st EVENT $1,500M $200M$200M $675M $125M 2025Significantly reduces 2nd and subsequent event retention 20172017 no purchase and/or 100% retained2025 Total Occurrence Limit(including Reinstatements)2025$9.8B2017$4B 100% Retained REST OF WORLDNORTH AMERICA SECONDARY PERILS2 JAPANNORTH AMERICAALL PERILSWORLDWIDEJAPAN $450MRetention $800MRetention $200MRetention $975MRetention $175MRetention $500M Limit $200MRetention $125MLimit 2017No Purchase100% Retained $100M $500M$300M For footnote(s), see appendix 95
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96
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~25% ~15%~20%~15% ~25% HIGHLY DIVERSIFIED PORTFOLIOAligned with strategy to connect pools of capital with our diverse risk origination capabilitiesPlatformLeverage Reinsurance Approach Modeling PartnershipOpportunity First of its kind structure and one of the largest new syndicates in Lloyd's history 30,000 hours of enterprise modeling to construct the optimal portfolio Broadened Blackstone relationship as a multi-year reinsurer $750M Premium Multi-year Commitment SpecialtyCasualtyFinancial LinesProperty RiskProperty CAT Launch of Special-Purpose Vehicle Backed by Blackstone Through Lloyd's 97
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Talbot | AIG's Strong and Unique Credentials in the Lloyd's MarketLloyd’s is a $72B world-leading and growing insurance marketplace1 AIG AT LLOYD'SBENEFITS OF THE LLOYD'S MARKETTHE SOCIETY OF LLOYD'S Top managing agent at Lloyd's with 3 syndicates AIG leadership has rare insight of Lloyd's 2 Syndicate 2019 – Capacity to support PCS 3 Syndicate 2478 – Third-party capital supporting AIG's outward reinsurance program 1 Syndicate 1183 – Our trading syndicate at Lloyd's Syndication of capacity for large and complex risks Growing market with +9% CAGR (2019-24) A strong brand and reputation for innovation Regulates the marketGlobal licences Central Guarantee FundCentral assetsProtects reputation For footnote(s), see appendix 99
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Talbot | Syndicate 1183 is AIG's Trading Syndicate at Lloyd's Talbot leveraging AIG's global capabilities Critical component of AIG's unique UK franchise Opportunity to increase the number of syndicates under management Primed for higher growth through strong underwriting performanceAccess to world-class talent and specialist brokers GROWTH AND PERFORMANCE ENABLERSLLOYD'S MARKET1 Casualty Market Size $17BTalbot ~1% of market EnergyMarket Size $2.5BTalbot ~3% of market PropertyMarket Size $21BTalbot ~3% of market MarineMarket Size $5.8BTalbot ~5% of market For footnote(s), see appendix Leading the market in select Specialty lines. Delivering a ~78% Accident Year Combined Ratio, as Adjusted with 10% CAGR over 5 years2 100
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Retail Property10% Captives 2%Retail Casualty 24% Lexington 29% Financial Lines21% North America Commercial Opportunities Wholly-owned program manager and insurer Third-party Delegated Underwriting Authority (DUA) market leader 2024 SEGMENT Non-Large Commercial~55%Large Commercial~45%Large Commercial45%Middle Market & Small Commercial55% Middle Market & Small Commercial: Clients with a total revenue of less than $1B 2024 BUSINESS Glatfelter AIG Programs Large Commercial: Clients with a total revenue of $1B+ Glatfelter 7% Programs7% 102
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Retail Property10% Captives 2%Retail Casualty 24% Lexington 29% Financial Lines21% North America Commercial Opportunities Wholly-owned program manager and insurer Third-party Delegated Underwriting Authority (DUA) market leader 2024 SEGMENT Non-Large Commercial~55%Large Commercial~45%Large Commercial45%Middle Market & Small Commercial55% 2024 BUSINESS Glatfelter AIG Programs Large Commercial: Clients with a total revenue of $1B+ Glatfelter 7% Programs7% Middle Market & Small Commercial: Clients with a total revenue of less than $1B 103
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North America Commercial: Glatfelter 27 321 439 450 510 575 591 2018201920202021202220232024 NPW CAGR= 13%Acquired 11/ 2018 NPW ($M)AIG'S POSITIONFocused on 4 verticals: Emergency Services, Public Entities, Healthcare and Religious Practices Maximize strategic AIG broker relationships Continued, steady and consistent Middle Market & Small Commercial growth 80% of Glatfelter’s premiumis from its top agents 104
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North America Commercial: AIG Programs 923 398 364 359 451 501 563 2018201920202021202220232024 NPW ($M) Repositioned risk appetite and strengthened capabilities by applying Glatfelter's best practicesWell-positioned to capitalize on market growth with underwriting expertise and depth of products and services 2020 - 24 programs with 18 partnersToday - 30 programs with 13 partners Top partners represent 68% of AIG Programs premium AIG'S POSITION 105
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20241NPWAYLRCATACQGOE2027F2 99.2% 94.0% GrowthAccelerate higher margin segments, especially A&HHigher proportion of E&S in HNWDigitize to better access and serve markets Loss RatioContinued rate increases ahead of loss trendsIncrease pace of change in business mixRemediate or remove underperforming portfolios Expense RatioEfficient operating models enabled by GenAIImproving ceding commissions will reduce expensesSynergies through new global segment LOSS RATIOEXPENSE RATIO Over 500 bps of combined ratio improvement Global Personal Insurance | Underwriting Profitability Improvement Potential New global segment with common themes across different portfolios to improve performance For footnote(s), see appendix. Note: The boxes in this chart are not scaled to represent the % contribution from each driver.107
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Global Accident & Health | A Large and High-Quality Growth Portfolio AIG is the industry pioneer seeking to reestablish our position in a $250B market1 $293M average annual underwriting profit and 89% average Calendar Year Combined Ratio (5-year) BUSINESS MIX 7% 13% Specialty Group Health2% A&H Long Term & Life Group Travel8%Individual PA29% Group PA31%Supplemental Health10% NPW | 2024 $2.5B Predictable, high returns give confidence for accelerated growth High consumer demand driving growth in the global A&H market Leverage professional agency network in Japan and Asia AIG's GenAI and data strategy for efficiency and growth AIG is highly respected, with a global proposition and local reach Low volatility with our focus on short-term, fixed-benefits products GROWTH AND PERFORMANCE ENABLERS For footnote(s), see appendix 108
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109 Building for the FutureClaude Wade, Chief Digital Officer & Global Head of Business Operations & Claims
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BUILDING FOR THE FUTURE 110
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Data InaccessibilityPDFs, qualitative data and data trapped in legacy technologies No Industry Data StandardsNo insurance industry data standards and extreme data heterogeneity Expensive Manual Data EntryElevates expense ratios, introduces data quality issues and dilutes margins Human ExpertiseAn art and a science We Leverage Modern Technology to Overcome Core Industry Challenges, Enabling and Accelerating Growth 111
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Underwriters Spend a Significant Amount of Time and Effort Overcoming These Challenges in Current Submission-to-Quote ProcessSUBMISSIONUNDERWRITER ASSESSMENT Submission data manually extracted 01 Submission details manually checked 02 Internal and external research conducted 03 Submission data augmented04 QuoteBindBookIssue 06Underwriter populates rater and initiates approval 05 Manual Ingestion & Inconsistent Data QualityManual ingestion and inconsistent data qualityTime-consuming, fractured data collection prone to errors 112
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Manual Ingestion & Inconsistent Data QualityTime-consuming, fractured data collection prone to errors UW PROCESS TODAYCURRENT UNDERWRITING TIMELINE Slow response time 24 26272825 89105674 15161712131411 222319202118Inconsistent data qualityManual, inconsistent data collection and assessmentUW unable to review all submissions ~3-4 WEEKS3 29 Underwriters Spend a Significant Amount of Time and Effort Overcoming These Challenges in Current Submission-to-Quote Process SUBMISSIONUNDERWRITER ASSESSMENT Submission data manually 01 Submission details manually 02 Internal and external 03 Submission data augmented04 Quote06Underwriter populates rater 05 Manual Ingestion & Inconsistent Data QualityManual ingestion and inconsistent data qualityTime-consuming, fractured data collection prone to errors 113
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Quantify outcomes to substantiate meaningful, real-world impact KEY GENERATIVE AI BUILD PRINCIPLES Embrace Human-in-the-loop paradigm for robust oversight and iterative refinement Co-create with the business - not just a tech solution Targeted, high-impact use case that addresses key business challenges Adopt an agentic, modular architecture to enable flexibility and scalability To Overcome These Challenges, We’ve Taken a Disciplined Approach in Applying GenAI to the Underwriting Process 114
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We Built a GenAI Solution to Support Underwriters at Scale: AIG Underwriter Assistance is Now Live in Production In production in Financial Lines, Private Not-for-Profit (PNP); quickly scaling to the rest of our businesses AIG UNDERWRITER ASSISTANCEImagine underwriters arrive at their desk to find that all their submissions have been ingested, reviewed and prioritized.Underwriters have a holistic view of all the non-standard data from clients and relevant data from internal and external sources. 115
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Built AIG Underwriter Assistance Features Across Three Key Capabilities Enabled by GenAI Timeline RankAppetite Rank1) Acme Inc.1) CJ Auto2) CJ Auto2) HJFC Inc.3) HJFC3) Acme Inc.Propensity to Bind AUGMENTATIONAnthropic LLM Claude 3.5, Palantir AIP, AWS Bedrock INGESTIONAnthropic LLM Claude 3.5, Palantir AIP, AWS Titan & Textract PRIORITIZATIONAnthropic LLM Claude 3.5, Palantir Foundry, MuleSoft integration 1st & 3rd Party Data SynthesisInternalknowledgeExternal knowledge Synthesis External Research1 Data ExtractionBrokerInsured NamePhysical Address Risk, Profit, Customer Value Document Identification For footnote(s), see appendix 116
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AIG Underwriter Assistance Synthesizes and Prepares Submissions for Underwriter Review Within One DaySUBMISSION WITH AIG UNDERWRITER ASSISTANCEUNDERWRITER ASSESSMENT AI extracts submission data 01 AI analyzes submissions02 AI synthesizesand summarizes automatically 03 AI analyzes risk factors and reprioritizes submissions 04 QuoteBindBookIssue 06Underwriter analyzesAI output 05 INGESTIONPRIORITIZATIONAUGMENTATION 117
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SUBMISSION WITH AIG UNDERWRITER ASSISTANCEUNDERWRITER ASSESSMENT AI extracts submission 01 AI analyzes submissions02 AI synthesizesand summarizes 03 AI analyzes risk factors and 04 QuoteBind06Underwriter analyzes05 AIG UNDERWRITER ASSISTANCE DELIVERS CURATED SUBMISSION SUMMARYPOST-AIG UNDERWRITER ASSISTANCE UNDERWRITING TIMELINE Higher bind ratio, fueling premium growthEnhanced data quality, uncovering more opportunities and driving improved underwriting consistencyIncreased underwriter capacity without additional FTEsEnables 100% submission review and faster turnaround<1 DAY 15 AIG Underwriter Assistance Synthesizes and Prepares Submissions for Underwriter Review Within One Day 118
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New Technology Expected to Turbocharge Growth Challenge and Resilience (2015 – 2020) Strategic Turnaround (2020 – 2025) Revolutionizing AIG’s capabilities (2025 – 2030) Without adoption of tech10%+ CAGR 20%+ CAGR 1 With end-to-end adoption of tech advancements Driven by AIG Underwriter Assistance 2018 2025 2030F Today's increasefrom 2018 is due to E&S market growth and Lexington reposition For footnote(s), see appendix.. 119
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INGESTION Synthesis of initial claim details by automating extraction of key claim and policy information Automatic extraction of all critical fields from broker-provided submission documents AUGMENTATION Extraction and summary of key insights from claim records, policy documents, and case files Curated, comprehensive submission summary augmented with key data PRIORITIZATION Facilitation of content coverage review and response Prioritization of submissions based on appetite AIG UNDERWRITER ASSISTANCE(In production) AIG CLAIMS ASSISTANCE(In progress) We Are Scaling Our GenAI Solution Capabilities Across Underwriting Products and Expanding to Claims 120
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INGESTION Synthesis of initial claim details by automating extraction of key claim and policy information Automatic extraction of all critical fields from broker-provided submission documents AUGMENTATION Extraction and summary of key insights from claim records, policy documents, and case files Curated, comprehensive submission summary augmented with key data PRIORITIZATION Facilitation of content coverage review and response Prioritization of submissions based on appetite •In production for select Financial Lines segments in the US•Delivering key enhancements identified by underwriters (e.g., better and faster decision-making)•Rapid scaling in progress for North America and internationally •Incorporating learnings and capabilities from AIG Underwriter Assistance•MVP delivered by the end of 2025•Turbocharging Claims knowledge workers and not replacing them KEY HIGHLIGHTS We Are Scaling Our GenAI Solution Capabilities Across Underwriting Products and Expanding to Claims AIG UNDERWRITER ASSISTANCE(In production) AIG CLAIMS ASSISTANCE(In progress) 121
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What Does AIG Underwriter Assistance and AIG Claims Assistance Mean for Our Stakeholders?Prompt and Consistent Responses Policies should contain more accurate coverage information and details (e.g., addresses, personnel on initial issuance and claims should be addressed more quickly) DISTRIBUTION PARTNERS EMPLOYEES CUSTOMERS Frictionless Trading ExperienceEase of doing business through prompt responses for quotes and swift policy issuance Improved Work Experience and EffectivenessStreamlined underwriting and claims processing – data on an insured is codified and easily accessible for review and processing; technology is intuitive and enhances their day-to-day work 122
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AIG Underwriter Assistance Component Architecture Agentic, future-proof foundation with maximum flexibility Efficient, scalable architecture Strategic partnerships with best-in-class technologies SOURCE DATA (INTERNAL & EXTERNAL) CONSUMPTION LAYER PLATFORMOPS & ENABLEMENT1 AI APPLICATIONS & SERVICES AI MODEL GARDEN, ORCHESTRATION & GOVERNANCE DATA ONTOLOGY, DATA PIPELINES & MANAGEMENT For footnote(s), see appendix. 123
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Retrieval Augmented Generation (RAG)Foundational knowledge share to simulate human analysis Large Language Model Endpoint Search Relevant Information 1 Prompt: Instructions to LLM 6Human in the loop reviewand approval 4 Prompt + Context: Instructions plus additional information sent to LLM 3Context: Additional information to send to LLM 2 Query: Key-word or phrase used to retrieve context 5Response: LLM takes instructions + context and returns a response 5 | RESPONSE("$100M from page 3 of 2024 Income Statement") 4 | PROMPT + CONTEXT("Review and return Total Rev. from 2024 Income Statement") 6 | HUMAN-IN-THE-LOOP (HITL) POST RAG(UW confirms $100M or corrects the value) 1| PROMPT + QUERY(e.g., Total Revenue) 3 | CONTEXT(Found 2024 income statement) 2 | QUERY(Search all documents) KNOWLEDGE SOURCES 124
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Global Complex Insurance Underwriter and Claims Adjuster •Deep insurance knowledge and expertise•Clear business target and vision for growth enablers and constraints•Extensive global data Leading GenAI Company•One of the top LLMs (Claude 3.5)•Deep expertise in training LLMs to interpret and create human language with proper context•A pioneer in “Constitutional AI” research, ensuring advanced AI systems remain safe Leading Data and GenAI Company•Data and analytics capability expertise•Specialization in ingesting and connecting unstructured, structured and external data environments at scale•Scaled digital twin of our data ecosystem•AIP – LLM prompt engineering, model integration, pipeline orchestration, E2E monitoring Together with Our Best-in-Class Partners, We Have Built an Agentic Ecosystem that Enables and Accelerates Business Growth For footnote(s), see appendix 1 1 125
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Appendix: Endnotes & Glossary of Non-GAAP Financial Measures andNon-GAAP Reconciliations Copyright © 2025 American International Group, Inc. All rights reserved.127
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APPENDIXIMPORTANT INFORMATIONForecasts and projections are not guarantees of future performance and are based on management’s current expectations and on assumptions currently believed to be reasonable. Our filings with the SEC provide details on important factors that could cause actual results or events to differ materially. Any forecasts or projections speak only as of the date on which they are made. Except as required by applicable securities laws, we are under no obligation to update any forecasts or projections if circumstance or management’s estimates or opinions should change. For further information and reconciliation between GAAP and the non-GAAP measures used in the presentations, see the company’s SEC filings, the fourth quarter 2024 financial supplement, and this appendix. ENDNOTESOpening Remarks and Business Update: Chairman & CEOAIG Accelerating Tomorrow1.Forecasts are based on estimates and assumptions, and are subject to market conditions. Operating EPS CAGR refers to the target growth over the three year period (2025-2027). Core Operating ROE references the expected target range throughout the three year period (2025-2027). GI Expense Ratio references the target ratio to be reached within the three year period (2025-2027). Dividends Per Share CAGR refers to the target grown over 2025-2026.Global Platform – Three Diverse Operating Segments1.Source: AXCO 2025 Non-Life Insurance Market Reports.2.Statistics reflect changes since January 1, 2017 and rounded employee counts as of December 31, 2024.Our Businesses at a Glance 1.Global A&H includes global individual personal travel insurance and assistance business which was sold in December 2024. Significant Multi-Year Improvement Across Both Loss and Expense Ratios1.Calendar Year Combined Ratios have been restated to exclude Validus Re and Crop Risk Services for all periods, as applicable. 2.Fully Loaded Expense Ratio (%) = Expense Ratio + Attributed Other Operations GOE Ratio. Other Operations General Operating Expenses (GOE) attributable to General Insurance is computed as Other Operations GOE excluding $350M of Parent company expense for all periods presented.Substantial Combined Ratio Improvement1.Calendar Year Combined Ratio has been restated to exclude Validus Re and Crop Risk Services for all periods as applicable. Fully Loaded Calendar Year Combined Ratio is the Calendar Year Loss ratio + Fully Loaded Expense Ratio. Fully Loaded Expense Ratio (%) = Expense Ratio + Attributed Other Operations GOE Ratio. Other Operations General Operating Expenses (GOE) attributable to General Insurance is computed as Other Operations GOE excluding $350M of Parent company expensefor all periods presented.2.Source: Industry average based on US Statutory filing, sourced from S&P Capital IQ.3.Peer average is based on 14 companies: Chubb, Cincinnati, Travelers, WR Berkley, Hartford (P&C), CNA, Fairfax, Liberty Mutual, Markel, Allianz (P&C), AXA (P&C), QBE, Tokio Marine (P&C) and Zurich (P&C). Peer average is reflective of the undiscounted Combined Ratio for non-U.S. peers, if applicable. For Tokio Marine, P&C results are based on Tokio Marine, Nichido Fire and three North America companies (Philadelphia, Delphi and HCC).Unprecedented Improvement in Underwriting Profitability1.Underwriting results have been restated to exclude Validus Re and Crop Risk Services for all periods, as applicable. 2.For 2015 and prior, the results include Property Casualty run-off businesses, including excess workers’ compensation, asbestos and environmental (1986 and prior), certain environmental liability businesses, certain healthcare coverage, certain casualty and specialty coverages reported in Eaglestone Reinsurance Company, and certain long-duration business, primarily in Japan and the U.S. 128
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Historic Limit Reduction with NPW Growth1.NPW has been restated to exclude Validus Re and Crop Risk Services for all periods, as applicable.Significantly Reduced Volatility From Property Catastrophe Losses1.AIG Catastrophe Losses and Reinstatement Premiums Ratio has been restated to exclude Validus Re and Crop Risk Services for all periods as applicable. 2.AIG CAT losses has been restated to exclude Validus Re and Crop Risk Services for all periods as applicable. 3.Source: Published Aon reports and reflect reported losses at the time of publication, without adjustment for inflation. 4.2020 insured loss data for both the industry and AIG exclude COVID-19 losses.5.AIG Share (%) calculated by dividing AIG CAT Losses by the Industry Insured Losses.Dramatic Reduction in Severe Losses from Underwriting & Reinsurance Application1.Severe losses are non-catastrophic individual first-party losses, surety and trade credit losses greater than $10 million, net of related reinsurance and salvage and subrogation. Severe losses and Loss Ratio points have been restated to exclude Validus Re and Crop Risk Services for all periods as applicable. 2.Average of 2020-2024 Severe Losses compared to 2018 results.Net Retention Reductions are Massive from 20171.North America and Japan occurrence retentions based on max any one event retention. Property Risk assumes deployed limit of $2.25B for 2017.2.U.S. and International Casualty assumes max deployed limits of $225M and $200M respectively for 2017, with the U.S. portfolio being protected by a 29.5% Excess quota share.Property Catastrophe Loss Occurrence Distributions – Worldwide All Perils1.For the 2025 modeling, output is from RMS v22 and Touchstone v10 on exposure data as of July 1, 2024. For the 2017 modeling, the North America perils are based on RMS v22 and Touchstone v10 on exposure data as of June 30, 2017. These are then scaled up to estimate Worldwide perils based on output from RMS v17 modeling on the same data. 2025 Global Casualty Program1.Global XOL has $765M of contract limit with a $525M sublimit for US & Canada.Casualty Reinstateable Limits Able to Withstand Vertical Loss and Extreme Tail Scenarios1.Global XOL has $765M of contract limit with a $525M sublimit for US & Canada.North America Excess Casualty Total Exposed Net Limit1.Cumulative rate figures, NPW is on a calendar year basis Total exposed limit is on a July to June basis (e.g., 2024 represents July 2023 – June 2024). Total Exposed Limit xs $25M and Cumulative Rate reflect Excess exposures only. Net Retention reflects both Primary and Excess exposures.North America Commercial: Strong Premium Growth & Significant Combined Ratio Improvement1.NPW has been restated to exclude Validus Re and Crop Risk Services for all years as applicable.2.Accident Year Combined Ratios (Adj) and Calendar Year Combined Ratios have been restated to exclude Validus Re and Crop Risk Services for all periods as applicable. Fully Loaded Expense Ratio (%) = Expense Ratio + Attributed Other Operations GOE Ratio. Other Operations General Operating Expenses (GOE) attributable to General Insurance is computed as Other Operations GOE excluding $350M of Parent company expense for all periods presented.North America Commercial: Strong New Business Growth For Stronger Risk-Adjusted Returns1.All figures have been rounded. 129
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Excess and Surplus Lines Industry Growth1.NPW has been restated to exclude Validus Re and Crop Risk Services for all years as applicable. 2.Source: Annual P&C statutory statements. DPW reflects statutory direct written premium which excludes assumed reinsurance. 2024 DPW estimated based on S&P Data, U.S. Domestic actuals and estimated Lloyds and Other.3.Refers to the target growth over the three year period (2025-2027). Forecasts are based on estimates and assumptions and are subject to market conditions.International Commercial: Diversified, High-Quality Business1.Property includes Package Business.International Commercial: Outstanding Portfolio, Delivered Strong Growth and Excellent Combined Ratios 1.NPW has been restated to exclude Validus Re and Crop Risk Services and is FX adjusted for all years as applicable. 2.Accident Year Combined Ratios (Adj) and Calendar Year Combined Ratios have been restated to exclude Validus Re and Crop Risk Services for all periods. Fully Loaded Calendar Year Combined Ratio and Accident Year Combined Ratio (Adj) is the Loss ratio + Fully Loaded Expense Ratio (%). Fully Loaded Expense Ratio (%) = Expense Ratio + Attributed Other Operations GOE Ratio. Other Operations General Operating Expenses (GOE) attributable to General Insurance is computed as Other Operations GOE excluding $350M of Parent company expensefor all periods presented.International Commercial: Strong New Business 1.New Business figures are FX adjusted for all years.2.All figures have been rounded. Global Personal Insurance: High Potential Business1.Accident & Health includes global individual personal travel insurance and assistance business which was sold in December 2024. Global Personal Insurance: Scale Business, with Significant Opportunity to Improve Underwriting Margin1.NPW is FX adjusted.2.Accident Year Combined Ratios (Adj) and Calendar Year Combined Ratios have been restated to exclude Validus Re and Crop Risk Services for all periods. Fully Loaded Calendar Year Combined Ratio and Accident Year Combined Ratio (Adj) is the Loss ratio + Fully Loaded Expense Ratio (%). Fully Loaded Expense Ratio (%) = Expense Ratio + Attributed Other Operations GOE Ratio. Other Operations General Operating Expenses (GOE) attributable to General Insurance is computed as Other Operations GOE excluding $350M of Parent company expensefor all periods presented.Divested businesses that were not core and eliminated significant costs1.Significant divestures since 2019.2.All figures are rounded.As part of AIG Next, we reduced costs while weaving the company together1.All figures have been rounded. CRBG expense for 2019 is an estimate. 2.Forecasts are based on estimates and assumptions and are subject to market conditions.Accelerating the End-to-End Underwriting Process By 2X-5X Using GenAI1.All trademarks and logos used are the property of their respective owners, and their use herein does not imply endorsement.Lexington: Exponential Growth In Submission Activity1.AIG NPW has been restated to exclude Validus Re and Crop Risk Services for all years as applicable.2.Source: Annual P&C statutory statements. DPW reflects statutory direct written premium which excludes assumed reinsurance. 2024 DPW estimated based on S&P Data, U.S. Domestic actuals and estimated Lloyds and Other.3.Refers to the target growth over the three year period (2025-2027). Forecasts are based on estimates and assumptions and are subject to market conditions.130
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New Technology Expected To Turbocharge New Business Growth1.Forecasts are based on estimates and assumptions and are subject to market conditions.New Technology Expected To Turbocharge New Business Growth1.Forecasts are based on estimates and assumptions and are subject to market conditions.Significant Progress in Capital Management1.Dividends are annualized based on quarterly dividends of $0.36 and $0.40 for 2023 and 2024, respectively.2.Debt Leverage excludes Operating Debt.3.Subsidiary dividends include dividends from the GI subsidiaries only.Strengthening in General Insurance Ordinary Dividend Capacity1.All figures have been rounded. 2.Forecasts are based on estimates and assumptions, and are subject to market conditions. Global Personal Insurance: Underwriting Profitability Improvement Potential 1.Calendar Year Combined Ratio includes a fully loaded expense cost: Fully Loaded Expense Ratio (%) = Expense Ratio + Attributed Other Operations GOE Ratio. Other Operations General Operating Expenses (GOE) attributable to General Insurance is computed as Other Operations GOE less $350M of Parent company expense for all periods presented.2.Forecasts are based on estimates and assumptions, and are subject to market conditions.Fully Loaded Expense Ratio Expected to Continue to Decline1.Ratios have been restated to exclude Validus Re and Crop Risk Services as applicable.2.Fully Loaded Expense Ratio (%) = Expense Ratio + Attributed Other Operations GOE Ratio. Other Operations General Operating Expenses (GOE) attributable to General Insurance is computed as Other Operations GOE less $350M of Parent company expense for all periods presented. 3.Adjusted to exclude global individual personal travel and assistance business which was sold in December 2024.4.GI Expense Ratio references the target ratio to be reached within the three-year period (2025-2027). Forecasts are based on estimates and assumptions and are subject to market conditions.Path to 10%-13% Core Operating ROE1.Core Operating ROE references the expected target range throughout the three-year period (2025-2027). Forecasts are based on estimates and assumptions and are subject to market conditions.Industry-Leading Operating EPS Growth1.2019-2021 reflects estimates for CRBG. 2022 and 2023 include restatements to exclude Other Operations runoff.2.Forecasts are based on estimates and assumptions and are subject to market conditions.AIG Accelerating Tomorrow1.Forecasts are based on estimates and assumptions, and are subject to market conditions. Operating EPS CAGR refers to the target growth over the three year period (2025-2027). Core Operating ROE references the expected target range throughout the three year period (2025-2027). GI Expense Ratio references the target ratio to be reached within the three year period (2025-2027). Dividends Per Share CAGR refers to the target grown over 2025-2026. 131
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Financial Update: CFO Update Well Capitalized to Support Growth1.NPW and Statutory Capital have been restated to exclude Validus Re and Crop Risk Services for all years presented, as applicable.Sustainable Insurance Company Dividends Driven By Strong Profitability 1.All figures have been rounded. 2.Forecasts are based on estimates and assumptions, and are subject to market conditions and regulatory requirements.Industry-Leading Debt to Total Capital Ratio1.Excludes Operating Debt. Historical periods’ total debt to total capital leverage ratios shown are as originally reported prior to the deconsolidation of Corebridge Financial Inc (CRBG).2.Peer average is weighted by total capital. Peer group is comprised of 12 companies, AXA, Chubb, Cincinnati, Travelers, WR Berkley, Hartford, CNA, Fairfax, Liberty Mutual, Markel, QBE and Zurich.Built Balance Sheet Strength with Financial Flexibility1.All trademarks and logos used are the property of their respective owners, and their use herein does not imply endorsement.2.Risk Based Capital (RBC) ratio is for U.S. Insurance Companies. The inclusion of RBC measures is intended solely for the information of investors and is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.Actuarial Pricing and Reserving is Foundational 1.Other includes unallocated loss adjustment expenses and Other Operations run-off businesses.Discipline Driving Consistent Favorable Reserve Development 1.GI Prior Year Development has been restated to exclude Validus Re and Crop Risk Services for all years, as applicable. Accident Year Loss Ratio Development | U.S. Long-Tail Commercial 1.U.S Long-Tail Commercial include the combined lines of Other Liability Occurrence and Claims Made, Commercial Auto Liability and Workers’ Compensation as a proxy for Commercial. These lines combined make up the majority of AIG’s long-tail reserves.2.Source: S&P Capital IQ, U.S. Statutory Schedule P – Part 1AYLR Development | U.S. Other LiabilityOccurrence & Commercial Auto 1.Source: S&P Capital IQ, U.S. Statutory Schedule P – Part 1IBNR-to-Reserves | U.S. Long-Tail Commercial Lines1.U.S Long-Tail Commercial include the combined lines of Other Liability Occurrence and Claims Made, Commercial Auto Liability and Workers’ Compensation as a proxy for Commercial. These lines combined make up the majority of AIG’s long-tail reserves.2.IBNR: Incurred but not reported. 3.Source: S&P Capital IQ, U.S. Statutory Schedule P – Parts 2, 3 and 4IBNR-to- Reserves Ratio Other Liability Occurrence and Commercial Auto 1.IBNR: Incurred but not reported. 2.Source: S&P Capital IQ, U.S. Statutory Schedule P – Parts 2, 3 and 4High-Quality Investment Portfolio1.All amounts shown and key portfolio highlights are as of December 31, 2024 and exclude Fortitude Re funds withheld assets and Investments of businesses in run-off.2.Fixed Maturity Securities (FMS) – Available for sale (AFS), at fair value 3.Includes $3.8B of AIG's ownership interest in Corebridge.4.Average credit rating and NAIC Rating 1 or relates to FMS – AFS Bonds.5.Fixed income asset classes includes FMS, Mortgage and other loans receivable, and STI. Calculation excludes AIG's ownership interest in Corebridge. 6.Duration from FMS – AFS Bond and Mortgage and other loans receivable within the General Insurance Portfolio.132
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Core GI Portfolio Driving Investment Income Growth1.All amounts shown and key portfolio highlights are as of December 31, 2024 and exclude Fortitude Re funds withheld assets and Investments of businesses in run-off.2.Includes income from FMS – AFS and mortgage and other loans receivable, as well as Investment expense.3.Subject to market conditions and asset and liability management strategies and regulatory requirements.Increase Allocation to Private Credit and Private Equity1.Subject to market conditions and asset and liability management strategies and regulatory requirements.2.Excludes Fortitude Re funds withheld assets and Investments of businesses in run-off.Key Uses of Capital | 2019-20241.Leverage Reduction includes General Borrowings maturities and repayments, and redemption of Preferred Stock.2.Total Asset Sales and Other includes proceeds from the sale of Crop Risk Service, Validus Re and individual personal travel insurance and assistance business, proceeds from Corebridge related sales as well as payments of the Corebridge promissory note and Corebridge special dividends.Driving Value Through Share Repurchase1.Forecasts are based on estimates and assumptions and are subject to market conditions.Consistent and Sustainable Common Stock Dividend Increases1.Forecasts are based on estimates and assumptions, and are subject to market conditions. 2.Dividends are annualized based on quarterly dividends of $0.36 and $0.40 for 2023 and 2024, respectively.Fully Loaded Expense Ratio Expected to Continue to Decline1.Ratios have been restated to exclude Validus Re and Crop Risk Services 2.Fully Loaded Expense Ratio (%) = Expense Ratio + Attributed Other Operations GOE Ratio. Other Operations General Operating Expenses (GOE) attributable to General Insurance is computed as Other Operations GOE less $350M of Parent company expense for all periods presented. 3.Adjusted to exclude global individual personal travel insurance and assistance business.4.GI Expense Ratio references the target ratio to be reached within the three-year period (2025-2027). Forecasts are based on estimates and assumptions and are subject to market conditions.Path to 10%-13% Core Operating ROE1.Core Operating ROE references the expected target range throughout the three-year period (2025-2027). Forecasts are based on estimates and assumptions and are subject to market conditions.AIG Accelerating Tomorrow1.Forecasts are based on estimates and assumptions and are subject to market conditions. Operating EPS CAGR refers to the target growth over the three-year period (2025-2027). Core Operating ROE references the expected target range throughout the three-year period (2025-2027). GI Expense Ratio references the target ratio to be reached within the three-year period (2025-2027). Dividends Per Share CAGR refers to the target growth over 2025-2026. 133
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Panel Discussion: Growth and DifferentiationProperty Catastrophe: 2017 and 20251.North America & Japan Catastrophe Occurrence limits and retentions based on max any one event retention at January 1, 2017 and 2025.2.North America Secondary Perils covers natural perils excluding NA Named Storm and Earthquake.Talbot | AIG’s Strong and Unique Credentials in the Lloyd’s Market1.Source: Lloyd's FY2024 results publication. Talbot | Syndicate 1183 is AIG's Trading Syndicate at Lloyd’s1.Source: Lloyd's FY2024 results publication. 2.Accident Year Combined Ratio as Adjusted is for FY24. 10% CAGR excludes divestitures and discontinued lines on a GPW basis.Global Personal Insurance | Underwriting Profitability Improvement Potential 1.Calendar Year Combined Ratio includes a fully loaded expense cost. Fully Loaded Expense Ratio (%) = Expense Ratio + Attributed Other Operations GOE Ratio. Other Operations General Operating Expenses (GOE) attributable to General Insurance is computed as Other Operations GOE less $350M of Parent company expense for all periods presented.2.Forecasts are based on estimates and assumptions and are subject to market conditions.Global Accident & Health1.Source: AXCO Report (2023) – Non-Life A&H Building for the FutureBuilt Underwriter Assistance features across three key capabilities enabling growth1.All trademarks and logos used are the property of their respective owners, and their use herein does not imply endorsement.New Technology Expected to Turbocharge New Business Growth1.All figures have been rounded. Forecasts are based on estimates and assumptions and are subject to market conditions.AIG Underwriter Assistance component architecture1.All trademarks and logos used are the property of their respective owners, and their use herein does not imply endorsement.Together with our best-in-class partners, we have built an agentic ecosystem that enables and accelerates business growth1.All trademarks and logos used are the property of their respective owners, and their use herein does not imply endorsement. 134
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Glossary of Non-GAAP Financial MeasuresThroughout this presentation, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “Non-GAAP financial measures” under Securities and Exchange Commission rules and regulations. GAAP is the acronym for generally accepted accounting principles in the United States. The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies. The reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables or in the Fourth Quarter 2024 Financial Supplement or the company's SEC filings available in the Investor Information section of AIG’s website, www.aig.com.We may use certain non-GAAP operating performance measures as forward-looking financial targets or projections. These financial targets or projections are provided based on management’s estimates. The most directly comparable GAAP financial targets or projections would be heavily dependent upon results that are beyond management’s control and the outcome of these items could be significantly different than management’s estimates. Therefore, we do not provide quantitative reconciliations for these financial targets or projections as we cannot predict with accuracy future actual events (e.g., catastrophe losses) and impacts from changes in macro-economic market conditions, including the interest rate environment (e.g. net reserve discount change and returns on alternative investments). We use the following operating performance measures because we believe they enhance the understanding of the underlying profitability of continuing operations and trends of our segments. We believe they also allow for more meaningful comparisons with our insurance competitors. When we use these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis.Adjusted Pre-tax Income (APTI) is derived by excluding the items set forth below from income from continuing operations before income tax:•changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares;•net investment income on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets);•net realized gains and losses on Fortitude Re funds withheld assets;•loss (gain) on extinguishment of debt;•all net realized 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. Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g. net investment income);•income or loss from discontinued operations;•net loss reserve discount benefit (charge);•net results of businesses in run-off;•pension expense related to lump sum payments to former employees;•net gain or loss on divestitures and other;•non-operating litigation reserves and settlements;•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;•the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain;•integration and transaction costs associated with acquiring or divesting businesses;•losses from the impairment of goodwill;•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles; and•income from elimination of the international reporting lag. 135
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Glossary of Non-GAAP Financial MeasuresAdjusted After-tax Income attributable to AIG common shareholders (AATI) is derived by excluding the tax effected APTI adjustments described above, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG:•deferred income tax valuation allowance releases and charges; •changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and•net tax charge related to the enactment of the Tax Cuts and Jobs Act (Tax Act).Return on Equity — Adjusted after-tax income excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI), deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core Operating Return on Equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long- term investment for AIG. We believe this metric will provide investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity).Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios.Accident year loss and Accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses (CATs) and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting. Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management’s control. We also exclude prior year development to provide transparency related to current accident year results. Underwriting ratios are computed as follows:a. Loss ratio = Loss and loss adjustment expenses incurred ÷ Net premiums earned (NPE)b. Acquisition ratio = Total acquisition expenses ÷ NPEc. General operating expense ratio = General operating expenses ÷ NPEd. Expense ratio = Acquisition ratio + General operating expense ratioe. Combined ratio = Loss ratio + Expense ratiof. CATs and reinstatement premiums ratio = [Loss and loss adjustment expenses incurred – (CATs)] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes] – Loss ratiog. Accident year loss ratio, as adjusted (AYLR, ex-CATs) = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums + Adjustment for ceded premium under reinsurance contracts related to prior accident years] h. Accident year combined ratio, as adjusted (AYCR, ex-CATs) = AYLR ex-CATs + Expense ratioi. Prior year development net of reinsurance and prior year premiums ratio = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums] – Loss ratio – CATs and reinstatement premiums ratio.Results from discontinued operations, including Corebridge, are excluded from all of these measures. 136
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Reconciliation of Pro Forma Fully Loaded RatiosYears Ended December 31,20172018201920202021202220232024GI acquisition ratio 21.8% 20.4% 19.6% 19.3% 19.5% 19.4% Validus Re and CRS impact 0.4 0.2 -(0.1)(0.3)-GI acquisition ratio excluding Validus Re and CRS impact22.2% 20.6% 19.6% 19.2% 19.2% 19.4 Impact of global individual personal travel insurance and assistance business (Travel)(0.6)GI acquisition ratio excluding Validus Re, CRS and Travel impact18.8% GI GOE ratio 12.6% 12.9% 12.0% 11.8% 12.2% 12.6% Validus Re and CRS impact 0.3 0.7 0.8 1.1 1.0 -GI GOE ratio excluding Validus Re and CRS impact12.9 13.6 12.8 12.9 13.2 12.6 Attributed Other Operations GOE3.2 3.3 3.9 3.7 1.6 1.2 Fully loaded GOE 16.1% 16.9% 16.7% 16.6% 14.8% 13.8 Travel impact (0.2)Fully loaded GOE excluding Travel impact 13.6% GI expense ratio 34.1%35.7%34.4% 33.3% 31.6% 31.1% 31.7% 32.0% Validus Re and CRS impact--0.7 0.9 0.8 1.0 0.7 -Attributed Other Operations GOE3.42.83.2 3.3 3.9 3.7 1.6 1.2 Pro forma fully loaded expense ratio37.5%38.5%38.3% 37.5% 36.3% 35.8% 34.0% 33.2 Travel impact (0.8)Pro forma fully loaded expense ratio excluding Travel impact32.4 %GI loss ratio 83.2%75.7%65.2%71.0%64.2%60.8%58.9%59.8%Validus Re and CRS impact-(0.6)(0.6)(0.9)(1.4)(1.1)--GI loss ratio excluding Validus Re and CRS impact83.2%75.1%64.6%70.1%62.8%59.7%58.9%59.8%GI combined ratio 117.3%111.4%99.6%104.3%95.8%91.9%90.6%91.8%Validus Re and CRS impact-(0.6)0.1-(0.6)(0.1)0.7-Attributed Other Operations GOE3.42.83.23.33.93.71.61.2Pro forma fully loaded combine ratio120.7%113.6%102.9%107.6%99.1%95.5%92.9%93.0%137
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Reconciliation of Underwriting Income (Loss)Years Ended December 31,(in millions) 201820192020202120222023Underwriting income (loss) as reported$ (3,137)$ 89 $ (1,024)$ 1,055 $ 2,048 $ 2,349 Validus Re and CRS impact226 6 105 (7)(242)(411)Underwriting income (loss) excluding Validus Re and CRS impact$ (2,911)$ 95 $ (919)$ 1,048 $ 1,806 $ 1,938 Reconciliation of Global Commercial Net Premiums WrittenYears Ended December 31,(in millions) 201820192020202120222023Net premiums written as reported$ 14,941 $ 15,057 $ 15,509 $ 18,256 $ 18,776 $ 19,600 Validus Re and CRS impact(177)(1,973)(2,429)(3,299)(3,612)(3,803)Net premiums written excluding Validus Re and CRS impact$ 14,764 $ 13,084 $ 13,080 $ 14,957 $ 15,164 $ 15,797 Reconciliation of Catastrophe Losses (CATs)Years Ended December 31,(in millions) 20182019GI catastrophe losses and reinstatement premiums ratio11%5%Validus Re and CRS impact(1)(1)GI CATs and reinstatement premiums ratio excluding Validus Re and CRS impact10%4%Years Ended December 31,(in millions) 201820192020202120222023GI catastrophe losses $2,919 $1,257 $2,428 $1,357 $1,228 $1,067 Validus Re and CRS impact(334)(245)(401)(314)(218)(138)COVID-19 losses - - (869)- - - GI catastrophe losses excluding Validus Re and CRS impact and COVID-19 losses$2,585 $1,012 $1,158 $1,043 $1,010 $ 929 138
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Reconciliation of North America Commercial Net Premiums WrittenYears Ended December 31,(in millions) 201820192020202120222023Net premiums written as reported$ 7,598 $ 8,224 $ 8,635 $ 10,226 $ 10,899 $ 11,432 Validus Re and CRS impact(177)(1,912)(2,369)(3,213)(3,534)(3,708)Net premiums written excluding Validus Re and CRS impact$ 7,421 $ 6,312 $ 6,266 $ 7,013 $ 7,365 $ 7,724 Reconciliation of International Commercial Net Premiums WrittenYears Ended December 31,(in millions) 20192020202120222023Net premiums written as reported$ 6,833 $ 6,874 $ 8,030 $ 7,877 $ 8,168 Foreign exchange impact (386)(364)(678)(94)(17)Validus Re and CRS impact (61)(61)(86)(77)(95)Net premiums written excluding foreign exchange and Validus Re and CRS impact$ 6,386 $ 6,449 $ 7,266 $ 7,706 $ 8,056 Reconciliation of Global Personal Net Premiums WrittenYears Ended December 31,(in millions) 2020202120222023Net premiums written as reported$ 7,450 $ 7,634 $ 6,736 $ 7,119 Foreign exchange impact (1,151)(1,176)(439)(199)Net premiums written excluding foreign exchange $ 6,299 $ 6,458 $ 6,297 $ 6,920 139
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Reconciliation of North America Accident Year Loss and Accident Year Combined RatiosYears Ended December 31,201920202021202220232024As Reported:Loss Ratio 79.0%85.4%79.4%69.1%61.8%69.9%Catastrophe losses and reinstatement premiums(6.3)(16.7)(9.7)(6.9)(5.9)(9.7)Prior year development, net of reinsurance and prior year premiums0.52.2(3.0)0.73.71.5Accident year loss ratio, as adjusted73.270.966.762.959.661.7Expense ratio 25.124.624.323.825.023.4Combined ratio 104.1110.0103.792.986.893.3Accident year combined ratio, as adjusted98.395.591.086.784.685.1Validus Re and CRS Impact:Loss Ratio 1.01.71.60.31.0-Catastrophe losses and reinstatement premiums1.7-(0.2)(0.4)(0.4)-Prior year development, net of reinsurance and prior year premiums(1.2)0.3(2.0)(0.9)1.1-Accident year loss ratio, as adjusted1.52.0(0.6)(1.0)1.7-Expense ratio -0.2(0.2)(0.3)(0.7)-Combined ratio 1.01.91.4-0.3-Accident year combined ratio, as adjusted1.52.2(0.8)(1.3)1.0-Attributed Other Operations GOE3.23.33.93.71.61.2Excluding Validus Re and CRS Impact with Attributed Other Operations GOE:Loss Ratio 80.087.181.069.462.869.9Catastrophe losses and reinstatement premiums(4.6)(16.7)(9.9)(7.3)(6.3)(9.7)Prior year development, net of reinsurance and prior year premiums(0.7)2.5(5.0)(0.2)4.81.5Accident year loss ratio, as adjusted74.772.966.161.961.361.7Expense ratio 28.328.128.027.225.924.6Combined ratio 108.3115.2109.096.688.794.5Accident year combined ratio, as adjusted103.0101.094.189.187.286.3140
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Reconciliation of International Commercial Accident Year Loss and Accident Year Combined RatiosYears Ended December 31,201920202021202220232024As Reported:Loss Ratio 63.0%66.8%61.6%55.8%58.3%54.8%Catastrophe losses and reinstatement premiums(3.5)(8.5)(3.1)(5.0)(3.9)(2.9)Prior year development, net of reinsurance and prior year premiums0.4(1.8)(3.0)1.6(1.8)1.0Accident year loss ratio, as adjusted59.956.555.552.452.652.9Expense ratio 34.633.631.229.429.130.1Combined ratio 97.6100.492.885.287.484.9Accident year combined ratio, as adjusted94.590.186.781.881.783.0Validus Re and CRS Impact:Loss Ratio -0.10.20.1--Catastrophe losses and reinstatement premiums0.20.10.20.10.1-Prior year development, net of reinsurance and prior year premiums(0.2)(0.1)(0.2)-0.1-Accident year loss ratio, as adjusted-0.10.20.20.2-Expense ratio (0.1)-0.1(0.1)--Combined ratio (0.1)0.10.3---Accident year combined ratio, as adjusted(0.1)0.10.30.10.2-Attributed Other Operations GOE3.23.33.93.71.61.2Excluding Validus Re and CRS Impact with Attributed Other Operations GOE:Loss Ratio 63.066.961.855.958.354.8Catastrophe losses and reinstatement premiums(3.3)(8.4)(2.9)(4.9)(3.8)(2.9)Prior year development, net of reinsurance and prior year premiums0.2(1.9)(3.2)1.6(1.7)1.0Accident year loss ratio, as adjusted59.956.655.752.652.852.9Expense ratio 37.736.935.233.030.731.3Combined ratio 100.7103.897.088.989.086.1Accident year combined ratio, as adjusted97.693.590.985.683.584.2141
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Reconciliation of Global Personal Accident Year Loss and Accident Year Combined RatiosYears Ended December 31,20202021202220232024As Reported:Loss Ratio 59.6%48.6%54.0%55.3%54.1%Catastrophe losses and reinstatement premiums(5.0)(2.7)(2.3)(2.6)(2.0)Prior year development, net of reinsurance and prior year premiums(0.6)8.43.81.81.6Accident year loss ratio, as adjusted54.054.355.554.553.7Expense ratio 42.140.643.744.843.9Combined ratio 101.789.297.7100.198.0Accident year combined ratio, as adjusted96.194.999.299.397.6Attributed Other Operations GOE3.33.93.71.61.2Including Attributed Other Operations GOE:Expense ratio 45.444.547.446.445.1Combined ratio 105.093.1101.4101.799.2Accident year combined ratio, as adjusted99.498.8102.9100.998.8 142
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Reconciliation of Adjusted Pre-tax and After-tax IncomeYear Ended December 31, 2024 Total TaxNon-(Benefit)controllingAfter(in millions) Pre-taxChargeInterests(a)TaxPre-tax income/net income (loss), including noncontrolling interests$ 3,870 $ 1,170 $ - $ (926)Noncontrolling interests(a) (478)(478)Pre-tax income/net income (loss) attributable to AIG - including discontinued operations$ 3,870 $ 1,170 $ (478)$(1,404)Dividends on preferred stock and preferred stock redemption premiums22 Net income (loss) attributable to AIG common shareholders(1,426)Changes in uncertain tax positions and other tax adjustments(239)- 239 Deferred income tax valuation allowance releases30 - (30)Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares(586)(123)- (463)Loss on extinguishment of debt and preferred stock redemption premiums14 3 - 26 Net investment income on Fortitude Re funds withheld assets(144)(30)- (114)Net realized losses on Fortitude Re funds withheld assets39 8 - 31 Net realized losses on Fortitude Re funds withheld embedded derivative75 16 - 59 Net realized losses(b) 428 95 - 333 Loss from discontinued operations 3,626 Net gain on divestitures and other (616)(128)- (488)Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements105 22 - 83 Net loss reserve discount charge 226 47 - 179 Net results of businesses in run-off(c) 111 24 - 87 Integration and transaction costs associated with acquiring or divesting businesses39 8 - 31 Restructuring and other costs(d) 745 156 - 589 Non-recurring costs related to regulatory or accounting changes18 4 - 14 Noncontrolling interests(a) 478 478 Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders$ 4,324 $ 1,063 $ - $ 3,254 (a) Noncontrolling interest primarily relates to Corebridge and is the portion of Corebridge earnings that AIG did not own. Corebridge is consolidated until June 9, 2024. The historical results of Corebridge owned by AIG are reflected in the Income (loss) from discontinued operations, net of income taxes. (b) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for nonqualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets. (c) In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes. (d) In the year ended December 31, 2024, Restructuring and other costs increased primarily as a result of employee-related costs, including severance, and real estate impairment charges.143
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Reconciliation of Return On EquityYear Ended December 31, 2024(dollars in millions)Actual or Annualized net income (loss) attributable to AIG common shareholders (a)$ (1,426)Actual or Annualized adjusted after-tax income attributable to AIG common shareholders (b)$ 3,254 Average AIG common shareholders' equity (c) $ 44,051 Less: Average AIG's ownership interest in Corebridge 6,770 Less: Average investments AOCI - AIG (2,351)Less: Average deferred tax assets 3,998 Average AIG core operating shareholders' equity (d)$ 35,634 ROE (a÷c) (3.2)%Core operating ROE (b÷d) 9.1 % Reconciliation of Adjusted After-tax IncomeYears Ended December 31,201920202021202220232024Income (loss) per common share attributable to AIG common shareholders (diluted)$3.74$(6.88)$11.95$12.94$4.98$(2.17)Adjustments to arrive at Adjusted after-tax income per common share0.849.40(6.25)(10.25)(0.56)7.12Adjusted after-tax income per common share attributable to AIG common shareholders (diluted)4.582.525.702.694.424.95Validus Re and CRS impact(0.09)-(0.13)(0.31)(0.56)-Corebridge impact (2.79)(2.05)(3.10)---AIG Operating EPS (excluding Validus Re & CRS and Corebridge) $1.70$0.47$2.47$2.38$3.86$4.95 144
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Reconciliation of New Premiums Written (NPW)Years Ended December 31,(in millions) 2020202120222023NPW as reported $ 22,959 $ 25,890 $ 25,512 $ 26,719 Validus Re and CRS impact (2,429)(3,299)(3,612)(3,803)NPW excluding Validus Re and CRS impact$ 20,530 $ 22,591 $ 21,900 $ 22,916 Reconciliation of Prior Year Development (PYD)Years Ended December 31,(in millions) 201820192020202120222023Favorable (unfavorable) PYD as reported$ (366)$ 294 $ 76 $ 201 $ 518 $ 391 Validus Re and CRS impact(63)(82)(34)(38)(81)2 Favorable (unfavorable) PYD excluding Validus Re and CRS impact$ (429)$ 212 $ 42 $ 163 $ 437 $ 393 Reconciliation of General Insurance and Other Operations Net Investment IncomeYear Ended December 31, 2024 GeneralOther(in millions) InsuranceOperationsNet investment income $ 3,215$ 1,040Other income (expense) - net (31)15 Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares(73)(513)Net investment income on Fortitude Re funds withheld assets(44)(100)Net realized gains (7)(1)Net results of businesses in run-off -(17)Net investment income, APTI basis $ 3,060$ 424145