PRESS RELEASE
AIG
175 Water Street,
New York, NY 10038
www.aig.com

Contacts:Sabra Purtill (Investors): sabra.purtill@aig.com
Shelley Singh (Investors): shelley.singh@aig.com
Claire Talcott (Media): claire.talcott@aig.com

AIG Announces Third Quarter 2020 Catastrophe Loss Estimates,
including COVID-19 Catastrophe-Related Loss Estimates; andResults of the Life & Retirement and Legacy
Annual Actuarial Assumption Update
NEW YORK, October 26, 2020 -- American International Group, Inc.
(NYSE: AIG) today announced its General Insurance catastrophe losses,
including COVID-19 catastrophe-related losses, for the quarter ended
September 30, 2020, as well as results of the Life & Retirement andLegacy annual actuarial assumption update.
Third quarter 2020 catastrophe loss estimates, net of reinsurance, in thecompany’s General Insurance segment totaled $790 million, before tax,
which include $185 million of estimated catastrophe losses for claims
related to COVID-19, principally in its travel, event cancellation, tradecredit, property, agriculture and casualty books of business. Third quarter
non-COVID-19 catastrophe losses of $605 million reflect windstorms andtropical storms in the Americas and Japan, as well as wildfires on the westcoast.
Brian Duperreault, AIG’s Chief Executive Officer, said: “The third quarter
experienced a high frequency of global catastrophe events with low tomoderate severity, including the ongoing impact of COVID-19. These
events have had a limited impact on AIG as a result of our underwriting
discipline, reinsurance programs, revamped risk appetite and the strengthof our balance sheet.”
AIG also announced the results of its annual actuarial assumption update
for the Life & Retirement and Legacy segments. This year’s update
included lower interest rate assumptions, including a decrease in the
expected 10 year forward 10-year Treasury rate to approximately 2.8%,
updates to mortality assumptions and revised policyholder behavior
assumptions, particularly on lapses and deferred acquisition costamortization.
As a result of this update, AIG recorded a third quarter 2020 charge of$7 million, after-tax ($9 million pre-tax), to net income attributable to AIG
common shareholders, reflecting a charge of $22 million, pre-tax, in theLife & Retirement segment and a benefit of $13 million, pre-tax, in theLegacy segment. The $22 million charge is comprised of a charge of$120 million, pre-tax, included in adjusted pre-tax income (APTI), and abenefit of $98 million, pre-tax, reflected in net realized capital losses anddeferred acquisition costs related to guaranteed minimum withdrawal
benefits. The impact to APTI for the Legacy segment was a benefit of$13 million.
As previously announced, AIG will report third quarter financial results
after the market closes on Thursday, November 5, 2020. AIG’s press
release and financial supplement will be available in the Investors Sectionof AIG’s website at https://www.aig.com. AIG will host a conference call on
Friday, November 6, 2020 at 9:00 a.m. ET to review its financial results.
The live, listen-only webcast is open to the public and can be accessed inthe Investors section of https://www.aig.com. A replay will be available
after the call at the same location.

In separate press releases issued today, AIG announced leadershiptransitions for its executive team and Board of Directors and its intention toseparate the Life & Retirement business from AIG.

###American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies
provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial
services to customers in more than 80 countries and jurisdictions. These diverse offerings include products andservices that help businesses and individuals protect their assets, manage risks and provide for retirement
security. AIG common stock is listed on the New York Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter:@AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These referenceswith additional information about AIG have been provided as a convenience, and the information contained onsuch websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance
operations of American International Group, Inc. For additional information, please visit our website atwww.aig.com. All products and services are written or provided by subsidiaries or affiliates of American
International Group, Inc. Products or services may not be available in all countries and jurisdictions, andcoverage is subject to underwriting requirements and actual policy language. Non-insurance products andservices may be provided by independent third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, andinsureds are therefore not protected by such funds.

The catastrophe loss estimates in this press release involve the exercise of
considerable judgment. Due to the complexity of factors contributing to thelosses, there can be no assurance that AIG’s ultimate losses associated withthese events will not differ from these estimates, perhaps materially.
Certain statements in this press release may include projections, goals,
assumptions and statements that may constitute “forward-looking statements”

within the meaning of the Private Securities Litigation Reform Act of 1995, andAIG may make related oral forward-looking statements on or following the datehereof. These projections, goals, assumptions and statements are not historicalfacts but instead represent only AIG’s belief regarding future events, many ofwhich, by their nature, are inherently uncertain and outside AIG’s control. Theseprojections, goals, assumptions and statements include statements preceded by,followed by or including words such as “will,” “believe,” “anticipate,” “expect,”“intend,” “plan,” “focused on achieving,” “view,” “target,” “goal,” or “estimate”. It is
possible that AIG’s actual results, developments, business decisions andfinancial condition will differ, possibly materially, from those indicated in theseprojections, goals, assumptions and statements. Factors that could cause AIG’sactual results, developments, business decisions and financial condition to differ,possibly materially, include economic conditions affecting the industries in which
AIG’s businesses operate. AIG is not under any obligation (and expressly
disclaims any obligation) to update or alter any projections, goals, assumptions
or other statements, whether written or oral, that may be made from time to time,
whether as a result of new information, future events or otherwise.