本稿は2022年11月1日、AIG米国本社が発表した英文プレスリリース（原文）の参考訳です。
本稿と原文との間で解釈に相違が生じた際には、原文が優先します。
原文の発信日付で、AIGジャパンのホームページに掲載しています。

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

AIG、2022年第3四半期の決算を公表
 コアブリッジ・ファイナンシャル・インク（ニューヨーク証券取引所取引銘柄：CRBG) (コアブリッジ)普通株式の新規株式公開（IPO）を成功裏に完了。これはコアブリッジ普通株式の12.4%に相当。
 損害保険事業部門のコンバインド・レシオは、第3四半期中のハリケー
ン・イアンおよびその他の大規模自然災害の影響にもかかわらず、前年同期比2.4ポイント改善の97.3%。
 損害保険事業部門の保険事故年度の調整済みコンバインド・レシオ*は88.4%で、前年同期から2.1ポイント改善。グローバル・コマーシャル・
ラインが83.0%と、前年同期比5.9ポイント改善したことが主因。
 生命保険および退職給付事業部門は第3四半期も堅調な売上を計上。
収入保険料および預かり資産は89億ドルで、前年同期の72億ドルから増加。4つの事業セグメントがいずれも前年同期比で増加。
 希薄化後普通株式1株当たりの純利益は3.50ドルを計上。希薄化後普通株式1株当たりの調整後税引後利益*（AATI）は0.66ドルを計上、前年同期の0.97ドルから減少。オルタナティブ投資利益の減少が主因も、損害保険事業部門の保険引受利益の1億4,800万ドル増加により相殺。
 2022年第3四半期にAIG普通株式13億ドルを買い戻し。
 元本総額18億ドルの債券の償還、買い戻しを発表し、実行。

2022 年第 3 四半期の特筆事項


損害保険事業部門の調整後税引前利益（APTI）は7億5,000万ドルで、前年同期比6,100万ドル減少。オルタナティブ投資利益が2億2,800万ド
ル減少したことが主因。保険引受利益の改善、変動性を減少させ、大規模自然災害損失（CAT）を軽減させた引受規律の継続および再保険プロ
グラムの恩恵を受けたコンバインド・レシオの2.4ポイント改善および事業費率の低下が部分的に相殺。



生命保険および退職給付事業部門のAPTI 5億8,900万ドルは、主としてオルタナティブ投資リターンとコールおよびテンダー所得の減少による正味投資利益（NII）減少を反映。ベース・ポートフォリオ所得の増加および死亡率の前年同期比改善がこれを部分的に相殺。2022
年第3四半期の生命保険および退職給付事業部門の調整後セグメント
普通株主資本利益率*（調整後ROCE）は年率7.5%。



2022年第3四半期のAIG普通株主に帰属する純利益は27億ドル、希薄化後普通株式1株当たりでは3.50ドルを計上。これに対して、前年同期はAIG普通株主に帰属する純利益が17億ドル、希薄化後普通株式
1株当たりでは1.92ドル。



2022年第3四半期のAIG普通株主に帰属する調整後税引後利益は5億

900万ドル、希薄化後普通株式1株当たりでは0.66ドルを計上。オル
タナティブ投資利益を中心に正味投資利益の減少が主因。これに対して、前年同期はAIG普通株主に帰属する調整後税引後利益が8億
3,700万ドル、希薄化後普通株式1株当たりでは0.97ドル。


2022年第3四半期の普通株主資本利益率（ROCE）および調整後
ROCE*はそれぞれ年率25.9%、3.7%。調整後ROCEには正味投資利益の減少および大規模自然災害損失が影響。
*一般に公正妥当と認められた会計原則に従って計算されていない（非GAAP）財務指標を指しています。非GAAP財務指標の定義および最も近いGAAP指標への調整については、本ニュースリリースの「レギュレーションGおよび非GAAP財務指標に関する注釈」の見出しの項をご覧ください。

2022年11月1日（ニューヨーク発）: アメリカン・インターナショナル・グル
ープ・インク（ニューヨーク証券取引所取引銘柄：AIG）は本日、2022年9月30日までの第3四半期の業績を発表しました。
AIGの会長 兼 最高経営責任者（CEO）のピーター・ザッフィーノは次のように述べました。
「AIGは直近四半期も極めて堅調な業績となりました。これを推進したのは戦略的優先事項の完遂であり、AIGのさらなる大きな成果であるコアブリッジの新規株式公開(IPO)および損害保険事業部門の保険引受業績の利益継続と変動性低下も目立ちました。こうした業績は、困難なマクロ経済環境や米国史上最大級の保険損失をもたらしたハリケーンを考えると、一層素晴らしいものと言えます。」「コアブリッジのIPOは9月中旬に完了しましたが、成功裏の結果を収めたことに非常に満足しています。これはAIGおよびコアブリッジにとって重要なマイルストーンであり、両社がそれぞれの業界のマーケット・リーダーとして成長と価値を推進し続けることを可能にするものです。」「損害保険事業部門は、過去数年間のモメンタムを基礎に、再び素晴らしい改
善と確固たるパフォーマンスを実現しました。保険事故年度のコンバインド・
レシオ（CATを除く*）は210ベーシス・ポイント改善の88.4%で、17四半期
連続の改善となりました。2022年第3四半期の北米コマーシャル・ラインの労働者災害補償を除くオーバーオール・レートは9%上昇し、引き続き損失コス
トのトレンドを上回りました。2022年第3四半期の全体的な保険引受利益には極めて満足しています。ハリケーン・イアンに起因する約4億5,000万ドルを含め、大規模自然災害損失が6億ドルに達し、9.8ポイントのコンバインド・レシ
オとしては、とりわけ満足です。損害保険事業部門の好業績は、グローバル・
ポートフォリオ転換と最高クラスの再保険プログラム実施のために私たちが行った質の高い取組みの効果を実証しており、この両者によって変動性を著しく低下させました。」「生命保険および退職給付事業部門は直近四半期も堅調なパフォーマンスを実現しました。収入保険料および預かり資産は89億ドルと前年同期比23%増加、4つの事業セグメントがいずれも前年同期比で増加しました。個人向け退職給付事業の販売は、定額型年金保険の倍増およびインデックス型年金保険の過去最高の四半期販売を含め、前年同期比16%増の38億ドルに達しました。加えて、債券ポートフォリオからのベース正味投資利益が金利上昇環境の有意な利益を受け始めました。」

「2022年第3四半期には、AIGはブラックストーン・インク（ブラックストーン）およびブラックロック・インク（ブラックロック）との優れたパートナー
シップを進展、強化させ続けました。AIGはコアブリッジの運用資産（AUM）
500億ドルをブラックストーンに移管し、AIGからの移管分370億ドルおよび
コアブリッジからの移管分630億ドルの合計1,000億ドルの資産移管を完了しました。」「また、AIGは資本管理の規律あるバランスの取れたアプローチを継続しまし
た。AIGはAIG普通株式13億ドルの買い戻しおよび2億4,700万ドルの配当金を通じて、株主に15億ドルを還元しました。コアブリッジは10億ドルのハイブリッド債券を発行し、極度貸付タームローンの15億ドルを引き出しました。
2022年第3四半期終了後、AIGは元本総額約18億ドルの債券を償還または買い戻しました。加えて、IPO直後に、コアブリッジは年間6億ドルの配当金コミッ
トメントの一環として、初めての四半期配当金1億4,800万ドルを発表しました。
この配当金はすでに支払われています。」「AIGおよびコアブリッジの献身的な社員により達成されたすべてのことを非
常に誇りに思っています。AIGは依然として、卓越性を推進し、リターン改善を実現し、AIGの株主およびその他のステークホルダーに長期的価値を生み出し続けるために良好な位置を占めています。」
2022年第3四半期は継続事業部門の税引前利益は38億ドルを計上しました。これに対して、前年同期の継続事業部門の税引前利益は22億ドルでした。2022
年第3四半期のAIG普通株主に帰属する純利益は27億ドル、希薄化後普通株式1株当たりでは3.50ドルを計上しました。これに対して、前年同期はAIG普通株
主に帰属する純利益は17億ドル、希薄化後普通株式1株当たりでは1.92ドルでした。税引前利益増加の主因はデリバティブ活動の正味実現利益の増加および損害保険事業部門の保険引受利益の増加で、これは保険料率引上げの利益持続、好調な契約更改率と新規契約、有利な事業構成の変化ならびに前年以前事故年度の当年度発生戻入金（PYD）増加を反映していますが、オルタナティブ投資
利益の減少により部分的に相殺されました。税引前利益の増加は、ブラックス
トーンの権益9.9%に関連する非支配持分およびIPO後のコアブリッジに対する追加の12.4%の公開変動持ち分に帰属する利益により部分的に相殺されました。
2022年第3四半期のAATIは5億900万ドル、希薄化後普通株式1株当たりでは
0.66ドルでした。これに対して、前年同期は8億3,700万ドル、希薄化後普通株式1株当たりでは0.97ドルでした。AATI減少の主因はオルタナティブ投資利
益および利回り向上利益の減少ですが、損害保険事業部門の保険引受業績の税
引前利益の1億4,800万ドル増加および同事業全体のコア投資ポートフォリオの改善により部分的に相殺されました。
2022年第3四半期の連結正味投資利益総額は27億ドルで、前年同期の37億ド
ルから28%減少しました。減少の主因はオルタナティブ投資利益の減少、コー
ルおよびテンダー所得の減少、公正価値オプション株式のリターン減少でした。
2022年第3四半期の利息および配当金利益は5,900万ドル改善し、確定満期およびローン・ポートフォリオ全体の利回りが連続して17ベーシス・ポイント上
昇しました。APTIベース*の正味投資利益総額は25億ドルとなり、前年同期比
7億4,100万ドル減少しました。
2022年9月30日時点の普通株式1株当たりブック・バリューは51.58ドルとなり、市場金利上昇によるその他の包括利益累計額（AOCI）の減少を反映し、2022年6月30日時点から11%、2021年12月31日時点から36%、それぞれ減
少しました。調整後普通株式1株当たりブック・バリュー*は73.28ドルとなり、

2022年6月30日時点から1%、2021年12月31日時点から6%、それぞれ増加しました。これは、配当金および自社株買い戻しを上回る純利益からの留保利益の増加を反映したものです。調整後普通株式1株当たり有形ブック・バリュ
ーは67.04ドルで、2022年6月30日時点から1%、2021年12月31日時点から7%、それぞれ増加しました。
AIGは2022年第3四半期にAIG普通株式約2,400万株を購入価額総額約13億ド
ルで買い戻すとともに、普通株式および優先株式の配当金2億4,700万ドルを支払いました。この結果、2022年9月30日時点のAIGの親会社流動資産は65億ド
ルとなりました。2022年9月30日時点のAIGの全債券および優先株式の資本総額に対する比率は36.5%となり、AOCIへの金利上昇の影響を主因に、2022年
6月30日時点の31.1%から上昇しました。
本日、AIG取締役会はAIG普通株式（NYSE: AIG）の1株当たり0.32ドルの四半期配当金を発表しました。この配当金は2022年12月15日の業務終了時に登録されている株主に対して2022年12月29日に支払われます。
また、AIG取締役会は残余財産優先分配権1株当たり2万5,000ドルのシリーズ
A利率5.85%非累積永久優先株式の1株当たり365.625ドルの四半期配当金を発表しました。これは預託株式（NYSE: AIG PRA）の形で表わされ、各預託株
式は優先株式1株につき権益の1,000分の1を表しています。預託株式保有者は預託株式1株当たり0.365625ドルを受領します。この配当金は2022年11月30
日の業務終了時に登録されている保有者に対して2022年12月15日に支払われます。
2022年第3四半期の業績概要
9月30日までの3ヶ月間
2022

2021

（単位：百万米ドル、1株当たりの額を除く）
AIG普通株主に帰属する純利益

$

1,660

$

2,702

AIG普通株主に帰属する希薄化後1株当たりの純利益

$

1.92

$

3.50

調整後税引前利益（損失）:

$

1,126

$

725

損害保険事業部門

811

750

生命保険および退職給付事業部門

877

589

その他の事業

(562)

(614)

9月30日までの3ヶ月間
2021（単位：百万米ドル、1株当たりの額を除く）
正味投資利益

$

3,715

2022
$

3,276

正味投資利益(APTIベース)

2,668
2,535

AIG普通株主に帰属する調整後税引後利益

$

837

$

509

AIG普通株主に帰属する希薄化後普通株式1株当たり調整後税引後利益*

$

0.97

$

0.66

加重平均発行済み普通株式数 – 希薄化後（単位：百万株）

864.0

771.1

普通株主資本利益率

10.2

%

25.9

%

調整後普通株主資本利益率

6.5

%

3.7

%

普通株式1株当たりブック・バリュー

$

77.03

$

51.58

調整後普通株式１株当たりブック・バリュー

$

61.80

$

73.28

835.8

発行済み普通株式数（単位：百万株）

747.2

損害保険事業部門
9月30日までの3ヶ月間
2021（単位：百万米ドル）

2022

増減

総収入保険料

$

9,305

$

9,238

(1)

%

正味収入保険料

$

6,590

$

6,403

(3.0)

%

3,005

3,138

4

2,576

2,757

7

429

381

(11)

3,585

3,265

(9)

北米外コマーシャル・ライン

2,071

1,992

(4)

北米外個人向け損害保険

1,514

1,273

(16)

168

NM

(166)

(439)

(164)

北米コマーシャル・ライン

(503)

(374)

26

北米個人向け損害保険

337

(65)

NM

186

607

226

北米外コマーシャル・ライン

(94)

469

NM

北米外個人向け損害保険

280

138

(51)

北米
北米コマーシャル・ライン
北米個人向け損害保険
北米外保険引受利益（損失）

$

北米

北米外

20

$

%

正味投資利益(APTIベース)

$

791

$

582

(26)

%

調整後税引前利益

$

811

$

750

(8)

%

7.9

%

6.7

(1.2)

pts

8.3

pts

調整後セグメント普通株式利益率%

引受に関する比率:
北米コンバインド・レシオ(CR)

105.7

114.0

北米コマーシャル・ライン CR

120.0

113.6

(6.4)

14.9

116.4

101.5

94.7

81.4

(13.3)

北米外コマーシャル・ラインCR

104.8

75.4

(29.4)

北米外個人向け損害保険CR

82.2

89.8

7.6

損害保険事業部門CR

99.7

97.3

(2.4)

損害保険事業部門(GI)損害率

68.4

67.5

(0.9)

大規模自然災害による損失および復活保険料

(9.7)

(9.8)

(0.1)

前年以前事故発生年度の当年度発生保険金

0.5

0.9

0.4

GI保険事故年度の調整済み損害率

59.2

58.6

(0.6)

GI事業費率

31.3

29.8

(1.5)

GI保険事故年度の調整済みコンバインド・レシオ

90.5

88.4

(2.1)

91.5

88.2

(3.3)

北米コマーシャル・ライン AYCR

90.5

84.6

(5.9)

北米個人向け損害保険 AYCR

98.4

112.8

14.4

89.6

88.6

(1.0)

北米外コマーシャル・ライン AYCR

86.8

80.4

(6.4)

北米外個人向け損害保険 AYCR

93.0

99.9

6.9

北米個人向け損害保険 CR
北米外CR

pts

控除: 損害率に対する影響:

保険事故年度の調整済みコンバインド・レシオ(AYCR):
北米 AYCR

北米外AYCR

pts

損害保険事業部門


2022年第3四半期の正味収入保険料は前年同期比3%減少しましたが、実質ベースでは3%増の64億ドルとなりました。増加の主因は北米コマーシャル・ラインの7％増加で、グローバル・コマーシャル・ラインは4%減少
しましたが、実質ベースでは5% 増加しました。保険料率の引上げ継続、
契約更改率の上昇および堅調な新規契約を反映したものです。北米個人向け傷害保険の正味収入保険料は前年同期比11%減少しました。ワランティ
事業の新規契約の減少と富裕層向けポートフォリオの保険引受アクションが減少の主因ですが、旅行保険の増加により部分的に相殺されました。北
米外個人向け傷害保険の正味収入保険料は16%、実質ベースでは2%減少しました。ワランティ事業の新規契約の減少が主因ですが、傷害（A&H）
保険および旅行保険の増加で部分的に相殺されました。



2022 年第 3 四半期の APTI は前年同期比 6,100 万ドル減の 7 億 5,000 万ドルとなりました。オルタナティブ投資利益の減少がその理由ですが、保険引受利益の改善で部分的に相殺されました。2022 年第 3 四半期の保険引受利益は 1 億 6,800 万ドルでした。これに対して、前年同期は 2,000 万ドルでした。保険引受利益には大規模自然災害損失(CAT)（復活保険料調
整前）6 億ドルが含まれており、そのうち約 4 億 5,000 万ドルはハリケー

ン・イアンによるものです。これに対して、前年同期の CAT（復活保険料
調整前）は 6 億 2,800 万ドルでした。また、2022 年第 3 四半期には前年
以前事故年度の当年度発生戻入金（PYD）（再保険調整後）7,200 万ドルが含まれています。これに対して、前年同期の前年以前事故年度の当年度発生戻入金（PYD）は 5,000 万ドルでした。


損害保険事業部門は堅調な保険引受業績を計上、コンバインド・レシオは97.3%と、前年同期の99.7%から2.4ポイント改善しました。正味前年以
前事故年度の当年度発生戻入金（PYD）の増加を含む損害率改善が主因でした。損害率は0.9ポイント改善しました。改善の主因はCATエクスポージ
ャーを軽減した包括的再保険プログラムを含む堅調な保険引受業績および新契約獲得費用低下による経費率の改善でした。損害保険事業部門の保険事故年度の調整済み*コンバインド・レシオは88.4%で、前年同期から2.1
ポイント改善しました。保険事故年度の調整済み損害率*は58.6%で0.6ポイント改善、経費率は1.5ポイント改善の29.8%でした。保険事故年度調
整済み損害率の改善は事業構成の改善持続および質の高いポートフォリオを反映したものです。



コマーシャル・ラインの保険引受業績は引き続き堅調な改善を示しました。
事業構成の強化が主因で、正味収入保険料は、保険料率引き上げ持続を背景に、2%、実質ベースでは6%増加しました。保険事故年度調整済みコン
バインド・レシオは北米コマーシャル・ラインが前年同期比5.9ポイント改
善の84.6%、北米外コマーシャル・ラインが同6.4ポイント改善の80.4%となりました。



個人向け損害保険の保険引受業績は悪化しました。事業を再配置し、変動性を軽減するために、引き続きエクスポージャーを引き下げ、再保険付保を増加させたことが主因です。北米個人向け損害保険の保険事故年度調整済みコンバインド・レシオは前年同期比14.4ポイント悪化の112.8%となりました。再保険コストの上昇および富裕層向け事業の譲渡手数料低下によるものです。北米外個人向け損害保険の保険事故年度調整済みコンバイ
ンド・レシオは前年同期比6.9ポイント悪化して99.9%となりました。日
本および台湾におけるA&H保険請求件数増加がその要因ですが、費用規律により部分的に軽減されました。

生命保険および退職給付事業部門
9月30日までの3ヶ月間
2021（単位：百万米ドル、指示されている場合を除く）
調整後税引前利益

$

877

$

2022

増減

589

(33)

個人向け退職給付

292

200

(32)

団体向け退職給付

316

183

(42)

生命保険

134

123

(8)

機関投資家市場

135

83

(39)

2,136

22

収入保険料および手数料

$

1,756

$

個人向け退職給付

311

259

(17)

団体向け退職給付

142

112

(21)

生命保険

757

912

20

機関投資家市場

546

853

56

8,894

23

収入保険料および預かり資産

$

7,234

$

個人向け退職給付

3,257

3,792

16

団体向け退職給付

1,831

2,039

11

生命保険

1,152

1,166

1

994

1,897

91

(92)

90

機関投資家市場

正味フロー

$

(919)

$

%

%

%

%

個人向け退職給付

95

696

NM

団体向け退職給付(1,014)

(788)

22
(18)

%

(4.7)

pts

正味投資利益(APTIベース)$

調整後セグメント普通株式利益率

2,435

$

2,004

12.2

%

7.5

%

生命保険および退職給付事業部門•

2022年第3半期に生命保険および退職給付事業部門は5億8,900万ドルの
APTIを計上しました。前年同期のAPTI8億7,700万ドルから33%減少しました。減少の主因はマクロ経済環境を背景に正味投資利益および手数料利益が減少したことですが、これは死亡率の改善および年次保険数理上の仮定見直しの結果改善により部分的に相殺されました。資本市場の変動がオ
ルタナティブ投資利益の減少、コールおよびテンダー利益の減少、加えて個人向けと団体向け退職給付事業の手数料収入減少につながりました。新
規マネー・レート上昇は引き続きベース・ポートフォリオ利益および利回りの上昇をもたらしています。

•

収入保険料および預かり資産は4つの事業セグメントすべてで増加しました。生命保険および退職給付事業部門は前年同期比で23%の増加を実現しました。その主因は堅調なインデックス型年金保険の預かり資産および堅調な定額型年金保険の預かり資産で、これに機関投資家市場における取引活動が加わり、年金リスクの移転およびGIC預かり資産の増加につながりました。
•

生命保険事業の死亡率は、米国で報告された2022年第3四半期のCOVID関連死者数に基づく、人口10万人当たりの死者数に対しての、AIGが以前に開示したエクスポージャー感応度の6,500万ドルから7,500万ドルに合致しています。

その他の事業
9月30日までの3ヶ月間
2021（単位：百万米ドル）
その他投資活動等

$

(583)

$

2022

増減

(518)

11

資産運用

213

51

(76)

連結および消去を除く調整後税引前利益

(370)

(467)

(26)

連結および消去

(192)

(147)

23

(614)

(9)

調整後税引前損失

$

(562)

$

%

%

その他の事業

連結および消去を除外すると、調整後税引前損失は、特にオルタナティブ投資における投資利益減少を反映したものです。これは債券買い戻しおよびキャッシュ・テンダー・オファーによる利息節約を主因とする会社支払利息の減少により部分的に相殺されました。

生命保険および退職給付事業部門の分離
AIGは2022年9月19日、コアブリッジ普通株式8,000万株の1株当たり21.00ド
ルの公開価格でのIPOを完了しました。これはコアブリッジ普通株式の12.4%に相当します。コアブリッジはAIGの生命保険および退職給付事業部門の持ち株会社です。株式公開によるAIGの手取り総額は、引受割引およびAIGが支払う手数
料およびその他費用の控除前で、約17億ドルとなりました。
AIGおよびブラックストーン・インクは2021年11月、ブラックストーンがコア
ブリッジの9.9%権益を取得する取引を完了しました。ブラックストーンは、生
命保険および退職給付事業部門の分離完了後、コアブリッジの持分権を保有しなければなりません。但し、ブラックストーンがコアブリッジのIPOの1年後、2年後および3年後（それぞれ2023年、2024年および2025年の9月19日）に保有株
式のそれぞれ25%、67%および75%の売却を認める例外措置が適用され、譲渡制限はIPOの5年後（2027年9月19日）に全面的に解除されることになっています。また、コアブリッジは2021年11月1日、AIG親会社に対する配当金83億ドルを発表しました。当該配当金に関連して、コアブリッジはAIG親会社宛に83億ドルの約束手形（会社間手形）を振り出しました。会社間手形はコアブリッジのIPOに先立ってAIG親会社に支払われました。支払い原資は、（i）2022年4月5日にコアブリッジが発行した元本総額65億ドルの優先無担保債券、（ii）2022
年8月23日にコアブリッジが発行した元本総額10億ドル、満期2052、利率
6.875%の固定対固定リセット利率ジュニア劣後ノート、および（iii）極度貸付
額15億ドル、期間3年のタームローン契約に基づくコアブリッジによる15億ドル

引き出しでした。
IPOを受けて、AIGはコアブリッジの発行済み株式の77.7%を保有しており、引き続きコアブリッジの資産、負債および事業業績をAIGの要約連結財務諸表に連結、反映させています。AIGが保有していないコアブリッジの持分部分はAIGの要約連結財務諸表に非支配持分として反映されています。
AIGおよびブラックストーン傘下の長期パーペチュアル投資会社であるブラックストーン・リアルエステート・インカム・トラスト（BREIT）は2021年12月15日、BREITによるAIGの米アフォーダブル・ハウジング・ポートフォリオのAIG持ち分権の取得を完了しました。米アフォーダブル・ハウジング・ポー
トフォリオの過去の業績はAIGの生命保険および退職給付事業部門の事業セグ
メントに計上されています。
加えて、2022年3月28日、AIGおよびブラックロックは基本合意書を締結しま
し、2022年4月以降、AIGの保険会社子会社の一部がブラックロックと別の投資管理契約を締結し、これに従い、ブラックロックがAIGのために特定流動債
券および私募資産最大600億ドルならびにコアブリッジのために資産最大900億ドルを運用します。加えて、AIGおよびコアブリッジはブラックロックの世界的な投資運用テクノロジー「アラディン」へのアクセスを得ることになります。
AIG グループは、世界の保険業界のリーダーであり、約70の国や地域で損害保険、生命保険、退職給付およ
びその他の金融サービスを幅広く提供しています。AIGグループの商品・サービスを通じた多岐にわたるサポートは、法人および個人のお客さまの資産を守り、リスクマネジメントおよび確かなリタイヤメント・セキ
ュリティをお届けします。持株会社 AIG, Inc.はニューヨーク証券取引所に上場しています。
AIGの追加情報についてはwww.aig.com |You Tube : www.youtube.com/aig | Twitter : @AIGinsurance
www.twitter.com/AIGinsurance |LinkedIn : http://www.linkedin.com/company/aig を参照ください。
AIGに関する追加情報を記載しているこれら参照先は便宜上提供されており、かかるウェブサイトに記載されている情報は、参照することにより本プレスリリースに組み込まれていません。
AIGとは、AIG, Inc.傘下の全世界の損害保険、生命保険、リタイヤメント・サービス事業ならびに一般的な保険事業のマーケティング名です。より詳細な情報については当社のホームページ（ www.aig.com ）を参照ください。全ての商品およびサービスはAIG, Inc.傘下の子会社または関連会社により引き受けまたは提供
されています。これらの商品およびサービスは一部の国では利用できない可能性があり、実際の契約に準拠します。保険以外の商品・サービスは、独立した第三者によって提供されることがあります。一部の損害保険の補償については、サープラス・ラインの保険会社によって提供される可能性があります。サープラス・
ラインの保険会社は、一般的に米国州政府保証基金に加入しないため、当該基金による保証は行われません。

AIG Reports Third Quarter 2022 Results
November 1, 2022
Successfully completed the initial public offering (IPO) of Corebridge Financial, Inc. (NYSE: CRBG) (Corebridge)
common stock, representing 12.4% of the common stock of Corebridge
General Insurance combined ratio of 97.3% improved by 2.4 points from the prior year quarter, despite the impact
from Hurricane Ian and other natural catastrophes in the quarter
General Insurance adjusted accident year combined ratio* of 88.4% improved by 2.1 points from the prior year
quarter, led by Global Commercial with 5.9 points of improvement to 83.0%
Life and Retirement posted another quarter of strong sales with premiums and deposits of $8.9 billion, up from
$7.2 billion in the prior year quarter with positive year on year growth in each of the four operating segments
Net income per diluted common share was $3.50 and adjusted after-tax income* (AATI) per diluted common share
was $0.66 compared to $0.97 in the prior year quarter, primarily due to lower alternative investment income, offset
by a $148 million increase in General Insurance underwriting income
Repurchased $1.3 billion of AIG common stock in the third quarter
Announced the redemption and repurchase of approximately $1.8 billion of aggregate principal amount of debt,
which has closed
THIRD QUARTER NOTEWORTHY ITEMSGeneral Insurance adjusted pre-tax income (APTI) of $750 million decreased $61 million from prior year quarter due to$228 million of lower alternative investment income partially offset by improvement in underwriting results with 2.4 points ofcombined ratio improvement, benefiting from continued underwriting discipline and a reinsurance program, which together
decreased volatility and mitigated catastrophe losses (CATs), as well as a lower expense ratio.
Life and Retirement APTI of $589 million reflects lower net investment income (NII) due to lower alternative investment
returns and call and tender income, partially offset by higher base portfolio income and an improvement in mortality
compared to prior year quarter. Life and Retirement return on adjusted segment common equity* (Adjusted ROCE) for thethird quarter was 7.5% on an annualized basis.
Net income attributable to AIG common shareholders was $2.7 billion, or $3.50 per diluted common share, for the third
quarter of 2022 compared to $1.7 billion or $1.92 per diluted common share, in the prior year quarter.
Adjusted after-tax income attributable to AIG common shareholders was $509 million, or $0.66 per diluted common share,compared to $837 million, or $0.97 per diluted common share, in the prior year quarter, due to lower net investment
income, primarily alternative investment income.
Return on common equity (ROCE) and Adjusted ROCE* were 25.9% and 3.7%, respectively, on an annualized basis forthe third quarter of 2022. Adjusted ROCE was impacted by lower net investment income and catastrophe losses.
* Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP
measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Comment on Regulation G and
Non-GAAP Financial Measures.
NEW YORK--(BUSINESS WIRE)--Nov. 1, 2022-- American International Group, Inc. (NYSE: AIG) today reported financial results for the third quarter
ended September 30, 2022.
AIG Chairman & Chief Executive Officer Peter Zaffino said: “AIG had another very strong quarter of financial performance, driven by our successful
execution of strategic priorities, and highlighted by the initial public offering of Corebridge, another major accomplishment by our team, as well as
continued profitable underwriting results and decreased volatility in General Insurance. These results are even more impressive when viewed against
the backdrop of a challenging macro-economic environment and one of the largest insured-loss hurricanes in U.S. history.
“The Corebridge IPO was completed in mid-September and I am very pleased with the successful outcome, which represented a critical milestone for
AIG and Corebridge that enables both companies to continue to drive growth and value as market leaders in their respective industries.
“General Insurance once again delivered outstanding improvement and absolute financial performance building on our momentum over the last few
years. The 210-basis point improvement in the accident year combined ratio, ex-CATs* to 88.4%, marked the 17th consecutive quarter of
improvement. North America Commercial overall rate increased 9%, excluding Workers’ Compensation, in the third quarter and continued to exceed
loss cost trends. I am extremely pleased with the overall underwriting profit in the quarter, particularly given $600 million of catastrophe losses, or 9.8
points of the combined ratio, of which approximately $450 million is attributable to Hurricane Ian. The strong performance in General Insurance
demonstrates the benefits of the high-quality work we have done to transform our global portfolio and implement a best-in-class reinsurance program,which together have dramatically reduced volatility.
“Life and Retirement delivered another solid quarter with premiums and deposits of $8.9 billion, a 23% increase from the prior year quarter with growthin each of the four business segments. Sales in Individual Retirement grew by 16% to $3.8 billion, including a doubling of sales in fixed annuities and arecord sales quarter in index annuities. Additionally, base net investment income from the fixed income portfolio started to see meaningful benefits
from the higher interest rate environment.
“In the third quarter, we continued to progress and solidify our excellent partnerships with Blackstone, Inc. (" Blackstone") and BlackRock, Inc.
("BlackRock"). We have transferred $50 billion of Corebridge AUM to Blackstone and completed $100 billion of asset transfer to BlackRock with $37
billion moving from AIG and $63 billion moving from Corebridge.
“We also continued our disciplined and balanced approach to capital management. We returned $1.5 billion to shareholders through $1.3 billion of AIG
common stock repurchases and $247 million of dividends. Corebridge issued hybrid debt of $1 billion and drew down $1.5 billion of the delayed draw
term loan. Subsequent to the close of the quarter, AIG redeemed or repurchased approximately $1.8 billion in aggregate principal amount of debt.
Additionally, shortly after the IPO, Corebridge declared its first quarterly dividend of $148 million as part of its $600 million annual dividend
commitment, which has already been paid.
“I am extremely proud of all that has been accomplished by our dedicated colleagues at AIG and Corebridge. We remain well-positioned to continue todrive excellence, deliver improving returns and create long-term value to our shareholders and other stakeholders.”
For the third quarter of 2022, pre-tax income from continuing operations was $3.8 billion, up from $2.2 billion from the prior year quarter. Third quarterof 2022 net income attributable to AIG common shareholders was $2.7 billion, or $3.50 per diluted common share, compared to net income of $1.7
billion, or $1.92 per diluted common share, in the prior year quarter. The pre-tax income increase was primarily due to an increase in net realized gains
on derivative activities and higher underwriting income in General Insurance, reflecting the continued earn-in of positive rate change and strength ofrenewal retentions and new business production, favorable business mix changes, as well as increased favorable prior year development, partially
offset by lower alternative investment income. The pre-tax income increase was partially offset by income attributable to noncontrolling interest
associated with Blackstone’s 9.9% ownership interest and the additional 12.4% of public floating interest in Corebridge following the IPO.
AATI was $509 million, or $0.66 per diluted common share, for the third quarter of 2022 compared to $837 million, or $0.97 per diluted common share,in the prior year quarter. The decrease in AATI was primarily due to lower alternative investment income, and yield enhancement income, partially
offset by a $148 million pre-tax increase in General Insurance underwriting results and improvement in core investment portfolio income across thebusiness.
Total consolidated net investment income for the third quarter of 2022 was $2.7 billion, down 28% from $3.7 billion in the prior year quarter, primarily
due to lower alternative investment income, lower call and tender income and lower returns from fair value option equity securities. Interest anddividends income improved $59 million in the third quarter with yield across the fixed maturity and loan portfolios up 17 basis points sequentially. Total
net investment income on an APTI basis* was $2.5 billion, a decrease of $741 million compared to the prior year quarter.
Book value per common share was $51.58 as of September 30, 2022, a decrease of 11% from June 30, 2022 and 36% from December 31, 2021,
reflecting a reduction in accumulated other comprehensive income (AOCI) as a result of higher interest rates. Adjusted book value per common share*
was $73.28, an increase of 1% from June 30, 2022 and 6% from December 31, 2021, reflecting growth in retained earnings from net income in excess
of dividends and share repurchases. Adjusted tangible book value per common share* was $67.04, an increase of 1% from June 30, 2022 and 7%
from December 31, 2021.
For the third quarter of 2022, AIG repurchased approximately $1.3 billion of common stock or approximately 24 million shares and paid $247 million ofcommon and preferred dividends, resulting in AIG Parent liquidity of $6.5 billion as of September 30, 2022. AIG’s ratio of total debt and preferred stock
to total capital at September 30, 2022 was 36.5%, up from 31.1% at June 30, 2022, primarily due to the impact of higher interest rates on AOCI.
The AIG Board of Directors declared a quarterly cash dividend of $0.32 per share on AIG common stock (NYSE: AIG). The dividend is payable on
December 29, 2022 to stockholders of record at the close of business on December 15, 2022.
The AIG Board of Directors also declared a quarterly cash dividend of $365.625 per share on AIG Series A 5.85% Non-Cumulative Perpetual
Preferred Stock, with a liquidation preference of $25,000 per share, which is represented by depositary shares (NYSE: AIG PRA), each representing a
1/1,000th interest in a share of preferred stock. Holders of depositary shares will receive $0.365625 per depositary share. The dividend is payable on
December 15, 2022 to holders of record at the close of business on November 30, 2022.
FINANCIAL SUMMARY
Three Months Ended
September 30, 2022($ in millions, except per common share amounts)

2021

2022

Net income attributable to AIG common shareholders$ 1,660 $ 2,702

Net income per diluted share attributable to AIG common shareholders$ 1.92Adjusted pre-tax income (loss)$ 1,126 $ 725$ 3.50General Insurance

811

750

Life and Retirement

877

589

Other Operations(562 )(614 )Net investment income$ 3,715 $ 2,668

Net investment income, APTI basis

3,276

Adjusted after-tax income attributable to AIG common shareholders

2,535

$ 837

$ 509

Adjusted after-tax income per diluted share attributable to AIG common shareholders $ 0.97

$ 0.66Weighted average common shares outstanding - diluted (in millions)

864.0

771.1

Return on common equity

10.2% 25.9%Adjusted return on common equity

6.5

% 3.7

%

Book value per common share$ 77.03 $ 51.58

Adjusted book value per common share$ 61.80 $ 73.28

Common shares outstanding (in millions)

835.8

747.2

GENERAL INSURANCE
Three Months Ended September 30,($ in millions)

2021

2022

ChangeGross premiums written$ 9,305$ 9,238(1)%

Net premiums written$ 6,590$ 6,403(3.0)%

North America

3,005

3,138

4

North America Commercial Lines

2,576

2,757

7

North America Personal Insurance

429

381

(11

)

International

3,585

3,265

(9

)

International Commercial Lines

2,071

1,992

(4

)

International Personal Insurance

1,514

1,273

(16

)

Underwriting income (loss)

$ 20

$ 168

NM

%

North America

(166

)

(439

)

(164

North America Commercial Lines

(503

)

(374

)

26

North America Personal Insurance

337

(65

)

NM

International

186

607

226

International Commercial Lines

(94

469

NM

International Personal Insurance

280

138

(51

)

Net investment income, APTI basis

$ 791

$ 582

(26

)%

Adjusted pre-tax income

$ 811

$ 750

(8

)%

(1.2

) pts

pts

Return on adjusted segment common equity

7.9

)

%

6.7

%

)

Underwriting ratios:
North America Combined Ratio (CR)

105.7

114.0

8.3

North America Commercial Lines CR

120.0

113.6

(6.4

North America Personal Insurance CR

14.9

116.4

101.5

International CR

94.7

81.4

(13.3 )

International Commercial Lines CR

104.8

75.4

(29.4 )

International Personal Insurance CR

82.2

89.8

7.6

General Insurance (GI) CR

99.7

97.3

(2.4

)

GI Loss ratio

68.4

67.5

(0.9

) pts

)

Less: impact on loss ratio
Catastrophe losses and reinstatement premiums

(9.7

)

(9.8

)

(0.1

)

Prior year development, net of reinsurance and prior year premiums 0.5

0.9

0.4

GI Accident year loss ratio, as adjusted

59.2

58.6

(0.6

)

GI Expense ratio

31.3

29.8

(1.5

)

GI Accident year combined ratio, as adjusted

90.5

88.4

(2.1

)

North America AYCR

91.5

88.2

(3.3

) pts

North America Commercial Lines AYCR

90.5

84.6

(5.9

)

North America Personal Insurance AYCR

98.4

112.8

14.4

International AYCR

89.6

88.6

(1.0

)

International Commercial Lines AYCR

86.8

80.4

(6.4

)

International Personal Insurance AYCR

93.0

99.9

6.9

Accident year combined ratio, as adjusted (AYCR):

General Insurance

Net premiums written in the third quarter of 2022 decreased 3% from the prior year quarter, but increased 3% on aconstant dollar basis to $6.4 billion driven by strong North America Commercial Lines growth of 7% and International
Commercial Lines decrease of 4% or growth of 5% on a constant dollar basis, reflecting continued positive rate change,higher renewal retentions and strong new business production. North America Personal Insurance net premiums written
decreased 11% primarily due to a decline in Warranty and ongoing underwriting actions in our High-Net-Worth portfolio,
offset by growth in Travel. International Personal Insurance net premiums written decreased 16%, or 2% on a constantdollar basis, primarily due to lower production in Warranty, partially offset by growth in Accident & Health (A&H) and Travel.
Third quarter 2022 APTI decreased by $61 million to $750 million from the prior year quarter due to lower alternative
investment income partially offset by improvement in underwriting income. Underwriting income was $168 million in thethird quarter of 2022, compared to $20 million in the prior year quarter. The underwriting income included $600 million ofCATs, before reinstatement premiums, of which approximately $450 million came from Hurricane Ian, compared to $628
million CATs, before reinstatement premiums in the prior year quarter. Third quarter 2022 also included favorable prior year
loss reserve development, net of reinsurance (PYD) of $72 million compared to favorable PYD of $50 million in the prioryear quarter.
General Insurance generated strong underwriting results, with a combined ratio of 97.3%, a 2.4 point improvement from
99.7% in the prior year quarter. The loss ratio improved by 0.9 points, driven by strong underwriting results including
comprehensive reinsurance programs that mitigated CAT exposure, and an improved expense ratio, benefiting from lower
acquisition expense. The General Insurance accident year combined ratio, as adjusted*, was 88.4%, an improvement of
2.1 points from the prior year quarter with a 0.6 point improvement in the accident year loss ratio, as adjusted* to 58.6%,
and a 1.5 points improvement in the expense ratio to 29.8%. The improvement in accident year loss ratio, as adjusted,reflected continued improvement in commercial business mix and quality of the portfolio.
Commercial Lines underwriting results continued to show strong improvement due to enhanced business mix, and net
premiums written grew 2%, or 6% on a constant dollar basis, with continued rate increases. The accident year combined
ratio, as adjusted, for North America Commercial Lines improved 5.9 points to 84.6%, and for International Commercial
Lines improved 6.4 points to 80.4% compared to the prior year quarter.
Personal Insurance underwriting results deteriorated as we reposition the business and continue to reduce exposures andincrease reinsurance cessions to mitigate volatility. The North America Personal Insurance accident year combined ratio,
as adjusted, deteriorated 14.4 points to 112.8% compared to the prior year quarter, due to higher reinsurance costs andlower ceding commission for High-Net-Worth business. The International Personal Insurance accident year combined ratio,
as adjusted, deteriorated by 6.9 points to 99.9% from the prior year quarter, due to an increased frequency of A&H claims
in Japan and Taiwan, partially mitigated by expense discipline.
LIFE AND RETIREMENT
Three Months Ended
September 30,($ in millions, except as indicated)

2021

2022

$ 877

$ 589

(33

) %

Individual Retirement

292

200

(32

)

Group Retirement

316

183

(42

)

Life Insurance

134

123

(8

)

Institutional Markets

135

83

(39

)

Premiums and fees

$ 1,756$ 2,136

22

Individual Retirement

311

259

(17

)

Group Retirement

142

112

(21

)

Life Insurance

757

912

20

Institutional Markets

546

853

56

Premiums and deposits$ 7,234$ 8,89423

Individual Retirement

3,257

3,792

16

Group Retirement

1,831

2,039

11

Life Insurance

1,152

1,166

1

Institutional Markets

994

1,897

91

Adjusted pre-tax income (loss)

Net flows
Individual Retirement$ (919
95

)

$ (92
696

Change

)

90
NM

%

%

%

Group Retirement

Net investment income, APTI basis(1,014 )(788$ 2,435Return on adjusted segment common equity 12.2

%

)

22

$ 2,004

(18

) %

7.5

% (4.7) pts

Life and Retirement

Life and Retirement reported APTI of $589 million for the third quarter of 2022, down 33% from $877 million in the prioryear quarter, primarily due to macroeconomic conditions resulting in lower net investment income and fee income, partially
offset by less adverse mortality and an improved outcome in the annual actuarial assumption review. Capital markets
volatility drove lower alternative investment returns and lower call and tender income in addition to lower fee income in
Individual and Group Retirement. Higher new money rates continue to provide uplift to the base portfolio income and yield.
Premiums and deposits were higher across all four operating segments; Life and Retirement achieved 23% growth fromthe prior year quarter largely as a result of robust index annuity deposits and strong fixed annuity deposits combined withtransactional activity in Institutional Markets driving higher pension risk transfer and GIC deposits.
The mortality experience in Life Insurance is in line with the previously disclosed estimate of exposure sensitivity of $65
million to $75 million per 100,000 population deaths based upon the reported third quarter COVID-related deaths in the
United States.
OTHER OPERATIONS
Three Months Ended
September 30,($ in millions)2021

Corporate and Other$ (583

Asset Management

213

2022
)

$ (518Change
) 11

51

(76

)
)

Adjusted pre-tax loss before consolidation and eliminations (370

)

(467

) (26

Consolidation and eliminations

(192

)

(147

) 23

$ (562)$ (614) (9Adjusted pre-tax loss%

) %Other Operations

Before consolidation and eliminations, the adjusted pre-tax loss reflects lower investment income particularly withinalternative investments. This was partially offset by lower corporate interest expense primarily driven by interest savings
from debt repurchases and cash tender offers.
LIFE AND RETIREMENT SEPARATIONOn September 19, 2022, AIG closed on the IPO of 80 million shares of Corebridge common stock at a public offering price of $21.00 per share,
representing 12.4 percent of Corebridge's common stock. Corebridge is the holding company for AIG’s Life and Retirement business. The aggregate
gross proceeds of the offering to AIG, before deducting underwriting discounts and commissions and other expenses payable by AIG, wereapproximately $1.7 billion.
In November 2021, AIG and Blackstone Inc. completed the acquisition by Blackstone of a 9.9 percent equity stake in Corebridge. Blackstone isrequired to hold its ownership interest in Corebridge following the completion of the separation of the Life and Retirement business, subject to
exceptions permitting Blackstone to sell 25%, 67% and 75% of its shares after the first, second and third anniversaries, respectively, of Corebridge
IPO (which will be September 19, 2023, 2024 and 2025, respectively), with the transfer restrictions terminating in full on the fifth anniversary of the IPO(September 19, 2027). Also in November 2021, Corebridge declared a dividend payable to AIG Parent in the amount of $8.3 billion. In connection withsuch dividend, Corebridge issued a promissory note to AIG Parent in the amount of $8.3 billion (the Intercompany Note). The Intercompany Note was
repaid to AIG Parent prior to the IPO of Corebridge with the proceeds of (i) the issuance by Corebridge, on April 5, 2022, of senior unsecured notes in
the aggregate principal amount of $6.5 billion, (ii) the issuance by Corebridge, on August 23, 2022, of $1.0 billion aggregate principal amount of

6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2052, and (iii) borrowings by Corebridge of $1.5 billion under its $1.5 billion 3-Year
Delayed Draw Term Loan Agreement.
Following the IPO, AIG owns 77.7% of the outstanding common stock of Corebridge and continues to consolidate the assets, liabilities, and results ofoperations of Corebridge in AIG’s Condensed Consolidated Financial Statements. The portion of equity interest of Corebridge that AIG does not own
is reflected as noncontrolling interest in AIG’s Condensed Consolidated Financial Statements.
On December 15, 2021, AIG and Blackstone Real Estate Income Trust (BREIT), a long-term, perpetual capital vehicle affiliated with Blackstone,
completed the acquisition by BREIT of AIG’s interests in a U.S. affordable housing portfolio. The historical results of the U.S. affordable housing
portfolio were reported in our Life and Retirement operating segments.
Additionally, on March 28, 2022, AIG and BlackRock entered into a binding letter of intent, and since April 2022, certain of AIG’s insurance company
subsidiaries entered into separate investment management agreements with BlackRock, pursuant to which BlackRock will manage certain liquid fixedincome and private placement assets representing up to $60 billion of assets on behalf of AIG and up to $90 billion of assets on behalf of Corebridge.
In addition, AIG and Corebridge are gaining access to BlackRock’s world-class investment management technology, Aladdin.
CONFERENCE CALL
AIG will host a conference call tomorrow, Wednesday, November 2, 2022 at 8:30 a.m. ET to review these results. The call is open to the public and canbe accessed via a live listen-only webcast in the Investors section of www.aig.com. A replay will be available after the call at the same location.
###
Additional supplementary financial data is available in the Investors section at www.aig.com.
Certain statements in this press release and other publicly available documents may include, and members of AIG 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. These forward-looking statements are intended to provide
management’s current expectations or plans for AIG’s future operating and financial performance, based on assumptions currently believed to be valid
and accurate. 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, such as the separation of the Life and Retirement businessfrom AIG, the effect of catastrophes and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions ofbusinesses or assets, or successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends inoperations and financial results, and other statements that are not historical facts.
All forward-looking statements involve risks, uncertainties and other factors that may cause AIG’s 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 AIG’s
actual results to differ, possibly materially, from those in specific projections, goals, assumptions and statements include, without limitation:

the effects of economic conditions in the markets in which AIG and its businesses operate in the U.S. and globally and anychanges therein, including financial market conditions, fluctuations in interest rates and foreign currency exchange rates
and inflationary pressures, each of which may also be affected by geopolitical conflicts, including the conflict between
Russia and Ukraine;
the occurrence of catastrophic events, both natural and man-made, including geopolitical conflicts, pandemics, civil unrest
and the effects of climate change;
availability of reinsurance or access to reinsurance on acceptable terms;
disruptions in the availability of AIG's electronic data systems or those of third parties, including as a result of information
technology, cybersecurity or data security breaches due to supply chain disruptions, cyber-attacks or security
vulnerabilities, the likelihood of which may increase as a result of continued remote business operations;
AIG’s ability to realize expected strategic, financial, operational or other benefits from the separation of Corebridge;
AIG’s ability to effectively execute on and benefit from its ongoing restructuring programs;
changes in judgments concerning potential cost-saving opportunities;
concentrations in AIG’s investment portfolios, including as a result of our asset management relationships with Blackstone
and BlackRock;changes in the valuation of AIG’s investments;
the effectiveness of AIG’s enterprise risk management policies and procedures, including with respect to business
continuity and disaster recovery plans;
the effectiveness of strategies to recruit and retain key personnel and to implement effective succession plans;actions by rating agencies with respect to AIG’s credit and financial strength ratings as well as those of its businesses andsubsidiaries;changes to sources of or access to liquidity;changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;
AIG’s ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired
businesses;

nonperformance or defaults by counterparties, including Fortitude Reinsurance Company Ltd. (Fortitude Re);requirements, which may change from time to time, of the global regulatory framework to which AIG is subject;significant legal, regulatory or governmental proceedings;
the effects of sanctions, including those related to the conflict between Russia and Ukraine, and failure to comply
therewith;
the impact of COVID-19 and its variants and responses thereto;
AIG’s ability to effectively execute on environmental, social and governance targets and standards; andsuch other factors discussed in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Resultsof Operations (MD&A) in AIG’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 (which
will be filed with the SEC), and Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A in AIG’s Annual Report on Form
10-K for the year ended December 31, 2021.
Forward-looking statements speak only as of the date of this press release, 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 fromthose expressed or implied in any forward-looking statements is disclosed from time to time in our filings with the SEC.
###COMMENT ON REGULATION G AND NON-GAAP FINANCIAL MEASURES
Throughout this press release, including the financial highlights, AIG presents its financial condition and results of operations in the way it believes will
be most meaningful and representative of its business results. Some of the measurements AIG uses 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 AIG presents are listed below and may not be comparable to similarly-named measures reported by othercompanies. The reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within therelevant tables attached to this news release or in the Third Quarter 2022 Financial Supplement available in the Investors section of AIG’s website,www.aig.com.
Unless otherwise mentioned or unless the context indicates otherwise, we use the terms “AIG,” “we,” “us” and “our” to refer toGroup, Inc., a Delaware corporation, and its consolidated subsidiaries.

American International

AIG uses the following operating performance measures because AIG believes they enhance the understanding of the underlying profitability ofcontinuing operations and trends of AIG’s business segments. AIG believes they also allow for more meaningful comparisons with AIG’s insurancecompetitors. When AIG uses these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis.
Book Value per Common Share, Excluding Accumulated Other Comprehensive Income (Loss) (AOCI) adjusted for the cumulative
unrealized gains and losses related to Fortitude Re funds withheld assets and Deferred Tax Assets (DTA) (Adjusted Book Value per
Common Share) is used to show the amount of our net worth on a per-common share basis after eliminating items that can fluctuate significantly fromperiod to period including changes in fair value of AIG’s available for sale securities portfolio, foreign currency translation adjustments and U.S. tax
attribute deferred tax assets. This measure also eliminates the asymmetrical impact resulting from changes in fair value of our available for salesecurities portfolio wherein there is largely no offsetting impact for certain related insurance liabilities. In addition, we adjust for the cumulative
unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG post
deconsolidation of Fortitude Re (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re.
We exclude deferred tax assets representing U.S. tax attributes related to net operating loss carryforwards and foreign tax credits as they have not yet
been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As net operating loss carryforwards andforeign tax credits are utilized, the portion of the DTA utilized is included in these book value per common share metrics. Adjusted Book Value per
Common Share is derived by dividing Total AIG common shareholders’ equity, excluding AOCI adjusted for the cumulative unrealized gains andlosses related to Fortitude Re funds withheld assets, and DTA (Adjusted Common Shareholders’ Equity) , by total common shares outstanding.
Book Value per Common Share, Excluding Goodwill, Value of Business Acquired (VOBA), Value of Distribution Channel Acquired (VODA),
Other Intangible Assets, AOCI adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets, andDeferred Tax Assets (DTA) (Adjusted Tangible Book Value per Common Share) is used to provide more accurate measure of the realizable valueof shareholder on a per-common share basis. Adjusted Tangible Book Value per Common Share is derived by dividing Total AIG commonshareholders’ equity, excluding intangible assets, AOCI adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld
assets, and DTA (Adjusted Tangible Common Shareholders’ Equity) , by total common shares outstanding.
AIG Return on Common Equity (ROCE) – Adjusted After-tax Income Excluding AOCI adjusted for the cumulative unrealized gains andlosses related to Fortitude Re funds withheld assets and DTA (Adjusted return on common equity) is used to show the rate of return oncommon shareholders’ equity. We believe this measure is useful to investors because it eliminates items that can fluctuate significantly from period toperiod, including changes in fair value of our available for sale securities portfolio, foreign currency translation adjustments and U.S. tax attributedeferred tax assets. This measure also eliminates the asymmetrical impact resulting from changes in fair value of our available for sale securities
portfolio wherein there is largely no offsetting impact for certain related insurance liabilities. In addition, we adjust for the cumulative unrealized gains
and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. We exclude
deferred tax assets representing U.S. tax attributes related to net operating loss carryforwards and foreign tax credits as they have not yet beenutilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As net operating loss carryforwards and foreign
tax credits are utilized, the portion of the DTA utilized is included in Adjusted Return on Common Equity. Adjusted Return on Common Equity is derived
by dividing actual or annualized adjusted after-tax income attributable to AIG common shareholders by average Adjusted Common Shareholders’Equity.
General Insurance and Life and Retirement Adjusted Segment Common Equity is based on segment equity adjusted for the attribution of debt
and preferred stock (Segment Common Equity) and is consistent with AIG’s Adjusted Common Shareholders’ Equity definition.

General Insurance and Life and Retirement Return on Adjusted Segment Common Equity – Adjusted After-tax Income (Return on adjusted
segment common equity) is used to show the rate of return on Adjusted Segment Common Equity. Return on Adjusted Segment Common Equity isderived by dividing actual or annualized Adjusted After-tax Income by Average Adjusted Segment Common Equity.
Adjusted After-tax Income Attributable to General Insurance and Life and Retirement is derived by subtracting attributed interest expense,
income tax expense and attributed dividends on preferred stock from APTI. Attributed debt and the related interest expense and dividends on
preferred stock are calculated based on our internal allocation model. Tax expense or benefit is calculated based on an internal attribution
methodology that considers among other things the taxing jurisdiction in which the segments conduct business, as well as the deductibility of
expenses in those jurisdictions.
Adjusted Revenues exclude Net realized gains (losses), income from non-operating litigation settlements (included in Other income for GAAP
purposes) and changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes).
Adjusted revenues is a GAAP measure for our segments.
Adjusted Pre-tax Income (APTI) is derived by excluding the items set forth below from income from continuing operations before income tax. Thisdefinition is consistent across our segments. These items generally fall into one or more of the following broad categories: legacy matters having no
relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; andmeasures that we believe to be common to the industry. APTI is a GAAP measure for our segments. Excluded items include the following:changes in fair value of securities used to hedge guaranteed living benefits;changes in benefit reserves and deferred policy acquisition costs (DAC), value ofbusiness acquired (VOBA), and deferred sales inducements (DSI) related to net
realized gains and losses;changes in the fair value of equity securities;
net investment income on Fortitude Re funds withheld assets
following deconsolidation of Fortitude Re, 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 andchanges 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 and interest credited topolicyholder account balances);income or loss from discontinued operations;net loss reserve discount benefit (charge);
pension expense related to lump sum
payments to former employees;
net gain or loss on divestitures;
non-operating litigation reserves andsettlements;
restructuring and other costs related toinitiatives designed to reduce operating
expenses, improve efficiency and simplify ourorganization;
the portion of favorable or unfavorable prioryear reserve development for which we haveceded the risk under retroactive reinsurance
agreements and related changes inamortization of the deferred gain;
integration and transaction costs associatedwith acquiring or divesting businesses;
losses from the impairment of goodwill; andnon-recurring costs associated with theimplementation of non-ordinary course legal
or regulatory changes or changes toaccounting principles.

Adjusted After-tax Income attributable to AIG common shareholders (AATI) is derived by excluding the tax effected APTI adjustments describedabove, dividends on preferred stock, 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; andnet tax charge related to the enactment of the Tax Cuts and Jobs Act (Tax Act).
See page 16 for the reconciliation of Net income attributable to AIG to Adjusted After-tax Income Attributable to AIG.
Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures ofunderwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses andloss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses thatwould 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 ofwhich 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:

1. Loss ratio = Loss and loss adjustment expenses incurred ÷ Net premiums earned (NPE)
2. Acquisition ratio = Total acquisition expenses ÷ NPE
3. General operating expense ratio = General operating expenses ÷ NPE
4. Expense ratio = Acquisition ratio + General operating expense ratio
5. Combined ratio = Loss ratio + Expense ratio
6. CATs and reinstatement premiums = [Loss and loss adjustment expenses incurred – (CATs)] ÷ [NPE +/(-) Reinstatement
premiums related to catastrophes] – Loss ratio
7. Accident year loss ratio, as adjusted (AYLR ex-CAT) = [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]
8. Accident year combined ratio, as adjusted (AYCR ex-CAT) = AYLR ex-CAT + Expense ratio
9. Prior year development net of reinsurance and prior year premiums = [Loss and loss adjustment expenses incurred – CATs
– PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums] – Loss ratio – CATs andreinstatement premiums ratio.
Premiums and deposits: includes direct and assumed amounts received and earned on traditional life insurance policies, group benefit policies andlife‑contingent payout annuities, as well as deposits received on universal life, investment‑type annuity contracts, Federal Home Loan Bank (FHLB)
funding agreements and mutual funds. We believe the measure of premiums and deposits is useful in understanding customer demand for our
products, evolving product trends and our sales performance period over period.
Results from discontinued operations are excluded from all of these measures.
###
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 approximately 70 countries and jurisdictions. These diverse
offerings include products and services 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 references with additional information about AIG have been
provided as a convenience, and the information contained on such 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 at www.aig.com. All products and services are written or provided by subsidiaries or affiliatesof American International Group, Inc.. Products or services may not be available in all countries and jurisdictions, and coverage is subject tounderwriting requirements and actual policy language. Non-insurance products and services 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.
Reconciliations of Adjusted Pre-tax and After-tax Income
Three Months Ended September 30,
2021

2022
Total
Tax

Non-

Total Tax Non-

(Benefit) controlling
Pre-tax Charge
Pre-tax income/net income, including noncontrollinginterests$ 2,176 $ 439

Noncontrolling interests
Pre-tax income/net income attributable to AIG

2,176

439

After

(Benefits) controlling

Interests(d) Tax$ —Pre-tax Charge$ 1,737

(70

)

(70

(70

)

1,667

$ 3,847

$ 806

)
3,847

806

After

Interests(d) Tax$ —$ 3,041

(332

)

(332

(332

)

2,709

)

Dividends on preferred stock

7

7

Net income attributable to AIG common shareholders

1,660

2,702

Adjustments:
Changes in uncertain tax positions and other tax
adjustments(a)35Deferred income tax valuation allowance charges(b)

(45

—

(35

)

—

45

)

2

—

(2

(8

)

—

8

)

—

(5

—

22

—

(13

—

—

—

(123

—

69

)

Changes in fair value of securities used to hedge
guaranteed living benefits

(26

) (5

)

—

(21

)

(6

) (1

Changes in benefit reserves and DAC, VOBA and DSI
related to net realized gains (losses)

(9

) (3

)

—

(6

)

28

6

Changes in the fair value of equity securities

45

7

—

38

(16

) (3

Loss on extinguishment of debt

51

10

—

41

—

—

Net investment income on Fortitude Re funds withheld
assets(495 ) (103)—(392 )

(155

) (32

Net realized (gains) losses on Fortitude Re funds withheld
assets(190 ) (40)—(150 )

86

17

Net realized (gains) losses on Fortitude Re funds withheld
embedded derivative

209

—

165

(1,757 ) (369)—

(1,388 )Net realized gains(c)(652 ) (132—(520 )(1,449 ) (299)—

(1,150 )44)

Loss from discontinued operations)—

Net gain on divestitures(102 ) (22—(80

Non-operating litigation reserves and settlements

3

—

3

Favorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements(115 ) (23—(92

Net loss reserve discount charge

72

15

—

Pension expense related to a one-time lump sum payment
to former employees

27

6

Integration and transaction costs associated with acquiring
or divesting businesses

11

Restructuring and other costs
Non-recurring costs related to regulatory or accountingchanges
Noncontrolling interests(d)

)

)

)

)

)

—
(6

) (1

)

—

(5

)

(3

) (1

)

—

(2

)

(62

) (13

)

—

(49

)

57

10

2

—

8

—

21

—

—

—

—

3

—

8

52

11

—

41

104

22

—

82

147

29

—

118

17

4

—

13

9

2

—

7

—

—

271

271

—

)

)

)

Adjusted pre-tax income/Adjusted after-tax income
attributable to AIG common shareholders$ 1,126 $ 212$ (70) $ 837

$ 725

$ 148

$ (61

) $ 509

Reconciliations of Adjusted Pre-tax and After-tax Income
Nine Months Ended September 30,
2021

2022
Total
Tax

Total
Tax

Non-

(Benefit) controlling
Pre-tax
Pre-tax income/net income, including noncontrollinginterests$ 7,051

7,051(Benefit) controlling

Interests(d) Tax

Charge$ 1,234$ —Noncontrolling interests
Pre-tax income/net income attributable to AIG

After

1,234

Pre-tax$ 5,817

(175

)

(175

(175

)

5,642

Non-

Interests(d) Tax

Charge$ 14,003 $ 2913

$ —)14,003

After

2,913

$ 11,089(1,084)(1,084 )(1,084)10,005

Dividends on preferred stock22

22

Net income attributable to AIG common shareholders

5,620

9,983

Adjustments:
Changes in uncertain tax positions and other tax
adjustments(a)901Deferred income tax valuation allowance (releases)
charges(b)

(706

—

(901

)

—

706

)

—

(49

Changes in fair value of securities used to hedge
guaranteed living benefits

(61

) (12

Changes in benefit reserves and DAC, VOBA and DSI
related to net realized gains (losses)

74

15

—

Changes in the fair value of equity securities

36

5

Loss on extinguishment of debt

149

31

Net investment income on Fortitude Re funds withheld
assets(1,488 ) (312

Net realized (gains) losses on Fortitude Re funds withheld
assets(536

Net realized gains on Fortitude Re funds withheld
embedded derivative(117

Net realized gains(c)

)

)

90

—

(90

)

15

—

(15

)

—

(23

)

(29

) (6

)

59

429

90

—

339

—

31

41

9

—

32

—

118

299

63

—

236

)

—

(1,176 )(634) (133—(501) (113

)

—

(423

)

312

65

—

247

) (24

)

—

(93

)

(7,851 ) (1,649 )—(6,202 )(1,220 ) (260

)

—

(960

)

(3,257 ) (734—

(2,523 ))))Loss from discontinued operations—

Net gain on divestitures

(108

) (23

Non-operating litigation reserves and settlements

3

Favorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements

(199

) (41

Net loss reserve discount charge

62

Pension expense related to a one-time lump sum payment
to former employees

—

(85

—

3

—

(158

13

—

49

4

27

6

—

21

Integration and transaction costs associated with acquiring
or divesting businesses

55

12

—

Restructuring and other costs

304

64

Non-recurring costs related to regulatory or accountingchanges58

12—

Noncontrolling interests(d)Adjusted pre-tax income/Adjusted after-tax income
attributable to AIG common shareholders$ 4,090

)

1

$ 802

)

)

(45

) (9

)

—

(36

)

(41

) (9

)

—

(32

)

(206

) (43

)

—

(163

)

1

—

3

—

—

—

—

43

136

29

—

107

—

240

415

85

—

330

—

46

22

5

—

17

—

—

852

852

$ (175) $ 3,091$ (232) $ 2,562)$ 3,598$ 782(a) Nine months ended September 30, 2021 includes the completion of audit activity by the Internal Revenue Service.

(b)

Nine months ended September 30, 2021 includes an increase in the valuation allowance against a portion of certain tax attribute carryforwards of
AIG's U.S. federal consolidated income tax group, as well as net valuation allowance release in certain foreign jurisdictions.

Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative(c) instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld
assets.
(d) Includes the portion of equity interest of Corebridge that AIG does not own and realized non-operating gains on consolidated investment entities.
Summary of Key Financial Metrics
Three Months Ended

Nine Months Ended

September 30,

September 30,

2021

2022

% Inc.
(Dec.)

Income from continuing operations$ 1.95$ 3.54

81.5

Income from discontinued operations

—

—

NM

—

$ 1.95$ 3.5481.5$ 6.53

Earnings per common share:

2021

2022

% Inc.
(Dec.)Basic

Net income attributable to AIG common shareholders
Diluted% $ 6.53$ 12.64 93.6—

NM

$ 12.64 93.6%

Income from continuing operations

1.92$ 3.5082.3

6.45$ 12.49 93.6

Income from discontinued operations

—

—

NM

—

Net income attributable to AIG common shareholders$ 1.92$ 3.5082.3$ 6.45Adjusted after-tax income attributable to AIG common shareholders per
diluted share$ 0.97$ 0.66(32.0) % $ 3.55

$ 3.21

Basic

852.8

763.1

861.2

789.9

Diluted

864.0

771.1

871.0

799.1

—

NM

$ 12.49 93.6

(9.6

) %

Weighted average shares outstanding:Reconciliation of Book Value per Common Share

As of period end:

Total AIG shareholders' equity

September 30,
2021

December 31,
2021

June 30,
2022

September 30,
2022$ 64,863$ 65,956$ 45,344$ 39,023

Less: Preferred equity

485

485

485

485

Total AIG common shareholders' equity (a)64,37865,47144,85938,538Less: Deferred tax assets (DTA)*

7,083

5,221

4,582

4,556

Less: Accumulated other comprehensive income (AOCI)

8,606

6,687

(17,656)(23,793)

Add: Cumulative unrealized gains and losses related to Fortitude Re
Funds withheld assets

2,966

2,791

(2,223)(3,021)

Subtotal: AOCI plus cumulative unrealized gains and losses related toFortitude Re funds withheld assets

5,640

3,896

(15,433)(20,772)$ 51,655$ 56,354$ 55,710$ 54,754

Goodwill

4,058

4,056

3,935

3,860

Value of business acquired

117

111

99

91

Value of distribution channel acquired

467

458

438

428

Other intangibles

302

300

289

286

Total intangible assets

4,944

4,925

4,761

4,665

$ 46,711$ 51,429$ 50,949$ 50,089

835.8

818.7

771.3

747.2

Total adjusted common shareholders' equity (b)Less: Intangible assets:

Total adjusted tangible common shareholders' equity (c)Total common shares outstanding (d)September 30, % Inc.

December 31, % Inc.

June 30, % Inc.

September 30,

2021(Dec.)

2021

2022

2022

$ 77.03(33.0 ) % $ 79.97(35.5 ) % $ 58.16(11.3 ) % $ 51.58

As of period end:

Book value per common share (a÷d)(Dec.)(Dec.)

Adjusted book value per common share (b÷d)

61.80

18.6

68.83

6.5

72.23

1.5

73.28

Adjusted tangible book value per common share (c÷d)

55.89

19.9

62.82

6.7

66.06

1.5

67.04

Reconciliation of Return On Common Equity
Three Months Ended September 30,
2021

2022

Annualized net income (loss) attributable to AIG common shareholders (a)$ 6,640$ 10,808

Annualized adjusted after-tax income attributable to AIG common shareholders (b)$ 3,348$ 2,036

Average AIG Common Shareholders' equity (c)$ 64,988$ 41,699

Less: Average DTA*

7,229

4,569

Less: Average AOCI

9,408

(20,725)

Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets

3,154(2,622)

Subtotal: AOCI plus cumulative unrealized gains and losses related to Fortitude Re funds withheld assets 6,254(18,103)

Average adjusted common shareholders' equity (d)$ 51,505$ 55,233

ROCE (a÷c)

10.2

%

25.9

%

Adjusted return on common equity (b÷d)

6.5

%

3.7

%

Reconciliation of Net Investment Income
Three Months Ended
September 30,

Net Investment Income per Consolidated Statements of Operations

2021

2022

$ 3,715$ 2,668

Changes in fair value of securities used to hedge guaranteed living benefits (14Changes in the fair value of equity securities

45

Net investment income on Fortitude Re funds withheld assets

(495

)

)

(14

)

(16

)

(155

)

Net realized gains (losses) related to economic hedges and otherTotal Net Investment Income - APTI Basis

25

52$ 3,276$ 2,535

Net Premiums Written - Change in Constant Dollar
Three Months Ended September 30, 2022

General Insurance

Global -International -GeneralCommercial

Commercial

Personal

Insurance

Lines

Lines

Insurance

Foreign exchange effect on worldwide premiums:
Change in net premiums written
Increase (decrease) in original currency

3%6Foreign exchange effect

(6

)

(4

Increase (decrease) as reported in U.S. dollars

(3

)

%2

%5
)

% (2

(9

)

(14

% (4

)

% (16

Reconciliations of Accident Year Loss and Accident Year Combined Ratios, as Adjusted

Three Months Ended
September 30, 2022
2021

2022

Combined ratio

99.7

97.3

Catastrophe losses and reinstatement premiums(9.7

Prior year development, net of reinsurance and prior year premiums

0.5

0.9

Accident year combined ratio, as adjusted

90.5

88.4

Combined ratio

105.7

114.0

Catastrophe losses and reinstatement premiums(15.2

Total General Insurance

)

(9.8

)

North America

)

(17.2

)

) %
)
) %

Prior year development, net of reinsurance and prior year premiums

1.0

(8.6

)

Accident year combined ratio, as adjusted

91.5

88.2

Combined ratio

120.0

113.6

Catastrophe losses and reinstatement premiums

(15.2

)

(18.1

)

Prior year development, net of reinsurance and prior year premiums

(14.3

)

(10.9

)

Accident year combined ratio, as adjusted

90.5

84.6

Combined ratio

14.9

116.4

Catastrophe losses and reinstatement premiums(15.2

Prior year development, net of reinsurance and prior year premiums

98.7

7.8

Accident year combined ratio, as adjusted

98.4

112.8

Combined ratio

94.7

81.4

Catastrophe losses and reinstatement premiums(5.1

Prior year development, net of reinsurance and prior year premiums

—

10.2

Accident year combined ratio, as adjusted

89.6

88.6

Combined ratio

104.8

75.4

Catastrophe losses and reinstatement premiums

(7.1

)

(2.7

Prior year development, net of reinsurance and prior year premiums

(10.9

)

7.7

Accident year combined ratio, as adjusted

86.8

North America - Commercial Lines

North America - Personal Insurance

)

(11.4

)

International

)

(3.0

)

International - Commercial Lines

80.4

)

International - Personal Insurance
Loss ratio

41.1

50.0

Catastrophe losses and reinstatement premiums(2.6

Prior year development, net of reinsurance and prior year premiums

13.4

13.4

Accident year loss ratio, as adjusted

51.9

60.1

Combined ratio

82.2

89.8

Catastrophe losses and reinstatement premiums(2.6

Prior year development, net of reinsurance and prior year premiums

13.4

13.4

Accident year combined ratio, as adjusted

93.0

99.9

Combined ratio

113.4

98.0

Catastrophe losses and reinstatement premiums

(11.7

)

(11.7

)

Prior year development, net of reinsurance and prior year premiums

(12.8

)

(3.3

)

Accident year combined ratio, as adjusted

88.9

)

)

(3.3

(3.3

)

)

Global - Commercial Insurance

83.0

Reconciliation of General Insurance Return on Adjusted Segment Common Equity

Three Months Ended
September 30, 2022
2021

2022

$ 811

$ 750

Interest expense on attributed financial debt

149

132

Adjusted pre-tax income including attributed interest expense

662

618

Income tax expense

153

129

Adjusted after-tax income

509

489

Adjusted pre-tax income

Dividends declared on preferred stock33

Adjusted after-tax income attributable to common shareholders

$ 506

$ 486

Ending adjusted segment common equity$ 25,884$ 28,150

Average adjusted segment common equity$ 25,679$ 29,114

Return on adjusted segment common equity

7.9

Total segment shareholder’s equity

% 6.7

%

$ 26,381$ 21,593

Less: Preferred equity

201

209

Total segment common equity

26,18021,384

Less: Accumulated other comprehensive income (AOCI)

492(7,494 )Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets

196

(728

Subtotal: AOCI plus cumulative unrealized gains and losses related to Fortitude Re funds withheld assets 296
Total adjusted segment common equity$ 25,884)(6,766 )$ 28,150

Reconciliation of Life and Retirement Return on Adjusted Segment Common Equity

Three Months Ended
September 30, 2022
2021

2022

$ 877

$ 589

Interest expense on attributed financial debt

75

93

Adjusted pre-tax income including attributed interest expense

802

496

Income tax expense

160

100

Adjusted after-tax income

642

396

Dividends declared on preferred stock

2

2

$ 640

$ 394

Adjusted pre-tax income

Adjusted after-tax income attributable to common shareholders

Ending adjusted segment common equity$ 21,235$ 21,519

Average adjusted segment common equity$ 20,962$ 21,028

Return on adjusted segment common equity

12.2

Total segment shareholder’s equity% 7.5$ 29,131$ 6,477

Less: Preferred equity

143

155

Total segment common equity

28,988

6,322

Less: Accumulated other comprehensive income (AOCI)

10,577(17,490 )Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets

2,824(2,293 )Subtotal: AOCI plus cumulative unrealized gains and losses related to Fortitude Re funds withheld assets 7,753(15,197 )Total adjusted segment common equity$ 21,235

Reconciliations of Premiums and Deposits

Three Months Ended
September 30, 2022
2021

2022

Individual Retirement:
Premiums

$ 66

$ 56

Deposits

3,190

3,740

Other

1

(4

$ 3,257$ 3,792$7$3

Premiums and deposits

Group Retirement:
Premiums
Deposits

1,824

2,036

Other

—

—

)

$ 21,519%

Premiums and deposits$ 1,831$ 2,039

Premiums

$ 469

$ 541

Deposits

403

405

Other

280

220

$ 1,152$ 1,166

Premiums

$ 499

$ 804

Deposits

488

1,085

Other

7

8

$ 994

$ 1,897

Premiums$ 1,041$ 1,404

Deposits

5,905

7,266

Other

288

224

$ 7,234$ 8,894

Life Insurance:

Premiums and deposits

Institutional Markets:

Premiums and deposits

Total Life and Retirement:

Premiums and deposits

View source version on businesswire.com: https://www.businesswire.com/news/home/20221101005955/en/
Quentin McMillan (Investors): quentin.mcmillan@aig.com
Dana Ripley (Media): dana.ripley@aig.com
Source: American International Group, Inc.