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 to Pursue Separation of Life & Retirement Business

NEW YORK, October 26, 2020 -- American International Group, Inc.
(NYSE: AIG) today announced its intention to separate its Life &Retirement business from AIG.
The company’s executive management team, with assistance fromindependent financial and legal advisors and oversight from the AIG Boardof Directors, conducted a comprehensive review of the company’s current
composite structure, including strategic, operational, capital and tax
implications. As a result of this review, executive management
recommended, and the Board has decided to pursue, a separation of theLife & Retirement business from AIG.
AIG’s executive management and Board believe a simplified corporate
structure will unlock significant value for shareholders and otherstakeholders. Although no decisions have been made as to how toachieve a full separation, the Board’s intent is to accomplish it in a waythat maximizes shareholder value and establishes two independent,market leading companies.
Brian Duperreault, AIG’s Chief Executive Officer, stated, “Over the last
three years, we have taken significant action to de-risk AIG and position
the company for profitable growth, including fortifying General Insurance,
diversifying Life & Retirement, significantly strengthening AIG’s capital andliquidity position, and building a world-class team. This foundational work
has positioned AIG to pursue a separation of Life & Retirement enabling
both companies to prosper as stand-alone entities.”
Peter S. Zaffino, AIG’s President & Global Chief Operating Officer, andCEO-elect, stated, “Across AIG, we have made significant progress
executing on our strategy to deliver value for our clients, distribution
partners, shareholders and other stakeholders. Our businesses can befurther strengthened by separating Life & Retirement from AIG, which webelieve will enable each entity to achieve a more appropriate andsustainable valuation.”
Douglas M. Steenland, speaking on behalf of the AIG Board of Directors,
added, “The Board worked closely with executive management as theyconducted a comprehensive review of AIG’s composite structure, andAIG’s Directors are confident that a separation of Life & Retirement fromAIG will create value for shareholders and benefit all stakeholders.”
Since late 2017, the General Insurance business has been successfully
executing foundational work to reposition its portfolio and reduce volatility
through disciplined underwriting and expense control within a clearly
defined risk appetite and comprehensive reinsurance strategy. As amarket leader, General Insurance will continue to focus on achieving longterm, profitable growth.
As an independent company, the Life & Retirement business will be well
positioned to build value for shareholders by leveraging a broad productportfolio and diverse distribution to tailor its offerings to best meet theevolving needs of customers and distributors.
Any separation transaction will be subject to the satisfaction of various
conditions and approvals, including approval by the AIG Board ofDirectors, receipt of insurance and other required regulatory approvals,and satisfaction of any applicable requirements of the Securities andExchange Commission. No assurance can be given regarding the form
that a separation transaction may take or the specific terms or timing
thereof, or that a separation will in fact occur.
This news release is not an offer to sell, or a solicitation of an offer to buy,
any securities.

In separate press releases issued today, AIG announced leadershiptransitions for its executive team and Board of Directors and an update on
catastrophe losses, including COVID-19 catastrophe-related losses, for
the quarter ended September 30, 2020, as well as Life & Retirement andLegacy annual actuarial assumptions.

###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, andcoverage 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.

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,” andinclude without limitation statements regarding an intent to separate the Life &Retirement business from AIG, the specific terms or timing of any separationtransaction and the potential benefits that may be realized as a result of aseparation transaction. It is possible that AIG’s actual results, developments,
business decisions and financial condition will differ, possibly materially, fromthose indicated in these projections, goals, assumptions and statements. Factorsthat could cause AIG’s actual results, developments, business decisions andfinancial condition to differ, possibly materially, include economic conditions
affecting the industries in which AIG’s businesses operate, the uncertainty ofregulatory approvals including in connection with any separation transaction,
AIG’s ability to satisfy the necessary conditions to consummate a separationtransaction on a timely basis or at all, and AIG’s ability to successfully separate
the Life & Retirement business and realize the anticipated benefits from aseparation. AIG is not under any obligation (and expressly disclaims anyobligation) to update or alter any projections, goals, assumptions or otherstatements, whether written or oral, that may be made from time to time, whether
as a result of new information, future events or otherwise.