AIG Reports First Quarter 2021 Financial Results
May 6, 2021
General Insurance adjusted pre-tax income (APTI) increased 69% from the prior year quarter reflecting better
underwriting results
Commercial Lines net premiums written grew 25% (22% on a constant dollar basis) from the prior year quarter
driven by both North America and InternationalLife and Retirement APTI increased 57% from the prior year quarter supported by diverse products and improving
market conditions
Repurchased approximately $362 million of AIG common stock during the quarter
FIRST QUARTER NOTEWORTHY ITEMSGeneral Insurance APTI of $845 million included better underwriting results and higher net investment income; thecombined ratio was 98.8, a 2.7 point improvement from the prior year quarter, despite 7.3 points of catastrophe losses, netof reinsurance (CATs), or $422 million, primarily from winter storms.
The General Insurance accident year combined ratio, as adjusted*, was 92.4, a 3.1 point improvement from the prior year
quarter due to improved North America and International Commercial Lines underwriting results.
Life and Retirement APTI was $941 million due to strong net investment income, offset in part by an adjusted pre-tax loss
(APTL) in Life Insurance; return on adjusted segment common equity – Life and Retirement* for the first quarter was
14.2%, on an annualized basis.
Strong consolidated net investment income of $3.7 billion was up 46% from the prior year quarter, driven by alternative
investments and other investment income.
Net income attributable to AIG common shareholders was $3.9 billion, or $4.41 per diluted common share, compared to$1.7 billion, or $1.98 per diluted common share, in the prior year quarter.
Adjusted after-tax income attributable to AIG common shareholders* (AATI) was $923 million, or $1.05 per diluted commonshare, compared to $105 million, or $0.12 per diluted common share, in the prior year quarter.
As of March 31, 2021, book value per common share was $72.37, a decrease of 5.3% from December 31, 2020. Adjusted
book value per common share* was $58.69, an increase of 2.9% from December 31, 2020.
Return on common equity (ROCE) and Adjusted ROCE* were 24.2% and 7.4%, respectively, on an annualized basis forthe first quarter of 2021.
The AIG Board of Directors declared quarterly cash dividends of $0.32 per share on AIG common stock and $365.625 pershare on AIG preferred stock.
* Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP
measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Comment on Regulation G and
Non-GAAP Financial Measures.
NEW YORK--(BUSINESS WIRE)--May 6, 2021-- American International Group, Inc. (NYSE: AIG) today reported financial results for the first quarter
ended March 31, 2021.
“AIG had an excellent start to the year and that is reflected in our first quarter results with growth in General Insurance and continued strong
performance in Life and Retirement,” said Peter Zaffino, AIG’s President and Chief Executive Officer.
“In General Insurance, we delivered strong growth in net premiums written, driven by our North America and International Commercial businesses,
and underwriting profitability. The combined ratio was 98.8 inclusive of catastrophe losses and 92.4, as adjusted. The successful repositioning of ourglobal portfolio over the last three years allowed us to pivot from remediation to profitable growth, which we expect to continue throughout the year.
“Life and Retirement delivered another solid quarter, with adjusted pre-tax income growth driven by diversified product offerings and increased
investment returns. With strong sales and profitability, this business continues to be a market leader in the protection and retirement savings industry.
“Our strong balance sheet and financial flexibility allow us to continue to invest in growth and core operating fundamentals with capital returns toshareholders when appropriate. During the first quarter we repurchased $362 million of common stock and ended the quarter with $7.9 billion ofliquidity.
“I am immensely proud of our global colleagues and what we have accomplished together. Our first quarter results reflect significant momentum as we
continue our pursuit to become a top performing company.”
For the first quarter of 2021, net income attributable to AIG common shareholders was $3.9 billion, or $4.41 per diluted common share, compared to$1.7 billion, or $1.98 per diluted common share, in the prior year quarter. The increase was primarily due to higher net investment income reflecting
higher income on alternative investments and fair value option (FVO) equity securities, which was driven primarily by stronger equity market

performance; improved General Insurance underwriting income, due to underwriting discipline and strong premium rate increases, as well as changes
in business mix; lower Variable Annuity deferred acquisition costs (DAC) and sales inducement assets (SIA) amortization and reserves due to stronger
equity market performance. The increase was partially offset by higher mortality from COVID-19 and lower net realized capital gains.
AATI was $923 million, or $1.05 per diluted common share, for the first quarter of 2021 compared to $105 million, or $0.12 per diluted common share,in the prior year quarter. The increase was primarily due to higher net investment income, across all segments, driven by higher income on alternative
investments, improved underwriting income in General Insurance, and lower Variable Annuity DAC and SIA amortization net of fee income andchanges in reserves in Life and Retirement due to stronger equity market performance. The increase was partially offset by higher mortality fromCOVID-19. In addition, the increase reflects the impact of Fortitude Group Holdings, LLC (Fortitude), which was sold and deconsolidated in the second
quarter of 2020 and had an APTL of $317 million in the first quarter of 2020.
Total consolidated net investment income for the first quarter of 2021 was $3.7 billion, up 46% from $2.5 billion in the prior year quarter, due to higher
income on alternative investments and FVO equity securities. Total net investment income on an APTI basis* of $3.2 billion increased 18% comparedto the prior year quarter, despite the impact of Fortitude in the first quarter 2020, due to higher income on alternative investments. Excluding the net
investment income on an APTI basis associated with Fortitude in the first quarter of 2020, first quarter 2021 total net investment income on an APTI
basis* increased 24%, or $611 million, reflecting higher private equity returns and positive hedge fund income.
Book value per common share was $72.37 as of March 31, 2021, a decrease of 5.3% from December 31, 2020 primarily due to a decrease in net
unrealized mark-to-market gains on fixed maturity securities as a result of the increase in interest rates during the first quarter of 2021. Adjusted bookvalue per common share was $58.69, an increase of 2.9% from December 31, 2020 reflecting growth in retained earnings from net income in excess
of dividends and share repurchases.
As of March 31, 2021, AIG Parent liquidity was approximately $7.9 billion, down from $10.5 billion at December 31, 2020 principally reflecting debt
repayment, share repurchases and shareholder dividends. In February 2021, AIG repaid $1.5 billion aggregate principal amount of its 3.300% Notes
Due 2021. Additionally, AIG repurchased approximately 8 million shares of AIG Common Stock during the first quarter for an aggregate purchase priceof $362 million. As of May 6, 2021, approximately $1.1 billion remained under the share repurchase authorization. AIG’s total debt and preferred stockleverage at March 31, 2021 was 28.4%. Excluding the impact of accumulated other comprehensive income adjusted for the cumulative unrealized
gains and losses related to Fortitude’s funds withheld assets, total debt and preferred stock leverage at March 31, 2021 was 29.7%.
Today, the AIG Board of Directors declared a quarterly cash dividend of $0.32 per share on AIG Common Stock (NYSE: AIG), par value $2.50 per
share. The dividend is payable on June 29, 2021 to stockholders of record at the close of business on June 15, 2021.
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 $0.365625 per depositary share. The dividend is payable on
June 15, 2021 to holders of record at the close of business on May 31, 2021.
FINANCIAL SUMMARY
Three Months Ended
March 31,($ in millions, except per common share amounts)

2021

2020

Net income attributable to AIG common shareholders$ 3,869$ 1,742

AIG common shareholders$ 4.41$ 1.98Adjusted pre-tax income (loss)$ 1,256$ 180

General Insurance

845

501

Life and Retirement

941

601

Other Operations(530 )(922 )$ 3,657$ 2,508

Net income per diluted share attributable to

Net investment income

Net investment income, APTI basis

3,191

Adjusted after-tax income attributable to AIG common shareholders

2,699

$ 923

$ 105

Adjusted after-tax income per diluted share attributable to AIG common shareholders $ 1.05

$ 0.12

Weighted average common shares outstanding - diluted (in millions)

876.3

878.9

Return on common equity

24.2 % 11.2%

Adjusted return on common equity

7.4

%

% 0.8

Book value per common share$ 72.37$ 69.30

Adjusted book value per common share$ 58.69$ 60.55

Common shares outstanding (in millions)

859.4

861.3

All comparisons are against the first quarter of 2020, unless otherwise indicated. Refer to the AIG First Quarter 2021 Financial Supplement, which isposted on AIG's website in the Investors section, for further information.
GENERAL INSURANCE
Three Months Ended March 31,($ in millions)

2021

2020

ChangeGross premiums written$ 10,731$ 10,086

6%

Net premiums written$ 6,479$ 5,9219%

North America

2,930

2,699

9

North America Commercial Lines

2,787

2,154

29

North America Personal Insurance

143

545

(74 )

International

3,549

3,222

10

International Commercial Lines

1,982

1,648

20

International Personal Insurance

1,567

1,574

-

Underwriting income (loss)

$ 73

$ (87

)

NM %

North America

(202

)

(103

)

(96 )

North America Commercial Lines

(136

)

(18

)

NM

North America Personal Insurance

(66

)

(85

)

22

International

275

16

International Commercial Lines

186

(24

International Personal Insurance

89

40

123

Net investment income, APTI basis

$ 772

$ 588

31

%

Adjusted pre-tax income

$ 845

$ 501

69

%

4.2

pts

pts

Return on adjusted segment common equity

8.5

%

4.3

NM
)

%

NM

Underwriting ratios:
North America Combined Ratio (CR)

108.4

103.8

4.6

North America Commercial Lines CR

106.7

100.9

5.8

North America Personal Insurance CR

118.8

111.0

7.8

International CR

92.2

99.5

(7.3 )

International Commercial Lines CR

90.0

101.4

(11.4 )

International Personal Insurance CR

94.6

97.6

(3.0 )

General Insurance (GI) CR

98.8

101.5

(2.7 )GI Loss ratio

65.6

66.8

(1.2) pts

Less: impact on loss ratio
Catastrophe losses and reinstatement premiums

(7.3

)

(6.9

)

(0.4 )

Prior year development

0.9

0.9

0.0

GI Accident year loss ratio, as adjusted

59.2

60.8

(1.6 )

GI Expense ratio

33.2

34.7

(1.5 )GI Accident year combined ratio, as adjusted (AYCR)

92.4

95.5

(3.1 )

North America AYCR

95.6

97.7

(2.1) pts

North America Commercial Lines AYCR

93.9

97.6

(3.7 )

North America Personal Insurance AYCR

105.9

98.0

7.9

International AYCR

90.2

93.6

(3.4 )

International Commercial Lines AYCR

86.8

91.7

(4.9 )

International Personal Insurance AYCR

94.0

95.5

(1.5 )

Accident year combined ratio, as adjusted (AYCR):

General Insurance

Net premiums written in the first quarter of 2021 increased 9% to $6.5 billion due to North America Commercial Lines andInternational Commercial Lines growth of 29% and 20% (13% on a constant dollar basis), respectively, reflecting continued
strong rate increases across most lines, improved retention and higher new business volumes. North America andInternational Personal Insurance net premiums written decreased 74% and 0.4% (6% on a constant dollar basis),
respectively. The decrease in North America Personal Insurance net premiums written reflects the combined impact of thecreation of Syndicate 2019 and cessions placed on AIG’s Private Client Group (PCG) business, which occurred in thesecond quarter of 2020, and the impact of COVID-19 on Travel premiums.
First quarter of 2021 APTI was $845 million, an increase of 69% from $501 million in the prior year quarter due to better
underwriting results and higher net investment income. Underwriting income was $73 million in the first quarter of 2021
compared to an underwriting loss of $87 million in the prior year quarter, and net investment income increased 31% to$772 million from the prior year quarter. The underwriting income included $422 million of CATs, primarily related to winterstorms, compared to $419 million in the prior year quarter; first quarter 2021 CATs do not include any estimated COVID-19
losses whereas the prior year quarter reflected $272 million of estimated COVID-19 losses. In addition, the underwriting
income also included favorable net prior year loss reserve development, net of reinsurance (PYD), of $56 million including$52 million of favorable amortization from the Adverse Development Cover (ADC), essentially flat compared to the prioryear quarter.
The General Insurance combined ratio was 98.8, a 2.7 point decrease from 101.5 in the prior year quarter principally due
to General Insurance International. The General Insurance accident year combined ratio, as adjusted, was 92.4, an
improvement of 3.1 points from the prior year quarter and was comprised of a 59.2 accident year loss ratio, as adjusted*
and an expense ratio of 33.2. The General Insurance total expense ratio improved 1.5 points from the prior year quarterand was comprised of an acquisition ratio of 20.2 and general operating expense (GOE) ratio of 13.0. General Insurance
GOE decreased 2% to $761 million compared to the prior year quarter reflecting continued expense discipline.
Commercial Lines continued to show strong improvement due to improved business mix along with rate increases thatdrove better General Insurance underwriting results. The accident year combined ratio, as adjusted, for North America
Commercial Lines improved 3.7 points to 93.9 and for International Commercial Lines improved 4.9 points to 86.8.
Personal Insurance also improved driven by International. The International Personal Insurance accident year combined
ratio, as adjusted, was 94.0, a 1.5 point improvement reflecting improved attritional losses and expense discipline. The
North America Personal Insurance accident year combined ratio, as adjusted, increased 7.9 points to 105.9 compared tothe prior year quarter due to the impact of COVID-19 most notably on the Travel business and changes in business mix
driven by changes to AIG’s PCG business as described above.

LIFE AND RETIREMENT
Three Months Ended
March 31,($ in millions, except as indicated)

2021

2020

ChangeAdjusted pre-tax income (loss)

$ 941

$ 601

57 %

Individual Retirement

532

305

74

Group Retirement

307

143

115

Life Insurance

(40

78

NM

Institutional Markets

142

75

89

Premiums & fees

$ 1,383$ 2,000

Individual Retirement

257

248

4

Group Retirement

128

115

11

Life Insurance

912

834

9

Institutional Markets

86

803

(89 )

Premiums and deposits$ 6,402$ 7,009(9

Individual Retirement

3,373

3,116

8

Group Retirement

1,818

1,855

(2

Life Insurance

1,131

1,062

6

Institutional Markets

80

976

(92 )

$ (1,467 )$ (2,167 )32 %Individual Retirement*

(574

)

(1,580 )64Group Retirement

(893

)

(587

(52 )

Net flows

Net investment income, APTI basis$ 2,353)$ 2,066(31 )%

)

)%

)

14 %

Return on adjusted segment common equity

14.2

%

8.9

% 5.3 pts

* Includes Retail Mutual Funds
Life and Retirement

Life and Retirement reported APTI of $941 million for the first quarter of 2021, up 57% from $601 million in the prior year
quarter due to higher net investment income, which contributed to increased APTI in Individual and Group Retirement andInstitutional Markets. The increase in net investment income, across all businesses, was generated primarily from higher
private equity returns, which are reported on a one quarter lag, and higher call and tender income and FVO bond income
due to lower interest rates and tighter credit spreads. Group Retirement and Individual Retirement APTI benefitted fromlower Variable Annuity DAC and SIA amortization net of fee income and changes in reserves, partially offset by basespread compression. Life Insurance had an APTL of $40 million reflecting elevated mortality primarily driven by COVID-19.
Premiums were $600 million, a decrease of 53% compared to $1,267 million in the prior year quarter. Premiums anddeposits decreased 9%, or $607 million, from the prior year quarter to $6.4 billion as the prior year quarter had highPension Risk Transfer and Guaranteed Investment Contract activity. Partially offsetting the decrease in premiums anddeposits were improved Variable Annuity sales, which continue to recover from the broad industry sales disruption caused
by COVID-19.
Net outflows were $1.5 billion, a significant improvement from the prior year quarter driven by lower Retail Mutual Fund
outflows. Excluding Retail Mutual Funds, Individual Retirement net flows were $50 million compared to net outflows of $84
million in the prior year quarter. In the Group Retirement business, net outflows were $893 million, up 52% from $587
million in the prior year quarter, reflecting higher group surrenders.
OTHER OPERATIONS
Three Months Ended
March 31,($ in millions)

2021

2020

ChangeCorporate and Other$ (552 ) $ (879 ) 37

Asset Management

198

44

Adjusted pre-tax loss before consolidation and eliminations(354 )(835 ) 58

Consolidation and eliminations(176 )(87

Adjusted pre-tax loss%350

) (102 )$ (530 ) $ (922 ) 43%

Other OperationsFirst quarter APTL was $530 million, including $176 million of reductions from consolidation and eliminations, compared to
APTL of $922 million, including $87 million of reductions from consolidation and eliminations, in the prior year quarter. The
increase in consolidation and eliminations APTL reflects the impact of consolidated investment entities.
Before consolidation and eliminations, the decrease in APTL primarily reflects the impact of Fortitude, which was sold anddeconsolidated in the second quarter of 2020 and had an APTL of $317 million in the first quarter of 2020.
CONFERENCE CALL
AIG will host a conference call tomorrow, Friday, May 7, 2021 at 8:30 a.m. ET to review these results. The call is open to the public and can beaccessed 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 constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of1995. In addition, the conference call (including the financial results presentation material) and the financial supplement may include, and officers andrepresentatives of AIG may from time to time make and discuss, projections, goals, assumptions and statements that may constitute “forward-looking
statements”. These projections, goals, assumptions and statements are not historical facts but instead represent only a belief regarding future events,
many of which, by their nature, are inherently uncertain and outside AIG’s control. These projections, 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.” These projections, goals, assumptions and statements may relate to future actions, prospective services or products,
future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal
proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophes, such as the COVID-19 crisis, and macroeconomic
events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, or successful integration of acquired businesses,
management succession and retention plans, exposure to risk, trends in operations and financial results.
It is possible that AIG’s actual results and financial condition will differ, possibly materially, from the results and financial condition indicated in theseprojections, goals, assumptions and statements. Factors that could cause AIG’s actual results to differ, possibly materially, from those in the specificprojections, goals, assumptions and statements include:changes in market and industry conditions, including the significant global economic downturn, volatility in financial andcapital markets, fluctuations in interest rates, prolonged economic recovery and disruptions to AIG’s operations driven by
COVID-19 and responses thereto, including new or changed governmental policy and regulatory actions;the occurrence of catastrophic events, both natural and man-made, including COVID-19, other pandemics, civil unrest andthe effects of climate change;
AIG’s ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired
businesses, including any separation of the Life and Retirement business from AIG and the impact any separation may
have on AIG, its businesses, employees, contracts and customers;
the adverse impact of COVID-19, including with respect to AIG’s business, financial condition and results of operations;
AIG’s ability to effectively execute on AIG 200 transformational programs designed to achieve underwriting excellence,
modernization of AIG’s operating infrastructure, enhanced user and customer experiences and unification of AIG;
the impact of potential information technology, cybersecurity or data security breaches, including as a result of cyberattacks or security vulnerabilities, the likelihood of which may increase due to extended remote business operations as aresult of COVID-19;
disruptions in the availability of AIG’s electronic data systems or those of third parties;changes to the valuation of AIG’s investments;changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;availability and affordability of reinsurance;
the effectiveness of our risk management policies and procedures, including with respect to our business continuity anddisaster recovery plans;
nonperformance or defaults by counterparties, including Fortitude Reinsurance Company Ltd. (Fortitude Re);changes in judgments concerning potential cost-saving opportunities;
concentrations in AIG’s investment portfolios;changes to our sources of or access to liquidity;
actions by rating agencies with respect to our credit and financial strength ratings;
changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;
the effectiveness of strategies to recruit and retain key personnel and to implement effective succession plans;
the requirements, which may change from time to time, of the global regulatory framework to which AIG is subject;significant legal, regulatory or governmental proceedings; 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 March 31, 2021 (which will
be filed with the Securities and Exchange Commission), 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, 2020.
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.
On October 26, 2020, AIG announced its intention to separate its Life and Retirement business from AIG. Any separation transaction will be subject tothe satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required
regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission. While we currently believe an initialpublic offering represents an optimal path, 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.
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 Fourth Quarter 2020 Financial Supplement available in the Investors section of AIG’s website,www.aig.com.

Book Value per Common Share, Excluding Accumulated Other Comprehensive Income (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 AIG’s net worth on a per-common share basis after eliminating items that can fluctuate significantly from period 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 AIG’s available for sale securities portfolio
wherein there is largely no offsetting impact for certain related insurance liabilities. In addition, AIG adjusts for the cumulative unrealized gains andlosses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. AIG excludes
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 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 and losses 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 – Adjusted After-tax Income Excluding AOCI adjusted for the cumulative unrealized gains and losses related
to Fortitude Re funds withheld assets and DTA (Adjusted Return on Common Equity) is used to show the rate of return on commonshareholders’ equity. AIG believes this measure is useful to investors because it eliminates items that can fluctuate significantly from period 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 AIG’s available for sale securities portfolio
wherein there is largely no offsetting impact for certain related insurance liabilities. In addition, AIG adjusts for the cumulative unrealized gains andlosses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. AIG excludes
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.
AIG Return on Common Equity – Adjusted After-tax Income, Excluding Goodwill, VOBA, VODA and Other Intangible assets, AOCI adjusted
for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets, and DTA (Adjusted Return on Tangible
Common Equity) is used to provide the rate of return on adjusted tangible common shareholder’s equity, which is a more accurate measure of
realizable shareholder value. AIG excludes Goodwill, VOBA, VODA and Other intangible assets from AIG common shareholders’ equity to derive
tangible common shareholders’ equity and AIG further excludes AOCI adjusted for the cumulative unrealized gains and losses related to Fortitude Re
funds withheld assets, and DTA for Adjusted Tangible Common Equity. Adjusted Return on Tangible Common Equity is derived by dividing actual or
annualized adjusted after-tax income attributable to AIG common shareholders by average Adjusted Tangible 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 AIG’s 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 capital 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 AIG’s segments.
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.
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 AIG’s segments. These items generally fall into one or more of the following broad categories: legacy matters having no
relevance to AIG’s current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions;and measures that AIG believes to be common to the industry. APTI is a GAAP measure for AIG’s 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 sales inducement assets (SIA) related to net realized
capital gains and losses;changes in the fair value of equity securities;
net investment income on Fortitude Re funds withheld assets held by AIG in support ofincome or loss from discontinued operations;net loss reserve discount benefit (charge);
pension expense related to a one-time lumpsum payment to former employees;
income and loss from divested businesses;
non-operating litigation reserves andFortitude Re’s reinsurance obligations to AIG post deconsolidation of Fortitude Re(Fortitude Re funds withheld assets);
following deconsolidation of Fortitude Re, net realized capital gains and losses on
Fortitude Re funds withheld assets;loss (gain) on extinguishment of debt;
all net realized capital 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 capital gains and losses to specific APTI line items
based on the economic risk being hedged (e.g. net investment income and interest
credited to policyholder account balances);

settlements;
restructuring and other costs related toinitiatives designed to reduce operating
expenses, improve efficiency and simplify
AIG’s organization;
the portion of favorable or unfavorable prioryear reserve development for which AIG has
ceded 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, 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 AIG’s current
businesses or operating performance; andnet tax charge related to the enactment of the Tax Cuts and Jobs Act (Tax Act);and by excluding the net realized capital gains (losses) and other charges from noncontrolling interests.
See page 15 for the reconciliation of Net income attributable to AIG to Adjusted After-tax Income Attributable to AIG.
Ratios: AIG, along with most property and casualty insurance companies, uses the loss ratio, the expense ratio and the combined ratio as measuresof underwriting 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.
AIG’s 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 aneffect on pricing and consequently on profitability as reflected in underwriting income and associated ratios.
Accident year loss and Accident year combined ratios, as adjusted: both the accident year loss and accident year combined ratios, as adjusted,
exclude catastrophe losses 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 having a net impact on AIG in excess of $10 million each andman-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold. AIG believes that as adjusted ratios aremeaningful measures of AIG’s underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which areoutside of management’s control. AIG also excludes 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)Catastrophe losses (CATs) and reinstatement premiums = [Loss and loss adjustment expenses incurred – (CATs)] ÷ [NPE +/(-) CYRIPs] – Loss
ratio

Accident year loss ratio, as adjusted (AYLR) = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiumsg) related to catastrophes (CYRIPs) +/(-) RIPs related to prior year catastrophes (PYRIPs) + (Additional) returned premium related to PYD on loss
sensitive business ((AP)RP) + Adjustment for ceded premiums under reinsurance contracts related to prior accident years]h) Accident year combined ratio, as adjusted = AYLR + Expense ratio

i)Prior year development net of (additional) return premium related to PYD on loss sensitive business = [Loss and loss adjustment expenses
incurred – CATs – PYD] ÷ [NPE +/(-) CYRIPs +/(-) PYRIPs + (AP)RP] – Loss ratio – CAT 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.
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 more than 80 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 affiliates ofAmerican 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 and services may be provided by independent third parties. Certain propertycasualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds
are therefore not protected by such funds.
American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation($ in millions, except per common share data)

Reconciliations of Adjusted Pre-tax and After-tax Income

Three Months Ended March 31,
2021

2020
Noncontrolling

Noncontrolling

Pre-tax

Tax
EffectInterests(d)After-tax

Pre-tax

Tax
EffectInterests(d)After-tax$ 4,728$ 798$$ 3,930$ 2,558

$ 904

$

-

$ 1,654

Noncontrolling interests

-

-

(54

)

(54

-

-

95

95

Pre-tax income/net income
attributable to AIG

4,728

798

(54

)

3,876

2,558

904

95

1,749

Pre-tax income/net income,including noncontrolling interests-)

Dividends on preferred stock

7

7

Net income attributable to AIG
common shareholders

3,869

1,742

Adjustments:

Changes in uncertain tax positions
and other tax adjustments(a)

-

901

-

(901

Deferred income tax valuation
allowance charges(b)-(686 )-

686

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

(22

(5

-

(17

Changes in benefit reserves andDAC, VOBA and SIA related to net
realized capital gains

203

-

160

Changes in the fair value of equity
securities

(22

)

(5

)

-

(17

(Gain) loss on extinguishment of debt

(8

)

(2

)

-

Net investment income on Fortitude
Re funds withheld assets

(486

)

(102 )Net realized capital gains on Fortitude
Re funds withheld assets

(173

)

(36

Net realized capital gains on Fortitude
Re funds withheld embedded
derivative

-

(5

)

-

5

-

(283 )

-

283

7

2

-

5

538

113

-

425

)

191

40

-

151

(6

)

17

4

-

13

-

(384

)

-

-

-

-

)

-

(137

)

-

-

-

-

(2,382 )(499 )-(1,883 )

-

-

-

-

Net realized capital gains(c)(627(145 )-(482(3,494 )(765 )-(2,729 )Loss from discontinued operations

-

-

-

-

-

-

-

-

(Income) loss from divested
businesses

(7

-

(6

216

45

-

171

Non-operating litigation reserves andsettlements

-

-

-

Favorable prior year development andrelated amortization changes ceded
under retroactive reinsurance
agreements

(19

)

(4

)

-

(15

Net loss reserve discount (benefit)
charge

(32

)

(7

)

-

(25

Integration and transaction costs
associated with acquiring or divesting
businesses

9

2

-

Restructuring and other costs

74

16

Non-recurring costs related toregulatory or accounting changes

20

Noncontrolling interests primarily
related to net realized capital losses of

-

)

)

43

)

)

(1

)

-

)

)

)

)

(6

)

(1

)

-

(5

)

)

(8

)

(2

)

-

(6

)

)

56

12

-

44

7

2

-

-

2

-

58

90

19

-

71

4

-

16

13

3

-

10

-

-

-

-

-

(77

)

(77

)

Fortitude Holdings' standalone
results(d)Adjusted pre-tax income/Adjusted
after-tax income attributable to AIG $ 1,256
common shareholders

$ 272

$

(54

)

$ 923

$ 180

$ 86

$

18

$ 105

(a) Three months ended March 31, 2021 includes the recent completion of audit activity by the IRS.
(b) Three months ended March 31, 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.
(c) Includes all net realized capital 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 and net realized gains and losses on Fortitude Re funds withheld
assets.
(d) Prior to June 2, 2020, noncontrolling interests was primarily due to the 19.9 percent investment in Fortitude Group Holdings, LLC (Fortitude
Holdings) by an affiliate of The Carlyle Group L.P. (Carlyle), which occurred in the fourth quarter of 2018. Carlyle was allocated 19.9 percent of
Fortitude Holdings’ standalone financial results through the June 2, 2020 closing date of the sale of a majority of the interests in Fortitude Holdings.
Fortitude Holdings’ results were mostly eliminated in AIG’s consolidated income from continuing operations given that its results arose fromintercompany transactions. Noncontrolling interests was calculated based on the standalone financial results of Fortitude Holdings. The mostsignificant component of Fortitude Holdings’ standalone results was the change in fair value of the embedded derivatives which changes withmovements in interest rates and credit spreads, and which was recorded in net realized capital gains and losses of Fortitude Holdings. In accordancewith AIG's adjusted after-tax income definition, realized capital gains and losses are excluded from noncontrolling interests. Subsequent to the
Majority Interest Fortitude Sale, AIG owns 3.5 percent of Fortitude Holdings and no longer consolidates Fortitude Holdings in its financial statements
as of such date. The minority interest in Fortitude Holdings is carried at cost within AIG’s Other invested assets, which was $100 million as of March
31, 2021.

Summary of Key Financial Metrics
Three Months Ended March 31,
Earnings per common share:

2021

2020

% Inc. (Dec.)$ 4.45$ 1.99

123.6

-

-

NM

$ 4.45$ 1.99123.6$ 4.41$ 1.98

122.7

-

-

NM

$ 4.41$ 1.98

122.7

Basic
Income (loss) from continuing operations
Income from discontinued operations
Net income (loss) attributable to AIG common shareholders

DilutedIncome (loss) from continuing operations
Income from discontinued operations
Net income (loss) attributable to AIG common shareholders%

Adjusted after-tax income attributable to AIG common shareholders per diluted share $ 1.05

$ 0.12NM%

Weighted average shares outstanding:
Basic

868.1

874.2

Diluted

876.3

878.9

American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)($ in millions, except per common share data)

Reconciliation of Book Value per Common Share

As of period end:

March 31, 2021 December 31, 2020 March 31, 2020

Total AIG shareholders' equity$ 62,679$

66,362$ 60,173

Less: Preferred equity

485

485

485

Total AIG common shareholders' equity (a)62,19465,87759,688Less: Accumulated other comprehensive income (AOCI)

6,466

13,511(994

Withheld Assets

2,246

4,657

-

Less: Deferred tax assets (DTA)*

7,539

7,907

8,535

49,116$ 52,147

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

Total adjusted AIG common shareholders' equity (b)$ 50,435$

Less: Intangible assets:
Goodwill

4,079

4,074

3,989

Value of business acquired

123

126

297

Value of distribution channel acquired

487

497

526

Other intangibles

309

319

329

Total intangible assets

4,998

5,016

5,141

44,100$ 47,006

861.6

861.3

Total adjusted tangible common shareholders' equity (c)Total common shares outstanding (d)$ 45,437
859.4

$

)

March 31, December 31, % Inc. March 31, % Inc.
As of period end:

2021

2020

(Dec.) 2020

(Dec.)

Book value per common share (a÷d)$ 72.37$ 76.46(5.3 )% $ 69.30

4.4 %Adjusted book value per common share (b÷d)

58.69

57.01

2.9

60.55

(3.1 )

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

52.87

51.18

3.3

54.58

(3.1 )

Reconciliation of Return On Common Equity

Three Months Ended March 31,
2021

2020

Actual or Annualized net income attributable to AIG common shareholders (a)$ 15,476$ 6,968

Actual or Annualized adjusted after-tax income attributable to AIG common shareholders (b)$ 3,692$ 420

Average AIG common shareholders' equity (c)$ 64,036$ 62,439

Less: Average AOCI

9,989

1,994

Add: Average cumulative unrealized gains and losses related to Fortitude Re Funds Withheld Assets

3,452

-

Less: Average DTA*

7,723

8,756

Average adjusted common shareholders' equity (d)49,776

51,689Less: Average intangible assets

5,007

5,183

$ 44,769$ 46,506

Average adjusted tangible common shareholders' equity (e)ROCE (a÷c)

24.2

%

11.2

%

Adjusted return on common equity (b÷d)

7.4

%

0.8

%

Adjusted return on tangible common equity (b÷e)

8.2

%

0.9

%

* Represents deferred tax assets only related to U.S. net operating loss and foreign tax credit carryforwards on a U.S. GAAP basis and excludes otherbalance sheet deferred tax assets and liabilities.
Reconciliation of Net Investment Income

Three Months Ended
March 31,
2021

2020

Net investment income per Consolidated Statements of Operations$ 3,657$ 2,508

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

(19

)

(13

Changes in the fair value of equity securities

(22

)

191

Net investment income on Fortitude Re funds withheld assets

(486

)

-

Net realized capital gains (losses) related to economic hedges and other61

13$ 3,191$ 2,699-(119$ 3,191$ 2,580

Total Net investment income - APTI Basis
Less: Impact of Fortitude Re prior to deconsolidation
Total Net investment income - APTI Basis, excluding the impact of Fortitude
Re for all periods, including periods prior to deconsolidation
American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)($ in millions, except per common share amounts)

Reconciliations of Accident Year Combined Ratio, as Adjusted

Three Months Ended
March 31,
2021

2020

98.8

101.5

Total General Insurance
Combined ratio

Catastrophe losses and reinstatement premiums (7.3

)

(6.9

Prior year development

0.9

0.9

Accident year combined ratio, as adjusted

92.4

95.5

)

)

)

North America
Combined ratio

108.4

Catastrophe losses and reinstatement premiums (15.2

103.8
)

(6.8

Prior year development

2.4

0.7

Accident year combined ratio, as adjusted

95.6

97.7

106.7

100.9

)

North America - Commercial Lines
Combined ratio

Catastrophe losses and reinstatement premiums (15.4

)

(6.3

Prior year development

2.6

3.0

Accident year combined ratio, as adjusted

93.9

97.6

118.8

111.0

)

North America - Personal Insurance
Combined ratio

Catastrophe losses and reinstatement premiums (14.5

)

(7.9

)
)

Prior year development

1.6

(5.1

Accident year combined ratio, as adjusted

105.9

98.0

92.2

99.5

International
Combined ratio

Catastrophe losses and reinstatement premiums (1.9

)

(7.0

Prior year development

(0.1

)

1.1

Accident year combined ratio, as adjusted

90.2

93.6

90.0

101.4

International - Commercial Lines
Combined ratio)

Catastrophe losses and reinstatement premiums (3.2

)

(11.2

Prior year development-

1.5

Accident year combined ratio, as adjusted

86.8

91.7

94.6

97.6

)

International - Personal Insurance
Combined ratio

Catastrophe losses and reinstatement premiums (0.4

)

(2.7

Prior year development

(0.2

)

0.6

Accident year combined ratio, as adjusted

94.0

)

95.5

Net Premiums Written - Change in Constant Dollar

Three Months Ended March 31, 2021
Global -International -International -General Insurance
Commercial Lines Commercial Lines Personal Insurance
Foreign exchange effect on worldwide premiums:
Change in net premiums written
Increase (decrease) in original currency

22

Foreign exchange effect3

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

25

%

13

%

7
%

20

(6

)%

6
%

-

%

American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)($ in millions, except per common share amounts)

Reconciliation of General Insurance Return on Adjusted Segment Common Equity

Three Months Ended
March 31,

2021

2020

$ 845

$ 501

Interest expense on attributed financial debt

145

146

Adjusted pre-tax income including attributed interest expense

700

355

Income tax expense

161

85

Adjusted after-tax income

539

270

Dividends declared on preferred stock33

Adjusted after-tax income attributable to common shareholders

$ 536

$ 267

Ending adjusted segment common equity$ 25,265$ 24,934

Average adjusted segment common equity$ 25,155$ 24,997

Return on adjusted segment common equity

8.5

Adjusted pre-tax income

Total segment shareholder’s equity%

4.3$ 26,039$ 24,417

Less: Preferred equity

196

192

Total segment common equity

25,84324,225

Less: Accumulated other comprehensive income (AOCI)

728

(709

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

150-

Total adjusted segment common equity$ 25,265%)$ 24,934

Reconciliation of Life and Retirement Return on Adjusted Segment Common Equity

Three Months Ended
March 31,
2021

2020

Adjusted pre-tax income

$ 941

$ 601

Interest expense on attributed financial debt

70

75

Adjusted pre-tax income including attributed interest expense

871

526

Income tax expense

172

101

Adjusted after-tax income

699

425

Dividends declared on preferred stock22

Adjusted after-tax income attributable to common shareholders

$ 697

$ 423

Ending adjusted segment common equity$ 20,226$ 20,148

Average adjusted segment common equity$ 19,699$ 18,974

Return on adjusted segment common equity

14.2

Total segment shareholder’s equity%

8.9$ 26,568$ 22,809

Less: Preferred equity

136

134

Total segment common equity

26,432

22,675

Less: Accumulated other comprehensive income (AOCI)

8,366

2,527

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

2,160

-

Total adjusted segment common equity$ 20,226

American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)($ in millions, except per common share amounts)

Reconciliations of Premiums and Deposits

Three Months Ended
March 31,
2021

2020

$ 20,148%

Individual Retirement:
Premiums$ 25

Deposits

3,349

Other

(1

Total premiums and deposits

$ 41
3,079
)

(4

$ 3,373$ 3,116$ 4$ 6Group Retirement:
Premiums
Deposits

1,814

1,849

Other

-

-

$ 1,818$ 1,855

Premiums

$ 532

$ 463

Deposits

397

403

Other

202

196

$ 1,131$ 1,062

Premiums

$ 39

$ 757

Deposits

34

211

Other

7

8

$ 80

$ 976

$ 600

$ 1,267

Total premiums and depositsLife Insurance:

Total premiums and deposits

Institutional Markets:

Total premiums and deposits

Total Life and Retirement:
Premiums
Deposits

5,594

5,542

)

OtherTotal premiums and deposits

208

200

$ 6,402$ 7,009

Total Debt and Preferred Stock Leverage

March 31, 2021
Preferred Shares IssuancePreferred stock$ 485

AIG Capitalization
Total equity$ 63,560

Hybrid - debt securities

1,554

Total equity and hybrid capital

65,114

Financial debt

22,838

Total capital

87,952

Less: AOCI

6,466

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

2,246

Total Capital, excluding AOCI

$ 83,732

RatiosHybrid - debt securities / Total capital

1.8%

Financial debt / Total capital

26.0

Total debt / Total capital

27.8

Preferred stock / Total capital

0.6

Total debt and preferred stock / Total capital

28.4

%

Total debt and preferred stock / Total capital, excluding AOCI

29.7

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20210506005987/en/
Sabra Purtill (Investors): sabra.purtill@aig.com
Shelley Singh (Investors): shelley.singh@aig.com
Claire Talcott (Media): claire.talcott@aig.com
Source: American International Group, Inc.