本稿は2021年11月4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、2021年第3四半期の決算を公表◆ 損害保険事業部門の正味収入保険料は前年同期比11%増加。コマーシャル・ラインの同17%増加が主因。
◆ 損害保険事業部門のコンバインド・レシオは前年同期比7.5ポイント改
善の99.7%。大規模自然災害損失（CAT）（再保険および復活保険料
調整後）の減少を含む堅調な保険引受業績が主因。調整後ベースでは、
2.8ポイント改善の90.5%。
◆ 生命保険および退職給付事業部門のAIGからの分離作業が継続し、9.9%権益の現金22億ドルでの売却は最近完了、および2022年のIPOは順調に進展。
◆ 希薄化後普通株式1株当たりの純利益は1.92ドルを計上。これに対して、前年同期は0.32ドル。AIG 普通株主に帰属する希薄化後1株当たりの調整後税引後利益*（AATI）は0.97ドルを計上、前年同期の0.81ドル
から20%増加。
◆ AIG 普 通 株 式 11 億 ド ル を 買 い 戻 し 、 債 券 15 憶 ド ル を 償 還 。
2021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）8 億 1,100 万ドルは堅調な保険引受利益を反映。コンバインド・レシオは前年同期比 7.5
ポイント改善の 99.7。CAT の減少を含むポートフォリオ全般にわたる堅調な保険引受業績が主因。



生命保険および退職給付事業部門の APTI は正味投資利益および手数料収入の増加で 8 億 7,700 万ドルを計上も、保険数理上の仮定の年
次更新および死亡率悪化の影響で相殺。2021 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*
は年率 12.2%。
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 ドルを計上。これに対して、前年同期は 2 億 8,100万ドル、希薄化後普通株式 1 株当たりでは 0.32 ドルの純利益。
AIG 普通株主に帰属する希薄化後 1 株当たりの調整後税引後利益は、損害保険事業部門の堅調な業績により、8 億 3,700 万ドル、希薄化後普通株式 1 株当たりでは 0.97 ドルを計上。これに対して、前年同期
は 7 億 800 万ドル、希薄化後普通株式 1 株当たりでは 0.81 ドルを計上。
2021 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77.03 ドルで、2020 年 12 月 31 日時点から 1%増加。調整後普通株
式 1 株当たりブック・バリューは*61.80 ドルで、2020 年 12 月 31日時点から 8%増加。調整後普通株式 1 株当たり有形ブック・バリュ
ーは*55.89 ドルで、2020 年 12 月 31 日時点から 9%増加。









2021 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 10.2%、6.5%。
*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。

2021年11月4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、2021年9月30日までの第3四半期の業績を発表しました。
AIGの社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はモメンタムを構築し、戦略的優先事項の実行を続けています。これは直近四半期の傑出した決算ならびに、AIG 200や、生命保険および退職給付事
業部門のAIGからの分離の大幅な進展から明らかです。深刻な自然災害シーズ
ンおよび継続している世界的パンデミックを背景に、社員たちは継続的なレジリエンスを行動で示すとともに、当社のステークホルダーに価値を届け、AIGが行うあらゆる面で質を確保する高水準のパフォーマンスを実現しました。」「損害保険事業部門は極めて好調な決算となりました。今や当社の企業文化に組み込まれている規律ある引受けならびに綿密なリスク選好、不安定な動きの抑制を目指す高度な再保険の仕組みの恩恵を実証するものです。正味収入保険
料は前年同期比で11%増加しました。コマーシャル・ラインの17%増加を主因としたものですが、この増加は契約更改率の改善、顕著な新規契約獲得および好ましい料率環境の持続を背景に、北米が18%増加、北米外が15%増加と均衡がとれていました。また、当四半期も引受収益は再び好調に推移し、コンバインド・レシオは大規模自然災害損失を含めて99.7、調整後では90.5となり、2020年第3四半期の保険事故年度の調整済みコンバインド・レシオから2.8ポ
イント改善しました。」「生命保険および退職給付事業部門は、調整後税引前利益8億7,700万ドルおよび調整後セグメント普通株主資本利益率12.2%を達成、再び確かな貢献をしてくれました。」「2021年第3四半期には11億ドルの普通株買い戻しと15億ドルの債務削減を行いました。流動性は四半期末時点で53億ドルでした。これらすべては、AIG
が資本管理戦略を実行する中で、バランス・シートと財務の柔軟性が非常に強固であることを実証するものです。」「2021年第3四半期および2021年1-9月を通じたAIGのパフォーマンスは当社
が過去数年間実行してきた戦略の正しさを実証するものです。AIGは優れたリ
スク・ソリューションの提供によりポートフォリオの質を大幅に改善し、AIG全体において卓越したオペレーションを組み込み続けるとともに、生命保険および退職給付事業部門の9.9%権益のブラックストーンへの売却を完了し、同部門の分離プロセスにおける重要な節目となりました。AIGは長期的に利益を伴う持続可能な成長を実現する、トップクラスの業績を誇る企業になるための道のりを着実に前進しています。」
2021年第3四半期は、AIG 普通株主に帰属する純利益17億ドル、希薄化後普通株式1株当たりでは1.92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が2億8,100万ドル、希薄化後普通株式1株当たりでは0.32ドルでした。この利益の増加は、前年同期の正味実現損失に対する当期の正味実現利益および大規模自然災害損失の減少を含む損害保険事業部門の全

般的に堅調な保険引受業績が主因でした。税引前のこれらの増加は生命保険および退職給付事業部門により部分的に相殺されました。同部門は、リテール向
けミューチュアル・ファンド事業売却利益により部分的に相殺された保険数理
上の仮定の年次見直しの影響を主因とするDAC償却の増加および事業利益増加を主因とする法人所得税費用の増加を計上しました。
2021年第3四半期のAATI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ドルとなりました。これに対して、前年同期のAATIは7億800万ドル、希薄化後普通株式1株当たりでは0.81ドルでした。AATI増加の主因はCAT減少
を含む損害保険事業部門の全般的に堅調な保険引受業績でしたが、これは生命保険および退職給付事業部門のAPTI減少により部分的に相殺されました。
2021年第3四半期の連結正味投資利益総額は37億ドルで、前年同期の38億ド
ルから2%減少しました。減少の主因は公正価値オプション（FVO）株式および債券のリターン減少でしたが、これはプライベート・エクイティの堅調なオ
ルタナティブ投資利益により部分的に相殺されました。2021年第3四半期のAPTIベースの正味投資利益総額は、プライベート・エクイティ利益の増加を反映して33億ドルとなり、前年同期比7,800万ドル増加しました。
2021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77.03ドルとなり、2020年12月31日時点から0.7%、2021年6月30日時点から0.4%、それぞれ増加しました。調整後普通株式1株当たりブック・バリューは61.80ドルとなり、2020年12月31日時点から8.4%、2021年6月30日時点から2.9%、それぞれ増加しました。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55.89ドルで、2020年12月31日時点から9.2%、2021年6月30日時点
から3.0%、それぞれ増加しました。
2021年9月30日時点のAIGの親会社流動資産は約53億ドルでした。AIGは2021年第3四半期にAIG普通株式約2,000万株を購入価額総額11億ドルで買い戻しました。加えて、2021年第3四半期にAIGは2022年満期利率4.875%ノートの元本総額15億ドルを償還するとともに、キャッシュ・テンダー・オファー
を通じて、AIGが発行または保証したノートおよび債券の一部を買い戻し、消却しました。2021年9月30日時点のAIGの債券および優先株式の総額レバレッ
ジは26.1%となり、2021年6月30日時点の27.0%から低下しました。
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2021年12月16日の業務終了時に登録されている株主に対して2021年12月30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2021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2021年12月15日に支払われます。

2021年第3四半期の業績概要
9月30日までの3ヶ月間
2021

2020

（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

$

281

$

1,660

AIG普通株主に帰属する希薄化後1株当たりの純利益

$

0.32

$

1.92

調整後税引前利益（損失）:

$

916

$

1,126

損害保険事業部門

416

811

生命保険および退職給付事業部門

1,008

877

その他の事業

(508)

(562)

正味投資利益

$

3,800

$

3,198

正味投資利益(APTIベース)

3,715
3,276

AIG普通株主に帰属する調整後税引後利益

$

708

$

837

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

$

0.81

$

0.97

873.1

加重平均発行済み普通株式数 – 希薄化後（単位：百万株）

864.0

普通株主資本利益率

1.8

%

10.2

%

調整後普通株主資本利益率

5.8

%

6.5

%

普通株式1株当たりブック・バリュー

$

73.86

$

77.03

調整後普通株式１株当たりブック・バリュー

$

56.78

$

61.80

発行済み普通株式数（単位：百万株）

861.4

835.8

別段の記載がない限り、比較はすべて、2020年第3四半期に対するものです。詳細については、AIG ウェブサイトの投資家向けセクションに掲載されている2021年第3四半期追加財務情報をご参照ください。

損害保険事業部門
9月30日までの3ヶ月間
2020（単位：百万米ドル）

2021

増減

総収入保険料

$

8,251

$

9,305

13

%

正味収入保険料

$

5,924

$

6,590

11

%

2,571

3,005

17

2,186

2,576

18

385

429

11

3,353

3,585

7

北米外コマーシャル・ライン

1,795

2,071

15

北米外個人向け損害保険

1,558

1,514

(3)

20

NM

(370)

(166)

55

北米コマーシャル・ライン

(153)

(503)

(229)

北米個人向け損害保険

(217)

337

NM

(53)

186

NM

(148)

(94)

36

95

280

195

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
北米外コマーシャル・ライン
北米外個人向け損害保険

(423)

$

%

正味投資利益(APTIベース)

$

839

$

791

(6)

%

調整後税引前利益

$

416

$

811

95

%

3.1

%

7.9

4.8

pts

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)

114.8

105.7

(9.1)

北米コマーシャル・ライン CR

107.0

120.0

13.0

北米個人向け損害保険 CR

170.5

14.9

(155.6)

101.7

94.7

(7.0)

北米外コマーシャル・ラインCR

108.4

104.8

(3.6)

北米外個人向け損害保険CR

94.0

82.2

(11.8)

107.2

99.7

(7.5)

北米外CR

損害保険事業部門CR

9月30日までの3ヶ月間（単位：百万米ドル）

2020

2021

増減

損害保険事業部門(GI)損害率

74.6

68.4

(6.2)

大規模自然災害による損失および復活保険料(13.5)(9.7)

3.8

前年以前事故発生年度の当年度発生保険金

(0.4)

0.5

0.9

GI保険事故年度の調整済み損害率

60.7

59.2

(1.5)

GI事業費率

32.6

31.3

(1.3)

93.3

90.5

(2.8)

97.2

91.5

(5.7)

北米コマーシャル・ライン AYCR

94.2

90.5

(3.7)

北米個人向け損害保険 AYCR

118.6

98.4

(20.2)

北米外コンバインド・レシオ AYCR

90.5

89.6

(0.9)

北米外コマーシャル・ライン AYCR

88.9

86.8

(2.1)

北米外個人向け損害保険 AYCR

92.2

93.0

0.8

pts

控除: 損害率に対する影響:

GI 保 険 事 故 年 度 の 調 整 済 み コ ン バ イ ン ド ・ レ シ オ(AYCR)

保険事故年度の調整済みコンバインド・レシオ(AYCR):
北米 AYCR

pts

損害保険事業部門⚫ 2021年第3 四半期の正味収入保険料は前年同期比11%（実質ベースでは10%）増の66億ドルとなりました。北米コマーシャル・ラインおよび北米
外コマーシャル・ラインがそれぞれ18%、15%（実質ベースでは12%）増の堅調を示したことが主因で、保険料率の堅調な改善、契約更改率の上昇および新規契約を反映したものです。加えて、北米の個人向け損害保険
正味収入保険料の11%増加は消費支出の増加を主因とするトラベルおよび
ワランティー事業の増加を反映したものですが、これはポートフォリオ構
成および料率妥当性を改善するために講じた引受アクションを主因とするプライベート・クライアント・グループ（PCG）事業の減少により部分的に相殺されました。北米外の個人向け損害保険正味収入保険料は前年同期
比3%（実質ベースでは３%）減少しました。この減少はポートフォリオ
構成および料率妥当性を改善するために講じた引受アクションを主因とするものですが、トラベル活動の回復によるトラベル事業の増加で部分的に相殺されました。
⚫

2021年第3四半期のAPTIは、保険引受業績の改善持続により、前年同期比
3億9,500万ドル増加の8億1,100万ドルとなりました。2021年第3四半期の保険引受利益は2,000万ドルでした。これに対して、前年同期は4億2,300万ドルの保険引受損失でした。引受利益にはCAT6億2,800万ドルが含まれており、その大部分はハリケーン・アイダおよび英国と欧州の洪水によるものです。これに対して、前年同期のCATは7億9,000万ドルで、これにはCOVID-19による推定損失1億8,500万ドルが含まれていました。
2021年第3四半期における高水準の世界的な大規模自然災害発生にもかかわらず、AIGの損失は保険引受の改善および再保険プロテクションの強化
により緩和されました。

⚫

また、2021年第3四半期は正味前年以前事故年度の当年度発生戻入金（再保険調整後）（PYD）5,000万ドルが含まれていますが、これには「アドバース・ディベロプメント・カバー（ADC）」の有利な償却4,700万ドルも含まれます。これに対して、前年同期はPYD保険金発生額が1,300万ドルでした。2021年第3四半期は世界各地のショートテール・ラインの戻入金の恩恵を受けました。これには2020年の事故年度からの保険金請求発生頻度の低下および代位回収と米国労災補償における戻入金持続を主因とする2017年および2018年の山火事に係る予想最終損失の減少が含まれています。PYD戻入金はグローバル・ファイナンシャル・ラインにおける積立金強化と対照的であり、北米ファイナンシャル・ラインは主として2016年から2018年までの保険事故年度に起因しているのに対して、北米外ファイ
ナンシャル・ラインは、関連する地域により、より広範な事故年度を含みます。個人向け損害保険事業における2018年のカリフォルニア州山火事の損失に関連する代位回収は、コマーシャル・ライン事業における約2億600万ドルの再保険回収のリバーサルにより概ね相殺されました。代位金額受
け取りの結果、AIGはもはや北米CATカバー総額に基づくアタッチメン
ト・ポイントに達していないためです。

⚫

損害保険事業部門の引受業績が引き続き改善、コンバインド・レシオは99.7 となり、前年同期の 107.2 から 7.5 ポイント改善しました。この改善は、損害率および事業費率のそれぞれ 6.2 ポイント、1.3 ポイントの改善を主因とする、CAT の減少および全般的に堅調な保険引受業績を反映したものです。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 90.5 で、前年同期から 2.8 ポイント改善し、保険事故年度の調整
済み損害率*59.2 および事業費率 31.3 から成っています。損害保険事業部
門の保険事故年度の調整済み損害率は、コマーシャル引受事業構成およびポートフォリオの質の改善持続を反映して、前年同期比 1.5 ポイント改善
しました。損害保険事業部門の総費用率は、AIG 200 の恩恵を含めて、ポートフォリオ拡大に伴う総費用面の規律の継続を反映して、前年同期比
1.3 ポイント改善しました。
コマーシャル・ラインの保険引受業績は、事業構成改善および保険料率引き上げを伴う保険料増加により、引き続き力強い改善を示しました。保険
事故年度の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
3.7 ポイント改善の 90.5、北米外コマーシャル・ラインが 2.1 ポイント改
善の 86.8 となりました。
個人向け損害保険の保険引受業績も、北米を中心に改善しました。北米個
人向け損害保険の保険事故年度の調整済みコンバインド・レシオは前年同期比20.2ポイント改善の98.4となりました。これはAIGの漸減的PCG損失の改善およびトラベル保険の保険料回復を反映したものです。北米外個人向け損害保険の保険事故年度の調整済みコンバインド・レシオは前年同期
比0.8ポイント上昇して93.0となりました。保険事故年度の調整済み損害率が前年同期比1.5ポイント上昇の51.9になったことを反映したものですが、これは事業費率が前年同期比0.7ポイント改善して41.1となったことで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
9月30日までの3ヶ月間（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（損失）

20202
$

1,008

2021
$

増減

877

(13)%

個人向け退職給付

532

292

(45)

団体向け退職給付

338

316

(7)

生命保険

32

134

319

機関投資家市場

106

135

27

収入保険料および手数料

$

1,434

$

1,756

22 %

個人向け退職給付

256

311

21

団体向け退職給付

120

142

18

生命保険

736

757

3

機関投資家市場

322

546

70

収入保険料および預かり資産

$

6,998

$

7,234

3 %

個人向け退職給付

2,702

3,257

21

団体向け退職給付

1,772

1,831

3

生命保険

1,076

1,152

7

機関投資家市場

1,448

994

(31)

(919)

47 %

正味フロー

$

(1,726)$

個人向け退職給付*

(769)

95

NM

団体向け退職給付(957)(1,014)

(6)

2,435

4 %

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

2,332
15.5 %$

12.2 %(3.3) pts

*リテール向けミューチュアル・ファンドを含み、2021年は（i）タッチストーンへの売却に関連して移転、または（ii）清算されたファンド70億ドルを除外しています。

生命保険および退職給付事業部門•

2021年第3四半期に生命保険および退職給付事業部門は8億7,700万ドルの
APTIを計上、前年同期の10億ドルから13%減少しました。2021年第3四
半期には保険数理上の年次更新の不利な影響1億6,600万ドルには、死亡率悪化、事業費（GOE）増加および繰延保険獲得費用償却と主として個人向
け退職給付事業および団体向け退職給付事業の積立金の増加が含まれていますが、手数料収入増加ならびに全てのセグメントにおける堅調なオルタ
ナティブ投資利益により部分的に相殺されました。生命保険事業のAPTI1
億3,400万ドルは前年同期の3,200万ドルから1億200万ドル増加しました。
主として保険数理上の仮定の年次更新の好影響を反映したものですが、これは死亡率悪化により部分的に相殺されました。
•

収入保険料は前年同期比7億8,500万ドル、33%増加の10億ドルとなりました。2021年第3四半期における年金リスク移転活動の増加が主因です。
収入保険料および預かり資産は前年同期比3%、2億3,600万ドル増の72億ドルとなりました。COVID-19がもたらした広範な保険業界全体の販売混
乱からの回復および年金リスク移転活動の増加によるものです。

•

個人向け退職給付事業および団体向け退職給付事業の正味フローは9億1,900万ドルの純流出となりましたが、COVID-19がもたらした広範な保険業界全体の販売混乱からの回復により、前年同期から8億700万ドルの大幅改善を示しました。2021年第3四半期に販売されたリテール向けミュー
チュアル・ファンドを除外すると、個人向け退職給付事業は、COVID-19がもたらした広範な保険業界全体の販売混乱からの回復を主因に、2億4,000万ドルの純流入となりました。前年同期は1億1,000万ドルの純流出でした。団体向け退職給付事業の正味フローは10億ドルの純流出で、解約増加を反映して、前年同期から若干増加しました。

その他の事業
9月30日までの3ヶ月間（単位：百万米ドル）

2020

その他投資活動等$

2(48) %

27

213

NM

連結および消去を除く調整後税引前利益

(368)

(370)

(1)

連結および消去

(140)

(192)

(37)

(562)

(11) %

調整後税引前損失

$

(508)

$

増減

(583)

資産運用

(395)

2021

$

その他の事業⚫

⚫

2021年第3四半期の調整後税引前損失（APTL）は、連結および消去の減少
1億9,200万ドルを含めて、5億6,200万ドルとなりました。前年同期のAPTLは、連結および消去の減少1億4,000万ドルを含め、5億800万ドルでした。連結および消去におけるAPTLの増加は、保険会社の連結投資主体に対する投資の正味投資利益の消去を反映しています。
連結および消去を除外すると、APTLの増加は、パフォーマンスを反映した
従業員給与の増加を含む会社GOEの増加を反映したものですが、これは正味投資利益の増加およびこれまでの債券償還活動に起因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⚫

2020年10月26日、AIGは生命保険および退職給付事業部門をAIGから分離する方針を発表しました。

⚫

AIGおよびブラックストーン・インク（ブラックストーン）は2021年7月
14日、両社がAIGの生命保険および退職給付事業部門の持ち株会社である
SAFG リタイアメント・アンド・サービス・インク（SAFG）にブラックス
トーンが22億ドルを投じて9.9%出資する全額現金取引について正式契約を締結したと発表しました。ただし、最終的推定調整後ブック・バリュー

が目標推定調整後ブック・バリューを上回る、または下回る場合の調整を条件としています。本契約の一環として、AIGはまたブラックストーンと、
上記出資完了次第生命保険および退職給付事業部門の既存投資ポートフォ
リオの当初金額500億ドルをブラックストーンが運用する長期資産運用関係を締結することに同意しました。2022年第4四半期を起点とする今後5年間、上記金額は総額925億ドルに達するまで、年間85億ドルずつ増額されます。これらの取引は2021年11月2日に成立しました。現在、AIGは
IPOが生命保険および退職給付部門のAIGからの分離の次のステップであると確信していますが、将来の分離取引の取り得る形または当該取引の特定条件またはタイミング、あるいは分離取引が実際に実行されるのかなどに関しては、いかなる保証も与えることができません。いかなる分離取引もAIG取締役会の承認を含む様々な条件の充足および承認、保険およびその他の必要な規制当局の承認取得、および米証券取引委員会（SEC）の適用
要件の充足を条件としています。
⚫

加えて、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7月14日、BREITがAIGの米アフォーダブル・ハウジ
ング・ポートフォリオのAIG持ち分権を現金約51億ドルの一定の調整を要する全額現金取引で取得する正式契約を締結したと発表しました。2021年
9月30日時点において、アフォーダブル・ハウジング・ポートフォリオのそれぞれ43億ドル、27億ドルの資産および負債は売却目的保有に分類され、AIGの要約連結貸借対照表にその他の資産およびその他の負債として計上されています。本取引は慣習的成立条件の対象であり、2021年第4四半期に成立すると予想されています。

AIG グループは、世界の保険業界のリーダーであり、約80 の国や地域でお客さまにサービスを提供しています。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 2021 Financial Results
November 4, 2021
General Insurance net premiums written grew 11% driven by Commercial Lines growth of 17%
The General Insurance combined ratio improved by 7.5 points to 99.7% from the prior year due to strong
underwriting results, including lower catastrophe losses, net of reinsurance (CATs) and reinstatement premiums;
and, on an as adjusted* basis, improved by 2.8 points to 90.5%
Separation of the Life and Retirement business from AIG continued, with the sale of a 9.9% equity stake for $2.2
billion in cash recently completed and an IPO on track for 2022
Net income per diluted common share was $1.92 compared to $0.32 in the prior year quarter and adjusted
after-tax income attributable to AIG common shareholders* (AATI) per diluted common share of $0.97 increased
20% from $0.81
Repurchased $1.1 billion of AIG common stock and redeemed $1.5 billion of debt
THIRD QUARTER NOTEWORTHY ITEMSGeneral Insurance adjusted pre-tax income (APTI) of $811 million reflects strong underwriting results; the combined ratio
was 99.7, a 7.5 point improvement from the prior year quarter primarily due to strong underwriting results across theportfolio, including lower CATs.
Life and Retirement APTI of $877 million reflects higher net investment income and fee income, offset by impacts from theannual actuarial assumption update and unfavorable mortality; Life and Retirement return on adjusted segment common
equity* for the third quarter was 12.2%, on an annualized basis.
Net income attributable to AIG common shareholders was $1.7 billion, or $1.92 per diluted common share, compared to
net income of $281 million, or $0.32 per diluted common share, in the prior year quarter.
Adjusted after-tax income attributable to AIG common shareholders was $837 million, or $0.97 per diluted common share,compared to $708 million, or $0.81 per diluted common share, in the prior year quarter due to strong operating
performance in General Insurance.
As of September 30, 2021, book value per common share was $77.03, an increase of 1% from December 31, 2020.
Adjusted book value per common share* was $61.80, an increase of 8% from December 31, 2020. Adjusted tangible bookvalue per share* was $55.89, an increase of 9% from December 31, 2020.
Return on common equity (ROCE) and Adjusted ROCE* were 10.2% and 6.5%, respectively, on an annualized basis forthe third quarter of 2021.
* 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. 4, 2021-- American International Group, Inc. (NYSE: AIG) today reported financial results for the third quarter
ended September 30, 2021.
AIG President and CEO Peter Zaffino said: “We continue to build momentum and execute on our strategic priorities as evidenced by another quarter ofoutstanding financial results, as well as significant progress on AIG 200 and the separation of Life and Retirement from AIG. Against the backdrop of avery active CAT season and the ongoing global pandemic, AIG colleagues demonstrated continued resilience and are performing at a high level
delivering value to our stakeholders and excellence in all that we do.
“General Insurance delivered very strong results demonstrating the underwriting discipline now embedded in our culture and the benefits of ourvolatility reduction efforts through a well-articulated risk appetite and reinsurance program that performed well. Net premiums written grew by 11%,driven by Commercial Lines growth of 17%, which was balanced between 18% growth in North America and 15% growth in International reflecting
improved retention, outstanding levels of new business, and a continued strong rate environment. We also reported another quarter of impressive
underwriting profitability, with a combined ratio of 99.7 inclusive of catastrophe losses, and 90.5, as adjusted, which represents a 2.8 point
improvement from the accident year combined ratio, as adjusted, in the third quarter of 2020.
“Life and Retirement was once again a solid contributor to profitability delivering adjusted pre-tax income of $877 million and a return on adjusted
segment common equity of 12.2%.
“In the third quarter we repurchased $1.1 billion of common stock, redeemed $1.5 billion of debt and ended the quarter with $5.3 billion of liquidity, alldemonstrating the strength of our balance sheet and exceptional financial flexibility as we execute against our capital management strategy.
“AIG’s performance in the third quarter and through the first nine months of the year validates the strategy we have been executing on over the last few
years. We have vastly improved the quality of our portfolio by delivering superior risk solutions, we continue to embed operational excellence acrossthe organization, and we recently reached a significant milestone toward making Life and Retirement a standalone company by closing on the sale ofa 9.9% equity stake to Blackstone. AIG is well on its way to becoming a top performing company that delivers sustainable profitable growth over the
long-term.”
For the third quarter of 2021, net income attributable to AIG common shareholders was $1.7 billion, or $1.92 per diluted common share, compared to
net income of $281 million, or $0.32 per diluted common share, in the prior year quarter. The increase was primarily due to net realized gains in thecurrent quarter compared to net realized losses in the prior year quarter and overall strong General Insurance underwriting results, including lower
CATs. These pre-tax increases were partially offset by Life and Retirement, which had higher DAC amortization principally due to the impact of theannual assumption review which was partially offset by the gain from the sale of our retail mutual fund business and higher income tax expense
primarily due to higher income from operations.
AATI was $837 million, or $0.97 per diluted common share, for the third quarter of 2021 compared to $708 million, or $0.81 per diluted common share,in the prior year quarter. The increase was primarily due to strong General Insurance underwriting results, including lower CATs, partially offset bylower APTI from Life and Retirement.
Total consolidated net investment income for the third quarter of 2021 was $3.7 billion, down 2% from $3.8 billion in the prior year quarter primarily due
to lower returns from fair value option equity and fixed income securities, partially offset by strong alternative investment income from private equity.
Total net investment income on an APTI basis* was $3.3 billion, an increase of $78 million compared to the prior year quarter reflecting higher private
equity income.
Book value per common share was $77.03 as of September 30, 2021, an increase of 0.7% from December 31, 2020 and 0.4% from June 30, 2021.
Adjusted book value per common share was $61.80, an increase of 8.4% from December 31, 2020 and 2.9% from June 30, 2021 reflecting growth inretained earnings from net income in excess of dividends and share repurchases. Adjusted tangible book value per share was $55.89, an increase of
9.2% from December 31, 2020 and 3.0% from June 30, 2021.
As of September 30, 2021, AIG Parent liquidity was approximately $5.3 billion. AIG repurchased approximately 20 million shares of AIG common
stock during the third quarter for an aggregate purchase price of $1.1 billion. Additionally, in the third quarter of 2021 AIG redeemed $1.5 billion
aggregate principal amount of 4.875% Notes Due 2022 and repurchased, through cash tender offers, and canceled certain notes and debentures
issued or guaranteed by AIG. AIG’s total debt and preferred stock to total capital leverage at September 30, 2021 was 26.1%, down from 27.0% atJune 30, 2021.
Today, 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 30, 2021 to stockholders of record at the close of business on December 16, 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 $0.365625 per depositary share. The dividend is payable on
December 15, 2021 to holders of record at the close of business on November 30, 2021.
FINANCIAL SUMMARY
Three Months Ended
September 30,($ in millions, except per common share amounts)

2020

2021

$ 281

$ 1,660

AIG common shareholders$ 0.32$ 1.92Adjusted pre-tax income (loss)$ 916$ 1,126

General Insurance

416

811

Life and Retirement

1,008

877

Other Operations

(508)

(562)

$ 3,800$ 3,715

Net income attributable to AIG common shareholders
Net income per diluted share attributable to

Net investment income

Net investment income, APTI basis

3,198

3,276

Adjusted after-tax income attributable to AIG commonshareholders

$ 708

$ 837

$ 0.81$ 0.97Weighted average common shares outstanding - diluted (in millions)

873.1

864.0

Return on common equity

1.8

%

10.2

%

Adjusted return on common equity

5.8

%

6.5

%

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

Book value per common share$ 73.86$ 77.03

Adjusted book value per common share$ 56.78$ 61.80

Common shares outstanding (in millions)

861.4

835.8

All comparisons are against the third quarter of 2020, unless otherwise indicated. Refer to the AIG Third Quarter 2021 Financial Supplement, which isposted on AIG's website in the Investors section, for further information.
GENERAL INSURANCE
Three Months Ended September 30,($ in millions)

2020

2021

ChangeGross premiums written$ 8,251$ 9,305

13%

Net premiums written$ 5,924$ 6,590

11%

North America

2,571

3,005

17

North America Commercial Lines

2,186

2,576

18

North America Personal Insurance

385

429

11

International

3,353

3,585

7

International Commercial Lines

1,795

2,071

15

International Personal Insurance

1,558

1,514

(3)

Underwriting income (loss)$ (423)

$ 20

NM

%

North America

(370)

(166)

55

North America Commercial Lines

(153)

(503)

(229)

North America Personal Insurance

(217)

337

NM

International

(53)

186

NM

International Commercial Lines

(148)

(94)

36

International Personal Insurance

95

280

195

Net investment income, APTI basis

$ 839

$ 791

(6)

%

Adjusted pre-tax income

$ 416

$ 811

95

%

4.8

pts

pts

Return on adjusted segment common equity

3.1

%

7.9

%

Underwriting ratios:
North America Combined Ratio (CR)

114.8

105.7

(9.1)

North America Commercial Lines CR

107.0

120.0

13.0

North America Personal Insurance CR

170.5

14.9

(155.6)

International CR

101.7

94.7

(7.0)

International Commercial Lines CR

108.4

104.8

(3.6)

International Personal Insurance CR

94.0

82.2

(11.8)

General Insurance (GI) CR

107.2

99.7

(7.5)

GI Loss ratio

74.6

68.4

(6.2)

(13.5)(9.7)

3.8

Less: impact on loss ratio
Catastrophe losses and reinstatement premiumsptsPrior year development

(0.4)

0.5

0.9

GI Accident year loss ratio, as adjusted

60.7

59.2

(1.5)

GI Expense ratio

32.6

31.3

(1.3)

GI Accident year combined ratio, as adjusted (AYCR)

93.3

90.5

(2.8)

North America AYCR

97.2

91.5

(5.7)

North America Commercial Lines AYCR

94.2

90.5

(3.7)

North America Personal Insurance AYCR

118.6

98.4

(20.2)

International AYCR

90.5

89.6

(0.9)

International Commercial Lines AYCR

88.9

86.8

(2.1)

International Personal Insurance AYCR

92.2

93.0

0.8

Accident year combined ratio, as adjusted (AYCR):
pts

General Insurance

Net premiums written in the third quarter of 2021 increased 11% (10% on a constant dollar basis) to $6.6 billion from theprior year quarter driven by strong North America Commercial Lines and International Commercial Lines growth of 18%
and 15% (12% on a constant dollar basis), respectively, reflecting strong rate improvement, higher renewal retentions andstrong new business production. Additionally, North America Personal Insurance net premiums written growth of 11%
reflects increases in the Travel and Warranty business driven by increased consumer spending, partially offset by lower
Private Client Group (PCG) business driven by underwriting actions taken to improve our portfolio mix and rate adequacy.
International Personal Insurance net premiums written decreased 3% (down 3% on a constant dollar basis) compared tothe prior year quarter primarily due to underwriting actions taken to improve our portfolio mix and rate adequacy, partially
offset by growth in Travel due to a rebound in travel activity.
Third quarter 2021 APTI increased by $395 million to $811 million from the prior year quarter due to continued
improvement in underwriting results. Underwriting income was $20 million in the third quarter of 2021 compared to anunderwriting loss of $423 million in the prior year quarter. The underwriting income included $628 million of CATs,
predominantly from Hurricane Ida and U.K. and European floods, compared to $790 million in the prior year quarter, which
included $185 million of estimated COVID-19 losses. Despite the elevated level of global catastrophic activity in the third
quarter of 2021, AIG’s losses were mitigated by improved underwriting and enhanced reinsurance protections.
Third quarter 2021 also included favorable net prior year loss reserve development, net of reinsurance (PYD) of $50
million, including $47 million of favorable amortization from the Adverse Development Cover, compared to total unfavorable
PYD of $13 million in the prior year quarter. The third quarter benefited from favorable development on our worldwide
short-tail lines, which included lower emerged claims frequency from accident year 2020, and lower expected ultimate
losses related to 2017 and 2018 wildfires driven largely from subrogation recoveries and continued favorable development
in U.S. Workers Compensation. The favorable PYD is contrasted by reserve strengthening in Global Financial Lines with
North America Financial Lines being primarily attributable to accident years 2016 through 2018 whereas, International
depending on the Region involved, included a broader range of accident years. Subrogation recoveries related to 2018
California wildfires losses in our Personal Insurance business were largely offset by the reversal of recorded reinsurance
recoveries for 2018 in our Commercial Lines business of approximately $206 million, as we no longer reached theattachment point under our North American aggregate CAT cover as a result of the receipt of the subrogation amounts.
General Insurance continued to generate improved underwriting results, with a combined ratio of 99.7, a 7.5 point
decrease from 107.2 in the prior year quarter. The improvement reflects lower CATs and overall strong underwriting results
driven by improvements in both the loss and expense ratios of 6.2 points and 1.3 points, respectively. The General
Insurance accident year combined ratio, as adjusted, was 90.5, an improvement of 2.8 points from the prior year quarterand was comprised of a 59.2 accident year loss ratio, as adjusted*, and an expense ratio of 31.3. The General Insurance
accident year loss ratio, as adjusted, improved by 1.5 points from the prior year quarter reflecting continued improvementin the commercial underwriting business mix and quality of the portfolio. The General Insurance total expense ratio
improved 1.3 points from the prior year quarter reflecting continued general operating expense discipline as we grow theportfolio, including benefits from the AIG 200 program.
Commercial Lines underwriting results continued to show strong improvement due to improved business mix and premium
growth along with continued rate increases. The accident year combined ratio, as adjusted, for North America Commercial
Lines improved 3.7 points to 90.5, and for International Commercial Lines improved 2.1 points to 86.8 compared to theprior year quarter.
Personal Insurance underwriting results also improved driven by North America. The North America Personal Insurance
accident year combined ratio, as adjusted, improved 20.2 points to 98.4 compared to the prior year quarter reflecting
improved attritional PCG loss experience and a rebound in travel insurance premiums.The International Personal Insurance
accident year combined ratio, as adjusted, increased 0.8 points to 93.0 reflecting a 1.5 point increase in the accident year
loss ratio, as adjusted, to 51.9 compared to the prior year quarter, partially offset by a 0.7 point improvement in the
expense ratio to 41.1.
LIFE AND RETIREMENT
Three Months Ended
September 30,($ in millions, except as indicated)

2020

2021

$ 1,008

$ 877

(13)

Individual Retirement

532

292

(45)

Group Retirement

338

316

(7)

Life Insurance

32

134

319

Institutional Markets

106

135

27

Premiums and fees

$ 1,434$ 1,756

22

Individual Retirement

256

311

21

Group Retirement

120

142

18

Life Insurance

736

757

3

Institutional Markets

322

546

70

$ 6,998$ 7,234

3

Adjusted pre-tax income (loss)

Premiums and deposits

Change%%%Individual Retirement

2,702

3,257

21

Group Retirement

1,772

1,831

3

Life Insurance

1,076

1,152

7

Institutional Markets

1,448

994

(31)

$ (1,726)$ (919)47

Individual Retirement*

(769)

95

NM

Group Retirement(957)(1,014)(6)$ 2,332$ 2,435

4

%

12.2

% (3.3)pts

Net flows

Net investment income, APTI basis
Return on adjusted segment common equity

15.5

%

%

* Includes Retail Mutual Funds and in 2021, excludes $7.0 billion of funds (i) transferred related to the Touchstone sale or (ii) liquidated.
Life and Retirement

Life and Retirement reported APTI of $877 million for the third quarter of 2021, down 13% from $1.0 billion in the prior year
quarter. The third quarter of 2021 included a $166 million unfavorable impact from the annual actuarial assumption update,unfavorable mortality, higher general operating expenses (GOE) and increases in deferred policy acquisition costs
amortization and reserves primarily in Individual Retirement and Group Retirement, partially offset by higher fee income aswell as strong alternative investment income across all segments. Life Insurance APTI of $134 million, increased $102
million from $32 million in the prior year quarter primarily reflecting favorable impacts from the annual actuarial assumption
update, partially offset by unfavorable mortality.
Premiums were $1.0 billion, up from $785 million, or 33%, from the prior year quarter driven by higher pension risk transfer
activity in third quarter of 2021. Premiums and deposits increased 3%, or $236 million, from the prior year quarter to $7.2
billion due to the recovery from broad industry-wide sales disruption resulting from COVID-19 and the increase in pension
risk transfer activity.
Individual and Group Retirement net flows were negative $919 million, a significant improvement of $807 million from theprior year quarter due to a recovery from 2020 sales disruptions from COVID-19. Excluding Retail Mutual Funds, which
was sold in third quarter of 2021, Individual Retirement recorded net inflows of $240 million compared to net outflows of$110 million in the prior year quarter, largely due to a recovery from the broad industry-wide sales disruption resulting fromCOVID-19. In the Group Retirement business, net flows were negative $1.0 billion, slightly elevated than the prior year
quarter reflecting higher surrenders.
OTHER OPERATIONS
Three Months Ended
September 30,($ in millions)
Corporate and Other

2020

2021

$ (395)$ (583)

Change(48)%

Asset Management

27

213

NM

Adjusted pre-tax loss before consolidation and eliminations

(368)

(370)

(1)

Consolidation and eliminations

(140)

(192)

(37)

$ (508)$ (562)(11)

Adjusted pre-tax loss%

Other Operations

Third quarter adjusted pre-tax loss (APTL) was $562 million, including $192 million of reductions from consolidation andeliminations, compared to APTL of $508 million, including $140 million of reductions from consolidation and eliminations, inthe prior year quarter. The increase in consolidation and eliminations APTL reflects the elimination of the insurancecompanies’ net investment income on their investment in consolidated investment entities.
Before consolidation and eliminations, the increase in APTL reflects higher corporate GOE including increases in
performance-based employee compensation, partially offset by higher net investment income and lower corporate interest
expense resulting from year-to-date debt redemption activity.
LIFE AND RETIREMENT SEPARATIONOn October 26, 2020, AIG announced its intention to separate its Life and Retirement business from AIG.
On July 14, 2021, AIG and Blackstone Inc. (Blackstone) announced that they reached a definitive agreement forBlackstone to acquire a 9.9 percent equity stake in SAFG Retirement Services, Inc. (SAFG), which is the holding company
for AIG’s Life and Retirement business, for $2.2 billion in an all cash transaction, subject to adjustment if the final pro
forma adjusted book value is greater or lesser than the target pro forma adjusted book value. As part of this agreement,
AIG also agreed to enter into a long-term asset management relationship with Blackstone to manage an initial $50 billionof Life and Retirement’s existing investment portfolio upon closing of the equity investment, with that amount increasing byincrements of $8.5 billion per year for the next five years beginning in the fourth quarter of 2022, for an aggregate of $92.5
billion. These transactions closed on November 2, 2021. While we currently believe an IPO is the next step in theseparation of the Life and Retirement business from AIG, no assurance can be given regarding the form that future
separation transactions may take or the specific terms or timing thereof, or that a separation will in fact occur. Any
separation transaction will be subject to the 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 applicablerequirements of the Securities and Exchange Commission (SEC).
Additionally, AIG and Blackstone Real Estate Income Trust (BREIT), a long-term, perpetual capital vehicle affiliated withBlackstone, announced on July 14, 2021 that they reached a definitive agreement for BREIT to acquire AIG’s interests in a
U.S. affordable housing portfolio for approximately $5.1 billion, subject to certain adjustments, in an all cash transaction. As
of September 30, 2021, the assets and liabilities related to the Affordable Housing portfolio, $4.3 billion and $2.7 billion,
respectively, are classified as held for sale and are reported in Other assets and Other liabilities within AIG’s Condensed
Consolidated Balance Sheets. This transaction is subject to customary closing conditions and is expected to close in the
fourth quarter of 2021.
CONFERENCE CALL
AIG will host a conference call tomorrow, Friday, November 5, 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. These statements include, but are not limited to, projections, goals and assumptions that are not historical facts, but instead represent only abelief regarding future events, many of which, by their nature, are inherently uncertain and outside AIG’s control. These statements, including
projections, goals and assumptions are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,”“focused on achieving,” “view,” “target,” “goal” or “estimate.” These statements may relate to future actions, future performance or results of current
and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipatedorganizational, business or regulatory changes, the effect of natural catastrophes, including COVID-19, macroeconomic events, anticipateddispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession
and retention plans, exposure to risk, trends in operations and AIG’s 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 thesestatements, projections, goals and assumptions. Factors that could cause AIG’s actual results to differ, possibly materially include:AIG's ability to successfully separate the Life and Retirement business and the impact any separation may have on AIG,
its businesses, employees, contracts and customers;
AIG's ability to close the sale of its Affordable Housing portfolio to an affiliate of Blackstone;
the occurrence of catastrophic events, both natural and man-made, including COVID-19, other pandemics, civil unrest andthe effects of climate change;changes in market and industry conditions, including a prolonged global economic recovery, volatility in financial andcapital markets, fluctuations in interest rates, inflationary pressures and disruptions to AIG's operations driven by
COVID-19 and responses thereto, including new or changed governmental policy and regulatory actions;
AIG's ability to effectively execute on the AIG 200 operational programs designed to modernize AIG's operating
infrastructure and enhance user and customer experiences, and AIG’s ability to achieve anticipated cost savings from AIG
200;
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;
availability and affordability of reinsurance;
disruptions in the availability of AIG's electronic data systems or those of third parties;
the impact of COVID-19 generally, including with respect to AIG's business, financial condition and results of operations;changes to the valuation of AIG's investments;
actions by rating agencies with respect to AIG’s credit and financial strength ratings as well as those of its businesses andsubsidiaries;
the effectiveness of AIG’s enterprise risk management policies and procedures, including with respect to business
continuity and disaster recovery plans;changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;
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);the effectiveness of strategies to recruit and retain key personnel and to implement effective succession plans;changes in judgments concerning potential cost-saving opportunities;
concentrations in AIG's investment portfolios;changes to our sources of or access to liquidity;changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;
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 September 30, 2021 (which
will be filed with the Securities and Exchange Commission), Part I, Item 2. MD&A of the Quarterly Report on Form 10-Q for
the quarterly period ended June 30, 2021, Part I, Item 2. MD&A of the Quarterly Report on Form 10-Q for the quarterly
period ended March 31, 2021, and – Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A of the 2020 Annual Report.
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.
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 2021 Financial Supplement available in the Investors section of AIG’s website,www.aig.com.
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 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 salesecurities portfolio wherein there is largely no offsetting impact for certain related insurance liabilities. In addition, AIG adjusts 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.
AIG excludes deferred tax assets representing U.S. tax attributes related to net operating loss carryforwards and foreign tax credits as they have notyet been utilized. 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 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 – 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.
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 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
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 a one-time lumpsum payment to former employees;
income and loss from divestitures;
non-operating litigation reserves andsettlements;
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 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 ratio
Catastrophe losses (CATs) and reinstatement premiums = [Loss and loss adjustment expenses incurred – (CATs)] ÷ [NPE +/(-) CYRIPs] – Lossf)
ratio
Accident year loss ratio, as adjusted (AYLR) = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiumsg) related to current year 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
Prior year development net of (additional) return premium related to PYD on loss sensitive business = [Loss and loss adjustment expensesi)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 September 30,
2020

2021
Noncontrolling

Noncontrolling

Pre-tax

Tax
EffectInterests(d)After-tax Pre-tax

Tax
Effect

$ 368

$ 74

$

-

$ 299

Noncontrolling interests

-

-

(11)

(11)

-

-

(70)

(70)

Pre-tax income/net income attributable to AIG

368

74

(11)

288

2,176

439

(70)

1,667

Interests(d)After-tax$$ 1,737

Pre-tax income/net income, including noncontrollinginterests$ 2,176 $ 439-

Dividends on preferred stock

7

7

Net income attributable to AIG common shareholders

281

1,660

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

-

7

-

(7)

-

35

-

(35)

Deferred income tax valuation allowance (releases)
charges(b)

-

8

-

(8)

-

(45)

-

45

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

(15)

(3)

-

(12)

(26)

(5)

-

(21)

SIA related to net realized gains (losses)

(78)

(17)

-

(61)

(9)

(3)

-

(6)

Changes in the fair value of equity securities

(119)

(25)

-

(94)

45

7

-

38

(Gain) loss on extinguishment of debt

(2)

(1)

-

(1)

51

10

-

41

Net investment income on Fortitude Re funds withheld
assets

(458)

(96)

-

(362)

(495)

(103)

-

(392)

Net realized gains on Fortitude Re funds withheld assets

(32)

(7)

-

(25)

(190)

(40)

-

(150)

656

137

-

519

209

44

-

165

Changes in benefit reserves and DAC, VOBA andNet realized losses on Fortitude Re funds withheld
embedded derivative

Net realized (gains) losses(c)

512

89

-

423

(652)

(132)

-

(520)

Income from discontinued operations

-

-

-

(5)

-

-

-

-

(Income) loss from divestitures

24

14

-

10

(102)

(22)

-

(80)

Non-operating litigation reserves and settlements

1

-

-

1

3

-

-

3

amortization changes ceded under retroactive reinsurance
agreements

(30)

(6)

-

(24)

(115)

(23)

-

(92)

Net loss reserve discount (benefit) charge

(31)

(6)

-

(25)

72

15

-

57

-

-

-

-

27

6

-

21

divesting businesses

1

1

-

-

11

3

-

8

Restructuring and other costs

100

21

-

79

104

22

-

82

Non-recurring costs related to regulatory or accountingchanges

19

4

-

15

17

4

-

13

-

-

4

4

-

-

-

-

$ 916

$ 194

(7)

$ 708

Favorable prior year development and related

Pension expense related to a one-time lump sum payment
to former employees
Integration and transaction costs associated with acquiringor

Noncontrolling interests primarily related to net realized
gains (losses) of Fortitude Holdings' standalone results(d)Adjusted pre-tax income/Adjusted after-tax income
attributable
to AIG common shareholders$

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

Reconciliations of Adjusted Pre-tax and After-tax Income (continued)

Nine Months Ended September 30,
2020

2021

$ 1,126 $ 212

$

(70)

$ 837

Noncontrolling

Noncontrolling

Pre-tax

Tax
EffectInterests(d)After-tax

Pre-tax

Tax
EffectInterests(d)After-tax$ (6,735)$ (918)$$ (5,813)$ 7,051$ 1,234$$ 5,817

Pre-tax income (loss)/net income(loss), including noncontrollinginterests--

Noncontrolling interests

-

-

(78)

(78)

-

-

(175)

(175)

Pre-tax income (loss)/net income(loss) attributable to AIG(6,735)

(918)

(78)

(5,891)

7,051

1,234

(175)

5,642

Dividends on preferred stock22

22

Net income (loss) attributable to
AIG common shareholders(5,913)

5,620

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

-

(204)

-

204

-

901

-

(901)

Deferred income tax valuation
allowance charges(b)

-

(92)

-

92

-

(706)

-

706

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

(24)

(5)

-

(19)

(61)

(12)

-

(49)

SIA related to net realized gains(losses)

205

43

-

162

74

15

-

59

Changes in the fair value of equity
securities

16

3

-

13

36

5

-

31

Loss on extinguishment of debt

15

3

-

12

149

31

-

118

Net investment income on Fortitude
Re funds withheld assets

(574)

(120)

-

(454)

(1,488)(312)-(1,176)

Net realized gains on Fortitude Re
funds withheld assets

(128)

(27)

-

(101)

(536)

(113)

-

(423)

embedded derivative

1,493

313

-

1,180

(117)

(24)

-

(93)

Net realized gains(c)(1,375)(309)-(1,066)(1,220)

(260)

-

(960)

Changes in benefit reserves andDAC, VOBA andNet realized (gains) losses on
Fortitude Re funds withheldIncome from discontinued operations

-

-

-

(4)

-

-

-

-

(Income) loss from divestitures

8,652

1,716

-

6,936

(108)

(23)

-

(85)

Non-operating litigation reserves andsettlements

(5)

(1)

-

(4)

3

-

-

3

amortization changes ceded underretroactive reinsurance agreements

(71)

(15)

-

(56)

(199)

(41)

-

(158)

Net loss reserve discount charge

41

9

-

32

62

13

-

49

-

-

-

-

27

6

-

21

divesting businesses

7

2

-

5

55

12

-

43

Restructuring and other costs

324

68

-

256

304

64

-

240

Non-recurring costs related toregulatory or accounting changes

46

10

-

36

58

12

-

46

-

-

63

63

-

-

-

-

$ 1,887

$ 476

(15)

$ 1,374$ 4,090$ 802

Favorable prior year development
and related

Pension expense related to a
one-time lump sum payment
to former employees
Integration and transaction costs
associated with acquiring or

Noncontrolling interests primarily
related to net realized gains(losses) of Fortitude Holdings'
standalone results(d)Adjusted pre-tax income/Adjusted
after-tax income attributable
to AIG common shareholders

$

$

(175)

$ 3,091(a) Nine months ended September 30, 2021 includes the completion of audit activity by the Internal Revenue Service (IRS). Nine months ended
September 30, 2020 includes the write-down of net operating loss deferred tax assets in certain foreign jurisdictions, which is offset by valuation
allowance release.
(b) Nine months ended September 30, 2021 as well as three and nine months ended September 30, 2020 include valuation allowance establishedagainst a portion of certain tax attribute carryforwards of AIG's U.S. federal consolidated income tax group, as well as valuation allowance changes incertain foreign jurisdictions.
(c) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative
instruments used for non-qualifying (economic) hedging or for asset replication 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 gains and losses of Fortitude Holdings. In accordance with
AIG's adjusted after-tax income definition, realized 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 $100 million as of September 30, 2021.
American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)($ in millions, except per common share data)

Summary of Key Financial Metrics
Three Months Ended September 30,
Earnings per common share:

2020

2021

$ 0.31$ 1.95

NM

0.01

-

$ 0.32Nine Months Ended September 30,% Inc. (Dec.)

2020

2021

% Inc. (Dec.)$ (6.80)$ 6.53

NM

NM

-

-

NM

$ 1.95NM$ (6.80)$ 6.53NM$ 0.31$ 1.92NM$ (6.80)$ 6.45

NM

0.01

-

NM

-

-

NM

$ 0.32$ 1.92NM$ (6.80)$ 6.45NM$ 0.81$ 0.9719.8$ 1.57$ 3.55

126.1

Basic

867.7

852.8

869.6

861.2

Diluted (a)

873.1

864.0

869.6

871.0

Basic
Income (loss) from continuing operations
Income from discontinued operations
Net income (loss) attributable to AIG commonshareholders%%

DilutedIncome (loss) from continuing operations
Income from discontinued operations
Net income (loss) attributable to AIG commonshareholders

Adjusted after-tax income attributable to AIG
commonshareholders per diluted share (a)%Weighted average shares outstanding:%(a) For the nine-month period ended September 30, 2020, because we reported a net loss attributable to AIG common shareholders, all common
stock equivalents are anti-dilutive and are therefore excluded from the calculation of diluted shares and diluted per share amounts. However, because
we reported adjusted after-tax income attributable to AIG common shareholders, the calculation of adjusted after-tax income per diluted share
attributable to AIG common shareholders includes 4,432,369 dilutive shares for the nine-month period ended September 30, 2020.

Reconciliation of Book Value per Common Share

As of period end:

September 30, 2020 December 31, 2020 June 30, 2021 September 30, 2021

Total AIG shareholders' equity$

64,108$ 66,362$ 66,083$

64,863

Less: Preferred equity

485

485

485

485

Total AIG common shareholders' equity (a)63,62365,87765,59864,378Less: Accumulated other comprehensive income (AOCI)

10,97813,511

10,2098,606

Funds Withheld Assets

4,392

4,657

3,341

2,966

Less: Deferred tax assets (DTA)*

8,123

7,907

7,374

7,083

48,914$ 49,116$ 51,356

Goodwill

4,026

4,074

4,083

4,058

Value of business acquired

122

126

121

117

Value of distribution channel acquired

507

497

477

467

Other intangibles

322

319

305

302

Total intangible assets

4,977

5,016

4,986

4,944

43,937$ 44,100$ 46,370

861.4

861.6

854.9

September 30, % Inc.

December 31, % Inc.

June 30, % Inc.

September 30,

As of period end:

2020

(Dec.)

2020(Dec.)

2021(Dec.)

2021

Book value per common share (a÷d)$ 73.86

4.3% $ 76.46

0.7% $ 76.73

0.4% $ 77.03

Add: Cumulative unrealized gains and losses related to Fortitude Re

Total adjusted AIG common shareholders' equity (b)$$51,655

Less: Intangible assets:

Total adjusted tangible common shareholders' equity (c)Total common shares outstanding (d)$$46,711835.8

Adjusted book value per common share (b÷d)

56.78

8.8

57.01

8.4

60.07

2.9

61.80

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

51.01

9.6

51.18

9.2

54.24

3.0

55.89

Reconciliation of Return On Common Equity

Three Months Ended September 30,
2020

2021

Actual or Annualized net income attributable to AIG common shareholders (a)$ 1,124$ 6,640

Actual or Annualized adjusted after-tax income attributable to AIG common shareholders (b)$ 2,832$ 3,348

Average AIG common shareholders' equity (c)$ 62,686$ 64,988

Less: Average AOCI

10,0749,408

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

4,304

3,154

Less: Average DTA*

8,383

7,229

$ 48,533$ 51,505

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

1.8

%

10.2

%

Adjusted return on common equity (b÷d)

5.8

%

6.5

%

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

Reconciliation of Net Investment Income

Three Months Ended
September 30,

2020

2021

Net investment income per Consolidated Statements of Operations$ 3,800$ 3,715

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

(15)

(14)

Changes in the fair value of equity securities

(119)

45

Net investment income on Fortitude Re funds withheld assets

(458)

(495)

Net realized gains (losses) related to economic hedges and other

(10)

25

$ 3,198$ 3,276

Total Net investment income - APTI Basis
Net Premiums Written - Change in Constant Dollar

Three Months Ended September 30, 2021
International General Insurance

International -General Insurance
Commercial Lines Personal Insurance

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

10

Foreign exchange effect1

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

11

%

12

%

3
%

15

%

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

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

Three Months Ended
September 30,

Total General Insurance%-

American International Group, Inc.

2020

(3)

2021

(3)

%

Combined ratio

107.2

99.7

Catastrophe losses and reinstatement premiums(13.5)(9.7)

Prior year development

(0.4)

0.5

Accident year combined ratio, as adjusted

93.3

90.5

Combined ratio

114.8

105.7

Catastrophe losses and reinstatement premiums(23.1)(15.2)

Prior year development

5.5

1.0

Accident year combined ratio, as adjusted

97.2

91.5

Combined ratio

107.0

120.0

Catastrophe losses and reinstatement premiums(19.1)(15.2)

Prior year development

6.3(14.3)

Accident year combined ratio, as adjusted

94.2

90.5

Combined ratio

170.5

14.9

Catastrophe losses and reinstatement premiums(51.3)(15.2)

Prior year development

(0.6)

98.7

Accident year combined ratio, as adjusted

118.6

98.4

Combined ratio

101.7

94.7

Catastrophe losses and reinstatement premiums

(6.4)

(5.1)

Prior year development

(4.8)

-

North America

North America - Commercial Lines

North America - Personal Insurance

International

Accident year combined ratio, as adjusted

90.5

89.6

Combined ratio

108.4

104.8

Catastrophe losses and reinstatement premiums

(7.6)

(7.1)

Prior year development(11.9)(10.9)

Accident year combined ratio, as adjusted

88.9

86.8

Loss ratio

52.2

41.1

Catastrophe losses and reinstatement premiums

(4.8)

(2.6)

Prior year development

3.0

13.4

Accident year loss ratio, as adjusted

50.4

51.9

Combined ratio

94.0

82.2

Catastrophe losses and reinstatement premiums

(4.8)

(2.6)

Prior year development

3.0

13.4

Accident year combined ratio, as adjusted

92.2

93.0

International - Commercial Lines

International - Personal Insurance

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

Reconciliation of General Insurance Return on Adjusted Segment Common Equity

Three Months Ended
September 30,
2020

2021

Adjusted pre-tax income

$ 416

$ 811

Interest expense on attributed financial debt

146

149

Adjusted pre-tax income including attributed interest expense

270

662

Income tax expense

70

153

Adjusted after-tax income

200

509

Dividends declared on preferred stock33

Adjusted after-tax income attributable to common shareholders

$ 197

$ 506

Ending adjusted segment common equity$ 25,085$ 25,884

Average adjusted segment common equity$ 25,140$ 25,679

Return on adjusted segment common equity

3.1

Total segment shareholder’s equity%

7.9$ 25,800$ 26,381

Less: Preferred equity

193

201

Total segment common equity

25,607

26,180Less: Accumulated other comprehensive income (AOCI)

828

492

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

306

196

$ 25,085$ 25,884

Total adjusted segment common equity

Reconciliation of Life and Retirement Return on Adjusted Segment Common Equity

Three Months Ended
September 30,

Adjusted pre-tax income

2020

2021

$ 1,008$ 877%

Interest expense on attributed financial debt

72

75

Adjusted pre-tax income including attributed interest expense

936

802

Income tax expense

189

160

Adjusted after-tax income

747

642

Dividends declared on preferred stock22

Adjusted after-tax income attributable to common shareholders

$ 745

$ 640

Ending adjusted segment common equity$ 19,421$ 21,235

Average adjusted segment common equity$ 19,261$ 20,962

Return on adjusted segment common equity

15.5

Total segment shareholder’s equity

%

12.2

$ 27,937$ 29,131

Less: Preferred equity

129

143

Total segment common equity

27,80828,988Less: Accumulated other comprehensive income (AOCI)

12,425

10,577

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

4,038

2,824

$ 19,421$ 21,235

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

Reconciliations of Premiums and Deposits

Three Months Ended
September 30,
2020
Individual Retirement:

2021

%

Premiums

$ 35

$ 66

Deposits

2,670

3,190

Other

(3)

1

$ 2,702$ 3,257$ 5$ 7

Total premiums and deposits

Group Retirement:
Premiums
Deposits

1,767

1,824

Other

-

-

$ 1,772$ 1,831

Premiums

$ 470

$ 469

Deposits

394

403

Other

212

280

$ 1,076$ 1,152

$ 275

$ 499

Total premiums and depositsLife Insurance:

Total premiums and deposits

Institutional Markets:
Premiums
Deposits

1,167

488

Other

6

7

$ 1,448

$ 994

$ 785

$ 1,041

Total premiums and deposits

Total Life and Retirement:
Premiums
Deposits

5,998

5,905

Other

215

288

Total premiums and deposits$ 6,998$ 7,234

View source version on businesswire.com: https://www.businesswire.com/news/home/20211104006167/en/
Quentin McMillan (Investors): quentin.mcmillan@aig.com
Claire Talcott (Media): claire.talcott@aig.com
Source: American International Group, Inc.