PRESS RELEASE
www.aig.com

本稿は2023年８月１日、AIG米国本社が発表した英文プレスリリース（原文）の参考訳です。
本稿と原文との間で解釈に相違が生じた際には、原文が優先します。
原文の発信日付で、AIGジャパンのホームページに掲載しています。

AIG、2023年第２四半期の決算を公表◆ 希薄化後普通株式1株当たりの純利益は2.03ドルを計上。前年同期は3.43ドル。AIG普通株主に帰属する希薄化後普通株式1株当たりの調整後税引後利益*（AATI）は1.75ドルを計上し、2007年以降AIGの四半期の調整後1株当たり利益* (EPS)としては最高を記録。前年同期は
1.39ドル。
◆ 損害保険事業部門の正味収入保険料(NPW)は前年同期比10%増加、コマーシャル・ラインのNPWは同14%増加。実質ベースおよび北米外ラグ除外調整後*ではそれぞれ11%、13%の増加。
◆ 損害保険事業部門のコンバインド・レシオは90.9%。保険事故年度の調整済みコンバインド・
レシオ*(AYCR)は88.0%で、第2四半期のAYCRとしては2007年以降最高。
◆ 生命保険および退職給付事業部門の調整後税引前利益(APTI)は9億9,100万ドルで、ベース投資利回りの力強い成長を受けて前年同期比33%増。収入保険料は前年同期比128%増の25億ドル。収入保険料および預かり資産は101億ドル、定額インデックス連動型年金商品の過去最高の販売に支えられ、前年同期比42%増。
◆ AIGは2023年第2四半期にAIG普通株式５億5,400万ドルを買い戻し、2億6,800万ドルの配当金を支払い。四半期普通株式配当金の12.5%増を反映。
◆ ヴァリダス・リインシュアランスLtd.（ヴァリダス・リー）をルネサンス・リー・ホールディングス
Ltd.（ルネサンス・リー）に対して、現金約27億4,000万ドルおよび2億5,000万ドル相当のルネサ
ンス・リー普通株式で売却することを発表。AIGのグローバル・ポートフォリオの戦略的リポジシ
ョニングのさらなる大きなマイルストーン、全体的ボラティリティの低下および資本効率創出を実現。
◆ コアブリッジ・ファイナンシャル普通株式の売出しを成功裏に実行。コアブリッジ・ファイナンシャ
ル株式買い戻しを受けて、AIGの所有権は65.3%に減少。
◆ 7月初旬にクロップ・リスク・サービシズの売却を2億4,000万ドルで成立させ、ストーン・ポ
イント・キャピタルLLCとのプライベート・クライアント・セレクト（富裕層および超富裕層を専門とする個人向け保険事業のマネージング・ジェネラル・エージェンシー）の設立を完了。
◆ 8月1日、AIG取締役会は自社株買い承認額を75億ドルに増額。

2023年第2四半期の特筆事項•

損害保険事業部門のAPTIは前年同期比6,200万ドル増の13億ドル。投資利益増加が主因。大規模
自然災害損失の増加による保険引受利益の減少、および前年以前事故年度の当年度発生戻入金（再保険調整後）と前年度保険料の減少がこれを部分的に相殺。

•

生命保険および退職給付事業部門のAPTIは前年同期比2億4,400万ドル増の9億9,100万ドル。ベ
ース・ポートフォリオ・スプレッド利益の増加が主因。オルタナティブ投資利益の減少および手数料収入の減少これを部分的に相殺。
1

•AIG 普通株主に帰属する純利益は15億ドルを計上。これに対して、前年同期は27億ドル。希薄化後普通株式1株当たりでは2.03ドルを計上。これに対して、前年同期は3.43ドル。

•

AATIは13億ドルを計上。これに対して、前年同期は11億ドル。希薄化後普通株式1株当たりでは1.75ドルを計上。これに対して、前年同期は1.39ドル。増加の主因は生命保険および退職給
付事業部門の業績好調および加重平均希薄化後普通株数の9%減少。

•

普通株主資本利益率（ROCE）および調整後ROCE*はそれぞれ年率14.0%、9.4%。損害保険事業部門および生命保険および退職給付事業部門の調整後ROCE*は、共に年率で12.2%.

*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。

2023年8月1日（ニューヨーク発）： アメリカン・インターナショナル・グループ・インク（ニューヨー
ク証券取引所銘柄：AIG）は本日、2023年6月30日に終了した第2四半期の決算を発表しました。
AIGの会長 兼 最高経営責任者（CEO）のピーター・ザッフィーノは次のように述べました。
「第２四半期にAIGは引き続き勢いに乗り、傑出した業績を達成し、かつ複数の戦略的優先事項を成功裏に遂行しました。第2四半期のAIG普通株主に帰属する希薄化後普通株式1株当たりの調整後税引後利益は1.75ドルで、AIGにとって2007年以降最高の調整後EPSとなり、長期的に持続可能な収益の成長に向けた道筋のさらなるマイルストーンを達成しました。」「成長を持続し、ボラティリティを管理し、収益性を改善するAIGの能力は、保険引受および業務面の卓越性に対するAIGのコミットメントを反映しています。力強い業績に加えて、AIGチームは、AIGを簡素化し、ボラティリティを低下させ、流動性と資本効率性をもたらし、AIGの資本管理計画の加速化を可能にするいくつかの取引を実行しました。」「損害保険事業部門では、保険事故年度の保険引受マージン改善の持続および力強い成長がさらなる
卓越した業績の四半期につながりました。正味収入保険料は前年同期比11%†増加し、コマーシャ
ル・ラインの正味収入保険料は、北米コマーシャル・ラインの18%†の力強い成長を主因に、13%†増加しました。北米コマーシャル・ラインの料率は8%増、労働者災害補償を除くと9%増、北米外コマーシャル・ラインの料率は9%増となりました。」「損害保険事業部門のコンバインド・レシオは、大規模自然災害損失2億5,000万ドルを含めて90.9%、
または損害率3.9ポイントとなり、保険業界にとって極めて困難な四半期だったことを考えると、素晴らしい結果です。第2四半期の大規模自然災害損失（CAT）を除く保険事故年度のコンバインド・レシオは88.0%で、2007年以降では最も低いレシオを記録しました。このレシオは、北米外コマーシャル・ライ
ンのCATを除く保険事故年度のコンバインド・レシオ84.4%という卓越した水準を主因に、50ベーシ
ス・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非常に良好な業績を実現しました。収入保険料および預かり資産は定額インデックス連動型年金商品の過去最高の販売を背景に、前年同期比42%増の100億ドル
超となりました。この業績にはベース正味投資スプレッド拡大の力強い持続が含まれています。」「資本管理に関しては、AIGは引き続きバランスのとれた戦略を遂行しました。AIGは第2四半期に四半期普通株式配当金を12.5％増額し、１株当たり0.36ドルとしました。これは2016年以来初の増配です。
また、AIGはAIG普通株式5億5,400万ドルの買い戻しおよびAIG配当金2億6,800万ドルにより、株主に8億２2, 00万ドルを還元しました。」「5月にヴァリダス・リーをルネサンス・リーに対して30億ドルで売却することを発表しました。この売却は2023年第4四半期に完了する予定です。加えて、AIGのクロップ・リスク・サービシズ事業のアメリ
カン・ファイナンシャル・グループInc.に対する約2億4,000万ドルでの売却を発表し、成功裏に完了さ2

せました。さらに、パートナー企業であるストーン・ポイント・キャピタルLLCとともにマネージング・ジェネラル・エージェンシーとしてプライベート・クライアント・セレクトを設立しました。同社は富裕層・超富裕層市場のインディペンデント・プラットフォームとして業務を行います。」「6月にコアブリッジ・ファイナンシャル普通株式の売出しを完了しました。さらに、コアブリッジは株主に対して4億ドルの特別配当を実施し、AIGおよびブラックストーンから普通株式2億ドルを買い戻しました。約6億ドルの定期配当を含め、これらの措置により、2022年9月の新規株式公開以降、コアブリッ
ジ株主に対して総額約12億ドルの資本を還元したことになります。これらの措置の結果として、AIGは約17億ドルの総収入を受け取り、コアブリッジに対する所有権を65.3%に減少させました。」「AIGの社員たちが第2四半期に成し遂げたことのスケールは特筆すべきものです。事業を行う全ての分野で卓越性を発揮し、ステークホルダーのための持続可能な長期的価値を創造する、トップクラスの業績を誇る企業になるための道のりを進み続ける中で、私はAIGの有望な将来についてこれまで以上に確信を抱いています。」†

北米については実質ベース、北米外については実質ベースおよび北米外ラグ除外調整後。これらの指標は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ません（非GAAP）。非GAAP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。

2023年第2四半期は継続事業の税引前利益19億ドルを計上しました。これに対して、前年同期は39億ドルでした。2023年第2四半期のAIG普通株主に帰属する純利益は15億ドル、希薄化後普通株式1株当たりでは2.03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27億ドル、希薄化後普通株式1株当たりでは3.43ドルでした。フォーティテュード・リー資金留保資産組込デリバテ
ィブの正味実現利益の減少ならびにフォーティテュード・リー資金留保資産組込デリバティブを除く正味実現利益の減少、大規模自然災害損失の増加、前年以前事故年度の当年度発生戻入金（PYD）の減少および生命保険および退職給付事業部門の保証利率の上昇が税引前利益減少の主因でした。この減益は正味投資利益の増加および保険事故年度の保険引受マージン改善の持続により部分的に相殺されました。
これらの税引前項目は、継続事業の利益の減少およびコアブリッジに対するAIGの所有持分減少の結果
として非支配持分（NCI）帰属利益は増加したにもかかわらず、コアブリッジの純利益の減少によるNCI
帰属利益の前年比減少による法人税等の減少により相殺されました。
2023年第2四半期のAATIは13億ドル、希薄化後普通株式1株当たりでは1.75ドルでした。これに対して、前年同期は11億ドル、希薄化後普通株式1株当たりでは1.39ドルでした。AATI増加の主因は生命保険および退職給付事業部門の業績向上ですが、これは大規模自然災害損失の増加および前年以前事故年度の当年度発生戻入金（PYD）の減少により部分的に相殺されました。
2023年第2四半期の連結正味投資利益総額は36億ドルで、前年同期の26億ドルから37%増加しました。
新規投資および変動利付証券に対する再投資率上昇による固定満期証券とローン・ポートフォリオからの利益増加によるものです。 APTIベース*の正味投資利益総額は33億ドルとなり、前年同期比7億7,400万ドル増加しました。
2023年6月30日時点の普通株式1株当たりブック・バリューは58.49ドルとなり、2023年3月31日時点
から1％減少、2022年12月31日時点から6%増加しました。2023年3月31日時点からの減少の主因は、金利上昇に伴うその他の包括利益累計額(AOCI)の増加で、2022年12月31日時点からの増加の主因は、上記のコアブリッジ株式の売出しおよび株式買い戻しの結果としてのAOCIの減少でした。調整後普通株
式1株当たりブック・バリュー*は75.76ドルとなり、2023年3月31日時点および2022年12月31日時点とほぼ同水準でした。調整後普通株式1株当たり有形ブック・バリュー*は69. 99ドルで、2023年3月31日時点および2022年12月31日時点から約1%増加しました。

AIGは2023年第2四半期に普通株式約1,000万株を購入価額総額5億5,400万ドルで買い戻し、普通株配3当および優先株配当金を2億6,800万ドル支払い、3億8,800万ドルの債券を償還しました。AIGはまた、
コアブリッジ株式売出しにより約12億ドル、コアブリッジ特別配当により2億6,400万ドル、コアブリッ
ジ株式買い戻しにより1億8,000万ドルの収入を得て、2023年6月30日時点のAIGの親会社流動資産43億ドルに寄与しました。2023年6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32.3%とな
り、2023年3月31日時点の32.8%から低下しました。3億8,800万ドルの債券償還およびコアブリッジ株
式売出しが主因でした。AOCIを除くと、2023年6月30日時点の債券および優先株式の総額レバレッジ*
は26.0%でした。
本日、AIG取締役会はAIG普通株式の1株当たり0.36ドルの四半期配当金を発表しました。第2四半期配当金は2023年9月15日の業務終了時に登録されている株主に対して2023年9月29日に支払われます。
また、AIG取締役会は残余財産優先分配権1株当たり2万5,000ドルのシリーズA利率5.85%非累積永久優
先株式の1株当たり365.625ドルの四半期配当金を発表しました。これは預託株式（NYSE: AIG PRA）の形で表わされ、各預託株式は優先株式1株につき権益の1,000分の1を表しています。預託株式保有者は預託株式1株当たり0.365625ドルを受領します。この配当金は2023年８月31日の業務終了時に登録されている保有者に対して2023年9月15日に支払われます。
業績概要
6月30日までの3ヶ月間
2023

2022

（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

$

2,746

$

1,485

AIG普通株主に帰属する希薄化後1株当たりの純利益

$

3.43

$

2.03

調整後税引前利益（損失）:

$

1,543

$

1,890

損害保険事業部門

1,257

1,319

生命保険および退職給付事業部門

747

991

その他の事業

(461)

(420)

$

正味投資利益

2,604

$

2,504

正味投資利益(APTIベース)

3,571
3,278

AIG普通株主に帰属する調整後税引後利益

$

1,111

$

1,282

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*

$

1.39

$

1.75

加重平均発行済み普通株式数 – 希薄化後（単位：百万株）

800.7

730.5

普通株主資本利益率

21.7

%

14.0

%

調整後普通株主資本利益率

7.7

%

9.4

%

普通株式1株当たりブック・バリュー

$

58.64

$

58.49

調整後普通株式１株当たりブック・バリュー

$

73.78

$

75.76

771.3

発行済み普通株式数（単位：百万株）

4

717.5

損害保険事業部門
6月30日までの3ヶ月間
2022（単位：百万米ドル）

2023

増減

総収入保険料

$

9,581

$

10,3999%

正味収入保険料

$

6,866

$

7,537

10

%

3,401

3,973

17

2,918

3,410

17

483

563

17

3,465

3,564

3

北米外コマーシャル・ライン

2,037

2,223

9

北米外個人向け損害保険

1,428

1,341

(6)

594

(26)

406

352

(13)

北米コマーシャル・ライン

416

403

(3)

北米個人向け損害保険

(10)

(51)

(410)

393

242

(38)

北米外コマーシャル・ライン

349

216

(38)

北米外個人向け損害保険

44

26

(41)

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

799

$

%

正味投資利益(APTIベース)

$

458

$

725

58

%

調整後税引前利益

$

1,257

$

1,319

5

%

12.0

%

12.2

0.2

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)

86.3

89.0

2.7

北米コマーシャル・ライン CR

83.6

85.6

2.0

北米個人向け損害保険 CR

102.3

112.9

10.6

88.5

92.6

4.1

北米外コマーシャル・ラインCR

82.4

89.0

6.6

北米外個人向け損害保険CR

96.9

98.0

1.1

87.4

90.9

3.5

北米外CR

損害保険事業部門CR5

6月30日までの3ヶ月間（単位：百万米ドル）

2022

2023

増減

損害保険事業部門(GI)損害率

56.2

59.3

3.1

大規模自然災害による損失および復活保険料

(1.8)

(3.9)

(2.1)

前年以前事故発生年度の当年度発生保険金

2.9

1.0

(1.9)

GI保険事故年度の調整済み損害率

57.3

56.4

(0.9)

GI事業費率

31.2

31.6

0.4

GI保険事故年度の調整済みコンバインド・レシオ

88.5

88.0

(0.5)

89.9

87.8

(2.1)

北米コマーシャル・ライン AYCR

88.2

85.1

(3.1)

北米個人向け損害保険 AYCR

99.7

107.1

7.4

87.2

88.0

0.8

北米外コマーシャル・ライン AYCR

81.4

83.1

1.7

北米外個人向け損害保険 AYCR

95.2

95.3

0.1

pts

控除: 損害率に対する影響:

保険事故年度の調整済みコンバインド・レシオ(AYCR):
北米 AYCR

北米外AYCR

pts

損害保険事業部門• 2023年第2四半期のNPWは前年同期比10%増の75億ドルとなりました。実質ベースおよび北米外
ラグ除外調整後のNPWは11%増加しました。増加の主因はコマーシャル・ラインでした。北米コマーシャル・ラインのNPWは前年同期比17%増加、実質ベースでは18%増加しました。特に保険料率の引き上げと、特に個人向けプロパティ保険、レキシントンおよびヴァリダス・リーにおける更改時の契約維持率の改善ならびに堅調な新規契約が寄与したものですが、これはファイナンシャル・ライ
ンの会社役員賠償責任保険および取引商品における選別の継続により部分的に相殺されました。北米
外コマーシャル・ラインのNPWは前年同期比9%増加、実質ベースおよび北米外ラグ除外調整後では6%増加しました。保険料率の上昇およびプロパティとグローバル・スペシャルティを中心とする堅調な新規契約が主因ですが、これは資本市場取引活動低下の逆風により部分的に相殺されました。北
米外個人向け損害保険のNPWは前年同期比0.4%減少しましたが、実質ベースおよび北米外ラグ除外
調整後では5%増加しました。この増加の主因はAIGの再保険プログラムの変更に起因するプライベート・クライアント・グループの成長ですが、これは旅行保険および保障の減少により部分的に相殺されました。
•

2023年第2四半期の保険引受利益は5億9,400万ドルとなり、これには損害率3.9ポイントに相当する
大規模自然災害関連費用総額2億5,000万ドルが含まれています。このうち北米では米国の対流性暴風雨を中心とした1億5,900万ドル、北米外では台風「マーワー」を中心とした9,100万ドルでした。
これに対して、前年同期は損害率1.8ポイントに相当する1億2,100万ドルでした。また、2023年第2四半期には、減少した前年以前事故年度の当年度発生戻入金（PYD）1億1,500万ドルが含まれています。前年同期の前年以前事故年度の当年度発生戻入金（PYD）は2億200万ドルでした。

•

コンバインド・レシオは前年同期比3.5ポイント上昇の90.9%となりました。これは3.1％の損害率上昇に起因しています。AYCRは前年同期比 0.5ポイント改善の88.0%でした。改善の主因は保険事
6

故年度の調整済み損害率*(AYLR)が0.9ポイント低下して56.4%になったことで、これはコマー
シャル・ラインの保険料率が損害コスト・トレンドを上回り続けたことを反映したものです。
また、AYCRの改善は事業構成による恩恵、継続的な保険料率引き上げ、重点的なリスク選択および条件の改善も反映しています。経費率は事業費率上昇を主因に前年同期比0.4ポイント上昇の31.6%となる一方、契約獲得費用率は横ばいでした。
•

北米コマーシャル・ラインのコンバインド・レシオは85.6%、北米外コマーシャル・ラインのコン
バインド・レシオは89.0%となり、それぞれ前年同期比2.0ポイント、6.6ポイント上昇しました。
北米コマーシャル・ラインのAYCRは前年同期比3.1ポイント改善の85.1%となり、AYLRは2.8ポイント改善しました。北米外コマーシャル・ラインのAYCRは前年同期比1.7ポイント上昇の83.1%となりました。事業構成の変更を主因とする事業比率上昇によるものです。

•

北米個人向け損害保険のコンバインド・レシオは112.9%、AYCRは107.1%となり、前年同期比でそれぞれ10.6ポイント、7.4ポイント上昇しました。大規模自然災害損失の増加、事業構成の変更、再保険譲渡および収入保険料減少に起因する事業比率上昇が主因でした。北米外個人向け損害保険のコンバインド・レシオは98.0%、AYCRは95.3%となり、それぞれ前年同期比1.1ポイント、0.1ポ
イント上昇しました。大規模自然災害損失の増加および経費率の上昇が主因ですが、これは事業構成の変更によるAYLRの改善および損失コストを上回る獲得率を反映して部分的に相殺されました。

•

2023年第2四半期の損害保険事業部門の調整後セグメント普通株式利益率は年率12.2%でした。これに対して、前年同期は12.0%でした。

7

生命保険および退職給付事業部門
6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）

20222

調整後税引前利益

$

747

2023
$

増減

991

33 %

個人向け退職給付

370

585

58

団体向け退職給付

180

201

12

生命保険

120

78

(35)

機関投資家市場

77

127

65

収入保険料および手数料

$

1,846

$

3,238

75 %

個人向け退職給付

246

238

(3)

団体向け退職給付

109

106

(3)

生命保険

946

934

(1)

機関投資家市場

545

1,960

260

10,05442 %

収入保険料および預かり資産

$

7,099

$

個人向け退職給付

3,620

4,045

12

団体向け退職給付

1,772

1,923

9

生命保険

1,157

1,176

2

550

2,910

429

(2105)

NM %

機関投資家市場

正味フロー

$

80

$

個人向け退職給付

628

(359)

NM

団体向け退職給付(548)(1,746)(219)

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

1,989

$

2,478

9.7

%

12.2

25 %
%

2.5 pts

生命保険および退職給付事業部門•

2023年第2四半期に生命保険および退職給付事業部門は9億9,100万ドルのAPTIを計上、前年同期の7億4,700万ドルから33%増加しました。この増加の主因はベース・ポートフォリオ利益の増加
ですが、これはオルタナティブ投資リターンおよび手数料収入の減少により 部分的に相殺されました。個人向け退職給付および団体向け退職給付の正味ベース投資スプレッドは引き続き拡大し、再投資率上昇を主因に、前年同期比64ベーシス・ポイント改善しました。

•

収入保険料は前年同期の11億ドルから128%増の25億ドル、収入保険料および預かり資産は前年同期の71億ドルから42%増の101億ドルとなりました。2023年第2四半期は定額インデックス連動型
年金の過去最高の販売ならびにトランザクショナル事業の拡大を実現しました。年金リスク移転活動は19億ドル、保証投資契約は9億ドルに達しました。
8

•

生命保険および退職給付事業部門のバランスシートおよび資本盤は引き続き堅調です。2023年第2四半期中に、コアブリッジは約5億5,000万ドルの普通株式配当金および2億ドルの自社株買い戻し
により、株主（AIGも含まれます）に7億5,000万ドルを還元しました。

•

2023年第2四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式利益率は年率12.2%でした。これに対して、前年同期は9.7%でした。

9

その他の事業
6月30日までの3ヶ月間（単位：百万米ドル）

20222

その他投資活動等

$

2023

増減

(494)

$

(414)

資産運用

163

$

(9)

NM

連結および消去を除く調整後税引前利益

(331)

(423)

(28)

連結および消去

(130)

3

NM

調整後税引前損失

$

(461)

$

(420)

16 %

9 %

その他の事業•2023年第2四半期のその他事業部門の調整後税引前損失(APTL)は4億2,000万ドルとなり、前年同期
比4,100万ドル改善しました。これは主として、コーポレートやその他での投資活動等の業績好転に加えて、持分変動事業体（VIE）の影響によるものです。

•

コーポレートやその他投資活動等のAPTLは前年同期比8,000万ドル、16%改善しました。2022年第4四半期に売却したレガシー投資ポートフォリオの時価損失の解消ならびにAIG親会社の流動資産の高短期利回りの結果としての短期投資利益の増加が主因です。

•

資産運用グループ（AMG）のAPTLは前年同期比1億7,200万ドル減少しました。その主因はVIEに関連する正味投資利益が販売利益を反映していた前年同期に比べ減少したことです。2023年第2四半期のAMGの業績はまた、2023年第1四半期におけるAIGのローン担保証券マネージャーの売却およびそれに続く第2四半期末までの関連証券化の非連結化を反映しています。非連結化は投資利益の減少お
よびAPTLに対する最小の影響を伴う支払利息への相殺影響をもたらしました。
連結およびエリミネイションの変動はVIEに関連するキャピタルゲイン実現に起因しています。保険
子会社はこれを正味投資利益として計上し、「その他事業」からは消去されます。

•

AIG グループは、世界の保険業界のリーダーであり、AIGのメンバーカンパニーは約70の国や地域で、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をサポートするための保険ソリューションをお届けしています。より詳細な情報についてはwww.aig.comをご参照ください。
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とは、アメリカン・インターナショナル・グループの全世界における事業のマーケティング名です。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。

10

AIG Reports Second Quarter 2023 Results
August 1, 2023 at 4:16 PM EDT
Net income per diluted common share was $2.03, compared to $3.43 in the prior year quarter, and adjusted
after-tax income attributable to AIG common shareholders* (AATI) per diluted common share was $1.75, thehighest quarterly adjusted earnings per share* (EPS) for AIG since 2007, compared to $1.39 in the prior year
quarter
General Insurance net premiums written (NPW) grew 10% and Commercial Lines NPW grew 14% year-over-year, or
11% and 13%, respectively, on a constant dollar basis and adjusted for the International lag elimination*
General Insurance combined ratio was 90.9% and accident year combined ratio, as adjusted* (AYCR) was 88.0%,
representing the best second quarter AYCR since 2007
Life and Retirement adjusted pre-tax income (APTI) was $991 million, up 33% from the prior year quarter,
benefiting from strong growth in base investment yield. Premiums were $2.5 billion, up 128% from the prior year
quarter, and premiums and deposits* were $10.1 billion, up 42% from the prior year quarter supported by record
Fixed Index Annuity sales
AIG repurchased $554 million of common stock in the second quarter and paid $268 million in dividends,
reflecting a 12.5% increase in the quarterly common stock dividend
Announced the sale of Validus Reinsurance, Ltd. (Validus Re) to RenaissanceRe Holdings Ltd. (RenaissanceRe)for approximately $2.74 billion in cash and $250 million in RenaissanceRe common stock, representing anothersignificant milestone in AIG’s strategic repositioning of its global portfolio, reducing overall volatility and creating
capital efficiencies
Successfully executed a secondary offering of Corebridge Financial common stock; following Corebridge
Financial share repurchases, AIG ownership reduced to 65.3%
In early July, closed sale of Crop Risk Services for approximately $240 million in cash and completed theformation of Private Client Select with Stone Point Capital LLC to serve as a managing general agent for the highand ultra-high net worth personal lines business
On August 1, AIG Board of Directors increased share repurchase authorization to $7.5 billion
SECOND QUARTER 2023 NOTEWORTHY ITEMSGeneral Insurance APTI increased $62 million from the prior year quarter to $1.3 billion, driven by higher investment
income, partially offset by lower underwriting income due to higher catastrophe losses and lower favorable prior year
development, net of reinsurance and prior year premiums.
Life and Retirement APTI increased $244 million from the prior year quarter to $991 million, primarily due to higher baseportfolio spread income, partially offset by lower alternative investment income and lower fee income.
Net income attributable to AIG common shareholders was $1.5 billion, compared to $2.7 billion in the prior year quarter, or$2.03 compared to $3.43 per diluted common share.
AATI was $1.3 billion, compared to $1.1 billion in the prior year quarter, or $1.75 compared to $1.39 per diluted commonshare, primarily due to higher Life and Retirement results and a 9% reduction in weighted average diluted shares
outstanding.
Return on common equity (ROCE) was 14.0% and adjusted ROCE* was 9.4% on an annualized basis. Adjusted ROCE for
both General Insurance and Life and Retirement was 12.2%.
* 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)--Aug. 1, 2023-- American International Group, Inc. (NYSE: AIG) today reported financial results for the second
quarter ended June 30, 2023.
AIG Chairman & Chief Executive Officer Peter Zaffino said: “In the second quarter, we continued to build on our momentum, delivering outstanding
financial results as well as successfully executing on multiple strategic priorities. Second quarter adjusted after-tax income attributable to AIG commonshareholders per diluted common share was $1.75, AIG’s highest adjusted EPS since 2007, representing another significant milestone on our path
toward sustainable earnings growth over the long-term.
“Our ability to continue to grow, manage volatility and improve profitability reflects our commitment to underwriting and operational excellence. In
addition to our strong financial performance, our team executed on several transactions that will simplify AIG, reduce volatility, generate liquidity andcapital efficiencies, and allow us to accelerate our capital management plans.

“In General Insurance, continued accident year underwriting margin improvement and strong growth resulted in yet another quarter of excellent
financial results. Net premiums written increased 11%† year-over-year and Commercial Lines net premiums written grew 13%† driven by strong
growth in North America Commercial Lines of 18%†. North America Commercial rate increased 8% or 9% excluding Workers’ Compensation while
International Commercial rate increased 9%.
“The General Insurance combined ratio was 90.9%, inclusive of $250 million of catastrophe losses, or 3.9 loss ratio points, a tremendous result
against the backdrop of a very challenging quarter for the industry. The second quarter accident year combined ratio, ex-CAT, was 88.0% and thelowest ratio recorded for the second quarter since 2007. This ratio improved by 50 basis points year-over-year and was driven by an excellent Global
Commercial accident year combined ratio, ex-CAT, of 84.4%.
“Life & Retirement delivered very good results, with premiums and deposits of over $10 billion, a 42% increase year-over-year, benefiting from record
sales in Fixed Index Annuities. Results included strong continued base net investment spread expansion.
“With respect to capital management, we continued to execute against our balanced strategy. In the second quarter, we increased our quarterlycommon stock dividend by 12.5% to $0.36 per share, representing the first increase since 2016 and we returned $822 million to shareholders through$554 million of AIG common stock repurchases and $268 million of dividends.
“In May, we announced the sale of Validus Re to RenaissanceRe for $3 billion, which is expected to close in the fourth quarter of 2023. In addition, we
announced and successfully completed the sale of AIG’s Crop Risk Services business to American Financial Group, Inc. for approximately $240
million. We also launched Private Client Select as a Managing General Agency with our partner Stone Point Capital LLC that will serve as anindependent platform for the high and ultra-high net worth markets.
“In June, we completed a secondary offering of Corebridge Financial common stock. Furthermore, Corebridge issued a $400 million special dividend
to its shareholders and executed the repurchase of $200 million of common stock from AIG and Blackstone. Including approximately $600 million in
regular dividends, these actions resulted in approximately $1.2 billion of total capital returned to Corebridge shareholders since its initial public offeringin September 2022. As a result of these actions, AIG received gross proceeds of approximately $1.7 billion and reduced its ownership in Corebridge to65.3%.
“The scale of what AIG colleagues accomplished in the second quarter is extraordinary. I am more confident than ever in AIG’s promising future as we
continue our journey to be a top performing company delivering excellence in all that we do and creating sustainable long-term value for our
stakeholders.”† On a constant dollar basis for North America and on a constant dollar basis and adjusted for the International lag elimination for International. These
measures are not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures andreconciliations to their closest GAAP measures can be found in this news release under the heading Comment on Regulation G and Non-GAAP
Financial Measures.

For the second quarter of 2023, pre-tax income from continuing operations was $1.9 billion, compared to $3.9 billion in the prior year quarter. Net
income attributable to AIG common shareholders was $1.5 billion, or $2.03 per diluted common share, compared to $2.7 billion, or $3.43 per diluted
common share, in the prior year quarter. The decline in pre-tax income was primarily driven by a decrease in net realized gains on Fortitude Re funds
withheld assets and embedded derivative as well as a decrease in net realized gains excluding Fortitude Re funds withheld assets and embedded
derivative, higher catastrophe losses, lower net favorable prior year development (PYD) and higher interest crediting rates at Life and Retirement. The
decline was partially offset by higher net investment income and continued improvement in accident year underwriting margin. These pre-tax items
were partially offset by lower income tax expense due to a decrease in income from continuing operations and lower income attributable to thenoncontrolling interest (NCI) due to a decrease in net income at Corebridge compared to the prior year quarter despite higher income attributable toNCI as a result of lower AIG ownership in Corebridge.
AATI was $1.3 billion, or $1.75 per diluted common share, for the second quarter of 2023, compared to $1.1 billion, or $1.39 per diluted commonshare, in the prior year quarter. The increase in AATI was due to higher Life and Retirement results, partially offset by higher catastrophe losses andlower net favorable PYD.
Total consolidated net investment income for the second quarter of 2023 was $3.6 billion, an increase of 37% from $2.6 billion in the prior year quarter,
benefiting from higher income from fixed maturity securities and loan portfolios due to the higher reinvestment rates on new investments and floating
rate securities. Total net investment income on an APTI basis* was $3.3 billion, an increase of $774 million from the prior year quarter.
Book value per common share was $58.49 as of June 30, 2023, a decrease of 1% from March 31, 2023 and an increase of 6% from December 31,
2022. The decrease from March 31, 2023 was driven by an increase in accumulated other comprehensive loss (AOCI) due to increased interest rates
and the increase from December 31, 2022 was driven by a decrease in AOCI as a result of the Corebridge secondary offering and share repurchases
discussed above. Adjusted book value per common share* was $75.76, almost flat compared to March 31, 2023 and December 31, 2022. Adjusted
tangible book value per common share* was $69.99, an increase of approximately 1% from both March 31, 2023 and December 31, 2022.
In the second quarter of 2023, AIG repurchased $554 million of common stock, or approximately 10 million shares, paid $268 million of common andpreferred dividends and repaid $388 million of debt maturities. AIG also received proceeds of approximately $1.2 billion from the Corebridge
secondary offering, $264 million from the Corebridge special dividend and $180 million from the Corebridge share repurchase, contributing to parent
liquidity of $4.3 billion as of June 30, 2023. AIG’s ratio of total debt and preferred stock to total capital at June 30, 2023 was 32.3%, down from 32.8%
at March 31, 2023, primarily driven by repayment of $388 million of debt and the Corebridge secondary offering. Excluding AOCI, the total debt andpreferred stock to total capital ratio* was 26.0% at June 30, 2023.
On August 1, the AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.36 per share. The dividend is payable on
September 29, 2023 to stockholders of record at the close of business on September 15, 2023.
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

September 15, 2023 to holders of record at the close of business on August 31, 2023.
FINANCIAL SUMMARY

Three Months Ended
June 30,($ in millions, except per common share amounts)

2022

2023

Net income attributable to AIG common shareholders$ 2,746$

1,485

Net income per diluted share attributable to AIG common shareholders$ 3.43$

2.03

Adjusted pre-tax income (loss)$ 1,543$

1,890

General Insurance

1,257

1,319

Life and Retirement

747

991

Other Operations

(461)

(420)

Net investment income
Net investment income, APTI basis

Adjusted after-tax income attributable to AIG common shareholders$ 2,604

$

2,504

3,571
3,278

$ 1,111$

1,282

Adjusted after-tax income per diluted share attributable to AIG common shareholders $ 1.39

$

1.75

Weighted average common shares outstanding - diluted (in millions)

800.7

730.5

Return on common equity

21.7% 14.0%Adjusted return on common equity

7.7

% 9.4

%

Book value per common share$ 58.64$

58.49

Adjusted book value per common share$ 73.78$

75.76

Common shares outstanding (in millions)

771.3

717.5

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

2022

2023

Gross premiums written$ 9,581$ 10,399

9%

Net premiums written$ 6,866$ 7,537

10%

North America

3,401

3,973

17

North America Commercial Lines

2,918

3,410

17

North America Personal Insurance

483

563

17

International

3,465

3,564

3

International Commercial Lines

2,037

2,223

9

International Personal Insurance

1,428

1,341

(6)

Underwriting income (loss)

Change

$ 799

$ 594

(26)

North America

406

352

(13)

North America Commercial Lines

416

403

(3)

North America Personal Insurance

(10)

(51)

(410)

International

393

242

(38)

International Commercial Lines

349

216

(38)

International Personal Insurance

44

26

(41)

Net investment income, APTI basis

$ 458

$ 725

58

%

Adjusted pre-tax income$ 1,257$ 1,319

5

%

12.2

% 0.2

pts

Return on adjusted segment common equity

Underwriting ratios:

12.0

%

%

North America Combined Ratio (CR)

86.3

89.0

2.7

North America Commercial Lines CR

83.6

85.6

2.0

North America Personal Insurance CR

102.3

112.9

10.6

International CR

88.5

92.6

4.1

International Commercial Lines CR

82.4

89.0

6.6

International Personal Insurance CR

96.9

98.0

1.1

General Insurance (GI) CR

87.4

90.9

3.5

GI Loss ratio

56.2

59.3

3.1

(1.8)

(3.9)

(2.1)

Prior year development, net of reinsurance and prior year premiums 2.9

1.0

(1.9)

GI Accident year loss ratio, as adjusted

57.3

56.4

(0.9)

GI Expense ratio

31.2

31.6

0.4

GI Accident year combined ratio, as adjusted

88.5

88.0

(0.5)

North America AYCR

89.9

87.8

(2.1)

North America Commercial Lines AYCR

88.2

85.1

(3.1)

North America Personal Insurance AYCR

99.7

107.1

7.4

International AYCR

87.2

88.0

0.8

International Commercial Lines AYCR

81.4

83.1

1.7

International Personal Insurance AYCR

95.2

95.3

0.1

pts

pts

Less: impact on loss ratio
Catastrophe losses and reinstatement premiums

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

General Insurance

Second quarter 2023 NPW of $7.5 billion was a 10% increase from the prior year quarter, or 11% on a constant dollar
basis and adjusted for the International lag elimination, driven by Commercial Lines. North America Commercial Linesdelivered 17% NPW growth, or 18% on a constant dollar basis, from the prior year quarter, benefiting from positive ratechanges, higher renewal retentions and strong new business production, particularly in Retail Property, Lexington andValidus Re, partially offset by continued selectivity in Financial Lines Director & Officer and transactional products.
International Commercial Lines delivered 9% NPW growth, or 6% on a constant dollar basis and adjusted for theInternational lag elimination, from the prior year quarter, attributed to continued positive rate changes and strong new

business production, mainly in Property and Global Specialty, partially offset by headwinds from a lack of capital market
transaction activity. Global Personal Insurance NPW decreased 0.4%, but grew 5% on a constant dollar basis and adjusted
for the International lag elimination, from the prior year quarter, primarily driven by growth in Private Client Group resulting
from changes in our reinsurance program, partially offset by a decrease in Travel and Warranty.
Second quarter 2023 underwriting income was $594 million and included $250 million of total catastrophe-related charges,
representing 3.9 loss ratio points, of which $159 million was in North America, mainly attributable to U.S. convective
storms, and $91 million in International, mainly attributable to Typhoon Mawar, compared to $121 million, or 1.8 loss ratio
points, in the prior year quarter. Second quarter 2023 also included lower favorable PYD of $115 million compared tofavorable PYD of $202 million in the prior year quarter.
The combined ratio was 90.9%, a 3.5 point increase from the prior year quarter, driven by a 3.1 point increase in the loss
ratio. The AYCR improved 0.5 point from the prior year quarter to 88.0%, driven by a 0.9 point decrease in the accident
year loss ratio, as adjusted* (AYLR) to 56.4%, reflecting continued earn-in of premium rate increases exceeding loss costtrends in Commercial Lines. The AYCR improvement also reflects business mix benefit, continued positive rate changes,
focused risk selection and improved terms and conditions. The expense ratio was 31.6%, a 0.4 point increase from theprior year quarter, driven by an increase in the general operating expense ratio while the acquisition ratio remained flat.
The North America Commercial Lines combined ratio was 85.6% and International Commercial Lines combined ratio was
89.0%, a 2.0 point and a 6.6 point increase, respectively, from the prior year quarter. The AYCR for North America
Commercial Lines improved 3.1 points from the prior year quarter to 85.1%, with a 2.8 point improvement in AYLR. The
AYCR for International Commercial Lines increased 1.7 points from the prior year quarter to 83.1% due to a higher general
operating expense ratio driven by changes in business mix.
The North America Personal Insurance combined ratio increased 10.6 points to 112.9% and the AYCR increased 7.4
points to 107.1% compared to the prior year quarter, driven by higher catastrophe losses, changes in business mix,
reinsurance cessions and an increase in general operating expense ratio attributable to the decline in premiums earned.
The International Personal Insurance combined ratio increased 1.1 points to 98.0% and the AYCR increased 0.1 point to95.3% from the prior year quarter, driven by higher catastrophe losses and a higher expense ratio, partially offset by
improvement in the AYLR from changes in business mix and reflecting earned-in rate exceeding loss costs.
General Insurance return on adjusted segment common equity* for the second quarter was 12.2% on an annualized basis,compared with 12.0% in the prior year quarter.
LIFE AND RETIREMENT
Three Months Ended
June 30,($ in millions, except as indicated)

2022

2023

ChangeAdjusted pre-tax income

$ 747

$ 991

33

Individual Retirement

370

585

58

Group Retirement

180

201

12

Life Insurance

120

78

(35)

Institutional Markets

77

127

65

Premiums and fees

$ 1,846$ 3,23875

Individual Retirement

246

238

(3)

%

%

Group Retirement

109

106

(3)

Life Insurance

946

934

(1)

Institutional Markets

545

1,960

260

Premiums and deposits$ 7,099$ 10,054

42

Individual Retirement

3,620

4,045

12

Group Retirement

1,772

1,923

9

Life Insurance

1,157

1,176

2

Institutional Markets

550

2,910

429

$ 80

$ (2105)

NM

Individual Retirement

628

(359)

NM

Group Retirement(548)(1,746)(219)$ 1,989$ 2,478

25

%

12.2

% 2.5

pts

Net flows

Net investment income, APTI basis

Return on adjusted segment common equity 9.7

%

%

%

Life and Retirement

Life and Retirement reported APTI of $991 million for the second quarter of 2023, up 33% from $747 million in the prioryear quarter. The increase was primarily driven by higher base portfolio income, partially offset by a decline in alternative
investment returns and fee income. Base net investment spreads in Individual and Group Retirement continued to widen
with a 64-basis point improvement year-over-year, driven by higher reinvestment rates.
Premiums increased 128% to $2.5 billion from $1.1 billion and premiums and deposits increased 42% to $10.1 billion from
$7.1 billion in the prior year quarter. The second quarter saw record sales in Fixed Index Annuities and a higher volume oftransactional businesses with $1.9 billion of pension risk transfer activity and $0.9 billion of guaranteed investment
contracts.
The balance sheet and the capital position of the business continue to remain strong. During the second quarter,
Corebridge returned approximately $750 million to its shareholders (including AIG) through approximately $550 million ofcommon stock dividends and $200 million in share repurchases.
Life and Retirement return on adjusted segment common equity* for the second quarter was 12.2% on an annualizedbasis, compared with 9.7% in the prior year quarter.
OTHER OPERATIONS
Three Months Ended
June 30,

($ in millions)

2022

2023

$ (494)$ (414)

16

163

(9)

NM

Adjusted pre-tax loss before consolidation and eliminations (331)

(423)

(28)

Consolidation and eliminations

(130)

3

NM

$ (461)$ (420)9

Corporate and Other
Asset Management Group

Adjusted pre-tax loss

Change%%Other Operations

Other Operations adjusted pre-tax loss (APTL) of $420 million improved $41 million from the prior year quarter, primarily
due to the impact of Variable Interest Entities (VIEs), in addition to better results from Corporate and Other.
Corporate and Other APTL improved $80 million, or 16%, from the prior year quarter, largely due to the absence of
mark-to-market losses on a legacy investment portfolio that was sold in the fourth quarter of 2022, as well as higher
income from short-term investments as a result of high short-term yields on parent liquidity funds.
Asset Management Group (AMG) APTL decreased $172 million from the prior year quarter largely due to lower net
investment income associated with VIEs compared to the prior year quarter, which reflected gains on sales. AMG results inthe second quarter also reflected the sale of our Collateralized Loan Obligations manager in the first quarter of 2023 andthe subsequent deconsolidation of associated securitizations by the end of the second quarter, which resulted in lower
investment income and an offsetting impact on interest expense with minimal impact to APTL.
Changes in Consolidation and eliminations were attributed to realized capital gains associated with VIEs, which theinsurance subsidiaries report as net investment income and are eliminated in Other Operations.
CONFERENCE CALL
AIG will host a conference call tomorrow, Wednesday, August 2, 2023 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 and other publicly available documents may include, and members of AIG management may from time to time
make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements”
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide
management’s current expectations or plans for AIG’s future operating and financial performance, based on assumptions currently believed to be valid
and accurate. Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,”“expectations,” “intend,” “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “confident,” “focused on achieving,”“view,” “target,” “goal,” “estimate,” and other words of similar meaning in connection with a discussion of future operating or financial performance.
These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products,
future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies
such as legal proceedings, anticipated organizational, business or regulatory changes, such as the separation of the Life and Retirement businessfrom AIG, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions,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 financial results, and other statements that are not historical facts.
All forward-looking statements involve risks, uncertainties and other factors that may cause AIG’s actual results and financial condition to differ,possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause AIG’s
actual results to differ, possibly materially, from those in specific projections, goals, assumptions and other forward-looking statements include, without
limitation:

the impact of adverse developments affecting economic conditions in the markets in which AIG and its businesses operate
in the U.S. and globally, including adverse developments related to financial market conditions, macroeconomic trends,
fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, pressures on the commercial realestate market, an economic slowdown or recession, geopolitical events or conflicts, including the conflict between Russia
and Ukraine, and stress and instability in the banking sector;
occurrence of catastrophic events, both natural and man-made, including the effects of climate change, geopolitical eventsand conflicts and civil unrest;disruptions in the availability or accessibility of AIG's or a third party’s information technology systems, including hardware
and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer,
employee or company data due to cyberattacks, data security breaches, or infrastructure vulnerabilities;
AIG’s ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired
businesses, and the anticipated benefits thereof;
AIG's ability to realize expected strategic, financial, operational or other benefits from the separation of Corebridge as well
as AIG’s equity market exposure to Corebridge;
the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans;concentrations in AIG’s investment portfolios;
AIG’s reliance on third-party investment managers;changes in the valuation of AIG’s investments;
AIG’s reliance on third parties to provide certain business and administrative services;availability of adequate reinsurance or access to reinsurance on acceptable terms;
concentrations of AIG’s insurance, reinsurance and other risk exposures;
nonperformance or defaults by counterparties, including Fortitude Reinsurance Company Ltd. (Fortitude Re);
AIG's ability to adequately assess risk and estimate related losses as well as 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 potential cost-saving opportunities;
AIG's ability to effectively implement changes under AIG 200, including the ability to realize cost savings;
difficulty in marketing and distributing products through current and future distribution channels;
actions by rating agencies with respect to AIG’s credit and financial strength ratings as well as those of its businesses andsubsidiaries;changes to sources of or access to liquidity;changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;changes in accounting principles and financial reporting requirements;
the effects of sanctions, including those related to the conflict between Russia and Ukraine, and the failure to comply withthose sanctions;the effects of changes in laws and regulations, including those relating to the regulation of insurance, in the U.S. and othercountries in which AIG and its businesses operate;changes to tax laws in the U.S. and other countries in which AIG and its businesses operate;
the outcome of significant legal, regulatory or governmental proceedings;
AIG’s ability to effectively execute on sustainability targets and standards;
AIG’s ability to address evolving stakeholder expectations with respect to environmental, social and governance matters;
the impact of COVID-19 or other epidemics, pandemics and other public health crises and responses thereto; 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 June 30, 2023 (which will be
filed with the Securities and Exchange Commission (SEC)) and Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A in
AIG Annual Report on Form 10-K for the year ended December 31, 2022.
Forward-looking statements speak only as of the date of this press release, or in the case of any document incorporated by reference, the date of that
document. AIG is not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially fromthose expressed or implied in any forward-looking statements is disclosed from time to time in our filings with the SEC.
###COMMENT ON REGULATION G AND NON-GAAP FINANCIAL MEASURES
Throughout this press release, including the financial highlights, AIG presents its financial condition and results of operations in the way it believes will
be most meaningful and representative of its business results. Some of the measurements AIG uses are “Non-GAAP financial measures” under SEC
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 other companies. The reconciliations of suchmeasures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables attached to this news
release or in the Second Quarter 2023 Financial Supplement available in the Investors section of AIG’s website, www.aig.com.
Unless otherwise mentioned or unless the context indicates otherwise, we use the terms “AIG,” “we,” “us” and “our” to refer toGroup, Inc., a Delaware corporation, and its consolidated subsidiaries.

American International

AIG uses the following operating performance measures because AIG believes they enhance the understanding of the underlying profitability ofcontinuing operations and trends of AIG’s business segments. AIG believes they also allow for more meaningful comparisons with AIG’s insurancecompetitors. When AIG uses these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis.
Book value per common share, excluding accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized
gains and losses related to Fortitude Re funds withheld assets and deferred tax assets (DTA) (Adjusted book value per common share) isused to show the amount of our net worth on a per-common share basis after eliminating items that can fluctuate significantly from period to period,
including changes in fair value (1) of AIG’s available for sale securities portfolio, (2) of market risk benefits attributable to our own credit risk and (3)due to discount rates used to measure traditional and limited payment long-duration insurance contracts, foreign currency translation adjustments andU.S. tax attribute deferred tax assets. This measure also eliminates the asymmetrical impact resulting from changes in fair value of our available forsale securities portfolio wherein there is largely no offsetting impact for certain related insurance liabilities. In addition, we adjust for the cumulative
unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG post
deconsolidation of Fortitude Re (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re.
We exclude deferred tax assets representing U.S. tax attributes related to net operating loss carryforwards and foreign tax credits as they have not yet
been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As net operating loss carryforwards andforeign tax credits are utilized, the portion of the DTA utilized is included in these book value per common share metrics. Adjusted book value percommon 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 (ROCE) – Adjusted After-tax Income Excluding AOCI adjusted for the cumulative unrealized gains andlosses related to Fortitude Re funds withheld assets and DTA (Adjusted return on common equity) is used to show the rate of return oncommon shareholders’ equity. We believe this measure is useful to investors because it eliminates items that can fluctuate significantly from period toperiod, including changes in fair value (1) of AIG’s available for sale securities portfolio, (2) of market risk benefits attributable to our own credit risk and(3) due to discount rates used to measure traditional and limited payment long-duration insurance contracts, foreign currency translation adjustments
and U.S. tax attribute deferred tax assets. This measure also eliminates the asymmetrical impact resulting from changes in fair value of our available
for sale securities portfolio wherein there is largely no offsetting impact for certain related insurance liabilities. In addition, we adjust for the cumulative
unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude
Re. We exclude deferred tax assets representing U.S. tax attributes related to net operating loss carryforwards and foreign tax credits as they have 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 Adjusted Return on Common Equity. Adjusted Return on Common
Equity is derived by dividing actual or annualized adjusted after-tax income attributable to AIG common shareholders by average Adjusted Common
Shareholders’ Equity.
General Insurance and Life and Retirement Adjusted Segment Common Equity is based on segment equity adjusted for the attribution of debt
and preferred stock (Segment Common Equity) and is consistent with AIG’s Adjusted Common Shareholders’ Equity definition.
General Insurance and Life and Retirement Return on Adjusted Segment Common Equity – Adjusted After-tax Income (Return on adjusted
segment common equity) is used to show the rate of return on Adjusted Segment Common Equity. Return on Adjusted Segment Common Equity isderived by dividing actual or annualized Adjusted After-tax Income by Average Adjusted Segment Common Equity.
Adjusted After-tax Income Attributable to General Insurance and Life and Retirement is derived by subtracting attributed interest expense,
income tax expense and attributed dividends on preferred stock from APTI. Attributed debt and the related interest expense and dividends on
preferred stock are calculated based on our internal allocation model. Tax expense or benefit is calculated based on an internal attribution
methodology that considers among other things the taxing jurisdiction in which the segments conduct business, as well as the deductibility of
expenses in those jurisdictions.
Adjusted revenues exclude Net realized gains (losses), income from non-operating litigation settlements (included in Other income for GAAP
purposes), changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes) andincome from elimination of the International reporting lag. Adjusted revenues is a GAAP measure for our segments.
Adjusted Pre-tax Income (APTI) is derived by excluding the items set forth below from income from continuing operations before income tax. Thisdefinition is consistent across our segments. These items generally fall into one or more of the following broad categories: legacy matters having no
relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; andmeasures that we believe to be common to the industry. APTI is a GAAP measure for our segments. Excluded items include the following:changes in fair value of securities used to hedge guaranteed living benefits;
net change in market risk benefits (MRBs);changes in benefit reserves 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 and changes in settlement accruals) on
derivative instruments used for non-qualifying (economic) hedging or for asset replication. Earned income on sucheconomic 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 to policyholder account balances);income or loss from discontinued operations;net loss reserve discount benefit (charge);
pension expense related to lump sum payments to former employees;

net gain or loss on divestitures and other;
non-operating litigation reserves and settlements;
restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify
our organization;
the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive
reinsurance agreements and related changes in amortization of the deferred gain;
integration and transaction costs associated with acquiring or divesting businesses;
losses from the impairment of goodwill;
non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes toaccounting principles; andincome from elimination of the international reporting lag.
Adjusted After-tax Income attributable to AIG common shareholders (AATI) is derived by excluding the tax effected APTI adjustments describedabove, dividends on preferred stock, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items
from net income attributable to AIG:

deferred income tax valuation allowance releases and charges;changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current
businesses or operating performance; andnet tax charge related to the enactment of the Tax Cuts and Jobs Act.
See page 15 for the reconciliation of Net income attributable to AIG to Adjusted After-tax Income Attributable to AIG.
Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures ofunderwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses andloss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses thatwould be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss.
Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated
for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all ofwhich affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on
pricing and consequently on profitability as reflected in underwriting income and associated ratios.
Accident year loss and Accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio,
ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses (CATs) and related reinstatement
premiums, prior year development, net of premium adjustments, and the impact of reserve discounting. Natural catastrophe losses are generally
weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism
and civil disorders that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an
ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management’s control. We also exclude prioryear development to provide transparency related to current accident year results.
Underwriting ratios are computed as follows:

1. Loss ratio = Loss and loss adjustment expenses incurred ÷ Net premiums earned (NPE)
2. Acquisition ratio = Total acquisition expenses ÷ NPE
3. General operating expense ratio = General operating expenses ÷ NPE
4. Expense ratio = Acquisition ratio + General operating expense ratio
5. Combined ratio = Loss ratio + Expense ratio
6. CATs and reinstatement premiums = [Loss and loss adjustment expenses incurred – (CATs)] ÷ [NPE +/(-) Reinstatement
premiums related to catastrophes] – Loss ratio
7. Accident year loss ratio, as adjusted (AYLR ex-CAT) = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷[NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums + Adjustment for ceded premium
under reinsurance contracts related to prior accident years]
8. Accident year combined ratio, as adjusted (AYCR ex-CAT) = AYLR ex-CAT + Expense ratio
9. Prior year development net of reinsurance and prior year premiums = [Loss and loss adjustment expenses incurred – CATs
– PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums] – Loss ratio – CATs andreinstatement premiums ratio.
Premiums and deposits: includes direct and assumed amounts received and earned on traditional life insurance policies, group benefit policies andlife‑contingent payout annuities, as well as deposits received on universal life, investment‑type annuity contracts, Federal Home Loan Bank funding
agreements and mutual funds. We believe the measure of premiums and deposits is useful in understanding customer demand for our products,
evolving product trends and our sales performance period over period.
Results from discontinued operations are excluded from all of these measures.
###
American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide insurance solutions that help
businesses and individuals in approximately 70 countries and jurisdictions protect their assets and manage risks. For additional information, visit

www.aig.com. AIG common stock is listed on the New York Stock Exchange.
AIG is the marketing name for the worldwide operations of American International Group, Inc. All products and services are written or provided bysubsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage
is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third
parties. Certain property casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state
guaranty funds, 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 June 30,
2022

2023
Total
Tax

Non-

(Benefit) controlling
Pre-tax Charge
Pre-tax income/net income, including noncontrollinginterests$ 3,925 $ 845

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

3,925

845

Total Tax Non-

After

Interests(d) Tax$ —$ 3,079

(325)

(325)

(325)

2,754

(Benefits) controlling
Pre-tax Charge$ 1,867

1,867

$ 176

176

After

Interests(d) Tax$ —$ 1,691

(198)

(198)

(198)

1,493

Dividends on preferred stock

8

8

Net income attributable to AIG common shareholders

2,746

1,485

Adjustments:
Changes in uncertain tax positions and other tax adjustments

(3)

—

3

340

—

(340)

Deferred income tax valuation allowance (releases) charges

17

—

(17)

(78)

—

78

Changes in fair value of securities used to hedge guaranteedliving benefits

(10)

(2)

—

(8)

3

—

—

3

Change in market risk benefit, net(a)

(45)

(10)

—

(35)

(262)

(55)

—

(207)

Changes in benefit reserves related to net realized gains(losses)

(7)

(2)

—

(5)

1

—

—

1

Changes in the fair value of equity securities

30

6

—

24

(43)

(9)

—

(34)

Loss on extinguishment of debt

299

63

—

236

—

—

—

—

Net investment income on Fortitude Re funds withheld assets (188)

(40)

—

(148)

(291)

(61)

—

(230)

Net realized losses on Fortitude Re funds withheld assets

19

—

67

138

28

—

110

86

Net realized gains on Fortitude Re funds withheld embedded
derivative(2,776) (583)—(2,193)

(180)

(38)

—

(142)

Net realized losses(b)

140

—

133

390

77

—

313

7

Loss from discontinued operations

1—

Net (gain) loss on divestitures and other

1

1

—

—

(43)

(9)

—

(34)

Non-operating litigation reserves and settlements

(4)

(1)

—

(3)

1

—

—

1

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

(144)

(30)

—

(114)

(18)

(4)

—

(14)

Net loss reserve discount charge

14

4

—

10

16

4

—

12

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

—

—

—

—

67

14

—

53

Integration and transaction costs associated with acquiring ordivesting businesses

38

8

—

30

79

17

—

62

Restructuring and other costs

175

37

—

138

153

32

—

121

Non-recurring costs related to regulatory or accountingchanges

9

2

—

7

12

2

—

10

Net impact from elimination of international reporting lag(c)

—

—

—

—

—

—

—

—

239

239

34

34

$ (86)$ 1,111$ (164)$ 1,282

Noncontrolling interests(d)Adjusted pre-tax income/Adjusted after-tax income
attributable to AIG common shareholders$ 1,543 $ 338$ 1,890$ 436

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)
Six Months Ended June 30,
2022

2023
Total
Tax

Total
Tax

Non-

After

(Benefit)

controlling

Interests(d) Tax

Pre-tax Charge

Non-(Benefit) controlling
Pre-tax Charge
Pre-tax income/net income, including noncontrollinginterests
Noncontrolling interests$ 9,639 $ 1,999

$ —

(712)

$ 7,639(712)$ 1,636

$ 32

After

Interests(d) Tax$ —$ 1,604

(81)

(81)

Pre-tax income/net income attributable to AIG

9,639

1,999

(712)

6,927

1,636

32

(81)

1,523

Dividends on preferred stock

15

15

Net income attributable to AIG common shareholders

6,912

1,508

Adjustments:
Changes in uncertain tax positions and other tax adjustments

88

—

(88)

362

—

(362)

Deferred income tax valuation allowance (releases) charges

23

—

(23)

(97)

—

97

Changes in fair value of securities used to hedge guaranteedliving benefits

(23)

(5)

—

(18)

6

1

—

5

Change in market risk benefit, net(a)

(278)

(59)

—

(219)

(66)

(14)

—

(52)

Changes in benefit reserves related to net realized gains(losses)

(9)

(2)

—

(7)

(5)

(1)

—

(4)

Changes in the fair value of equity securities

57

12

—

45

(94)

(20)

—

(74)

Loss on extinguishment of debt

299

63

—

236

—

—

—

—

Net investment income on Fortitude Re funds withheld assets

(479)

(101)

—

(378)

(737)

(155)

—

(582)

Net realized losses on Fortitude Re funds withheld assets

226

48

—

178

169

35

—

134

Net realized (gains) losses on Fortitude Re funds withheld
embedded derivative(6,094) (1,280)—(4,814)

985

207

—

778

Net realized (gains) losses(b)

(209)

—

(111)

1,156

285

—

871

(98)

Loss from discontinued operations

1—

Net gain on divestitures and other

(39)

(8)

—

(31)

(41)

(9)

—

(32)

Non-operating litigation reserves and settlements

(38)

(8)

—

(30)

—

—

—

—

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

(144)

(30)

—

(114)

(37)

(8)

—

(29)

Net loss reserve discount (benefit) charge

(6)

(1)

—

(5)

80

17

—

63

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

—

—

—

—

67

14

—

53

Integration and transaction costs associated with acquiring ordivesting businesses

84

18

—

66

131

28

—

103

Restructuring and other costs

268

56

—

212

270

57

—

213

Non-recurring costs related to regulatory or accountingchanges

13

3

—

10

25

5

—

20

Net impact from elimination of international reporting lag(c)——Noncontrolling interests(d)Adjusted pre-tax income/Adjusted after-tax income
attributable to AIG common shareholders$ 3,267 $ 718

—

—

(12)

517

517

$ (195)$ 2,339$ 3,533

(3)

$ 736

—

(9)

(208)

(208)

$ (289)$ 2,493(a) Includes realized gains and losses on certain derivative instruments used for non-qualifying (economic) hedging.
Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative(b) instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld
assets.
Effective in the quarter ended December 31, 2022, the foreign property and casualty subsidiaries report on a calendar year ending December 31.
We determined that the effect of not retroactively applying this change was immaterial to our Consolidated Financial Statements for the current and(c)prior periods. Therefore, we reported the cumulative effect of the change in accounting principle within the Consolidated Statements of Income(Loss) for the year ended December 31, 2022 and did not retrospectively apply the effects of this change to prior periods.
(d) Includes the portion of equity interest of non-operating income of Corebridge and consolidated investment entities that AIG does not own.
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 June30,

Earnings per common share:

2022

2023 % Inc. (Dec.)

Six Months Ended June 30,

2022

2023

% Inc.
(Dec.)

Basic
Income from continuing operations
Income from discontinued operations
Net income attributable to AIG common shareholders$ 3.47 $ 2.05 (40.9)
—

—

NM

% $ 8.60 $ 2.06 (76.0)
—

—

%

NM

$ 3.47 $ 2.05 (40.9)$ 8.60 $ 2.06 (76.0)

Income from continuing operations

3.43 $ 2.03 (40.8)$ 8.50 $ 2.05 (75.9)

Income from discontinued operations—

Diluted

Net income attributable to AIG common shareholders

—

NM

—

—

NM

$ 3.43 $ 2.03 (40.8)$ 8.50 $ 2.05 (75.9)

Adjusted after-tax income attributable to AIG common shareholders per diluted$ 1.39 $ 1.75 25.9
share

% $ 2.88 $ 3.38 17.4

Weighted average shares outstanding:
Basic

790.9

725.8

803.5 732.2%

Diluted

800.7

730.5

813.3 737.3

Reconciliation of Book Value per Common Share

As of period end:

June 30,
2022

December
31,
2022

March 31, June 30,
2023
2023

Total AIG shareholders' equity$ 45,713$ 40,970$ 43,317$ 42,454

Less: Preferred equity

485

485

485

485

Total AIG common shareholders' equity (a)45,22840,48542,832

41,969Less: Deferred tax assets (DTA)*

4,747

4,518

4,543

4,263

Less: Accumulated other comprehensive income (AOCI)(18,647 )(22,616)(19,329 )(18,982 )Add: Cumulative unrealized gains and losses related to Fortitude Re Funds withheld assets(2,223 )(2,862)(2,418 )(2,331 )Subtotal: AOCI plus cumulative unrealized gains and losses related to Fortitude Re funds withheld
assets(16,424 )(19,754)(16,911 )(16,651 )Total adjusted common shareholders' equity (b)$ 56,905$ 55,721$ 55,200$ 54,357

Goodwill

3,935

3,927

3,939

3,617

Value of business acquired

98

92

92

92

Value of distribution channel acquired

438

418

408

188

Other intangibles

289

286

284

244

Total intangible assets

4,760

4,723

4,723

4,141

$ 52,145$ 50,998$ 50,477$ 50,216

771.3

734.1

727.6

717.5

Less: Intangible assets:

Total adjusted tangible common shareholders' equity (c)Total common shares outstanding (d)As of period end:

June 30, % Inc.
2022
(Dec.)

December 31, % Inc. March 31, % Inc.
2022
(Dec.) 2023
(Dec.)

Book value per common share (a÷d)$ 58.64 (0.3 )% $ 55.15

June 30,2023

6.1 % $ 58.87(0.6 )% $ 58.49

Adjusted book value per common share (b÷d)

73.78 2.7

75.90

(0.2 )

75.87(0.1 )

75.76

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

67.61 3.5

69.47

0.7

69.37

0.9

69.99

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

Three Months Ended June 30,
2022

2023

Actual or annualized net income (loss) attributable to AIG common shareholders (a)$ 10,984$ 5,940

Actual or annualized adjusted after-tax income attributable to AIG common shareholders (b)$ 4,444$ 5,128

Average AIG Common Shareholders' equity (c)$ 50,600$ 42,401

Less: Average DTA*

4,844

4,403

Less: Average AOCI

(12,838)(19,156)

Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets(1,088)(2,375)

Subtotal: AOCI plus cumulative unrealized gains and losses related to Fortitude Re funds withheld assets(11,750)(16,781)$ 57,506$ 54,779

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

21.7

%

14.0

%

Adjusted return on common equity (b÷d)

7.7

%

9.4

%

* 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
June 30,Net Investment Income per Consolidated Statements of Operations

2022

2023

$ 2,604$ 3,571

Changes in fair value of securities used to hedge guaranteed living benefits (13)(14)

Changes in the fair value of equity securities

30

(43)

Net investment income on Fortitude Re funds withheld assets

(188)

(291)

Net realized gains (losses) related to economic hedges and other71

55$ 2,504$ 3,278

Total Net Investment Income - APTI Basis
Net Premiums Written - Change in Constant Dollar and Lag Adjusted

Three Months Ended June 30, 2023

NorthGlobal General
General Insurance

Global -America

International -Commercial Personal Commercial Commercial Personal

Insurance Lines

Insurance Lines

Lines

Insurance

Change in net premiums written
Increase (decrease) in original currency and adjusted for lag elimination 10.7

% 12.6

%

5.3

%

17.6

%

5.7

%

1.1

%

Foreign exchange effect

(2.1

)

)

(4.3

)

(0.7

)

(2.0

)

(5.5

)

Lag elimination impact

1.2

2.3

(1.4

)

—

(1.7

)

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

9.8% 13.7(0.4)% 16.9

(6.1

)%

(1.2

%

American International Group, Inc.
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
June 30,
2022

2023

Combined ratio

87.4

90.9

Catastrophe losses and reinstatement premiums

(1.8)

(3.9)

Prior year development, net of reinsurance and prior year premiums

2.9

1.0

Accident year combined ratio, as adjusted

88.5

88.0

Combined ratio

86.3

89.0

Catastrophe losses and reinstatement premiums

(1.7)

(5.0)

Prior year development, net of reinsurance and prior year premiums

5.3

3.8

Accident year combined ratio, as adjusted

89.9

87.8

Total General Insurance

North America

5.4
%

9.1

%

North America - Commercial Lines
Loss ratio

58.7

61.0

Catastrophe losses and reinstatement premiums

(1.9)

(5.3)

Prior year development, net of reinsurance and prior year premiums

6.5

4.8

Accident year loss ratio, as adjusted

63.3

60.5

Combined ratio

83.6

85.6

Catastrophe losses and reinstatement premiums

(1.9)

(5.3)

Prior year development, net of reinsurance and prior year premiums

6.5

4.8

Accident year combined ratio, as adjusted

88.2

85.1

Combined ratio

102.3

112.9

Catastrophe losses and reinstatement premiums

(0.5)

(3.3)

Prior year development, net of reinsurance and prior year premiums

(2.1)

(2.5)

Accident year combined ratio, as adjusted

99.7

107.1

Combined ratio

88.5

92.6

Catastrophe losses and reinstatement premiums

(2.0)

(2.7)

Prior year development, net of reinsurance and prior year premiums

0.7

(1.9)

Accident year combined ratio, as adjusted

87.2

88.0

Combined ratio

82.4

89.0

Catastrophe losses and reinstatement premiums

(2.3)

(2.5)

North America - Personal Insurance

International

International - Commercial Lines

Prior year development, net of reinsurance and prior year premiums

1.3

(3.4)

Accident year combined ratio, as adjusted

81.4

83.1

Loss ratio

56.4

56.3

Catastrophe losses and reinstatement premiums

(1.6)

(3.2)

Prior year development, net of reinsurance and prior year premiums

(0.1)

0.5

Accident year loss ratio, as adjusted

54.7

53.6

Combined ratio

96.9

98.0

Catastrophe losses and reinstatement premiums

(1.6)

(3.2)

Prior year development, net of reinsurance and prior year premiums

(0.1)

0.5

Accident year combined ratio, as adjusted

95.2

95.3

Combined ratio

83.1

87.0

Catastrophe losses and reinstatement premiums

(2.1)

(4.0)

Prior year development, net of reinsurance and prior year premiums

4.3

1.4

Accident year combined ratio, as adjusted

85.3

84.4

International - Personal Insurance

Global - Commercial 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
June 30,
2022

2023

Adjusted pre-tax income$ 1,257$ 1,319

Interest expense on attributed financial debt

149

133

Adjusted pre-tax income including attributed interest expense

1,108

1,186

Income tax expense

254

274

Adjusted after-tax income

854

912

Dividends declared on preferred stock33

Adjusted after-tax income attributable to common shareholders

$ 851

$ 909

Ending adjusted segment common equity$ 30,104$ 30,153

Average adjusted segment common equity$ 28,361$ 29,848

Return on adjusted segment common equity

12.0

Total segment shareholder’s equity

%

12.2

$ 25,651$ 24,619

Less: Preferred equity

210

202

Total segment common equity

25,441

24,417

Less: Accumulated other comprehensive income (AOCI)(5,163)(6,390)Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets

(500)

(654)

Subtotal: AOCI plus cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (4,663)
Total adjusted segment common equity$ 30,104(5,736)$ 30,153

Reconciliation of Life and Retirement Return on Adjusted Segment Common Equity

Three Months Ended
June 30,

Adjusted pre-tax income
Interest expense on attributed financial debt

2022

2023

$ 747

$ 991

68

113

%

Adjusted pre-tax income including attributed interest expense

679

878

Income tax expense

134

174

Adjusted after-tax income

545

704

Dividends declared on preferred stock22

Adjusted after-tax income attributable to common shareholders

$ 543

$ 702

Ending adjusted segment common equity$ 22,011$ 23,270

Average adjusted segment common equity$ 22,452$ 23,108Return on adjusted segment common equity

9.7

Total segment shareholder’s equity% 12.2$ 11,870$ 9,819

Less: Preferred equity

154

161

Total segment common equity

11,716

9,658

Less: Accumulated other comprehensive income (AOCI)(12,018)(15,289)

Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets(1,723)(1,677)

Subtotal: AOCI plus cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (10,295)(13,612)

Total adjusted segment common equity$ 22,011

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
June 30,
2022

2023

Individual Retirement:
Premiums
Deposits

$ 60
3,566

$ 66
3,984

$ 23,270%

OtherPremiums and deposits

(6)

(5)

$ 3,620$ 4,045$5$4Group Retirement:
Premiums
Deposits

1,767

1,919

Other

—

—

$ 1,772$ 1,923

Premiums

$ 556

$ 563

Deposits

388

384

Other

213

229

$ 1,157$ 1,176

Premiums$ 496$ 1,911

Deposits

46

991

Other

8

8

$ 550

$ 2,910Premiums$ 1,117$ 2,544

Deposits

5,767

7,278

Other

215

232

$ 7,099$ 10,054

Premiums and depositsLife Insurance:

Premiums and deposits

Institutional Markets:

Premiums and deposits

Total Life and Retirement:

Premiums and deposits

Total Debt and Preferred Stock LeverageThree Months Ended
June 30, 2023
Hybrid - debt securities / Total capital

2.9

Financial debt and debt held for sale / Total capital

28.7

Total debt / Total capital

31.6

Preferred stock / Total capital

0.7%

Total debt and preferred stock / Total capital (incl. AOCI) 32.3
AOCI Impact

(6.3

)

Total debt and preferred stock / Total capital (ex. AOCI) 26.0%

View source version on businesswire.com: https://www.businesswire.com/news/home/20230801959349/en/
Quentin McMillan (Investors): quentin.mcmillan@aig.com
Claire Talcott (Media): claire.talcott@aig.com
Source: American International Group, Inc.