# EDGAR Filing Document

**Accession Number:** 0000005272
**File Stem:** 0000005272-25-000160
**Filing Date:** 2025-11
**Character Count:** 665679
**Document Hash:** f3633e89a3a2ca0b8e9effba3d7d2148
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000005272-25-000160.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0000005272-25-000160

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 116

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN INTERNATIONAL GROUP, INC.
- **CENTRAL INDEX KEY:** 0000005272
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132592361
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08787
- **FILM NUMBER:** 251452987

**BUSINESS ADDRESS:**
- **STREET 1:** 1271 AVE OF THE AMERICAS
- **STREET 2:** FL 37
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020-1304
- **BUSINESS PHONE:** 2127707000

**MAIL ADDRESS:**
- **STREET 1:** 1271 AVE OF THE AMERICAS
- **STREET 2:** FL 37
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020-1304

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN INTERNATIONAL GROUP INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN INTERNATIONAL ENTERPRISES INC
- **DATE OF NAME CHANGE:** 19700507

?xml version='1.0' encoding='ASCII'? aig-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**——————————**

**FORM 10-Q**

☑ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025**

**OR**

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to**

**Commission File Number 1-8787**

![AIG_core_r_rgb_gif.gif](aig-20250930_g1.gif)

**American International Group, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **13-2592361** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer <br>Identification No.) |
| **1271 Avenue of the Americas, New York, New York** | **10020** |
| (Address of principal executive offices) | (Zip Code) |

---

**Registrant's telephone number, including area code: (212) 770-7000**

**——————————**

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, Par Value $2.50 Per Share | AIG | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ☑ | Accelerated filer ☐ |
| Non-accelerated filer ☐ | Smaller reporting company ☐ |
| | Emerging growth company ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of October 30, 2025, there were 539,576,054 shares outstanding of the registrant's common stock.

------

**AMERICAN INTERNATIONAL GROUP, INC.**

**QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025**

**TABLE OF CONTENTS**

**FORM 10-Q**

---

| | | | |
|:---|:---|:---|:---|
| Item Number | Description |  | Page |
| **Part I – Financial Information** | **Part I – Financial Information** | **Part I – Financial Information** |  |
| [ITEM 1](#i5678d06740a64d9e969ce178e27da6a6_13) | **[Financial Statements](#i5678d06740a64d9e969ce178e27da6a6_13)** | **[Financial Statements](#i5678d06740a64d9e969ce178e27da6a6_13)** | **[2](#i5678d06740a64d9e969ce178e27da6a6_13)** |
|  | Note 1. | [Basis of Presentation](#i5678d06740a64d9e969ce178e27da6a6_40) | [9](#i5678d06740a64d9e969ce178e27da6a6_40) |
|  | Note 2. | [Summary of Significant Accounting Policies](#i5678d06740a64d9e969ce178e27da6a6_58) | [9](#i5678d06740a64d9e969ce178e27da6a6_58) |
|  | Note 3. | [Segment Information](#i5678d06740a64d9e969ce178e27da6a6_64) | [10](#i5678d06740a64d9e969ce178e27da6a6_64) |
|  | Note 4. | [Discontinued Operations Presentation](#i5678d06740a64d9e969ce178e27da6a6_79) | [14](#i5678d06740a64d9e969ce178e27da6a6_79) |
|  | Note 5. | [Fair Value Measurements](#i5678d06740a64d9e969ce178e27da6a6_85) | [16](#i5678d06740a64d9e969ce178e27da6a6_85) |
|  | Note 6. | [Investments](#i5678d06740a64d9e969ce178e27da6a6_130) | [27](#i5678d06740a64d9e969ce178e27da6a6_130) |
|  | Note 7. | [Lending Activities](#i5678d06740a64d9e969ce178e27da6a6_172) | [33](#i5678d06740a64d9e969ce178e27da6a6_172) |
|  | Note 8. | [Reinsurance](#i5678d06740a64d9e969ce178e27da6a6_184) | [36](#i5678d06740a64d9e969ce178e27da6a6_184) |
|  | Note 9. | [Deferred Policy Acquisition Costs](#i5678d06740a64d9e969ce178e27da6a6_196) | [38](#i5678d06740a64d9e969ce178e27da6a6_196) |
|  | Note 10. | [Variable Interest Entities](#i5678d06740a64d9e969ce178e27da6a6_202) | [39](#i5678d06740a64d9e969ce178e27da6a6_202) |
|  | Note 11. | [Derivatives and Hedge Accounting](#i5678d06740a64d9e969ce178e27da6a6_211) | [39](#i5678d06740a64d9e969ce178e27da6a6_211) |
|  | Note 12. | [Insurance Liabilities](#i5678d06740a64d9e969ce178e27da6a6_220) | [42](#i5678d06740a64d9e969ce178e27da6a6_220) |
|  | Note 13. | [Contingencies, Commitments and Guarantees](#i5678d06740a64d9e969ce178e27da6a6_232) | [45](#i5678d06740a64d9e969ce178e27da6a6_232) |
|  | Note 14. | [Equity](#i5678d06740a64d9e969ce178e27da6a6_238) | [46](#i5678d06740a64d9e969ce178e27da6a6_238) |
|  | Note 15. | [Earnings Per Common Share (EPS)](#i5678d06740a64d9e969ce178e27da6a6_271) | [50](#i5678d06740a64d9e969ce178e27da6a6_271) |
|  | Note 16. | [Income Taxes](#i5678d06740a64d9e969ce178e27da6a6_277) | [51](#i5678d06740a64d9e969ce178e27da6a6_277) |
|  | Note 17. | [Subsequent Events](#i5678d06740a64d9e969ce178e27da6a6_514) | [53](#i5678d06740a64d9e969ce178e27da6a6_514) |
| [ITEM 2](#i5678d06740a64d9e969ce178e27da6a6_292) | **[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i5678d06740a64d9e969ce178e27da6a6_292)** | **[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i5678d06740a64d9e969ce178e27da6a6_292)** | **[54](#i5678d06740a64d9e969ce178e27da6a6_292)** |
|  | • [Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results](#i5678d06740a64d9e969ce178e27da6a6_295) | • [Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results](#i5678d06740a64d9e969ce178e27da6a6_295) | [54](#i5678d06740a64d9e969ce178e27da6a6_295) |
|  | • [Use of Non-GAAP Measures](#i5678d06740a64d9e969ce178e27da6a6_301) | • [Use of Non-GAAP Measures](#i5678d06740a64d9e969ce178e27da6a6_301) | [57](#i5678d06740a64d9e969ce178e27da6a6_301) |
|  | • [Critical Accounting Estimates](#i5678d06740a64d9e969ce178e27da6a6_304) | • [Critical Accounting Estimates](#i5678d06740a64d9e969ce178e27da6a6_304) | [59](#i5678d06740a64d9e969ce178e27da6a6_304) |
|  | • [Executive Summary](#i5678d06740a64d9e969ce178e27da6a6_307) | • [Executive Summary](#i5678d06740a64d9e969ce178e27da6a6_307) | [59](#i5678d06740a64d9e969ce178e27da6a6_307) |
|  | • [Consolidated Results of Operations](#i5678d06740a64d9e969ce178e27da6a6_325) | • [Consolidated Results of Operations](#i5678d06740a64d9e969ce178e27da6a6_325) | [61](#i5678d06740a64d9e969ce178e27da6a6_325) |
|  | • [Business Segment Operations](#i5678d06740a64d9e969ce178e27da6a6_349) | • [Business Segment Operations](#i5678d06740a64d9e969ce178e27da6a6_349) | [66](#i5678d06740a64d9e969ce178e27da6a6_349) |
|  | • [Investments](#i5678d06740a64d9e969ce178e27da6a6_373) | • [Investments](#i5678d06740a64d9e969ce178e27da6a6_373) | [75](#i5678d06740a64d9e969ce178e27da6a6_373) |
|  | • [Insurance Reserves](#i5678d06740a64d9e969ce178e27da6a6_391) | • [Insurance Reserves](#i5678d06740a64d9e969ce178e27da6a6_391) | [82](#i5678d06740a64d9e969ce178e27da6a6_391) |
|  | • [Liquidity and Capital Resources](#i5678d06740a64d9e969ce178e27da6a6_400) | • [Liquidity and Capital Resources](#i5678d06740a64d9e969ce178e27da6a6_400) | [86](#i5678d06740a64d9e969ce178e27da6a6_400) |
|  | • [Enterprise Risk Management](#i5678d06740a64d9e969ce178e27da6a6_448) | • [Enterprise Risk Management](#i5678d06740a64d9e969ce178e27da6a6_448) | [91](#i5678d06740a64d9e969ce178e27da6a6_448) |
|  | • [Glossary](#i5678d06740a64d9e969ce178e27da6a6_457) | • [Glossary](#i5678d06740a64d9e969ce178e27da6a6_457) | [92](#i5678d06740a64d9e969ce178e27da6a6_457) |
|  | • [Acronyms](#i5678d06740a64d9e969ce178e27da6a6_460) | • [Acronyms](#i5678d06740a64d9e969ce178e27da6a6_460) | [94](#i5678d06740a64d9e969ce178e27da6a6_460) |
| [ITEM](#i5678d06740a64d9e969ce178e27da6a6_463)[3](#i5678d06740a64d9e969ce178e27da6a6_463) | **[Quantitative and Qualitative Disclosures About Market Risk](#i5678d06740a64d9e969ce178e27da6a6_463)** | **[Quantitative and Qualitative Disclosures About Market Risk](#i5678d06740a64d9e969ce178e27da6a6_463)** | **[94](#i5678d06740a64d9e969ce178e27da6a6_463)** |
| [ITEM](#i5678d06740a64d9e969ce178e27da6a6_466)4 | **[Controls and Procedures](#i5678d06740a64d9e969ce178e27da6a6_466)** | **[Controls and Procedures](#i5678d06740a64d9e969ce178e27da6a6_466)** | **[94](#i5678d06740a64d9e969ce178e27da6a6_466)** |
| **Part II – Other Information** | **Part II – Other Information** | **Part II – Other Information** | **Part II – Other Information** |
| [ITEM 1](#i5678d06740a64d9e969ce178e27da6a6_472) | **[Legal Proceedings](#i5678d06740a64d9e969ce178e27da6a6_472)** | **[Legal Proceedings](#i5678d06740a64d9e969ce178e27da6a6_472)** | **[95](#i5678d06740a64d9e969ce178e27da6a6_472)** |
| [ITEM 1A](#i5678d06740a64d9e969ce178e27da6a6_475) | **[Risk Factors](#i5678d06740a64d9e969ce178e27da6a6_475)** | **[Risk Factors](#i5678d06740a64d9e969ce178e27da6a6_475)** | **[95](#i5678d06740a64d9e969ce178e27da6a6_475)** |
| [ITEM 2](#i5678d06740a64d9e969ce178e27da6a6_487) | **[Unregistered Sales of Equity Securities and Use of Proceeds](#i5678d06740a64d9e969ce178e27da6a6_487)** | **[Unregistered Sales of Equity Securities and Use of Proceeds](#i5678d06740a64d9e969ce178e27da6a6_487)** | **[95](#i5678d06740a64d9e969ce178e27da6a6_487)** |
| [ITEM](#i5678d06740a64d9e969ce178e27da6a6_496)5 | **[Other Information](#i5678d06740a64d9e969ce178e27da6a6_496)** | **[Other Information](#i5678d06740a64d9e969ce178e27da6a6_496)** | **[96](#i5678d06740a64d9e969ce178e27da6a6_496)** |
| [ITEM 6](#i5678d06740a64d9e969ce178e27da6a6_502) | **[Exhibits](#i5678d06740a64d9e969ce178e27da6a6_502)** | **[Exhibits](#i5678d06740a64d9e969ce178e27da6a6_502)** | **[96](#i5678d06740a64d9e969ce178e27da6a6_502)** |
| **[Signatures](#i5678d06740a64d9e969ce178e27da6a6_505)** | **[Signatures](#i5678d06740a64d9e969ce178e27da6a6_505)** | **[Signatures](#i5678d06740a64d9e969ce178e27da6a6_505)** | **[97](#i5678d06740a64d9e969ce178e27da6a6_505)** |

---

AIG \| Third Quarter 2025 Form 10-Q<sub>1</sub>

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

**Part I – Financial Information**<br>

Item 1. \| Financial Statements

American International Group, Inc.

Condensed Consolidated Balance Sheets *(unaudited)*

---

| | | |
|:---|:---|:---|
| *(in millions, except for share data)* | **September 30,<br>2025** | December 31,<br>2024 |
| **Assets:** |  |  |
| &nbsp;&nbsp;Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds available for sale, at fair value, net of allowance for credit losses of $43 in 2025 and $38 in 2024 (amortized cost: 2025 - $72,008; 2024 - $66,195) | $**71184** | $64006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other bond securities, at fair value | **743** | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at fair value | **829** | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage and other loans receivable, net of allowance for credit losses of $37,740 in 2025 and $37,800 in 2024 | **3314** | 3868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets (portion measured at fair value: 2025 - $6,469; 2024 - $7,384) | **8361** | 9828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, including restricted cash of $3 in 2025 and $55 in 2024 (portion measured at fair value: 2025 - $4,860; 2024 - $9,789) | **9417** | 14462 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments** | **93848** | 93613 |
| &nbsp;&nbsp;Cash | **1589** | 1302 |
| &nbsp;&nbsp;Accrued investment income | **670** | 599 |
| &nbsp;&nbsp;Premiums and other receivables, net of allowance for credit losses and disputes of $128 in 2025 and $127 in 2024 | **11264** | 10463 |
| &nbsp;&nbsp;Reinsurance assets - Fortitude Re | **3170** | 3427 |
| &nbsp;&nbsp;Reinsurance assets - other, net of allowance for credit losses and disputes of $226 in 2025 and $220 in 2024 | **35600** | 34618 |
| &nbsp;&nbsp;Deferred income tax assets | **4567** | 4956 |
| &nbsp;&nbsp;Deferred policy acquisition costs | **2135** | 2065 |
| &nbsp;&nbsp;Goodwill | **3439** | 3373 |
| &nbsp;&nbsp;Deposit accounting assets, net of allowance for credit losses of $49 in 2025 and $49 in 2024 | **2531** | 2171 |
| &nbsp;&nbsp;Other assets, including restricted cash of $2 in 2025 and $15 in 2024 (portion measured at fair value: 2025 - $131; 2024 - $179) | **4602** | 4735 |
| **Total assets** | $**163415** | $161322 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2025 and $14 in 2024 | $**69882** | $69168 |
| &nbsp;&nbsp;Unearned premiums | **19563** | 17232 |
| &nbsp;&nbsp;Future policy benefits | **1420** | 1317 |
| &nbsp;&nbsp;Other policyholder funds | **381** | 418 |
| &nbsp;&nbsp;Fortitude Re funds withheld payable (portion measured at fair value: 2025 - $(103); 2024 - $(128)) | **3094** | 3207 |
| &nbsp;&nbsp;Premiums and other related payables | **6209** | 6052 |
| &nbsp;&nbsp;Deposit accounting liabilities | **3332** | 3005 |
| &nbsp;&nbsp;Commissions and premium taxes payable | **1490** | 1522 |
| &nbsp;&nbsp;Current and deferred income tax liabilities | **572** | 426 |
| &nbsp;&nbsp;Other liabilities (portion measured at fair value: 2025 - $121; 2024 - $251) | **7112** | 7503 |
| &nbsp;&nbsp;Long-term debt | **9087** | 8764 |
| &nbsp;&nbsp;Debt of consolidated investment entities | **156** | 158 |
| **Total liabilities** | **122298** | 118772 |
| **Contingencies, commitments and guarantees (See Note 13)** |  |  |
| **AIG shareholders' equity:** |  |  |
| &nbsp;&nbsp;Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2025 - 1,906,671,492 and 2024 - 1,906,671,492 | **4766** | 4766 |
| &nbsp;&nbsp;Treasury stock, at cost; 2025 - 1,362,180,100 shares; 2024 - 1,300,512,040 shares of common stock | **(70667)** | (65573) |
| &nbsp;&nbsp;Additional paid-in capital | **75334** | 75348 |
| &nbsp;&nbsp;Retained earnings | **36698** | 35079 |
| &nbsp;&nbsp;Accumulated other comprehensive loss | **(5046)** | (7099) |
| **Total AIG shareholders' equity** | **41085** | 42521 |
| **Non-redeemable noncontrolling interests** | **32** | 29 |
| **Total equity** | **41117** | 42550 |
| **Total liabilities and equity** | $**163415** | $161322 |

---

*See accompanying Notes to Condensed Consolidated Financial Statements.*

---

| | |
|:---|:---|
| **2** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

American International Group, Inc.

Condensed Consolidated Statements of Income (Loss) *(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| *(dollars in millions, except per common share data)* | **2025** | 2024 | **2025** | 2024 |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Premiums | $**6073** | $5945 | $**17720** | $17564 |
| &nbsp;&nbsp;Net investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income - excluding Fortitude Re funds withheld assets | **743** | 922 | **3235** | 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income - Fortitude Re funds withheld assets | **29** | 51 | **108** | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | **772** | 973 | **3343** | 2942 |
| &nbsp;&nbsp;Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative | **(431)** | 8 | **(683)** | (238) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | **(5)** | (18) | **(59)** | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | **(54)** | (157) | **(109)** | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized losses | **(490)** | (167) | **(851)** | (434) |
| &nbsp;&nbsp;Other income (loss) | **(4)** |  | **13** | 2 |
| **Total revenues** | **6351** | 6751 | **20225** | 20074 |
| **Benefits, losses and expenses:** |  |  |  |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses incurred | **3391** | 3773 | **10678** | 10753 |
| &nbsp;&nbsp;Amortization of deferred policy acquisition costs | **850** | 863 | **2522** | 2543 |
| &nbsp;&nbsp;General operating and other expenses | **1297** | 1346 | **3574** | 4194 |
| &nbsp;&nbsp;Interest expense | **99** | 112 | **291** | 353 |
| &nbsp;&nbsp;(Gain) loss on extinguishment of debt | **—** |  | **(5)** | 1 |
| &nbsp;&nbsp;Net (gain) loss on divestitures and other | **—** | 8 | **(53)** | (94) |
| **Total benefits, losses and expenses** | **5637** | 6102 | **17007** | 17750 |
| **Income from continuing operations before income tax expense** | **714** | 649 | **3218** | 2324 |
| **Income tax expense** | **190** | 168 | **852** | 571 |
| **Income from continuing operations** | **524** | 481 | **2366** | 1753 |
| **Loss from discontinued operations, net of income taxes** | **—** | (24) | **—** | (3580) |
| **Net income (loss)** | **524** | 457 | **2366** | (1827) |
| **Less: Net income (loss) attributable to noncontrolling interests** | **5** | (2) | **5** | 475 |
| **Net income (loss) attributable to AIG** | **519** | 459 | **2361** | (2302) |
| **Less: Dividends on preferred stock and preferred stock redemption premiums** | **—** |  | **—** | 22 |
| **Net income (loss) attributable to AIG common shareholders** | $**519** | $459 | $**2361** | $(2324) |
| **Income per common share attributable to AIG common shareholders:** |  |  |  |  |
| &nbsp;&nbsp;Basic: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations | $**0.94** | $0.75 | $**4.12** | $2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations | $**—** | $(0.03) | $**—** | $(6.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to AIG common shareholders | $**0.94** | $0.72 | $**4.12** | $(3.51) |
| &nbsp;&nbsp;Diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations | $**0.93** | $0.74 | $**4.08** | $2.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations | $**—** | $(0.03) | $**—** | $(6.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to AIG common shareholders | $**0.93** | $0.71 | $**4.08** | $(3.48) |
| **Weighted average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;Basic | **553308504** | 641621768 | **573176050** | 661691554 |
| &nbsp;&nbsp;Diluted | **558519830** | 647365442 | **578421227** | 667355069 |

---

*See accompanying Notes to Condensed Consolidated Financial Statements.*

AIG \| Third Quarter 2025 Form 10-Q<sub>3</sub>

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

American International Group, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss) *(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| | September 30, | September 30, | September 30, | September 30, |
|<br>*(in millions)* | **2025** | 2024 | **2025** | 2024 |
| **Net income (loss)** | $**524** | $457 | $**2366** | $(1827) |
| **Other comprehensive income (loss), net of tax** |  |  |  |  |
| &nbsp;&nbsp;Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | **—** | 37 | **(2)** | 63 |
| &nbsp;&nbsp;Change in unrealized appreciation (depreciation) of all other investments | **547** | 1349 | **1464** | 1074 |
| &nbsp;&nbsp;Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | **5** | 46 | **12** | (44) |
| &nbsp;&nbsp;Change in foreign currency translation adjustments | **(56)** | 414 | **567** | 104 |
| &nbsp;&nbsp;Change in retirement plan liabilities adjustment | **6** | 1 | **13** | 18 |
| &nbsp;&nbsp;Change in other comprehensive income (loss) related to discontinued operations | **—** |  | **—** | (945) |
| &nbsp;&nbsp;Corebridge deconsolidation | **—** |  | **—** | 7214 |
| **Other comprehensive income** | **502** | 1847 | **2054** | 7484 |
| **Comprehensive income** | **1026** | 2304 | **4420** | 5657 |
| Less: Comprehensive income attributable to noncontrolling interests | **5** | 2 | **6** | 181 |
| **Comprehensive income attributable to AIG** | $**1021** | $2302 | $**4414** | $5476 |

---

*See accompanying Notes to Condensed Consolidated Financial Statements.* 

---

| | |
|:---|:---|
| **4** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

American International Group, Inc.

Condensed Consolidated Statements of Equity *(unaudited)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions, except per share data)* | Common <br>Stock | Treasury <br>Stock | Additional <br>Paid-in <br>Capital | Retained <br>Earnings | Accumulated <br>Other <br>Comprehensive <br>Income (Loss) | Total<br>AIG<br>Share-<br>holders'<br>Equity | Non- redeemable Non-<br>controlling Interests | Total <br>Equity |
| **Three Months Ended September 30, 2025** |  |  |  |  |  |  |  |  |
| **Balance, beginning of period** | $**4766** | $**(69430)** | $**75289** | $**36424** | $**(5548)** | $**41501** | $**28** | $**41529** |
| Common stock issued under stock plans | **—** | **9** | **(1)** | **—** | **—** | **8** | **—** | **8** |
| Purchase of common stock | **—** | **(1246)** | **—** | **—** | **—** | **(1246)** | **—** | **(1246)** |
| Net income attributable to AIG or noncontrolling interests | **—** | **—** | **—** | **519** | **—** | **519** | **5** | **524** |
| Dividends on common stock ($0.45 per share) | **—** | **—** | **—** | **(246)** | **—** | **(246)** | **—** | **(246)** |
| Other comprehensive income | **—** | **—** | **—** | **—** | **502** | **502** | **—** | **502** |
| Other | **—** | **—** | **46** | **1** | **—** | **47** | **(1)** | **46** |
| **Balance, end of period** | $**4766** | $**(70667)** | $**75334** | $**36698** | $**(5046)** | $**41085** | $**32** | $**41117** |
| Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
| **Balance, beginning of period** | $4766 | $(62255) | $75274 | $34225 | $(7565) | $44445 | $30 | $44475 |
| Common stock issued under stock plans |  | 29 | (4) |  |  | 25 |  | 25 |
| Purchase of common stock |  | (1518) |  |  |  | (1518) |  | (1518) |
| Net income (loss) attributable to AIG or noncontrolling interests |  |  |  | 459 |  | 459 | (2) | 457 |
| Dividends on common stock ($0.40 per share) |  |  |  | (254) |  | (254) |  | (254) |
| Other comprehensive income |  |  |  |  | 1843 | 1843 | 4 | 1847 |
| Net decrease due to divestitures and acquisitions |  |  |  |  |  |  | (6) | (6) |
| Other |  |  | 40 | (1) |  | 39 | 8 | 47 |
| **Balance, end of period** | $4766 | $(63744) | $75310 | $34429 | $(5722) | $45039 | $34 | $45073 |

---

AIG \| Third Quarter 2025 Form 10-Q<sub>5</sub>

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

American International Group, Inc.

Condensed Consolidated Statements of Equity *(unaudited)(continued)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions, except per share data)* | Preferred<br>Stock and<br>Additional <br>Paid-in<br>Capital | Common <br>Stock | Treasury <br>Stock | Additional <br>Paid-in <br>Capital | Retained <br>Earnings | Accumulated <br>Other <br>Comprehensive <br>Income (Loss) | Total<br>AIG<br>Share-<br>holders'<br>Equity | Non- redeemable Non-<br>controlling Interests | Total <br>Equity |
| **Nine Months Ended September 30, 2025** |  |  |  |  |  |  |  |  |  |
| **Balance, beginning of the year** | $**—** | $**4766** | $**(65573)** | $**75348** | $**35079** | $**(7099)** | $**42521** | $**29** | $**42550** |
| Common stock issued under stock plans | **—** | **—** | **208** | **(174)** | **—** | **—** | **34** | **—** | **34** |
| Purchase of common stock | **—** | **—** | **(5302)** | **—** | **—** | **—** | **(5302)** | **—** | **(5302)** |
| Net income attributable to AIG or noncontrolling interests | **—** | **—** | **—** | **—** | **2361** | **—** | **2361** | **5** | **2366** |
| Dividends on common stock ($1.30 per share) | **—** | **—** | **—** | **—** | **(734)** | **—** | **(734)** | **—** | **(734)** |
| Other comprehensive income | **—** | **—** | **—** | **—** | **—** | **2053** | **2053** | **1** | **2054** |
| Distributions to noncontrolling interests | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(5)** | **(5)** |
| Other | **—** | **—** | **—** | **160** | **(8)** | **—** | **152** | **2** | **154** |
| **Balance, end of period** | $**—** | $**4766** | $**(70667)** | $**75334** | $**36698** | $**(5046)** | $**41085** | $**32** | $**41117** |
| Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |
| **Balance, beginning of year** | $485 | $4766 | $(59189) | $75810 | $37516 | $(14037) | $45351 | $5950 | $51301 |
| Common stock issued under stock plans |  |  | 322 | (314) |  |  | 8 |  | 8 |
| Redemption of preferred stock | (485) |  |  |  |  |  | (485) |  | (485) |
| Purchase of common stock |  |  | (4877) |  |  |  | (4877) |  | (4877) |
| Net income (loss) attributable to AIG or noncontrolling interests |  |  |  |  | (2302) |  | (2302) | 475 | (1827) |
| Dividends on preferred stock ($365.625 per share) and preferred stock redemption premiums |  |  |  |  | (22) |  | (22) |  | (22) |
| Dividends on common stock ($1.16 per share) |  |  |  |  | (758) |  | (758) |  | (758) |
| Other comprehensive income (loss) |  |  |  |  |  | 7778 | 7778 | (294) | 7484 |
| Net decrease due to divestitures and acquisitions |  |  |  | (418) |  | 537 | 119 | (6010) | (5891) |
| Contributions from noncontrolling interests |  |  |  |  |  |  |  | 28 | 28 |
| Distributions to noncontrolling interests |  |  |  |  |  |  |  | (72) | (72) |
| Other |  |  |  | 232 | (5) |  | 227 | (43) | 184 |
| **Balance, end of period** | $— | $4766 | $(63744) | $75310 | $34429 | $(5722) | $45039 | $34 | $45073 |

---

*See accompanying Notes to Condensed Consolidated Financial Statements.*

---

| | |
|:---|:---|
| **6** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

American International Group, Inc.

Condensed Consolidated Statements of Cash Flows *(unaudited)*

---

| | | |
|:---|:---|:---|
| | Nine Months Ended September 30, | Nine Months Ended September 30, |
| <br>*(in millions)* | **2025** | 2024 |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;Net income (loss) | $**2366** | $(1827) |
| &nbsp;&nbsp;Loss from discontinued operations | **—** | 3580 |
| &nbsp;&nbsp;**Adjustments to reconcile net income (loss) to net cash provided by operating activities:** |  |  |
| &nbsp;&nbsp;**Noncash revenues, expenses, gains and losses included in income (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net losses on sales of securities available for sale and other assets | **539** | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on divestitures and other | **(53)** | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | **(5)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains in earnings - net | **(537)** | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in income from equity method investments, net of dividends or distributions | **(16)** | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and other amortization | **2580** | 2607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments of assets | **286** | 24 |
| &nbsp;&nbsp;**Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance reserves | **540** | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums and other receivables and payables - net | **(932)** | (539) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance assets, net | **(272)** | (1199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization of deferred policy acquisition costs | **(2576)** | (2665) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current and deferred income taxes - net | **717** | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **41** | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | **312** | 1499 |
| **Net cash provided by operating activities - continuing operations** | **2678** | 3252 |
| **Net cash used in operating activities - discontinued operations** | **—** | (104) |
| **Net cash provided by operating activities** | **2678** | 3148 |
| **Cash flows from investing activities:** |  |  |
| Proceeds from (payments for) |  |  |
| &nbsp;&nbsp;Sales or distributions of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Available for sale securities | **9866** | 7323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities | **128** | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | **2371** | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divestitures, net | **—** | 6 |
| &nbsp;&nbsp;Maturities of fixed maturity securities available for sale | **6368** | 6887 |
| &nbsp;&nbsp;Principal payments received on and sales of mortgage and other loans receivable | **880** | 483 |
| &nbsp;&nbsp;Purchases of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Available for sale securities | **(19887)** | (13254) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities | **(137)** | (224) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | **(656)** | (364) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage and other loans receivable | **(245)** | (294) |
| &nbsp;&nbsp;Net change in short-term investments | **5150** | 1324 |
| &nbsp;&nbsp;Other, net | **(579)** | (187) |
| **Net cash provided by investing activities - continuing operations** | **3259** | 3190 |
| **Net cash used in investing activities - discontinued operations** | **—** | (4171) |
| **Net cash provided by (used in) investing activities** | **3259** | (981) |
| **Cash flows from financing activities:** |  |  |
| Proceeds from (payments for) |  |  |
| &nbsp;&nbsp;Issuance of long-term debt | **1241** | 1 |
| &nbsp;&nbsp;Repayments of long-term debt | **(1087)** | (510) |
| &nbsp;&nbsp;Repayments of debt of consolidated investment entities | **(2)** | (1) |
| &nbsp;&nbsp;Purchase of common stock | **(5252)** | (4830) |
| &nbsp;&nbsp;Redemption of preferred stock | **—** | (485) |
| &nbsp;&nbsp;Dividends on preferred stock and preferred stock redemption premiums | **—** | (22) |
| &nbsp;&nbsp;Dividends on common stock | **(734)** | (758) |
| &nbsp;&nbsp;Other, net | **90** | 666 |
| **Net cash used in financing activities - continuing operations** | **(5744)** | (5939) |
| **Net cash provided by financing activities - discontinued operations** | **—** | 3880 |
| **Net cash used in financing activities** | **(5744)** | (2059) |
| **Effect of exchange rate changes on cash and restricted cash** | **29** | (37) |
| Net increase in cash and restricted cash | **222** | 71 |
| Cash and restricted cash at beginning of year | **1372** | 1573 |
| Cash and restricted cash of held for sale assets | **—** | (85) |
| **Cash and restricted cash at end of period** | $**1594** | $1559 |

---

AIG \| Third Quarter 2025 Form 10-Q<sub>7</sub>

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

American International Group, Inc.

Condensed Consolidated Statements of Cash Flows *(unaudited)(continued)*

**Supplementary Disclosure of Condensed Consolidated Cash Flow Information**

---

| | | |
|:---|:---|:---|
| | Nine Months Ended September 30, | Nine Months Ended September 30, |
|<br>*(in millions)* | **2025** | 2024 |
| Cash | $**1589** | $1472 |
| Restricted cash included in Short-term investments\* | **3** | 72 |
| Restricted cash included in Other assets\* | **2** | 15 |
| Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $**1594** | $1559 |
| **Cash paid during the period for:** |  |  |
| &nbsp;&nbsp;Interest | $**268** | $581 |
| &nbsp;&nbsp;Taxes | $**135** | $811 |
| **Non-cash investing activities:** |  |  |
| &nbsp;&nbsp;Fixed maturity securities available for sale received in connection with pension risk transfer transactions attributed to discontinued operations | $**—** | $1316 |
| &nbsp;&nbsp;Fixed maturity securities and other invested assets received in connection with reinsurance transactions | $**—** | $254 |
| &nbsp;&nbsp;Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions | $**(17)** | $(148) |
| **Non-cash financing activities:** |  |  |
| &nbsp;&nbsp;Interest credited to policyholder contract deposits included in financing activities | $**—** | $2416 |
| &nbsp;&nbsp;Fee income debited to policyholder contract deposits included in financing activities | $**—** | $(1426) |

---

\*Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.

*See accompanying Notes to Condensed Consolidated Financial Statements.*

---

| | |
|:---|:---|
| **8** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 1. Basis of Presentation**

1. Basis of Presentation

American International Group, Inc. is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in over 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners. Unless the context indicates otherwise, the terms "AIG," "we," "us," "our" or "the Company" mean American International Group, Inc. and its consolidated subsidiaries, and the term "AIG Parent" means American International Group, Inc. and not any of its consolidated subsidiaries.

These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Annual Report). The condensed consolidated financial information as of December 31, 2024 included herein has been derived from the audited Consolidated Financial Statements in the 2024 Annual Report.

In the opinion of management, these Condensed Consolidated Financial Statements contain normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary for a fair statement of the results presented herein. Results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

We evaluated the need to recognize or disclose events that occurred subsequent to September 30, 2025 and prior to the issuance of these Condensed Consolidated Financial Statements.

**USE OF ESTIMATES**

The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:

• loss reserves;

• reinsurance assets, including the allowance for credit losses and disputes;

• allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities;

• fair value measurements of certain financial assets and financial liabilities; and

• income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

2. Summary of Significant Accounting Policies

**FUTURE APPLICATION OF ACCOUNTING STANDARDS**

**Income Tax**

In December 2023, the Financial Accounting Standards Board (FASB) issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a company's effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, which AIG plans to adopt on a prospective basis. The adoption of the standard will not have an impact on AIG's consolidated results of operations and financial condition as this standard is related to the disclosures in the Notes to the Consolidated Financial Statements.

**Disaggregation of Income Statement Expenses**

On November 4, 2024, the FASB issued new guidance that is intended to improve disclosures regarding the nature of expenses included in the income statement. The standard will require companies to disaggregate certain expense captions into specified categories in disclosures within notes to the financial statements and provide qualitative descriptions for those that are not separately disclosed. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods

AIG \| Third Quarter 2025 Form 10-Q<sub>9</sub>

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 2. Summary of Significant Accounting Policies**

within annual reporting periods beginning after December 15, 2027. The requirements can be applied prospectively or retrospectively for prior periods presented when adopted. We are assessing the impact of the standard.

**Improvements to Internal-use Software**

In September 2025, the FASB issued targeted improvements to modernize the accounting for software development costs by aligning it with how software is developed today. The effective date for the standard is for annual periods beginning after December 15, 2027 and interim reporting periods within those fiscal years. Early adoption is permitted. The amendments can be applied either prospectively, retrospectively or utilizing a modified transition approach. We are assessing the impact of the standard.

3. Segment Information

In the fourth quarter of 2024, the Company realigned its organizational structure and the composition of its reportable segments to reflect changes in how the Company manages its operations, specifically the level at which its chief operating decision makers (CODMs) regularly review operating results and allocate resources. Our CODMs are the chief executive officer (CEO) and chief financial officer (CFO). The CODMs evaluate performance of the segments based on underwriting income (loss). The CODMs use this measure to benchmark AIG's performance, assessing performance of the segments and in establishing management's compensation.

AIG has three reportable segments: North America Commercial, International Commercial and Global Personal. Prior year's presentations have been recast to conform to the new reportable segments. Our General Insurance business (General Insurance) consists of our three segments and the Net investment income related to our insurance operations.

**NORTH AMERICA COMMERCIAL** 

North America Commercial consists of insurance businesses in the United States, Canada and Bermuda.

**INTERNATIONAL COMMERCIAL** 

International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Underwriting Ltd. as well as AIG's Global Specialty business.

**GLOBAL PERSONAL**

Global Personal consists primarily of insurance businesses in the United States as well as Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China.

**PRODUCTS**

The segments consist of the following products:

–North America and International Commercial consists of Property & Short Tail, Casualty, Financial Lines and Global Specialty.

–Global Personal consists of Global Accident & Health and Personal Lines.

**OTHER OPERATIONS**

Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge Financial, Inc. (Corebridge) dividend income, corporate General operating expenses, and Interest expense.

**SEGMENT RESULTS**

Management uses Underwriting income (loss) as the basis for the segment performance reviews. AIG calculates Underwriting income (loss) by subtracting Losses and loss adjustment expense incurred, Amortization of deferred policy acquisition costs (DAC), Other acquisition cost, and General operating expense from Net premiums earned. Assets by reportable segment are not used by the CODMs for purposes of making decisions about allocating resources to the segment and assessing its performance.

---

| | |
|:---|:---|
| **10** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 3. Segment Information**

**The following table presents AIG's continuing operations by segment:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| *(in millions)* | Net<br>Premiums<br>Written | Net<br>Premiums<br>Earned | Losses<br>and Loss<br>Adjustment<br>Expenses<br>Incurred<sup>(a)</sup> | Amortization<br>of DAC<sup>(a)</sup> | Other<br>Acquisition<br>Expenses<sup>(a)</sup> | General<br>Operating<br>Expenses<sup>(a)(b)</sup> | Underwriting<br>Income<br>(Loss) | Net<br>Investment<br>Income | Reconciliation<br>to Income<br>(Loss) from<br>Continuing<br>Operations<br>Before<br>Income Tax<br>Expense |
| North America Commercial | $**2435** | $**2198** | $**1303** | $**221** | $**44** | $**246** | $**384** |  |  |
| International Commercial | **2115** | **2188** | **1167** | **285** | **96** | **310** | **330** |  |  |
| Global Personal | **1680** | **1654** | **909** | **345** | **97** | **224** | **79** |  |  |
| &nbsp;&nbsp;**Total General Insurance** | $**6230** | $**6040** | $**3379** | $**851** | $**237** | $**780** | $**793** | $**945** | $**1738** |
| Interest expense |  |  |  |  |  |  |  | **—** | **(100)** |
| Other Operations |  |  |  |  |  |  |  | **77** | **(18)** |
| Elimination and consolidations |  |  |  |  |  |  |  | **2** | **2** |
| **Total** |  |  |  |  |  |  |  | **1024** | **1622** |
| **Reconciling items:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | **(288)** | **(288)** |
| &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | **29** | **29** |
| &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | **—** | **(5)** |
| &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | **—** | **(54)** |
| &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | **(2)** | **(433)** |
| &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | **—** | **9** |
| &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | **—** | **2** |
| &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | **9** | **1** |
| &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | **—** | **(6)** |
| &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | **—** | **(7)** |
| &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | **—** | **(153)** |
| &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | **—** | **(3)** |
| **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | $**772** | $**714** |

---

AIG \| Third Quarter 2025 Form 10-Q<sub>11</sub>

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 3. Segment Information**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 |
| *(in millions)* | Net<br>Premiums<br>Written | Net<br>Premiums<br>Earned | Losses<br>and Loss<br>Adjustment<br>Expenses<br>Incurred<sup>(a)</sup> | Amortization<br>of DAC<sup>(a)</sup> | Other<br>Acquisition<br>Expenses<sup>(a)</sup> | General<br>Operating<br>Expenses<sup>(a)(b)</sup> | Underwriting<br>Income<br>(Loss) | Net<br>Investment<br>Income | Reconciliation<br>to Income<br>(Loss) from<br>Continuing<br>Operations<br>Before<br>Income Tax<br>Expense |
| North America Commercial | $2445 | $2123 | $1532 | $206 | $64 | $225 | $96 |  |  |
| International Commercial | 2052 | 2039 | 1092 | 259 | 96 | 272 | 320 |  |  |
| Global Personal | 1883 | 1785 | 987 | 398 | 132 | 247 | 21 |  |  |
| &nbsp;&nbsp;**Total General Insurance** | $6380 | $5947 | $3611 | $863 | $292 | $744 | $437 | $773 | $1210 |
| Interest expense |  |  |  |  |  |  |  |  | (110) |
| Other Operations |  |  |  |  |  |  |  | 120 | (28) |
| Elimination and consolidations |  |  |  |  |  |  |  | (1) | 3 |
| **Total** |  |  |  |  |  |  |  | 892 | 1075 |
| **Reconciling items:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | 25 | 25 |
| &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | 51 | 51 |
| &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets |  | (18) |
| &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative |  | (157) |
| &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> |  | 7 |
| &nbsp;&nbsp;Net loss on divestitures and other | &nbsp;&nbsp;Net loss on divestitures and other | &nbsp;&nbsp;Net loss on divestitures and other | &nbsp;&nbsp;Net loss on divestitures and other | &nbsp;&nbsp;Net loss on divestitures and other | &nbsp;&nbsp;Net loss on divestitures and other | &nbsp;&nbsp;Net loss on divestitures and other | &nbsp;&nbsp;Net loss on divestitures and other |  | (8) |
| &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements |  | (126) |
| &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) | &nbsp;&nbsp;Net loss reserve discount benefit (charge) |  | (29) |
| &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | 5 | (8) |
| &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses |  | (22) |
| &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> |  | (137) |
| &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes |  | (4) |
| **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | $973 | $649 |

---

---

| | |
|:---|:---|
| **12** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 3. Segment Information**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| *(in millions)* | Net<br>Premiums<br>Written | Net<br>Premiums<br>Earned | Losses<br>and Loss<br>Adjustment<br>Expenses<br>Incurred<sup>(a)</sup> | Amortization<br>of DAC<sup>(a)</sup> | Other<br>Acquisition<br>Expenses<sup>(a)</sup> | General<br>Operating<br>Expenses<sup>(a)(b)</sup> | Underwriting<br>Income<br>(Loss) | Net<br>Investment<br>Income | Reconciliation<br>to Income<br>(Loss) from<br>Continuing<br>Operations<br>Before<br>Income Tax<br>Expense |
| North America Commercial | $**6472** | $**6455** | $**4169** | $**654** | $**137** | $**681** | $**814** |  |  |
| International Commercial | **6467** | **6363** | **3515** | **799** | **274** | **905** | **870** |  |  |
| Global Personal | **4697** | **4869** | **2889** | **1069** | **259** | **674** | **(22)** |  |  |
| &nbsp;&nbsp;**Total General Insurance** | $**17636** | $**17687** | $**10573** | $**2522** | $**670** | $**2260** | $**1662** | $**2552** | $**4214** |
| Interest expense |  |  |  |  |  |  |  | **—** | **(292)** |
| Other Operations |  |  |  |  |  |  |  | **273** | **—** |
| Elimination and consolidations |  |  |  |  |  |  |  | **(1)** | **—** |
| **Total** |  |  |  |  |  |  |  | **2824** | **3922** |
| **Reconciling items:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | **393** | **393** |
| &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | **—** | **5** |
| &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | **108** | **108** |
| &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | **—** | **(59)** |
| &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | **—** | **(109)** |
| &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | **(4)** | **(690)** |
| &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | **—** | **53** |
| &nbsp;&nbsp;Non-operating litigation reserves and settlements | &nbsp;&nbsp;Non-operating litigation reserves and settlements | &nbsp;&nbsp;Non-operating litigation reserves and settlements | &nbsp;&nbsp;Non-operating litigation reserves and settlements | &nbsp;&nbsp;Non-operating litigation reserves and settlements | &nbsp;&nbsp;Non-operating litigation reserves and settlements | &nbsp;&nbsp;Non-operating litigation reserves and settlements | &nbsp;&nbsp;Non-operating litigation reserves and settlements | **—** | **13** |
| &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | **—** | **(53)** |
| &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | **—** | **(27)** |
| &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | **22** | **8** |
| &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | &nbsp;&nbsp;Non-operating pension expenses | **—** | **(16)** |
| &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | **—** | **(13)** |
| &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | **—** | **(307)** |
| &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | **—** | **(10)** |
| **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | $**3343** | $**3218** |

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AIG \| Third Quarter 2025 Form 10-Q<sub>13</sub>

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 3. Segment Information**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| *(in millions)* | Net<br>Premiums<br>Written | Net<br>Premiums<br>Earned | Losses<br>and Loss<br>Adjustment<br>Expenses<br>Incurred<sup>(a)</sup> | Amortization<br>of DAC<sup>(a)</sup> | Other<br>Acquisition<br>Expenses<sup>(a)</sup> | General<br>Operating<br>Expenses<sup>(a)(b)</sup> | Underwriting<br>Income<br>(Loss) | Net<br>Investment<br>Income | Reconciliation<br>to Income<br>(Loss) from<br>Continuing<br>Operations<br>Before<br>Income Tax<br>Expense |
| North America Commercial | $6228 | $6046 | $4109 | $615 | $164 | $635 | $523 |  |  |
| International Commercial | 6275 | 6081 | 3381 | 753 | 266 | 801 | 880 |  |  |
| Global Personal | 5322 | 5355 | 2982 | 1164 | 395 | 754 | 60 |  |  |
| &nbsp;&nbsp;**Total General Insurance** | $17825 | $17482 | $10472 | $2532 | $825 | $2190 | $1463 | $2281 | $3744 |
| Interest expense |  |  |  |  |  |  |  |  | (336) |
| Other Operations |  |  |  |  |  |  |  | 332 | (164) |
| Elimination and consolidations |  |  |  |  |  |  |  | (1) | (3) |
| **Total** |  |  |  |  |  |  |  | 2612 | 3241 |
| **Reconciling items:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | &nbsp;&nbsp;Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | 172 | 172 |
| &nbsp;&nbsp;Other income (expense) - net | &nbsp;&nbsp;Other income (expense) - net | &nbsp;&nbsp;Other income (expense) - net | &nbsp;&nbsp;Other income (expense) - net | &nbsp;&nbsp;Other income (expense) - net | &nbsp;&nbsp;Other income (expense) - net | &nbsp;&nbsp;Other income (expense) - net | &nbsp;&nbsp;Other income (expense) - net | 16 |  |
| &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;Gain (loss) on extinguishment of debt |  | (1) |
| &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net investment income on Fortitude Re funds withheld assets | 123 | 123 |
| &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets |  | (38) |
| &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative |  | (158) |
| &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | &nbsp;&nbsp;Net realized gains (losses)<sup>(c)</sup> | 6 | (234) |
| &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other | &nbsp;&nbsp;Net gain on divestitures and other |  | 94 |
| &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | &nbsp;&nbsp;Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements |  | (66) |
| &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge | &nbsp;&nbsp;Net loss reserve discount charge |  | (131) |
| &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | &nbsp;&nbsp;Net results of businesses in run-off<sup>(d)</sup> | 13 | 4 |
| &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses | &nbsp;&nbsp;Integration and transaction costs associated with acquiring or divesting businesses |  | (37) |
| &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> | &nbsp;&nbsp;Restructuring and other costs<sup>(e)</sup> |  | (630) |
| &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes | &nbsp;&nbsp;Non-recurring costs related to regulatory or accounting changes |  | (15) |
| **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | **Total AIG Consolidated** | $2942 | $2324 |

---

(a)These represent our significant expense categories of which amounts align with the segment-level information that is regularly provided to the CODMs.

(b)General operating expenses are primarily comprised of employee compensation and benefits, as well as professional fees.

(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 held by AIG in support of Fortitude Re's reinsurance obligations to AIG (Fortitude Re funds withheld assets).

(d)In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes. In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.

(e)In the three and nine months ended September 30, 2025 and 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and, in the nine months ended September 30, 2024, real estate impairment charges.

For the three and nine months ended September 30, 2024, we recorded severance charges of $66 million and $351 million, respectively, and asset impairment charges of $53 million for the nine months ended September 30, 2024, as a result of restructuring activities.

4. Discontinued Operations Presentation

**DISCONTINUED OPERATIONS PRESENTATION**

We present a business, or a component of an entity, as discontinued operations if a) it meets the held-for-sale criteria, or is disposed of by sale, or is disposed of other than by sale, and b) the disposal of the business, or component of an entity, represents a strategic shift that has (or will have) a major effect on AIG's financial results.

**Deconsolidation of Corebridge**

On June 9, 2024, AIG held 48.4 percent of Corebridge common stock, waived its right to majority representation on the Corebridge Board of Directors and one of AIG's designees resigned from the Corebridge Board of Directors as of June 9, 2024 (the Deconsolidation Date). As a result, AIG met the requirements for the deconsolidation of Corebridge.

---

| | |
|:---|:---|
| **14** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 4. Discontinued Operations Presentation**

In the second quarter of 2024, AIG recognized a loss of $4.7 billion as a result of the deconsolidation, mainly due to the recognition of an accumulated comprehensive loss of $7.2 billion. The loss was recorded as a component of discontinued operations.

The historical financial results of Corebridge are reflected in these Condensed Consolidated Financial Statements as discontinued operations.

**Post Deconsolidation of Corebridge**

Subsequent to the Deconsolidation Date, AIG elected the fair value option and reflects its retained interest in Corebridge as an equity method investment in Other invested assets using Corebridge's stock price as its fair value. Dividends received from Corebridge and changes in its stock price are recognized in Net investment income.

In August and September 2025, we sold an aggregate of approximately 31.2 million shares of Corebridge common stock at a public offering price of $33.65 per share, which included 30 million shares initially offered and the partial exercise by the underwriters of their option to purchase additional shares. The aggregate proceeds to AIG Parent were approximately $1.0 billion.

On November 4, 2025, AIG launched a secondary public offering to sell 32.6 million shares of Corebridge common stock at a public offering price of $31.10 per share, corresponding to approximately $1.0 billion of gross proceeds. Subject to the completion of the offering, Corebridge has announced that it intends to purchase approximately $500 million of common stock from the underwriter at the same per share price to be paid by the underwriter to AIG, net of underwriting discounts and commissions. The offering is expected to close on November 6, 2025.

Due to share repurchases by Corebridge and the sale of shares by AIG after the Deconsolidation Date, as of September 30, 2025, AIG held 15.5 percent of the outstanding common stock of Corebridge.

**The following provides Corebridge's pre-tax income as well as our equity method income (representing the sum of dividends received and changes in its stock price).** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
|<br>*(in millions)* | **2025** | 2024 | **2025** | 2024 |
| Corebridge pre-tax income (loss) | $**(42)** | $(1594) | $**(1512)** | $(122) |
| Equity method income related to Corebridge (based on fair value) | $**(328)** | $11 | $**394** | $2094 |

---

**The following table presents the amounts related to the operations of Corebridge that have been reflected in Net income from discontinued operations:**

---

| | | |
|:---|:---|:---|
| *(in millions)* | Three Months Ended<br>September 30, 2024 | Nine Months Ended<br>September 30, 2024 |
| **Revenues:** |  |  |
| &nbsp;&nbsp;Premiums | $— | $2723 |
| &nbsp;&nbsp;Policy fees |  | 1269 |
| &nbsp;&nbsp;Net investment income |  | 5238 |
| &nbsp;&nbsp;Net realized losses |  | (923) |
| &nbsp;&nbsp;Other income |  | 372 |
| **Total revenues** |  | 8679 |
| **Benefits, losses and expenses:** |  |  |
| &nbsp;&nbsp;Policyholder benefits and losses incurred |  | 3618 |
| &nbsp;&nbsp;Change in the fair value of market risk benefits, net |  | (350) |
| &nbsp;&nbsp;Interest credited to policyholder account balances |  | 2184 |
| &nbsp;&nbsp;Amortization of deferred policy acquisition costs |  | 465 |
| &nbsp;&nbsp;General operating and other expenses |  | 1350 |
| &nbsp;&nbsp;Interest expense |  | 249 |
| &nbsp;&nbsp;Net gain on divestitures and other |  | (191) |
| **Total benefits, losses and expenses** |  | 7325 |
| **Income from discontinued operations before income tax expense and loss on disposal of discontinued operations** |  | 1354 |
| **Income tax expense** |  | 226 |
| **Income from discontinued operations, net of income taxes before loss on disposal of discontinued operations** |  | 1128 |
| **Loss on disposition of operations, net of tax** | (24) | (4708) |
| **Loss from discontinued operations, net of income taxes** | (24) | (3580) |
| **Less: Net income from discontinued operations attributable to noncontrolling interests** | (2) | 475 |
| **Net loss from discontinued operations attributable to AIG** | $(22) | $(4055) |

---

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **15** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 5. Fair Value Measurements**

5. Fair Value Measurements

**FAIR VALUE MEASUREMENTS ON A RECURRING BASIS**

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three "levels" based on the observability of valuation inputs:

• **Level 1:** Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

• **Level 2:** Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

• **Level 3:** Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

**ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS**

**The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | Level 1 | Level 2 | Level 3 | Counterparty<br>Netting<sup>(a)</sup> | Cash<br>Collateral | Total |
| *(in millions)* | Level 1 | Level 2 | Level 3 | Counterparty<br>Netting<sup>(a)</sup> | Cash<br>Collateral | Total |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Bonds available for sale:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and government sponsored entities | $**177** | $**3610** | $**—** | $**—** | $**—** | $**3787** |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | **—** | **2886** | **3** | **—** | **—** | **2889** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. governments | **52** | **6554** | **7** | **—** | **—** | **6613** |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | **—** | **36831** | **120** | **—** | **—** | **36951** |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | **—** | **8677** | **1626** | **—** | **—** | **10303** |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | **—** | **4168** | **22** | **—** | **—** | **4190** |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | **—** | **4965** | **1486** | **—** | **—** | **6451** |
| &nbsp;&nbsp;**Total bonds available for sale** | **229** | **67691** | **3264** | **—** | **—** | **71184** |
| &nbsp;&nbsp;**Other bond securities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | **—** | **51** | **—** | **—** | **—** | **51** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. governments | **—** | **22** | **—** | **—** | **—** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | **—** | **257** | **1** | **—** | **—** | **258** |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | **—** | **46** | **53** | **—** | **—** | **99** |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | **—** | **42** | **—** | **—** | **—** | **42** |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | **—** | **139** | **132** | **—** | **—** | **271** |
| &nbsp;&nbsp;**Total other bond securities** | **—** | **557** | **186** | **—** | **—** | **743** |
| &nbsp;&nbsp;**Equity securities** | **767** | **1** | **61** | **—** | **—** | **829** |
| &nbsp;&nbsp;**Other invested assets**<sup>(b)</sup> | **2651** | **223** | **93** | **—** | **—** | **2967** |
| &nbsp;&nbsp;**Derivative assets**<sup>(c)</sup> | **—** | **356** | **32** | **(179)** | **(207)** | **2** |
| &nbsp;&nbsp;**Short-term investments** | **3433** | **1427** | **—** | **—** | **—** | **4860** |
| &nbsp;&nbsp;**Other assets**<sup>(c)</sup> | **—** | **—** | **129** | **—** | **—** | **129** |
| **Total** | $**7080** | $**70255** | $**3765** | $**(179)** | $**(207)** | $**80714** |

---

---

| | |
|:---|:---|
| **16** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 5. Fair Value Measurements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | Level 1 | Level 2 | Level 3 | Counterparty<br>Netting<sup>(a)</sup> | Cash<br>Collateral | Total |
| *(in millions)* | Level 1 | Level 2 | Level 3 | Counterparty<br>Netting<sup>(a)</sup> | Cash<br>Collateral | Total |
| **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Derivative liabilities**<sup>(c)</sup> | $**—** | $**412** | $**32** | $**(179)** | $**(216)** | $**49** |
| &nbsp;&nbsp;**Fortitude Re funds withheld payable** | **—** | **—** | **(103)** | **—** | **—** | **(103)** |
| &nbsp;&nbsp;**Other liabilities** | **—** | **—** | **72** | **—** | **—** | **72** |
| **Total** | $**—** | $**412** | $**1** | $**(179)** | $**(216)** | $**18** |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2024 | Level 1 | Level 2 | Level 3 | Counterparty<br>Netting<sup>(a)</sup> | Cash<br>Collateral | Total |
| *(in millions)* | Level 1 | Level 2 | Level 3 | Counterparty<br>Netting<sup>(a)</sup> | Cash<br>Collateral | Total |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Bonds available for sale:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and government sponsored entities | $36 | $3231 | $— | $— | $— | $3267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states, municipalities and political subdivisions |  | 3140 | 3 |  |  | 3143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. governments | 161 | 7939 | 7 |  |  | 8107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt |  | 31586 | 240 |  |  | 31826 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS |  | 6710 | 1894 |  |  | 8604 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS |  | 3900 | 26 |  |  | 3926 |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS |  | 4293 | 840 |  |  | 5133 |
| &nbsp;&nbsp;**Total bonds available for sale** | 197 | 60799 | 3010 |  |  | 64006 |
| &nbsp;&nbsp;**Other bond securities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states, municipalities and political subdivisions |  | 50 |  |  |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. governments |  | 24 |  |  |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt |  | 281 | 1 |  |  | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS |  | 50 | 50 |  |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS |  | 43 |  |  |  | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS |  | 133 | 113 |  |  | 246 |
| &nbsp;&nbsp;**Total other bond securities** |  | 581 | 164 |  |  | 745 |
| &nbsp;&nbsp;**Equity securities** | 689 |  | 15 |  |  | 704 |
| &nbsp;&nbsp;**Other invested assets** <sup>(b)</sup> | 3810 | 119 | 163 |  |  | 4092 |
| &nbsp;&nbsp;**Derivative assets**<sup>(c)</sup> |  | 573 | 51 | (270) | (304) | 50 |
| &nbsp;&nbsp;**Short-term investments** | 7942 | 1847 |  |  |  | 9789 |
| &nbsp;&nbsp;**Other assets**<sup>(c)</sup> |  |  | 129 |  |  | 129 |
| **Total** | $12638 | $63919 | $3532 | $(270) | $(304) | $79515 |
| **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Derivative liabilities**<sup>(c)</sup> | $— | $571 | $51 | $(270) | $(201) | $151 |
| &nbsp;&nbsp;**Fortitude Re funds withheld payable** |  |  | (128) |  |  | (128) |
| &nbsp;&nbsp;**Other liabilities** |  |  | 100 |  |  | 100 |
| **Total** | $— | $571 | $23 | $(270) | $(201) | $123 |

---

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.

(b)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $3.5 billion and $3.3 billion as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, includes AIG's ownership interest in Corebridge of $2.7 billion and $3.8 billion, respectively, on which AIG elected the fair value option.

(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **17** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 5. Fair Value Measurements**

**CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS**

**The following tables present changes during the three and nine months ended September 30, 2025 and 2024 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at September 30, 2025 and 2024:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Fair Value<br>Beginning <br>of Period | Net Realized<br>and<br>Unrealized<br>Gains<br>(Losses)<br>Included<br>in Income | Other<br>Comprehensive<br>Income (Loss) | Purchases,<br> Sales,<br>Issuances<br>and<br>Settlements,<br>Net | Gross<br>Transfers<br>In | Gross<br>Transfers<br>Out | Other | Fair<br>Value<br>End of<br>Period | Changes in<br>Unrealized<br>Gains<br>(Losses)<br>Included in<br>Income on<br>Instruments<br>Held at End<br>of Period | Changes in<br>Unrealized Gains<br>(Losses)<br>Included in Other<br>Comprehensive<br>Income (Loss) for<br>Recurring Level 3<br>Instruments Held<br>at End of Period |
| **Three Months Ended September 30, 2025** |  |  |  |  |  |  |  |  |  |  |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Bonds available for sale:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | $**3** | $**—** | $**—** | $**—** | $**—** | $**—** | $**—** | $**3** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. governments | **6** | **—** | **—** | **—** | **1** | **—** | **—** | **7** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | **147** | **(2)** | **(15)** | **(4)** | **—** | **(6)** | **—** | **120** | **—** | **(13)** |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | **1633** | **7** | **8** | **(5)** | **—** | **(17)** | **—** | **1626** | **—** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | **26** | **(5)** | **5** | **(4)** | **—** | **—** | **—** | **22** | **—** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | **1200** | **1** | **9** | **277** | **—** | **(1)** | **—** | **1486** | **—** | **10** |
| &nbsp;&nbsp;**Total bonds available for sale** | **3015** | **1** | **7** | **264** | **1** | **(24)** | **—** | **3264** | **—** | **17** |
| &nbsp;&nbsp;**Other bond securities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Debt | **1** | **—** | **—** | **—** | **—** | **—** | **—** | **1** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | **50** | **—** | **—** | **3** | **—** | **—** | **—** | **53** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | **123** | **1** | **—** | **10** | **—** | **(2)** | **—** | **132** | **4** | **—** |
| &nbsp;&nbsp;**Total other bond securities** | **174** | **1** | **—** | **13** | **—** | **(2)** | **—** | **186** | **4** | **—** |
| &nbsp;&nbsp;Equity securities | **46** | **2** | **—** | **5** | **8** | **—** | **—** | **61** | **—** | **—** |
| &nbsp;&nbsp;Other invested assets | **93** | **(5)** | **—** | **5** | **—** | **—** | **—** | **93** | **(1)** | **—** |
| &nbsp;&nbsp;Other assets | **129** | **—** | **—** | **—** | **—** | **—** | **—** | **129** | **—** | **—** |
| **Total** | $**3457** | $**(1)** | $**7** | $**287** | $**9** | $**(26)** | $**—** | $**3733** | $**3** | $**17** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Fair Value<br>Beginning <br>of Period | Net<br>Realized<br>and<br>Unrealized<br>(Gains)<br>Losses<br>Included<br>in Income | Other<br>Comprehensive<br>(Income) Loss | Purchases,<br> Sales,<br>Issuances<br>and<br>Settlements,<br>Net | Gross<br>Transfers<br>In | Gross<br>Transfers<br>Out | Other | Fair<br>Value<br>End of<br>Period | Changes in<br>Unrealized<br>Gains<br>(Losses)<br>Included in<br>Income on<br>Instruments<br>Held at End<br>of Period | Changes in<br>Unrealized Gains<br>(Losses)<br>Included in Other<br>Comprehensive<br>Income (Loss) for<br>Recurring Level 3<br>Instruments Held<br>at End of Period |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Fortitude Re funds withheld payable | $**(185)** | $**54** | $**—** | $**28** | $**—** | $**—** | $**—** | $**(103)** | $**(30)** | $**—** |
| &nbsp;&nbsp;Other Liabilities | **81** | **(9)** | **—** | **—** | **—** | **—** | **—** | **72** | **—** | **—** |
| **Total** | $**(104)** | $**45** | $**—** | $**28** | $**—** | $**—** | $**—** | $**(31)** | $**(30)** | $**—** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Fair Value<br>Beginning <br>of Period | Net Realized<br>and<br>Unrealized<br>Gains<br>(Losses)<br>Included<br>in Income | Other<br>Comprehensive<br>Income (Loss) | Purchases,<br> Sales,<br>Issuances<br>and<br>Settlements,<br>Net | Gross<br>Transfers<br>In | Gross<br>Transfers<br>Out | Other | Fair<br>Value<br>End of<br>Period | Changes in<br>Unrealized<br>Gains<br>(Losses)<br>Included in<br>Income on<br>Instruments<br>Held at End<br>of Period | Changes in<br>Unrealized Gains<br>(Losses)<br>Included in Other<br>Comprehensive<br>Income (Loss) for<br>Recurring Level 3<br>Instruments Held<br>at End of Period |
| Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Bonds available for sale:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | $4 | $— | $— | $— | $— | $— | $— | $4 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. governments | 7 |  |  |  |  |  |  | 7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | 359 | (3) | 18 | 4 |  |  | 7 | 385 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 2016 | (1) | 110 | (23) |  |  | (7) | 2095 |  | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | 94 | (1) | 1 | (12) |  |  |  | 82 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | 1275 | (11) | 33 | (314) |  |  |  | 983 |  | 23 |
| &nbsp;&nbsp;**Total bonds available for sale** | 3755 | (16) | 162 | (345) |  |  |  | 3556 |  | 100 |
| &nbsp;&nbsp;**Other bond securities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | 44 |  |  |  |  |  | 2 | 46 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 49 | 3 |  | (2) |  |  | 5 | 55 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | 145 | 3 |  | (1) |  |  |  | 147 | 3 |  |
| &nbsp;&nbsp;**Total other bond securities** | 238 | 6 |  | (3) |  |  | 7 | 248 | 5 |  |

---

---

| | |
|:---|:---|
| **18** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 5. Fair Value Measurements**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Fair Value<br>Beginning <br>of Period | Net Realized<br>and<br>Unrealized<br>Gains<br>(Losses)<br>Included<br>in Income | Other<br>Comprehensive<br>Income (Loss) | Purchases,<br> Sales,<br>Issuances<br>and<br>Settlements,<br>Net | Gross<br>Transfers<br>In | Gross<br>Transfers<br>Out | Other | Fair<br>Value<br>End of<br>Period | Changes in<br>Unrealized<br>Gains<br>(Losses)<br>Included in<br>Income on<br>Instruments<br>Held at End<br>of Period | Changes in<br>Unrealized Gains<br>(Losses)<br>Included in Other<br>Comprehensive<br>Income (Loss) for<br>Recurring Level 3<br>Instruments Held<br>at End of Period |
| &nbsp;&nbsp;Equity securities | 13 | 1 |  | 2 |  |  | (3) | 13 |  |  |
| &nbsp;&nbsp;Other invested assets | 145 | (3) |  | 5 |  |  | 11 | 158 |  |  |
| &nbsp;&nbsp;Other assets | 130 |  |  | (1) |  |  |  | 129 |  |  |
| **Total** | $4281 | $(12) | $162 | $(342) | $— | $— | $15 | $4104 | $5 | $100 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Fair Value<br>Beginning <br>of Period | Net<br>Realized<br>and<br>Unrealized<br>(Gains)<br>Losses<br>Included<br>in Income | Other<br>Comprehensive<br>(Income) Loss | Purchases,<br> Sales,<br>Issuances<br>and<br>Settlements,<br>Net | Gross<br>Transfers<br>In | Gross<br>Transfers<br>Out | Other | Fair<br>Value<br>End of<br>Period | Changes in<br>Unrealized<br>Gains<br>(Losses)<br>Included in<br>Income on<br>Instruments<br>Held at End<br>of Period | Changes in<br>Unrealized Gains<br>(Losses)<br>Included in Other<br>Comprehensive<br>Income (Loss) for<br>Recurring Level 3<br>Instruments Held<br>at End of Period |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Derivative liabilities, net<sup>(a)</sup> | $(39) | $1 | $— | $2 | $— | $— | $37 | $1 | $2 | $— |
| &nbsp;&nbsp;Fortitude Re funds withheld payable | (154) | 157 |  | (3) |  |  |  |  | (153) |  |
| &nbsp;&nbsp;Other liabilities | 99 |  |  |  |  |  |  | 99 |  |  |
| **Total** | $(94) | $158 | $— | $(1) | $— | $— | $37 | $100 | $(151) | $— |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Fair Value<br>Beginning <br>of Year | Net Realized<br>and<br>Unrealized<br>Gains<br>(Losses)<br>Included<br>in Income | Other<br>Comprehensive<br>Income (Loss) | Purchases,<br> Sales,<br>Issuances<br>and<br>Settlements,<br>Net | Gross<br>Transfers<br>In | Gross<br>Transfers<br>Out | Other | Fair<br>Value<br>End of<br>Period | Changes in<br>Unrealized<br>Gains<br>(Losses)<br>Included in<br>Income on<br>Instruments<br>Held at End<br>of Period | Changes in<br>Unrealized Gains<br>(Losses)<br>Included in Other<br>Comprehensive<br>Income (Loss) for<br>Recurring Level 3<br>Instruments Held<br>at End of Period |
| **Nine Months Ended September 30, 2025** |  |  |  |  |  |  |  |  |  |  |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Bonds available for sale:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | $**3** | $**—** | $**—** | $**—** | $**—** | $**—** | $**—** | $**3** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. governments | **7** | **—** | **—** | **(1)** | **1** | **—** | **—** | **7** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | **240** | **(10)** | **(4)** | **(155)** | **49** | **(38)** | **38** | **120** | **—** | **(13)** |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | **1894** | **22** | **50** | **(101)** | **3** | **(242)** | **—** | **1626** | **—** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | **26** | **(4)** | **6** | **(9)** | **4** | **(1)** | **—** | **22** | **—** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | **840** | **7** | **20** | **685** | **—** | **(7)** | **(59)** | **1486** | **—** | **29** |
| &nbsp;&nbsp;**Total bonds available for sale** | **3010** | **15** | **72** | **419** | **57** | **(288)** | **(21)** | **3264** | **—** | **51** |
| &nbsp;&nbsp;**Other bond securities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | **1** | **—** | **—** | **—** | **—** | **—** | **—** | **1** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | **50** | **2** | **—** | **1** | **—** | **—** | **—** | **53** | **1** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | **113** | **5** | **—** | **6** | **33** | **(25)** | **—** | **132** | **9** | **—** |
| &nbsp;&nbsp;**Total other bond securities** | **164** | **7** | **—** | **7** | **33** | **(25)** | **—** | **186** | **10** | **—** |
| &nbsp;&nbsp;Equity securities | **15** | **6** | **—** | **23** | **17** | **—** | **—** | **61** | **2** | **—** |
| &nbsp;&nbsp;Other invested assets | **163** | **(5)** | **—** | **(24)** | **1** | **(63)** | **21** | **93** | **(2)** | **—** |
| &nbsp;&nbsp;Other assets | **129** | **—** | **—** | **—** | **—** | **—** | **—** | **129** | **—** | **—** |
| **Total** | $**3481** | $**23** | $**72** | $**425** | $**108** | $**(376)** | $**—** | $**3733** | $**10** | $**51** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Fair Value<br>Beginning <br>of Year | Net<br>Realized<br>and<br>Unrealized<br>(Gains)<br>Losses<br>Included<br>in Income | Other<br>Comprehensive<br>(Income) Loss | Purchases,<br> Sales,<br>Issuances<br>and<br>Settlements,<br>Net | Gross<br>Transfers<br>In | Gross<br>Transfers<br>Out | Other | Fair<br>Value<br>End of<br>Period | Changes in<br>Unrealized<br>Gains<br>(Losses)<br>Included in<br>Income on<br>Instruments<br>Held at End<br>of Period | Changes in<br>Unrealized Gains<br>(Losses)<br>Included in Other<br>Comprehensive<br>Income (Loss) for<br>Recurring Level 3<br>Instruments Held<br>at End of Period |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Fortitude Re funds withheld payable | $**(128)** | $**109** | $**—** | $**(84)** | $**—** | $**—** | $**—** | $**(103)** | $**(64)** | $**—** |
| &nbsp;&nbsp;Other Liabilities | **100** | **(28)** | **—** | **—** | **—** | **—** | **—** | **72** | **—** | **—** |
| **Total** | $**(28)** | $**81** | $**—** | $**(84)** | $**—** | $**—** | $**—** | $**(31)** | $**(64)** | $**—** |

---

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **19** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 5. Fair Value Measurements**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Fair Value<br>Beginning <br>of Year | Net Realized<br>and<br>Unrealized<br>Gains<br>(Losses)<br>Included<br>in Income | Other<br>Comprehensive<br>Income (Loss) | Purchases,<br> Sales,<br>Issuances<br>and<br>Settlements,<br>Net | Gross<br>Transfers<br>In | Gross<br>Transfers<br>Out | Other | Fair<br>Value<br>End of<br>Period | Changes in<br>Unrealized<br>Gains<br>(Losses)<br>Included in<br>Income on<br>Instruments<br>Held at End<br>of Period | Changes in<br>Unrealized Gains<br>(Losses)<br>Included in Other<br>Comprehensive<br>Income (Loss) for<br>Recurring Level 3<br>Instruments Held<br>at End of Period |
| Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Bonds available for sale:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | $3 | $— | $— | $1 | $— | $— | $— | $4 | $— | $(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. governments | 7 |  |  |  |  |  |  | 7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | 323 | (2) | 16 | (56) | 134 | (37) | 7 | 385 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 1792 | 46 | 108 | (173) | 287 | (2) | 37 | 2095 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | 25 | (5) | 7 | (30) | 85 |  |  | 82 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | 1289 | (23) | 65 | (380) | 44 | (12) |  | 983 |  | 49 |
| &nbsp;&nbsp;**Total bonds available for sale** | 3439 | 16 | 196 | (638) | 550 | (51) | 44 | 3556 |  | 56 |
| &nbsp;&nbsp;**Other bond securities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | 45 | 1 |  |  |  |  |  | 46 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 51 | 3 |  | (2) |  | (2) | 5 | 55 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | 138 | 3 |  | 4 | 2 |  |  | 147 | 1 |  |
| &nbsp;&nbsp;**Total other bond securities** | 234 | 7 |  | 2 | 2 | (2) | 5 | 248 | 4 |  |
| &nbsp;&nbsp;Equity securities | 14 | 1 |  | 2 |  | (1) | (3) | 13 | 1 |  |
| &nbsp;&nbsp;Other invested assets | 221 | (16) |  | (34) |  | (13) |  | 158 | (12) |  |
| &nbsp;&nbsp;Other assets | 243 |  |  | (114) |  |  |  | 129 |  |  |
| **Total** | $4151 | $8 | $196 | $(782) | $552 | $(67) | $46 | $4104 | $(7) | $56 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Fair Value<br>Beginning <br>of Year | Net<br>Realized<br>and<br>Unrealized<br>(Gains)<br>Losses<br>Included<br>in Income | Other<br>Comprehensive<br>(Income) Loss | Purchases,<br> Sales,<br>Issuances<br>and<br>Settlements,<br>Net | Gross<br>Transfers<br>In | Gross<br>Transfers<br>Out | Other | Fair<br>Value<br>End of<br>Period | Changes in<br>Unrealized<br>Gains<br>(Losses)<br>Included in<br>Income on<br>Instruments<br>Held at End<br>of Period | Changes in<br>Unrealized Gains<br>(Losses)<br>Included in Other<br>Comprehensive<br>Income (Loss) for<br>Recurring Level 3<br>Instruments Held<br>at End of Period |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Derivative liabilities, net<sup>(a)</sup> | $(453) | $41 | $— | $376 | $— | $— | $37 | $1 | $7 | $— |
| &nbsp;&nbsp;Fortitude Re funds withheld payable | (148) | 158 |  | (10) |  |  |  |  | (106) |  |
| &nbsp;&nbsp;Other liabilities | 122 | (2) |  | (21) |  |  |  | 99 |  |  |
| **Total** | $(479) | $197 | $— | $345 | $— | $— | $37 | $100 | $(99) | $— |

---

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

**Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:**

---

| | | | |
|:---|:---|:---|:---|
| *(in millions)* | Net<br>Investment<br>Income | Net Realized<br>Gains (Losses) | Total |
| **Three Months Ended September 30, 2025** |  |  |  |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;Bonds available for sale | $**8** | $**(7)** | $**1** |
| &nbsp;&nbsp;Other bond securities | **1** | **—** | **1** |
| &nbsp;&nbsp;Equity securities | **2** | **—** | **2** |
| &nbsp;&nbsp;Other invested assets | **(5)** | **—** | **(5)** |
| Three Months Ended September 30, 2024 |  |  |  |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;Bonds available for sale | $25 | $(41) | $(16) |
| &nbsp;&nbsp;Other bond securities | 6 |  | 6 |
| &nbsp;&nbsp;Equity securities | 1 |  | 1 |
| &nbsp;&nbsp;Other invested assets | (3) |  | (3) |
| **Nine Months Ended September 30, 2025** |  |  |  |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;Bonds available for sale | $**21** | $**(6)** | $**15** |
| &nbsp;&nbsp;Other bond securities | **7** | **—** | **7** |
| &nbsp;&nbsp;Equity securities | **6** | **—** | **6** |
| &nbsp;&nbsp;Other invested assets | **(5)** | **—** | **(5)** |

---

---

| | |
|:---|:---|
| **20** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 5. Fair Value Measurements**

---

| | | | |
|:---|:---|:---|:---|
| *(in millions)* | Net<br>Investment<br>Income | Net Realized<br>Gains (Losses) | Total |
| Nine Months Ended September 30, 2024 |  |  |  |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;Bonds available for sale | $65 | $(49) | $16 |
| &nbsp;&nbsp;Other bond securities | 7 |  | 7 |
| &nbsp;&nbsp;Equity securities | 1 |  | 1 |
| &nbsp;&nbsp;Other invested assets | (16) |  | (16) |
| *(in millions)* | Net<br>Investment<br>Income | Net Realized<br>(Gains) Losses | Total |
| **Three Months Ended September 30, 2025** |  |  |  |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;Fortitude Re funds withheld payable | $**—** | $**54** | $**54** |
| &nbsp;&nbsp;Other Liabilities | **—** | **(9)** | **(9)** |
| Three Months Ended September 30, 2024 |  |  |  |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;Derivative liabilities, net | $— | $1 | $1 |
| &nbsp;&nbsp;Fortitude Re funds withheld payable |  | 157 | 157 |
| **Nine Months Ended September 30, 2025** |  |  |  |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;Fortitude Re funds withheld payable | $**—** | $**109** | $**109** |
| &nbsp;&nbsp;Other Liabilities | **—** | **(28)** | **(28)** |
| Nine Months Ended September 30, 2024 |  |  |  |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;Derivative liabilities, net | $— | $41 | $41 |
| &nbsp;&nbsp;Fortitude Re funds withheld payable |  | 158 | 158 |
| &nbsp;&nbsp;Other Liabilities |  | (2) | (2) |

---

**The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and nine months ended September 30, 2025 and 2024 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions)* | Purchases | Sales | Issuances<br>and <br>Settlements<sup>(a)</sup> | Purchases, Sales,<br> Issuances and<br>Settlements, Net<sup>(a)</sup> |
| **Three Months Ended September 30, 2025** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;**Bonds available for sale:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | $**—** | $**(2)** | $**(2)** | $**(4)** |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | **46** | **—** | **(51)** | **(5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | **—** | **—** | **(4)** | **(4)** |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | **437** | **(14)** | **(146)** | **277** |
| &nbsp;&nbsp;**Total bonds available for sale** | **483** | **(16)** | **(203)** | **264** |
| &nbsp;&nbsp;**Other bond securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | **3** | **—** | **—** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | **11** | **—** | **(1)** | **10** |
| &nbsp;&nbsp;**Total other bond securities** | **14** | **—** | **(1)** | **13** |
| &nbsp;&nbsp;Equity securities | **21** | **(16)** | **—** | **5** |
| &nbsp;&nbsp;Other invested assets | **6** | **—** | **(1)** | **5** |
| **Total** | $**524** | $**(32)** | $**(205)** | $**287** |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Fortitude Re funds withheld payable | $**—** | $**—** | $**28** | $**28** |
| **Total** | $**—** | $**—** | $**28** | $**28** |
| Three Months Ended September 30, 2024 |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;**Bonds available for sale:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | $10 | $(4) | $(2) | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 87 | (45) | (65) | (23) |

---

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **21** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 5. Fair Value Measurements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions)* | Purchases | Sales | Issuances<br>and <br>Settlements<sup>(a)</sup> | Purchases, Sales,<br> Issuances and<br>Settlements, Net<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS |  | (12) |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | 270 | (563) | (21) | (314) |
| &nbsp;&nbsp;**Total bonds available for sale** | 367 | (624) | (88) | (345) |
| &nbsp;&nbsp;**Other bond securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS |  |  | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS |  |  | (1) | (1) |
| &nbsp;&nbsp;**Total other bond securities** |  |  | (3) | (3) |
| &nbsp;&nbsp;Equity securities | 2 |  |  | 2 |
| &nbsp;&nbsp;Other invested assets | 17 |  | (12) | 5 |
| &nbsp;&nbsp;Other assets |  |  | (1) | (1) |
| **Total** | $386 | $(624) | $(104) | $(342) |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Derivative liabilities, net | $— | $— | $2 | $2 |
| &nbsp;&nbsp;Fortitude Re funds withheld payable |  |  | (3) | (3) |
| **Total** | $— | $— | $(1) | $(1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions)* | Purchases | Sales | Issuances<br>and <br>Settlements<sup>(a)</sup> | Purchases, Sales,<br> Issuances and<br>Settlements, Net<sup>(a)</sup> |
| **Nine Months Ended September 30, 2025** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;**Bonds available for sale:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. governments | $**—** | $**—** | $**(1)** | $**(1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | **5** | **(8)** | **(152)** | **(155)** |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | **54** | **(3)** | **(152)** | **(101)** |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | **—** | **(4)** | **(5)** | **(9)** |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | **969** | **(84)** | **(200)** | **685** |
| &nbsp;&nbsp;**Total bonds available for sale** | **1028** | **(99)** | **(510)** | **419** |
| &nbsp;&nbsp;**Other bond securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | **3** | **—** | **(2)** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | **12** | **—** | **(6)** | **6** |
| &nbsp;&nbsp;**Total other bond securities** | **15** | **—** | **(8)** | **7** |
| &nbsp;&nbsp;Equity securities | **56** | **(33)** | **—** | **23** |
| &nbsp;&nbsp;Other invested assets | **7** | **—** | **(31)** | **(24)** |
| **Total** | $**1106** | $**(132)** | $**(549)** | $**425** |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Fortitude Re funds withheld payable | $**—** | $**—** | $**(84)** | $**(84)** |
| **Total** | $**—** | $**—** | $**(84)** | $**(84)** |
| Nine Months Ended September 30, 2024 |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;**Bonds available for sale:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | $1 | $— | $— | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. governments | 4 |  | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Debt | 21 | (7) | (70) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 87 | (46) | (214) | (173) |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS |  | (12) | (18) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | 336 | (565) | (151) | (380) |
| &nbsp;&nbsp;**Total bonds available for sale** | 449 | (630) | (457) | (638) |
| &nbsp;&nbsp;**Other bond securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 3 | (1) | (4) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | 11 |  | (7) | 4 |
| &nbsp;&nbsp;**Total other bond securities** | 14 | (1) | (11) | 2 |
| &nbsp;&nbsp;Equity securities | 2 |  |  | 2 |
| &nbsp;&nbsp;Other invested assets | 18 |  | (52) | (34) |
| &nbsp;&nbsp;Other assets |  |  | (114) | (114) |
| **Total** | $483 | $(631) | $(634) | $(782) |

---

---

| | |
|:---|:---|
| **22** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 5. Fair Value Measurements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions)* | Purchases | Sales | Issuances<br>and <br>Settlements<sup>(a)</sup> | Purchases, Sales,<br> Issuances and<br>Settlements, Net<sup>(a)</sup> |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Derivative liabilities, net | $— | $— | $376 | $376 |
| &nbsp;&nbsp;Fortitude Re funds withheld payable |  |  | (10) | (10) |
| &nbsp;&nbsp;Other liabilities |  |  | (21) | (21) |
| **Total** | $— | $— | $345 | $345 |

---

(a)There were no issuances during the three and nine months ended September 30, 2025 and 2024.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at September 30, 2025 and 2024 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

**Transfers of Level 3 Assets and Liabilities**

The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) (OCI) as shown in the table above excludes $0 million and $11 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and nine months ended September 30, 2025, respectively, and includes $0 million and $6 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and nine months ended September 30, 2025, respectively.

The Net realized and unrealized gains (losses) included in income (loss) or OCI as shown in the table above excludes $0 million and $(27) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and nine months ended September 30, 2024, respectively, and includes $0 million and $1 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and nine months ended September 30, 2024, respectively.

**Transfers of Level 3 Assets**

During the three months ended September 30, 2025, there were no significant transfers into Level 3 assets. There were no transfers into Level 3 assets during the three months ended September 30, 2024. During the nine months ended September 30, 2025 and 2024, transfers into Level 3 assets included investments in private placement corporate debt, commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), collateralized loan obligations (CLO)/asset backed securities (ABS) and equity securities. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, RMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

During the three months ended September 30, 2025, transfers out of Level 3 assets included investments in private placement corporate debt and RMBS. There were no transfers out of Level 3 assets during the three months ended September 30, 2024. During the nine months ended September 30, 2025 and 2024, transfers out of Level 3 assets primarily included investments in private placement corporate debt, CMBS, RMBS, CLO/ABS and equity securities. Transfers of private placement corporate debt out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

**Transfers of Level 3 Liabilities**

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three and nine months ended September 30, 2025 and 2024.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **23** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 5. Fair Value Measurements**

**QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS**

**The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions)* | **Fair Value at<br>September 30, 2025** | Valuation<br> Technique | Unobservable Input<sup>(b)</sup> | Range<br>(Weighted Average)<sup>(c)</sup> |
| **Assets:** |  |  |  |  |
| Obligations of states, municipalities and political subdivisions | $**3** | Discounted cash flow | Yield | 5.25% - 5.58% (5.41%) |
| Corporate debt | **20** | Discounted cash flow | Yield | 8.60% - 16.76% (13.63%) |
| RMBS<sup>(a)</sup> | **1197** | Discounted cash flow | Constant prepayment rate | 4.05% - 7.51% (5.78%) |
|  |  |  | Loss severity | 39.50% - 79.31% (59.41%) |
|  |  |  | Constant default rate | 0.54% - 1.96% (1.25%) |
|  |  |  | Yield | 5.20% - 5.94% (5.57%) |
| CLO/ABS<sup>(a)</sup> | **1053** | Discounted cash flow | Yield | 2.39% - 9.54% (5.88%) |
| CMBS | **5** | Discounted cash flow | Yield | 5.56% - 13.35% (8.78%) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions)* | Fair Value at<br>December 31, 2024 | Valuation<br> Technique | Unobservable Input<sup>(b)</sup> | Range<br>(Weighted Average)<sup>(c)</sup> |
| **Assets:** |  |  |  |  |
| Obligations of states, municipalities and political subdivisions | $3 | Discounted cash flow | Yield | 5.09% - 5.57% (5.33%) |
| Corporate debt | 177 | Discounted cash flow | Yield | 6.83% - 11.61% (9.22%) |
| RMBS<sup>(a)</sup> | 1321 | Discounted cash flow | Constant prepayment rate | 4.10% - 9.26% (6.68%) |
|  |  |  | Loss severity | 40.81% - 76.72% (58.76%) |
|  |  |  | Constant default rate | 0.57% - 2.48% (1.52%) |
|  |  |  | Yield | 5.89% - 6.98% (6.44%) |
| CLO/ABS<sup>(a)</sup> | 760 | Discounted cash flow | Yield | 4.24% - 8.42% (6.33%) |
| CMBS | 25 | Discounted cash flow | Yield | 7.04% - 10.12% (8.70%) |

---

(a)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

(b)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(c)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities.

The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CLO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.

**Interrelationships Between Unobservable Inputs**

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.

**Fixed Maturity Securities**

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

---

| | |
|:---|:---|
| **24** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 5. Fair Value Measurements**

**Embedded Derivatives within Reinsurance Contracts**

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG's funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

**INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE**

**The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 |
|<br>*(in millions)* |<br>Investment Category Includes | Fair Value Using NAV Per Share (or its equivalent) | Unfunded Commitments | Fair Value Using NAV Per Share (or its equivalent) | Unfunded Commitments |
| **Investment Category** |  |  |  |  |  |
| &nbsp;&nbsp;***Private equity funds:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leveraged buyout | Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage | $**1166** | $**326** | $1126 | $375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real assets | Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets | **741** | **115** | 782 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture capital | Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company | **88** | **34** | 83 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth equity | Funds that make investments in established companies for the purpose of growing their businesses | **187** | **2** | 175 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mezzanine | Funds that make investments in the junior debt and equity securities of leveraged companies | **92** | **55** | 120 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies | **1037** | **615** | 819 | 57 |
| &nbsp;&nbsp;**Total private equity funds** | &nbsp;&nbsp;**Total private equity funds** | **3311** | **1147** | 3105 | 792 |
| &nbsp;&nbsp;***Hedge funds:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Event-driven | Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations | **11** | **—** | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-short | Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk | **171** | **—** | 168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments | **9** | **—** | 8 |  |
| &nbsp;&nbsp;**Total hedge funds** |  | **191** | **—** | 187 |  |
| **Total** |  | $**3502** | $**1147** | $3292 | $792 |

---

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager's discretion, typically in one-year or two-year increments.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **25** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 5. Fair Value Measurements**

**FAIR VALUE OPTION**

**The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Gain (Loss) Three Months<br>Ended September 30, | Gain (Loss) Three Months<br>Ended September 30, | Gain (Loss) Nine Months<br>Ended September 30, | Gain (Loss) Nine Months<br>Ended September 30, |
|<br>*(in millions)* | **2025** | 2024 | **2025** | 2024 |
| Other bond securities<sup>(a)</sup> | $**10** | $20 | $**37** | $27 |
| Alternative investments<sup>(b)</sup> | **98** | 76 | **185** | 184 |
| Retained investment in Corebridge<sup>(c)</sup> | **(348)** | (35) | **316** | 30 |
| **Total gain (loss)** | $**(240)** | $61 | $**538** | $241 |

---

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. *For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.*

(b)Includes certain hedge funds, private equity funds and real estate investments.

(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge and gain/loss on sale of shares.

**FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE**

**The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Carrying<br>Value |
|<br>*(in millions)* | Level 1 | Level 2 | Level 3 | Total | Carrying<br>Value |
| **September 30, 2025** |  |  |  |  |  |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;Mortgage and other loans receivable | $**—** | $**336** | $**2929** | $**3265** | $**3314** |
| &nbsp;&nbsp;Other invested assets | **—** | **494** | **7** | **501** | **501** |
| &nbsp;&nbsp;Short-term investments | **—** | **4557** | **—** | **4557** | **4557** |
| &nbsp;&nbsp;Cash | **1589** | **—** | **—** | **1589** | **1589** |
| &nbsp;&nbsp;Other assets | **2** | **—** | **—** | **2** | **2** |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;Fortitude Re funds withheld payable | **—** | **—** | **3197** | **3197** | **3197** |
| &nbsp;&nbsp;Long-term debt | **—** | **8782** | **—** | **8782** | **9087** |
| &nbsp;&nbsp;Debt of consolidated investment entities | **—** | **—** | **156** | **156** | **156** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Carrying<br>Value |
|<br>*(in millions)* | Level 1 | Level 2 | Level 3 | Total | Carrying<br>Value |
| December 31, 2024 |  |  |  |  |  |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;Mortgage and other loans receivable | $— | $339 | $3413 | $3752 | $3868 |
| &nbsp;&nbsp;Other invested assets |  | 578 | 5 | 583 | 583 |
| &nbsp;&nbsp;Short-term investments |  | 4673 |  | 4673 | 4673 |
| &nbsp;&nbsp;Cash | 1302 |  |  | 1302 | 1302 |
| &nbsp;&nbsp;Other assets | 15 |  |  | 15 | 15 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;Fortitude Re funds withheld payable |  |  | 3335 | 3335 | 3335 |
| &nbsp;&nbsp;Long-term debt |  | 7981 | 240 | 8221 | 8764 |
| &nbsp;&nbsp;Debt of consolidated investment entities |  |  | 158 | 158 | 158 |

---

---

| | |
|:---|:---|
| **26** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 6. Investments**

6. Investments

**SECURITIES AVAILABLE FOR SALE**

**The following table presents the amortized cost and fair value of our available for sale securities:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Amortized<br>Cost | Allowance<br>for Credit<br>Losses<sup>(a)</sup> | Gross<br>Unrealized<br>Gains | Gross<br>Unrealized<br>Losses | Fair<br>Value |
| **September 30, 2025** |  |  |  |  |  |
| **Bonds available for sale:** |  |  |  |  |  |
| &nbsp;&nbsp;U.S. government and government sponsored entities | $**3837** | $**—** | $**34** | $**(84)** | $**3787** |
| &nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | **2878** | **—** | **69** | **(58)** | **2889** |
| &nbsp;&nbsp;Non-U.S. governments | **6906** | **(1)** | **82** | **(374)** | **6613** |
| &nbsp;&nbsp;Corporate debt | **37496** | **(38)** | **613** | **(1120)** | **36951** |
| &nbsp;&nbsp;**Mortgage-backed, asset-backed and collateralized:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | **10302** | **(4)** | **293** | **(288)** | **10303** |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | **4165** | **—** | **63** | **(38)** | **4190** |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | **6424** | **—** | **49** | **(22)** | **6451** |
| &nbsp;&nbsp;**Total mortgage-backed, asset-backed and collateralized** | **20891** | **(4)** | **405** | **(348)** | **20944** |
| **Total bonds available for sale**<sup>(b)</sup> | $**72008** | $**(43)** | $**1203** | $**(1984)** | $**71184** |
| December 31, 2024 |  |  |  |  |  |
| **Bonds available for sale:** |  |  |  |  |  |
| &nbsp;&nbsp;U.S. government and government sponsored entities | $3346 | $— | $20 | $(99) | $3267 |
| &nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | 3223 |  | 32 | (112) | 3143 |
| &nbsp;&nbsp;Non-U.S. governments | 8644 | (1) | 54 | (590) | 8107 |
| &nbsp;&nbsp;Corporate debt | 33031 | (28) | 581 | (1758) | 31826 |
| &nbsp;&nbsp;**Mortgage-backed, asset-backed and collateralized:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 8820 | (6) | 209 | (419) | 8604 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | 3988 | (3) | 32 | (91) | 3926 |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | 5143 |  | 34 | (44) | 5133 |
| &nbsp;&nbsp;**Total mortgage-backed, asset-backed and collateralized** | 17951 | (9) | 275 | (554) | 17663 |
| **Total bonds available for sale**<sup>(b)</sup> | $66195 | $(38) | $962 | $(3113) | $64006 |

---

(a)Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.

(b)At September 30, 2025 and December 31, 2024, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.8 billion or 8 percent and $3.6 billion or 6 percent, respectively.

**Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded**

**The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Less than 12 Months | Less than 12 Months | 12 Months or More | 12 Months or More | Total | Total |
|<br>*(in millions)* | Fair<br>Value | Gross<br>Unrealized<br>Losses | Fair<br>Value | Gross<br>Unrealized<br>Losses | Fair<br>Value | Gross<br>Unrealized<br>Losses |
| **September 30, 2025** |  |  |  |  |  |  |
| **Bonds available for sale:** |  |  |  |  |  |  |
| &nbsp;&nbsp;U.S. government and government sponsored entities | $**331** | $**10** | $**325** | $**74** | $**656** | $**84** |
| &nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | **248** | **8** | **543** | **50** | **791** | **58** |
| &nbsp;&nbsp;Non-U.S. governments | **1262** | **28** | **1311** | **344** | **2573** | **372** |
| &nbsp;&nbsp;Corporate debt | **5027** | **116** | **8729** | **1002** | **13756** | **1118** |
| &nbsp;&nbsp;RMBS | **781** | **19** | **2090** | **258** | **2871** | **277** |
| &nbsp;&nbsp;CMBS | **537** | **5** | **528** | **33** | **1065** | **38** |
| &nbsp;&nbsp;CLO/ABS | **982** | **6** | **252** | **16** | **1234** | **22** |
| **Total bonds available for sale** | $**9168** | $**192** | $**13778** | $**1777** | $**22946** | $**1969** |

---

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **27** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 6. Investments**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Less than 12 Months | Less than 12 Months | 12 Months or More | 12 Months or More | Total | Total |
| <br>*(in millions)* | Fair<br>Value | Gross<br>Unrealized<br>Losses | Fair<br>Value | Gross<br>Unrealized<br>Losses | Fair<br>Value | Gross<br>Unrealized<br>Losses |
| December 31, 2024 |  |  |  |  |  |  |
| **Bonds available for sale:** |  |  |  |  |  |  |
| &nbsp;&nbsp;U.S. government and government sponsored entities | $1718 | $21 | $358 | $78 | $2076 | $99 |
| &nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | 1502 | 33 | 586 | 79 | 2088 | 112 |
| &nbsp;&nbsp;Non-U.S. governments | 1964 | 55 | 3446 | 534 | 5410 | 589 |
| &nbsp;&nbsp;Corporate debt | 10347 | 234 | 10907 | 1515 | 21254 | 1749 |
| &nbsp;&nbsp;RMBS | 3711 | 58 | 2147 | 343 | 5858 | 401 |
| &nbsp;&nbsp;CMBS | 1052 | 18 | 992 | 71 | 2044 | 89 |
| &nbsp;&nbsp;CLO/ABS | 1368 | 9 | 315 | 35 | 1683 | 44 |
| **Total bonds available for sale** | $21662 | $428 | $18751 | $2655 | $40413 | $3083 |

---

At September 30, 2025, we held 7,530 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,415 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2024, we held 12,274 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 5,984 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at September 30, 2025 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.

**Contractual Maturities of Fixed Maturity Securities Available for Sale**

**The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:**

---

| | | |
|:---|:---|:---|
| **September 30, 2025** | Total Fixed Maturity Securities<br>Available for Sale | Total Fixed Maturity Securities<br>Available for Sale |
| *(in millions)* | Amortized Cost,<br>Net of Allowance | Fair Value |
| Due in one year or less | $**4952** | $**4936** |
| Due after one year through five years | **23651** | **23727** |
| Due after five years through ten years | **16357** | **16260** |
| Due after ten years | **6118** | **5317** |
| Mortgage-backed, asset-backed and collateralized | **20887** | **20944** |
| **Total** | $**71965** | $**71184** |

---

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

**The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
| | **2025** | **2025** | 2024 | 2024 | **2025** | **2025** | 2024 | 2024 |
|<br>*(in millions)* | Gross<br>Realized<br>Gains | Gross<br>Realized<br>Losses | Gross<br>Realized<br>Gains | Gross<br>Realized<br>Losses | Gross<br>Realized<br>Gains | Gross<br>Realized<br>Losses | Gross<br>Realized<br>Gains | Gross<br>Realized<br>Losses |
| Fixed maturity securities | $**15** | $**117** | $11 | $95 | $**45** | $**560** | $54 | $408 |

---

For the three and nine months ended September 30, 2025, the aggregate fair value of available for sale securities sold was $2.5 billion and $9.9 billion, respectively, which resulted in net realized gains (losses) of $(102) million and $(515) million, respectively. Included within the net realized gains (losses) are $(6) million and $(62) million of net realized gains (losses) for the three and nine months ended September 30, 2025, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

---

| | |
|:---|:---|
| **28** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 6. Investments**

For the three and nine months ended September 30, 2024, the aggregate fair value of available for sale securities sold was $1.9 billion and $6.9 billion, respectively, which resulted in net realized gains (losses) of $(84) million and $(354) million, respectively. Included within the net realized gains (losses) are $(18) million and $(34) million of net realized gains (losses) for the three and nine months ended September 30, 2024, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

**OTHER SECURITIES MEASURED AT FAIR VALUE**

**The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | **September 30, 2025** | **September 30, 2025** | | December 31, 2024 | December 31, 2024 | |
| *(in millions)* | Fair<br>Value | Percent<br>of Total |  | Fair<br>Value | Percent<br>of Total |  |
| **Fixed maturity securities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | $**51** | **3** | **%** | $50 | 3 | % |
| &nbsp;&nbsp;Non-U.S. governments | **22** | **1** |  | 24 | 2 |  |
| &nbsp;&nbsp;Corporate debt | **258** | **16** |  | 282 | 19 |  |
| &nbsp;&nbsp;**Mortgage-backed, asset-backed and collateralized:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | **99** | **6** |  | 100 | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | **42** | **3** |  | 43 | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS and other collateralized securities | **271** | **17** |  | 246 | 17 |  |
| **Total mortgage-backed, asset-backed and collateralized** | **412** | **26** |  | 389 | 27 |  |
| **Total fixed maturity securities** | **743** | **46** |  | 745 | 51 |  |
| **Equity securities** | **829** | **54** |  | 704 | 49 |  |
| **Total** | $**1572** | **100** | **%** | $1449 | 100 | % |

---

**OTHER INVESTED ASSETS**

**The following table summarizes the carrying amounts of other invested assets:**

---

| | | |
|:---|:---|:---|
| *(in millions)* | **September 30, 2025** | December 31, 2024 |
| Alternative investments<sup>(a)</sup> | $**3889** | $4032 |
| Retained investment in Corebridge using fair value option | **2651** | 3810 |
| All other investments<sup>(b)</sup> | **1821** | 1986 |
| **Total** | $**8361** | $9828 |

---

(a)At September 30, 2025, includes hedge funds of $191 million and private equity funds of $3.4 billion. At December 31, 2024, included hedge funds of $187 million and private equity funds of $3.6 billion. Private equity funds investments include limited partnerships, direct equities and real estate partnerships. Also includes investments in real estate, net of accumulated depreciation. At September 30, 2025 and December 31, 2024, the accumulated depreciation was $135 million and $161 million, respectively.

(b)All other investments include bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners, including $300 million in DaVinciRe Holdings Ltd, Class D, which is recorded as a measurement alternative equity security at both September 30, 2025 and December 31, 2024.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **29** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 6. Investments**

**NET INVESTMENT INCOME**

**The following table presents the components of Net investment income:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended September 30,** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *(in millions)* | Excluding Fortitude<br>Re Funds<br>Withheld Assets | Fortitude Re<br>Funds Withheld<br>Assets | Total | Excluding Fortitude<br>Re Funds<br>Withheld Assets | Fortitude Re<br>Funds Withheld<br>Assets | Total |
| Available for sale fixed maturity securities, including short-term investments | $**873** | $**13** | $**886** | $746 | $25 | $771 |
| Other fixed maturity securities | **—** | **11** | **11** | 4 | 16 | 20 |
| Equity securities | **62** | **—** | **62** | 60 |  | 60 |
| Interest on mortgage and other loans | **40** | **6** | **46** | 52 | 9 | 61 |
| Alternative investments<sup>(a)</sup> | **137** | **—** | **137** | 42 |  | 42 |
| Other investments<sup>(b)</sup> | **(331)** | **(1)** | **(332)** | 63 | 1 | 64 |
| **Total investment income** | **781** | **29** | **810** | 967 | 51 | 1018 |
| **Investment expenses** | **38** | **—** | **38** | 45 |  | 45 |
| **Net investment income** | $**743** | $**29** | $**772** | $922 | $51 | $973 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30,** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *(in millions)* | Excluding Fortitude<br>Re Funds<br>Withheld Assets | Fortitude Re<br>Funds Withheld<br>Assets | Total | Excluding Fortitude<br>Re Funds<br>Withheld Assets | Fortitude Re<br>Funds Withheld<br>Assets | Total |
| Available for sale fixed maturity securities, including short-term investments | $**2539** | $**51** | $**2590** | $2234 | $67 | $2301 |
| Other fixed maturity securities | **—** | **38** | **38** |  | 27 | 27 |
| Equity securities | **85** | **—** | **85** | 144 |  | 144 |
| Interest on mortgage and other loans | **130** | **20** | **150** | 185 | 26 | 211 |
| Alternative investments<sup>(a)</sup> | **228** | **—** | **228** | 129 | (1) | 128 |
| Other investments<sup>(b)</sup> | **368** | **(1)** | **367** | 262 | 4 | 266 |
| **Total investment income** | **3350** | **108** | **3458** | 2954 | 123 | 3077 |
| **Investment expenses** | **115** | **—** | **115** | 135 |  | 135 |
| **Net investment income** | $**3235** | $**108** | $**3343** | $2819 | $123 | $2942 |

---

(a)Includes income from hedge funds, private equity funds and real estate investments. Hedge funds are generally reported on a one-month lag. Private equity funds are generally reported on a one-quarter lag.

(b)Includes dividends received from Corebridge, changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $20 million and $(348) million, respectively, for the three months ended September 30, 2025, $78 million and $316 million, respectively, for the nine months ended September 30, 2025, $65 million and $(35) million, respectively, for the three months ended September 30, 2024, and $133 million and $30 million, respectively, for the nine months ended September 30, 2024.

**NET REALIZED GAINS AND LOSSES**

**The following table presents the components of Net realized gains (losses):**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended September 30,** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *(in millions)* | Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets | Fortitude<br>Re<br>Funds<br>Withheld<br>Assets | Total | Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets | Fortitude<br>Re<br>Funds<br>Withheld<br>Assets | Total |
| Sales of fixed maturity securities | $**(96)** | $**(6)** | $**(102)** | $(66) | $(18) | $(84) |
| Change in allowance for credit losses on fixed maturity securities | **2** | **—** | **2** | 1 | (1) |  |
| Change in allowance for credit losses on loans | **(52)** | **1** | **(51)** | (3) | (1) | (4) |
| Foreign exchange transactions | **(10)** | **(1)** | **(11)** | 65 | 1 | 66 |
| All other derivatives and hedge accounting | **(11)** | **2** | **(9)** | 7 | (2) | 5 |
| Sales of alternative investments | **(2)** | **—** | **(2)** | (18) |  | (18) |
| Other\* | **(262)** | **(1)** | **(263)** | 22 | 3 | 25 |
| **Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative** | **(431)** | **(5)** | **(436)** | 8 | (18) | (10) |
| Net realized losses on Fortitude Re funds withheld embedded derivative | **—** | **(54)** | **(54)** |  | (157) | (157) |
| **Net realized gains (losses)** | $**(431)** | $**(59)** | $**(490)** | $8 | $(175) | $(167) |

---

---

| | |
|:---|:---|
| **30** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 6. Investments**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30,** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *(in millions)* | Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets | Fortitude<br>Re<br>Funds<br>Withheld<br>Assets | Total | Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets | Fortitude<br>Re<br>Funds<br>Withheld<br>Assets | Total |
| Sales of fixed maturity securities | $**(453)** | $**(62)** | $**(515)** | $(320) | $(34) | $(354) |
| Change in allowance for credit losses on fixed maturity securities | **(5)** | **—** | **(5)** | (18) | (1) | (19) |
| Change in allowance for credit losses on loans | **(2)** | **10** | **8** | (23) |  | (23) |
| Foreign exchange transactions | **183** | **18** | **201** | 176 | (2) | 174 |
| All other derivatives and hedge accounting | **(137)** | **(20)** | **(157)** | (62) |  | (62) |
| Sales of alternative investments | **1** | **—** | **1** | (4) | (1) | (5) |
| Other\* | **(270)** | **(5)** | **(275)** | 13 |  | 13 |
| **Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative** | **(683)** | **(59)** | **(742)** | (238) | (38) | (276) |
| Net realized losses on Fortitude Re funds withheld embedded derivative | **—** | **(109)** | **(109)** |  | (158) | (158) |
| **Net realized losses** | $**(683)** | $**(168)** | $**(851)** | $(238) | $(196) | $(434) |

---

\*In the three and nine months ended September 30, 2025, Other increased primarily as a result of impairments on investments in real estate funds.

**CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS**

**The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| <br>*(in millions)* | **2025** | 2024 | **2025** | 2024 |
| **Increase (decrease) in unrealized appreciation (depreciation) of investments:** |  |  |  |  |
| Fixed maturity securities\* | $**543** | $1616 | $**1370** | $1499 |
| Other investments | **—** | (19) | **—** | (58) |
| **Total increase (decrease) in unrealized appreciation (depreciation) of investments\*** | $**543** | $1597 | $**1370** | $1441 |

---

\*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 30, 2024.

**The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended September 30,** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *(in millions)* | Equities | Other<br>Invested<br>Assets\* | Total | Equities | Other<br>Invested<br>Assets\* | Total |
| Net gains (losses) recognized during the period on equity securities and other investments | $**62** | $**(244)** | $**(182)** | $60 | $42 | $102 |
| Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | **2** | **(65)** | **(63)** | 8 |  | 8 |
| **Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date** | $**60** | $**(179)** | $**(119)** | $52 | $42 | $94 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30,** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *(in millions)* | Equities | Other<br>Invested<br>Assets\* | Total | Equities | Other<br>Invested<br>Assets\* | Total |
| Net gains recognized during the period on equity securities and other investments | $**85** | $**501** | $**586** | $144 | $234 | $378 |
| Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | **3** | **(32)** | **(29)** | 51 | 24 | 75 |
| **Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date** | $**82** | $**533** | $**615** | $93 | $210 | $303 |

---

\*Includes unrealized gains (losses) on AIG's ownership interest in Corebridge of $(348) million and $316 million in the three and nine months ended September 30, 2025, respectively, and $(35) million and $30 million in the three and nine months ended September 30, 2024, respectively.

**EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS**

*For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 6 to the Consolidated Financial Statements in the 2024 Annual Report.*

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **31** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 6. Investments**

**Credit Impairments**

**The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended September 30,** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *(in millions)* | Structured | Non-<br>Structured | Total | Structured | Non-<br>Structured | Total |
| **Balance, beginning of period** | $**10** | $**35** | $**45** | $6 | $27 | $33 |
| **Additions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Securities for which allowance for credit losses was not previously recorded | **1** | **1** | **2** | 2 |  | 2 |
| &nbsp;&nbsp;Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis | **(1)** | **4** | **3** | 4 | (6) | (2) |
| &nbsp;&nbsp;Write-offs charged against the allowance | **(5)** | **—** | **(5)** |  |  |  |
| &nbsp;&nbsp;Other | **(1)** | **(1)** | **(2)** |  | 7 | 7 |
| **Balance, end of period** | $**4** | $**39** | $**43** | $12 | $28 | $40 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30,** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *(in millions)* | Structured | Non-<br>Structured | Total | Structured | Non-<br>Structured | Total |
| **Balance, beginning of year** | $**10** | $**28** | $**38** | $13 | $21 | $34 |
| **Additions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Securities for which allowance for credit losses was not previously recorded | **1** | **21** | **22** | 3 | 9 | 12 |
| **Reductions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Securities sold during the period | **—** | **(6)** | **(6)** |  |  |  |
| &nbsp;&nbsp;Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis | **(1)** | **6** | **5** | (4) | 11 | 7 |
| &nbsp;&nbsp;Write-offs charged against the allowance | **(5)** | **(9)** | **(14)** |  | (22) | (22) |
| &nbsp;&nbsp;Other | **(1)** | **(1)** | **(2)** |  | 9 | 9 |
| **Balance, end of period** | $**4** | $**39** | $**43** | $12 | $28 | $40 |

---

**Purchased Credit Deteriorated Securities**

We purchase certain RMBS that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:

• Current delinquency rates;

• Expected default rates and the timing of such defaults;

• Loss severity and the timing of any recovery; and

• Expected prepayment speeds.

Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality.

We did not purchase securities with more than insignificant credit deterioration since their origination during the nine months ended September 30, 2025 and 2024.

**PLEDGED INVESTMENTS**

**Secured Financing and Similar Arrangements**

We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

---

| | |
|:---|:---|
| **32** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 6. Investments**

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.

We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.

**The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:**

---

| | | |
|:---|:---|:---|
| *(in millions)* | **September 30, 2025** | December 31, 2024 |
| Securities collateral pledged to us | $**2883** | $2853 |

---

At September 30, 2025 and December 31, 2024, the carrying value of reverse repurchase agreements totaled $2.9 billion and $2.8 billion, respectively.

All secured financing transactions are collateralized and margined on a daily basis consistent with market standards and subject to enforceable master netting arrangements with rights of set off. We do not currently offset any such transactions.

**Insurance – Statutory and Other Deposits**

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements and certain reinsurance contracts was $7.8 billion and $7.8 billion at September 30, 2025 and December 31, 2024, respectively.

**Other Pledges and Restrictions**

Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $13 million and $13 million of stock in FHLBs at September 30, 2025 and December 31, 2024, respectively. In addition, our subsidiaries have pledged securities available for sale with a fair value of $1.7 billion at September 30, 2025 and $1.6 billion at December 31, 2024.

Investments held in escrow accounts or otherwise subject to restriction as to their use were $74 million and $73 million, comprised of bonds available for sale and short-term investments at September 30, 2025 and December 31, 2024, respectively.

Reinsurance transactions between AIG and Fortitude Re were structured as modified coinsurance (modco) and loss portfolio transfer arrangements with funds withheld.

7. Lending Activities

**The following table presents the composition of Mortgage and other loans receivable, net:**

---

| | | |
|:---|:---|:---|
| *(in millions)* | **September 30, 2025** | December 31, 2024 |
| Commercial mortgages<sup>(a)</sup> | $**2869** | $3305 |
| Life insurance policy loans | **5** | 6 |
| Commercial loans, other loans and notes receivable<sup>(b)</sup> | **544** | 721 |
| **Total mortgage and other loans receivable**<sup>(c)</sup> | **3418** | 4032 |
| Allowance for credit losses<sup>(c)</sup><sup>(d)</sup> | **(104)** | (164) |
| **Mortgage and other loans receivable, net**<sup>(c)</sup> | $**3314** | $3868 |

---

(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 13 percent and 13 percent, respectively, at September 30, 2025 and 12 percent and 14 percent, respectively, at December 31, 2024).

(b)There were no loans that were held-for-sale carried at lower of cost or market as of September 30, 2025 and December 31, 2024.

(c)Excludes $37.6 billion at both September 30, 2025 and December 31, 2024 of loans receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. *For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.*

(d)Does not include allowance for credit losses of $0 million and $8 million at September 30, 2025 and December 31, 2024, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **33** |

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------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 7. Lending Activities**

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of September 30, 2025 and December 31, 2024, $151 million and $252 million, respectively, of commercial mortgage loans were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of September 30, 2025 and December 31, 2024, accrued interest receivable associated with commercial mortgage loans was $14 million and $15 million, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented.

**CREDIT QUALITY OF COMMERCIAL MORTGAGES**

**The following table presents debt service coverage ratios**<sup>(a)</sup> **for commercial mortgages by year of vintage:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total |
| *(in millions)* | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total |
| >1.2X | $**14** | $**48** | $**192** | $**189** | $**546** | $**1470** | $**2459** |
| 1.00 - 1.20X | **—** | **—** | **27** | **26** | **44** | **147** | **244** |
| <1.00X | **—** | **—** | **5** | **—** | **25** | **136** | **166** |
| **Total commercial mortgages** | $**14** | $**48** | $**224** | $**215** | $**615** | $**1753** | $**2869** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total |
| *(in millions)* | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total |
| >1.2X | $120 | $484 | $185 | $563 | $79 | $1482 | $2913 |
| 1.00 - 1.20X | 26 | 10 | 15 | 17 |  | 49 | 117 |
| <1.00X |  |  |  | 32 |  | 243 | 275 |
| **Total commercial mortgages** | $146 | $494 | $200 | $612 | $79 | $1774 | $3305 |

---

**The following table presents loan-to-value ratios**<sup>(b)</sup> **for commercial mortgages by year of vintage:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total |
| *(in millions)* | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total |
| Less than 65% | $**14** | $**48** | $**187** | $**174** | $**488** | $**1163** | $**2074** |
| 65% to 75% | **—** | **—** | **32** | **—** | **64** | **345** | **441** |
| 76% to 80% | **—** | **—** | **—** | **—** | **—** | **38** | **38** |
| Greater than 80% | **—** | **—** | **5** | **41** | **63** | **207** | **316** |
| **Total commercial mortgages** | $**14** | $**48** | $**224** | $**215** | $**615** | $**1753** | $**2869** |
| December 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total |
| *(in millions)* | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total |
| Less than 65% | $107 | $433 | $177 | $485 | $71 | $1012 | $2285 |
| 65% to 75% |  | 40 |  | 54 |  | 317 | 411 |
| 76% to 80% |  |  |  | 31 |  | 51 | 82 |
| Greater than 80% | 39 | 21 | 23 | 42 | 8 | 394 | 527 |
| **Total commercial mortgages** | $146 | $494 | $200 | $612 | $79 | $1774 | $3305 |

---

(a)The debt service coverage ratio compares a property's net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.8x at both September 30, 2025 and December 31, 2024. The debt service coverage ratios are updated when additional relevant information becomes available.

(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 68 percent and 65 percent at September 30, 2025 and December 31, 2024, respectively. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

---

| | |
|:---|:---|
| **34** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 7. Lending Activities**

**The following table presents supplementary credit quality information related to commercial mortgages:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Number<br>of<br>Loans | Class | Class | Class | Class | Class | Class | | Percent<br>of<br>Total | |
| *(dollars in millions)* | Number<br>of<br>Loans | Apartments | Offices | Retail | Industrial | Hotel | Others | Total | Percent<br>of<br>Total |  |
| **September 30, 2025** |  |  |  |  |  |  |  |  |  |  |
| **Past Due Status:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;In good standing | **158** | $**908** | $**1004** | $**330** | $**208** | $**203** | $**126** | $**2779** | **97** | **%** |
| &nbsp;&nbsp;90 days or less delinquent | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |  |
| &nbsp;&nbsp;>90 days delinquent or in process of foreclosure | **4** | **—** | **29** | **61** | **—** | **—** | **—** | **90** | **3** |  |
| **Total\*** | **162** | $**908** | $**1033** | $**391** | $**208** | $**203** | $**126** | $**2869** | **100** | **%** |
| **Allowance for credit losses** |  | $**1** | $**59** | $**33** | $**1** | $**10** | $**—** | $**104** | **4** | **%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Number<br>of<br>Loans | Class | Class | Class | Class | Class | Class | | Percent<br>of<br>Total | |
| *(dollars in millions)* | Number<br>of<br>Loans | Apartments | Offices | Retail | Industrial | Hotel | Others | Total | Percent<br>of<br>Total |  |
| December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
| **Past Due Status:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;In good standing | 186 | $1087 | $971 | $370 | $301 | $258 | $119 | $3106 | 94 | % |
| &nbsp;&nbsp;90 days or less delinquent | 1 |  | 25 |  |  |  |  | 25 | 1 |  |
| &nbsp;&nbsp;>90 days delinquent or in process of foreclosure | 3 |  | 112 | 62 |  |  |  | 174 | 5 |  |
| **Total\*** | 190 | $1087 | $1108 | $432 | $301 | $258 | $119 | $3305 | 100 | % |
| **Allowance for credit losses** |  | $5 | $99 | $34 | $11 | $13 | $1 | $163 | 5 | % |

---

\*Does not reflect allowance for credit losses.

**METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES**

*For a discussion of our accounting policy for evaluating Mortgage and other loans receivable for impairment, see Note 7 to the Consolidated Financial Statements in the 2024 Annual Report.* 

**The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable**<sup>(a)(b)</sup>**:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended September 30,** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *(in millions)* | Commercial<br>Mortgages | Other<br>Loans | Total | Commercial<br>Mortgages | Other<br>Loans | Total |
| **Allowance, beginning of period** | $**106** | $**—** | $**106** | $162 | $1 | $163 |
| &nbsp;&nbsp;Loans charged off | **(8)** | **—** | **(8)** |  |  |  |
| **Net charge-offs** | **(8)** | **—** | **(8)** |  |  |  |
| &nbsp;&nbsp;Addition to (release of) allowance for loan losses | **6** | **—** | **6** | 3 | 1 | 4 |
| **Allowance, end of period** | $**104** | $**—** | $**104** | $165 | $2 | $167 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30,** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *(in millions)* | Commercial<br>Mortgages | Other<br>Loans | Total | Commercial<br>Mortgages | Other<br>Loans | Total |
| **Allowance, beginning of year** | $**163** | $**1** | $**164** | $138 | $2 | $140 |
| &nbsp;&nbsp;Loans charged off | **(60)** | **—** | **(60)** |  |  |  |
| **Net charge-offs** | **(60)** | **—** | **(60)** |  |  |  |
| &nbsp;&nbsp;Addition to (release of) allowance for loan losses | **1** | **(1)** | **—** | 27 |  | 27 |
| **Allowance, end of period** | $**104** | $**—** | $**104** | $165 | $2 | $167 |

---

(a)Does not include allowance for credit losses of $0 million and $5 million at September 30, 2025 and 2024, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

(b)Excludes $37.6 billion of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. *For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.* 

Our expectations and models used to estimate the allowance for losses on commercial mortgage loans are regularly updated to reflect the current economic environment.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **35** |

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------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 7. Lending Activities**

**LOAN MODIFICATIONS**

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower's current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower's forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower's inability to access alternative third-party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.

There were no loans that had defaulted during the nine months ended September 30, 2025 and 2024, that had been previously modified with borrowers experiencing financial difficulties.

AIG closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers experiencing financial difficulty that were modified in the 12 months prior to September 30, 2025 are current and performing in conjunction with their modified terms.

8. Reinsurance

**FORTITUDE RE**

Fortitude Re is the reinsurer of the majority of AIG's run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within OCI). AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

As of September 30, 2025, $3.2 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.

---

| | |
|:---|:---|
| **36** | AIG \| Third Quarter 2025 Form 10-Q |

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------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 8. Reinsurance**

**There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 | |
| <br>*(in millions)* | Carrying<br>Value | Fair<br>Value | Carrying<br>Value | Fair<br>Value | <br>Corresponding Accounting Policy |
| Fixed maturity securities - available for sale<sup>(a)</sup> | $**1787** | $**1787** | $1918 | $1918 | Fair value through other comprehensive income (loss) |
| Fixed maturity securities - fair value option | **736** | **736** | 721 | 721 | Fair value through net investment income |
| Commercial mortgage loans | **430** | **419** | 450 | 437 | Amortized cost |
| Short-term investments | **19** | **19** | 15 | 15 | Fair value through net investment income |
| Funds withheld investment assets | **2972** | **2961** | 3104 | 3091 |  |
| Derivative assets, net<sup>(b)</sup> | **—** | **—** | 1 | 1 | Fair value through net realized gains (losses) |
| Other<sup>(c)</sup> | **133** | **133** | 115 | 115 | Amortized cost |
| **Total** | $**3105** | $**3094** | $3220 | $3207 |  |

---

(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $58 million ($46 million after-tax) and $(35) million ($(28) million after-tax), respectively for the nine months ended September 30, 2025 and for the year ended December 31, 2024.

(b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $1 million and $31 million, respectively, as of September 30, 2025. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $9 million and $2 million, respectively, as of December 31, 2024. These derivative assets and liabilities are fully collateralized either by cash or securities.

(c)Primarily comprised of Cash and Accrued investment income.

**The impact of the funds withheld arrangements with Fortitude Re was as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
|<br>*(in millions)* | **2025** | 2024 | **2025** | 2024 |
| Net investment income - Fortitude Re funds withheld assets | $**29** | $51 | $**108** | $123 |
| **Net realized losses on Fortitude Re funds withheld assets:** |  |  |  |  |
| &nbsp;&nbsp;Net realized losses - Fortitude Re funds withheld assets | **(5)** | (18) | **(59)** | (38) |
| &nbsp;&nbsp;Net realized losses - Fortitude Re funds withheld embedded derivative | **(54)** | (157) | **(109)** | (158) |
| **Net realized losses on Fortitude Re funds withheld assets** | **(59)** | (175) | **(168)** | (196) |
| **Loss from continuing operations before income tax benefit** | **(30)** | (124) | **(60)** | (73) |
| Income tax benefit<sup>(a)</sup> | **(7)** | (26) | **(13)** | (15) |
| **Net loss** | **(23)** | (98) | **(47)** | (58) |
| Change in unrealized appreciation on available for sale securities<sup>(a)</sup> | **23** | 67 | **46** | 25 |
| **Comprehensive loss** | $**—** | $(31) | $**(1)** | $(33) |

---

(a)The income tax expense (benefit) and the tax impact in Accumulated other comprehensive income (loss) (AOCI) were computed using AIG's U.S. statutory tax rate of 21 percent.

Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the asset is the primary driver of the comprehensive income (loss) reflected above.

**REINSURANCE – CREDIT LOSSES**

The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and deposit accounting assets on the consolidated balance sheets (collectively, reinsurance recoverables). This estimate requires significant judgment for which key considerations include:

• paid and unpaid amounts recoverable;

• whether the balance is in dispute or subject to legal collection;

• the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and

• whether collateral and collateral arrangements exist.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **37** |

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------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 8. Reinsurance**

An estimate of the reinsurance recoverable's lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer's ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.

The total reinsurance recoverables as of September 30, 2025 were $41.6 billion. As of that date, utilizing AIG's ORRs, (i) approximately 81 percent of the reinsurance recoverables were investment grade; (ii) approximately 15 percent of the reinsurance recoverables were non-investment grade and (iii) approximately 4 percent of the reinsurance recoverables related to entities that were not rated by AIG.

The total reinsurance recoverables as of December 31, 2024 were $40.5 billion. As of that date, utilizing AIG's ORRs, (i) approximately 83 percent of the reinsurance recoverables were investment grade; (ii) approximately 15 percent of the reinsurance recoverables were non-investment grade; (iii) approximately 2 percent of the reinsurance recoverables related to entities that were not rated by AIG.

As of September 30, 2025 and December 31, 2024, approximately 86 percent and 81 percent, respectively, of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements.

**Reinsurance Recoverable Allowance**

**The following table presents a rollforward of the reinsurance recoverable allowance:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
|<br>*(in millions)* | **2025** | 2024 | **2025** | 2024 |
| **Balance, beginning of period** | $**276** | $260 | $**269** | $255 |
| &nbsp;&nbsp;Addition to (release of) allowance for expected credit losses and disputes, net | **—** | 9 | **(1)** | 9 |
| &nbsp;&nbsp;Write-offs charged against the allowance for credit losses and disputes | **—** |  | **(1)** | (1) |
| &nbsp;&nbsp;Other changes | **(1)** | 3 | **8** | 9 |
| **Balance, end of period** | $**275** | $272 | $**275** | $272 |

---

**Past-Due Status**

We consider a reinsurance asset to be past due when it is 90 days past due. The allowance for credit losses is estimated excluding disputed amounts. An allowance for disputes is established using the losses incurred method for contingencies. Past due balances on claims that are not in dispute were not material for any of the periods presented.

9. Deferred Policy Acquisition Costs

DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that were related directly to the successful acquisition of new or renewal insurance contracts. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in General operating and other expenses in the Condensed Consolidated Statements of Income (Loss).

We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.

**The following table presents a rollforward of DAC:**

---

| | | |
|:---|:---|:---|
| **Nine Months Ended September 30,**<br>*(in millions)* | **2025** | 2024 |
| **Balance, beginning of year** | $**2065** | $2117 |
| &nbsp;&nbsp;Capitalization | **2536** | 2665 |
| &nbsp;&nbsp;Amortization expense | **(2522)** | (2543) |
| &nbsp;&nbsp;Other, including foreign exchange | **56** | (48) |
| **Balance, end of period** | $**2135** | $2191 |

---

---

| | |
|:---|:---|
| **38** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 10. Variable Interest Entities**

10. Variable Interest Entities

We enter into various arrangements with Variable Interest Entities (VIEs) in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE's capital structure, related contractual relationships and terms, nature of the VIE's operations and purpose, nature of the VIE's interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.

The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity's economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

For unconsolidated VIEs we calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE.

**The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Maximum Exposure to Loss | Maximum Exposure to Loss | Maximum Exposure to Loss | Maximum Exposure to Loss |
|<br>*(in millions)* |<br>Total VIE<br>Assets | On-Balance<br>Sheet<sup>(c)</sup> | Off-Balance<br>Sheet | | Total |
| **September 30, 2025** |  |  |  |  |  |
| &nbsp;&nbsp;Real estate and investment entities<sup>(a)</sup> | $**388959** | $**3348** | $**1723** | <sup>(d)</sup> | $**5071** |
| &nbsp;&nbsp;Other<sup>(b)</sup> | **4663** | **185** | **243** | <sup>(e)</sup> | **428** |
| **Total** | $**393622** | $**3533** | $**1966** |  | $**5499** |
| December 31, 2024 |  |  |  |  |  |
| &nbsp;&nbsp;Real estate and investment entities<sup>(a)</sup> | $367661 | $2723 | $839 | <sup>(d)</sup> | $3562 |
| &nbsp;&nbsp;Other<sup>(b)</sup> | 4639 | 255 | 754 | <sup>(e)</sup> | 1009 |
| **Total** | $372300 | $2978 | $1593 |  | $4571 |

---

(a)Comprised primarily of hedge funds and private equity funds.

(b)At September 30, 2025 and December 31, 2024, excludes approximately $1,323 million and $1,925 million, respectively, of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $1,284 million and $1,894 million, respectively. *For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.*

(c)At September 30, 2025 and December 31, 2024, $3.5 billion and $2.9 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(d)These amounts represent our unfunded commitments to invest in private equity funds.

(e)These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.

11. Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate-sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, foreign currency transactions, and foreign denominated investments. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (CDSs), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **39** |

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------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 11. Derivatives and Hedge Accounting**

**The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Gross Derivative Assets | Gross Derivative Assets | Gross Derivative Liabilities | Gross Derivative Liabilities | Gross Derivative Assets | Gross Derivative Assets | Gross Derivative Liabilities | Gross Derivative Liabilities |
|<br>*(in millions)* | Notional<br>Amount | Fair<br>Value | Notional<br>Amount | Fair<br>Value | Notional<br>Amount | Fair<br>Value | Notional<br>Amount | Fair<br>Value |
| **Derivatives designated as hedging instruments:**<sup>(a)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Foreign exchange contracts | $**304** | $**23** | $**1458** | $**48** | $879 | $66 | $906 | $109 |
| **Derivatives not designated as hedging instruments:**<sup>(a)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest rate contracts | **939** | **252** | **1016** | **283** | 841 | 277 | 913 | 304 |
| &nbsp;&nbsp;Foreign exchange contracts | **1345** | **81** | **2968** | **81** | 3095 | 230 | 1707 | 158 |
| &nbsp;&nbsp;Equity contracts | **8** | **6** | **8** | **6** | 29 | 20 | 29 | 20 |
| &nbsp;&nbsp;Credit contracts<sup>(b)</sup> | **42** | **26** | **47** | **26** | 52 | 31 | 147 | 31 |
| **Total derivatives, gross** | $**2638** | $**388** | $**5497** | $**444** | $4896 | $624 | $3702 | $622 |
| **Counterparty netting**<sup>(c)</sup> |  | **(179)** |  | **(179)** |  | (270) |  | (270) |
| **Cash collateral**<sup>(d)</sup> |  | **(207)** |  | **(216)** |  | (304) |  | (201) |
| **Total derivatives on Condensed Consolidated Balance Sheets**<sup>(e)</sup> |  | $**2** |  | $**49** |  | $50 |  | $151 |

---

(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

(b)As of September 30, 2025 and December 31, 2024, included CDSs on super senior multi-sector CLO with a net notional amount of $38 million and $48 million (fair value liability of $25 million and $30 million, respectively). The net notional amount represents the maximum exposure to loss on the portfolio.

(c)Represents netting of derivative exposures covered by a qualifying master netting agreement.

(d)Represents cash collateral posted and received that is eligible for netting.

(e)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was $3.1 billion at September 30, 2025 and $3.2 billion at December 31, 2024. Fair value of liabilities related to bifurcated embedded derivatives was zero at both September 30, 2025 and December 31, 2024. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to the funds withheld arrangement with Fortitude Re. *For additional information, see Note 8.*

**COLLATERAL**

We engage in derivative transactions that are not subject to a clearing requirement directly with unaffiliated third parties, in most cases, under International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary at various ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an upfront or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. In addition, certain derivative transactions have provisions that require collateral to be posted by us upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the transaction. In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action. The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade.

Collateral posted by us to third parties for derivative transactions was $341 million and $601 million at September 30, 2025 and December 31, 2024, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $260 million and $595 million at September 30, 2025 and December 31, 2024, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

---

| | |
|:---|:---|
| **40** | AIG \| Third Quarter 2025 Form 10-Q |

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------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 11. Derivatives and Hedge Accounting**

**OFFSETTING**

We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.

**HEDGE ACCOUNTING**

We designated certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates.

We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. For the three and nine months ended September 30, 2025, we recognized gains (losses) of $15 million and $(157) million, respectively, and for the three and nine months ended September 30, 2024, we recognized gains (losses) of $(41) million and $(7) million, respectively, included in Change in foreign currency translation adjustments in OCI related to the net investment hedge relationships.

A qualitative methodology is utilized to assess hedge effectiveness.

**The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Gains/(Losses) Recognized in Income for: | Gains/(Losses) Recognized in Income for: | Gains/(Losses) Recognized in Income for: | |
| <br>*<br>(in millions)* | Hedging<br>Derivatives<sup>(a)</sup> | Excluded<br>Components<sup>(b)</sup> | Hedged<br>Items | <br>Net Impact |
| **Three Months Ended September 30, 2025** |  |  |  |  |
| **Foreign exchange contracts:** |  |  |  |  |
| &nbsp;&nbsp;Net realized gains/(losses) | $**(25)** | $**(4)** | $**25** | $**(4)** |
| Three Months Ended September 30, 2024 |  |  |  |  |
| **Foreign exchange contracts:** |  |  |  |  |
| &nbsp;&nbsp;Net realized gains/(losses) | $53 | $6 | $(53) | $6 |
| **Nine Months Ended September 30, 2025** |  |  |  |  |
| **Foreign exchange contracts:** |  |  |  |  |
| &nbsp;&nbsp;Net realized gains/(losses) | $**(52)** | $**(23)** | $**52** | $**(23)** |
| Nine Months Ended September 30, 2024 |  |  |  |  |
| **Foreign exchange contracts:** |  |  |  |  |
| &nbsp;&nbsp;Net realized gains/(losses) | $(62) | $(21) | $62 | $(21) |

---

(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **41** |

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------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 11. Derivatives and Hedge Accounting**

**DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS**

**The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Gains (Losses) Recognized in Income | Gains (Losses) Recognized in Income | Gains (Losses) Recognized in Income | Gains (Losses) Recognized in Income |
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
|<br>*(in millions)* | **2025** | 2024 | **2025** | 2024 |
| **By Derivative Type:** |  |  |  |  |
| &nbsp;&nbsp;Interest rate contracts | $**—** | $(1) | $**(5)** | $(3) |
| &nbsp;&nbsp;Foreign exchange contracts | **(8)** | 3 | **(152)** | (62) |
| &nbsp;&nbsp;Credit contracts | **—** | 3 | **—** | 3 |
| &nbsp;&nbsp;Embedded derivatives | **(54)** | (157) | **(109)** | (158) |
| **Total** | $**(62)** | $(152) | $**(266)** | $(220) |
| **By Classification:** |  |  |  |  |
| &nbsp;&nbsp;Net investment income - Fortitude Re funds withheld assets | $**—** | $— | $**(1)** | $— |
| &nbsp;&nbsp;Net realized gains (losses) - excluding Fortitude Re funds withheld assets | **(10)** | 7 | **(136)** | (62) |
| &nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets\* | **(52)** | (159) | **(129)** | (158) |
| **Total** | $**(62)** | $(152) | $**(266)** | $(220) |

---

\*Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.

**CREDIT RISK-RELATED CONTINGENT FEATURES**

We estimate that at September 30, 2025, based on our outstanding financial derivative transactions, a downgrade of our long-term senior debt ratings to BBB or BBB– by Standard & Poor's Financial Services LLC, a subsidiary of S&P Global Inc., and/or a downgrade to Baa2 or Baa3 by Moody's Investors Service, Inc. would permit counterparties to make additional collateral calls and permit certain counterparties to elect early termination of contracts, resulting in corresponding collateral postings and termination payments in the total amount of up to approximately $4 million. The aggregate fair value of our derivatives that were in a net liability position and that contain such credit risk-related contingencies which can be triggered below our long-term senior debt ratings of BBB+ or Baa1 was approximately $25 million and $30 million at September 30, 2025 and December 31, 2024, respectively. The aggregate fair value of assets posted as collateral under these contracts at September 30, 2025 and December 31, 2024, was approximately $25 million and $30 million, respectively.

12. Insurance Liabilities

**LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)**

Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development or reserve releases.

Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $13.4 billion and $12.1 billion at September 30, 2025 and December 31, 2024, respectively. These recoverable amounts are related to certain policies with high deductibles (in excess of high dollar amounts retained by the insured through self-insured retentions, deductibles, retrospective programs, or captive arrangements, each referred to generically as "deductibles"), primarily for U.S. Commercial casualty business. With respect to the deductible portion of the claim, we manage and pay the entire claim on behalf of the insured and are reimbursed by the insured for the deductible portion of the claim. Thus, these recoverable amounts represent a credit exposure to us. At September 30, 2025 and December 31, 2024 we held collateral of approximately $9.1 billion and $8.6 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. Allowance for credit losses for the unsecured portion of these recoverable amounts was $14 million at both September 30, 2025 and December 31, 2024.

---

| | |
|:---|:---|
| **42** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 12. Insurance Liabilities**

**The following table presents the rollforward of activity in loss reserves:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
|<br>*(in millions)* | **2025** | 2024 | **2025** | 2024 |
| Liability for unpaid loss and loss adjustment expenses, beginning of period | $**69754** | $69783 | $**69168** | $70393 |
| Reinsurance recoverable | **(27866)** | (29849) | **(29026)** | (30289) |
| **Net Liability for unpaid loss and loss adjustment expenses, beginning of period** | **41888** | 39934 | **40142** | 40104 |
| **Losses and loss adjustment expenses incurred:** |  |  |  |  |
| &nbsp;&nbsp;Current year | **3572** | 3749 | **10904** | 10660 |
| &nbsp;&nbsp;Prior years, excluding discount and amortization of deferred gain | **(161)** | 187 | **(169)** | 79 |
| &nbsp;&nbsp;Prior years, discount charge (benefit) | **34** | 49 | **119** | 217 |
| &nbsp;&nbsp;Prior years, amortization of deferred gain on retroactive reinsurance<sup>(a)</sup> | **(54)** | (212) | **(176)** | (277) |
| **Total losses and loss adjustment expenses incurred** | **3391** | 3773 | **10678** | 10679 |
| **Losses and loss adjustment expenses paid:** |  |  |  |  |
| &nbsp;&nbsp;Current year | **(1262)** | (1169) | **(2714)** | (2310) |
| &nbsp;&nbsp;Prior years | **(2371)** | (2285) | **(7901)** | (7739) |
| **Total losses and loss adjustment expenses paid** | **(3633)** | (3454) | **(10615)** | (10049) |
| **Other changes:** |  |  |  |  |
| &nbsp;&nbsp;Foreign exchange effect | **(102)** | 891 | **1277** | 237 |
| &nbsp;&nbsp;Losses and loss adjustment expenses recognized within gain on divestitures | **13** |  | **60** |  |
| &nbsp;&nbsp;Retroactive reinsurance adjustment (net of discount)<sup>(b)</sup> | **77** | (107) | **92** | 71 |
| &nbsp;&nbsp;&nbsp;Dispositions | **—** | (5) | **—** | (5) |
| &nbsp;&nbsp;&nbsp;Reclassified to held for sale, net of reinsurance recoverables | **—** | 5 | **—** |  |
| **Total other changes** | **(12)** | 784 | **1429** | 303 |
| **Liability for unpaid loss and loss adjustment expenses, end of period:** |  |  |  |  |
| Net liability for unpaid losses and loss adjustment expenses | **41634** | 41037 | **41634** | 41037 |
| Reinsurance recoverable | **28248** | 30029 | **28248** | 30029 |
| **Total** | $**69882** | $71066 | $**69882** | $71066 |

---

(a)Includes $14 million and $3 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three months ended September 30, 2025 and 2024, respectively, and $26 million and $47 million for the nine months ended September 30, 2025 and 2024, respectively.

(b)Includes benefit (charge) from change in discount on retroactive reinsurance of $7 million and $22 million for the three months ended September 30, 2025 and 2024 respectively, and $27 million and $100 million for the nine months ended September 30, 2025 and 2024, respectively.

On January 20, 2017, we entered into an adverse development reinsurance agreement with NICO, under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the paid losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. At NICO's 80 percent share, NICO's limit of liability under the contract is $20 billion. We account for this transaction as retroactive reinsurance. We paid total consideration, including interest, of $10.2 billion. The consideration was placed into a collateral trust account as security for NICO's claim payment obligations, and Berkshire has provided a parental guarantee to secure the obligations of NICO under the agreement.

**Prior Year Development**

During the three months ended September 30, 2025, we recognized favorable prior year loss reserve development of $161 million excluding discount and amortization of deferred gain. The development in this period was primarily driven by favorable development in Other Product Lines (North America and International) and U.S. Property and Special Risks, partially offset by adverse development in UK/Europe Casualty and Financial Lines. During the nine months ended September 30, 2025, we recognized favorable prior year loss reserve development of $169 million excluding discount and amortization of deferred gain. The development in this period was largely driven by favorable development in Other Product Lines (North America and International), U.S. Workers' Compensation, U.S. Other Casualty and U.S. Property and Special Risks, partially offset by adverse development on U.S. Excess Casualty and UK/Europe Casualty and Financial Lines.

During the three months ended September 30, 2024, we recognized unfavorable prior year loss reserve development of $187 million excluding discount and amortization of deferred gain. The development in this period was largely driven by adverse development in U.S. Excess Casualty and UK/Europe Casualty and Financial Lines, offset by favorable development in Global Specialty and U.S. Property and Special Risks. During the nine months ended September 30, 2024, we recognized unfavorable prior year loss reserve development of $79 million excluding discount and amortization of deferred gain. The development in this period was largely driven by adverse development in U.S. Excess Casualty and UK/Europe Casualty and Financial Lines, offset by favorable development in Global Specialty, U.S. Property and Special Risks and on our loss sensitive U.S. Workers' Compensation business.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **43** |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited) \| 12. Insurance Liabilities**

**Discounting of Loss Reserves**

At September 30, 2025 and December 31, 2024, the loss reserves reflect a net loss reserve discount of $1.2 billion and $1.2 billion, respectively, including tabular and non-tabular calculations based upon the following assumptions:

• The non-tabular workers' compensation discount is calculated separately for companies domiciled in New York, Pennsylvania and Delaware, and follows the statutory regulations (prescribed or historically permitted) for each state.

–For New York companies, the discount is based on a 5 percent interest rate and the companies' own payout patterns.

–The Pennsylvania and Delaware regulators have historically approved use of a consistent benchmark discount rate and spread (U.S. Treasury rate plus a liquidity premium) to all of our workers' compensation reserves in our Pennsylvania domiciled and Delaware domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios. In 2020, the regulators also approved that the discount rate will be updated on an annual basis.

• The tabular workers' compensation discount is calculated based on the mortality rate used in the 2007 U.S. Life table and interest rates prescribed or permitted by each state (i.e. New York is based on 5 percent interest rate and Pennsylvania and Delaware are based on U.S. Treasury rate plus a liquidity premium). In the case that applying this tabular discount factor to our nominal reserves produces a tabular discount that is greater than the indemnity portion of our case reserves, the tabular discount is capped at our estimate of the indemnity portion of our case reserves (45 percent).

The discount for asbestos reserves has been fully accreted.

At September 30, 2025 and December 31, 2024, the discount consists of $134 million and $107 million of tabular discount, respectively, and $1.0 billion and $1.1 billion of non-tabular discount for workers' compensation, respectively. During the nine months ended September 30, 2025 and 2024, the benefit / (charge) from changes in discount of $(27) million and $(131) million, respectively, were recorded as part of Losses and loss adjustment expenses incurred in the Condensed Consolidated Statements of Income (Loss).

**The following table presents the components of the loss reserve discount discussed above:**

---

| | | |
|:---|:---|:---|
| *(in millions)* | **September 30, 2025** | December 31, 2024 |
| U.S. workers' compensation | $**2084** | $2111 |
| Retroactive reinsurance | **(909)** | (936) |
| **Total reserve discount**<sup>(a)(b)</sup> | $**1175** | $1175 |

---

(a)Excludes $166 million and $184 million of discount related to certain long-tail liabilities in the UK at September 30, 2025 and December 31, 2024, respectively.

(b)Includes gross discount of $725 million and $627 million, which was 100 percent ceded to Fortitude Re at September 30, 2025 and December 31, 2024, respectively.

**The following table presents the net loss reserve discount benefit (charge):**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
|<br>*(in millions)* | **2025** | 2024 | **2025** | 2024 |
| Current accident year | $**36** | $20 | $**92** | $86 |
| Accretion and other adjustments to prior year discount | **(34)** | (49) | **(119)** | (217) |
| **Net reserve discount benefit (charge)** | **2** | (29) | **(27)** | (131) |
| Change in discount on loss reserves ceded under retroactive reinsurance | **7** | 22 | **27** | 100 |
| **Net change in total reserve discount\*** | $**9** | $(7) | $**—** | $(31) |

---

\*Excludes $(35) million and $1 million discount related to certain long-tail liabilities in the UK for the three months ended September 30, 2025 and 2024, respectively, and excludes $(18) million and $1 million discount related to certain long-tail liabilities in the UK for the nine months ended September 30, 2025 and 2024, respectively.

**Amortization of Deferred Gain on Retroactive Reinsurance**

Amortization of the deferred gain on retroactive reinsurance includes $40 million and $209 million related to the adverse development reinsurance cover with NICO for the three months ended September 30, 2025 and 2024, respectively, and $150 million and $230 million for the nine months ended September 30, 2025 and 2024, respectively.

Amounts recognized reflect the amortization of the initial deferred gain at inception, as amended for subsequent changes in the deferred gain due to changes in subject reserves.

**FUTURE POLICY BENEFITS**

Future policy benefits primarily include reserves for certain long-duration contracts that are 100 percent ceded of $781 million and $691 million at September 30, 2025 and December 31, 2024, respectively, certain other long-duration contracts of $634 million and $621 million at September 30, 2025 and December 31, 2024, respectively, and Global Accident & Health contracts.

---

| | |
|:---|:---|
| **44** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited)** \| **13. Contingencies, Commitments and Guarantees**

13. Contingencies, Commitments and Guarantees

In the normal course of business, we enter into various contingent liabilities and commitments. In addition, AIG Parent guarantees various obligations of certain subsidiaries.

Although we cannot currently quantify our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on our consolidated financial condition or consolidated results of operations or consolidated cash flows for an individual reporting period.

**LEGAL CONTINGENCIES**

In the normal course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our loss reserves. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, AIG Parent, our subsidiaries and their respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of AIG securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe that any such charges are likely to have a material adverse effect on our financial position or results of operation.

Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating insurance subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage.

**OTHER COMMITMENTS**

In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the U.S. and abroad. These commitments totaled $2.0 billion and $1.8 billion at September 30, 2025 and December 31, 2024, respectively.

**GUARANTEES**

**Subsidiaries**

We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIGFP and certain of its subsidiaries. We have also issued guarantees of all present and future payment obligations and liabilities of AIG Markets, Inc.

Due to the deconsolidation of AIGFP and its subsidiaries, as of September 30, 2025, a $72 million guarantee related to the obligations of AIGFP and certain of its subsidiaries was recognized, and is reported in Other liabilities.

We continue to guarantee certain policyholder contracts issued by Corebridge subsidiaries as well as certain debt issued by Corebridge Life Holdings, Inc. (CRBGLH). Pursuant to the Separation Agreement entered in by AIG and Corebridge on September 14, 2022, Corebridge must indemnify, defend and hold us harmless from and against any liability related to these guarantees. Also, under a collateral agreement, in the event of: (i) a ratings downgrade of Corebridge or the guaranteed debt below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the guaranteed debt when due, Corebridge must collateralize an amount equal to

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **45** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited)** \| **13. Contingencies, Commitments and Guarantees**

the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100 percent of the net present value of scheduled interest payments through the maturity dates of the debt.

**Business and Asset Dispositions**

We are subject to financial guarantees and indemnity arrangements in connection with the completed sales of businesses and assets. The various arrangements may be triggered by, among other things, declines in asset values, the occurrence of specified business contingencies, the realization of contingent liabilities, developments in litigation or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable.

We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe the likelihood that we will have to make any material payments related to completed sales under these arrangements is remote, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets.

**Other**

*• For additional information on commitments and guarantees associated with VIEs, see Note 10.* 

*• For additional information on derivatives, see Note 11.* 

14. Equity

**SHARES OUTSTANDING**

**Common Stock**

**The following table presents a rollforward of outstanding shares:**

---

| | | | |
|:---|:---|:---|:---|
| **Nine Months Ended September 30, 2025** | Common<br>Stock Issued | Treasury<br>Stock | Common Stock<br>Outstanding |
| *(in millions)* | Common<br>Stock Issued | Treasury<br>Stock | Common Stock<br>Outstanding |
| **Shares, beginning of year** | **1906.7** | **(1300.6)** | **606.1** |
| &nbsp;&nbsp;Shares issued | **—** | **4.2** | **4.2** |
| &nbsp;&nbsp;Shares repurchased | **—** | **(65.8)** | **(65.8)** |
| **Shares, end of period** | **1906.7** | **(1362.2)** | **544.5** |

---

**Dividends**

Dividends are payable on AIG common stock, par value $2.50 per share (AIG Common Stock) only when, as and if declared by our Board of Directors in its discretion, from funds legally available for this purpose. In considering whether to pay a dividend on or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to: the capital resources available to support our insurance operations and business strategies, AIG's funding capacity and capital resources in comparison to internal benchmarks, expectations for capital generation, rating agency expectations for capital, regulatory standards for capital and capital distributions, and such other factors as our Board of Directors may deem relevant.

*For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2024 Annual Report.* 

**Repurchase of AIG Common Stock**

Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities Exchange Act of 1934, as amended (the Exchange Act) Rule 10b5-1 repurchase plans. Effective April 1, 2025, the Board of Directors authorized the repurchase of $7.5 billion of AIG Common Stock (inclusive of the approximately $3.4 billion remaining under the Board's prior share repurchase authorization).

The timing of any future repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from October 1, 2025 to October 30, 2025, we repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $406 million.

---

| | |
|:---|:---|
| **46** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited)** \| **14. Equity**

**DIVIDENDS DECLARED**

On November 4, 2025, our Board of Directors declared a cash dividend on AIG Common Stock of $0.45 per share, payable on December 30, 2025 to shareholders of record on December 16, 2025.

**ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)**

**The following table presents a rollforward of Accumulated other comprehensive income (loss):**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Unrealized<br>Appreciation<br>(Depreciation)<br>of Fixed Maturity<br>Securities on Which<br>Allowance for Credit<br>Losses Was Taken | Unrealized<br>Appreciation<br>(Depreciation)<br>of All Other<br>Investments | Change in Fair<br>Value of Market<br>Risk Benefits<br>Attributable to<br>Changes in<br>Our Own <br>Credit Risk | Change in the<br>discount rates<br>used to measure<br>traditional and<br>limited payment<br>long-duration<br>insurance contracts | Foreign<br>Currency<br>Translation<br>Adjustments | Retirement<br>Plan<br>Liabilities<br>Adjustment | Total |
| **Balance, June 30, 2025, net of tax** | $**(6)** | $**(1951)** | $**—** | $**75** | $**(2899)** | $**(767)** | $**(5548)** |
| &nbsp;&nbsp;Change in unrealized appreciation (depreciation) of investments | **—** | **543** | **—** | **—** | **—** | **—** | **543** |
| &nbsp;&nbsp;Change in other | **—** | **20** | **—** | **—** | **—** | **—** | **20** |
| &nbsp;&nbsp;Change in discount rates | **—** | **—** | **—** | **7** | **—** | **—** | **7** |
| &nbsp;&nbsp;Change in foreign currency translation adjustments | **—** | **—** | **—** | **—** | **(52)** | **—** | **(52)** |
| &nbsp;&nbsp;Change in net actuarial loss | **—** | **—** | **—** | **—** | **—** | **8** | **8** |
| &nbsp;&nbsp;Change in prior service cost | **—** | **—** | **—** | **—** | **—** | **1** | **1** |
| &nbsp;&nbsp;Change in deferred tax asset (liability) | **—** | **(16)** | **—** | **(2)** | **(4)** | **(3)** | **(25)** |
| **Total other comprehensive income (loss)** | **—** | **547** | **—** | **5** | **(56)** | **6** | **502** |
| **Balance, September 30, 2025, net of tax** | $**(6)** | $**(1404)** | $**—** | $**80** | $**(2955)** | $**(761)** | $**(5046)** |
| **Balance, June 30, 2024, net of tax** | $(38) | $(3422) | $— | $22 | $(3322) | $(805) | $(7565) |
| &nbsp;&nbsp;Change in unrealized appreciation (depreciation) of investments\* | 45 | 1581 |  |  |  |  | 1626 |
| &nbsp;&nbsp;Change in other |  | 17 |  |  |  |  | 17 |
| &nbsp;&nbsp;Change in discount rates |  |  |  | (12) |  |  | (12) |
| &nbsp;&nbsp;Change in foreign currency translation adjustments |  |  |  |  | 427 |  | 427 |
| &nbsp;&nbsp;Change in net actuarial loss |  |  |  |  |  | 2 | 2 |
| &nbsp;&nbsp;Change in prior service cost |  |  |  |  |  | (1) | (1) |
| &nbsp;&nbsp;Change in deferred tax asset (liability) | (8) | (249) |  | 58 | (13) |  | (212) |
| **Total other comprehensive income** | 37 | 1349 |  | 46 | 414 | 1 | 1847 |
| **Less: Noncontrolling interests** |  |  |  |  | 4 |  | 4 |
| **Balance, September 30, 2024, net of tax** | $(1) | $(2073) | $— | $68 | $(2912) | $(804) | $(5722) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Unrealized<br>Appreciation<br>(Depreciation)<br>of Fixed Maturity<br>Securities on Which<br>Allowance for Credit<br>Losses Was Taken | Unrealized<br>Appreciation<br>(Depreciation)<br>of All Other<br>Investments | Change in Fair<br>Value of Market<br>Risk Benefits<br>Attributable to<br>Changes in<br>Our Own <br>Credit Risk | Change in the<br>discount rates<br>used to measure<br>traditional and<br>limited payment<br>long-duration<br>insurance contracts | Foreign<br>Currency<br>Translation<br>Adjustments | Retirement<br>Plan<br>Liabilities<br>Adjustment | Total |
| **Balance, December 31, 2024, net of tax** | $**(4)** | $**(2868)** | $**—** | $**68** | $**(3521)** | $**(774)** | $**(7099)** |
| &nbsp;&nbsp;Change in unrealized appreciation (depreciation) of investments | **(3)** | **1373** | **—** | **—** | **—** | **—** | **1370** |
| &nbsp;&nbsp;Change in other | **—** | **17** | **—** | **—** | **—** | **—** | **17** |
| &nbsp;&nbsp;Change in discount rates | **—** | **—** | **—** | **16** | **—** | **—** | **16** |
| &nbsp;&nbsp;Change in foreign currency translation adjustments | **—** | **—** | **—** | **—** | **537** | **—** | **537** |
| &nbsp;&nbsp;Change in net actuarial loss | **—** | **—** | **—** | **—** | **—** | **18** | **18** |
| &nbsp;&nbsp;Change in prior service cost | **—** | **—** | **—** | **—** | **—** | **1** | **1** |
| &nbsp;&nbsp;Change in deferred tax asset (liability) | **1** | **74** | **—** | **(4)** | **30** | **(6)** | **95** |
| **Total other comprehensive income (loss)** | **(2)** | **1464** | **—** | **12** | **567** | **13** | **2054** |
| **Less: Noncontrolling interests** | **—** | **—** | **—** | **—** | **1** | **—** | **1** |
| **Balance, September 30, 2025, net of tax** | $**(6)** | $**(1404)** | $**—** | $**80** | $**(2955)** | $**(761)** | $**(5046)** |

---

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **47** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited)** \| **14. Equity**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Unrealized<br>Appreciation<br>(Depreciation)<br>of Fixed Maturity<br>Securities on Which<br>Allowance for Credit<br>Losses Was Taken | Unrealized<br>Appreciation<br>(Depreciation)<br>of All Other<br>Investments | Change in Fair<br>Value of Market<br>Risk Benefits<br>Attributable to<br>Changes in<br>Our Own <br>Credit Risk | Change in the<br>discount rates<br>used to measure<br>traditional and<br>limited payment<br>long-duration<br>insurance contracts | Foreign<br>Currency<br>Translation<br>Adjustments | Retirement<br>Plan<br>Liabilities<br>Adjustment | Total |
| **Balance, December 31, 2023, net of tax** | $(106) | $(10888) | $(476) | $1233 | $(2979) | $(821) | $(14037) |
| &nbsp;&nbsp;Change in unrealized appreciation (depreciation) of investments\* | 98 | (729) |  |  |  |  | (631) |
| &nbsp;&nbsp;Change in other |  | 13 |  |  |  |  | 13 |
| &nbsp;&nbsp;Change in fair value of market risk benefits, net |  |  | 130 |  |  |  | 130 |
| &nbsp;&nbsp;Change in discount rates |  |  |  | 947 |  |  | 947 |
| &nbsp;&nbsp;Change in future policy benefits |  | (59) |  |  |  |  | (59) |
| &nbsp;&nbsp;Change in foreign currency translation adjustments |  |  |  |  | 173 |  | 173 |
| &nbsp;&nbsp;Change in net actuarial loss |  |  |  |  |  | 19 | 19 |
| &nbsp;&nbsp;Change in prior service cost |  |  |  |  |  | 2 | 2 |
| &nbsp;&nbsp;Change in deferred tax asset (liability) | (20) | (92) | (28) | (166) | (14) | (4) | (324) |
| &nbsp;&nbsp;Corebridge deconsolidation, net of tax | 42 | 8513 | 330 | (1583) | (88) |  | 7214 |
| **Total other comprehensive income** | 120 | 7646 | 432 | (802) | 71 | 17 | 7484 |
| **Add: Corebridge noncontrolling interests** | 2 | 610 | 33 | (105) | (3) |  | 537 |
| **Less: Noncontrolling interests** | 17 | (559) | (11) | 258 | 1 |  | (294) |
| **Balance, September 30, 2024, net of tax** | $(1) | $(2073) | $— | $68 | $(2912) | $(804) | $(5722) |

---

\*Includes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 30, 2024.

**The following table presents the other comprehensive income (loss) reclassification adjustments for the three and nine months ended September 30, 2025 and 2024, respectively:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | Unrealized<br>Appreciation<br>(Depreciation)<br>of Fixed Maturity<br>Securities on Which<br>Allowance for Credit<br>Losses Was Taken | Unrealized<br>Appreciation<br>(Depreciation)<br>of All Other<br>Investments | Change in Fair<br>Value of Market<br>Risk Benefits<br>Attributable to<br>Changes in Our<br>Own Credit Risk | Change in the<br>discount rates<br>used to measure<br>traditional and<br>limited payment<br>long-duration<br>insurance contracts | Foreign<br>Currency<br>Translation<br>Adjustments | Retirement<br>Plan<br>Liabilities<br>Adjustment | Total |
| **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |  |  |  |  |  |  |
| Unrealized change arising during period | $**—** | $**461** | $**—** | $**7** | $**(52)** | $**—** | $**416** |
| Less: Reclassification adjustments included in net income | **—** | **(102)** | **—** | **—** | **—** | **(9)** | **(111)** |
| **Total other comprehensive income (loss), before income tax expense (benefit)** | **—** | **563** | **—** | **7** | **(52)** | **9** | **527** |
| Less: Income tax expense (benefit) | **—** | **16** | **—** | **2** | **4** | **3** | **25** |
| **Total other comprehensive income (loss), net of income tax expense (benefit)** | $**—** | $**547** | $**—** | $**5** | $**(56)** | $**6** | $**502** |
| Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |
| Unrealized change arising during period | $45 | $1514 | $— | $(12) | $427 | $(7) | $1967 |
| Less: Reclassification adjustments included in net income |  | (84) |  |  |  | (8) | (92) |
| **Total other comprehensive income (loss), before income tax expense (benefit)** | 45 | 1598 |  | (12) | 427 | 1 | 2059 |
| Less: Income tax expense (benefit) | 8 | 249 |  | (58) | 13 |  | 212 |
| **Total other comprehensive income (loss), net of income tax expense (benefit)** | $37 | $1349 | $— | $46 | $414 | $1 | $1847 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | | | | | | |
| Unrealized change arising during period | $**(3)** | $**875** | $**—** | $**16** | $**537** | $**(5)** | $**1420** |
| Less: Reclassification adjustments included in net income | **—** | **(515)** | **—** | **—** | **—** | **(24)** | **(539)** |
| **Total other comprehensive income (loss), before of income tax expense (benefit)** | **(3)** | **1390** | **—** | **16** | **537** | **19** | **1959** |
| Less: Income tax expense (benefit) | **(1)** | **(74)** | **—** | **4** | **(30)** | **6** | **(95)** |
| **Total other comprehensive income (loss), net of income tax expense (benefit)** | $**(2)** | $**1464** | $**—** | $**12** | $**567** | $**13** | $**2054** |
| Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |
| Unrealized change arising during period | $98 | $(1129) | $130 | $947 | $173 | $(2) | $217 |
| Less: Reclassification adjustments included in net income | (42) | (8867) | (330) | 1583 | 88 | (23) | (7591) |
| **Total other comprehensive income (loss), before income tax expense (benefit)** | 140 | 7738 | 460 | (636) | 85 | 21 | 7808 |
| Less: Income tax expense (benefit) | 20 | 92 | 28 | 166 | 14 | 4 | 324 |
| **Total other comprehensive income (loss), net of income tax expense (benefit)** | $120 | $7646 | $432 | $(802) | $71 | $17 | $7484 |

---

---

| | |
|:---|:---|
| **48** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited)** \| **14. Equity**

**The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss)**<sup>(a)</sup>**:**

---

| | | | |
|:---|:---|:---|:---|
| | Amount Reclassified from AOCI | Amount Reclassified from AOCI | |
| | Three Months Ended September 30, | Three Months Ended September 30, | |
|<br>*(in millions)* | **2025** | 2024 | Affected Line Item in the<br>Condensed Consolidated<br>Statements of Income (Loss) |
| **Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken** |  |  |  |
| &nbsp;&nbsp;Investments | $**—** | $— | Net realized gains (losses) |
| **Total** | **—** |  |  |
| **Unrealized appreciation (depreciation) of all other investments** |  |  |  |
| &nbsp;&nbsp;Investments | **(102)** | (84) | Net realized gains (losses) |
| **Total** | **(102)** | (84) |  |
| **Change in retirement plan liabilities adjustment** |  |  |  |
| &nbsp;&nbsp;Prior-service credit | **(1)** |  | <sup>(b)</sup> |
| &nbsp;&nbsp;Actuarial losses | **(8)** | (8) | <sup>(b)</sup> |
| **Total** | **(9)** | (8) |  |
| **Corebridge deconsolidation, net of tax** | **—** |  | <sup>(c)</sup> |
| **Total reclassifications for the period** | $**(111)** | $(92) |  |
|  | Amount Reclassified from AOCI | Amount Reclassified from AOCI | Affected Line Item in the |
|  | Nine Months Ended September 30, | Nine Months Ended September 30, | Condensed Consolidated |
| *(in millions)* | **2025** | 2024 | Statements of Income (Loss) |
| **Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken** |  |  |  |
| &nbsp;&nbsp;Investments | $**—** | $— | Net realized gains (losses) |
| **Total** | **—** |  |  |
| **Unrealized appreciation (depreciation) of all other investments** |  |  |  |
| &nbsp;&nbsp;Investments | **(515)** | (354) | Net realized gains (losses) |
| **Total** | **(515)** | (354) |  |
| **Change in retirement plan liabilities adjustment** |  |  |  |
| &nbsp;&nbsp;Prior-service credit | **(2)** | (1) | <sup>(b)</sup> |
| &nbsp;&nbsp;Actuarial losses | **(22)** | (22) | <sup>(b)</sup> |
| **Total** | **(24)** | (23) |  |
| **Corebridge deconsolidation, net of tax** | **—** | (7214) | <sup>(c)</sup> |
| **Total reclassifications for the period** | $**(539)** | $(7591) |  |

---

(a)The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table: (i) Change in fair value of market risk benefits attributable to changes in our own credit risk and (ii) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts.

(b)These AOCI components are included in the computation of net periodic pension cost.

(c)Represents adjustments related to the deconsolidation of Corebridge which is reflected in Income (loss) from discontinued operations, net of taxes. *See the rollforward of Accumulated other comprehensive income (loss) above for further details.* 

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **49** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited)** \| **15. Earnings Per Common Share (EPS)**

15. Earnings Per Common Share (EPS)

Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding. The diluted EPS computation assumes the issuance of all potentially dilutive common shares outstanding using the treasury stock method or the if-converted method, as applicable, and excludes the effect of anti-dilutive shares.

**The following table presents the computation of basic and diluted EPS:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| *(dollars in millions, except per common share data)* | **2025** | 2024 | **2025** | 2024 |
| **Numerator for EPS:** |  |  |  |  |
| &nbsp;&nbsp;Income from continuing operations | $**524** | $481 | $**2366** | $1753 |
| &nbsp;&nbsp;Less: Net income attributable to noncontrolling interests | **5** |  | **5** |  |
| &nbsp;&nbsp;Less: Preferred stock dividends and preferred stock redemption premiums | **—** |  | **—** | 22 |
| &nbsp;&nbsp;**Income attributable to AIG common shareholders from continuing operations** | **519** | 481 | **2361** | 1731 |
| &nbsp;&nbsp;Loss from discontinued operations, net of income tax expense | **—** | (24) | **—** | (3580) |
| &nbsp;&nbsp;Less: Net income (loss) attributable to noncontrolling interests | **—** | (2) | **—** | 475 |
| &nbsp;&nbsp;Loss from discontinued operations, net of noncontrolling interest | **—** | (22) | **—** | (4055) |
| &nbsp;&nbsp;**Net income (loss) attributable to AIG common shareholders** | $**519** | $459 | $**2361** | $(2324) |
| **Denominator for EPS:** |  |  |  |  |
| &nbsp;&nbsp;Weighted average common shares outstanding - basic | **553308504** | 641621768 | **573176050** | 661691554 |
| &nbsp;&nbsp;Dilutive common shares | **5211326** | 5743674 | **5245177** | 5663515 |
| &nbsp;&nbsp;Weighted average common shares outstanding - diluted<sup>(a)</sup> | **558519830** | 647365442 | **578421227** | 667355069 |
| **Income (loss) per common share attributable to AIG common shareholders:** |  |  |  |  |
| **Basic:** |  |  |  |  |
| &nbsp;&nbsp;Income from continuing operations | $**0.94** | $0.75 | $**4.12** | $2.62 |
| &nbsp;&nbsp;Loss from discontinued operations | $**—** | $(0.03) | $**—** | $(6.13) |
| &nbsp;&nbsp;Income (loss) attributable to AIG common shareholders | $**0.94** | $0.72 | $**4.12** | $(3.51) |
| **Diluted:** |  |  |  |  |
| &nbsp;&nbsp;Income from continuing operations | $**0.93** | $0.74 | $**4.08** | $2.59 |
| &nbsp;&nbsp;Loss from discontinued operations | $**—** | $(0.03) | $**—** | $(6.07) |
| &nbsp;&nbsp;Income (loss) attributable to AIG common shareholders | $**0.93** | $0.71 | $**4.08** | $(3.48) |

---

(a)Potential dilutive common shares are due to our share-based employee compensation plans and agreements. The number of potential common shares excluded from diluted shares outstanding was 139,655 and 140,042 for the three and nine months ended September 30, 2025, respectively, and 94,545 and 108,759 for the three and nine months ended September 30, 2024, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

*For information regarding our repurchases of AIG Common Stock, see Note 14.*

---

| | |
|:---|:---|
| **50** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited)** \| **16. Income Taxes**

16. Income Taxes

**U.S. TAX LAW CHANGES**

On July 4, 2025, new U.S. tax legislation was signed into law (known as the "One Big Beautiful Bill Act" or "OBBB Act") which, among other provisions, makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. We do not expect the OBBB Act to have a material impact on our results of operations.

**BASIS OF PRESENTATION**

We file a consolidated U.S. federal income tax return with our eligible U.S. subsidiaries. Income earned by subsidiaries operating outside the U.S. is taxed, and income tax expense is recorded, based on applicable U.S. and foreign laws.

We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested.

**INTERIM TAX CALCULATION METHOD**

We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets and are recorded in the period in which the change occurs.

**INTERIM TAX EXPENSE (BENEFIT)**

For the three months ended September 30, 2025, the effective tax rate on income from continuing operations was 26.6 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, certain non-deductible expenses, and state and local income taxes, partially offset by a tax benefit related to prior year tax return adjustments. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.

For the nine months ended September 30, 2025, the effective tax rate on income from continuing operations was 26.5 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, certain non-deductible expenses, state and local income taxes, and an increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions. The charges are partially offset by tax benefits related to prior year tax return adjustments, closure of tax audits in Germany and California, and excess tax benefits related to share-based compensation payments recorded through the income statement. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.

For the three months ended September 30, 2024, the effective tax rate on income from continuing operations was 25.9 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, state and local income taxes and certain non-deductible expenses, partially offset by tax benefits related to the dividends received deduction applicable to post-deconsolidation Corebridge dividends and tax exempt income. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.

For the nine months ended September 30, 2024, the effective tax rate on income from continuing operations was 24.6 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, state and local income taxes and certain non-deductible expenses, partially offset by tax benefits related to the dividends received deduction applicable to post-deconsolidation Corebridge dividends, tax exempt income and excess tax benefits related to share-based compensation payments recorded through the income statement. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **51** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited)** \| **16. Income Taxes**

**ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE**

The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed.

During the three months ended September 30, 2025, taxable income projections were updated to reflect the latest projections of income for our insurance and non-insurance companies, the filing of our 2024 US federal consolidated income tax return, and projections of taxable income generated from prudent and feasible tax planning strategies. Given there is a shorter carryforward period to utilize remaining net operating losses, we continue to consider multiple data points and stresses. Additionally, significant market volatility continues to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and AIG-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies. We also subjected the forecasts to a variety of stresses of key assumptions and evaluated the effect on tax attribute utilization.

After factoring in multiple data points and assessing the relative weight of all positive and negative evidence, we concluded that a valuation allowance of $300 million should remain on a portion of AIG's U.S. federal consolidated income tax group tax attribute carryforwards that are not more likely than not to be realized. Accordingly, during the nine months ended September 30, 2025, we recorded no change in valuation allowance.

We continue to weigh multiple data points in our assessment of the recoverability of our deferred tax asset. To the extent positive evidence outweighs the negative evidence, some or all of the valuation allowance could be released, as early as the fourth quarter of 2025.

For the nine months ended September 30, 2025, recent changes in market conditions, including changes in interest rates, impacted the unrealized tax gains and losses in the available for sale securities portfolios of our general insurance and non-insurance companies, resulting in a decrease to deferred tax assets related to net unrealized tax capital losses. The deferred tax assets relate to the unrealized tax capital losses for which the carryforward period has not yet begun. As of September 30, 2025, based on all available evidence, we concluded that a valuation allowance of $204 million is necessary on deferred tax assets related to unrealized tax capital losses that are not more-likely-than-not to be realized. For the nine months ended September 30, 2025, we recorded a decrease in valuation allowance of $305 million associated with the unrealized tax capital losses in AIG's available for sale securities portfolio. The valuation allowance decrease was allocated to Other comprehensive income.

For the nine months ended September 30, 2025, we recognized a net $9 million increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions.

**TAX EXAMINATIONS**

We are currently under examination by the Internal Revenue Service (IRS) for the tax years 2011 through 2019. We continue to engage in the IRS Appeals process for certain disagreed issues related to tax years 2007 through 2010. These tax years are still subject to ongoing computational review by IRS Appeals.

**ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES**

At both September 30, 2025 and December 31, 2024, our unrecognized tax benefits, excluding interest and penalties, were $1.4 billion. At both September 30, 2025 and December 31, 2024, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $1.4 billion. Unrecognized tax benefits that would not affect the effective tax rate generally relate to such factors as the timing, rather than the permissibility of the deduction.

Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At September 30, 2025 and December 31, 2024, we had accrued liabilities of $40 million and $53 million, respectively, for the payment of interest (net of the federal benefit) and penalties. For the nine months ended September 30, 2025 and 2024, we accrued expense (benefit) of $(13) million and $1 million, respectively, for the payment of interest and penalties.

Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition.

---

| | |
|:---|:---|
| **52** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 1 \| **Notes to Condensed Consolidated Financial Statements (unaudited)** \| **17. Subsequent Events**

17. Subsequent Events

**STRATEGIC INVESTMENTS**

On October 30, 2025, AIG announced strategic investments in Convex Group Limited (Convex), a global specialty insurer, and Onex Corporation (Onex), a global asset manager. AIG will acquire a 35 percent equity interest in Convex for approximately $2.1 billion as well as a 9.9 percent ownership stake in Onex, for approximately $646 million, with the intent to invest up to $2.0 billion over three years in Onex's investment funds. Both transactions are expected to close in first half of 2026, subject to regulatory approvals and other customary closing conditions. AIG will also participate directly in Convex's underwriting portfolio through a whole account quota share structure from January 1, 2026.

**RENEWAL RIGHTS ACQUISITION**

On October 27, 2025, AIG announced definitive agreements with Everest Group, Ltd. (Everest) to acquire the renewal rights of Everest's global retail commercial insurance portfolios for an aggregate purchase price of $301 million. AIG will also pay Everest $30 million for originating and structuring the transaction and to reimburse Everest for certain expenses. The purchase price is subject to adjustment such that the final purchase price will be equal to 15 percent of the actual premiums written for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025 (aggregate premiums). If the gross written premium paid and payable are less than 80 percent of the aggregate premiums, Everest will reimburse a portion of the aggregate purchase price depending on the relative percentage of such aggregate premiums, which amount shall not exceed $70 million. AIG has also agreed to pay Everest affiliates a total of $10 million per month for nine months for specified transition services.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **53** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| Management's Discussion and Analysis of Financial Condition and Results of Operations

Glossary and Acronyms of Selected Insurance Terms and References

Throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms.

This discussion contains a number of cross-references to additional information included throughout this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Annual Report) to assist readers seeking additional information related to a particular subject.

In this Quarterly Report on Form 10-Q, unless the context indicates otherwise, we use the terms "AIG," "we," "us," "our" or "the Company" to refer to American International Group, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term "AIG Parent" to refer solely to American International Group, Inc., and not to any of its consolidated subsidiaries.

Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results

This Quarterly Report on Form 10-Q and other publicly available documents may include, and members of 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 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, 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.

---

| | |
|:---|:---|
| **54** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

All forward-looking statements involve risks, uncertainties and other factors that may cause 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 actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation:

• the impact of adverse developments affecting economic conditions in the markets in which we operate, including financial market conditions, the U.S. federal government shutdown, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, and geopolitical events or conflicts;

• the occurrence of catastrophic events, both natural and man-made, which may be exacerbated by the effects of climate change;

• disruptions in the availability or accessibility of our 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;

• our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives;

• the effects of changes in laws and regulations, including those relating to privacy, data protection, cybersecurity and AI, and the regulation of insurance, in the U.S. and other countries in which we operate;

• concentrations in our investment portfolios, including our continuing equity market exposure to Corebridge Financial, Inc. (Corebridge);

• changes in the valuation of our investments;

• our reliance on third-party investment managers;

• nonperformance or defaults by counterparties;

• our reliance on third parties to provide certain business and administrative services;

• our ability to adequately assess risk and estimate related losses as well as the effectiveness of our enterprise risk management policies and procedures;

• changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;

• concentrations of our insurance, reinsurance and other risk exposures;

• availability of adequate reinsurance or access to reinsurance on acceptable terms;

• changes to tax laws in the U.S. and other countries in which we operate;

• the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans;

• the effects of sanctions and the failure to comply with those sanctions;

• difficulty in marketing and distributing products through current and future distribution channels;

• actions by rating agencies with respect to our credit and financial strength ratings as well as those of its businesses and subsidiaries;

• changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;

• our ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;

• our ability to address evolving global stakeholder expectations and regulatory requirements including with respect to environmental, social and governance matters;

• our ability to effectively implement restructuring initiatives and potential cost-savings opportunities;

• changes to sources of or access to liquidity;

• changes in accounting principles and financial reporting requirements or their applicability to us;

• the outcome of significant legal, regulatory or governmental proceedings;

• our ability to effectively execute on sustainability targets and standards;

• the impact of epidemics, pandemics and other public health crises and responses thereto; and

• such other factors discussed in:

–Part I, Item 2. MD&A of this Quarterly Report on Form 10-Q;

–Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A of the 2024 Annual Report; and

–our other filings with the Securities and Exchange Commission (SEC).

Forward-looking statements speak only as of the date of this report, or in the case of any document incorporated by reference, the date of that document. We are 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 from those expressed or implied in any forward-looking statements is disclosed from time to time in other filings with the SEC.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **55** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

---

| | |
|:---|:---|
| **INDEX TO ITEM 2** | |
|  | Page |
| **[Use of Non-GAAP Measures](#i5678d06740a64d9e969ce178e27da6a6_301)** | **[57](#i5678d06740a64d9e969ce178e27da6a6_301)** |
| **[Critical Accounting Estimates](#i5678d06740a64d9e969ce178e27da6a6_304)** | **[59](#i5678d06740a64d9e969ce178e27da6a6_304)** |
| **[Executive Summary](#i5678d06740a64d9e969ce178e27da6a6_307)** | **[59](#i5678d06740a64d9e969ce178e27da6a6_307)** |
| [Overview](#i5678d06740a64d9e969ce178e27da6a6_310) | [59](#i5678d06740a64d9e969ce178e27da6a6_310) |
| [Operating Structure](#i5678d06740a64d9e969ce178e27da6a6_313) | [59](#i5678d06740a64d9e969ce178e27da6a6_313) |
| [Regulatory, Industry and Economic Factors](#i5678d06740a64d9e969ce178e27da6a6_319) | [60](#i5678d06740a64d9e969ce178e27da6a6_319) |
| **[Consolidated Results of Operations](#i5678d06740a64d9e969ce178e27da6a6_325)** | **[61](#i5678d06740a64d9e969ce178e27da6a6_325)** |
| **[Business Segment Operations](#i5678d06740a64d9e969ce178e27da6a6_349)** | **[66](#i5678d06740a64d9e969ce178e27da6a6_349)** |
| [General Insurance](#i5678d06740a64d9e969ce178e27da6a6_352) | [67](#i5678d06740a64d9e969ce178e27da6a6_352) |
| [Other Operations](#i5678d06740a64d9e969ce178e27da6a6_367) | [74](#i5678d06740a64d9e969ce178e27da6a6_367) |
| **[Investments](#i5678d06740a64d9e969ce178e27da6a6_373)** | **[75](#i5678d06740a64d9e969ce178e27da6a6_373)** |
| [Overview](#i5678d06740a64d9e969ce178e27da6a6_376) | [75](#i5678d06740a64d9e969ce178e27da6a6_376) |
| [Investment Highlights](#i5678d06740a64d9e969ce178e27da6a6_379)in the Nine Months Ended September 30, 2025 | [75](#i5678d06740a64d9e969ce178e27da6a6_379) |
| [Investment Strategies](#i5678d06740a64d9e969ce178e27da6a6_382) | [75](#i5678d06740a64d9e969ce178e27da6a6_382) |
| [Credit Ratings](#i5678d06740a64d9e969ce178e27da6a6_385) | [80](#i5678d06740a64d9e969ce178e27da6a6_385) |
| **[Insurance Reserves](#i5678d06740a64d9e969ce178e27da6a6_391)** | **[82](#i5678d06740a64d9e969ce178e27da6a6_391)** |
| **[Liquidity and Capital Resources](#i5678d06740a64d9e969ce178e27da6a6_400)** | **[86](#i5678d06740a64d9e969ce178e27da6a6_400)** |
| [Overview](#i5678d06740a64d9e969ce178e27da6a6_403) | [86](#i5678d06740a64d9e969ce178e27da6a6_403) |
| [Liquidity and Capital Resources Highlights](#i5678d06740a64d9e969ce178e27da6a6_406) | [86](#i5678d06740a64d9e969ce178e27da6a6_406) |
| [Analysis of Sources and Uses of Cash](#i5678d06740a64d9e969ce178e27da6a6_409) | [87](#i5678d06740a64d9e969ce178e27da6a6_409) |
| [Liquidity and Capital Resources of AIG Parent and Subsidiaries](#i5678d06740a64d9e969ce178e27da6a6_412) | [88](#i5678d06740a64d9e969ce178e27da6a6_412) |
| [Credit Facilities](#i5678d06740a64d9e969ce178e27da6a6_415) | [88](#i5678d06740a64d9e969ce178e27da6a6_415) |
| [Contractual Obligations](#i5678d06740a64d9e969ce178e27da6a6_418) | [88](#i5678d06740a64d9e969ce178e27da6a6_418) |
| [Off-Balance Sheet Arrangements and Commercial Commitments](#i5678d06740a64d9e969ce178e27da6a6_421) | [89](#i5678d06740a64d9e969ce178e27da6a6_421) |
| [Debt](#i5678d06740a64d9e969ce178e27da6a6_424) | [89](#i5678d06740a64d9e969ce178e27da6a6_424) |
| [Financial Strength Ratings](#i5678d06740a64d9e969ce178e27da6a6_430) | [90](#i5678d06740a64d9e969ce178e27da6a6_430) |
| [Credit Ratings](#i5678d06740a64d9e969ce178e27da6a6_433) | [90](#i5678d06740a64d9e969ce178e27da6a6_433) |
| [Regulation and Supervision](#i5678d06740a64d9e969ce178e27da6a6_436) | [91](#i5678d06740a64d9e969ce178e27da6a6_436) |
| [Dividends](#i5678d06740a64d9e969ce178e27da6a6_439) | [91](#i5678d06740a64d9e969ce178e27da6a6_439) |
| [Repurchases of AIG Common Stock](#i5678d06740a64d9e969ce178e27da6a6_442) | [91](#i5678d06740a64d9e969ce178e27da6a6_442) |
| **[Enterprise Risk Management](#i5678d06740a64d9e969ce178e27da6a6_448)** | **[91](#i5678d06740a64d9e969ce178e27da6a6_448)** |
| [Overview](#i5678d06740a64d9e969ce178e27da6a6_451) | [91](#i5678d06740a64d9e969ce178e27da6a6_451) |
| **[Glossary](#i5678d06740a64d9e969ce178e27da6a6_457)** | **[92](#i5678d06740a64d9e969ce178e27da6a6_457)** |
| **[Acronyms](#i5678d06740a64d9e969ce178e27da6a6_460)** | **[94](#i5678d06740a64d9e969ce178e27da6a6_460)** |

---

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| | |
|:---|:---|
| **56** | AIG \| Third Quarter 2025 Form 10-Q |

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------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Use of Non-GAAP Measures**

Use of Non-GAAP Measures

Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use 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 we present may not be comparable to similarly-named measures reported by other companies.

We use the following operating performance measures because we believe they enhance the understanding of the underlying profitability of continuing operations and trends of our segments. We believe they also allow for more meaningful comparisons with our insurance competitors. When we use these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis in the Consolidated Results of Operations section of this MD&A.

**Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share)** is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. 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 (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders' equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.

**Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG's ownership interest in Corebridge (Core operating book value per share)** is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG's ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG's ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders' equity, excluding Investments AOCI, DTA and AIG's ownership interest in Corebridge (AIG core operating shareholders' equity) by total common shares outstanding.

**Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity)** is used to show the rate of return on common shareholders' equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders' equity.

**Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG's ownership interest in Corebridge (Core operating return on equity)** is used to show the rate of return on common shareholders' equity excluding Investments AOCI, DTA and AIG's ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG's ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric will provide investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders' equity.

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|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **57** |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Use of Non-GAAP Measures**

**Adjusted pre-tax income (APTI)** is derived by excluding the items set forth below from income from continuing operations before income tax:

• changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares;

• net investment income on Fortitude Re funds withheld assets;

• 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 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);

• income or loss from discontinued operations;

• net loss reserve discount benefit (charge);

• net results of businesses in run-off;

• non-operating pension expenses;

• 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 to accounting principles; and

• income from elimination of the international reporting lag.

**Adjusted after-tax income attributable to AIG common shareholders** is derived by excluding the tax effected APTI adjustments described above, dividends on preferred stock and preferred stock redemption premiums, 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; and

• net tax charge related to the enactment of the Tax Cuts and Jobs Act.

**Ratios:** We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would 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 of which 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 and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting. Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management's control. We also exclude prior year development to provide transparency related to current accident year results.

Results from discontinued operations are excluded from all of these measures.

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|:---|:---|
| **58** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Critical Accounting Estimates**

Critical Accounting Estimates

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment.

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| **The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;• loss reserves;<br>&nbsp;&nbsp;&nbsp;&nbsp;• reinsurance assets, including the allowance for credit losses and disputes;<br>&nbsp;&nbsp;&nbsp;&nbsp;• allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities;<br>&nbsp;&nbsp;&nbsp;&nbsp;• fair value measurements of certain financial assets and financial liabilities; and<br>&nbsp;&nbsp;&nbsp;&nbsp;• income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions. |

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These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

*For a complete discussion of our critical accounting estimates, see Part II, Item 7. MD&A – Critical Accounting Estimates in the 2024 Annual Report.*

Executive Summary

**OVERVIEW**

This overview of the MD&A highlights selected information and may not contain all of the information that is important to current or potential investors in our securities. You should read this Quarterly Report on Form 10-Q, together with the 2024 Annual Report, in their entirety for a more detailed description of events, trends, uncertainties, risks and critical accounting estimates affecting us.

**OPERATING STRUCTURE**

We report the results of our businesses through three segments and Other Operations. The three segments are North America Commercial, International Commercial and Global Personal. Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense. Prior years' presentations have been recast to conform to the new reportable segments. Our General Insurance business (General Insurance) consists of our three segments and the Net investment income related to our insurance operations.

On June 9, 2024, AIG waived its right to majority representation on the Corebridge Board of Directors and one of AIG's designees resigned from the Corebridge Board of Directors as of June 9, 2024. As a result, AIG met the requirements for the deconsolidation of Corebridge. The historical financial results of Corebridge, for all periods presented, are reflected in these Condensed Consolidated Financial Statements as discontinued operations.

*For additional information on our segments, see Note 3 to the Condensed Consolidated Financial Statements, and for information regarding the separation of Life and Retirement, see Note 4 to the Condensed Consolidated Financial Statements.* 

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|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **59** |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Executive Summary**

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|:---|
| **General Insurance** |
| **General Insurance** is a leading provider of insurance products and services for commercial and personal insurance customers. It includes one of the world's most far-reaching property casualty networks. General Insurance offers a broad range of products to customers through a diversified, multichannel distribution network. Customers value General Insurance's strong capital position, extensive risk management and claims experience and its ability to be a market leader in critical lines of the insurance business. |
| ![NA Commercial.gif](aig-20250930_g2.gif)![International Commercial.gif](aig-20250930_g3.gif)![Global Personal.gif](aig-20250930_g4.gif) |
| General Insurance includes the following major operating companies: National Union Fire Insurance Company of Pittsburgh, Pa. (National Union); American Home Assurance Company (American Home); Lexington Insurance Company (Lexington); AIG General Insurance Company, Ltd.; AIG Asia Pacific Insurance Pte. Ltd.; AIG Europe S.A.; American International Group UK Limited; Talbot Underwriting Ltd. (Talbot); Western World Insurance Company and Glatfelter Insurance Group (Glatfelter). |

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**REGULATORY, INDUSTRY AND ECONOMIC FACTORS**

**Regulatory Environment**

Our operations around the world are subject to regulation by many different types of regulatory authorities, including insurance and securities regulators in the United States and abroad. The insurance and financial services industries are generally subject to close regulatory scrutiny and supervision.

*For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see Part I, Item 1. Business – Regulation and Part I, Item 1A. Risk Factors – Regulation in the 2024 Annual Report.*

**Impact of Changes in the Interest Rate Environment**

Certain global benchmark interest rates continued to fluctuate in 2025 as markets reacted to change in inflation trends, geopolitical risk, trade and tariff uncertainties and the rate decisions of the global central banks. Our Net investment income is impacted by market interest rates as well as the deployment of asset allocation strategies to enhance yield, manage duration and interest rate risk. The changes in interest rates and credit spreads impact our ability to reinvest future cash flows at rates equal or greater than the rates on sales and maturities. *For additional information on our investment and asset-liability management strategies, see Investments.* 

**Impact of Currency Volatility**

Currency volatility remains acute. The value of the U.S. dollar compared to the Euro, British pound and the Japanese yen (the Major Currencies) impacts income for our businesses with substantial international operations. In particular, growth trends in net premiums written reported in U.S. dollars can differ significantly from those measured in original currencies. The net effect on underwriting results, however, is significantly mitigated, as both revenues and expenses are similarly affected.

These currencies may continue to fluctuate, especially as a result of concerns regarding international trade, future economic growth and other macroeconomic factors, and such fluctuations will affect net premiums written growth trends reported in U.S. dollars, as well as financial statement line item comparability.

**General Insurance businesses are transacted in most major foreign currencies. The following table presents the average of the quarterly weighted average exchange rates of the Major Currencies, which have the most significant impact on our businesses:**

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|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Percentage | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Percentage |
| Rate for 1 USD | **2025** | 2024 | Change | **2025** | 2024 | Change |
| **Major Currency:** |  |  |  |  |  |  |
| GBP | **0.74** | 0.78 | (5)% | **0.76** | 0.79 | (4)% |
| EUR | **0.86** | 0.92 | (7)% | **0.90** | 0.92 | (2)% |
| JPY | **146.42** | 153.68 | (5)% | **148.30** | 151.18 | (2)% |

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Unless otherwise noted, references to the effects of foreign exchange in the General Insurance discussion of results of operations are with respect to movements in the Major Currencies included in the preceding table.

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|:---|:---|
| **60** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Consolidated Results of Operations**

Consolidated Results of Operations

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and nine months ended September 30, 2025 and 2024. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.

*For information regarding the critical accounting estimates that affect our results of operations, see Critical Accounting Estimates in this MD&A and Part II, Item 7. MD&A – Critical Accounting Estimates in the 2024 Annual Report.*

**The following table presents our consolidated results of operations and other key financial metrics:**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | | | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | | |
|<br>*(in millions)* | **2025** | 2024 | Percentage<br>Change | | **2025** | 2024 | Percentage<br>Change | |
| **Revenues:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Premiums | $**6073** | $5945 | 2 | % | $**17720** | $17564 | 1 | % |
| &nbsp;&nbsp;Net investment income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income - excluding Fortitude Re funds withheld assets | **743** | 922 | (19) |  | **3235** | 2819 | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income - Fortitude Re funds withheld assets | **29** | 51 | (43) |  | **108** | 123 | (12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | **772** | 973 | (21) |  | **3343** | 2942 | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative | **(431)** | 8 | NM |  | **(683)** | (238) | (187) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld assets | **(5)** | (18) | 72 |  | **(59)** | (38) | (55) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized losses on Fortitude Re funds withheld embedded derivative | **(54)** | (157) | 66 |  | **(109)** | (158) | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized losses | **(490)** | (167) | (193) |  | **(851)** | (434) | (96) |  |
| &nbsp;&nbsp;Other income (loss) | **(4)** |  | NM |  | **13** | 2 | NM |  |
| &nbsp;&nbsp;**Total revenues** | **6351** | 6751 | (6) |  | **20225** | 20074 | 1 |  |
| **Benefits, losses and expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses incurred | **3391** | 3773 | (10) |  | **10678** | 10753 | (1) |  |
| &nbsp;&nbsp;Amortization of deferred policy acquisition costs | **850** | 863 | (2) |  | **2522** | 2543 | (1) |  |
| &nbsp;&nbsp;General operating and other expenses | **1297** | 1346 | (4) |  | **3574** | 4194 | (15) |  |
| &nbsp;&nbsp;Interest expense | **99** | 112 | (12) |  | **291** | 353 | (18) |  |
| &nbsp;&nbsp;(Gain) loss on extinguishment of debt | **—** |  | NM |  | **(5)** | 1 | NM |  |
| &nbsp;&nbsp;Net (gain) loss on divestitures and other | **—** | 8 | NM |  | **(53)** | (94) | 44 |  |
| &nbsp;&nbsp;**Total benefits, losses and expenses** | **5637** | 6102 | (8) |  | **17007** | 17750 | (4) |  |
| **Income from continuing operations before income tax expense** | **714** | 649 | 10 |  | **3218** | 2324 | 38 |  |
| **Income tax expense** | **190** | 168 | 13 |  | **852** | 571 | 49 |  |
| **Income from continuing operations** | **524** | 481 | 9 |  | **2366** | 1753 | 35 |  |
| **Loss from discontinued operations, net of income taxes** | **—** | (24) | NM |  | **—** | (3580) | NM |  |
| **Net income (loss)** | **524** | 457 | 15 |  | **2366** | (1827) | NM |  |
| **Less: Net income (loss) attributable to noncontrolling interests** | **5** | (2) | NM |  | **5** | 475 | (99) |  |
| **Net income (loss) attributable to AIG** | **519** | 459 | 13 |  | **2361** | (2302) | NM |  |
| **Less: Dividends on preferred stock and preferred stock redemption premiums** | **—** |  | NM |  | **—** | 22 | NM |  |
| **Net income (loss) attributable to AIG common shareholders** | $**519** | $459 | 13 | % | $**2361** | $(2324) | NM | % |

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|:---|:---|:---|
| *(in millions, except per share data)* | **September 30, 2025** | December 31, 2024 |
| **Balance sheet data:** |  |  |
| &nbsp;&nbsp;Total assets | $**163415** | $161322 |
| &nbsp;&nbsp;Long-term debt | **9087** | 8764 |
| &nbsp;&nbsp;Total AIG shareholders' equity | **41085** | 42521 |
| &nbsp;&nbsp;Book value per share | **75.45** | 70.16 |
| &nbsp;&nbsp;Adjusted book value per share | **77.04** | 73.79 |
| &nbsp;&nbsp;Core operating book value per share | **66.66** | 61.75 |

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|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **61** |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Consolidated Results of Operations**

**NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS**

**Three Months Ended September 30, 2025 and 2024 Comparison**

Net income (loss) attributable to AIG common shareholders increased $60 million due to the following:

• an increase in underwriting income driven by lower catastrophe losses of $317 million, higher net favorable prior year reserve development of $15 million, primarily in North America Casualty and Property, higher net premiums earned offset a higher accident year loss ratio, as adjusted due to changes in business mix and a lower expense ratio primarily driven by change in business mix and improved commission terms;

• a decrease in Net realized losses on Fortitude Re funds withheld embedded derivative of $103 million driven by interest rate movement and a decrease in Net realized losses on Fortitude Re funds withheld assets of $13 million; and

• an increase in Income (loss) from discontinued operations, net of income taxes of $24 million as a result of the deconsolidation of Corebridge in June 2024.

The increase in Net income (loss) attributable to AIG common shareholders was partially offset by the following:

• an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $439 million, primarily driven by impairments on investments in real estate funds, an increase in foreign exchange losses of $75 million, changes in allowance for credit losses on loans of $49 million, higher losses on sales of securities of $30 million and higher derivative and hedge activity losses of $18 million, partially offset by lower losses on sales of alternative investments of $16 million; and

• a decrease in Net investment income of $201 million primarily driven by a decrease in changes in the fair value of AIG's investment in Corebridge and gain/loss on sales of Corebridge shares of $313 million, partially offset by higher income from available for sale fixed maturity securities of $115 million and higher income from alternative investments of $95 million.

**Nine Months Ended September 30, 2025 and 2024 Comparison**

Net income (loss) attributable to AIG common shareholders increased $4.7 billion due to the following:

• an increase in Income (loss) from discontinued operations, net of income taxes of $3.6 billion as a result of the deconsolidation of Corebridge in June 2024;

• a decrease in net income attributable to noncontrolling interest of $470 million primarily driven by the Corebridge accounting change post-deconsolidation;

• an increase in Net investment income of $401 million primarily driven by an increase in changes in the fair value of AIG's investment in Corebridge and gain/loss on sales of Corebridge shares of $286 million, higher income from available for sale fixed maturity securities of $289 million and higher income from alternative investments of $100 million, partially offset by a decrease in the fair value of equity securities of $59 million and a decrease in interest income on mortgages and other loans of $61 million;

• an increase in underwriting income primarily driven by lower catastrophe losses of $58 million and higher net favorable prior year reserve development of $149 million primarily in North America Casualty and Property, partially offset by a higher accident year loss ratio due to changes in business mix;

• a decrease in General operating and other expenses primarily driven by lower restructuring and other related costs of $323 million; and

• a decrease in Net realized losses on Fortitude Re funds withheld embedded derivative of $49 million driven by interest rate movement.

The increase in Net income (loss) attributable to AIG common shareholders was partially offset by the following:

• an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $445 million, primarily driven by impairments on investments in real estate funds, derivative and hedge activity losses of $75 million and losses from sales of securities of $133 million, partially offset by changes in allowance for credit losses on loans of $21 million;

• an increase in Net realized losses on Fortitude Re funds withheld assets of $21 million; and

• an increase in income tax expense of $281 million as a result of higher income before taxes.

**INCOME TAX EXPENSE ANALYSIS**

For the three months ended September 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 26.6 percent and 25.9 percent, respectively. For the nine months ended September 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 26.5 percent and 24.6 percent, respectively.

*For additional information, see Note 16 to the Condensed Consolidated Financial Statements.*

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| **62** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Consolidated Results of Operations**

**NON-GAAP RECONCILIATIONS**

**The following table presents reconciliations of Book value per share to Adjusted book value per share and Core operating book value per share, which are non-GAAP measures. *For additional information, see Use of Non-GAAP Measures.***

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| | | |
|:---|:---|:---|
|<br>*(in millions, except per share data)* | **September 30,**<br>**2025** | December 31,<br>2024 |
| **Total AIG common shareholders' equity** | $**41085** | $42521 |
| Less: Investments related AOCI | **(1410)** | (2872) |
| Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets | **(545)** | (667) |
| Subtotal: Investments AOCI | **(865)** | (2205) |
| **AIG adjusted common shareholders' equity** | $**41950** | $44726 |
| **Total AIG common shareholders' equity** | $**41085** | $42521 |
| Less: AIG's ownership interest in Corebridge | **2651** | 3810 |
| Less: Investments related AOCI - AIG | **(1410)** | (2872) |
| Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG | **(545)** | (667) |
| Subtotal: Investments AOCI - AIG | **(865)** | (2205) |
| Less: Deferred tax assets | **3002** | 3489 |
| **AIG core operating shareholders' equity** | $**36297** | $37427 |
| Total common shares outstanding | **544.5** | 606.1 |
| **Book value per share** | $**75.45** | $70.16 |
| **Adjusted book value per share** | **77.04** | 73.79 |
| **Core operating book value per share** | **66.66** | 61.75 |

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**The following table presents reconciliations of Return on equity to Adjusted return on equity and Core operating return on equity, which are non-GAAP measures. *For additional information, see Use of Non-GAAP Measures.***

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | | Year Ended<br>December 31, | |
| *(dollars in millions)* | **2025** | 2024 |  | **2025** |  | 2024 |  | 2024 |  |
| Actual or annualized net income (loss) attributable to AIG common shareholders | $**2076** | $1836 |  | $**3148** |  | $(3099) |  | $(1426) |  |
| Actual or annualized adjusted after-tax income attributable to AIG common shareholders | $**4904** | $3216 |  | $**3963** |  | $3249 |  | $3254 |  |
| **Average AIG common shareholders' equity** | $**41293** | $44742 |  | $**41635** |  | $44434 |  | $44051 |  |
| Less: Average investments AOCI | **(1128)** | (2194) |  | **(1560)** |  | (5864) |  | (5132) |  |
| **Average AIG adjusted common shareholders' equity** | $**42421** | $46936 |  | $**43195** |  | $50298 |  | $49183 |  |
| **Average AIG common shareholders' equity** | $**41293** | $44742 |  | $**41635** |  | $44434 |  | $44051 |  |
| Less: Average AIG's ownership interest in Corebridge | **3347** | 8355 |  | **3631** |  | 7510 |  | 6770 |  |
| Less: Average Investments AOCI - AIG | **(1128)** | (2194) |  | **(1560)** |  | (2387) |  | (2351) |  |
| Less: Average deferred tax assets | **3093** | 4017 |  | **3261** |  | 4125 |  | 3998 |  |
| **Average AIG core operating shareholders' equity** | $**35981** | $34564 |  | $**36303** |  | $35186 |  | $35634 |  |
| **Return on equity** | **5.0** | 4.1 | % | **7.6** | **%** | (7.0) | % | (3.2) | % |
| **Adjusted return on equity** | **11.6** | 6.9 |  | **9.2** |  | 6.5 |  | 6.6 |  |
| **Core operating return on equity** | **13.6** | 9.3 |  | **10.9** |  | 9.2 |  | 9.1 |  |

---

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **63** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Consolidated Results of Operations**

**The following table presents a reconciliation of pre-tax income (loss)/net income (loss) attributable to AIG to adjusted pre-tax income (loss)/adjusted after-tax income (loss) attributable to AIG:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended September 30,** | **2025** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 |
| *(in millions, except per common share data)* | Pre-tax | Total Tax<br>(Benefit)<br>Charge | Non-<br>controlling<br>Interests<sup>(a)</sup> | After<br>Tax | Pre-tax | Total Tax<br>(Benefit)<br>Charge | Non-<br>controlling<br>Interests<sup>(a)</sup> | After<br>Tax |
| **Pre-tax income/net income, including noncontrolling interests** | $**714** | $**190** | $**—** | $**524** | $649 | $168 | $— | $457 |
| Noncontrolling interests<sup>(a)</sup> |  |  | **(5)** | **(5)** |  |  | 2 | 2 |
| **Pre-tax income/net income attributable to AIG - including discontinued operations** | $**714** | $**190** | $**(5)** | $**519** | $649 | $168 | $2 | $459 |
| Dividends on preferred stock and preferred stock redemption premiums |  |  |  | **—** |  |  |  |  |
| **Net income attributable to AIG common shareholders** |  |  |  | $**519** |  |  |  | $459 |
| Changes in uncertain tax positions and other tax adjustments |  | **(5)** | **—** | **5** |  | 3 |  | (3) |
| Deferred income tax valuation allowance releases |  | **—** | **—** | **—** |  | 9 |  | (9) |
| Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | **288** | **60** | **—** | **228** | (25) | (5) |  | (20) |
| Net investment income on Fortitude Re funds withheld assets | **(29)** | **(6)** | **—** | **(23)** | (51) | (11) |  | (40) |
| Net realized losses on Fortitude Re funds withheld assets | **5** | **1** | **—** | **4** | 18 | 4 |  | 14 |
| Net realized losses on Fortitude Re funds withheld embedded derivative | **54** | **11** | **—** | **43** | 157 | 33 |  | 124 |
| Net realized (gains) losses<sup>(b)</sup> | **433** | **107** | **—** | **326** | (7) | (27) |  | 20 |
| Loss from discontinued operations |  |  |  | **—** |  |  |  | 24 |
| Net gain on divestitures and other | **—** | **—** | **—** | **—** | 8 | 28 |  | (20) |
| Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements | **(9)** | **(2)** | **—** | **(7)** | 126 | 27 |  | 99 |
| Net loss reserve discount (benefit) charge | **(2)** | **—** | **—** | **(2)** | 29 | 6 |  | 23 |
| Net results of businesses in run-off<sup>(c)</sup> | **(1)** | **(1)** | **—** | **—** | 8 | 2 |  | 6 |
| Non-operating pension expenses | **6** | **1** | **—** | **5** |  |  |  |  |
| Integration and transaction costs associated with acquiring or divesting businesses | **7** | **2** | **—** | **5** | 22 | 5 |  | 17 |
| Restructuring and other costs<sup>(d)</sup> | **153** | **32** | **—** | **121** | 137 | 28 |  | 109 |
| Non-recurring costs related to regulatory or accounting changes | **3** | **1** | **—** | **2** | 4 | 1 |  | 3 |
| Noncontrolling interests<sup>(a)</sup> |  |  | **—** | **—** |  |  | (2) | (2) |
| **Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders** | $**1622** | $**391** | $**(5)** | $**1226** | $1075 | $271 | $— | $804 |
| **Weighted average diluted shares outstanding** |  |  |  | **558.5** |  |  |  | 647.4 |
| **Income per common share attributable to AIG common shareholders (diluted)** |  |  |  | $**0.93** |  |  |  | $0.71 |
| **Adjusted after-tax income per common share attributable to AIG common shareholders (diluted)** |  |  |  | $**2.20** |  |  |  | $1.24 |

---

---

| | |
|:---|:---|
| **64** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Consolidated Results of Operations**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30,** | **2025** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 |
| *(in millions, except per common share data)* | Pre-tax | Total Tax<br>(Benefit)<br>Charge | Non-<br>controlling<br>Interests<sup>(a)</sup> | After<br>Tax | Pre-tax | Total Tax<br>(Benefit)<br>Charge | Non-<br>controlling<br>Interests<sup>(a)</sup> | After<br>Tax |
| **Pre-tax income/net income (loss), including noncontrolling interests** | $**3218** | $**852** | $**—** | $**2366** | $2324 | $571 | $— | $(1827) |
| Noncontrolling interests<sup>(a)</sup> |  |  | **(5)** | **(5)** |  |  | (475) | (475) |
| **Pre-tax income/net income (loss) attributable to AIG - including discontinued operations** | $**3218** | $**852** | $**(5)** | $**2361** | $2324 | $571 | $(475) | $(2302) |
| Dividends on preferred stock and preferred stock redemption premiums |  |  |  | **—** |  |  |  | 22 |
| **Net income (loss) attributable to AIG common shareholders** |  |  |  | $**2361** |  |  |  | $(2324) |
| Changes in uncertain tax positions and other tax adjustments |  | **(1)** | **—** | **1** |  | 8 |  | (8) |
| Deferred income tax valuation allowance (releases) charges |  | **(9)** | **—** | **9** |  | 15 |  | (15) |
| Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | **(393)** | **(83)** | **—** | **(310)** | (172) | (36) |  | (136) |
| (Gain) loss on extinguishment of debt and preferred stock redemption premiums | **(5)** | **(1)** | **—** | **(4)** | 1 |  |  | 16 |
| Net investment income on Fortitude Re funds withheld assets | **(108)** | **(23)** | **—** | **(85)** | (123) | (26) |  | (97) |
| Net realized losses on Fortitude Re funds withheld assets | **59** | **12** | **—** | **47** | 38 | 8 |  | 30 |
| Net realized losses on Fortitude Re funds withheld embedded derivative | **109** | **23** | **—** | **86** | 158 | 33 |  | 125 |
| Net realized losses<sup>(b)</sup> | **690** | **102** | **—** | **588** | 234 | 28 |  | 206 |
| Loss from discontinued operations |  |  |  | **—** |  |  |  | 3580 |
| Net gain on divestitures and other | **(53)** | **(11)** | **—** | **(42)** | (94) | 12 |  | (106) |
| Non-operating litigation reserves and settlements | **(13)** | **(3)** | **—** | **(10)** |  |  |  |  |
| Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | **53** | **11** | **—** | **42** | 66 | 14 |  | 52 |
| Net loss reserve discount charge | **27** | **6** | **—** | **21** | 131 | 27 |  | 104 |
| Net results of businesses in run-off<sup>(c)</sup> | **(8)** | **(2)** | **—** | **(6)** | (4) |  |  | (4) |
| Non-operating pension expenses | **16** | **3** | **—** | **13** |  |  |  |  |
| Integration and transaction costs associated with acquiring or divesting businesses | **13** | **3** | **—** | **10** | 37 | 8 |  | 29 |
| Restructuring and other costs<sup>(d)</sup> | **307** | **64** | **—** | **243** | 630 | 132 |  | 498 |
| Non-recurring costs related to regulatory or accounting changes | **10** | **2** | **—** | **8** | 15 | 3 |  | 12 |
| Noncontrolling interests<sup>(a)</sup> |  |  | **—** | **—** |  |  | 475 | 475 |
| **Adjusted pre-tax income (loss)/Adjusted after-tax income (loss) attributable to AIG common shareholders** | $**3922** | $**945** | $**(5)** | $**2972** | $3241 | $797 | $— | $2437 |
| **Weighted average diluted shares outstanding** |  |  |  | **578.4** |  |  |  | 667.4 |
| **Income (loss) per common share attributable to AIG common shareholders (diluted)** |  |  |  | $**4.08** |  |  |  | $(3.48) |
| **Adjusted after-tax income per common share attributable to AIG common shareholders (diluted)** |  |  |  | $**5.14** |  |  |  | $3.65 |

---

(a)Noncontrolling interest primarily relates to Corebridge and is the portion of Corebridge earnings that AIG did not own. Corebridge was consolidated until June 9, 2024. The historical results of Corebridge owned by AIG are reflected in Income (loss) from discontinued operations, net of income taxes.

(b)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.

(c)In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes. In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.

(d)In the three and nine months ended September 30, 2025 and 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and, in the nine months ended September 30, 2024, real estate impairment charges.

**PRE-TAX INCOME (LOSS) COMPARISON**

Pre-tax income was $714 million and $649 million in the three months ended September 30, 2025 and 2024, respectively. Pre-tax income was $3.2 billion and $2.3 billion in the nine months ended September 30, 2025 and 2024, respectively.

*For the main drivers impacting AIG's results of operations, see – Net Income (Loss) Attributable to AIG Common Shareholders above.*

**ADJUSTED PRE-TAX INCOME (LOSS) COMPARISON**

Adjusted pre-tax income was $1.6 billion and $1.1 billion in the three months ended September 30, 2025 and 2024, respectively. Adjusted pre-tax income was $3.9 billion and $3.2 billion in the nine months ended September 30, 2025 and 2024, respectively.

*For the main drivers impacting AIG's adjusted pre-tax income (loss), see Business Segment Operations.*

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **65** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Consolidated Results of Operations**

**The following table presents a reconciliation of General Insurance and Other Operations Net investment income and other/pre-tax income (loss) to Net investment income and other, APTI basis/adjusted pre-tax income (loss):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **General Insurance** | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
|  | **2025** | **2025** | 2024 | 2024 | **2025** | **2025** | 2024 | 2024 |
| *(in millions)* | Net<br>Investment<br>Income<br>and Other | Pre-tax<br>Income<br>(Loss) | Net<br>Investment<br>Income<br>and Other | Pre-tax<br>Income<br>(Loss) | Net<br>Investment<br>Income<br>and Other | Pre-tax<br>Income<br>(Loss) | Net<br>Investment<br>Income<br>and Other | Pre-tax<br>Income<br>(Loss) |
| **Net investment income and other/Pre-tax income (loss)** | $**991** | $**1188** | $811 | $1058 | $**2619** | $**3183** | $2400 | $3005 |
| Other income (expense) - net | **—** | **—** |  |  | **—** | **—** | (31) |  |
| Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | **(46)** | **(46)** | 5 | 5 | **(70)** | **(70)** | (38) | (38) |
| Net investment income on Fortitude Re funds withheld assets | **—** | **—** | (42) | (42) | **1** | **1** | (43) | (43) |
| Net realized (gains) losses on Fortitude Re funds withheld assets | **—** | **(1)** |  | 1 | **—** | **6** |  | 1 |
| Net realized (gains) losses | **—** | **456** | (1) | (80) | **2** | **779** | (7) | 217 |
| Net loss (gain) on divestitures and other | **—** | **(1)** |  | 2 | **—** | **(38)** |  | (5) |
| Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | **—** | **7** |  | 129 | **—** | **81** |  | 112 |
| Net loss reserve discount (benefit) charge | **—** | **(2)** |  | 29 | **—** | **27** |  | 131 |
| Non-operating pension expenses | **—** | **4** |  |  | **—** | **13** |  |  |
| Restructuring and other costs | **—** | **130** |  | 104 | **—** | **222** |  | 349 |
| Non-recurring costs related to regulatory or accounting changes | **—** | **3** |  | 4 | **—** | **10** |  | 15 |
| **Net investment income and other, APTI basis/Adjusted pre-tax income (loss)** | $**945** | $**1738** | $773 | $1210 | $**2552** | $**4214** | $2281 | $3744 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Other Operations** | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
|  | **2025** | **2025** | 2024 | 2024 | **2025** | **2025** | 2024 | 2024 |
| *(in millions)* | Net<br>Investment<br>Income<br>and Other | Pre-tax<br>Income<br>(Loss) | Net<br>Investment<br>Income<br>and Other | Pre-tax<br>Income<br>(Loss) | Net<br>Investment<br>Income<br>and Other | Pre-tax<br>Income<br>(Loss) | Net<br>Investment<br>Income<br>and Other | Pre-tax<br>Income<br>(Loss) |
| **Net investment income and other/Pre-tax income (loss)** | $**(226)** | $**(474)** | $162 | $(409) | $**734** | $**35** | $544 | $(681) |
| Consolidation and Eliminations | **(2)** | **—** | 1 |  | **1** | **—** | 1 |  |
| Other income (expense) - net | **2** | **—** |  |  | **(9)** | **—** | 16 |  |
| Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | **334** | **334** | (30) | (30) | **(323)** | **(323)** | (134) | (134) |
| Gain on extinguishment of debt | **—** | **—** |  |  | **—** | **(5)** |  | 1 |
| Net investment income on Fortitude Re funds withheld assets | **(29)** | **(29)** | (9) | (9) | **(109)** | **(109)** | (80) | (80) |
| Net realized losses on Fortitude Re funds withheld assets | **—** | **6** |  | 17 | **—** | **53** |  | 37 |
| Net realized losses on Fortitude Re funds withheld embedded derivative | **—** | **54** |  | 157 | **—** | **109** |  | 158 |
| Net realized (gains) losses | **2** | **(23)** | 1 | 73 | **2** | **(89)** | 1 | 17 |
| Net loss (gain) on divestitures and other | **—** | **1** |  | 6 | **—** | **(15)** |  | (89) |
| Non-operating litigation reserves and settlements | **—** | **—** |  |  | **—** | **(13)** |  |  |
| Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | **—** | **(16)** |  | (3) | **—** | **(28)** |  | (46) |
| Net results of businesses in run-off | **(9)** | **(1)** | (5) | 8 | **(22)** | **(8)** | (13) | (4) |
| Non-operating pension expenses | **—** | **2** |  |  | **—** | **3** |  |  |
| Integration and transaction costs associated with acquiring or divesting businesses | **—** | **7** |  | 22 | **—** | **13** |  | 37 |
| Restructuring and other costs | **—** | **23** |  | 33 | **—** | **85** |  | 281 |
| **Net investment income and other, APTI basis/Adjusted pre-tax income (loss)** | $**72** | $**(116)** | $120 | $(135) | $**274** | $**(292)** | $335 | $(503) |

---

Business Segment Operations

We report the results of our businesses through three segments and Other Operations. The three segments are North America Commercial, International Commercial and Global Personal. Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense. General Insurance consists of our three segments and the Net investment income related to our insurance operations.

---

| | |
|:---|:---|
| **66** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Business Segment Operations** \| **General Insurance**

---

| |
|:---|
| General Insurance |
| **Commercial Lines is managed by our geographic markets of North America and International, while Personal Insurance is managed globally. Our global presence is underpinned by our multinational capabilities to provide Commercial Lines and Personal Insurance products within these geographic markets.** |
| **PRODUCTS AND DISTRIBUTION** |

---

---

| | | |
|:---|:---|:---|
| ![NA Commercial.gif](aig-20250930_g2.gif)<br>North America Commercial consists of insurance businesses in the United States, Canada and Bermuda. | ![International Commercial.gif](aig-20250930_g3.gif)<br>International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International Commercial also includes the results of Talbot as well as AIG's Global Specialty business. | ![Global Personal.gif](aig-20250930_g4.gif)<br>Global Personal consists primarily of insurance businesses in the United States as well as Japan, the United Kingdom, Europe, EMEA region, Asia Pacific, Latin America and Caribbean, and China. |

---

**Commercial Lines**

**Property & Short Tail:** Products include commercial and industrial property, including business interruption, as well as package insurance products and services that cover exposures to man-made and natural disasters.

**Casualty:** Products include general liability, environmental, commercial automobile liability, workers' compensation, excess casualty and crisis management insurance products. Casualty also includes risk-sharing and other customized structured programs for large corporate and multinational customers.

**Financial Lines:** Products include professional liability insurance for a range of businesses and risks, including directors and officers, mergers and acquisitions, fidelity, employment practices, fiduciary liability, cyber risk, kidnap and ransom, and errors and omissions insurance.

**Global Specialty:** Products include marine, energy-related property insurance products, aviation, political risk, trade credit, trade finance and portfolio solutions.

**Personal Insurance**

**Global Accident & Health:** Products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals.

**Personal Lines:** Products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S. that covers auto, homeowners, umbrella, yacht, fine art and collections.

General Insurance products in North America and International markets are distributed through various channels, including captive and independent agents, brokers, affinity partners, airlines and travel agents, and retailers. Our global platform enables writing multinational and cross-border risks in both Commercial Lines and Personal Insurance.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **67** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Business Segment Operations** \| **General Insurance**

**BUSINESS STRATEGY**<br>

**Profitable Growth:** Build on our high-quality portfolio by focusing on targeted growth through continued underwriting discipline, improved client retention and new business development. Deploy capital efficiently to act opportunistically and achieve growth in profitable lines, geographies and customer segments, while taking a disciplined underwriting approach to exposure management, terms and conditions and rate change to achieve our risk/return hurdles. Continue to be open to inorganic growth opportunities in profitable markets and segments to expand our capabilities and footprint.

**Underwriting Excellence:** Continue to enhance portfolio optimization through strength of underwriting framework and guidelines as well as clear communication of risk appetite and rate adequacy. Empower and increase accountability of the underwriter and continue to integrate underwriting, claims and actuarial to enable better decision making. Focus on enhancing risk selection, driving consistent underwriting best practices and building robust monitoring standards to improve underwriting results.

**Reinsurance Optimization:** Strategically partner with reinsurers to effectively manage exposure to losses arising from frequency of large catastrophic events and severity from individual risk losses. Strive to optimize our reinsurance program to manage volatility and protect the balance sheet from tail events and unpredictable net losses in support of our profitable growth objectives.

**COMPETITION AND CHALLENGES**<br>

General Insurance operates in a highly competitive industry against global, national and local insurers and reinsurers and underwriting syndicates in specific market areas and product types. Insurance companies compete through a combination of risk acceptance criteria, product pricing, service levels and terms and conditions. We serve our business and individual customers on a global basis – from the largest multinational corporations to local businesses and individuals. General Insurance seeks to differentiate itself in the markets where we participate by providing leading expertise and insight to clients, distribution partners and other stakeholders, delivering underwriting excellence and value-driven insurance solutions and providing high quality, tailored end-to-end support to stakeholders. In doing so, we leverage our world-class global franchise, multinational capabilities, balance sheet strength and financial flexibility.

Our challenges include:

• ensuring adequate business pricing given passage of time to reporting and settlement for insurance business, particularly with respect to long-tail Commercial Lines exposures;

• impact of social and economic inflation on claim frequency and severity; and

• volatility in claims arising from natural and man-made catastrophes and other aggregations of risk exposure.

**INDUSTRY AND ECONOMIC FACTORS**

**North America Commercial**

North America Commercial continues to pursue profitable growth, while capacity in certain segments is putting pressure on rates. We have focused on retaining our best accounts and pursuing profitable new business opportunities while maintaining our underwriting discipline, including our management of exposure limits to reduce volatility within the portfolio. We continue to proactively identify segment growth areas as market conditions warrant through effective portfolio management.

**International Commercial**

International Commercial continues to pursue growth in our most profitable lines of business and diversify our portfolio across all regions by expanding key business lines while remaining a market leader in key developed and developing markets. We are maintaining our underwriting discipline, against a backdrop of rate pressures in certain lines and in some geographies, utilizing reinsurance to reduce volatility and continuing our risk selection strategy to improve profitability.

**Global Personal**

Global Personal serves individuals as well as group and corporate clients across a broad range of products, markets, and client profiles. Amid competitive market conditions, we continue to benefit from improved underwriting quality and portfolio diversity, as well as investment in expanded capabilities and strategic distribution partnerships.

---

| | |
|:---|:---|
| **68** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Business Segment Operations** \| **General Insurance**

**GENERAL INSURANCE RESULTS**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | | | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | | |
|<br>*(in millions)* | **2025** | 2024 |<br>Change | | **2025** | 2024 |<br>Change | |
| **Underwriting results:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net premiums written | $**6230** | $6380 | (2) | % | $**17636** | $17825 | (1) | % |
| &nbsp;&nbsp;(Increase) decrease in unearned premiums | **(190)** | (433) | 56 |  | **51** | (343) | NM |  |
| &nbsp;&nbsp;**Net premiums earned** | **6040** | 5947 | 2 |  | **17687** | 17482 | 1 |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses incurred<sup>(a)</sup> | **3379** | 3611 | (6) |  | **10573** | 10472 | 1 |  |
| &nbsp;&nbsp;Acquisition expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | **851** | 863 | (1) |  | **2522** | 2532 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other acquisition expenses | **237** | 292 | (19) |  | **670** | 825 | (19) |  |
| &nbsp;&nbsp;**Total acquisition expenses** | **1088** | 1155 | (6) |  | **3192** | 3357 | (5) |  |
| &nbsp;&nbsp;General operating expenses | **780** | 744 | 5 |  | **2260** | 2190 | 3 |  |
| **Underwriting income** | **793** | 437 | 81 |  | **1662** | 1463 | 14 |  |
| Net investment income | **945** | 773 | 22 |  | **2552** | 2281 | 12 |  |
| **Adjusted pre-tax income** | $**1738** | $1210 | 44 | % | $**4214** | $3744 | 13 | % |
| Loss ratio<sup>(a)</sup> | **55.9** | 60.7 | (4.8) |  | **59.8** | 59.9 | (0.1) |  |
| &nbsp;&nbsp;Acquisition ratio | **18.0** | 19.4 | (1.4) |  | **18.0** | 19.2 | (1.2) |  |
| &nbsp;&nbsp;General operating expense ratio | **12.9** | 12.5 | 0.4 |  | **12.8** | 12.5 | 0.3 |  |
| **Expense ratio** | **30.9** | 31.9 | (1.0) |  | **30.8** | 31.7 | (0.9) |  |
| Combined ratio<sup>(a)</sup> | **86.8** | 92.6 | (5.8) |  | **90.6** | 91.6 | (1.0) |  |
| **Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Catastrophe losses and reinstatement premiums | **(1.6)** | (6.9) | 5.3 |  | **(4.5)** | (4.9) | 0.4 |  |
| &nbsp;&nbsp;Prior year development, net of reinsurance and prior year premiums | **3.1** | 2.6 | 0.5 |  | **2.1** | 1.4 | 0.7 |  |
| **Accident year loss ratio, as adjusted** | **57.4** | 56.4 | 1.0 |  | **57.4** | 56.4 | 1.0 |  |
| **Accident year combined ratio, as adjusted** | **88.3** | 88.3 |  |  | **88.2** | 88.1 | 0.1 |  |

---

(a)Consistent with our definition of APTI, excludes net loss reserve discount and 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.

**The following table presents General Insurance net premiums written by segment, showing change on both reported and constant dollar basis:**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Percentage Change in | Percentage Change in | Percentage Change in | Percentage Change in | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Percentage Change in | Percentage Change in | Percentage Change in | Percentage Change in |
|<br>*(in millions)* | **2025** | 2024 | U.S.<br>dollars | | Original<br>Currency | | 2025 | 2024 | U.S.<br>dollars | | Original<br>Currency | |
| &nbsp;&nbsp;North America Commercial | $**2435** | $2445 |  | % |  | % | $**6472** | $6228 | 4 | % | 4 | % |
| &nbsp;&nbsp;International Commercial | **2115** | 2052 | 3 |  | 1 |  | **6467** | 6275 | 3 |  | 3 |  |
| &nbsp;&nbsp;Global Personal | **1680** | 1883 | (11) |  | (14) |  | **4697** | 5322 | (12) |  | (13) |  |
| **Total net premiums written** | $**6230** | $6380 | (2) | % | (4) | % | $**17636** | $17825 | (1) | % | (1) | % |

---

**The following tables present General Insurance accident year catastrophes**<sup>(a)</sup> **by segment:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(dollars in millions)* | North America<br>Commercial | International<br>Commercial | Global<br>Personal | Total |
| **Three Months Ended September 30, 2025** |  |  |  |  |
| &nbsp;&nbsp;Flooding, rainstorms and other | $**—** | $**4** | $**10** | $**14** |
| &nbsp;&nbsp;Windstorms and hailstorms | **74** | **17** | **3** | **94** |
| &nbsp;&nbsp;Winter storms | **4** | **—** | **—** | **4** |
| &nbsp;&nbsp;Wildfires | **(10)** | **(2)** | **—** | **(12)** |
| **Total catastrophe-related charges** | $**68** | $**19** | $**13** | $**100** |
| Three Months Ended September 30, 2024 |  |  |  |  |
| &nbsp;&nbsp;Flooding, rainstorms and other | $— | $15 | $— | $15 |
| &nbsp;&nbsp;Windstorms and hailstorms | 239 | 66 | 51 | 356 |

---

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **69** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Business Segment Operations** \| **General Insurance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(dollars in millions)* | North America<br>Commercial | International<br>Commercial | Global<br>Personal | Total |
| &nbsp;&nbsp;Winter storms | 2 | 2 |  | 4 |
| &nbsp;&nbsp;Wildfires | 36 |  |  | 36 |
| &nbsp;&nbsp;Reinstatement premiums | 6 |  |  | 6 |
| **Total catastrophe-related charges** | $283 | $83 | $51 | $417 |
| **Nine Months Ended September 30, 2025** |  |  |  |  |
| &nbsp;&nbsp;Flooding, rainstorms and other | $**—** | $**4** | $**10** | $**14** |
| &nbsp;&nbsp;Windstorms and hailstorms | **178** | **24** | **44** | **246** |
| &nbsp;&nbsp;Winter storms | **40** | **—** | **1** | **41** |
| &nbsp;&nbsp;Wildfires | **204** | **47** | **192** | **443** |
| &nbsp;&nbsp;Earthquakes | **—** | **44** | **2** | **46** |
| &nbsp;&nbsp;Reinstatement premiums | **5** | **(1)** | **1** | **5** |
| **Total catastrophe-related charges** | $**427** | $**118** | $**250** | $**795** |
| Nine Months Ended September 30, 2024 |  |  |  |  |
| &nbsp;&nbsp;Flooding, rainstorms and other | $2 | $130 | $— | $132 |
| &nbsp;&nbsp;Windstorms and hailstorms | 403 | 94 | 114 | 611 |
| &nbsp;&nbsp;Winter storms | 45 | 2 | 7 | 54 |
| &nbsp;&nbsp;Wildfires | 36 |  |  | 36 |
| &nbsp;&nbsp;Earthquakes |  | 10 |  | 10 |
| &nbsp;&nbsp;Reinstatement premiums | 12 | (2) |  | 10 |
| **Total catastrophe-related charges** | $498 | $234 | $121 | $853 |

---

(a)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 unrest that exceed the $10 million threshold.

**NORTH AMERICA COMMERCIAL RESULTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | | | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | | |
|<br>*(in millions)* | **2025** | 2024 |<br>Change | | **2025** | 2024 |<br>Change | |
| **Underwriting results:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net premiums written | $**2435** | $2445 |  | % | $**6472** | $6228 | 4 | % |
| &nbsp;&nbsp;Increase in unearned premiums | **(237)** | (322) | 26 |  | **(17)** | (182) | 91 |  |
| &nbsp;&nbsp;**Net premiums earned** | **2198** | 2123 | 4 |  | **6455** | 6046 | 7 |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses incurred<sup>(a)</sup> | **1303** | 1532 | (15) |  | **4169** | 4109 | 1 |  |
| &nbsp;&nbsp;Acquisition expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | **221** | 206 | 7 |  | **654** | 615 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other acquisition expenses | **44** | 64 | (31) |  | **137** | 164 | (16) |  |
| &nbsp;&nbsp;**Total acquisition expenses** | **265** | 270 | (2) |  | **791** | 779 | 2 |  |
| &nbsp;&nbsp;General operating expenses | **246** | 225 | 9 |  | **681** | 635 | 7 |  |
| **Underwriting income** | $**384** | $96 | 300 | % | $**814** | $523 | 56 | % |
| **Loss ratio**<sup>(a)</sup> | **59.3** | 72.2 | (12.9) |  | **64.6** | 68.0 | (3.4) |  |
| &nbsp;&nbsp;Acquisition ratio | **12.1** | 12.7 | (0.6) |  | **12.3** | 12.9 | (0.6) |  |
| &nbsp;&nbsp;General operating expense ratio | **11.2** | 10.6 | 0.6 |  | **10.5** | 10.5 |  |  |
| **Expense ratio** | **23.3** | 23.3 |  |  | **22.8** | 23.4 | (0.6) |  |
| **Combined ratio**<sup>(a)</sup> | **82.6** | 95.5 | (12.9) |  | **87.4** | 91.4 | (4.0) |  |
| **Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Catastrophe losses and reinstatement premiums | **(3.1)** | (13.3) | 10.2 |  | **(6.6)** | (8.2) | 1.6 |  |
| &nbsp;&nbsp;Prior year development, net of reinsurance and prior year premiums | **5.9** | 2.9 | 3.0 |  | **4.5** | 2.0 | 2.5 |  |
| **Accident year loss ratio, as adjusted** | **62.1** | 61.8 | 0.3 |  | **62.5** | 61.8 | 0.7 |  |
| **Accident year combined ratio, as adjusted** | **85.4** | 85.1 | 0.3 |  | **85.3** | 85.2 | 0.1 |  |

---

(a)Consistent with our definition of APTI, excludes net loss reserve discount and 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.

---

| | |
|:---|:---|
| **70** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Business Segment Operations** \| **General Insurance**

**Business and Financial Highlights**

**Net Premiums Written Comparison for the Three Months Ended September 30, 2025 and 2024**

Net premiums written decreased by $10 million primarily due to lower production in Casualty, partially offset by growth in Financial Lines.

**Net Premiums Written Comparison for the Nine Months Ended September 30, 2025 and 2024**

Net premiums written increased by $244 million primarily due to growth in Casualty driven by new business production and strong retention, partially offset by lower production in Property.

**Underwriting Income (Loss) Comparison for the Three Months Ended September 30, 2025 and 2024**

Underwriting income increased by $288 million primarily due to:

• lower Catastrophe losses (10.2 points or $215 million); and

• higher net favorable prior year reserve development (3.0 points or $62 million), with favorable development driven by Casualty and Property.

Higher net premiums earned offset a higher accident year loss ratio, as adjusted (0.3 points) due to changes in business mix. The Expense ratio remained flat reflecting an increase in the general operating expense ratio (0.6 points), partially offset by a lower acquisition ratio (0.6 points), primarily driven by changes in business mix.

**Underwriting Income (Loss) Comparison for the Nine Months Ended September 30, 2025 and 2024**

Underwriting income increased by $291 million primarily due to:

• higher net favorable prior year reserve development (2.5 points or $176 million), with favorable development driven by Casualty and Property; and

• lower Catastrophe losses (1.6 points or $71 million).

Higher net premiums earned offset a higher accident year loss ratio, as adjusted (0.7 points) due to changes in business mix.

**INTERNATIONAL COMMERCIAL RESULTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | | | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | | |
|<br>*(in millions)* | **2025** | 2024 |<br>Change | | **2025** | 2024 |<br>Change | |
| **Underwriting results:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net premiums written | $**2115** | $2052 | 3 | **%** | $**6467** | $6275 | 3 | % |
| &nbsp;&nbsp;(Increase) decrease in unearned premiums | **73** | (13) | NM |  | **(104)** | (194) | 46 |  |
| &nbsp;&nbsp;**Net premiums earned** | **2188** | 2039 | 7 |  | **6363** | 6081 | 5 |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses incurred | **1167** | 1092 | 7 |  | **3515** | 3381 | 4 |  |
| &nbsp;&nbsp;Acquisition expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | **285** | 259 | 10 |  | **799** | 753 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other acquisition expenses | **96** | 96 |  |  | **274** | 266 | 3 |  |
| &nbsp;&nbsp;**Total acquisition expenses** | **381** | 355 | 7 |  | **1073** | 1019 | 5 |  |
| &nbsp;&nbsp;General operating expenses | **310** | 272 | 14 |  | **905** | 801 | 13 |  |
| **Underwriting income** | $**330** | $320 | 3 | **%** | $**870** | $880 | (1) | % |
| **Loss ratio** | **53.3** | 53.6 | (0.3) |  | **55.2** | 55.6 | (0.4) |  |
| &nbsp;&nbsp;Acquisition ratio | **17.4** | 17.4 |  |  | **16.9** | 16.8 | 0.1 |  |
| &nbsp;&nbsp;General operating expense ratio | **14.2** | 13.3 | 0.9 |  | **14.2** | 13.2 | 1.0 |  |
| **Expense ratio** | **31.6** | 30.7 | 0.9 |  | **31.1** | 30.0 | 1.1 |  |
| **Combined ratio** | **84.9** | 84.3 | 0.6 |  | **86.3** | 85.6 | 0.7 |  |
| **Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Catastrophe losses and reinstatement premiums | **(0.8)** | (4.1) | 3.3 |  | **(1.8)** | (3.9) | 2.1 |  |
| &nbsp;&nbsp;Prior year development, net of reinsurance and prior year premiums | **1.9** | 3.2 | (1.3) |  | **1.0** | 1.2 | (0.2) |  |
| **Accident year loss ratio, as adjusted** | **54.4** | 52.7 | 1.7 |  | **54.4** | 52.9 | 1.5 |  |
| **Accident year combined ratio, as adjusted** | **86.0** | 83.4 | 2.6 |  | **85.5** | 82.9 | 2.6 |  |

---

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **71** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Business Segment Operations** \| **General Insurance**

**Business and Financial Highlights**

**Net Premiums Written Comparison for the Three Months Ended September 30, 2025 and 2024**

Net premiums written, excluding the favorable impact of foreign exchange ($46 million), increased by $17 million primarily due to growth in Global Specialty and Property driven by strength of new business production, partially offset by lower production in Financial Lines.

**Net Premiums Written Comparison for the Nine Months Ended September 30, 2025 and 2024**

Net premiums written, excluding the favorable impact of foreign exchange ($7 million), increased by $185 million primarily due to growth in Property, Global Specialty and Casualty driven by strength of renewal retentions and new business production, partially offset by lower production in Financial Lines.

**Underwriting Income (Loss) Comparison for the Three Months Ended September 30, 2025 and 2024**

Underwriting income increased by $10 million primarily due to lower catastrophe losses (3.3 points or $64 million). Higher net premiums earned offset a higher accident year loss ratio, as adjusted (1.7 points) due to changes in business mix.

This increase was partially offset by:

• a higher general operating expense ratio (0.9 points); and

• lower net favorable prior year development (1.3 points or $29 million), with favorable development driven by Property and Global Specialty, partially offset by unfavorable development in Casualty and Financial Lines.

**Underwriting Income (Loss) Comparison for the Nine Months Ended September 30, 2025 and 2024**

Underwriting income decreased by $10 million primarily due to:

• a higher expense ratio (1.1 points) reflecting an increase in the general operating expense ratio (1.0 point), as well as a higher acquisition ratio (0.1 points), primarily driven by changes in business mix; and

• lower net favorable prior year development (0.2 points or $11 million), with favorable development driven by Property and Global Specialty, partially offset by unfavorable development in Casualty and Financial Lines.

This decrease was partially offset by lower catastrophe losses (2.1 points or $116 million). Higher net premiums earned offset a higher accident year loss ratio, as adjusted (1.5 points) due to changes in business mix.

**GLOBAL PERSONAL RESULTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | | | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | | |
|<br>*(in millions)* | **2025** | 2024 |<br>Change | | **2025** | 2024 |<br>Change | |
| **Underwriting results:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net premiums written | $**1680** | $1883 | (11) | **%** | $**4697** | $5322 | (12) | % |
| &nbsp;&nbsp;(Increase) decrease in unearned premiums | **(26)** | (98) | 73 |  | **172** | 33 | 421 |  |
| &nbsp;&nbsp;**Net premiums earned** | **1654** | 1785 | (7) |  | **4869** | 5355 | (9) |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses incurred | **909** | 987 | (8) |  | **2889** | 2982 | (3) |  |
| &nbsp;&nbsp;Acquisition expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | **345** | 398 | (13) |  | **1069** | 1164 | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other acquisition expenses | **97** | 132 | (27) |  | **259** | 395 | (34) |  |
| &nbsp;&nbsp;**Total acquisition expenses** | **442** | 530 | (17) |  | **1328** | 1559 | (15) |  |
| &nbsp;&nbsp;General operating expenses | **224** | 247 | (9) |  | **674** | 754 | (11) |  |
| **Underwriting income (loss)** | $**79** | $21 | 276 | **%** | $**(22)** | $60 | NM | % |
| **Loss ratio** | **55.0** | 55.3 | (0.3) |  | **59.3** | 55.7 | 3.6 |  |
| &nbsp;&nbsp;Acquisition ratio | **26.7** | 29.7 | (3.0) |  | **27.3** | 29.1 | (1.8) |  |
| &nbsp;&nbsp;General operating expense ratio | **13.5** | 13.8 | (0.3) |  | **13.8** | 14.1 | (0.3) |  |
| **Expense ratio** | **40.2** | 43.5 | (3.3) |  | **41.1** | 43.2 | (2.1) |  |
| **Combined ratio** | **95.2** | 98.8 | (3.6) |  | **100.4** | 98.9 | 1.5 |  |
| **Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Catastrophe losses and reinstatement premiums | **(0.8)** | (2.9) | 2.1 |  | **(5.1)** | (2.3) | (2.8) |  |
| &nbsp;&nbsp;Prior year development, net of reinsurance and prior year premiums | **1.1** | 1.9 | (0.8) |  | **0.4** | 0.7 | (0.3) |  |
| **Accident year loss ratio, as adjusted** | **55.3** | 54.3 | 1.0 |  | **54.6** | 54.1 | 0.5 |  |
| **Accident year combined ratio, as adjusted** | **95.5** | 97.8 | (2.3) |  | **95.7** | 97.3 | (1.6) |  |

---

---

| | |
|:---|:---|
| **72** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Business Segment Operations** \| **General Insurance**

**Business and Financial Highlights**

**Net Premiums Written Comparison for the Three Months Ended September 30, 2025 and 2024**

Net premiums written, excluding the favorable impact of foreign exchange ($61 million), decreased by $264 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($193 million), as well as U.S. high net worth due to changes in reinsurance structure, partially offset by growth in Accident & Health, Personal Auto and Property.

**Net Premiums Written Comparison for the Nine Months Ended September 30, 2025 and 2024**

Net premiums written, excluding the favorable impact of foreign exchange ($48 million), decreased by $673 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($594 million), as well as U.S. high net worth due to changes in reinsurance structure, partially offset by growth in Personal Auto from positive rate change and new business production.

**Underwriting Income (Loss) Comparison for the Three Months Ended September 30, 2025 and 2024**

Underwriting income increased by $58 million primarily due to:

• a lower expense ratio (3.3 points) reflecting a lower acquisition ratio (3.0 points), primarily driven by change in business mix and improved commission terms, as well as a decrease in the general operating expense ratio (0.3 points); and

• lower catastrophe losses (2.1 points or $38 million).

This increase was partially offset by:

• lower net premiums earned coupled with a higher accident year loss ratio, as adjusted (1.0 point) due primarily to the sale of AIG's global individual personal travel insurance and assistance business (1.9 points) partially offset by changes in business mix; and

• lower net favorable prior year development (0.8 points or $18 million), with favorable development driven by U.S. high net worth.

**Underwriting Income (Loss) Comparison for the Nine Months Ended September 30, 2025 and 2024**

Underwriting loss of $22 million in 2025 compared to underwriting income of $60 million in 2024 is primarily due to:

• lower net premiums earned coupled with a higher accident year loss ratio, as adjusted (0.5 points) due to changes in business mix;

• higher catastrophe losses (2.8 points or $129 million); and

• lower net favorable prior year development (0.3 points or $16 million), with favorable PYD driven by U.S. high net worth.

This decrease was partially offset by a lower expense ratio (2.1 points) reflecting a lower acquisition ratio (1.8 points), primarily driven by change in business mix and improved commission terms, as well as a decrease in the general operating expense ratio (0.3 points).

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **73** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Business Segment Operations** \| **Other Operations**

<u>Other Operations</u>

**Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense.** 

**OTHER OPERATIONS RESULTS**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | | | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, | | |
|<br>*(in millions)* | **2025** | 2024 |<br>Change | | **2025** | 2024 |<br>Change | |
| **Net investment income and other** | $**72** | $120 | (40) | % | $**274** | $335 | (18) | % |
| **Benefits, losses and expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Corporate and other general operating expenses | **86** | 144 | (40) |  | **261** | 486 | (46) |  |
| &nbsp;&nbsp;Amortization of intangible assets | **4** | 4 |  |  | **13** | 13 |  |  |
| &nbsp;&nbsp;Interest expense | **100** | 110 | (9) |  | **292** | 336 | (13) |  |
| **Total benefits, losses and expenses** | **190** | 258 | (26) |  | **566** | 835 | (32) |  |
| **Adjusted pre-tax loss before consolidation and eliminations** | **(118)** | (138) | 14 |  | **(292)** | (500) | 42 |  |
| Consolidation and eliminations | **2** | 3 | (33) |  | **—** | (3) | NM |  |
| **Adjusted pre-tax loss\*** | $**(116)** | $(135) | 14 | % | $**(292)** | $(503) | 42 | % |

---

\*In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes.

**THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 COMPARISON**

Adjusted pre-tax loss before consolidation and eliminations was $118 million in 2025 compared to $138 million in 2024, a decrease of $20 million, primarily due to:

• lower corporate and other general operating expenses of $58 million primarily driven by increased allocation of expenses to the business; and

• lower interest expense of $10 million primarily driven by interest savings from $2.0 billion debt repurchases, through cash tender offers and debt redemption in 2025 and 2024 partially offset by new issuance of $1.25 billion debt in 2025 and ¥100 billion debt in 2024.

This decrease was partially offset by lower net investment income and other of $48 million due to lower interest on AIG Parent portfolio as a result of lower yields and lower dividend income from Corebridge of $45 million.

**NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 COMPARISON**

Adjusted pre-tax loss before consolidation and eliminations was $292 million in 2025 compared to $500 million in 2024, a decrease of $208 million, primarily due to:

• lower corporate and other general operating expenses of $225 million primarily driven by increased allocation of expenses to the business; and

• lower interest expense of $44 million primarily driven by interest savings from $2.4 billion debt repurchases, through cash tender offers, debt redemption and maturities in 2025 and 2024 partially offset by new debt issuance of $1.25 billion in 2025 and ¥100 billion debt in 2024.

This decrease was partially offset by lower net investment income and other of $61 million due to lower interest on AIG Parent portfolio as a result of lower yields and lower dividend income from Corebridge of $55 million.

---

| | |
|:---|:---|
| **74** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Investments**

Investments

**OVERVIEW**

Our investment strategies are tailored to the specific business needs of each segment by targeting an asset allocation mix that supports estimated cash flow needs of our outstanding liabilities and provides diversification from an asset class, sector, issuer, and geographic perspective. The primary objectives are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities.

---

| |
|:---|
| **INVESTMENT HIGHLIGHTS IN THE NINE MONTHS ENDED SEPTEMBER 30, 2025** |
| • Blended investment yields on new investments are higher than blended rates on investments that were sold, matured or called during this period. We continued to make investments in structured securities and other fixed maturity securities with attractive risk-adjusted return characteristics to improve yields and increase net investment income.<br>• Total Net investment income increased for the nine months ended September 30, 2025 compared to the same period in the prior year, primarily due to change in fair value and gain on sale of AIG's equity in Corebridge, higher income on available for sale fixed maturity securities and Alternatives and lower expenses, partially offset by lower income from short term instruments, mortgage loans, other invested assets and lower dividends from Corebridge. |

---

**INVESTMENT STRATEGIES**

Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance considerations.

Some of our key investment strategies are as follows:

• Our fundamental strategy across the portfolios is to seek investments with similar duration and cash flow characteristics to the associated insurance liabilities to the extent practicable.

• We seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and commercial mortgage loans, which also add portfolio diversification. These assets typically afford credit protections through covenants, ability to customize structures that meet our insurance liability needs, and deeper due diligence given information access.

• Given our global presence, we seek investments that provide diversification from investments available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk adjusted returns compared to investments in the functional currency.

• AIG Parent, included in Other Operations, actively manages its assets and liabilities, counterparties and duration. AIG Parent's liquidity sources are held primarily in the form of cash and short-term investments. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity.

• Within the U.S., General Insurance investments are generally split between reserve backing and surplus portfolios.

–Insurance reserves are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, capital, tax, liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans, or structured products.

–Surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity, real estate equity, and hedge funds. Over the past few years, hedge fund investments have been reduced.

• Outside of the U.S., fixed maturity securities held by our insurance companies consist primarily of investment-grade securities generally denominated in the currencies of the countries in which we operate.

• We also utilize derivatives to manage our asset and liability duration as well as currency exposures.

**Asset-Liability Management**

The investment strategy within the General Insurance companies focuses on growth of surplus, maintenance of sufficient liquidity for unanticipated insurance claims, and preservation of capital. General Insurance invests primarily in fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **75** |

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------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Investments**

and commercial real estate; and commercial mortgage loans. Fixed maturity securities of the General Insurance companies have an average duration of 3.8 years, with an average of 4.2 years for North America and 3.1 years for International.

While assets backing reserves of the General Insurance companies are primarily invested in conventional liquid fixed maturity securities, we have also continued to allocate to asset classes that offer higher yields through structural and illiquidity premiums, particularly in our North America operations. In addition, we continue to invest in both fixed rate and floating rate asset-backed investments to manage our exposure to potential changes in interest rates and inflation. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks.

In addition, a portion of the surplus of General Insurance companies is invested in a diversified portfolio of alternative investments that seek to balance liquidity, volatility and growth of surplus. Although these alternative investments are subject to periodic earnings fluctuations, they have historically achieved yields in excess of the fixed maturity portfolio yields and have provided added diversification to the broader portfolio.

**Available-for-Sale Investments**

**The following table presents the fair value of our available-for-sale securities:**

---

| | | |
|:---|:---|:---|
| *(in millions)* | **September 30, 2025** | December 31, 2024 |
| **Bonds available for sale:** |  |  |
| &nbsp;&nbsp;U.S. government and government sponsored entities | $**3787** | $3267 |
| &nbsp;&nbsp;Obligations of states, municipalities and political subdivisions | **2889** | 3143 |
| &nbsp;&nbsp;Non-U.S. governments | **6613** | 8107 |
| &nbsp;&nbsp;Corporate debt | **36951** | 31826 |
| &nbsp;&nbsp;Mortgage-backed, asset-backed and collateralized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS - agency | **5975** | 4978 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS - non-agency | **4328** | 3626 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | **4190** | 3926 |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO/ABS | **6451** | 5133 |
| &nbsp;&nbsp;**Total mortgage-backed, asset-backed and collateralized** | **20944** | 17663 |
| **Total bonds available for sale\*** | $**71184** | $64006 |

---

\*At September 30, 2025 and December 31, 2024, the fair value of bonds available for sale we held that were below investment grade or not rated totaled $5.8 billion and $3.6 billion, respectively.

Our investments guidelines for investing in RMBS, collateralized loan obligations (CLO) and other asset-backed securities (ABS) take into consideration the quality of the originator, the manager, the servicer, security credit ratings, underlying characteristics of the mortgages, borrower characteristics, and the level of credit enhancement in the transaction.

The fair value of CMBS holdings remained stable during the nine months ended September 30, 2025. The majority of our investments in CMBS are in tranches that contain substantial credit protection features through collateral subordination. The majority of CMBS holdings are single asset single borrower and traditional conduit transactions, broadly diversified across property types and geographical areas.

**The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:**

---

| | | |
|:---|:---|:---|
| *(in millions)* | **September 30, 2025** | December 31, 2024 |
| Canada | $**1190** | $1384 |
| Japan | **530** | 555 |
| Germany | **448** | 834 |
| United Kingdom | **347** | 416 |
| Australia | **324** | 335 |
| Israel | **320** | 312 |
| Korea, Republic of | **292** | 268 |
| Denmark | **244** | 205 |
| Singapore | **227** | 204 |
| Malaysia | **208** | 220 |
| Other | **2505** | 3398 |
| **Total** | $**6635** | $8131 |

---

---

| | |
|:---|:---|
| **76** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Investments**

**The following table presents the fair value of our aggregate European credit exposures by major sector for our fixed maturity securities:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | December 31,<br>2024<br>Total |
|<br>*(in millions)* | Sovereign | Financial<br> Institution | Non-Financial<br>Corporates | Structured<br>Products | **Total** | December 31,<br>2024<br>Total |
| **Euro-Zone countries:** |  |  |  |  |  |  |
| &nbsp;&nbsp;France | $**137** | $**1608** | $**486** | $**46** | $**2277** | $1989 |
| &nbsp;&nbsp;Germany | **448** | **271** | **946** | **62** | **1727** | 1863 |
| &nbsp;&nbsp;Netherlands | **87** | **585** | **272** | **42** | **986** | 935 |
| &nbsp;&nbsp;Ireland | **5** | **92** | **116** | **608** | **821** | 584 |
| &nbsp;&nbsp;Spain | **7** | **331** | **114** | **69** | **521** | 321 |
| &nbsp;&nbsp;Italy | **13** | **104** | **366** | **33** | **516** | 369 |
| &nbsp;&nbsp;Denmark | **244** | **76** | **22** | **—** | **342** | 257 |
| &nbsp;&nbsp;Belgium | **12** | **142** | **98** | **15** | **267** | 242 |
| &nbsp;&nbsp;Luxembourg | **—** | **78** | **85** | **15** | **178** | 157 |
| &nbsp;&nbsp;Finland | **6** | **81** | **3** | **1** | **91** | 79 |
| &nbsp;&nbsp;Other Euro-Zone | **215** | **34** | **30** | **22** | **301** | 299 |
| **Total Euro-Zone** | $**1174** | $**3402** | $**2538** | $**913** | $**8027** | $7095 |
| **Remainder of Europe:** |  |  |  |  |  |  |
| &nbsp;&nbsp;United Kingdom | $**347** | $**1536** | $**1655** | $**418** | $**3956** | $3262 |
| &nbsp;&nbsp;Switzerland | **19** | **261** | **301** | **—** | **581** | 484 |
| &nbsp;&nbsp;Sweden | **113** | **209** | **38** | **—** | **360** | 291 |
| &nbsp;&nbsp;Norway | **49** | **63** | **7** | **—** | **119** | 110 |
| &nbsp;&nbsp;Jersey (Channel Islands) | **3** | **3** | **1** | **82** | **89** | 94 |
| &nbsp;&nbsp;Other - Remainder of Europe | **40** | **4** | **9** | **—** | **53** | 50 |
| **Total - Remainder of Europe** | $**571** | $**2076** | $**2011** | $**500** | $**5158** | $4291 |
| **Total** | $**1745** | $**5478** | $**4549** | $**1413** | $**13185** | $11386 |

---

**Investments in Municipal Bonds**

At September 30, 2025, the U.S. municipal bond portfolio was composed primarily of essential service revenue bonds and high-quality tax-exempt bonds with 98 percent of the portfolio rated A or higher.

**The following table presents the fair values of our available for sale U.S. municipal bond portfolio by state and municipal bond type:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | |
|<br>*(in millions)* | State<br>General<br>Obligation | Local<br>General<br>Obligation | Revenue | Total<br>Fair<br>Value |<br>December 31, 2024<br> Total Fair Value |
| California | $**212** | $**145** | $**334** | $**691** | $716 |
| New York | **28** | **89** | **293** | **410** | 422 |
| Texas | **11** | **57** | **109** | **177** | 265 |
| Massachusetts | **41** | **12** | **116** | **169** | 199 |
| Florida | **1** | **—** | **139** | **140** | 143 |
| Connecticut | **39** | **2** | **83** | **124** | 125 |
| Pennsylvania | **34** | **—** | **84** | **118** | 133 |
| Illinois | **4** | **26** | **54** | **84** | 110 |
| Georgia | **50** | **—** | **24** | **74** | 79 |
| Oregon | **7** | **45** | **15** | **67** | 71 |
| Hawaii | **65** | **—** | **1** | **66** | 74 |
| Virginia | **8** | **3** | **48** | **59** | 57 |
| Alabama | **—** | **—** | **58** | **58** | 57 |
| All other states | **50** | **33** | **569** | **652** | 692 |
| **Total** | $**550** | $**412** | $**1927** | $**2889** | $3143 |

---

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **77** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Investments**

**Investments in Corporate Debt Securities**

**The following table presents the fair value of our available for sale corporate debt securities by industry categories:**

---

| | | |
|:---|:---|:---|
| **Industry Category**<br>*(in millions)* |<br>**September 30, 2025** |<br>December 31, 2024 |
| Financial institutions: |  |  |
| &nbsp;&nbsp;Money center/Global bank groups | $**4826** | $3642 |
| &nbsp;&nbsp;Regional banks – other | **2813** | 2129 |
| &nbsp;&nbsp;Life insurance | **866** | 728 |
| &nbsp;&nbsp;Securities firms and other finance companies | **807** | 669 |
| &nbsp;&nbsp;Insurance non-life | **499** | 494 |
| &nbsp;&nbsp;Regional banks – North America | **1513** | 1314 |
| &nbsp;&nbsp;Other financial institutions | **4987** | 4116 |
| Utilities | **3253** | 2659 |
| Communications | **1995** | 1844 |
| Consumer noncyclical | **2765** | 2715 |
| Capital goods | **1861** | 1715 |
| Energy | **1958** | 1702 |
| Consumer cyclical | **3734** | 3284 |
| Basic materials | **2017** | 1838 |
| Other | **3057** | 2977 |
| **Total\*** | $**36951** | $31826 |

---

\*At September 30, 2025 and December 31, 2024, approximately 89 percent and 88 percent, respectively, of these investments were rated investment grade.

**Unrealized Losses of Fixed Maturity Securities**

**The following table shows the aging of the unrealized losses of fixed maturity securities, the extent to which the fair value is less than amortized cost or cost, and the number of respective items in each category:**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | Less Than or Equal | Less Than or Equal | Less Than or Equal | Greater Than 20% | Greater Than 20% | Greater Than 20% | Greater Than 50% | Greater Than 50% | Greater Than 50% |  |  |  |
|  | to 20% of Cost<sup>(b)</sup> | to 20% of Cost<sup>(b)</sup> | to 20% of Cost<sup>(b)</sup> | to 50% of Cost<sup>(b)</sup> | to 50% of Cost<sup>(b)</sup> | to 50% of Cost<sup>(b)</sup> | of Cost<sup>(b)</sup> | of Cost<sup>(b)</sup> | of Cost<sup>(b)</sup> | **Total** | **Total** | **Total** |
| **Aging**<sup>(a)</sup> |  | Unrealized |  |  | Unrealized |  |  | Unrealized |  |  | **Unrealized** |  |
| *(dollars in millions)* | Cost<sup>(c)</sup> | Loss | Items<sup>(d)</sup> | Cost<sup>(c)</sup> | Loss | Items<sup>(d)</sup> | Cost<sup>(c)</sup> | Loss | Items<sup>(d)</sup> | **Cost**<sup>(c)</sup> | **Loss** | **Items**<sup>(d)</sup> |
| **Investment grade bonds** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;0-6 months | $6923 | $104 | 2134 | $21 | $6 | 7 | $— | $— |  | $**6944** | $**110** | **2141** |
| &nbsp;&nbsp;7-11 months | 1285 | 54 | 352 |  |  |  |  |  |  | **1285** | **54** | **352** |
| &nbsp;&nbsp;12 months or more | 12895 | 986 | 3722 | 1617 | 526 | 313 | 361 | 214 | 32 | **14873** | **1726** | **4067** |
| **Total** | $21103 | $1144 | 6208 | $1638 | $532 | 320 | $361 | $214 | 32 | $**23102** | $**1890** | **6560** |
| **Below investment grade bonds** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;0-6 months | $984 | $13 | 577 | $32 | $9 | 31 | $1 | $1 | 3 | $**1017** | $**23** | **611** |
| &nbsp;&nbsp;7-11 months | 130 | 5 | 67 |  |  | 1 |  |  | 1 | **130** | **5** | **69** |
| &nbsp;&nbsp;12 months or more | 836 | 49 | 408 | 53 | 16 | 21 | 1 | 1 | 2 | **890** | **66** | **431** |
| **Total** | $1950 | $67 | 1052 | $85 | $25 | 53 | $2 | $2 | 6 | $**2037** | $**94** | **1111** |
| **Total bonds** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;0-6 months | $7907 | $117 | 2711 | $53 | $15 | 38 | $1 | $1 | 3 | $**7961** | $**133** | **2752** |
| &nbsp;&nbsp;7-11 months | 1415 | 59 | 419 |  |  | 1 |  |  | 1 | **1415** | **59** | **421** |
| &nbsp;&nbsp;12 months or more | 13731 | 1035 | 4130 | 1670 | 542 | 334 | 362 | 215 | 34 | **15763** | **1792** | **4498** |
| **Total** | $23053 | $1211 | 7260 | $1723 | $557 | 373 | $363 | $216 | 38 | $**25139** | $**1984** | **7671** |

---

(a)Represents the number of consecutive months that fair value has been less than cost by any amount.

(b)Represents the percentage by which fair value is less than cost.

(c)For bonds, represents amortized cost net of allowance.

(d)Item count is by CUSIP by subsidiary.

The allowance for credit losses was $3 million for investment grade bonds and $40 million for below investment grade bonds as of September 30, 2025.

**Commercial Mortgage Loans**

At September 30, 2025, we had direct commercial mortgage loan exposure of $2.9 billion.

---

| | |
|:---|:---|
| **78** | AIG \| Third Quarter 2025 Form 10-Q |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Investments**

**The following table presents the commercial mortgage loan exposure by location and class of loan based on amortized cost:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Number<br>of Loans | Class | Class | Class | Class | Class | Class | | Percent<br>of Total | |
| *(dollars in millions)* | Number<br>of Loans | Apartments | Offices | Retail | Industrial | Hotel | Others | Total | Percent<br>of Total |  |
| **September 30, 2025** |  |  |  |  |  |  |  |  |  |  |
| **State:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New York | **19** | $**48** | $**202** | $**69** | $**20** | $**32** | $**—** | $**371** | **13** | **%** |
| &nbsp;&nbsp;California | **17** | **90** | **189** | **27** | **26** | **32** | **—** | **364** | **13** |  |
| &nbsp;&nbsp;Texas | **19** | **78** | **135** | **2** | **30** | **21** | **—** | **266** | **9** |  |
| &nbsp;&nbsp;Massachusetts | **7** | **—** | **175** | **48** | **7** | **—** | **—** | **230** | **8** |  |
| &nbsp;&nbsp;Florida | **11** | **68** | **—** | **61** | **8** | **38** | **—** | **175** | **6** |  |
| &nbsp;&nbsp;New Jersey | **17** | **76** | **—** | **—** | **44** | **—** | **10** | **130** | **5** |  |
| &nbsp;&nbsp;Pennsylvania | **9** | **26** | **68** | **16** | **18** | **—** | **—** | **128** | **4** |  |
| &nbsp;&nbsp;Illinois | **5** | **88** | **13** | **—** | **—** | **—** | **—** | **101** | **4** |  |
| &nbsp;&nbsp;Ohio | **5** | **61** | **—** | **28** | **—** | **—** | **—** | **89** | **3** |  |
| &nbsp;&nbsp;Washington | **3** | **49** | **—** | **—** | **—** | **—** | **—** | **49** | **2** |  |
| &nbsp;&nbsp;Other states | **24** | **102** | **33** | **62** | **27** | **—** | **—** | **224** | **7** |  |
| **Foreign** | **26** | **222** | **218** | **78** | **28** | **80** | **116** | **742** | **26** |  |
| **Total\*** | **162** | $**908** | $**1033** | $**391** | $**208** | $**203** | $**126** | $**2869** | **100** | **%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
| **State:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;California | 21 | $97 | $247 | $30 | $56 | $32 | $— | $462 | 14 | % |
| &nbsp;&nbsp;New York | 19 | 43 | 217 | 70 | 20 | 32 |  | 382 | 12 |  |
| &nbsp;&nbsp;Texas | 19 | 78 | 201 | 2 | 31 | 22 |  | 334 | 10 |  |
| &nbsp;&nbsp;Massachusetts | 9 | 94 | 156 | 49 | 7 |  |  | 306 | 9 |  |
| &nbsp;&nbsp;Florida | 11 | 68 |  | 62 | 8 | 38 |  | 176 | 5 |  |
| &nbsp;&nbsp;New Jersey | 18 | 78 |  |  | 43 |  | 10 | 131 | 4 |  |
| &nbsp;&nbsp;Pennsylvania | 10 | 18 | 52 | 29 | 18 |  |  | 117 | 4 |  |
| &nbsp;&nbsp;Illinois | 6 | 88 | 20 |  |  |  |  | 108 | 3 |  |
| &nbsp;&nbsp;Ohio | 5 | 62 |  | 29 |  |  |  | 91 | 3 |  |
| &nbsp;&nbsp;Washington | 5 | 49 |  |  |  | 11 |  | 60 | 2 |  |
| &nbsp;&nbsp;Other states | 31 | 134 | 33 | 63 | 49 | 6 |  | 285 | 8 |  |
| **Foreign** | 36 | 278 | 182 | 98 | 69 | 117 | 109 | 853 | 26 |  |
| **Total\*** | 190 | $1087 | $1108 | $432 | $301 | $258 | $119 | $3305 | 100 | % |

---

\*Does not reflect allowance for credit losses.

*For additional information on commercial mortgage loans, see Note 7 to the Condensed Consolidated Financial Statements.*

**Net Realized Gains and Losses**

**The following table presents the components of Net realized gains (losses):**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended September 30,** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *(in millions)* | Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets | Fortitude<br>Re<br>Funds<br>Withheld<br>Assets | Total | Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets | Fortitude<br>Re<br>Funds<br>Withheld<br>Assets | Total |
| Sales of fixed maturity securities | $**(96)** | $**(6)** | $**(102)** | $(66) | $(18) | $(84) |
| Change in allowance for credit losses on fixed maturity securities | **2** | **—** | **2** | 1 | (1) |  |
| Change in allowance for credit losses on loans | **(52)** | **1** | **(51)** | (3) | (1) | (4) |
| Foreign exchange transactions | **(10)** | **(1)** | **(11)** | 65 | 1 | 66 |
| All other derivatives and hedge accounting | **(11)** | **2** | **(9)** | 7 | (2) | 5 |
| Sales of alternative investments | **(2)** | **—** | **(2)** | (18) |  | (18) |
| Other\* | **(262)** | **(1)** | **(263)** | 22 | 3 | 25 |
| **Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative** | **(431)** | **(5)** | **(436)** | 8 | (18) | (10) |
| Net realized losses on Fortitude Re funds withheld embedded derivative | **—** | **(54)** | **(54)** |  | (157) | (157) |
| **Net realized gains (losses)** | $**(431)** | $**(59)** | $**(490)** | $8 | $(175) | $(167) |

---

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **79** |

---

------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Investments**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30,** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *(in millions)* | Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets | Fortitude<br>Re<br>Funds<br>Withheld<br>Assets | Total | Excluding<br>Fortitude<br>Re Funds<br>Withheld<br>Assets | Fortitude<br>Re<br>Funds<br>Withheld<br>Assets | Total |
| Sales of fixed maturity securities | $**(453)** | $**(62)** | $**(515)** | $(320) | $(34) | $(354) |
| Change in allowance for credit losses on fixed maturity securities | **(5)** | **—** | **(5)** | (18) | (1) | (19) |
| Change in allowance for credit losses on loans | **(2)** | **10** | **8** | (23) |  | (23) |
| Foreign exchange transactions | **183** | **18** | **201** | 176 | (2) | 174 |
| All other derivatives and hedge accounting | **(137)** | **(20)** | **(157)** | (62) |  | (62) |
| Sales of alternative investments | **1** | **—** | **1** | (4) | (1) | (5) |
| Other\* | **(270)** | **(5)** | **(275)** | 13 |  | 13 |
| **Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative** | **(683)** | **(59)** | **(742)** | (238) | (38) | (276) |
| Net realized losses on Fortitude Re funds withheld embedded derivative | **—** | **(109)** | **(109)** |  | (158) | (158) |
| **Net realized losses** | $**(683)** | $**(168)** | $**(851)** | $(238) | $(196) | $(434) |

---

\*In the three and nine months ended September 30, 2025, Other increased primarily as a result of impairments on investments in real estate funds.

Higher Net realized losses excluding Fortitude Re funds withheld assets in the three months ended September 30, 2025 were primarily due to impairments on investments in real estate funds, higher losses on foreign exchange transactions, changes in allowance for credit losses on loans, higher losses on sales of securities and derivative and hedge activity, partially offset by lower losses on sales of alternative investments compared to the prior year period. Higher Net realized losses excluding Fortitude Re funds withheld assets in the nine months ended September 30, 2025 were primarily due to impairments on investments in real estate funds, higher losses on sales of securities and derivative and hedge activity, partially offset by changes in allowance for credit losses on loans compared to the prior year period.

Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to AIG as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to AIG as the depreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. *For additional information on the impact of the funds withheld arrangements with Fortitude Re, see Note 8 to the Condensed Consolidated Financial Statements.*

*For additional information on our investment portfolio, see Note 6 to the Condensed Consolidated Financial Statements.*

**Change in Unrealized Gains and Losses on Investments**

The change in net unrealized gains and losses on investments in the three and nine months ended September 30, 2025 was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended September 30, 2025, net unrealized gains related to fixed maturity securities were $543 million due primarily to lower interest rates and narrowing of credit spreads. For the nine months ended September 30, 2025, net unrealized gains were $1.4 billion due to lower interest rates and narrowing of credit spreads.

The change in net unrealized gains and losses on investments in the three and nine months ended September 30, 2024 was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended September 30, 2024, net unrealized gains related to fixed maturity securities were $1.6 billion due primarily to lower interest rates and narrowing of credit spreads. For the nine months ended September 30, 2024, net unrealized gains were $1.5 billion due to lower interest rates and narrowing of credit spreads.

*For additional information on our investment portfolio, see Note 6 to the Condensed Consolidated Financial Statements.*

**CREDIT RATINGS**

At September 30, 2025, approximately 61 percent of our fixed maturity securities were held by our U.S. entities. Approximately 91 percent of these securities were rated investment grade by one or more of the major rating agencies.

Moody's Investors Service, Inc. (Moody's), Standard & Poor's Financial Services LLC, a subsidiary of S&P Global Inc. (S&P), Fitch Ratings Inc. (Fitch), or similar foreign rating services rate a significant portion of our foreign entities' fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. We closely monitor the credit quality of the foreign portfolio's non-rated fixed maturity securities. At September 30, 2025, approximately 93 percent of such investments were either rated investment grade or, on the basis of analysis of our investment managers, were equivalent from a credit standpoint to securities rated investment grade. Approximately 17 percent of the foreign entities' fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance.

---

| | |
|:---|:---|
| **80** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Investments**

**Composite AIG Credit Ratings**

With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the National Association of Insurance Commissioners (NAIC) Designation assigned by the NAIC Securities Valuation Office (SVO) (95 percent of total fixed maturity securities), or (ii) our internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The "Non-rated" category in those tables consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.

*For information regarding credit risks associated with investments, see Part II, Item 7. MD&A – Enterprise Risk Management in the 2024 Annual Report.*

**The following table presents the composite AIG credit ratings of our fixed maturity securities calculated on the basis of their fair value:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Available for Sale | Available for Sale | Other | Other | Total | Total |
|<br>*(in millions)* | **September 30,<br>2025** | December 31,<br>2024 | **September 30,<br>2025** | December 31,<br>2024 | **September 30,<br>2025** | December 31,<br>2024 |
| **Rating:** |  |  |  |  |  |  |
| **Other fixed maturity securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;AAA | $**4081** | $5254 | $**14** | $13 | $**4095** | $5267 |
| &nbsp;&nbsp;AA | **9416** | 9599 | **50** | 80 | **9466** | 9679 |
| &nbsp;&nbsp;A | **17833** | 14420 | **132** | 114 | **17965** | 14534 |
| &nbsp;&nbsp;BBB | **14282** | 12839 | **131** | 145 | **14413** | 12984 |
| &nbsp;&nbsp;Below investment grade | **4574** | 4171 | **4** | 4 | **4578** | 4175 |
| &nbsp;&nbsp;Non-rated | **54** | 60 | **—** |  | **54** | 60 |
| **Total** | $**50240** | $46343 | $**331** | $356 | $**50571** | $46699 |
| **Mortgage-backed, asset-backed and collateralized** |  |  |  |  |  |  |
| &nbsp;&nbsp;AAA | $**11249** | $8757 | $**120** | $134 | $**11369** | $8891 |
| &nbsp;&nbsp;AA | **7310** | 6765 | **52** | 89 | **7362** | 6854 |
| &nbsp;&nbsp;A | **783** | 482 | **122** | 49 | **905** | 531 |
| &nbsp;&nbsp;BBB | **467** | 470 | **82** | 88 | **549** | 558 |
| &nbsp;&nbsp;Below investment grade | **1135** | 1189 | **36** | 29 | **1171** | 1218 |
| &nbsp;&nbsp;Non-rated | **—** |  | **—** |  | **—** |  |
| **Total** | $**20944** | $17663 | $**412** | $389 | $**21356** | $18052 |
| **Total** |  |  |  |  |  |  |
| &nbsp;&nbsp;AAA | $**15330** | $14011 | $**134** | $147 | $**15464** | $14158 |
| &nbsp;&nbsp;AA | **16726** | 16364 | **102** | 169 | **16828** | 16533 |
| &nbsp;&nbsp;A | **18616** | 14902 | **254** | 163 | **18870** | 15065 |
| &nbsp;&nbsp;BBB | **14749** | 13309 | **213** | 233 | **14962** | 13542 |
| &nbsp;&nbsp;Below investment grade | **5709** | 5360 | **40** | 33 | **5749** | 5393 |
| &nbsp;&nbsp;Non-rated | **54** | 60 | **—** |  | **54** | 60 |
| **Total** | $**71184** | $64006 | $**743** | $745 | $**71927** | $64751 |

---

**NAIC Designations of Fixed Maturity Securities**

The SVO of the NAIC evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called NAIC Designations. In general, NAIC Designations of '1' highest quality, or '2' high quality, include fixed maturity securities considered investment grade, while NAIC Designations of '3' through '6' generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and CMBS are calculated using third-party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of AIG subsidiaries' fixed maturity security portfolio by NAIC Designation, and the distribution by composite AIG credit rating, which is generally based on ratings of the three major rating agencies. For fixed maturity securities where no NAIC Designation is assigned or able to be calculated using third-party data, the NAIC Designation category used in the first table below reflects an internal rating.

The NAIC Designations presented below do not reflect the added granularity to the designation categories adopted by the NAIC in 2020, which further subdivide each category of fixed maturity securities by appending letter modifiers to the numerical designations.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **81** |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Investments**

**The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025**<br>*(in millions)* | | | | | | | | | |
| **NAIC Designation** | 1 | 2 | **Total<br> Investment<br>Grade** | 3 | 4 | 5 | 6 | **Total Below<br>Investment<br>Grade** | **Total** |
| Other fixed maturity securities | $30929 | $15040 | $**45969** | $2705 | $1689 | $147 | $7 | $**4548** | $**50517** |
| Mortgage-backed, asset-backed and collateralized | 20686 | 552 | **21238** | 54 | 51 | 11 | 2 | **118** | **21356** |
| **Total\*** | $51615 | $15592 | $**67207** | $2759 | $1740 | $158 | $9 | $**4666** | $**71873** |

---

\*Excludes $54 million of fixed maturity securities for which no NAIC Designation is available.

Insurance Reserves

**LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)**

**The following table presents the components of our gross and net loss reserves by segment and major lines of business**<sup>(a)</sup>**:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|<br>*(in millions)* | Net Loss Reserves | Reinsurance<br>Recoverable | Gross Loss Reserves | Net Loss Reserves | Reinsurance<br>Recoverable | Gross Loss Reserves |
| **General Insurance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**North America Commercial:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Workers' Compensation (net of discount) | $**2421** | $**3725** | $**6146** | $2293 | $3916 | $6209 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Excess Casualty | **3108** | **3104** | **6212** | 3208 | 3139 | 6347 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Other Casualty | **4871** | **3099** | **7970** | 4387 | 3416 | 7803 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Financial Lines | **5432** | **1381** | **6813** | 5422 | 1614 | 7036 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Property and Special Risks | **4174** | **896** | **5070** | 4297 | 1233 | 5530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other product lines<sup>(b)</sup> | **3460** | **2610** | **6070** | 3747 | 2947 | 6694 |
| &nbsp;&nbsp;**Total North America Commercial** | **23466** | **14815** | **38281** | 23354 | 16265 | 39619 |
| &nbsp;&nbsp;**International Commercial:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UK/Europe Casualty and Financial Lines | **8779** | **2275** | **11054** | 7280 | 1952 | 9232 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK/Europe Property and Special Risks | **2487** | **2223** | **4710** | 2355 | 1761 | 4116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other product lines<sup>(b)</sup> | **1720** | **1297** | **3017** | 1630 | 1230 | 2860 |
| &nbsp;&nbsp;**Total International Commercial** | **12986** | **5795** | **18781** | 11265 | 4943 | 16208 |
| &nbsp;&nbsp;**Global Personal:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Personal Insurance | **782** | **1980** | **2762** | 836 | 2048 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK/Europe and Japan Personal Insurance | **1341** | **719** | **2060** | 1269 | 670 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other product lines<sup>(b)</sup> | **1070** | **807** | **1877** | 983 | 776 | 1759 |
| &nbsp;&nbsp;**Total Global Personal** | **3193** | **3506** | **6699** | 3088 | 3494 | 6582 |
| &nbsp;&nbsp;Unallocated loss adjustment expenses<sup>(b)</sup> | **1435** | **643** | **2078** | 1804 | 744 | 2548 |
| **Total General Insurance** | **41080** | **24759** | **65839** | 39511 | 25446 | 64957 |
| **Other Operations** | **554** | **3489** | **4043** | 631 | 3580 | 4211 |
| **Total** | $**41634** | $**28248** | $**69882** | $40142 | $29026 | $69168 |

---

(a)Includes net loss reserve discount of $1.2 billion and $1.2 billion at September 30, 2025 and December 31, 2024, respectively. *For information regarding loss reserve discount, see Note 12 to the Condensed Consolidated Financial Statements.*

(b)Other product lines and Unallocated loss adjustment expenses includes Gross liability for unpaid losses and loss adjustment expense and Reinsurance recoverable on unpaid losses and loss adjustment expense for the Fortitude Re reinsurance of $2.3 billion and $2.7 billion at September 30, 2025 and December 31, 2024, respectively.

---

| | |
|:---|:---|
| **82** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Insurance Reserves**

**Prior Year Development**

**The following table summarizes incurred (favorable) unfavorable prior year development net of reinsurance by segment and major lines of business:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
|<br>*(in millions)* | **2025** | 2024 | **2025** | 2024 |
| **General Insurance:** |  |  |  |  |
| &nbsp;&nbsp;**North America Commercial:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Workers' Compensation | $**(22)** | $(11) | $**(139)** | $(102) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Excess Casualty | **(7)** | 72 | **92** | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Other Casualty | **(13)** | (2) | **12** | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Financial Lines | **(9)** | (32) | **(19)** | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Property and Special Risks | **(25)** | (53) | **(102)** | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Product Lines | **(63)** | (35) | **(152)** | (35) |
| &nbsp;&nbsp;**Total North America Commercial** | $**(139)** | $(61) | $**(308)** | $(163) |
| &nbsp;&nbsp;**International Commercial:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;UK/Europe Casualty and Financial Lines | $**216** | $181 | $**216** | $181 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK/Europe Property and Special Risks | **(5)** | (44) | **(19)** | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Product Lines | **(258)** | (199) | **(266)** | (208) |
| &nbsp;&nbsp;**Total International Commercial** | $**(47)** | $(62) | $**(69)** | $(71) |
| &nbsp;&nbsp;**Global Personal:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Personal Insurance | $**(12)** | $(1) | $**(12)** | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;UK/Europe and Japan Personal Insurance | **43** | (33) | **42** | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Product Lines | **(50)** | 4 | **(50)** | 2 |
| &nbsp;&nbsp;**Total Global Personal** | $**(19)** | $(30) | $**(20)** | $(32) |
| **Total General Insurance\*** | **(205)** | (153) | $**(397)** | $(266) |
| **Other Operations Run-Off** | **—** | 2 | **—** | 2 |
| **Total Prior Year (Favorable) Unfavorable Development** | $**(205)** | $(151) | $**(397)** | $(264) |

---

\*Includes the amortization attributed to the deferred gain at inception from the National Indemnity Company (NICO) adverse development reinsurance agreement of $31 million and $34 million for the three months ended September 30, 2025 and 2024, respectively, and $93 million and $102 million for the nine months ended September 30, 2025 and 2024, respectively. Consistent with our definition of APTI, the amount excludes the portion of (favorable)/unfavorable prior year reserve development for which we have ceded the risk under the NICO reinsurance agreements of $15 million and $304 million for the three months ended September 30, 2025 and 2024, respectively, and $137 million and $241 million for the nine months ended September 30, 2025 and 2024, respectively. Also excludes the related changes in amortization of the deferred gain, which were $23 million and $178 million for the three months ended September 30, 2025 and 2024, respectively, and $83 million and $175 million for the nine months ended September 30, 2025 and 2024, respectively.

**Net Loss Development**

In the three months ended September 30, 2025, we recognized favorable prior year loss reserve development of $205 million. The key components of this development were:

North America Commercial

• Favorable development in Other Product Lines, reflecting experience in several lines, most notably short-tail Property.

• Favorable development in U.S. Property and Special Risks primarily driven by U.S. Property.

• Favorable development in U.S. Workers' Compensation primarily related to loss sensitive business.

• Benefit from the amortization of the deferred gain on the adverse development cover.

International Commercial

• Favorable development in Other Product Lines, primarily due to development in Global Specialty, notably within Energy and Trade Credit, as well as development in short-tail Property.

• Adverse development in UK/Europe Casualty and Financial Lines driven by UK Financial Lines, and EMEA Casualty, particularly within Auto and General Liability lines, partially offset by favorable development in EMEA Financial Lines.

In the nine months ended September 30, 2025, we recognized favorable prior year loss reserve development of $397 million. The key components of this development were:

North America Commercial

• Favorable development in U.S. Workers' Compensation primarily driven by favorable experience within Excess of Loss Sensitive offset by adverse development within Primary Guaranteed Cost and Defense Base Act business.

• Favorable development in Other Product Lines, reflecting favorable experience in several lines, most notably short-tail Property.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **83** |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Insurance Reserves**

• Favorable development in U.S. Property and Special Risks primarily driven by U.S. Property and Programs.

• Adverse development in U.S. Excess Casualty primarily driven by unfavorable development in Mass Tort.

• Benefit from the amortization of the deferred gain on the adverse development cover.

International Commercial

• Favorable development in Other Product Lines, primarily due to development in Global Specialty, notably within Energy and Trade Credit, as well as development in short-tail Property.

• Adverse development in UK/Europe Casualty and Financial Lines driven by UK Financial Lines, and EMEA Casualty, particularly within Auto and General Liability lines, partially offset by favorable development in EMEA Financial Lines.

In the three months ended September 30, 2024, we recognized favorable prior year loss reserve development of $151 million. The key components of this development were:

North America Commercial

• Favorable development on U.S. Property and Special Risks reflecting favorable loss experience in Retail and Wholesale Property.

• Favorable development on Financial Lines in U.S. and Canada, reflecting favorable experience across most reserving classes, offset by unfavorable development in M&A and High Excess classes.

• Amortization benefit related to the deferred gain on the adverse development cover.

• Adverse development on U.S. Excess Casualty driven by a large settlement of a legacy mass tort claim with most of the gross loss in accident years covered under the Adverse Development Cover.

International Commercial

• Favorable development on Other Product Lines, primarily driven by Global Specialty which saw favorable development in Energy, Marine and Aviation lines.

• Adverse development on UK/Europe Casualty and Financial Lines driven by unfavorable development in UK Financial Lines partially offset by favorable development in EMEA Financial Lines, and unfavorable development in European Excess Casualty driven by claim-specific emergence on accident year 2016.

• Favorable development on UK/Europe Property and Special Risks reflecting favorable development across a majority of regions.

Global Personal

• Favorable development on UK/Europe and Japan Personal Insurance primarily driven by Japan A&H and Auto, partially offset by unfavorable Personal Auto in EMEA.

In the nine months ended September 30, 2024, we recognized favorable prior year loss reserve development of $264 million. The key components of this development were:

North America Commercial

• Favorable development on our U.S. Workers' Compensation reflecting continued favorable loss experience.

• Adverse development on U.S. Excess Casualty driven by a large settlement of a legacy mass tort claim with most of the gross loss in accident years covered under the Adverse Development Cover.

• Favorable development on U.S. Property and Special Risks reflecting favorable loss experience in Retail and Wholesale Property.

• Favorable development on Financial Lines in U.S. and Canada, reflecting favorable experience across most reserving classes, offset by unfavorable development in M&A and High Excess classes.

• Favorable development on U.S. Other Casualty, reflecting favorability across numerous Casualty reserving classes, partially offset by unfavorable development on Commercial Auto and Wholesale Primary General Liability.

• Amortization benefit related to the deferred gain on the adverse development cover.

International Commercial

• Favorable development on Other Product Lines, primarily driven by Global Specialty which saw favorable development across multiple lines.

• Adverse development on UK/Europe Casualty and Financial Lines driven by unfavorable development in UK Financial Lines partially offset by favorable development in EMEA Financial Lines, and unfavorable development in European Excess Casualty driven by claim-specific emergence on accident year 2016.

• Favorable development on UK/Europe Property and Special Risks reflecting favorable development across a majority of regions.

Global Personal

• Favorable development on UK/Europe and Japan Personal Insurance primarily driven by Japan A&H and Auto, partially offset by unfavorable Personal Auto in EMEA.

---

| | |
|:---|:---|
| **84** | AIG \| Third Quarter 2025 Form 10-Q |

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------

<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Insurance Reserves**

For certain categories of claims (e.g., construction defect claims and environmental claims) and for reinsurance recoverable, losses may sometimes be reclassified to an earlier or later accident year as more information about the date of occurrence becomes available to us.

**Significant Reinsurance Agreements**

In the first quarter of 2017, we entered into an adverse development reinsurance agreement with NICO, under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. Commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. We account for this transaction as retroactive reinsurance. This transaction resulted in a gain, which under GAAP retroactive reinsurance accounting is deferred and amortized into income over the settlement period. NICO created a collateral trust account as security for their claim payment obligations to us, into which they deposited the consideration paid under the agreement, and Berkshire Hathaway Inc. has provided a parental guarantee to secure NICO's obligations under the agreement.

*For a description of AIG's catastrophe reinsurance protection for 2025, see Part II, Item 7. MD&A – Enterprise Risk Management – Insurance Risks – Natural Catastrophe Risk in the 2024 Annual Report.*

**The table below shows the calculation of the deferred gain on the adverse development reinsurance agreement, the effect of discounting of loss reserves and amortization of the deferred gain.**

---

| | | |
|:---|:---|:---|
| *(in millions)* | **September 30, 2025** | December 31, 2024 |
| **Gross Covered Losses** |  |  |
| Covered reserves before discount | $**9431** | $9823 |
| Inception to date losses paid | **32108** | 31545 |
| Attachment point | **(25000)** | (25000) |
| **Covered losses above attachment point** | $**16539** | $16368 |
| **Deferred Gain Development** |  |  |
| Covered losses above attachment ceded to NICO (80%) | $**13231** | $13094 |
| Consideration paid including interest | **(10188)** | (10188) |
| **Pre-tax deferred gain before discount and amortization** | **3043** | 2906 |
| Discount on ceded losses<sup>(a)</sup> | **(909)** | (936) |
| **Pre-tax deferred gain before amortization** | **2134** | 1970 |
| Inception to date amortization of deferred gain at inception | **(1657)** | (1564) |
| Inception to date amortization attributed to changes in deferred gain<sup>(b)</sup> | **(179)** | (122) |
| **Deferred gain liability reflected in AIG's balance sheet** | $**298** | $284 |

---

(a)The accretion of discount and a reduction in effective interest rates is offset by changes in estimates of the amount and timing of future recoveries.

(b)Excluded from APTI.

**The following table presents the rollforward of activity in the deferred gain from the adverse development reinsurance agreement:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
|<br>*(in millions)* | **2025** | 2024 | **2025** | 2024 |
| **Balance at beginning of period, net of discount** | $**316** | $143 | $**284** | $149 |
| (Favorable) unfavorable prior year reserve development ceded to NICO<sup>(a)</sup> | **15** | 304 | **137** | 241 |
| &nbsp;&nbsp;Amortization attributed to deferred gain at inception<sup>(b)</sup> | **(31)** | (34) | **(93)** | (102) |
| &nbsp;&nbsp;Amortization attributed to changes in deferred gain<sup>(c)</sup> | **(9)** | (175) | **(57)** | (128) |
| &nbsp;&nbsp;Changes in discount on ceded loss reserves | **7** | 22 | **27** | 100 |
| **Balance at end of period, net of discount** | $**298** | $260 | $**298** | $260 |

---

(a)Prior year reserve development ceded to NICO under the retroactive reinsurance agreement is deferred under GAAP.

(b)Represents amortization of the deferred gain recognized in APTI.

(c)Excluded from APTI.

The lines of business subject to this agreement include those with longer tails, which carry a higher degree of uncertainty. Since inception, there have been periods of both favorable and unfavorable prior year development. This agreement will continue to reduce the impact of volatility in the development on our ultimate loss estimates over time.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **85** |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Insurance Reserves**

Fortitude Re was established during the first quarter of 2018 in a series of reinsurance transactions related to our run-off operations. Those reinsurance transactions were designed to consolidate most of our insurance run-off lines into a single legal entity. As of September 30, 2025, $3.2 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.

Liquidity and Capital Resources

**OVERVIEW**

**Liquidity** refers to the ability to generate sufficient cash resources to meet the cash requirements of our business operations and payment obligations.

**Capital** refers to the long-term financial resources available to support the operation of our businesses, fund business growth and cover financial and operational needs that arise from adverse circumstances. Our primary source of ongoing capital generation is derived from the profitability of our insurance subsidiaries. We must comply with numerous constraints on our capital positions. These constraints drive the requirements for capital adequacy at AIG and the individual businesses and are based on internally defined risk tolerances, regulatory requirements, rating agency and creditor expectations and business needs.

*For information regarding our liquidity risk framework, see Part II, Item 7. MD&A – Enterprise Risk Management – Risk Appetite, Limits, Identification and Measurement and Part II, Item 7. MD&A – Enterprise Risk Management – Liquidity Risk Management in the 2024 Annual Report.*

We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events. Nevertheless, some circumstances may cause our cash or capital needs to exceed projected liquidity or readily deployable capital resources.

*For information regarding risks associated with our liquidity and capital resources, see Part I, Item 1A. Risk Factors – Liquidity, Capital and Credit in the 2024 Annual Report.* 

Depending on market conditions, regulatory and rating agency considerations and other factors, we may take various liability and capital management actions. Liability management actions may include, but are not limited to, repurchasing or redeeming outstanding debt, issuing new debt or engaging in debt exchange offers. Capital management actions may include, but are not limited to, issuing preferred stock, paying dividends to our shareholders on AIG Common Stock, par value $2.50 per share (AIG Common Stock) and repurchases of AIG Common Stock.

**LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;

**SOURCES**<br>

**Liquidity to AIG Parent from Subsidiaries**

During the nine months ended September 30, 2025, our General Insurance companies distributed dividends of $2.3 billion to AIG Parent or applicable intermediate holding companies.

**Sales of Corebridge Shares by AIG**<sup>(a)</sup>

In May 2025, we sold approximately 13 million shares of Corebridge common stock at a per share purchase price of $32.15. The aggregate proceeds to AIG Parent were approximately $430 million.

In August and September 2025, we sold an aggregate of approximately 31.2 million shares of Corebridge common stock at a public offering price of $33.65 per share, which included 30 million shares initially offered and the partial exercise by the underwriters of their option to purchase additional shares. The aggregate proceeds to AIG Parent were approximately $1.0 billion.

**Debt Issuance**

In May 2025, AIG issued $625 million aggregate principal amount of 4.850% Notes Due 2030 and $625 million aggregate principal amount of 5.450% Notes Due 2035.

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| | |
|:---|:---|
| **86** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Liquidity and Capital Resources**

&nbsp;&nbsp;&nbsp;&nbsp;

**USES**<br>

**General Borrowings**

During the nine months ended September 30, 2025, $1.1 billion of debt categorized as general borrowings matured, was repaid and/or redeemed, including:

&nbsp;&nbsp;&nbsp;&nbsp;• Repayment of ¥37.7 billion aggregate principal amount of AIG Japan Holdings Kabushiki Kaisha's borrowings, equivalent to approximately $250 million at the time of repayment.

&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase, through cash tender offers, approximately $457 million aggregate principal amount of certain notes and debentures issued by AIG for an aggregate purchase price of approximately $448 million.

&nbsp;&nbsp;&nbsp;&nbsp;• Redemption of approximately $236 million aggregate principal amount of our 3.900% Notes Due 2026 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest.

&nbsp;&nbsp;&nbsp;&nbsp;• Repayment of $146 million aggregate principal amount of our 2.500% Notes due June 30, 2025.

We made interest payments on our general borrowings totaling $262 million during the nine months ended September 30, 2025.

**Dividends**

We made cash dividend payments in the amount of $0.45 per share on AIG Common Stock for the three months ended September 30, 2025 and June 30, 2025 (an increase of 12.5 percent from prior dividend payments), and $0.40 per share for the three months ended March 31, 2025, totaling $734 million.

**Repurchases of Common Stock**<sup>(b)</sup>

During the nine months ended September 30, 2025, AIG Parent repurchased approximately 66 million shares of AIG Common Stock, for an aggregate purchase price of approximately $5.3 billion.

(a)On November 4, 2025, AIG launched a secondary public offering to sell 32.6 million shares of Corebridge common stock at a public offering price of $31.10 per share, corresponding to approximately $1.0 billion of gross proceeds. Subject to the completion of the offering, Corebridge has announced that it intends to purchase approximately $500 million of common stock from the underwriter at the same per share price to be paid by the underwriter to AIG, net of underwriting discounts and commissions. The offering is expected to close on November 6, 2025.

(b)Pursuant to a Securities Exchange Act of 1934 (the Exchange Act) Rule 10b5-1 repurchase plan, from October 1, 2025 to October 30, 2025, AIG Parent repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $406 million.

**ANALYSIS OF SOURCES AND USES OF CASH**

**Operating Cash Flow Activities**

Insurance companies generally receive most premiums in advance of the payment of claims or policy benefits. The ability of insurance companies to generate positive cash flow is affected by the frequency and severity of losses under their insurance policies, policy retention rates, effective management of their investment portfolio and operating expense discipline.

Interest payments totaled $268 million and $581 million in the nine months ended September 30, 2025 and 2024, respectively. Excluding interest payments, AIG had operating cash inflows of $2.9 billion in the nine months ended September 30, 2025 compared to operating cash inflows of $3.7 billion, including $104 million outflow from discontinued operations, in the prior year period.

**Investing Cash Flow Activities**

Net cash provided by investing activities in the nine months ended September 30, 2025 was $3.3 billion, compared to net cash used in investing activities of $1.0 billion, including $4.2 billion used in discontinued operations, in the prior year period.

**Financing Cash Flow Activities**

Net cash used in financing activities in the nine months ended September 30, 2025 totaled $5.7 billion, reflecting:

• $734 million to pay dividends of $0.45 per share in the three months ended September 30, 2025 and June 30, 2025, and $0.40 per share for the three months ended March 31, 2025 on AIG Common Stock;

• $5.3 billion to repurchase approximately 66 million shares of AIG Common Stock; and

• $154 million in net inflows from the issuance and repayment of long-term debt.

Net cash used in financing activities in the nine months ended September 30, 2024 totaled $2.1 billion reflecting:

• $758 million to pay dividends of $0.40 per share in the three months ended September 30, 2024 and June 30, 2024, and $0.36 per share for the three months ended March 31, 2024 on AIG Common Stock;

• $22 million to pay a first quarter dividend of $365.625 per share on AIG's Series A 5.85% Non-Cumulative Perpetual Preferred Stock and redemption premiums;

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| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **87** |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Liquidity and Capital Resources**

• $4.8 billion to repurchase approximately 65 million shares of AIG Common Stock;

• $509 million in net outflows from the issuance and repayment of long-term debt; and

• $3.9 billion in net inflows from discontinued operations.

**LIQUIDITY AND CAPITAL RESOURCES OF AIG PARENT AND SUBSIDIARIES**

**AIG Parent**

As of September 30, 2025 and December 31, 2024, respectively, AIG Parent had approximately $8.3 billion and $10.7 billion in liquidity sources held in the form of cash, short-term investments and AIG Parent's committed, revolving syndicated credit facility of $3.0 billion. AIG Parent's primary sources of liquidity are dividends, distributions, loans and other payments from subsidiaries and credit facilities. AIG Parent's primary uses of liquidity are for debt service, capital and liability management, operating expenses and dividends on AIG Common Stock.

We expect to access the debt and preferred equity markets from time to time to meet funding requirements as needed.

We utilize our capital resources to support our businesses, with the majority of capital allocated to our insurance operations. Should we have or generate more capital than is needed to support our business strategies (including organic or inorganic growth opportunities) or mitigate risks inherent to our business, we may develop plans to distribute such capital to shareholders via dividends or AIG Common Stock repurchase authorizations or deploy such capital towards liability management.

**Insurance Companies**

We expect that our insurance companies will be able to continue to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets.

Our insurance companies' liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade rated fixed maturity securities. Each of our material insurance companies' liquidity is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, fees, reinsurance recoverables and investment income and maturities. Certain of our insurance companies have access to Federal Home Loan Bank (FHLB) borrowings as an additional source of funding.

The primary uses of liquidity are paid losses, reinsurance payments, interest payments, dividends, expenses, investment purchases and collateral requirements. Payments of dividends to AIG Parent or intermediate holding companies by insurance subsidiaries are subject to certain restrictions imposed by regulatory authorities. *For information regarding restrictions on payments of dividends by our subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2024 Annual Report.*

Our insurance companies may require additional funding to meet capital or liquidity needs under certain circumstances. For example, large catastrophes may require us to provide additional support to the affected operations of our insurance companies.

We are party to several letter of credit agreements with various financial institutions, which issue letters of credit from time to time in support of our insurance companies. These letters of credit are subject to reimbursement by us in the event of a drawdown of these letters of credit. Letters of credit issued in support of our insurance companies totaled approximately $2.4 billion at September 30, 2025.

**CREDIT FACILITIES**

We maintain a syndicated, multicurrency revolving credit facility (the Facility) as a potential source of liquidity for general corporate purposes with aggregate commitments by the bank syndicate to provide AIG Parent with unsecured revolving loans and/or standby letters of credit of up to $3.0 billion. The Facility is scheduled to expire in September 2029.

Our ability to utilize the Facility is conditioned on the satisfaction of certain legal, operating, administrative and financial covenants and other requirements contained in the Facility. These include covenants relating to our maintenance of a specified total consolidated net worth and total consolidated debt to total consolidated capitalization. Failure to satisfy these and other requirements contained in the Facility would restrict our access to the Facility and could have a material adverse effect on our financial condition, results of operations and liquidity.

As of September 30, 2025, a total of $3.0 billion remained available under the Facility.

**CONTRACTUAL OBLIGATIONS**

As of September 30, 2025, there have been no material changes in our contractual obligations from December 31, 2024, a description of which may be found in *Part II, Item 7. MD&A – Liquidity and Capital Resources – Contractual Obligations in the 2024 Annual Report.*

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| | |
|:---|:---|
| **88** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Liquidity and Capital Resources**

**OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS**

As of September 30, 2025, there have been no material changes in our off-balance sheet arrangements and commercial commitments from December 31, 2024, a description of which may be found in *Part II, Item 7. MD&A – Liquidity and Capital Resources – Off-Balance Sheet Arrangements and Commercial Commitments in the 2024 Annual Report*.

**DEBT**

We expect to service and repay general borrowings through maturing investments and dispositions of invested assets, future cash flows from operations, cash flows generated from invested assets, future debt or preferred stock issuances and other financing arrangements.

**The following table provides the rollforward of our total debt outstanding:**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30, 2025** | Balance,<br>Beginning<br>of Year | Issuances | Maturities<br>and<br>Repayments | Effect of<br>Foreign<br>Exchange | Other<br>Changes | **Balance,<br>End of<br>Period** |
| *(in millions)* | Balance,<br>Beginning<br>of Year | Issuances | Maturities<br>and<br>Repayments | Effect of<br>Foreign<br>Exchange | Other<br>Changes | **Balance,<br>End of<br>Period** |
| **General borrowings:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Notes and bonds payable | $7885 | $1241 | $(717) | $157 | $4 | $**8570** |
| &nbsp;&nbsp;Junior subordinated debt | 602 |  | (122) |  | 1 | **481** |
| &nbsp;&nbsp;AIG Japan Holdings Kabushiki Kaisha | 239 |  | (247) | 8 |  | **—** |
| **Total general borrowings** | 8726 | 1241 | (1086) | 165 | 5 | **9051** |
| Borrowings supported by assets | 37 |  | (1) |  |  | **36** |
| Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG | 1 |  |  |  | (1) | **—** |
| **Total long-term debt** | $8764 | $1241 | $(1087) | $165 | $4 | $**9087** |
| **Debt of consolidated investment entities - not guaranteed by AIG**<sup>(a)</sup> | $158 | $— | $(2) | $— | $— | $**156** |

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(a)Includes debt of consolidated investment entities primarily related to real estate investments of $156 million at September 30, 2025 and $158 million at December 31, 2024.

**The following table summarizes maturing long-term debt at September 30, 2025 of AIG for the next four quarters:**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>*(in millions)* | Fourth<br>Quarter<br>2025 | First<br>Quarter<br>2026 | Second<br>Quarter<br>2026 | Third<br>Quarter<br>2026 | <br>Total |
| Borrowings supported by assets | $12 | $7 | $— | $— | $**19** |

---

**The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** |  | Remainder | Year Ending | Year Ending | Year Ending | Year Ending | Year Ending | Year Ending |
| *(in millions)* | Total | of 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter |
| **General borrowings:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notes and bonds payable | $**8570** | $— | $30 | $963 | $722 | $209 | $959 | $5687 |
| &nbsp;&nbsp;Junior subordinated debt | **481** |  |  |  |  |  |  | 481 |
| **Total general borrowings** | **9051** | **—** | **30** | **963** | **722** | **209** | **959** | **6168** |
| Borrowings supported by assets | **36** | 12 | 7 |  |  |  |  | 17 |
| **Total long-term debt\*** | $**9087** | $**12** | $**37** | $**963** | $**722** | $**209** | $**959** | $**6185** |

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\*Does not reflect $156 million of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG.

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| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **89** |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Liquidity and Capital Resources**

**FINANCIAL STRENGTH RATINGS**

**Financial Strength ratings estimate an insurance company's ability to pay its obligations under an insurance policy.** The following table presents the ratings of our significant insurance subsidiaries as of the date of this filing.

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| | | | | |
|:---|:---|:---|:---|:---|
| | A.M. Best | S&P | Fitch | Moody's |
| National Union Fire Insurance Company of Pittsburgh, Pa. | A | AA- | A+ | A1 |
| Lexington Insurance Company | A | AA- | A+ | A1 |
| American Home Assurance Company | A | AA- | A+ | A1 |
| AIG Europe S.A. | NR | AA- | NR | A1 |
| American International Group UK Limited | A | AA- | NR | A1 |
| AIG General Insurance Company, Ltd. | NR | AA- | NR | NR |

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In May 2025, S&P upgraded the financial strength ratings of AIG's significant insurance subsidiaries to AA- from A+.

In June 2025, Moody's upgraded the financial strength ratings of AIG's insurance subsidiaries to A1 from A2.

These financial strength ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.

**CREDIT RATINGS**

**Credit ratings estimate a company's ability to meet its obligations and may directly affect the cost and availability of financing to that company.** The following table presents the credit ratings of AIG Parent as of the date of this filing. Figures in parentheses indicate the relative ranking of the ratings within the agency's rating categories; that ranking refers only to the major rating category and not to the modifiers assigned by the rating agencies.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Short-Term Debt | Short-Term Debt | Senior Debt Rating | Senior Debt Rating | Senior Debt Rating |
| | Moody's | S&P | Moody's<sup>(a)</sup> | S&P<sup>(b)</sup> | Fitch<sup>(c)</sup> |
| **American International Group, Inc.** | **P-2 (2nd of 4)** | **A-2 (2nd of 5)** | **Baa 1 (4th of 9) / *Stable*** | **A- (3rd of 9) /**<br>***Stable*** | **BBB+ (4th of 9) /**<br>***Stable*** |

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(a)Moody's appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.

(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

(c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

In May 2025, S&P upgraded the Senior Debt Rating of AIG Parent to A- from BBB+ and revised the outlook to stable from positive.

In June 2025, Moody's upgraded the Senior Debt Rating of AIG Parent to Baa1 from Baa2 and revised the outlook to stable from positive.

These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances. Ratings may also be withdrawn at our request.

We are party to some agreements that contain "ratings triggers." Depending on the ratings maintained by one or more rating agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment, (ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.

In the event of a downgrade of our long-term senior debt ratings, certain AIG entities would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such entities would be permitted to terminate such transactions early.

The actual amount of collateral that we would be required to post to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at the time of the downgrade.

*For information regarding the effects of downgrades in our credit ratings and financial strength ratings, see Part I, Item 1A. Risk Factors – Liquidity, Capital and Credit – "A downgrade by one or more of the rating agencies in the Insurer Financial Strength ratings of our insurance companies could limit their ability to write or prevent them from writing new business and impair their retention of customers and in-force business, and a downgrade in our credit ratings could adversely affect our business, results of operations, financial condition and liquidity" in the 2024 Annual Report and Note 11 to the Condensed Consolidated Financial Statements.*

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|:---|:---|
| **90** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 2 \| **Liquidity and Capital Resources**

**REGULATION AND SUPERVISION**

*For a discussion of our regulation and supervision by different regulatory authorities in the United States and abroad, including with respect to our liquidity and capital resources, see Part I, Item 1. Business – Regulation and Part I, Item 1A. Risk Factors – Regulation in the 2024 Annual Report and Executive Summary – Regulatory, Industry and Economic Factors – Regulatory Environment in this MD&A.*

**DIVIDENDS**

On November 4, 2025, our Board of Directors (the Board) declared a cash dividend on AIG Common Stock of $0.45 per share, payable on December 30, 2025 to shareholders of record on December 16, 2025.

The payment of any future dividends will be at the discretion of our Board of Directors and will depend on various factors. *For further detail on our dividends, see Note 14 to the Condensed Consolidated Financial Statements.*

**REPURCHASES OF AIG COMMON STOCK**

The Board has authorized the repurchase of shares of AIG Common Stock through a series of actions. Effective April 1, 2025, the Board authorized the repurchase of $7.5 billion of AIG Common Stock (inclusive of the approximately $3.4 billion remaining under the Board's prior share repurchase authorization). During the nine months ended September 30, 2025, AIG Parent repurchased approximately 66 million shares of AIG Common Stock for an aggregate purchase price of $5.3 billion. Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from October 1, 2025 to October 30, 2025, AIG Parent repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $406 million. As of October 30, 2025, $4.1 billion remained under the Board's authorization.

The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors, as discussed further in Note 14 to the Condensed Consolidated Financial Statements.

Enterprise Risk Management

**OVERVIEW**

Risk management is an integral part of our business strategy and a key element of our approach to corporate governance. We have an integrated process for managing risks throughout our organization in accordance with our firm-wide risk appetite. Our Board of Directors has oversight responsibility for the management of risk. Our ERM Department oversees and integrates the risk management functions in our business entities and embeds risk management in our day-to-day business processes, providing senior management with a consolidated view of AIG's major risk positions. Nevertheless, our risk management efforts may not always be successful and material adverse effects on our business, results of operations, cash flows, liquidity or financial condition may occur. *For further information regarding the risks associated with our business and operations, see Part I, Item 1A. Risk Factors in the 2024 Annual Report.*

AIG employs a Three Lines model. AIG's business leaders assume full accountability for the risks and controls in their segments, and ERM performs a review, challenge and oversight function. The third line consists of our Internal Audit Group that provides independent assurance to AIG's Board of Directors.

*For additional information on AIG's risk management program, see Part II, Item 7. MD&A ─ Enterprise Risk Management in the 2024 Annual Report.*

The scope and magnitude of our market risk exposures is managed under a robust framework that contains defined risk limits and minimum standards for managing market risk in a manner consistent with our risk appetite statement. As of September 30, 2025, there have been no material changes in our market risk exposures, which may be found in *Part II, Item 7. MD&A ─ Enterprise Risk Management in the 2024 Annual Report. See Part I, Item 1A. Risk Factors in the 2024 Annual Report on how difficult conditions in the financial markets and the economy generally may materially adversely affect our business and results of our operations.*

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|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **91** |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

**Glossary**

Glossary

**Accident year** The annual calendar accounting period in which loss events occurred, regardless of when the losses are actually reported, booked or paid.

**Accident year combined ratio, as adjusted (Accident year combined ratio, ex-CAT)** The combined ratio excluding catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting.

**Accident year loss ratio, as adjusted (Accident year loss ratio, ex-CAT)** The loss ratio excluding catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting.

**Acquisition ratio** Acquisition costs divided by net premiums earned. Acquisition costs are those costs incurred to acquire new and renewal insurance contracts and also include the amortization of VOBA and DAC. Acquisition costs vary with sales and include, but are not limited to, commissions, premium taxes, direct marketing costs and certain costs of personnel engaged in sales support activities such as underwriting.

**Attritional losses** are losses recorded in the current accident year, which are not catastrophe losses.

**Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG's ownership interest in Corebridge (Core operating book value per share)** is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG's ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG's ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders' equity, excluding Investments AOCI, DTA and AIG's ownership interest in Corebridge (AIG core operating shareholders' equity) by total common shares outstanding.

**Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share)** is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. 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 (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders' equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.

**Casualty insurance** Insurance that is primarily associated with the losses caused by injuries to third persons, i.e., not the insured, and the legal liability imposed on the insured as a result.

**Combined ratio** Sum of the loss ratio and the acquisition and general operating expense ratios.

**Credit Support Annex** A legal document generally associated with an ISDA Master Agreement that provides for collateral postings which could vary depending on ratings and threshold levels.

**DAC** *Deferred Policy Acquisition Costs* Deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.

**Deferred gain on retroactive reinsurance** Retroactive reinsurance is a reinsurance contract in which an assuming entity agrees to reimburse a ceding entity for liabilities incurred as a result of past insurable events. If the amount of premium paid by the ceding reinsurer is less than the related ceded loss reserves, the resulting gain is deferred and amortized over the settlement period of the reserves. Any related development on the ceded loss reserves recoverable under the contract would increase the deferred gain if unfavorable, or decrease the deferred gain if favorable.

**Expense ratio** Sum of acquisition expenses and general operating expenses, divided by net premiums earned.

**General operating expense ratio** General operating expenses divided by net premiums earned. General operating expenses are those costs that are generally attributed to the support infrastructure of the organization and include but are not limited to personnel costs, projects and bad debt expenses. General operating expenses exclude losses and loss adjustment expenses incurred, acquisition expenses, and investment expenses.

**IBNR** *Incurred But Not Reported* Estimates of claims that have been incurred but not reported to us.

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| | |
|:---|:---|
| **92** | AIG \| Third Quarter 2025 Form 10-Q |

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**Glossary**

**ISDA Master Agreement** An agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, that generally provides for the net settlement of all or a specified group of these derivative transactions, as well as pledged collateral, through a single payment, in a single currency, in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions.

**Loan-to-value ratio** Principal amount of loan amount divided by appraised value of collateral securing the loan.

**Loss Adjustment Expenses** The expenses directly attributed to settling and paying claims of insureds and include, but are not limited to, legal fees, adjuster's fees and the portion of general expenses allocated to claim settlement costs.

**Loss ratio** Losses and loss adjustment expenses incurred divided by net premiums earned.

**Loss reserve development** The increase or decrease in incurred losses and loss adjustment expenses related to prior years as a result of the re-estimation of loss reserves at successive valuation dates for a given group of claims.

**Loss reserves** Liability for unpaid losses and loss adjustment expenses. The estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date.

**Master netting agreement** An agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.

**Natural catastrophe losses** are generally weather or seismic events having a net impact on AIG in excess of $10 million each and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold.

**Net premiums written** represent the sales of an insurer, adjusted for reinsurance premiums assumed and ceded, during a given period. Net premiums earned are the revenue of an insurer for covering risk during a given period. Net premiums written are a measure of performance for a sales period, while net premiums earned are a measure of performance for a coverage period.

**Noncontrolling interests** The portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.

**Pool** A reinsurance arrangement whereby all of the underwriting results of the pool members are combined and then shared by each member in accordance with its pool participation percentage.

**Prior year development** *See Loss reserve development*.

**Reinstatement premiums** Premiums on an insurance policy over and above the initial premium imposed at the beginning of the policy payable to reinsurers or receivable from insurers to restore coverage limits that have been reduced or exhausted as a result of reinsured losses under certain excess of loss reinsurance contracts.

**Reinsurance** The practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.

**Reinsurance recoverables** are comprised of paid losses recoverable, ceded loss reserves, ceded reserves for unearned premiums.

**Retroactive reinsurance** *See Deferred gain on retroactive reinsurance*.

**Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity)** is used to show the rate of return on common shareholders' equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders' equity.

**Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG's ownership interest in Corebridge (Core operating return on equity)** is used to show the rate of return on common shareholders' equity excluding Investments AOCI, DTA and AIG's ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG's ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric will provide investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders' equity.

**Subrogation** The amount of recovery for claims we have paid our policyholders, generally from a negligent third party or such party's insurer.

**Unearned premium reserve** Liabilities established by insurers and reinsurers to reflect unearned premiums, which are usually refundable to policyholders if an insurance or reinsurance contract is canceled prior to expiration of the contract term.

**VOBA** *Value of Business Acquired* Present value of future pre-tax profits from in-force policies of acquired businesses discounted at yields applicable at the time of purchase. VOBA is reported in DAC in the Condensed Consolidated Balance Sheets.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **93** |

---

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

**Acronyms**

Acronyms

---

| | | | |
|:---|:---|:---|:---|
| **A&H** | Accident and Health Insurance | **ISDA** | International Swaps and Derivatives Association, Inc. |
| **ABS** | Asset-Backed Securities | **Moody's** | Moody's Investors Service, Inc. |
| **APTI** | Adjusted pre-tax income | **NAIC** | National Association of Insurance Commissioners |
| **CDS** | Credit Default Swap | **NM** | Not Meaningful |
| **CLO** | Collateralized Loan Obligations | **ORR** | Obligor Risk Ratings |
| **CMBS** | Commercial Mortgage-Backed Securities | **RMBS** | Residential Mortgage-Backed Securities |
| **ERM** | Enterprise Risk Management | **S&P** | Standard & Poor's Financial Services LLC |
| **FASB** | Financial Accounting Standards Board | **SEC** | Securities and Exchange Commission |
| **GAAP** | Accounting Principles Generally Accepted in the United States of America | **VIE** | Variable Interest Entity |

---

ITEM 3 \| Quantitative and Qualitative Disclosures About Market Risk

The information required by this item is set forth in the Enterprise Risk Management section of Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and is incorporated herein by reference.

ITEM 4 \| Controls and Procedures

**EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES**

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by American International Group, Inc. (AIG) management, with the participation of AIG's Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of September 30, 2025. Based on this evaluation, AIG's Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2025.

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

---

| | |
|:---|:---|
| **94** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

**Part II – Other Information**<br>

ITEM 1 \| Legal Proceedings

*For a discussion of legal proceedings, see Note 13 to the Condensed Consolidated Financial Statements, which is incorporated herein by reference.*

ITEM 1A \| Risk Factors

*In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A. Risk Factors in the 2024 Annual Report.*

ITEM 2 \| Unregistered Sales of Equity Securities and Use of Proceeds

**The following table provides information about purchases made by or on behalf of AIG or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the Exchange Act)) of AIG Common Stock during the three months ended September 30, 2025:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Period | Total Number<br>of Shares<br>Repurchased | Average Price<br>Paid per Share\* | Total Number of Shares<br>Purchased as Part of<br>Publicly Announced<br>Plans or Programs | Approximate Dollar Value<br>of Shares that May Yet Be<br>Purchased Under the Plans<br>or Programs (in millions) |
| July 1-31 | 5503291 | $81.12 | 5503291 | $5266 |
| August 1-31 | 4982554 | 80.12 | 4982554 | 4867 |
| September 1-30 | 4954462 | 78.26 | 4954462 | 4479 |
| **Total** | **15440307** | $**79.88** | **15440307** | $**4479** |

---

\*Excludes excise tax of $50 million due to the Inflation Reduction Act of 2022 for the nine months ended September 30, 2025.

During the three months ended September 30, 2025, American International Group, Inc. repurchased approximately 15 million shares of AIG Common Stock, par value $2.50 per share (AIG Common Stock) for an aggregate purchase price of $1.2 billion. From October 1, 2025 to October 30, 2025, we repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $406 million. Effective April 1, 2025, the Board of Directors authorized the repurchase of $7.5 billion of AIG Common Stock (inclusive of the approximately $3.4 billion remaining under the Board's prior share repurchase authorization).

Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **95** |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

ITEM 5 \| Other Information

Not applicable.

ITEM 6 \| Exhibits

**Exhibit Index**

---

| | | |
|:---|:---|:---|
| Exhibit <br>Number | Description | Location |
| 10 | [(1) Letter Agreement including Non-Solicitation and Non-Disclosure Agreement, effective September 24, 2025, between AIG and John Neal\*](q32025exhibit101.htm) | &nbsp;&nbsp;Filed herewith. |
|  | [(2) AIG Long Term Incentive Plan (as amended and restated effective October 15, 2025)\*](q32025exhibit102.htm) | &nbsp;&nbsp;Filed herewith. |
|  | [(3) AIG Annual Short-Term Incentive Plan (as amended and restated effective October 15, 2025)\*](q32025exhibit103.htm) | &nbsp;&nbsp;Filed herewith. |
| 22 | Guaranteed Securities | &nbsp;&nbsp;None. |
| 31 | [Rule 13a-14(a)/15d-14(a) Certifications](q32025exhibit31.htm) | &nbsp;&nbsp;Filed herewith. |
| 32 | [Section 1350 Certifications\*](q32025exhibit32.htm)\* | &nbsp;&nbsp;Furnished herewith. |
| 101 | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, (ii) the Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2025 and 2024, (iii) the Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024, (iv) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024 and (vi) the Notes to the Condensed Consolidated Financial Statements | &nbsp;&nbsp;Filed herewith. |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) | &nbsp;&nbsp;Filed herewith. |

---

\*This exhibit is a management contract or a compensatory plan or arrangement.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

---

| | |
|:---|:---|
| **96** | AIG \| Third Quarter 2025 Form 10-Q |

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<u>[**TABLE OF CONTENTS**](#i5678d06740a64d9e969ce178e27da6a6_7)</u>

**Signatures**<br>

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| |
|:---|
| **AMERICAN INTERNATIONAL GROUP, INC.** |
| (Registrant) |
| /S/ KEITH WALSH |
| Keith Walsh |
| Executive Vice President and |
| Chief Financial Officer |
| (Principal Financial Officer) |
| /S/ KATHLEEN CARBONE |
| Kathleen Carbone |
| Vice President and |
| Chief Accounting Officer |
| (Principal Accounting Officer) |

---

Dated: November 5, 2025

---

| | |
|:---|:---|
| AIG \| Third Quarter 2025 Form 10-Q | **97** |

---

## Exhibit 10.1

**Exhibit 10.1**

![image_0a.jpg](image_0a.jpg)

**AIG Inc.** 

1271 Avenue of the Americas

Floor 41

New York, NY 10020-1304

**Kelly Lafnitzegger**

Executive Vice President, Chief Human Resources Officer

Kelly.Lafnitzegger@aig.com

September 19, 2025

John Neal

Address on File

Dear John,

We are pleased to confirm the terms of your joining American International Group, Inc. ("AIG" or the "Company"). For the avoidance of doubt, upon its execution by you, this letter terminates, replaces, and supersedes the UK offer letter dated July 14, 2025 and the UK Statement of Terms and Conditions of Employment (together, the "UK Contract of Employment"). Accordingly, the UK Contract of Employment (not including the Compliance Questionnaire executed by you on July 15, 2025) will be null and void upon your execution of this letter.

&nbsp;&nbsp;&nbsp;&nbsp;• *Start Date.* Your start date will be on or about December 1, 2025 ("Start Date").

&nbsp;&nbsp;&nbsp;&nbsp;• *Position.* Effective as of your Start Date, you will serve as President, AIG, a grade 30 position. In this capacity, you will be a member of the AIG Executive Leadership Team and report directly to Peter Zaffino, Chairman and Chief Executive Officer of AIG.

&nbsp;&nbsp;&nbsp;&nbsp;• *Location & Employer.* You will be based in New York, NY and employed directly by AIG Employee Services, Inc. (your "Employer").

&nbsp;&nbsp;&nbsp;&nbsp;• *Total Direct Compensation.* Your initial annual target direct compensation will be US$10,000,000 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Base Salary.</u> Your initial base cash salary will be at a rate of US$1,250,000 per year, paid pursuant to our regular payroll practices. The regular pay day is every other Friday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Short Term Incentive.</u> Your annual short-term incentive ("STI") target for 2025 will be US$3,750,000 (300% of base). Your actual STI payout for the performance year 2025 will be guaranteed at no less than target. Thereafter, your target will be subject to the performance terms set forth in the AIG's Short-Term Incentive Plan ("STIP").

Revised January 2025&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

------

The STIP currently provides that, as a member of the AIG Executive Leadership Team, your STI Award will be based on a combination of Company-based performance metrics and individual-based performance metrics that you will establish with Mr. Zaffino, subject to review by the Compensation and Management Resources Committee ("CMRC") of the Board of Directors. Your individual award can range between 0-200% of your STI target and will be made at the discretion of Mr. Zaffino, subject to the approval of the CMRC. Your STI award is contingent on your being an active employee of the Company on the date the STI Award determinations for the performance year are made and having not given or received notice of termination of employment and will be subject to the terms and conditions of the STIP as in effect from time to time and AIG's Clawback Policies (as defined below).

Your STI award will be paid when STI awards are regularly paid to similarly situated active employees, less applicable withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Long-Term Incentive</u>. A recommendation on your behalf will be made to the CMRC that, under the AIG Long-Term Incentive Plan (the "LTIP"), you be granted a Long-Term Incentive ("LTI") Award based on a cash target of US$5,000,000 (400% of base) for the performance year 2026. This recommendation and grant are contingent on your being an active employee of the Company on the date of CMRC approval of the grant and having not given or received notice of termination of employment and will be subject to the terms and conditions of the relevant LTIP and the award agreements governing the grant and AIG's Clawback Policies.

&nbsp;&nbsp;&nbsp;&nbsp;• *Equity Transition Award.* The Company will provide an award of Restricted Stock Units ("RSUs") in respect of shares of AIG Common Stock, with an initial grant value of US$4,500,000, that will vest in three equal tranches on the first, second and third anniversaries of the grant effective date.

A recommendation on your behalf will be made to the CMRC for your Equity Transition RSU award with a grant date effective on your Start Date, which will provide you the opportunity to receive shares of AIG Common Stock. Any such recommendation and grant are contingent on your being an active employee of the Company on the effective date of CMRC approval of the grant and having not given or received notice of termination of employment and will be subject to the terms and conditions of the relevant LTIP and the agreement governing the grant and AIG's Clawback Policies.

&nbsp;&nbsp;&nbsp;&nbsp;• *Cash Buy-Out.* In consideration of incentives foregone from your current employer, you will also receive a cash payment of $2,700,000 ("Cash Buy-Out Award"), less applicable withholdings, payable as soon as practicable following your Start Date, provided you have not resigned, your employment has not been terminated for Cause prior to the payment date. If, on or prior to the three year anniversary of the Start Date, i) you voluntarily terminate your employment for any reason (including any claim by you of constructive termination), or ii) the Company terminates your employment for Cause, you agree to immediately repay to the Company the net amount of the Cash Buy-out Award pursuant to this paragraph, based on the following schedule:

Revised January 2025&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date of Termination** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount of the Cash Buy-Out Award to be Repaid** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the one-year anniversary of your Start Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From the one-year anniversary and prior to the two-year anniversary of your Start Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From the two-year anniversary and prior to the three-year anniversary of your Start Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

For the purposes of this paragraph only, "Cause" shall be defined as (1) any conduct involving intentional wrongdoing, fraud, dishonesty, gross negligence, or willful misconduct or (2) any act or omission that constitutes a material breach of the terms of your Contract of Employment, the Company's Code of Conduct, or any other personnel or compliance policy applicable to you.

&nbsp;&nbsp;&nbsp;&nbsp;• *Benefits.* You will be entitled to benefits consistent with senior executives of AIG and reimbursement of reasonable business expenses, in each case in accordance with applicable AIG policies as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;• *Relocation*. As an additional aid to ease your transition into our organization, the cost of your relocation to New York, NY will be provided, in accordance with the Company's relocation policy and subject to the enclosed Relocation Reimbursement Agreement. To further ease your transition to New York, we will provide you with a 2 bedroom apartment in NYC for a period of 12-18 months. Once you have accepted the offer, we will authorize AIG Global Mobility to initiate services with our relocation vendor, who will contact you to discuss your relocation benefits.

&nbsp;&nbsp;&nbsp;&nbsp;• *Tax Preparation Services.* The Company will pay for UK and US tax return preparation and filing services with the Company's designated tax advisor for a period of two tax years from the Start Date, in accordance with the Company's policy in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;• *Paid Time Off.* You will be eligible for 30 days of PTO on an annual basis, accruing in accordance with the terms set forth in the Employee Handbook.

&nbsp;&nbsp;&nbsp;&nbsp;• *Executive Severance Plan*. You are also eligible for benefits under the Company's Executive Severance Plan, for covered terminations under that plan.

&nbsp;&nbsp;&nbsp;&nbsp;• *Notice Period.* You agree that if you voluntarily resign, you will give twelve months' written notice to the Company of your resignation, which may be working notice or non-working notice at the Company's sole discretion and which notice period is waivable by the Company at the Company's sole discretion. For the avoidance of doubt, if you execute an LTIP award agreement containing a different notice period than the notice period contained in this offer letter, the notice period in this agreement will govern.

&nbsp;&nbsp;&nbsp;&nbsp;• *Clawback Policy*. Any bonus, equity or equity-based award or other incentive compensation granted to you will be subject to the AIG Clawback Policy and the AIG

Revised January 2025&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

------

Financial Restatement Clawback Policy (and any other AIG clawback policies as may be in effect from time to time) (together, the "Clawback Policies"). You will be responsible for payment of the net amount of the clawback where permitted by regulation.

&nbsp;&nbsp;&nbsp;&nbsp;• *Indemnification and Cooperation*. During and after your employment, AIG will indemnify you in your capacity as a director, officer, employee, or agent of AIG to the fullest extent permitted by applicable law and AIG's charter and by-laws and will provide you with director and officer liability insurance coverage (including post-termination/post-director service tail coverage) on the same basis as AIG's other executive officers.

You agree (whether during or after your employment with AIG) to reasonably cooperate with AIG in connection with any litigation or regulatory matter or with any government authority on any matter, in each case, pertaining to AIG and with respect to which you may have relevant knowledge, provided that, in connection with such cooperation, AIG will reimburse your reasonable expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• *Tax Matters.* Tax will be withheld by your Employer and/or AIG as appropriate under applicable tax requirements for any payments or deliveries under this letter. To the extent any taxable expense reimbursement or in-kind benefits under this letter is subject to Section 409A of the U.S. Internal Revenue Code of 1986, the amount thereof eligible in one taxable year shall not affect the amount eligible for any other taxable year, in no event shall any expenses be reimbursed after the last day of the taxable year following the taxable year in which you incurred such expenses and in no event shall any right to reimbursement or receipt of in-kind benefits be subject to liquidation or exchange for another benefit. Each payment under this letter will be treated as a separate payment for purposes of Section 409A.

In the event that any payments or benefits otherwise payable to you (1) constitute "parachute payments" within the meaning of Section 280G of the Code, and (2) but for this paragraph would be subject to the excise tax imposed by Section 4999 of the Code, then such payments and benefits will be either (x) delivered in full, or (y) delivered as to such lesser extent that would result in no portion of such payments and benefits being subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income and employment taxes and the excise tax imposed by Section 4999 of the Code (and any equivalent state or local excise taxes), results in the receipt by you on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such payments and benefits may be taxable under Section 4999 of the Code. Any reduction in payments and/or benefits required by this provision will occur in the following order: (1) reduction of cash payments; (2) reduction of vesting acceleration of equity awards; and (3) reduction of other benefits paid or provided to you. In the event that acceleration of vesting of equity awards is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant for equity awards.

&nbsp;&nbsp;&nbsp;&nbsp;• *No Guarantee of Employment or Target Direct Compensation.* This offer letter is not a guarantee of employment or target direct compensation for a fixed term.

&nbsp;&nbsp;&nbsp;&nbsp;• *Entire Agreement.* This offer letter constitutes AIG and your Employer's only statement relating to its offer of employment to you and supersedes any previous communications or representations, oral or written, from or on behalf of AIG or any of its affiliates.

Revised January 2025&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;• *Miscellaneous Representations*. You confirm and represent to AIG, by signing this letter, that: (a) you are under no obligation or arrangement (including any restrictive covenants with any prior employer or any other entity) that would prevent you from becoming an employee of AIG or that would adversely impact your ability to perform the expected services on behalf of AIG other than as previously disclosed in writing to AIG; (b) you have not taken (or failed to return) any confidential information belonging to your prior employer or any other entity, and, to the extent you remain in possession of any such information, you will never use or disclose such information to AIG or any of its employees, agents or affiliates; (c) you understand and accept all of the terms and conditions of this offer; and (d) you acknowledge that your Employer is an intended third party beneficiary of this offer letter.

&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Solicitation*. This offer and your employment with AIG are contingent on your entering into the enclosed Non-Solicitation and Non- Disclosure Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;• *Employment Dispute Resolution*. You are a participant in the Company's Employment Dispute Resolution ("EDR") program, which provides for various ways to address work-related disputes, including mediation and arbitration, through the American Arbitration Association ("AAA"). Information on the company's EDR Program is available to employees via the Company Intranet and can be made available to you prior to your date of hire upon request.

We look forward to welcoming you to AIG and wish you every success in your new role.

Sincerely,

<u>/s/ Kelly Lafnitzegger</u>

Kelly Lafnitzegger

AMERICAN INTERNATIONAL GROUP, INC.

I agree with and accept the foregoing terms.

<u>/s/ John Neal</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>09/24/2025</u>

John Neal&nbsp;&nbsp;&nbsp;&nbsp;Date

Revised January 2025&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

------

<br> <br> <br>

&nbsp;&nbsp;&nbsp;&nbsp;**NON-SOLICITATION AND NON-DISCLOSURE AGREEMENT** 

1.&nbsp;&nbsp;&nbsp;&nbsp;The individual executing this agreement (the "Employee") is or will soon be an at-will employee of American International Group, Inc. or one of its subsidiaries (the "Company"). As such, the Employee is free to resign from employment at any time and for any reason. Likewise, the Company may terminate the Employee's employment at any time for any reason. This Agreement is not a guarantee of any fixed term employment.

2.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is a term and condition of the Employee's at-will employment with the Company. Employment with the Company is conditioned upon the Employee's execution of this Agreement.

3.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is necessary for the protection of the legitimate and protectable business interests of the Company and its affiliates (collectively, "AIG") in their customers, customer goodwill, accounts, prospects, employee training, and confidential and proprietary information. The Employee's employment requires exposure to and use of Confidential Information (as defined in Paragraph 5). Accordingly, the Employee agrees that during and after the Employee's employment with AIG, the Employee will not, directly or indirectly, on the Employee's own behalf or on behalf of any other person or any entity other than AIG solicit, contact, call upon, communicate or attempt to communicate with any customer or client or prospective customer or client of AIG, where to do so would require the use or disclosure of Confidential Information (for purposes of this Agreement, "customer or client" shall not include insurance brokers). The Employee further agrees that during the Employee's employment with AIG and for a period of one (1) year after employment terminates for any reason, the Employee will not, directly or indirectly, regardless of who initiates the communication, solicit, participate in the solicitation or recruitment of, or in any manner encourage or provide assistance to, any employee, consultant, registered representative, or agent of AIG to terminate his or her employment or other relationship with AIG or to leave its employ or other relationship with AIG for any engagement in any capacity or for any other person or entity.

4.&nbsp;&nbsp;&nbsp;&nbsp;During the term of employment, the Employee will have access to and become acquainted with Confidential Information. The Employee agrees that during the Employee's employment and any time thereafter, all Confidential Information will be treated by the Employee in the strictest confidence and will not be disclosed or used by the Employee in any manner other than in connection with the discharge of the Employee's job responsibilities without the prior written consent of AIG or unless required by law. The Employee further agrees that the Employee will not remove or destroy any Confidential Information either during the Employee's employment or at any

Revised December 2024&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

------

<br> <br> <br>

time thereafter and will return to AIG any Confidential Information in the Employee's possession at the end of the Employee's employment (or earlier if so requested by the Company). The Employee also agrees that during and after the Employee's employment with AIG, the Employee will not make any disparaging comments about AIG or any of its officers, directors or employees to any person or entity not affiliated with AIG. Nothing herein shall prevent the Employee from making or publishing any statement (a) when required by law, subpoena or court order or at the request of an administrative agency or legislature, (b) in the course of any legal, arbitral, administrative, legislative or regulatory proceeding, (c) to any governmental authority, regulatory agency or self-regulatory organization, (d) in connection with any investigation by AIG, or (e) where a prohibition or limitation on such communication is unlawful.

For example, nothing in this Agreement or any AIG policy shall prohibit, prevent, limit or restrict the Employee from (i) exercising Employee's Section 7 rights under the National Labor Relations Act, including but not limited to, the right to participate in activities or communications related to wages or compensation or other terms, conditions or privileges of employment, or (ii) communicating with or responding to any inquiry by the Securities and Exchange Commission, law enforcement, the Equal Employment Opportunity Commission or any state or local commission on human rights (e.g., for New York employees, the New York State Division of Human Rights or the New York City Commission on Civil Rights), any other local, state, or federal governmental or regulatory authority, any self-regulatory organization, or any attorney retained by the Employee, provided that AIG does not waive any attorney-client privilege over any information provided by the Employee that is appropriately covered by such privilege. Moreover, the Employee shall not be held liable under federal or state trade secrets law or this Agreement or any other agreement for the disclosure of a trade secret or other confidential information in confidence to a government official or attorney solely for the purpose of investigating or reporting a suspected violation of law or in a court filing under seal.

5.&nbsp;&nbsp;&nbsp;&nbsp;"Confidential Information" refers to an item of information or a compilation of information in any form (tangible or intangible), related to AIG's business that AIG has not made public or authorized public disclosure of, which became known to Employee as a result of Employee's employment with AIG, and that is not generally known to the public through proper means. Confidential Information includes, but is not limited to: (a) business plans and analysis, customer and prospective customer lists, sales strategies and techniques, personnel, staffing and compensation information, marketing plans and strategies, research and development data, financial data, operational data, methods, techniques, technical data, know-how, innovations, computer programs, un-patented

Revised December 2024&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

------

<br> <br> <br>

inventions, and trade secrets; and (b) information about the business affairs of third parties (including, but not limited to, customers and prospective customers) that such third parties provide to AIG in confidence. The presence of non-confidential items of information within an otherwise confidential compilation of information will not remove the compilation itself (the information in its compiled form) from the protection of this Agreement. The Employee acknowledges that items of Confidential Information are AIG's valuable assets and have economic value, actual or potential, because they are not generally known by the public or others who could use them to their own economic benefit and/or to the competitive disadvantage of AIG.

6.&nbsp;&nbsp;&nbsp;&nbsp;The covenants contained in Paragraphs 3 and 4 of this Agreement shall be enforced to the fullest extent permissible under the laws and public policies of each jurisdiction in which enforcement is sought. The Employee acknowledges that these restrictions are reasonably necessary for the protection of AIG. The Employee also acknowledges that irreparable harm and damages would result to AIG if the provisions of Paragraph 3 or 4 were not complied with and agrees that AIG shall be entitled to legal, equitable or other remedies, including, without limitation, injunctive relief and specific performance to protect against the inevitable disclosure of AIG's Confidential Information, any failure to comply with the provisions of Paragraph 3 or 4 of this Agreement, or any threatened breach of any term of this Agreement. The Employee further agrees that the Employee shall be liable for the attorneys' fees and costs incurred by AIG as a result of the Employee's breach of Paragraph 3 or 4 of this Agreement.

7.**&nbsp;&nbsp;&nbsp;&nbsp;**Invention Assignment: (a) the Employee hereby assigns all right, title and interest in any intellectual property, including but not limited to discoveries, ideas, inventions, works, reports, rules, processes, lists, data and other materials along with all improvements thereto (whether or not patentable or registerable under copyright or similar statutes) conceived, produced or developed by the Employee, either alone or in conjunction with others, pursuant to, or in furtherance of the Employee's employment with the Company (collectively "Intellectual Property"). Moreover, if requested, the Employee agrees to execute any documents required to perfect AIG's interest in the above referenced intellectual property, and to otherwise fully cooperate with such process during and after the Employee's employment with the Company.

(b) This assignment shall include all such Intellectual Property that: (1) relates in any way to AIG's business, or to actual or anticipated research and development of AIG; or (2) results in any way from the performance by the Employee of duties and responsibilities as an employee of the Company. The Employee further agrees that all original works of authorship which were made by the Employee (either alone or with others) within the scope of and during the period of the Employee's employment with

Revised December 2024&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

------

<br> <br> <br>

the Company and which are protectable by copyright laws, are "works made for hire" as that term is defined in the United States Copyright Act.

(c) Notwithstanding the above, this Section does not apply to inventions that qualify under state law as inventions that cannot be required to be assigned.

(d) The Employee represents that, the Employee does not possess, and is not aware of, any Intellectual Property (as defined above) conceived, produced or developed by the Employee, either alone or in conjunction with others, pursuant to, or in furtherance of the Employee's employment with a prior employer that (i) is owned by the Employee or in which the Employee has an interest and was made or acquired by the Employee prior to the commencement of Employee's employment with the Company, (ii) may relate in any way to the Company's actual or proposed businesses, products, services, or research and development, and (iii) is not to be assigned to the Company under this Agreement.

8.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be modified only by a written agreement signed by the Employee and the Company. If any term of this Agreement is rendered invalid or unenforceable, the remaining provisions shall remain in full force and shall in no way be affected, impaired or invalidated. Should a court determine that any provision of this Agreement is unreasonable, whether in period of time, geographical area, or otherwise, the Employee agrees that such provision of the Agreement should be interpreted and enforced to the maximum extent that such court deems reasonable.

9.&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PROVISIONS (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF ANY LAW OTHER THAN THE STATE OF NEW YORK. ANY DISPUTE CONCERNING THIS AGREEMENT SHALL PROCEED IN ACCORDANCE WITH THE TERMS OF AIG'S EMPLOYMENT DISPUTE RESOLUTION PROGRAM.

IN WITNESS WHEREOF, the Employee has agreed to the terms set forth above by signing below.

<u>/s/ John Neal</u>_____________________________<u>09/24/2025</u>____________

Employee Date

Revised December 2024&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

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**RELOCATION REIMBURSEMENT AGREEMENT**

I understand and agree that if, within twelve (12) months from the later of my new job start date or the date my household goods are delivered to the new location, I resign, voluntarily cancel, or fail to complete my relocation, or my employment is terminated for Cause, I will repay the Company all of the "Relocation Costs" (defined below). Full repayment of the Relocation Costs is due within thirty (30) days of demand by the Company. Relocation Costs are defined as: (1) the full gross amount of any relocation allowance paid to me by the Company and (2) the full gross amount of all costs of any kind related to my relocation, whether paid on my behalf by the Company or paid by me and reimbursed by the Company, including payments made by the Company on my behalf to a taxing authority. "Cause" shall be defined as (1) any conduct involving intentional wrongdoing, fraud, dishonesty, gross negligence, or willful misconduct or (2) any act or omission that constitutes a material breach of the terms of my Offer Letter, the Company's Code of Conduct, or any other personnel or compliance policy applicable to me.

I hereby authorize the Company, to the extent permitted by law, to recover all of such Relocation Costs by (1) deduction from my salary or monies that may be due me upon termination of my employment and/or (2) any other available remedies at law in accordance with the Company's EDR Program. I also understand and agree that I shall be liable to the Company for all attorneys' fees and costs incurred by the Company in the collection of the Relocation Costs.

Under any circumstances, if I resign or my employment is terminated for Cause within twelve (12) months from my hire date or transfer date as applicable, I hereby waive any rights I may have to compel the Company to make any tax payments on my behalf in connection with the Relocation Costs and I agree that the Company shall be released from any such obligation.

/s/ John Neal 09/24/2025

Employee Signature&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date

John Neal

Revised August 2019

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Exhibit 10.2**

**American International Group, Inc.**

**Long Term Incentive Plan**

**(as amended and restated effective October 15, 2025)**

**1.**Purpose; Definitions

This American International Group, Inc. Long Term Incentive Plan (this "***Plan***") is designed to provide selected officers and key employees of American International Group, Inc. ("***AIG***" and together with its consolidated subsidiaries, determined in accordance with U.S. generally accepted accounting principles, the "***Company***") with incentives to contribute to the long-term performance of AIG in a manner that appropriately balances risk and rewards.

As specified in the applicable award agreement, Awards under this Plan are issued either under the American International Group, Inc. 2013 Omnibus Incentive Plan (the "2013 Omnibus Plan") or the American International Group, Inc. 2021 Omnibus Incentive Plan ("the 2021 Omnibus Plan"), as each re amended from time to time or any successor stock incentive plan, (collectively or as applicable the "***Omnibus Plan***"), the terms of which are incorporated in this Plan. Capitalized terms used in this Plan but not otherwise defined in this Plan or in the attached Glossary of Terms in <u>Annex A</u> have the meaning ascribed to them in the applicable Omnibus Plan.

**2.**Performance Period

Awards (as defined below) will be earned over a three-year performance period (a ***"Performance Period****"*), unless the Compensation and Management Resources Committee of the Board of Directors of AIG (including any successor, the ***"Committee"***) determines a different period is appropriate for some or all Participants as set forth in the applicable award agreement.

**3.**Awards and Participants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Awards**. Awards issued under this Plan ("***Awards***") may consist of performance share units ("***PSUs***"), restricted stock units ("***RSUs***"), stock options ("***Options***"), or a combination of PSUs, RSUs and Options, as the Committee may determine from time to time. PSUs provide holders with the opportunity to earn shares of AIG Common Stock ("***Shares***") based on achievement of performance criteria during the Performance Period. RSUs provide holders with the opportunity to earn Shares based on continued Employment throughout the Performance Period. Options provide holders with the right to purchase Shares based on achievement of performance criteria during, or continued Employment throughout, the Performance Period, or a combination thereof. PSUs, RSUs and Options will be subject to the terms and conditions of the applicable Omnibus Plan, this Plan and the applicable award agreement, and will be issued only to the extent permissible under relevant laws, regulatory restrictions and agreements applicable to the Company. In addition to the preceding, the Committee may establish another form

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of Award to the extent it determines appropriate for some or all Participants (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Participants**. The Committee will from time to time determine (1) the officers and key employees of the Company who will receive Awards (the "***Participants***") and (2) the number and type of Awards issued to each Participant. No Award to a Participant shall in any way obligate the Committee to (or imply that the Committee will) provide a similar Award (or any Award) to the Participant in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Status of Awards**. Each PSU and RSU constitutes an unfunded and unsecured promise of AIG to deliver (or cause to be delivered) one (1) Share (or, at the election of AIG, cash equal to the Fair Market Value thereof) as provided in Section 5.B. Until such delivery, a holder of PSUs or RSUs will have only the rights of a general unsecured creditor and no rights as a shareholder of AIG. Each Option represents a right to purchase one (1) Share, subject to the terms and conditions set forth in the applicable award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Award Agreements**. Each Award granted under the Plan shall be evidenced by an award agreement that shall contain such provisions and conditions as the Committee deems appropriate; *provided that*, except as otherwise expressly provided in an award agreement, if there is any conflict between any provision of this Plan and an award agreement, the provisions of this Plan shall govern. By accepting an Award pursuant to this Plan, a Participant thereby agrees that the Award shall be subject to all of the terms and provisions of this Plan, the applicable Omnibus Plan and the applicable award agreement. Awards shall be accepted by a Participant signing the applicable award agreement, and returning it to the Company. Failure by a Participant to do so within ninety (90) days from the date of the award agreement shall give the Company the right to rescind the Award. For the avoidance of doubt, no employee shall have any right to an Award under this Plan until the written award agreement with respect to that Award is provided to the employee.

**4.**Performance Measures for PSUs; Earned PSUs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Target PSUs.** For an Award of PSUs, a Participant's award agreement will set forth a target number of PSUs as determined by the Committee (the "***Target PSUs***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Performance Measures.** The number of PSUs earned for any Performance Period will be based on one or more performance measures established by the Committee in its sole discretion with respect to such Performance Period (collectively, the "***Performance Measures***"). For each Performance Measure with respect to a Performance Period, the Committee will establish a Threshold, Target and Maximum achievement level and the weighting afforded to each such Performance Measure. The Committee may also establish gating metrics that must be satisfied before Performance Measures are applied to assess the number of PSUs that are earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Performance Results.** At the end of the Performance Period, the Committee will assess performance against each Performance Measure and

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determine the Earned Percentage (as detailed below) for each such Performance Measure as follows, subject to the terms and conditions of this Plan and unless determined otherwise by the Committee:

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| | |
|:---|:---|
| **Performance** | **Earned Percentage** |
| Performance less than Threshold | 0% |
| Performance at Threshold | 50% |
| Performance at Target | 100% |
| Performance at or above Maximum | 200% |

---

The Earned Percentage for performance between Threshold and Target and between Target and Maximum will be determined on a straight-line basis, unless determined otherwise by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Earned PSUs**. The number of PSUs earned for the Performance Period (the "***Earned PSUs***") will equal the sum of the PSUs earned for each Performance Measure, calculated as follows, unless determined otherwise by the Committee:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| PSUs earned for a Performance Measure | = | Target PSUs | x | Earned Percentage | x | Weighting of Performance Measure |

---

For the avoidance of doubt, the Committee retains discretion to reduce any Earned PSU Award to zero.

**5.**Vesting and Delivery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Vesting of Earned Awards.** Except as provided in Section 6, and subject to the other terms and conditions of this Plan and the applicable award agreement, Earned PSUs, RSUs and Options will vest on the date(s) and/or event(s) specified in the applicable award agreement (each, a **"*Scheduled Vesting Date*"**). Unless otherwise set forth in the applicable award agreement, RSUs and Options will be earned based solely on the Participant's continued Employment through the end of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Delivery of Earned PSUs and RSUs.** Except as provided in Section 6, AIG will deliver (or cause to be delivered) to the Participant Shares (or, at the election of AIG, cash equal to the Fair Market Value thereof) in respect of any Earned PSUs, RSUs, or portion thereof, as promptly as administratively practicable following the applicable Scheduled Vesting Date. Subject to Section 6, a Participant must be Employed on the applicable Scheduled Vesting Date in order to be entitled to receive a delivery of any portion of the Earned PSUs and RSUs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.&nbsp;&nbsp;&nbsp;&nbsp;Dividend Equivalents** and **Dividend Equivalent Units (as both are defined below) for RSUs and PSUs.** In respect of Awards of RSUs or PSUs, unless otherwise set forth in the applicable award agreement, if any cash dividend is declared on Shares with a record date that occurs during the Dividend Equivalent Period (as defined below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;With respect to dividends declared with a record date that occurs after the second quarter of 2021, the Participant will accrue, with respect to each RSU and Earned PSU awarded to the Participant, in accordance with the Plan, a **Dividend Equivalent**.

The value of the Dividend Equivalents that the Participant will accrue will be equal to (1) the declared cash dividend amount per Share <u>times</u> (2) the number of RSUs and Earned PSUs (including, unless otherwise determined by AIG, the number of RSUs and PSUs accrued through the issuance of Dividend Equivalent Units previously credited pursuant to Section 5.C(2) below), in accordance with the plan, covered by the Participant's Award at such time.

The accrued Dividend Equivalents will vest and be paid in cash at the same time, and subject to the same terms and conditions (including, for PSUs, increase or decrease based on achievement of performance criteria in accordance with Section 4 above) as the RSUs or Earned PSUs on which such Dividend Equivalent accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to dividends declared with a record date that occurs on or after the date an Award is granted through the second quarter of 2021, the Participant will accrue, with respect to each RSU and Earned PSU awarded to the Participant, in accordance with the Plan, a **Dividend Equivalent Unit** in the form of additional RSUs and PSUs.

The number of Dividend Equivalent Units that the Participant will accrue will be equal to (1) the cash dividend amount per Share <u>times</u> (2) the number of RSUs and Earned PSUs, in accordance with the Plan, outstanding with respect to a Participant's Award (including both RSUs and PSUs awarded at the grant date of the Award, and RSUs and PSUs accrued through the issuance of prior Dividend Equivalent Units) <u>divided</u> by the Fair Market Value of one Share on the applicable dividend record date.

Dividend Equivalent Units will vest and be settled in Shares or the cash value of such Shares (at the discretion of the Company), at the same time, and subject to the same terms and conditions (including, for PSUs, increase or decrease based on achievement of performance criteria in accordance with Section 4 above) as the RSUs or PSUs on which such Dividend Equivalent Units accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Definitions

***"Dividend Equivalent"*** is the unfunded and unsecured promise of AIG to pay cash at the time set forth in paragraph 5.C(1) above with respect to amounts that accrued with respect to the Dividend Equivalent Period from cash dividends that were declared for AIG shareholders with respect to each RSU and Earned PSU awarded to the Participant in accordance with the Plan.

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***"Dividend Equivalent Unit"*** is the unfunded and unsecured promise of AIG to settle, at the time set forth in paragraph 5.C(2) above, in Shares or the cash value of such Shares (rounded down to the nearest whole number of Shares) the additional RSUs and PSUs that accrued with respect to the Dividend Equivalent Period from cash dividends that were declared for AIG shareholders with respect to each RSU and Earned PSU awarded to the Participant, in accordance with the Plan.

"***Dividend Equivalent Period***" means the period commencing on the date on which PSUs or RSUs were awarded to the Participant and ending on the last day on which Shares (or cash) are delivered to the Participant with respect to the RSUs or Earned PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.&nbsp;&nbsp;&nbsp;&nbsp;Exercise and Expiration of Options.** Vested Options may be exercised in accordance with procedures set forth in Section 2.3.5 of the applicable Omnibus Plan, including procedures established by the Company. Stock Options that are not vested may not be exercised. Pursuant to Section 2.3.4 of the applicable Omnibus Plan, in no event will any Option be exercisable after the expiration of ten (10) years from the date on which the Option is granted (but the applicable award agreement may provide for an earlier expiration date).

**6.**Vesting and Payout Upon Termination of Employment and Corporate Events

Except as otherwise provided in the applicable award agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Termination Generally**. Except as otherwise provided in this Section 6, if a Participant's Employment is Terminated for any reason, then (i) any unvested Awards, or parts thereof, shall immediately terminate and be forfeited, and (ii) any vested Options will remain exercisable as set forth in the applicable award agreement (but in no case later than the expiration date for such Options specified in the applicable award agreement), *provided that* in the case of a Participant's Termination for Cause, all Options (whether vested or unvested) will immediately terminate and be forfeited.

**B-1.&nbsp;&nbsp;&nbsp;&nbsp; Involuntary Termination and Retirement of (i) Participants Hired Prior to April 1, 2022 (ii) Grade Level 29 and Above Participants Hired at Any Time (iii) Participants Hired on or after April 1, 2022 but only with respect to their Buyout Awards; and Disability of All Participants Hired at Any Time**. Subject to Section 6.F, in the case of a Participant's involuntary Termination without Cause, Retirement or Disability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Participant's outstanding PSUs and RSUs will immediately vest and the Shares (or cash) corresponding to the Earned PSUs (based on the performance for the whole Performance Period) or RSUs, as applicable, will be delivered to the Participant on the dates that the applicable Award would otherwise have been delivered if the Participant had continued to remain Employed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)(i) any vested Options will remain exercisable, (ii) any unvested time-vesting Options will be deemed to have attained their respective time-vesting requirements, and (iii) any unvested performance-vesting Options will (a) be deemed to have attained their respective time-vesting requirements, if any, and (b) to the

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extent any performance-vesting requirements have not been achieved, continue to be eligible to vest in accordance with their respective performance-vesting terms. In the event of an Involuntary Termination or Disability, the Options that are or become vested pursuant to this paragraph (2) shall remain exercisable as set forth in the applicable award agreement, *provided, however*, in the event of a Retirement, with respect to Retirements on and after January 1, 2021, all Options that are or become vested pursuant to this paragraph (2) (including, but not limited to, Options granted in calendar years 2017 - 2020, notwithstanding any language to the contrary in the award agreements and Schedule A of such Options) will remain exercisable for the remainder of the term of such Options set forth in the applicable award agreement for such Options. No Options will remain exercisable beyond the expiration date for such Options as specified in the applicable award agreement.

For the avoidance of doubt, an involuntary Termination without Cause as provided in this Section 6.B-1 shall not include a resignation that a Participant may assert was a constructive discharge.

**B-2.&nbsp;&nbsp;&nbsp;&nbsp;Involuntary Termination of Participants Hired On or After April 1, 2022**. With respect to Participants hired on or after April 1, 2022 (excluding Participants at Grade Level 29 and above), subject to Section 6.F, in the case of such Participant's involuntary Termination without Cause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the Participant's outstanding unvested RSUs will be forfeited (excluding any RSUs granted pursuant to a Buyout Award for which the treatment is governed by B-1 above) and with respect to the outstanding unvested PSUs (excluding any PSUs granted pursuant to a Buyout Award for which the treatment is governed by B-1 above), a pro rata portion of such PSUs will vest based on the number of completed calendar years that the Participant has worked in the applicable Performance Period and the Shares (or cash) corresponding to the Earned PSUs (based on the performance for the whole Performance Period) associated with the pro-rata vested PSUs, will be delivered to the Participant on the date or dates that the applicable Award would otherwise have been delivered if the Participant had continued to remain Employed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;(i) any vested Options will remain exercisable, (ii) any unvested time-vesting Options will be forfeited (excluding any Options granted as part of a Buyout Award for which the treatment is governed by B-1 above) and (iii) any unvested performance-vesting Options, will be forfeited unless the award agreement for such Options provides otherwise. The Options that are or become vested pursuant to this paragraph (2) shall remain exercisable as set forth in the applicable award agreement. No Options will remain exercisable beyond the expiration date for such Options as specified in the applicable award agreement.

For the avoidance of doubt, an involuntary Termination without Cause as provided in this Section 6.B-2 shall not include a resignation that a Participant may assert was a constructive discharge.

**B-3.&nbsp;&nbsp;&nbsp;&nbsp;Retirement of Participants Hired On or After April 1, 2022.** With respect to Participants hired on or after April 1, 2022 (excluding Participants at Grade Level 29 and above), subject to Section 6.F, in the case of a Participant's Retirement:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)(i) the Participant's outstanding PSUs and RSUs will immediately vest and the Shares (or cash) corresponding to the Earned PSUs (based on the performance for the whole Performance Period) or RSUs, as applicable, will be delivered to the Participant on the dates that the applicable Award would otherwise have been delivered if the Participant had continued to remain Employed; provided, however, that all PSUs and RSUs granted in the calendar year in which the Retirement occurs will be forfeited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)(i) any vested Options will remain exercisable, (ii) any unvested time-vesting Options will be deemed to have attained their respective time-vesting requirements, and (iii) any unvested performance-vesting Options will (a) be deemed to have attained their respective time-vesting requirements, if any, and (b) to the extent any performance-vesting requirements have not been achieved, continue to be eligible to vest in accordance with their respective performance-vesting terms; provided, however that with respect clauses (ii) and (iii) above all Options granted in the calendar year in which the Retirement occurs will be forfeited. All Options that are or become vested pursuant to this paragraph will remain exercisable for the remainder of the term of such Options set forth in the applicable award agreement for such Options. No Options will remain exercisable beyond the expiration date for such Options as specified in the applicable award agreement.

**B-4. Participants Impacted by a Corporate Transaction.** Notwithstanding their date of hire, any Participant whose Employment with the Company ends pursuant to a duly approved corporate transaction will have the following terms apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the Participant's outstanding PSUs and RSUs will immediately vest and the Shares (or cash) corresponding to the Earned PSUs (based on the performance for the whole Performance Period) or RSUs, as applicable, will be delivered to the Participant on the dates that the applicable Award would otherwise have been delivered if the Participant had continued to remain Employed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (i) any vested Options will remain exercisable for three years from the date on which the Employment with the Company ends due to a corporate transaction, (ii) any unvested time-vesting Options will be deemed to have attained their respective time-vesting requirements, and (iii) any unvested performance-vesting Options will (a) be deemed to have attained their respective time-vesting requirements, if any, and (b) to the extent any performance-vesting requirements have not been achieved, continue to be eligible to vest in accordance with their respective performance-vesting terms. No Options will remain exercisable beyond the expiration date for such Options as specified in the applicable award agreement.

For the avoidance of doubt, the provisions of this Section 6.B-4 shall not be applied to anyone who resigns from employment (for Good Reason or otherwise) before the later of: the closing date for the applicable Corporate Transaction or the

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date on which Employment with the Company ends due to a corporate transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Death**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)*PSUs*. For outstanding Awards of PSUs, (i) in the case of a Participant's death during a Performance Period or following a Performance Period but prior to the Committee's adjudication of performance under Section 4.C, the Participant's PSU Award will immediately vest and the Shares (or cash) corresponding to the Target PSUs will be delivered to the Participant's estate as soon as practicable but in no event later than the end of the calendar year or, if later, within two (2) and one-half (1/2) months following the date of death and (ii) in the case of a Participant's death following the Committee's adjudication of performance for a Performance Period under Section 4.C, the Participant's PSU Award will immediately vest and the Shares (or cash) corresponding to the Earned PSUs (based on performance for the whole Performance Period) will be delivered to the Participant's estate as soon as practicable but in no event later than the end of the calendar year or, if later, within two (2) and one-half (1/2) months following the date of death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)*RSUs*. For outstanding Awards of RSUs, in the case of a Participant's death, the Participant's outstanding unvested RSUs will immediately vest and the Shares (or cash) corresponding to the RSUs will be delivered to the Participant's estate as soon as practicable but in no event later than the end of the calendar year or, if later, within two (2) and one-half (1/2) months following the date of death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;*Options*. For outstanding Awards of Options, in the case of a Participant's death, (i) any vested Options will remain exercisable as set forth in the applicable award agreement, (ii) any unvested time-vesting Options will be deemed to have attained their respective time-vesting requirements and remain exercisable as set forth in the applicable award agreement and (iii) any unvested performance-vesting Options will (a) be deemed to have attained their respective time-vesting requirements, if any, (b) to the extent any performance-vesting requirements have not been achieved, continue to be eligible to vest in accordance with their respective performance-vesting terms and (c) be exercisable as set forth in the applicable award agreement; *provided that* no Options will remain exercisable beyond the expiration date for such Options as specified in the applicable award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.&nbsp;&nbsp;&nbsp;&nbsp;Change in Control**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;*PSUs*. For outstanding Awards of PSUs, in the case of a Change in Control during a Performance Period and the Participant's involuntary Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, the Participant shall receive Shares (or cash) corresponding to the Target PSUs, unless the Committee determines to use actual performance through the date of the Change in Control, and such Shares (or cash) will immediately vest. In the case of a Change in Control following a Performance Period and the Participant's involuntary Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, the Participant shall receive Shares (or cash) corresponding to the Earned PSUs (based on performance for the whole Performance Period), and such Shares (or

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cash) will immediately vest. Any such amounts representing vested PSUs will be delivered by the end of the calendar year or, if later, within two (2) and one-half (1/2) months following the Participant's separation from service, *provided that* no delivery will be delayed as a result of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;*RSUs*. For outstanding Awards of RSUs, in the case of a Change in Control and the Participant's involuntary Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, a Participant's outstanding unvested RSUs will immediately vest. Any such amounts representing vested RSUs will be delivered by the end of the calendar year or, if later, within two and one-half months following the Participant's separation from service, *provided that* no delivery will be delayed as a result of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)*&nbsp;&nbsp;&nbsp;&nbsp;Options*. For outstanding Awards of performance-vesting Options, (a) in the case of a Change in Control during the applicable Performance Period and the Participant's involuntary Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, any unvested performance-vesting Options will immediately vest based on target performance, unless the Committee determines to use actual performance through the date of the Change in Control, and (b) in the case of a Change in Control following an applicable Performance Period and the Participant's involuntary Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, any performance-vesting Stock Options will immediately vest based on actual performance for such period. For outstanding time-vesting Options, in the case of a Change in Control and the Participant's involuntary Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, any unvested time-vesting Options will immediately vest. All Options that vest pursuant to this paragraph will remain exercisable for the remainder of the term of such Options as set forth in the applicable award agreement for such Options. No Options will remain exercisable beyond the expiration date for such Options as specified in the applicable award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.&nbsp;&nbsp;&nbsp;&nbsp;Election to Accelerate or Delay Delivery**. The Committee may, in its sole discretion, determine to accelerate or defer delivery of any Shares (or cash) underlying the Awards granted under the Plan or permit a Participant to elect to accelerate or defer delivery of any such Shares (or cash), in each case in a manner that conforms to the requirements of Section 409A and is consistent with the provisions of Section 8.E*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.&nbsp;&nbsp;&nbsp;&nbsp;Release of Claims**. In the case of a Participant's involuntary Termination without Cause, resignation for Good Reason or Retirement, as a condition to (i) with respect to Options, the vesting of any Options pursuant to this Plan or the applicable award agreement, (ii) with respect to all other Awards, receiving delivery of any Shares (or cash) under such Awards, following such event, and (iii) with respect to the receipt of a Short Term Incentive Award for Participants Grade Level 24 and above in the American International Group Inc. Annual Short-Term Incentive Plan (the "STI Plan") who Retire (the terms, "Participant" and "Retire" shall have the same definition for this purpose as they do in the STI Plan), the Company will require the Participant to execute a release

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substantially in the form attached as Annex B and/or Annex C as applicable (the "***Release***"), subject to any provisions that the Senior HR Attorney and the Senior Compensation Executive or their designee(s) may amend or add to the release in order to impose restrictive covenants requiring (x) confidentiality of information, non-disparagement and non-solicitation of Company employees for twelve (12) months following the Termination, and (y) in the case of an involuntary Termination without Cause or resignation for Good Reason of any Participant who is eligible to participate in the American International Group, Inc. 2012 Executive Severance Plan (as may be amended from time to time, and together with any successor plan, the "***ESP***"), or Retirement, non-competition for such periods as are generally specified herein. The Release for any Participant who is eligible to participate in the ESP shall be in the form of the release required by the ESP at the time of the Termination (including any non-competition covenants), modified to cover the vesting of any Options and payment of any Shares (or cash) under any other Awards under this Plan as a result of the Participant's involuntary Termination without Cause or resignation for Good Reason. Effective for Retirements on or after December 1, 2015, the Release will require non-competition for no less than six (6) months following the Retirement in order for the Participant to (i) with respect to Options, vest in any Options, (ii), with respect to all other Awards, receive any Shares (or cash) under such Awards, and with respect to the receipt of a Short Term Incentive Award for Participants Grade Level 24 and above in the American International Group Inc. Annual Short-Term Incentive Plan (the "STI Plan") who Retire. The Release or the ESP form of release must be executed by the Participant and become irrevocable, in the case of a Participant's involuntary Termination without Cause, resignation for Good Reason or Retirement, prior to or during the calendar year of the date on which (i) with respect to Options, such Options vest, (ii) with respect to all other Awards, a delivery of Shares (or cash) with respect to the Award is scheduled to be delivered pursuant to Section 5.B; and (iii) with respect to the receipt of a Short Term Incentive Award for Participants Grade Level 24 and above in the American International Group Inc. Annual Short-Term Incentive Plan (the "STI Plan") who Retire, within 30 days before the payment date for the STI Plan award. *provided that* if the Release is executed after such time, (i) with respect to Options, any Options that would have vested during such period will be forfeited, and (ii) with respect to all other Awards, the delivery of Shares (or cash) with respect to such calendar year will be forfeited; *provided*, *further*, that if the local laws of a country or non-U.S. jurisdiction in which Participant performs services render invalid or unenforceable all or a portion of the Release (subject to additional provisions as described above), the Senior HR Attorney and the Senior Compensation Executive or their designee(s) shall have the discretion to create a release that incorporates as much of the Release as possible while also complying with such local laws.

**7.**Administration of this Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.General**. This Plan shall be administered by the Committee and the person or persons designated by the Committee to administer the Plan from time to time. Actions of the Committee may be taken by the vote of a majority of its members. The Committee may allocate among its members and delegate to any person who is not a member of the Committee any of its administrative responsibilities. The Committee will have the power to interpret this Plan, to make regulations for carrying out its purposes and to make all other determinations in

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connection with its administration (including, without limitation, whether a Participant has become subject to Disability), all of which will, unless otherwise determined by the Committee, be final, binding and conclusive. The Committee may, in its sole discretion, reinstate any Awards made under this Plan that have been terminated and forfeited because of a Participant's Termination, if the Participant complies with any covenants, agreements or conditions that the Committee may impose; *provided*, *however*, that any delivery of Shares (or cash) under such reinstated Awards will not be made until the scheduled times set forth in this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Non-Uniform Determinations**. The Committee's determinations under this Plan need not be uniform and may be made by it selectively with respect to persons who receive, or are eligible to receive, Awards (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee will be entitled, among other things, to make non-uniform and selective determinations as to the persons to become Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Determination of Employment**. The Committee, with respect to any Section 16 officer, and the Senior Compensation Executive, with respect to any other Participant, will have the right to determine the commencement or Termination date of a Participant's Employment with the Company solely for purposes of this Plan, separate and apart from any determination as may be made by the Company with respect to the Participants' employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Amendments.** The Committee will have the power to amend this Plan and any Performance Measures established pursuant to Section 4.B in any manner and at any time, including in a manner adverse to the rights of the Participants; *provided, however*, that in the event that a Plan amendment is adopted or effective on or within twenty-four (24) months following a Change in Control, then such amendment shall be invalid and ineffective with respect to each Participant, in the absence of his or her written consent, if the amendment is adverse to the Participant. The Committee shall also have the power, in its sole discretion, to reduce the amount of any RSUs, Target PSUs, Earned PSUs or Options at any time including, for the avoidance of doubt, after the relevant Performance Period has ended. Notwithstanding the foregoing, the Committee's rights and powers to amend the Plan shall be delegated to the Senior Compensation Executive who shall have the right to amend the Plan with respect to (1) amendments required by relevant law, regulation or ruling, (2) amendments that are not expected to have a material financial impact on the Company, (3) amendments that can reasonably be characterized as technical or ministerial in nature, or (4) amendments that have previously been approved in concept by the Committee. Notwithstanding the foregoing delegation, the Senior Compensation Executive shall not have the power to make an amendment to the Plan that could reasonably be expected to result in a termination of the Plan or a change in the structure or the powers, duties or responsibilities of the Committee, unless such amendment is approved or ratified by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.No Liability**. No member of the Board of Directors of AIG (the ***"Board"***) or any employee of the Company performing services with respect to the Plan (each, a "***Covered Person***") will have any liability to any person (including any Participant) for any action taken or omitted to be taken or any determination made,

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in each case, in good faith with respect to this Plan or any Participant's participation in it. Each Covered Person will be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys' fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under this Plan and against and from any and all amounts paid or Shares delivered by such Covered Person, with the Company's approval, in settlement thereof, or paid or delivered by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person, *provided that* the Company will have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company will have sole control over such defense with counsel of the Company's choice. To the extent any taxable expense reimbursement under this paragraph is subject to Section 409A, (1) the amount thereof eligible in one taxable year shall not affect the amount eligible in any other taxable year; (2) in no event shall any expenses be reimbursed after the last day of the taxable year following the taxable year in which the Covered Person incurred such expenses; and (3) in no event shall any right to reimbursement be subject to liquidation or exchange for another benefit. The foregoing right of indemnification will not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person's bad faith, fraud or willful misconduct. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under AIG's Amended and Restated Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such persons or hold them harmless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Clawback/Repayment**. Notwithstanding anything to the contrary herein, or in the Award agreements; awards and any payments or deliveries under this Plan will be subject to forfeiture and/or repayment to the extent provided in (1) any clawback policy of AIG, as in effect from time to time or (2) other agreements executed by a Participant.

**8.**General Rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.No Funding**. The Company will be under no obligation to fund or set aside amounts to pay obligations under this Plan. A Participant will have no rights to any Awards or other amounts under this Plan other than as a general unsecured creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Tax Withholding**. The delivery of Shares (or cash) or exercise of any Awards under this Plan is conditioned on a Participant's satisfaction of any applicable withholding taxes in accordance with, as applicable, Section 4.2 of the 2013 Omnibus Plan and Section 3.2 of the 2021 Omnibus Plan, as amended from time to time, or such similar provision of any successor stock incentive plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.No Rights to Other Payments**. The provisions of this Plan provide no right or eligibility to a Participant to any other payouts from AIG or its subsidiaries under any other alternative plans, schemes, arrangements or contracts AIG may have with any employee or group of employees of AIG or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.No Effect on Benefits**. Grants or the exercise of any Awards and the delivery of Shares (or cash) under this Plan will constitute a special discretionary incentive payment to the Participants and will not be required to be taken into account in computing the amount of salary or compensation of the Participants for the purpose of determining any contributions to or any benefits under any pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of AIG or any of its subsidiaries or under any agreement with the Participant, unless AIG or the subsidiary with which the Participant is Employed specifically provides otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Section 409A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Awards made under the Plan are intended to be "deferred compensation" subject to Section 409A, and this Plan is intended to, and shall be interpreted, administered and construed to, comply with Section 409A. The Committee will have full authority to give effect to the intent of this Section 8.E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)If any payment or delivery to be made under any Award (or any other payment or delivery under this Plan) would be subject to the limitations in Section 409A(a)(2)(b) of the Code, the payment or delivery will be delayed until six (6) months after the Participant's separation from service (or earlier death) in accordance with the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Each payment or delivery in respect of any Award will be treated as a separate payment or delivery for purposes of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Severability**. If any of the provisions of this Plan is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability) and the remaining provisions will not be affected thereby; *provided that* if any of such provisions is finally held to be invalid, illegal or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision will be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.Entire Agreement**. This Plan contains the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.Waiver of Claims**. Each Participant recognizes and agrees that prior to being selected by the Committee to receive an Award he or she has no right to any benefits under this Plan. Accordingly, in consideration of the Participant's receipt of any Award hereunder, he or she expressly waives any right to contest the amount of

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any Award, the terms of this Plan, any determination, action or omission hereunder by the Committee or the Company or any amendment to this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.No Third Party Beneficiaries**. Except as expressly provided herein, this Plan will not confer on any person other than the Company and the Participant any rights or remedies hereunder. The exculpation and indemnification provisions of Section 7.E will inure to the benefit of a Covered Person's estate and beneficiaries and legatees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.Successor Entity; AIG's Assigns**. Unless otherwise provided in the applicable award agreement and except as otherwise determined by the Committee, in the event of a merger, consolidation, mandatory share exchange or other similar business combination of AIG with or into any other entity ("***Successor Entity***") or any transaction in which another person or entity acquires all of the issued and outstanding Common Stock of AIG, or all or substantially all of the assets of AIG, outstanding Awards may be assumed or a substantially equivalent award may be substituted by such Successor Entity or a parent or subsidiary of such Successor Entity. The terms of this Plan will be binding and inure to the benefit of AIG and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.Nonassignability**. No Award (or any rights and obligations thereunder) granted to any person under the Plan may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than by will or by the laws of descent and distribution, except as may be otherwise provided in the award agreement. Any sale, exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this Section 8.K will be null and void and any Award which is hedged in any manner will immediately be forfeited. All of the terms and conditions of this Plan and the award agreements will be binding upon any permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.Right to Discharge**. Nothing contained in this Plan or in any Award will confer on any Participant any right to be continued in the employ of AIG or any of its subsidiaries or to participate in any future plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M.Consent**. If the Committee at any time determines that any consent (as hereinafter defined) is necessary or desirable as a condition of, or in connection with, the granting of any Award or the delivery of any Shares under this Plan, or the taking of any other action thereunder (each such action, a "***plan action***"), then such plan action will not be taken, in whole or in part, unless and until such consent will have been effected or obtained to the full satisfaction of the Committee; *provided that* if such consent has not been so effected or obtained as of the latest date provided by this Plan for payment of such amount or delivery and further delay is not permitted in accordance with the requirements of Section 409A, such amount will be forfeited and terminate notwithstanding any prior earning or vesting.

The term "***consent***" as used in this paragraph with respect to any plan action includes (1) any and all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state, or local law, or law, rule or regulation of a jurisdiction outside the United States, (2) any other matter,

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which the Committee may deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made, (3) any and all other consents, clearances and approvals in respect of a plan action by any governmental or other regulatory body or any stock exchange or self-regulatory agency and (4) any and all consents required by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N.No Liability With Respect to Tax Qualification or Adverse Tax Treatment**. Notwithstanding anything to the contrary contained herein, in no event shall the Company be liable to a Participant on account of the failure of any Award or amount payable under this Plan to (1) qualify for favorable United States or foreign tax treatment or (2) avoid adverse tax treatment under United States or foreign law, including, without limitation, Section 409A.

**9.**Disputes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Governing Law**. This Plan will be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflict of laws. The Plan shall also be subject to all applicable non-U.S. laws as to Participants located outside of the United States. In the event that any provision of this Plan is not permitted by the local laws of a country or jurisdiction in which a Participant performs services, such local law shall supersede that provision of this Plan with respect to that Participant. The benefits to which a Participant would otherwise be entitled under this Plan may be adjusted or limited to the extent that the Senior HR Attorney and the Senior Compensation Executive or their designee(s) determine is necessary or appropriate in light of applicable law or local practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Arbitration**. Subject to the provisions of this Section 9, any dispute, controversy or claim between the Company and a Participant, arising out of or relating to or concerning this Plan or any Award, will be finally settled by arbitration. Participants who are subject to an Employment Dispute Resolution Program ("EDR Program") maintained by AIG or any affiliated company of AIG, will resolve such dispute, controversy or claim in accordance with the operative terms and conditions of such EDR Program, and to the extent applicable, the employment arbitration rules of the American Arbitration Association ("AAA"). Participants who are not subject to an EDR Program shall arbitrate their dispute, controversy or claim in New York City before, and in accordance with the employment arbitration rules of the AAA, without reference to the operative terms and conditions of any EDR Program. Prior to arbitration, all claims maintained by a Participant must first be submitted to the Committee in accordance with claims procedures determined by the Committee. Either the Company or a Participant may seek injunctive relief from the arbitrator. Notwithstanding any other provision in this Plan, the Company or a Participant may apply to a court with jurisdiction over them for temporary, preliminary or emergency injunctive relief that, under the legal and equitable standards applicable to the granting of such relief, is necessary to preserve the rights of that party pending the arbitrator's modification of any such injunction or determination of the merits of the dispute, controversy or claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Jurisdiction**. **The Company and each Participant hereby irrevocably submit to the exclusive jurisdiction of a state or federal court of** 

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**appropriate jurisdiction located in the Borough of Manhattan, the City of New York over any suit, action or proceeding arising out of or relating to or concerning this Plan or any Award that is not otherwise arbitrated or resolved according to Section 9.B.** The Company and each Participant acknowledge that the forum designated by this section has a reasonable relation to this Plan and to such Participant's relationship with the Company, that the agreement as to forum is independent of the law that may be applied in the action, suit or proceeding and that such forum shall apply even if the forum may under applicable law choose to apply non-forum law.

**D**.&nbsp;&nbsp;&nbsp;&nbsp; **Change in Control**. On or following a Change in Control, any arbitration referred to in Section 9.B or any court action referred to in Section 9.C by a Participant to enforce the Participant's rights under the Plan shall be subject to a de novo standard of review, and the Participant shall be reimbursed for reasonable attorneys' fees and costs incurred in seeking to enforce his or her rights under the Plan to the extent he or she prevails as to the material issues in such dispute. The reimbursement of attorneys' fees shall be made promptly following delivery of an invoice therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.&nbsp;&nbsp;&nbsp;&nbsp; Waiver**. The Company and each Participant waive, to the fullest extent permitted by applicable law, any objection which the Company and such Participant now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in Section 9.C. The Company and each Participant undertake not to commence any action, suit or proceeding arising out of or relating to or concerning this Plan or any Award in any forum other than a forum described in Section 9.C. Notwithstanding the foregoing, nothing herein shall preclude the Company from bringing any action, suit or proceeding in any other court for the purpose of enforcing the provisions of this Section 9. The Company and each Participant agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any such suit, action or proceeding in any such court shall be conclusive and binding upon the Participant and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Service of Process**. Each Participant irrevocably appoints the Secretary of AIG at 80 Pine Street, New York, New York 10005, U.S.A., or effective as of May 1, 2021, 1271 Avenue of the Americas, 11<sup>th</sup> Floor, New York, NY 10020, as his or her agent for service of process in connection with any action, suit or proceeding arising out of or relating to or concerning this Plan or any Award that is not otherwise arbitrated or resolved according to Section 9.B. The Secretary will promptly advise the Participant of any such service of process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.Confidentiality**. Each Participant must keep confidential any information concerning any grant or Award made under this Plan and any dispute, controversy or claim relating to this Plan, except that (i) a Participant may disclose information concerning a dispute or claim to the court that is considering such dispute or to such Participant's legal counsel (*provided that* such counsel agrees not to disclose any such information other than as necessary to the prosecution or defense of the dispute) or (ii) a Participant may disclose information regarding an Award to the Participant's personal lawyer or tax accountant, *provided that* such individuals agree to keep the information confidential. Nothing herein shall prevent the Participant from making or publishing any truthful statement (1) when required

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by law, subpoena, court order, or at the request of an administrative or regulatory agency or legislature, (2) in the course of any legal, arbitral, administrative, legislative or or regulatory proceeding, (3) to any governmental authority, administrative or regulatory agency, legislative body, or self-regulatory organization, (4) in connection with any investigation by the Company, or (5) where a prohibition or limitation on such communication is unlawful; provided, however, that with respect to the subject matter of this Section 9(G), the terms of a Participant's award agreement shall govern**.** 

**1.**Term of Plan

The Plan was first effective as of January 1, 2017 and will continue until suspended or terminated by the Committee in its sole discretion; *provided, however*, that the existence of the Plan at any time or from time to time does not guarantee or imply the payment of any Awards hereunder, or the establishment of any future plans or the continuation of this Plan. Any termination of this Plan will be done in a manner that the Committee determines complies with Section 409A.

The restatement is hereby adopted (including all appendices) as of the effective date stated on the first page

By: _________________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date Signed: __________________________

Megan Moran

Senior Vice President

Head of Total Rewards

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Annex A

<u>Glossary of Terms</u>

&nbsp;&nbsp;&nbsp;&nbsp;**"*Buyout Award***" means an award to a newly hired employee that is specified in writing by the Company to replace equity awards forgone from such employee's immediate prior employer.

"***Cause***" means (1) a Participant's conviction, whether following trial or by plea of guilty or *nolo contendere* (or similar plea), in a criminal proceeding (A) on a misdemeanor charge involving fraud, false statements or misleading omissions, wrongful taking, embezzlement, bribery, forgery, counterfeiting or extortion, or (B) on a felony charge or (C) on an equivalent charge to those in clauses (A) and (B) in jurisdictions which do not use those designations; (2) a Participant's engagement in any conduct which constitutes an employment disqualification under applicable law (including statutory disqualification as defined under the Securities Exchange Act of 1934); (3) a Participant's violation of any securities or commodities laws, any rules or regulations issued pursuant to such laws, or the rules and regulations of any securities or commodities exchange or association of which the Company or any of its subsidiaries or affiliates is a member; or (4) a Participant's material violation of the Company's codes or conduct or any other AIG policy as in effect from time to time. The determination as to whether "***Cause***" has occurred shall be made by the Committee, with respect to any Section 16 officer, or the Senior Compensation Executive, with respect to any other Participant, in each case, in its or his or her sole discretion. The Committee or Senior Compensation Executive, as applicable, shall also have the authority in its sole discretion to waive the consequences of the existence or occurrence of any of the events, acts or omissions constituting "***Cause***."

&nbsp;&nbsp;&nbsp;&nbsp;"***Change in Control***" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) individuals who, on February 16, 2021, constitute the Board (the "***Incumbent Directors***") cease for any reason to constitute at least a majority of the Board, *provided that* any person becoming a director subsequent to February 16, 2021, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of AIG's proxy statement in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of AIG as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any "person" (as such term is defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), is or becomes a "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of AIG representing fifty percent (50%) or more of the combined voting power of AIG's then outstanding securities eligible to vote for the election of the Board ("***AIG Voting Securities***"); provided, however, that the

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event described in this paragraph (2) shall not be deemed to be a Change in Control by virtue of an acquisition of AIG Voting Securities: (A) by AIG or any subsidiary of AIG (B) by any employee benefit plan (or related trust) sponsored or maintained by AIG or any subsidiary of AIG or (C) by any underwriter temporarily holding securities pursuant to an offering of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving AIG (a "***Business Combination***") that results in any person (other than the United States Department of Treasury) becoming the beneficial owner, directly or indirectly, of fifty percent (50%) or more of the total voting power of the outstanding voting securities eligible to elect directors of the entity resulting from such Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The consummation of a sale or all or substantially all of AIG's assets (other than to an affiliate of AIG); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) AIG's stockholders approve a plan of complete liquidation or dissolution of AIG.

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because (A) any person holds or acquires beneficial ownership of more than fifty percent (50%) of the AIG Voting Securities as a result of an "AIG share repurchase program" or other acquisition of AIG Voting Securities by AIG which reduces the total number of AIG Voting Securities outstanding; *provided that* if after such acquisition by AIG such person becomes the beneficial owner of additional AIG Voting Securities that increases the percentage of outstanding AIG Voting Securities beneficially owned by such person, a Change in Control shall then occur or (B) the consummation of a sale of all or substantially all (or a subset) of the assets and/or operations of the Life and Retirement business (or any similar transaction).

*&nbsp;&nbsp;&nbsp;&nbsp;*"***Disability***" means that a Participant, who after receiving short term disability income replacement payments for six (6) months, (i) is determined to be disabled in accordance with the Company's long term disability plan in which employees of the Company are generally able to participate, if one is in effect at such time, to the extent such disability complies with 26 C.F.R. § 1.409A-3(i)4(i)(B), or (ii) to the extent such Participant is not participating in the Company's long term disability plan, or no such long term disability plan exists, is determined to have medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months as determined by, as applicable, the Company's long term disability insurer or the department or vendor directed by the Company to determine eligibility for unpaid medical leave.

&nbsp;&nbsp;&nbsp;&nbsp;"***Employed***" and "***Employment***" means (a) actively performing services for the Company, (b) being on a Company-approved Paid Leave of Absence, or Company-approved unpaid leave of absence, or (c) receiving long term disability benefits for up to three years from the date short term disability leave commenced, in each case while in good standing with the Company. For purposes of this Plan,

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the term Employed shall not include any period designated by the Company, in its sole discretion, as "non-working notice," and shall likewise not include any period during which (i) an employee receives notice under The Worker Adjustment and Retraining Notification Act or any state or local equivalent ("WARN") and is directed not to work during any period of the WARN notice requirement, or (ii) an employee receives non-working notice pay and benefits pursuant to WARN.

"***Paid Leave of Absence***" means an approved leave of absence during which the Participant is receiving salary continuation from a Company payroll; provided, however, that it shall not include (A) any period designated by the Company, in its sole discretion, as "non-working notice," including, but not limited to, (1) where an employee receives notice under WARN and is directed not to work during any period of the WARN notice requirement, or (2) following an employee's Termination of Employment date, a period during which an employee receives pay and benefits pursuant to WARN.

&nbsp;&nbsp;&nbsp;&nbsp;"***Retirement***" for a Participant means voluntary Termination initiated by the Participant (while such Participant is in good standing with the Company) (i) on or after age sixty (60) with five (5) continuous years of service or (ii) on or after age fifty-five (55) with ten (10) continuous years of service.

"***Good Reason***" means, following a Change in Control, without a Participant's written consent, (i) a reduction of more than twenty percent (20%) in a Participant's annual target direct compensation (including annual base salary, short-term incentive opportunity and long-term incentive opportunity); *provided* that such reduction will not constitute Good Reason if it results from a Board-approved program generally applicable to similarly-situated employees; (ii) a material diminution in the Participant's authority, duties or responsibilities; *provided* that a change in the Participant's reporting relationship will not constitute Good Reason unless it affects a Participant who the Company has classified as an executive vice president or above; or (ii) a relocation of the office at which the Participant performs his or her services to a location that increases his or her one-way commute by more than fifty (50) miles. Notwithstanding the foregoing, a termination for Good Reason shall not have occurred unless (a) the Participant gives written notice to the Company of termination of employment within thirty (30) days after the Participant first becomes aware of the occurrence of the circumstances constituting Good Reason, specifying in detail the circumstances constituting Good Reason, (b) the Company has failed within thirty (30) days after receipt of such notice to cure the circumstances constituting Good Reason, and (c) (A) in the case of any Participant who not is eligible to participate in the ESP, the Participant's "separation from service" (within the meaning of Code section 409A) occurs no later than thirty (30) days after the end of the Company's cure period, and (B) in the case of any Participant who is eligible to participate in the ESP, the Participant's "separation from service" (within the meaning of Code section 409A) occurs no later than two (2) years following the initial existence of the circumstances giving rise to Good Reason or such other period specified in the ESP for this purpose.

"***Senior Compensation Executive***" means the Company's most senior executive whose responsibility it is to oversee the Corporate Compensation

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Department. In the event that no individual holds such position, "Senior Compensation Executive" will instead refer to the Company's most senior executive whose responsibility it is to oversee the global Human Resources Department.

"***Senior HR Attorney***" means the Company's most senior attorney whose responsibility it is to oversee Human Resource/employment matters.

"***Termination***" or "***Terminate****,*" with respect to a Participant, means the termination of the Participant's Employment.

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**Attachment I**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Annex B

<u>Form of Release Referred to in Section 6.F of the Plan.</u>

*NOT personalized to each Participant.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)[Employee Name] ("***Employee***"), for good and sufficient consideration, the receipt of which is hereby acknowledged, hereby waives and forever releases and discharges any and all claims of any kind Employee may have against American International Group, Inc., its affiliate or subsidiary companies ("***AIG***"), or any officer, director or employee of, or any benefit plan sponsored by, any such company (collectively, the "***Released Parties***") which arise from Employee's employment with any of the Released Parties or the termination of Employee's employment with any of the Released Parties. [Specifically, but without limiting that release, Employee hereby waives any rights or claims Employee might have pursuant to the Age Discrimination in Employment Act of 1967, as amended (the "***Act***") and under the laws of any and all jurisdictions, including, without limitation, the United States. Employee recognizes that Employee is not waiving any rights or claims under the Act that may arise after the date that Employee executes this Release.] Nothing herein modifies or affects any vested rights that Employee may have under the [American International Group, Inc. Retirement Plan, or the American International Group, Inc. Incentive Savings Plan] [*and other plans applicable to Employee*]; nor does this Release confer any such rights, which are governed by the terms of the respective plans (and any agreements under such plans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Employee acknowledges and agrees that Employee has complied with and will continue to comply with the non-disparagement, non-solicitation and confidentiality provisions set forth in the Employee's award agreement pursuant to Section 3.D of the Plan, [*a copy of which is attached hereto as Exhibit A*], [*for Retirements*; and further agrees that during the period commencing on the date of the Employee's [Retirement] and ending on the [*for Retirements*, 6-month] anniversary of such date, the Employee shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Engage in any "*Competitive Business*" (defined below) for the Employee's own account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Enter the employ of, or render any services to, any person engaged in any Competitive Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Acquire a financial interest in, or otherwise become actively involved with, any person engaged in any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Interfere with business relationships between AIG and customers or suppliers of, or consultants to AIG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For purposes of this Section 2, a "Competitive Business" means, as of any date, including during the Restricted Period, any person or entity (including any joint venture, partnership, firm, corporation or limited

B-

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liability company) that engages in or proposes to engage in the following activities in any geographical area in which AIG does such business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The property and casualty insurance business, including commercial insurance, business insurance, personal insurance and specialty insurance;

;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The underwriting, reinsurance, marketing or sale of (y) any form of insurance of any kind that AIG as of such date does, or proposes to, underwrite, reinsure, market or sell (any such form of insurance, an "AIG Insurance Product"), or (z) any other form of insurance that is marketed or sold in competition with any AIG Insurance Product; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Any other business that as of such date is a direct and material competitor of one of AIG's businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Employee further agrees that AIG's remedies at law for a breach or threatened breach of any of the non-disparagement, non-solicitation and confidentiality provisions in the Employee's award agreement [and for the non-competition covenant set forth above] would be inadequate. In recognition of this fact, the Employee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, AIG, without posting any bond, shall be entitled to obtain equitable relief from a court of competent jurisdiction in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)[Employee acknowledges and understands that Employee is hereby being advised to consult with an attorney prior to executing this Release. Employee also acknowledges and understands that Employee has [twenty-one (21)] days to consider the terms of this Release before signing it. However, in no event may Employee sign this Release before Employee's termination date.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)[Upon the signing of this Release by Employee, Employee understands that Employee shall have a period of seven (7) days following Employee's signing of this Release in which Employee may revoke this Release by providing written notice of revocation delivered to Annette Bernstein, Deputy General Counsel, Labor & Employment, American International Group, Inc., 1271 Avenue of the Americas, 11th Floor, New York, New York 10020, annette.bernstein@aig.com, no later than 11:59 p.m. on the seventh day after Employee has signed the Agreement. Employee understands that this Release shall not become effective or enforceable until this seven (7) day revocation period has expired, and that neither the Released Parties nor any other person has any obligation [pursuant to the American International Group, Inc. 2013 Long Term Incentive Plan] until eight (8) days have passed since Employee's signing of this Release without Employee having revoked this Release. If Employee revokes this Release, Employee will be deemed not to have accepted the terms of this Release.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Any dispute arising under this Release shall be governed by the law of the State of New York, without reference to the choice of law rules that would cause the application of the law of any other jurisdiction.

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>DATE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Employee]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

**Attachment II**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Annex C

RELEASE AGREEMENT

(for employees who Retire at JG 24 and above who are both STI and LTI eligible at the time of retirement)

This Release Agreement ("Release") is entered into between AMERICAN INTERNATIONAL GROUP, INC., a Delaware corporation (the "Company"), and EMPLOYEE NAME (the "Employee").

(1) In exchange for (a) the immediate vesting of Employee's award(s) under the American International Group, Inc. 2022 Long-Term Incentive Plan (the "LTI Plan"), as well as future payments and/or delivery of shares of stock ("Shares") under the LTI Plan in accordance with the dates specified in the LTI Plan (generally summarized for Employee on the UBS One Source website under the Units Tab) and (b) payment of a Short Term Incentive Award in the amount of $XXXX, less applicable withholdings, for the ___ Performance Year pursuant to the American International Group Inc. Annual Short-Term Incentive Plan (the "STI Plan") , which Employee acknowledges and agrees is good and sufficient consideration, Employee hereby knowingly and voluntarily waives and forever releases and discharges any and all claims of any kind Employee may have against American International Group, Inc., and/or its affiliated or subsidiary companies ("AIG"), or any officer, director or employee of, or any benefit plan sponsored by, any such company, including but not limited to the American International Group, Inc. Severance Plan and the American International Group, Inc. 2012 Executive Severance Plan, (collectively, the "Released Parties") which arise from Employee's employment with any of the Released Parties. Specifically, but without limiting that release, Employee hereby waives any rights or claims Employee might have under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act of 1963, the Age Discrimination in Employment Act of 1967 (the "ADEA"), the Americans with Disabilities Act of 1991, the Employee Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act of 1988, the Sarbanes–Oxley Act of 2002, and/or the Family and Medical Leave Act of 1993, including all amendments to any of the aforementioned Acts, and under the laws of any and all jurisdictions; for violations of any other federal, state and/or municipal fair employment statutes or laws, including without limitation, if applicable, the New Jersey Conscientious Employee Protection Act, the District of Columbia Human Rights Act, the West Virginia Rights Act, the Massachusetts Wage Act, M.G.L. ch. 149, §§148, et seq., the Massachusetts Fair Employment Practices Act, M.G.L. c. 151B, § 1 et seq., the Massachusetts Civil Rights Act, M.G.L. c. 12, §§11H and 11I, the Massachusetts Equal Rights Act, M.G.L. c. 93, § 102 and M.G.L. c. 214, § 1C, the Massachusetts Labor and Industries Act, M.G.L. c. 149, § 1 et seq.; or for violations of any other law, rule, regulation, or ordinance pertaining to employment, wages, compensation, hours worked, claims for breach of contract or wrongful discharge, claims for additional compensation, claims for severance pay, claims of defamation or any other tort, or any claims relating to any other aspect of

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Employee's relationship with any of the Released Parties. Employee recognizes that Employee is not waiving any rights or claims under the ADEA that may arise after the date that Employee executes this Release. Employee acknowledges that Employee is not waiving any rights or claims that the law does not permit Employee to waive by signing this Release. Nothing herein modifies or affects any vested rights that Employee may have under the American International Group, Inc. Retirement Plan, or the American International Group, Inc. Incentive Savings Plan and other plans applicable to Employee; nor does this Release confer any such rights, which are governed by the terms of the respective plans (and any agreements under such plans).

(2) Employee acknowledges and agrees that Employee has complied with and will continue to comply with the non-disparagement, non-solicitation and confidentiality provisions set forth in the Employee's award agreement(s) pursuant to Section 3.D of the LTI Plan, (found in the UBS One Source website under the Holdings tab, by selecting "View/Accept Agreement"" for each outstanding award).

(3) Employee further agrees that during the period commencing on the date of the Employee's Retirement and ending on the 6-month anniversary of such date, the Employee shall not, directly or indirectly:

(A) Engage in any "Competitive Business" (defined below) for the Employee's own account;

(B) Enter the employ of, or render any services to, any person engaged in any Competitive Business;

(C) Acquire a financial interest in, or otherwise become actively involved with, any person engaged in any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or

(D) Interfere with business relationships between AIG and customers or suppliers of, or consultants to AIG.

For purposes of this paragraph (3), a "Competitive Business" means, as of any date, including during the Restricted Period, any person or entity (including any joint venture, partnership, firm, corporation or limited liability company) that engages in or proposes to engage in the following activities in any geographical area in which AIG does such business:

(i) The property and casualty insurance business, including commercial insurance, business insurance, personal insurance and

(ii) The underwriting, reinsurance, marketing or sale of (y) any form of insurance of any kind that AIG as of such date does, or proposes to, underwrite, reinsure, market or sell (any such form of insurance, an "AIG Insurance Product"), or (z) any other form of insurance that is marketed or sold in competition with any AIG Insurance Product; or

(iii) Any other business that as of such date is a direct and material competitor of one of AIG's businesses.

Notwithstanding anything to the contrary in this paragraph 3, the Employee may directly or indirectly, own, solely as an investment, securities of any person engaged in the business of AIG which are publicly traded on a national or regional stock exchange or on the over-the-counter market if the Employee (a) is not a controlling

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person of, or a member of a group which controls, such person and (b) does not, directly or indirectly, own one percent or more of any class of securities of such person. The Employee understands that the provisions of this paragraph 3 may limit the Employee's ability to earn a livelihood in a business similar to the business of AIG but the Employee nevertheless agrees and hereby acknowledges that:

(a) Such provisions do not impose a greater restraint than is necessary to protect the goodwill or other business interests of AIG;

(b) Such provisions contain reasonable limitations as to time and scope of activity to be restrained;

(c) Such provisions are not harmful to the general public; and

(d) Such provisions are not unduly burdensome to the Employee.

In consideration of the foregoing and in light of the Employee's education, skills and abilities, the Employee agrees that he/she shall not assert that, and it should not be considered that, any provisions of paragraph 3 otherwise are void, voidable or unenforceable or should be voided or held unenforceable. It is expressly understood and agreed that, although the Employee and the Company consider the restrictions contained in this paragraph 3 to be reasonable, if a judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this paragraph 3 or elsewhere in this Release is an unenforceable restriction against the Employee, the provisions of the Release shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Release is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein.

(4) Employee further agrees that AIG's remedies at law for a breach or threatened breach of any of the non-disparagement, non-solicitation and confidentiality provisions in the Employee's award agreement(s) under the LTI Plan and the non-compete in this Release would be inadequate. In recognition of this fact, the Employee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, AIG, without posting any bond, shall be entitled to obtain equitable relief from a court of competent jurisdiction in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. Employee further agrees that the consideration that Employee will receive in exchange for this Release will be subject to forfeiture and/or repayment to the extent provided for in the clawback policies of AIG, as in effect from time to time.

(5) Employee acknowledges the following:

(A) that this Release is written in a manner calculated to be understood by Employee, Employee has read this Release and fully understands its meaning, and Employee is fully competent to enter into this Release;

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(B) that this Release is not an admission of wrongdoing by the Company or any Released Parties and neither it nor any drafts shall be admissible evidence of wrongdoing;

(C) that this Release represents Employee's knowing and voluntary waiver and release of any and all claims that Employee might have including, but not limited to, any claims arising under the ADEA;

(D) that Employee has not waived any claim under the ADEA that may arise after the date of this Release;

(E) that the consideration that Employee will receive in exchange for this Release is something of value to which Employee is not already entitled;

(F) that Employee is hereby being advised to consult with an attorney prior to executing this Release;

(G) that Employee has 21 days to consider this Release.

(6) Upon the signing of this Release by Employee, Employee understands that Employee shall have a period of seven (7) days following Employee's signing of this Release in which Employee may revoke this Release by providing written notice of revocation delivered to Annette Bernstein, Deputy General Counsel, Labor & Employment, American International Group, Inc., 1271 Avenue of the Americas, 11th Floor, New York, New York 10020, annette.bernstein@aig.com, no later than 11:59 p.m. on the seventh day after Employee has signed the Agreement. Employee understands that this Release shall not become effective or enforceable until this seven (7) day revocation period has expired, and that the Released Parties do not have any obligation pursuant to this Release, the LTI Plan or the STI Plan until eight (8) days have passed since Employee's signing of this Release without Employee having revoked this Release. If Employee revokes this Release, Employee will be deemed not to have accepted the terms of this Release.

(7) Any dispute arising under this Release shall be governed by the law of the State of New York, without reference to the choice of law rules that would cause the application of the law of any other jurisdiction

___________________________ ___________________________________

DATE &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EID&nbsp;&nbsp;&nbsp;&nbsp;Employee Name

**Sent: Month Day, Year**

## Exhibit 10.3

**Exhibit 10.3**

**American International Group, Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Annual Short-Term Incentive Plan</u>**

**<u>as Amended and Restated Effective October 15, 2025</u>**

**1. Purpose**

American International Group, Inc. ("***AIG***" and together with its consolidated subsidiaries, the "***Company***") has created this American International Group, Inc. Annual Short-Term Incentive Plan (this "***Plan***") to strengthen our pay-for-performance culture by rewarding employees for business and individual performance during the applicable Performance Year. This Plan replaces the American International Group, Inc. 2013 Short-Term Incentive Plan beginning with the Performance Year from January 1, 2014 through December 31, 2014. Awards under this Plan (each, an "***Incentive Award***") will be in the form of cash. Capitalized terms not otherwise defined herein will have the meanings set forth in the Glossary of Terms in <u>Appendix A</u>.

**2. Performance Periods**

This Plan will operate for successive one-year periods beginning on January 1 of each year (each, a "***Performance Year***") until this Plan is terminated by the Compensation and Management Resources Committee of the Board of Directors of AIG (including any successor thereto, the "***Committee***"). The first Performance Year will be January 1, 2014 through December 31, 2014.

**3. Eligibility**

All full and part-time employees of the Company, excluding external contractors, independent contractors, temporary workers, and independent agents during the applicable Performance Year (the "***Participants***") are eligible to participate in this Plan for such Performance Year, unless the employee is a participant in another variable pay or sales plan that the applicable business has determined is in lieu of this Plan during such Performance Year. For the avoidance of doubt, employees who are eligible to participate in a bonus plan that is required to be provided under local law or who have an employment contract with AIG or its subsidiaries for ongoing employment of unlimited duration that is not confined to a specific, finite project will not be ineligible for the Plan (unless the applicable business expressly elects to exclude such employee). If an individual is hired after the Performance Year commences, the individual may become a Participant in the Plan, and the amount of his or her Incentive Award may be Pro-Rated to reflect the portion of the Performance Year worked.

**4. Bonus Pool Funding**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.**Determination.** As soon as practicable following a Performance Year, the Committee will determine the aggregate bonus pool (the "***Earned Bonus Pool***") to ensure that the Plan rewards all Participants appropriately and consistent with the purpose of this Plan. Promptly following this determination, the Compensation Center of Excellence ("***Compensation COE***") under the direction of the CEO will allocate the Earned Bonus Pool to each of the Business/Functional

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Segments. Prior to March 31<sup>st</sup> of any Performance Year, the Committee will have the discretion to establish a threshold goal (the "***Threshold Goal***") and determine that, if the Threshold Goal is not met, the Earned Bonus Pool will be capped at a fixed amount (including $0) or the amount resulting from a specified formula.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.**Exceptions to Earned Bonus Pool.** As soon as practicable following a Performance Year, the Committee will determine whether the Incentive Awards for any Participants will be excluded from, and not subject to, the Earned Bonus Pool.

**5. Incentive Awards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.**Amount and Form.** A Participant's Incentive Award target (the "***Individual Target***") will generally be established after considering the Participant's job grade, business, local market, job scope, responsibilities, and experience. For any Section 16 officer, the Committee will approve the Individual Target.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.**Performance Metrics.** With regard to Section 16 officers, prior to or as soon as practicable following the commencement of a Performance Year, the Committee will approve the performance goal(s) (each, a "***Performance Metric***") and the manner in which each Participant's actual Incentive Award (the "***Earned Individual Award***") will be calculated for such Performance Year based upon Performance Metrics approved by the Committee. The Metrics will be documented in a written documentprepared by management for the Performance Year. In determining the manner in which the Earned Individual Award will be calculated, the Committee may establish minimum, target and maximum achievement levels for any Performance Metric.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.**Earned Individual Award.** The Committee will assess performance against Performance Metrics, in each case, as soon as practicable following a Performance Year. For any Participants who are not Section 16 officers, such Participant's manager (in accordance with the then-current performance management process, if any) will assess performance against his or her Individual-based performance goals, if applicable. Each Participant's Earned Individual Award will be determined by the extent to which the performance goals applicable to the Plan Year have been attained. The Committee may provide that an Earned Individual Award may not exceed a certain percentage of the Individual Target . In addition, in no event will the aggregate Earned Individual Awards for a Performance Year exceed the Earned Bonus Pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.**Vesting; Payment.** Earned Individual Awards for a Performance Year will be granted as the Committee determines in its sole discretion and paid on such date or dates following the determination process described in <u>Section 5.C</u>, but no later than April 30<sup>th</sup> following the Performance Year (the "***Award Date***"). A Participant must be Employed on the Award Date to be eligible to receive his or her Earned Individual Award except to the extent provided in <u>Section 6</u> and <u>Appendix B</u>. Prior to December 31<sup>st</sup> of a Performance Year, the Committee may determine that all or a specified percentage of a Participant's Earned Incentive Award will be a "***Deferred Award***," in which case such Earned Incentive Award will be paid on the one-year anniversary of the Award Date (the "***Deferred Award Payment Date***").

**6.<u>Termination in Service; Breaks in Service</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.**Termination Generally**. In the event (i) a Participant's Employment is Terminated for any reason during the Performance Year or prior to the Award Date or (ii) a Participant is Employed but not actively performing services for the Company for a portion of the Performance Year or on the Award Date for certain reasons specified in <u>Appendix B</u>, the amount and payment of the Earned Individual

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Award, if any, that the Participant will receive will be determined (and, if applicable, modified) in accordance with <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.**Termination without Cause.** In the event that a Participant is involuntarily Terminated without Cause, AIG, in its sole discretion, will require the Participant to execute a Release in order to impose restrictive covenants requiring confidentiality of information, non-disparagement, and non-solicitation of Company employees following the termination as a condition to receiving payment of all or a portion of an Earned Individual Award for which the Award Date has not occurred as of such termination. The Release must be executed by the Participant, submitted to the Company and become irrevocable prior to the date on which any such Earned Individual Award shall be paid, but in no event shall the Release be executed later than March 10<sup>th</sup> of the year following the year in which the Termination without Cause occurred; *provided that* if the Release is executed after such time, any payments with respect to the Earned Individual Award will be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.**Retirement for Job Grade Level 24 and Above.** In the event that a Participant in Job Grade Level 24 or above Retires, AIG, in its sole discretion, will require the Participant to execute a Release in order to impose restrictive covenants requiring confidentiality of information, non-compete, non-disparagement, and non-solicitation of Company employees following the Retirement as a condition to receiving payment of all or a portion of an Earned Individual Award for which the Award Date has not occurred as of such Retirement. The Release must be executed by the Participant, submitted to the Company and become irrevocable prior to the date on which any such Earned Individual Award shall be paid, but in no event shall the Release be executed later than March 10<sup>th</sup> of the year following the year in which the Retirement occurred; *provided that* if the Release is executed after such time, any payments with respect to the Earned Individual Award will be forfeited.

**7. Clawback/Repayment.**

Notwithstanding anything to the contrary herein, in consideration of the grant of an Incentive Award, the award and any payments under this Plan will be subject to forfeiture and/or repayment to the extent provided for in the clawback policies of AIG, as in effect from time to time.

**8.<u>Administration</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.**General.** The Plan will be administered by the Committee, and any person or persons designated by the Committee to administer the Plan from time to time including, but not limited to, the Senior C&B Executive and the Compensation COE. The Compensation COE will conduct validation analyses to determine that this Plan is generally operated in accordance with the terms of this Plan and the applicable documentation. Actions of the Committee may be taken by the vote of a majority of its members. The Committee may allocate among its members and delegate to any person who is not a member of the Committee any of its powers, responsibilities or duties under the Plan. The Committee will have the power to construe, interpret and implement this Plan, to make regulations for carrying out its purposes and to make all other determinations in connection with its administration, all of which will, unless otherwise determined by the Committee, be final, binding and conclusive. The Committee may, in its sole discretion, reinstate any Earned Individual Awards made under this Plan that have been terminated and forfeited because of a Participant's Termination, if the Participant complies with any covenants, agreements or conditions that the Committee may impose; *provided*, *however*, that payment under such reinstated awards will not be made until the scheduled times set forth in this Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.**Determination of Employment**. The Committee, with respect to any Section 16 officer, and the Senior C&B Executive, with respect to any other Participant, will have the right to determine the commencement or Termination date of a Participant's Employment with the Company solely for purposes of this Plan, separate and apart from any determination as may be made by the Company with respect to the individual's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.**No Liability**. No member of the Board of Directors of AIG (the "***Board***") or any employee of AIG performing services with respect to the Plan (each, a "***Covered Person***") will have any liability to any person (including any Participant) for any action taken or omitted to be taken or any determination made, in each case, in good faith with respect to this Plan or any Participant's participation in it. Each Covered Person will be indemnified and held harmless by AIG against and from any loss, cost, liability, or expense (including attorneys' fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under this Plan and against and from any and all amounts paid by such Covered Person, with AIG's approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person, *provided that* AIG will have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once AIG gives notice of its intent to assume the defense, AIG will have sole control over such defense with counsel of AIG's choice. To the extent any taxable expense reimbursement under this paragraph is subject to Section 409A, (1) the amount thereof eligible in one taxable year shall not affect the amount eligible in any other taxable year; (2) in no event shall any expenses be reimbursed after the last day of the taxable year following the taxable year in which the Covered Person incurred such expenses; and (3) in no event shall any right to reimbursement be subject to liquidation or exchange for another benefit. The foregoing right of indemnification will not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person's bad faith, fraud or willful misconduct. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under AIG's Amended and Restated Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any other power that AIG may have to indemnify such persons or hold them harmless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.**Consent**. If the Committee at any time determines, in its sole discretion, that any consent (as hereinafter defined) is necessary or desirable as a condition of, or in connection with, the granting of any award or the payment of any amount under this Plan or the taking of any other action thereunder (each such action, a "***plan action***"), then such plan action will not be taken, in whole or in part, unless and until such consent will have been effected or obtained to the full satisfaction of the Committee; *provided that* if such consent has not been so effected or obtained as of the latest date provided by this Plan for payment of such amount and further delay is not permitted in accordance with the requirements of Section 409A, such amount will be forfeited and terminate notwithstanding any prior earning or vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The term "***consent***" as used in this paragraph with respect to any plan action includes (1) any and all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state, or local law, or law, rule or regulation of a jurisdiction outside the United States, (2) any other matter, which the Committee may deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration

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be made, (3) any and all other consents, clearances and approvals in respect of a plan action by any governmental or other regulatory body or any stock exchange or self-regulatory agency and (4) any and all consents required by the Committee.

**9. Other Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.**No Funding.** The Company will be under no obligation to fund or set aside amounts to pay obligations under this Plan. A Participant will have no rights to awards or other amounts under this Plan other than as a general, unsecured creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.**Tax Withholding**. The Company will comply with all applicable tax reporting, withholding and other requirements globally with respect to amounts paid under this Plan, in amounts and in a manner determined in the sole discretion of the Company. As a condition to the payment of any amount under this Plan, or in connection with any other event related to this Plan, that gives rise to a federal or other governmental tax withholding obligation (1) the Company may deduct or withhold (or cause to be deducted or withheld) from any payment to a Participant whether or not pursuant to this Plan or (2) the Committee will be entitled to require that the Participant remit cash to the Company (through payroll deduction or otherwise), in each case, in an amount sufficient in the opinion of the Company to satisfy such withholding obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.**No Rights to Other Payments**. The provisions of this Plan provide no right or eligibility to a Participant to any other payouts from AIG or its subsidiaries under any other alternative plans, schemes, arrangements or contracts AIG may have with any employee or group of employees of AIG or its subsidiaries. Nothing contained in the Plan will be deemed in any way to limit or restrict the Company from adopting or continuing in effect any compensation arrangements or making any award or payment to any person under any other plan, arrangement or understanding, whether now existing or hereafter in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.**Effect on Benefit Plans**. The Incentive Award payment is deemed compensation under certain of the Company's compensation and benefit plans, but it is not deemed compensation for other programs; provided, however, that for purposes of the Company's benefit programs, this Plan will be deemed a short-term incentive, annual, year-end bonus program. The Summary Plan Description and plan summaries of each of the Company's compensation and benefit plans will govern whether and the extent to which the Incentive Award payment will affect the Participant's benefits under such plans, and the Company reserves the right to amend those compensation and benefit plans at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.**Section 409A**. Payments under this Plan are intended to be exempt from Section 409A to the extent they satisfy the "short-term deferral exception" in Treasury Regulation Section 1.409A-1(b)(4) and otherwise to be compliant with Section 409A, and this Plan shall be interpreted, operated and administered accordingly. For the avoidance of doubt, all Incentive Awards under the Plan other than Deferred Awards are intended to satisfy the short-term deferral exception and all Deferred Awards constitute "deferred compensation" subject to Section 409A. With respect to any Incentive Award that constitutes "deferred compensation" subject to Section 409A, (1) references to termination of the Participant's employment will mean the Participant's separation from service with the Company within the meaning of Section 409A and (2) any payment to be made with respect to such Incentive Award in connection with the Participant's separation from service with the Company within the meaning of Section 409A that would be subject to the limitations in Section 409A(a)(2)(b) of the Code will be delayed until six months after the Participant's separation from service (or earlier death) in accordance with the requirements of Section 409. Each payment made under the Plan will be deemed to be a separate payment for purposes of Section 409A. The Committee will have full authority to give effect to the intent of this <u>Section 9.E</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.**Section 4999.** In the event that any Incentive Award payment received or to be received by any Participant under this Plan would be subject to the excise tax imposed by Section 4999 of the Code or any similar or successor provision to Section 4999 (the "***Excise Tax***") then, at the discretion of the Chief Human Resource Officer, such Incentive Award payment shall be reduced up to the largest amount which would result in no portion of the Incentive Award payment being subject to the Excise Tax. The determination of any such reduction pursuant to this <u>Section 9.F</u> will be made by the Senior C&B Executive, and such determination will be conclusive and binding upon the Company, the Participant, the Senior C&B Executive and the Committee for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.**Section Headings**. The section headings contained herein are for convenience only, and in the event of any conflict, the text of the Plan, rather than the headings will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.**Severability**. If any term or provision contained herein is finally held to be, to any extent, invalid, illegal or unenforceable (whether in whole or in part), such provision will be deemed modified only to the extent of such invalidity, illegality or unenforceability and the remaining provisions will not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.**No Third Party Beneficiaries**. Except as expressly provided herein, this Plan will not confer on any person other than AIG and the Participant any rights or remedies hereunder. The exculpation and indemnification provisions of <u>Section 8.C</u> will inure to the benefit of a Covered Person's estate and beneficiaries and legatees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.**Nonassignability**. No award (or any rights and obligations thereunder) granted to any person under the Plan may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than by will or by the laws of descent and distribution, except as may be otherwise provided in the award agreement. Any sale, exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this <u>Section 9.J</u> will be null and void and any award which is hedged in any manner will immediately be forfeited. All of the terms and conditions of this Plan and the award agreements will be binding upon any permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.**Entire Understanding.** The Plan and, with respect to a Performance Year, the applicable documentation, contains the entire understanding of the Company and the Participants with respect to the subject matter thereof and supersedes all prior promises, covenants, arrangements, agreements, communications, representations and understanding between the Company and the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.**No Right of Employment**. Nothing in this Plan will be construed as creating any contract of employment or conferring upon the Participant any right to continue in the employ or other service of the Company, or any of its subdivisions or subsidiaries, or limit in any way the right of the Company to change such Participant's compensation or benefits or to terminate the employment or other service of such Participant with or without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.**Successor and Assigns**. The terms of this Plan will inure to the benefit of AIG and any successor entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.**No Liability With Respect to Tax Qualification or Adverse Tax Treatment**. Notwithstanding anything to the contrary contained herein, in no event shall the Company be liable to a Participant on account of the failure of any Incentive Award or amount payable under this Plan to (a) qualify for favorable

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United States or foreign tax treatment or (b) avoid adverse tax treatment under United States or foreign law, including, without limitation, Section 409A.

**10. Governing Law.**

The Plan will be governed and enforced in accordance with the appropriate country and local regulations. With respect to Participants working in the United States, this Plan will be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflict of laws.

The Plan shall also be subject to all applicable non-U.S. laws as to Participants located outside of the United States. In the event that any provision of this Plan is not permitted by the local laws of a country or jurisdiction in which a Participant works, such local law shall supersede that provision of this Plan with respect to that Participant. The Senior HR Attorney and the Senior C&B Executive or their designee(s) shall have the discretion to operate the Plan with respect to such Participant in a manner that incorporates as much of the Plan's current terms as possible while also complying with such local laws.

**11. Plan Termination; Amendment**

The Plan may be amended or modified, with or without prior notification of the Participants, at any time in the sole discretion of the Committee. The Plan will continue until suspended or terminated by the Committee in its sole discretion; *provided that* all Incentive Awards made under the Plan before its suspension or termination will remain in effect until such awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable award. Any termination of this Plan will be done in a manner that the Committee determines complies with Section 409A.

Notwithstanding the foregoing, the Committee's rights and powers to amend the Plan shall be delegated to the Senior C&B Executive, who shall have the right to amend the Plan with respect to (i) amendments required by relevant law, regulation or ruling, (ii) amendments that are not expected to have a material financial impact on the Company, (iii) amendments that can reasonably be characterized as technical or ministerial in nature or (iv) amendments that have previously been approved in concept by the Committee. Notwithstanding the foregoing delegation, the Senior C&B Executive shall not have the power to make an amendment to the Plan that could reasonably be expected to result in a termination of the Plan or a change in the structure or the powers, duties or responsibilities of the Committee, unless such amendment is approved or ratified by the Committee.

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**12. Effective Date**

The Plan is effective as of the 2014 Performance Year, and will continue thereafter until terminated by the Committee; *provided, however*, that the existence of the Plan at any time or from time to time does not guarantee or imply the payment of any Incentive Awards hereunder, or the establishment of any future plans or the continuation of this Plan.

The restatement is hereby adopted (including all appendices) as of the effective date stated on the first page

**By: _________________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date Signed: __________________________**

Megan Moran

Senior Vice President

Head of Total Rewards

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Appendix A

<u>Glossary of Terms</u>

"***AIG***" means American International Group, Inc.

"***AIG Section 162(m) Plan***" means a Section 162(m) compliant performance incentive award plan.

"***Award Date***" means the date, in accordance with <u>Section 5.D</u>, that the Incentive Award is granted to and becomes non-forfeitable (other than with respect to the clawback provisions of <u>Section 7</u> of the Plan) to the Participant. For point of clarity, for Participants with an Incentive Award of which a portion is designated as a Deferred Award (with such portion payable in a year later than the year following the Performance Year), the Award Date is the date the entire Incentive Award becomes non-forfeitable and that the portion of the Incentive Award **not** designated as a Deferred Award is paid. For all others, the Award Date is the date that the entire Incentive Award is paid.

"***Board***" means the Board of Directors of AIG.

"***Breaks in Service***" means the cessation of actively performing services for the Company, either on a temporary or permanent basis (including Resignation, Termination, Leaves of Absence, Retirement and Death). See <u>Appendix B</u> for more information.

*"****Business/Functional Segments***" means the business unit segments and functional unit segments established by the Committee for a Performance Year.

"***Cause***" has the meaning provided in the applicable severance plan, program or other arrangement in which the Participant is eligible to participate; *provided that*, to the extent that the Committee, with respect to any Participant who is a Section 16 officer, or the Senior C&B Executive, with respect to any other Participant, or their delegate(s), in each case, in its or his or her sole discretion determines that the Participant is not eligible to participate in a severance plan, program or arrangement, "Termination without Cause" shall mean a Termination due to a reduction in force, individual separation agreement, position elimination or office closing.

*"****Code***" means the Internal Revenue Code of 1986, as amended from time to time.

"***Committee***" means the Compensation and Management Resources Committee of the Board of Directors of AIG (including any successor thereto).

"***Company***" means AIG together with its consolidated subsidiaries.

"***Compensation COE***" means the Compensation Center of Excellence.

"***Covered Person***" means any employee of AIG performing services with respect to the Plan.

"***Deferred Award***" means all or a specified percentage of a Participant's Earned Incentive Award that the Committee determines, prior to March 31<sup>st</sup> of a Performance Year, will be paid on the Deferred Award Payment Date.

"***Deferred Award Payment Date***" means the one-year anniversary of the Award Date.

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"***Earned Bonus Pool***" means the actual bonus pool approved by the Committee under this Plan for a Performance Year.

"***Earned Individual Award***" means a Participant's actual Incentive Award.

"***Employed***" and "***Employment***" means (a) actively performing services for the Company, (b) being on a Company-approved Paid Leave of Absence, or Company-approved unpaid leave of absence, or (c) receiving long term disability benefits for up to three years from the date short term disability leave commenced, in each case while in good standing with the Company. For purposes of this Plan, the term Employed shall not include any period designated by the Company, in its sole discretion, as "non-working notice," and shall likewise not include any period during which (i) an employee receives notice under The Worker Adjustment and Retraining Notification Act or any state or local equivalent ("WARN") and is directed not to work during any period of the WARN notice requirement, or (ii) an employee receives non-working notice pay and benefits pursuant to WARN.

"***Excise Tax***" means the excise tax imposed by Section 4999 of the Code or any similar or successor provision to Section 4999.

"***Incentive Award***" means an award under this Plan.

"***Individual Target***" means a Participant's target Incentive Award.

"***Normal Schedule***" means the timeframe specified in <u>Section 5.D</u> that an Incentive Award would otherwise have been paid if the Participant had continued to remain Employed by the Company.

"***Operating Committee***" means the group of senior executives selected by the President and CEO to be a member of this deliberative group.

"***Paid Leave of Absence***" means an approved leave of absence during which the Participant is receiving salary continuation from a Company payroll; provided, however, that it shall not include any period designated by the Company, in its sole discretion, as "non-working notice," including, but not limited to, (1) where an employee receives notice under WARN and is directed not to work during any period of the WARN notice requirement, or (2) following an employee's Termination of Employment date, a period during which an employee receives pay and benefits pursuant to WARN.

"***Participant***" has the meaning provided in <u>Section 3</u>.

"***Performance Metric***" means a performance goal determined by the Committee prior to or as soon as practicable following the commencement of a Performance Year in accordance with <u>Section 5.B</u>.

"***Performance Year***" means each successive one-year periods beginning on January 1 of each year.

"***Plan***" means this American International Group, Inc. Annual Short-Term Incentive Plan (also referred to as "Compensation Plan 483").

"***Pro-Rated***" means, for any amount under this Plan, multiplying such amount by a fraction, the numerator of which is the number of months (rounding up for partial months)

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during the Performance Year that the Participant is Employed and actively performed services for the Company (including, for the avoidance of doubt, any period designated by the Company as "working notice", but not including, by way of example only, any period designated by the Company, in its sole discretion, as "non-working notice") or was on a Paid Leave of Absence (but not including any period during which a Participant is receiving long term disability benefits), and the denominator of which 12.

"***Release***" means the release required by the severance plan or program applicable to the Participant's Termination without Cause; *provided that*, to the extent that no such established severance plan or program is deemed applicable by the Committee, with respect to any Section 16 officer, or the Senior C&B Executive, with respect to any other Participant, or their delegate(s), in each case, in its or his or her sole discretion, then the release will be a release generally in the form set forth in <u>Appendix C</u>, subject to any provisions that the Senior HR Attorney and the Senior C&B Executive or their delegate(s) may amend or add to the release; *provided*, further, that if the local laws of a country or non-U.S. jurisdiction in which the Participant performs services would not permit all or a portion of the release in <u>Appendix C</u> to be structured or executed in the applicable form attached hereto, the Senior HR Attorney and the Senior C&B Executive or their designee(s) shall have the discretion to create a release that incorporates as much of the release in the form attached as <u>Appendix C</u> as possible while also complying with such local laws.

"***Retirement***" or "***Retire***" means, solely for purposes of this Plan, (i) in the United States, voluntary Termination initiated by the Participant (while such Participant is in good standing with the Company) (x) on or after age 60 with five continuous years of service or (y) on or after age 55 with 10 continuous years of service, and (ii) outside of the United States, effective as of April 1, 2014, a voluntary Termination initiated by the Participant (while such Participant is in good standing with the Company) (x) on or after age 60 with five years of service or (y) on or after age 55 with 10 years of service.

"***Section 409A***" means Section 409A of the Code, including any amendments or successor provisions to that section, and any regulations and other administrative guidance relating thereto, in each case as they may be from time to time amended or interpreted through further administrative guidance.

**"*Senior C&B Executive*"** means the Company's most senior executive whose responsibility it is to oversee both the Corporate Compensation Department and the Corporate Benefits Department. In the event that no individual holds such position, "Senior C&B Executive" will instead refer to the Company's most senior executive whose responsibility it is to oversee the global Human Resources Department.

**"*Senior HR Attorney*"** means the Company's most senior attorney whose responsibility it is to oversee Human Resource/employment matters.

"***Termination***" or "***Terminate***," with respect to a Participant, means the termination of the Participant's Employment.

"***Threshold Goal***" has the meaning provided in <u>Section 4</u>.

"***Unpaid Leave of Absence***" means an approved leave of absence during which the Participant is not receiving salary continuation from a Company payroll, including a period

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of long-term disability leave during which a Participant may be receiving long term disability insurance payments from a long term disability insurer.

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Appendix B

<u>Treatment of Incentive Awards Upon Various Types of Breaks in Service or<br>Terminations of Employment</u>

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| | |
|:---|:---|
| **Type of Break in Service or Termination of Employment** | **Amount the Participant Receives** |
| **Short-Term & Long-Term Medical Leaves of Absence** <br> (STD & LTD)<br>**Family Medical & Domestic Partner Leave**<br>**Non-Medical Leave of Absence**<br> (Personal Leave)<br>**Military Leave of Absence** | If a Participant is on a Paid Leave of Absence, such Paid Leave of Absence will not be deemed a break a service or a Termination for purposes of this Plan. Time on a Paid Leave of Absence will be treated the same as time during which the Participant performs services for the Company.<br>If a Participant is on an approved leave of absence during which the Participant is NOT receiving salary continuation from a Company payroll, including a period of long term disability leave during which a Participant may be receiving long term disability insurance payments from a long term disability insurer (an "***Unpaid Leave of Absence***"), his or her Incentive Award is Pro-Rated (and therefore only takes into account) the number of months during the Performance Year that the Participant was actively employed (prior to the Participant's last day worked) or on a Paid Leave of Absence with the Company, but does not take into account the number of months that the Participant was on an Unpaid Leave of Absence).<br>Incentive Awards are paid on the Normal Schedule. |
| **Retirement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<u>If a Job Grade Level 23 or below Participant Retires (as defined in the Plan) During the Performance Year,</u> <u>after March 31</u>*<sup>st</sup>*<u>and before the End of the Performance Year:</u>* <br>• The Incentive Award is Pro-Rated (and therefore takes into account the number of months during the Performance Year that the Participant was actively employed (prior to the Participant's last day worked) or on a Paid Leave of Absence with the Company.<br>• The amount of the Incentive Award is based on 100% of the Participant's Individual Target for such Performance Year. <br>• To the extent determined appropriate by the CEO and the Committee, for Section 16 Officers, actual performance against the Performance Metrics. <br>• Paid on the Normal Schedule. <br>*<u>If a Job Grade Level 24 or above Participant Retires (as defined in the Plan) During the Performance Year,</u> <u>after March 31</u>*<sup>st</sup>*<u>and before the End of the Performance Year:</u>* <br>• Provided that the applicable release attached to the Long-Term Incentive Plan is executed on a timely basis, the Incentive Award is Pro-Rated (and therefore takes into account the number of months during the Performance Year that the Participant was actively employed (prior to the Participant's last day worked) or on a Paid Leave of Absence with the Company **provided that** in accordance with Section 6.C, the Participant executes a release generally in the form set forth as Attachment II, Annex C to the Lon-Term Incentive Plan. , subject to any provisions that the Senior HR Attorney and the Senior C&B Executive or their delegate(s) may amend or add to the release.<br>• The amount of the Incentive Award is based on 100% of the Participant's Individual Target for such Performance Year. <br>• To the extent determined appropriate by the CEO and the Committee, for Section 16 Officers, actual performance against the Performance Metrics. <br>• Paid on the Normal Schedule. <br>*<u>If a Participant (Any Grade Level) Retires on or before March 31</u>*<sup>st</sup>*<u>of the Performance Year:</u>*<br>• Participant will not receive any Incentive Award payment (Pro-Rated or otherwise) for the current Performance Year.<br>*<u>If a Participant (Any Grade Level) Retires After the End of the Performance Year but prior to the Award Date:</u>* <br>• The Incentive Award is not Pro-Rated, but is paid at the Participant's Individual Target or, to the extent the Participant is a Section 16 Officer and performance factors are deemed applicable for such Performance Year, in the discretion of the CEO and Committee, then payment is calculated based on those Performance Metrics.<br>• For Job Grade Level 24 and above, the Incentive Award payable at target discussed in this section, is contingent on timely execution of the release attached to the Long-Term Incentive Plan.<br>Paid on the Normal Schedule.  |

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| | |
|:---|:---|
| **Type of Break in Service or Termination of Employment** | **Amount the Participant Receives** |
| **Death** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<u>If a Participant Dies During the Performance Year,</u> <u>after March 31</u>*<sup>st</sup>*<u>and before the End of the Performance Year:</u>* <br>• The Incentive Award is Pro-Rated (and therefore only takes into account) the number of months during the Performance Year that the Participant was actively employed (prior to the Participant's last day worked) or on a Paid Leave of Absence with the Company) and <br>• The amount of the Incentive Award is based on 100% of the Participant's Individual Target for such Performance Year. <br>• Paid as soon as administratively possible after the date of death, but in no event later than March 15<sup>th</sup> following such Performance Year. <br>*<u>If a Participant Dies on or before March 31</u>*<sup>st</sup>*<u>of the Performance Year:</u>*<br>• The Participant will not receive any Incentive Award payment (Pro-Rated or otherwise) for the current Performance Year.<br>*<u>If a Participant Dies After the End of the Performance Year but prior to the Award Date:</u>*<br>• The Incentive Award is not Pro-Rated but is paid at 100% of the Individual Target in effect for the applicable Performance Year. <br>• Paid as soon as administratively possible after the date of death, but in no event later than March 15th following the year in which the death occurred. |
| **Resignation, Voluntary Quit, Constructive Discharge** | If the last day the Participant was Employed and actively performing services for the Company (the Participant's last day worked) or on a Paid Leave of Absence is prior to the Award Date, the Incentive Award is forfeited. |
| **Termination without Cause** | *<u>If a Participant Experiences a Termination without Cause:</u>* <br>For Participants in the 2012 Executive Severance Plan or its successor plan, paid in accordance with such plan. <br>For all other Participants, payable pursuant to the AIG, Inc. Severance Plan, or other severance arrangement applicable to such Termination without Cause as follows: <br>*<u>Termination without Cause During the Performance Year</u>*<br>• If the last day that the Participant was Employed occurs after March 31<sup>st</sup> and before the end of the Performance Year, the Participant's Incentive Award is 100% of the Participant's Individual Target with respect to such Performance Year but is Pro-Rated (and therefore only takes into account the number of months during the Performance Year that the Participant was actively performing services for the Company (prior to the Participant's last day worked) or on a Paid Leave of Absence). <br>• For the avoidance of doubt, if the last day that the Participant was Employed and actively performing services for the Company or on a Paid Leave of Absence occurs on or before March 31<sup>st</sup> of a Performance Year, the Participant will not receive any Incentive Award payment for such Performance Year.<br>*<u>Termination without Cause After the End of the Performance Year but prior to the Award Date</u>*<br>• If the last day that the Participant was Employed and actively performing services for the Company (the Participant's last day worked) or on a Paid Leave of Absence occurs after the end of the Performance Year, but prior to the Award Date for such Performance Year, the Participant will receive 100% of the Participant's Individual Target with respect to such Performance Year.<br>*<u>Timing of Payments</u>* <br>• Paid as soon as administratively possible after the date of Termination without Cause, but no later than March 15<sup>th</sup> following the year in which the Termination without Cause occurs, and in no event later than when other actively employed Participants are paid similar Incentive Awards under the Plan, *provided that* any Deferred Award will be paid on the Normal Schedule. <br>To the extent there is an inconsistency between this Plan and the applicable severance program, the severance program will prevail. To the extent the Committee, with respect to any Section 16 officer, or the Senior C&B Executive, with respect to any other Participant, or their delegate(s), in each case, in its or his or her sole discretion determines that no established severance program or arrangement is applicable to a Participant's Termination without Cause, then, in accordance with <u>Section 6.B</u>, the Participant will need to execute a release generally in the form set forth in <u>Appendix C</u>, subject to any provisions that the Senior HR Attorney and the Senior C&B Executive or their delegate(s) may amend or add to the release. |

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Appendix C

<u>Form of Release Referred to in Section 6.B of the Plan</u>

<u>(Note that the Release Referred to in Section 6.C of the Plan (relating to retirements for Job Grade 24 and above) is the release attached to the Long-Term Incentive Plan – available through AIG connect)</u>

*NOT personalized to each Participant.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)[Employee Name] ("***Employee***"), for good and sufficient consideration, the receipt of which is hereby acknowledged, hereby waives and forever releases and discharges any and all claims of any kind Employee may have against American International Group, Inc., its affiliate or subsidiary companies, or any officer, director or employee of, or any benefit plan sponsored by, any such company (collectively, the "***Released Parties***") which arise from Employee's employment with any of the Released Parties or the termination of Employee's employment with any of the Released Parties. [Specifically, but without limiting that release, Employee hereby waives any rights or claims Employee might have pursuant to the Age Discrimination in Employment Act of 1967, as amended (the "***Act***") and under the laws of any and all jurisdictions, including, without limitation, the United States. Employee recognizes that Employee is not waiving any rights or claims under the Act that may arise after the date that Employee executes this Release.] Nothing herein modifies or affects any vested rights that Employee may have under the [American International Group, Inc. Retirement Plan, or the American International Group, Inc. Incentive Savings Plan] [*and other plans applicable to Employee*]; nor does this Release confer any such rights, which are governed by the terms of the respective plans (and any agreements under such plans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Employee acknowledges that Employee has not filed any complaint, charge, claim or proceeding, if any, against any of the Released Parties before any local, state or federal agency, court or other body (each individually a "***Proceeding***"). Employee represents that Employee is not aware of any basis on which such a Proceeding could reasonably be instituted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)<u>Confidentiality/Non-Disclosure</u>. During the term of Employee's employment, the Company permitted Employee to have access to and become acquainted with trade secret information of a confidential, proprietary or secret nature. Subject to and in addition to any confidentiality or non-disclosure requirements to which Employee was subject prior to the date the Employee executes this Release, effective as of the date Employee executes this Release, Employee acknowledges and agrees that (i) all confidential, proprietary, trade secret information received, obtained or possessed at any time by Employee concerning or relating to the business, financial, operational, marketing, economic, accounting, tax or other affairs at the Company or any client, customer, agent or supplier or prospective client, customer, agent or supplier of the Company will be treated by Employee in the strictest confidence and will not be disclosed or used by Employee in any manner without the prior written consent of the Company or unless required by law, and ii) Employee has not during the term of Employee's employment and will not remove or destroy any such confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)<u>Non-Solicitation</u>. Employee acknowledges and agrees that Employee's employment with the Company required exposure to and use of confidential trade secret information (as set forth in Paragraph 3). Subject to and in addition to any non-solicitation requirements to which Employee

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was subject prior to the date Employee executes this Release, effective as of the date Employee executes this Release, Employee acknowledges and agrees that (i) Employee will not, directly or indirectly, on Employee's own behalf or on behalf of any other person or entity solicit, contact, call upon, communicate with or attempt to communicate with any customer or client or prospective customer or client of the Company where to do so would require the use or disclosure of trade secret information, and (ii) for a period of one (1) year after employment terminates for any reason, Employee will not solicit or in any manner encourage or provide assistance to any employee, consultant or agent of the Company to terminate his or her employment or other relationship with the Company or to leave its employ or other relationship with the Company for any engagement in any capacity or any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)<u>Non-Disparagement</u>. Employee acknowledges and agrees that Employee will not disparage AIG or any of its subsidiaries or affiliates or any of their officers, directors or employees to any person or entity not affiliated with AIG; provided, however, that nothing herein prohibits the Employee from giving truthful testimony as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Employee agrees that AIG's remedies at law for a breach or threatened breach of Section 3, 4, and 5 of this Release would be inadequate. In recognition of this fact, Employee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, AIG, without posting any bond, shall be entitled to obtain equitable relief from a court of competent jurisdiction the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available in the event of a breach or threatened breach of such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)[Employee acknowledges and understands that Employee is hereby being advised to consult with an attorney prior to executing this Release. Employee also acknowledges and understands that Employee has twenty-one (21) days to consider the terms of this Release before signing it. However, in no event may Employee sign this Release before Employee's termination date.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)[Upon the signing of this Release by Employee, Employee understands that Employee shall have a period of seven (7) days following Employee's signing of this Release in which Employee may revoke this Release by providing written notice of revocation delivered to Annette Bernstein, Deputy General Counsel, Labor & Employment, American International Group, Inc., 1271 Avenue of the Americas, 11th Floor, New York, New York 10020, annette.bernstein@aig.com, no later than 11:59 p.m. on the seventh day after Employee has signed the Agreement. Employee understands that this Release shall not become effective or enforceable until this seven (7) day revocation period has expired, and that neither the Released Parties nor any other person has any obligation [pursuant to the American International Group, Inc. Annual Short-Term Incentive Plan] until eight (8) days have passed since Employee's signing of this Release without Employee having revoked this Release. If Employee revokes this Release, Employee will be deemed not to have accepted the terms of this Release.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)Any dispute arising under this Release shall be governed by the [law of the State of New York], without reference to the choice of law rules that would cause the application of the law of any other jurisdiction.

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| | |
|:---|:---|
| DATE | [Employee] |

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## Ex-31

**Exhibit 31**

**CERTIFICATIONS**

I, Peter Zaffino, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of American International Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 5, 2025

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| |
|:---|
| /S/ PETER ZAFFINO |
| Peter Zaffino |
| Chairman and Chief Executive Officer |

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------

**CERTIFICATIONS**

I, Keith Walsh, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of American International Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 5, 2025

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| |
|:---|
| /S/ KEITH WALSH |
| Keith Walsh |
| Executive Vice President and |
| Chief Financial Officer |

---

## Ex-32

**Exhibit 32**

**CERTIFICATION**

In connection with this Quarterly Report on Form 10-Q of American International Group, Inc. (the "Company") for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Peter Zaffino, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2025

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| |
|:---|
| /S/ PETER ZAFFINO |
| Peter Zaffino |
| Chairman and Chief Executive Officer |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

------

**CERTIFICATION**

In connection with this Quarterly Report on Form 10-Q of American International Group, Inc. (the "Company") for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Keith Walsh, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2025

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| |
|:---|
| /S/ KEITH WALSH |
| Keith Walsh |
| Executive Vice President and |
| Chief Financial Officer |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

<br>