AMERICAN INTERNATIONAL GROUP, INC. – 10-Q – | 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.

American International Group, Inc. (AIG) has incorporated into this discussion 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, 2021 (the 2021 Annual Report) to assist readers seeking
additional information related to a particular subject.

In this Quarterly Report on Form 10-Q, unless otherwise mentioned or unless the
context indicates otherwise, we use the terms "AIG," "we," "us" and "our" 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

This Quarterly Report on Form 10-Q and other publicly available documents may
include, and officers and representatives of AIG 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
forward­looking statements are intended to provide management's current
expectations or plans for AIG's future operating and financial performance,
based on assumptions currently believed to be valid or accurate. Forward-looking
statements are often preceded by, followed by or include words such as "will,"
"believe," "anticipate," "expect," "expectations," "intend," "plan," "strategy,"
"prospects," "project," "anticipate," "should," "guidance," "outlook,"
"confident," "focused on achieving," "view," "target," "goal," "estimate" and
other words of similar meaning in connection with a discussion of future
operating or financial performance. These statements may include, among other
things, projections, goals and assumptions that relate to future actions,
prospective services or products, future performance or results of current and
anticipated services or products, sales efforts, expense reduction efforts, the
outcome of contingencies such as legal proceedings, anticipated organizational,
business or regulatory changes, such as the separation of the Life and
Retirement business from AIG, the effect of catastrophes, and macroeconomic
and/or geopolitical events, anticipated dispositions, monetization and/or
acquisitions of businesses or assets, or successful integration of acquired
businesses, management succession and retention plans, exposure to risk, trends
in operations and financial results, and other statements that are not
historical facts.

70 AIG | Second Quarter 2022 Form 10-Q

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All forward-looking statements involve risks, uncertainties and other factors
that may cause AIG's actual results and financial condition to differ, possibly
materially, from the results and financial condition expressed or implied in the
forward-looking statements. Factors that could cause AIG's actual results to
differ, possibly materially, from those in the specific projections, goals,
assumptions and statements include, without limitation:

•AIG's ability to continue to separate the Life and Retirement business,
including through an initial public offering, and the impact separation may have
on AIG, its businesses, employees, contracts and customers;

•the effects of economic conditions in the markets in which AIG and its
businesses operate in the U.S. and globally and any changes therein, including
financial market conditions, fluctuations in interest rates and foreign currency
exchange rates and inflationary pressures, each of which may also be affected by
geopolitical conflicts, including the conflict between Russia and Ukraine;

•the occurrence of catastrophic events, both natural and man-made, including
geopolitical conflicts, pandemics, civil unrest and the effects of climate
change;

•disruptions in the availability of AIG's electronic data systems or those of
third parties, including as a result of potential information technology,
cybersecurity or data security breaches due to supply chain disruptions,
cyber-attacks or security vulnerabilities, the likelihood of which may increase
as a result of remote business operations;

•the effectiveness of AIG's enterprise risk management policies and procedures,
including with respect to business continuity and disaster recovery plans;

•changes in judgments concerning potential cost-saving opportunities;

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

•concentrations in AIG's investment portfolios, including as a result of our
asset management relationships with Blackstone Inc. (Blackstone) and BlackRock,
Inc. (BlackRock);

•changes in the valuation of AIG's investments;

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

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

•changes to sources of or access to liquidity;

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

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

•AIG's ability to successfully dispose of, monetize and/or acquire businesses or
assets or successfully integrate acquired businesses;

•nonperformance or defaults by counterparties, including Fortitude Reinsurance
Company Ltd. (Fortitude Re);

•the requirements, which may change from time to time, of the global regulatory
framework to which AIG is subject;

•significant legal, regulatory or governmental proceedings;

•the effects of sanctions related to the conflict between Russia and Ukraine and
failure to comply therewith;

•AIG's ability to effectively execute on the AIG 200 operational programs
designed to modernize AIG's operating infrastructure and enhance user and
customer experiences, and AIG's ability to achieve anticipated cost savings from
AIG 200;

•the impact of COVID-19 and its variants and responses thereto;

•AIG's ability to effectively execute on environmental, social and governance
targets and standards; and

•such other factors discussed in:

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