Q3 2024 Press Release

FOR IMMEDIATE RELEASE

Press Release	Contacts:
www.aig.com	Quentin McMillan (Investors): [email protected]
	Claire Talcott (Media): [email protected]
	AIG Reports Excellent Third Quarter 2024 Results

• Strong General Insurance net premiums written of $6.4 billion, a decrease of 1% on a reported basis, or an increase of 6% on a comparable basis*†
• Global Commercial Lines net premiums written of $4.5 billion, a decrease of 2% on a reported basis, or an increase of 7% on a comparable basis† , led by excellent growth in North America Commercial Lines of 11%†
• Outstanding new business written in Global Commercial Lines of $1.1 billion, growing 9% year-over-year
• Combined ratio was 92.6%; Accident year combined ratio, as adjusted* (AYCR) was 88.3%
• Net income per diluted share was $0.71, compared to $2.81 in the prior year quarter, which still included Corebridge's consolidated results
• Adjusted after-tax income* (AATI) per diluted share was $1.23, an increase of 18% from the prior year quarter, or 31% on a comparable basis†
• Returned approximately $1.8 billion of capital to shareholders in the third quarter through $1.5 billion of stock repurchases and $254 million of dividends

NEW YORK, November 4, 2024 - American International Group, Inc. (NYSE: AIG) today reported financial results for the third quarter ended September 30, 2024.

AIG Chairman & Chief Executive Officer Peter Zaffino said: "AIG delivered excellent third quarter financial results with strong profitability and growth across our businesses highlighting the quality of the underwriting portfolio and our ability to deliver consistent earnings. The adjusted after-tax income per diluted share was $1.23 for the third quarter, an 18% increase year-over-year, or 31% on a comparable basis† . These results demonstrate AIG's ability to consistently deliver underwriting excellence and capital management discipline and the successful execution of our priorities.

"We continued to execute on our capital commitments with repurchases of $1.5 billion of common shares and dividends of $254 million in the third quarter. Through the first nine months of 2024, we have returned over $6 billion of capital to shareholders, reflecting our disciplined execution of our balanced capital management plan. We ended the quarter with an excellent total debt to capital ratio of 17.9% and parent liquidity of $4.2 billion.

"We achieved meaningful growth this quarter, led by our Global Commercial business. Third quarter net premiums written grew 6% year-over-year on a comparable basis† , driven by 7%† growth in Global Commercial Lines, which maintained very strong retention of 88% while adding $1.1 billion of new business. North America Commercial Lines achieved 11%† growth with new business growth of 22%, led by Lexington Insurance which grew 24%. Global Commercial Lines pricing, which includes rate and exposure, increased 6% excluding Workers' Compensation and Financial Lines, largely in line with loss cost trend.

"We marked another quarter of excellent underwriting results, building on top of outstanding performance over the past few years. The third quarter accident year combined ratio, as adjusted was 88.3%, demonstrating our underwriting discipline. The total catastrophe-related charges were $417 million for the quarter, representing 6.9 loss ratio points, and 4.9 points for the first nine months

1

FOR IMMEDIATE RELEASE

of the year. In a challenging catastrophe environment, this performance is remarkable, with industry insured losses expected to top the 2023 total of $125 billion.

"Through 2024 and beyond, we remain incredibly focused on underwriting excellence and executing on AIG Next. We have made substantial progress over the last several years to improve the financial strength of AIG. I want to thank our clients, partners and stakeholders for their trust in us, which is a direct result of the outstanding risk expertise and claims services provided by our dedicated colleagues."

• Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non- GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Comment on Regulation G and Non-GAAP Financial Measures.
  † Net premiums written on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the sale of Validus Re in 2023. AATI, Adjusted pre-tax income (APTI), underwriting income, net investment income and ratios on a comparable basis reflect year-over-year comparisons adjusted for the sale of Validus Re in 2023. Refer to pages 17, 20 and 21 for more detail on selected financial measures.

2

FOR IMMEDIATE RELEASE

FINANCIAL SUMMARY

For the third quarter of 2024, net income attributable to AIG common shareholders was $459 million, or $0.71 per diluted common share, compared to $2.0 billion, or $2.81 per diluted common share, in the prior year quarter. The decrease was primarily attributable to a reduction in net income from discontinued operations as a result of the change in accounting following the deconsolidation of Corebridge, as described below.

AATI was $798 million, or $1.23 per diluted common share, for the third quarter of 2024, compared to $746 million, or $1.04 per diluted common share, in the prior year quarter, reflecting higher net investment income and improved results in Other Operations, partially offset by loss of earnings due to the Validus Re divestiture and lower underwriting income in General Insurance.

Total net investment income for the third quarter of 2024 was $973 million, an increase of 14% from $856 million in the prior year quarter, reflecting dividends received from Corebridge in the third quarter of 2024, higher income on alternative investments, equity and fixed maturity securities and lower investment expenses, partially offset by lower income from loans in addition to a reduction in invested assets due to the sale of Validus Re. Total net investment income on an APTI basis* was $897 million, an increase of 13% from $792 million in the prior year quarter, reflecting the same

3

FOR IMMEDIATE RELEASE

trends. In General Insurance, net investment income was up 2% from the prior year quarter, which included $38 million in net investment income from Validus Re, which was sold on November 1, 2023. On a comparable basis† , General Insurance net investment income was up 8% from the prior year quarter.

In the third quarter of 2024, AIG returned approximately $1.8 billion to AIG shareholders through $1.5 billion of common stock repurchases representing approximately 20 million shares, and $254 million of common stock dividends. AIG parent liquidity was $4.2 billion as of September 30, 2024.

Book value per share was $71.46 as of September 30, 2024, an increase of 4.5% from the previous quarter. Adjusted book value per share* was $73.90, an increase of 1.5% from the previous quarter. Total debt to total capital ratio at September 30, 2024 was 17.9% and total debt to total adjusted capital* ratio was 17.5%.

On November 4, 2024, the AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.40 per share. The dividend is payable on December 30, 2024 to stockholders of record at the close of business on December 16, 2024.

Corebridge Financial, Inc. (Corebridge) accounting treatment after June 9, 2024: (i) AIG elected the fair value option and, after that date, reflects its retained interest in Corebridge as an equity method investment in other invested assets in AIG's Condensed Consolidated Balance Sheets using Corebridge's stock price as its fair value, (ii) dividends received from Corebridge and changes in its stock price are recognized in net investment income in AIG's Condensed Consolidated Financial Statements, and (iii) AIG's adjustedpre-taxincome includes Corebridge dividends and excludes changes in the fair value of Corebridge's stock price. The historical financial results of Corebridge, for all periods presented, are reflected in AIG's Condensed Consolidated Financial Statements as discontinued operations in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and are included in net income but not in AATI, anon-GAAPmeasure.

4

FOR IMMEDIATE RELEASE

GENERAL INSURANCE

• General Insurance APTI of $1.2 billion decreased 11% from the prior year quarter, largely due to the Validus Re divestiture in 2023, or 5% on a comparable basis† , driven by lower underwriting income, partially offset by higher net investment income.
• Third quarter 2024 net premiums written (NPW) of $6.4 billion declined 1% from the prior year quarter on a reported basis primarily as a result of the Validus Re divestiture, but increased 6% on a comparable basis† , driven by 7% growth in Global Commercial and 3% growth in Global Personal Insurance.
• Underwriting income was $437 million, a 28% decrease year-over-year including Validus Re, or a 21% decrease on a comparable basis† , due principally to higher catastrophe charges and lower favorable prior year development (PYD), net of reinsurance and prior year premiums.
• Total catastrophe-related charges were $417 million, representing 6.9 loss ratio points, of which $324 million was in North America with losses predominantly from windstorms and hailstorms, and $93 million was in International.
• Favorable PYD, net of reinsurance and prior year premiums, was $165 million, representing a 2.6 point loss ratio benefit. The favorable PYD was largely driven by favorable development on short-tail lines in Global Specialty and U.S. Property and Specialty Risks which have performed extremely well and the amortization benefit related to adverse development cover. The strong level of favorable development in those lines was partially offset by unfavorable development in U.S. Excess Casualty and UK/Europe Casualty and Financial Lines.
• The combined ratio was 92.6%, compared to 90.2% in the prior year quarter on a comparable basis† . The AYCR was 88.3%, compared to 86.9% in the prior year quarter on a comparable basis†.

5

FOR IMMEDIATE RELEASE

GENERAL INSURANCE - NORTH AMERICA COMMERCIAL LINES

• North America Commercial Lines NPW declined 4% from the prior year quarter as a result of the 2023 divestitures, but increased 11% on a comparable basis† . The growth was led by Retail Casualty and Lexington Insurance, benefiting from robust new business production, which increased 22% year-over-year, strong retention and continued positive rate trends.
• The combined ratio was 95.5% and the AYCR was 85.1% in the third quarter. On a comparable basis† , the accident year loss ratio, as adjusted* of 61.8% increased 250 basis points from the prior year quarter. This was driven by a large closeout transaction, which benefitted the overall combined ratio but created a 70 basis point headwind within the loss ratio, as well as a favorable actual vs. expected loss experience in the prior year quarter driven by strong property rate increases that resulted in a headwind of approximately 180 basis points in the year-over-year comparison.

GENERAL INSURANCE - NORTH AMERICA PERSONAL INSURANCE

• North America Personal Insurance NPW grew 4% from the prior year quarter, primarily driven by growth in High Net Worth, resulting from positive rate change and new business production.
• The combined ratio was 111.5%, compared to 113.0% in the prior year quarter. The AYCR was 103.9%, compared to 108.4% in the prior year. The improvement was driven by a lower AYLR, partially offset by higher expense ratio.

6

FOR IMMEDIATE RELEASE

GENERAL INSURANCE - INTERNATIONAL COMMERCIAL LINES

• International Commercial Lines NPW increased 1% from the prior year quarter, or 3% on a comparable basis† , attributable to growth in Global Specialty, Property and Talbot, primarily driven by strong new business production and retention, partially offset by a decrease in Financial Lines due to continued pricing pressure.
• The combined ratio was 84.3%, compared to 83.4% in the prior year quarter. The AYCR was 83.4%, compared to 79.7% in the prior year quarter.

GENERAL INSURANCE - INTERNATIONAL PERSONAL INSURANCE

• International Personal Insurance NPW declined 2% from the prior year quarter, but grew 3% on a comparable basis† , largely driven by growth in Personal Auto.
• The combined ratio was 93.7%, compared to 97.2% in the prior year quarter. The AYCR was 95.4%, compared to 95.9% in the prior year quarter.

7

FOR IMMEDIATE RELEASE

OTHER OPERATIONS

• Other Operations adjusted pre-tax loss improved $135 million from the prior year quarter, primarily due to higher net investment income, lower general operating expenses (GOE) and lower interest expenses.
• Net investment income increased $80 million from the prior year quarter due to dividend income received from Corebridge in the third quarter of 2024 and higher income on parent short-term investments due to higher yields and higher balances.
• GOE improved $29 million from the prior year quarter or $40 million sequentially from the second quarter, reflecting the benefits from AIGNext.
• AIG interest expense decreased $22 million, primarily driven by debt reductions over the last year.

CONFERENCE CALL

AIG will host a conference call tomorrow, Tuesday, November 5, 2024 at 8:30 a.m. ET to review these results. The call is open to the public and can be accessed via a live, listen-only webcast in the Investors section of www.aig.com. A replay will be available after the call at the same location.

# # #

Additional supplementary financial data is available in the Investors section at www.aig.com.

8

FOR IMMEDIATE RELEASE

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

Certain statements in this press release 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.

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 in the U.S. and globally, including adverse developments related to financial market conditions, macroeconomic trends, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, an economic slowdown or recession, any potential U.S. federal government shutdown and geopolitical events or conflicts, including the conflict between Russia and Ukraine and the conflict in Israel and the surrounding areas;
• the occurrence of catastrophic events, both natural and man-made, including the effects of climate change, geopolitical events and conflicts and civil unrest;
• 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 restructuring initiatives and potential cost-savings opportunities;
• our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives;
• the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans;
• our ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;
• concentrations in our investment portfolios, including our continuing equity market exposure to Corebridge Financial, Inc. (Corebridge);
• our reliance on third-party investment managers;
• changes in the valuation of our investments, including Corebridge common stock;

9

FOR IMMEDIATE RELEASE

• our reliance on third parties to provide certain business and administrative services;
• availability of adequate reinsurance or access to reinsurance on acceptable terms;
• changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;
• concentrations of our insurance, reinsurance and other risk exposures;
• nonperformance or defaults by counterparties;
• our ability to adequately assess risk and estimate related losses as well as the effectiveness of our enterprise risk management policies and procedures, including with respect to business continuity and disaster recovery plans;
• 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;
• the effects of sanctions, including those related to the conflict in the Middle East and between Russia and Ukraine, and the failure to comply with those sanctions;
• our ability to address evolving stakeholder expectations and regulatory requirements with respect to environmental, social and governance matters;
• changes to sources of or access to liquidity;
• changes in accounting principles and financial reporting requirements or their applicability to us;
• the effects of changes in laws and regulations, including those relating to cybersecurity and data privacy, and the regulation of insurance in the U.S. and other countries in which we operate;
• changes to tax laws in the U.S. and other countries in which we operate;
• 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. Management's Discussion and Analysis of Financial Condition and
    Results of Operations (MD&A) in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 (which will be filed with the Securities and Exchange Commission) (SEC) and Part II, Item 1A, Risk Factors in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024;
  • Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A of the 2023 Annual Report; and
  • our other filings with the SEC.

Forward-looking statements speak only as of the date of this press release, or in the case of any document incorporated by reference, the date of that document. AIG is not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward- looking statements is disclosed from time to time in our filings with the SEC.

# # #

10