Q4 2023 Press Release

FOR IMMEDIATE RELEASE

Press Release	Contacts:
www.aig.com	Quentin McMillan (Investors): [email protected]
	Claire Talcott (Media): [email protected]
	AIG Reports Excellent Fourth Quarter and Full Year 2023 Results

Fourth Quarter 2023:

• Net income per diluted share was $0.12 and adjusted after-tax income* (AATI) per diluted share was $1.79
• General Insurance net premiums written (NPW) increased 3% year-over-year, or 7% on a comparable basis*†
• General Insurance combined ratio improved 80 basis points from the prior year quarter to 89.1%; General Insurance accident year combined ratio, as adjusted* (AYCR) improved 50 basis points from the prior year quarter to 87.9%
• General Insurance adjusted pre-tax income (APTI) of $1.4 billion increased $225 million, or 19% from the prior year quarter
• Life and Retirement APTI was $957 million, up 12% from the prior year quarter
• Returned $1.3 billion to shareholders through $1.0 billion of common stock repurchases and $256 million of dividends
• Repurchased $1.6 billion senior unsecured notes during the quarter

Full Year 2023:

• Net income per diluted share was $4.98 and AATI per diluted share was $6.79
• General Insurance NPW increased 5% year-over-year, or 7% on a comparable basis†
• General Insurance underwriting income was up 15% to $2.3 billion, driven by Global Commercial Lines, which increased 25% year-over-year
• General Insurance combined ratio improved 130 basis points from the prior year to 90.6%; AYCR improved 100 basis points from the prior year to 87.7%
• Life and Retirement full year 2023 APTI was $3.8 billion, up 15% from the prior year
• Returned $4.0 billion to shareholders in 2023 through $3.0 billion of common stock repurchases and $1.0 billion of dividends, in addition to a net financial debt reduction of $1.4 billion, and ended the year with AIG parent liquidity of $7.6 billion
• Retuon common equity (ROCE) was 8.6% and adjusted ROCE* was 9.0%; adjusted ROCE was 12.5% for General Insurance and 11.5% for Life and Retirement
• 2023 was a remarkable year of strategic progress for AIG, including the divestiture of Validus Re, which closed in the fourth quarter, the sale of Crop Risk Services, and the successful execution of three secondary offerings of Corebridge Financial (Corebridge) common stock, which reduced AIG's ownership to 52.2% at year end

NEW YORK, February 13, 2024 - American International Group, Inc. (NYSE: AIG) today reported financial results for the fourth quarter and full year ended December 31, 2023.

AIG Chairman & Chief Executive Officer Peter Zaffino said: "In 2023, AIG delivered outstanding financial results, highlighted by excellent underwriting performance and the successful execution of multiple complex initiatives, while delivering exceptional value for our clients and stakeholders. Our substantial progress reflects the dedication and teamwork of our AIG colleagues around the world, who have delivered on our objectives. The full year adjusted after-tax income per diluted share increased 33% from the prior year to $6.79. We have further repositioned AIG for the future with the divestitures of Validus Re and Crop Risk Services, and we enter 2024 with significant momentum.

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"General Insurance delivered $2.3 billion of underwriting income in 2023, a 15% increase year-over- year. Our unwavering commitment to underwriting excellence and ability to manage volatility remain fundamental to the sustainability of AIG's underwriting income growth. The full-year 2023 combined ratio of 90.6% represents an improvement of 130 basis points year-over-year. Accident year combined ratio, as adjusted, of 87.7% represents an improvement of 100 basis points year-over- year. 2023 margins and underwriting income were the best results achieved in recent history. The quality of the underwriting portfolio once again enabled exceptional success at January 1 in renewing our reinsurance placements.

"For the full-year 2023, General Insurance net premiums written increased 5% year-over-year, or 7% on a comparable basis† , driven by 5% growth in Commercial Lines led by 17% growth in Lexington and 10% in Global Specialty. For the fourth quarter, North America Commercial Lines pricing, which includes rate and exposure, increased 7% and remains ahead of loss cost trend. Global Commercial pricing increased 6% and was in-line with loss cost trend.

"Life & Retirement continued to deliver strong financial results, benefiting from continued spread expansion and strong sales with total premiums and deposits exceeding $40 billion for the full year. Base net investment income continued to see favorable outcomes from the higher interest rate environment and, for the full-year 2023, Individual and Group Retirement produced a 46 basis point expansion in base spread year-over-year.

"With three successful secondary offerings in 2023, we reduced AIG's ownership in Corebridge to approximately 52% at year end. We expect to deconsolidate Corebridge in 2024, which will bring greater visibility into our business, capital structure and operations.

"AIG's strong performance and strategic actions in 2023 supported our sustained and balanced capital management strategy. We maintained financial flexibility while reducing financial debt by $1.4 billion and returning approximately $4 billion to AIG shareholders through $3 billion of common stock repurchases and $1 billion of dividends, including a 12.5% increase in the common stock dividend in the second quarter of 2023.

"We have significant momentum as we enter 2024, and excellent underwriting, operations, claims service, and talent are what will drive AIG's continued growth. As we continue to navigate an increasingly complex global risk environment, we will remain agile and disciplined while delivering sustainable and differentiated value to our customers, partners and stakeholders."

• 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 International lag elimination, the sale of Crop Risk Services (CRS) and the sale of Validus Re. Refer to page 18 for more detail.

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For full year 2023, net income attributable to AIG common shareholders was $3.6 billion, or $4.98 per diluted common share, compared to $10.2 billion, or $12.94 per diluted common share, in the prior year. The decline was primarily driven by net realized losses largely related to Fortitude Re funds withheld embedded derivative at Life and Retirement (L&R) compared to gains in the prior year, as well as derivative activity.

AATI was $4.9 billion, or $6.79 per diluted common share, for the full year of 2023 compared to $4.0 billion, or $5.12 per diluted common share, in the prior year. The increase in AATI was due to higher underwriting income and net investment income in General Insurance. While L&R APTI rose 15% in 2023, Corebridge's earnings included in AATI decreased 20% due to the reduction in AIG ownership from 77.7% at the beginning of the year to 52.2% at December 31, 2023.

For the fourth quarter of 2023, net income attributable to AIG common shareholders was $86 million, or $0.12 per diluted common share, compared to $545 million, or $0.72 per diluted common share, in the prior year quarter. The decline was primarily driven by higher net realized losses on Fortitude Re funds withheld embedded derivative.

AATI was $1.3 billion, or $1.79 per diluted common share, for the fourth quarter of 2023 compared to $1.1 billion, or $1.39 per diluted common share, in the prior year quarter. The increase in AATI was driven by higher net investment income in General Insurance. Corebridge's earnings included in AATI decreased about 25% due to the reduction in AIG ownership.

Total net investment income for the fourth quarter of 2023 was $3.9 billion, an increase of 21% from $3.3 billion in the prior year quarter, primarily driven by higher income from fixed maturity securities and loans due to higher reinvestment rates, partially offset by lower returns on alternative investments. Total net investment income on an APTI basis* was $3.5 billion, an increase of $499 million from the prior year quarter, reflecting the same trends.

Book value per common share was $65.14 as of December 31, 2023, an increase of 16% from September 30, 2023 and an increase of 18% from December 31, 2022, both primarily driven by a decrease in accumulated other comprehensive loss (AOCL) and the impact of share repurchases. Adjusted book value per common share* was $76.65, a decrease of 2% from September 30, 2023, primarily driven by the impact of Corebridge secondary offerings, and an increase of 1% from December 31, 2022, reflecting net impact of income, dividends, share repurchases and Corebridge secondary offerings.

In the fourth quarter of 2023, AIG repurchased $1.0 billion of common stock, or approximately 16 million shares, paid $256 million of common and preferred dividends and repurchased $1.6 billion aggregate principal amount of debt. AIG parent liquidity was $7.6 billion as of December 31, 2023, up $4.0 billion from September 30, 2023, which includes insurance subsidiary dividends and proceeds from Corebridge secondary offerings and the sale of Validus Re. Total debt and preferred stock to total capital ratio at December 31, 2023 was 28.5%, down from 33.7% at September 30, 2023, primarily driven by a decrease in AOCL. Excluding AOCL adjusted for cumulative unrealized gains and losses related to Fortitude Re funds withheld assets, total debt and preferred stock to total capital ratio* was 24.3% at December 31, 2023, down from 25.9% at September 30, 2023.

On February 13, 2024, the AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.36 per share. The dividend is payable on March 28, 2024 to stockholders of record at the close of business on March 14, 2024.

The AIG Board of Directors also declared a quarterly cash dividend of $365.625 per share on AIG Series A 5.85% Non-Cumulative Perpetual Preferred Stock (Series A Preferred Stock), with a liquidation preference of $25,000 per share, which is represented by depositary shares (NYSE: AIG PRA), each representing a 1/1,000th interest in a share of preferred stock. Holders of depositary

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shares will receive $0.365625 per depositary share. The dividend is payable on March 15, 2024 to holders of record at the close of business on February 29, 2024.

On January 31, 2024, AIG announced that it will redeem all of the 20,000 outstanding shares of Series A Preferred Stock and all 20,000,000 of the corresponding depositary shares on March 15, 2024. The redemption price per share of Series A Preferred Stock will be $25,000 (equivalent to $25.00 per depositary share).

FINANCIAL SUMMARY

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GENERAL INSURANCE

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General Insurance

• On November 1, 2023, AIG closed the sale of Validus Re. As a result of this sale, only one month of activity of Validus Re was included in General Insurance fourth quarter 2023 results, compared to a full quarter in 2022.
• General Insurance APTI of $1.4 billion increased $225 million from the prior year quarter, driven by higher net investment income, improved accident year losses and lower catastrophe-related charges, partially offset by lower favorable prior year development (PYD) and higher general operating expenses (GOE).
• Fourth quarter 2023 NPW of $5.8 billion increased 3% from the prior year quarter, or 7% on a comparable basis† , driven by 5% growth in Commercial Lines and 9% growth in Personal Insurance. North America Commercial Lines NPW declined 7% from the prior year quarter on a reported basis, but grew 5% on a comparable basis† , reflecting continued positive rate changes, higher renewal retentions and strong new business production in Lexington, Retail Property and Casualty, partially offset by a decline in Financial Lines premiums reflecting our continued underwriting discipline. International Commercial Lines delivered 8% NPW growth from the prior year quarter, or 6% on a comparable basis† , attributable to continued rate increases, strong renewal retention, and robust new business production in Property and Global Specialty, partially offset by a decrease in Financial Lines. Global Personal Insurance NPW increased 10% from the prior year quarter, or 9% on a comparable basis† , primarily driven by Private Client Select resulting from changes in our reinsurance program, partially offset by a decrease in Travel.
• Fourth quarter 2023 underwriting income increased $7 million from the prior year quarter to $642 million, and included $122 million of total catastrophe-related charges, representing 2.1 loss ratio points, of which $54 million was in North America and $68 million in International. Fourth quarter 2023 underwriting also included favorable PYD, net of reinsurance, of $69 million compared to favorable PYD, net of reinsurance, of $151 million in the prior year quarter. The amortization of the adverse development cover totaled $41 million in the fourth quarter 2023, flat with the fourth quarter 2022.
• The combined ratio improved 0.8 points from the prior year quarter to 89.1%, driven by a 2.0 point decrease in the loss ratio to 56.5%. The AYCR improved 0.5 points from the prior year quarter to 87.9%, driven by a 1.7 point decrease in the accident year loss ratio, as adjusted* (AYLR) to 55.3%, reflecting continued earn-in of premium rate increases in excess of loss cost trends and continued benefit from the business mix shift. The expense ratio was 32.6%, a 1.2 point increase from the prior year quarter, largely from an increase in GOE ratio.
• The North America Commercial Lines combined ratio increased 0.7 points from the prior year quarter to 85.1%, driven by lower favorable PYD and a higher GOE ratio. The AYCR improved 1.6 points to 84.3%, driven by a 2.7 point improvement in the AYLR to 60.3%.
• International Commercial Lines combined ratio improved 3.9 points from the prior year quarter to 85.5%, driven by lower catastrophe losses and an improvement in the acquisition ratio, mainly attributable to changes in the business mix and improved commission terms. The AYCR improved 1.3 points to 80.3%, primarily driven by the improvement in acquisition ratio.
• The North America Personal Insurance combined ratio improved 0.7 points from the prior year quarter to 101.8% and the AYCR increased 4.1 points to 109.4%, primarily driven by an increase in AYLR due to changes in business mix. The International Personal Insurance combined ratio improved 1.2 points from the prior year quarter to 97.7%, driven by a 3.9 point improvement in the loss ratio, partially offset by a 2.7 point increase in the expense ratio. The AYCR increased 0.2 points to 99.1% as the 2.5 point improvement in the AYLR was offset by the higher GOE ratio.
• Net investment income on an APTI basis was $795 million, an increase of 38% from the prior year quarter driven by higher income from fixed maturity securities and loans.

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LIFE AND RETIREMENT

Life and Retirement

• In the fourth quarter 2023, AIG completed two secondary offerings of Corebridge common stock, receiving proceeds of $1.7 billion and reducing AIG's ownership to 52.2%. L&R results are presented before the impact of non-controlling interests on AATI. L&R's contribution to AATI was $362 million, a decrease from $494 million in the prior year quarter.
• L&R APTI increased $105 million from the prior year quarter to $957 million. The increase was primarily due to higher base portfolio spread income as a result of higher base portfolio yields, partially offset by lower alternative investment income and higher mortality in the Life Insurance segment. Base net investment spreads in Individual and Group Retirement continued to widen with a 23 basis point combined improvement year-over-year.
• Premiums grew 19% from the prior year quarter to $2.5 billion due to higher pension risk transfer volumes. Premiums and deposits* increased 20% to $10.6 billion. Fixed and Fixed Index Annuities sales for the quarter were up 55% and Institutional Markets also had strong sales, supported by $1.9 billion of pension risk transfer transactions, partially offset by lower sales of Variable Annuities.
• Net investment income on an APTI basis was $2.6 billion, an increase of 15% from the prior year quarter driven by higher income from fixed maturity securities and loans.

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OTHER OPERATIONS

Other Operations

• Corporate and Other APTL, excluding Corebridge, improved $121 million from the prior year quarter, largely due to higher income on parent short-term investments, lower general operating expenses and lower AIG interest expenses driven by debt reduction in 2023.
• Corebridge Other Operations APTL deteriorated $65 million from the prior year quarter. This was driven by the Asset Management Group, which includes the consolidated results of Variable Interest Entities (VIEs), recording a $97 million increase in APTL from the prior year quarter, largely due to lower interest income and net losses associated with VIEs compared to net gains in the prior year quarter. Corebridge Corporate general operating expenses and interest expenses remained relatively flat compared to the prior year quarter.

CONFERENCE CALL

AIG will host a conference call tomorrow, Wednesday, February 14, 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.

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

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Certain statements in this press release and other publicly available documents may include, and members of AIG management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are intended to provide management's current expectations or plans for AIG's future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as "will," "believe," "anticipate," "expect," "expectations," "intend," "plan," "strategy," "prospects," "project," "anticipate," "should," "guidance," "outlook," "confident," "focused on achieving," "view," "target," "goal," "estimate" and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, such as the separation of the Life and Retirement business from AIG, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.

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

• the impact of adverse developments affecting economic conditions in the markets in which AIG and its businesses operate in the U.S. and globally, including adverse developments related to financial market conditions, macroeconomic trends, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, 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;
• 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 AIG's or a third party's information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches, or infrastructure vulnerabilities;
• AIG's ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;
• AIG's ability to realize expected strategic, financial, operational or other benefits from the separation of Corebridge as well as AIG's equity market exposure to Corebridge;
• AIG's ability to effectively implement restructuring initiatives and potential cost-savings opportunities;
• AIG's 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;
• concentrations in AIG's investment portfolios;
• AIG's reliance on third-party investment managers;
• changes in the valuation of AIG's investments;
• AIG's reliance on third parties to provide certain business and administrative services;
• availability of adequate reinsurance or access to reinsurance on acceptable terms;

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• concentrations of AIG's insurance, reinsurance and other risk exposures;
• nonperformance or defaults by counterparties, including Fortitude Reinsurance Company Ltd. (Fortitude Re);
• AIG's ability to adequately assess risk and estimate related losses as well as the effectiveness of AIG's enterprise risk management policies and procedures, including with respect to business continuity and disaster recovery plans;
• difficulty in marketing and distributing products through current and future distribution channels;
• actions by rating agencies with respect to AIG's credit and financial strength ratings as well as those of its businesses 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;
• changes in accounting principles and financial reporting requirements;
• the effects of sanctions, including those related to the conflict between Russia and Ukraine, and the failure to comply with those sanctions;
• the effects of changes in laws and regulations, including those relating to the regulation of insurance, in the U.S. and other countries in which AIG and its businesses operate;
• changes to tax laws in the U.S. and other countries in which AIG and its businesses operate;
• the outcome of significant legal, regulatory or governmental proceedings;
• AIG's ability to effectively execute on sustainability targets and standards;
• AIG's ability to address evolving stakeholder expectations and regulatory requirements with respect to environmental, social and governance matters;
• the impact of epidemics, pandemics and other public health crises and responses thereto; and
• such other factors discussed in Part I, Item 1A. Risk Factors and Part II, Item 7.
  Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in AIG's Annual Report on Form 10-K for the year ended December 31, 2023 (which will be filed with the Securities and Exchange Commission (SEC)), Part I, Item 2. MD&A in AIG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, Part I, Item 2. MD&A of the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023, Part I, Item 2. MD&A of the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, and Part I, Item 1A. Risk Factors and Part
  II, Item 7. MD&A in AIG's Annual Report on Form 10-K for the year ended December 31, 2022.

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

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