American International : Read our Q1 2023 Press Release

FOR IMMEDIATE RELEASE

Press Release	Contacts:
www.aig.com	Quentin McMillan (Investors): [e-mail]
	Claire Talcott (Media): [e-mail]

AIG Reports First Quarter 2023 Results

• General Insurance delivered underwriting income of $502 million, representing the strongest first quarter underwriting results; Commercial Lines net premiums written (NPW) grew 6% year-over-year or 11% on a constant dollar basis and adjusted for the International lag elimination*
• General Insurance combined ratio of 91.9% improved 1.0 point from the prior year quarter and adjusted accident year combined ratio* (AYCR) of 88.7% improved 0.8 point from the prior year quarter, marking the fifth consecutive year of margin improvement
• Life and Retirement reported a strong quarter with continued sales momentum and a 60- basis point improvement in base investment yield year-over-year
• Net income per diluted common share was $0.03, compared to $5.04 in the prior year quarter, and adjusted after-tax income attributable to AIG common shareholders* (AATI) per diluted common share was $1.63, an increase of 9% compared to $1.49 in the prior year quarter
• AIG repurchased $603 million of common stock in the first quarter and paid $241 million of dividends
• The AIG Board of Directors declared a cash dividend of $0.36 per share on AIG common stock, a 12.5% increase from prior quarterly dividends, commencing with the second quarter dividend, payable on June 30, 2023

FIRST QUARTER 2023 NOTEWORTHY ITEMS

• General Insurance adjusted pre-tax income (APTI) increased $37 million to $1.2 billion from the prior year quarter as a result of better underwriting results with 1.0 point of combined ratio improvement, and higher investment income on fixed maturity securities and loans, partially offset
• by lower alternative investment income.
  Life and Retirement APTI decreased $48 million to $886 million from the prior year quarter, due to lower alternative investment income and lower fee income, partially offset by higher base portfolio income and improved mortality experience.
• Net income attributable to AIG common shareholders was $23 million, or $0.03 per diluted common share, compared to $4.2 billion, or $5.04 per diluted common share, in the prior year quarter.
• AATI was $1.21 billion, or $1.63 per diluted common share, compared to $1.49 per diluted common share, in the prior year quarter, primarily driven by a 10% reduction in weighted average diluted shares outstanding as well as better underwriting results and higher net investment income.
• Return on common equity (ROCE) and adjusted ROCE* were 0.2% and 8.7%, respectively, on an annualized basis. Adjusted ROCE for General Insurance was 11.6% and for Life and Retirement 10.7%, both on an annualized basis.
• As of March 31, 2023, book value per common share was $58.87, an increase of 7% compared to $55.15 at December 31, 2022. Adjusted book value per common share* was $75.87, in line with $75.90 at December 31, 2022.

• 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.

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FOR IMMEDIATE RELEASE

NEW YORK, May 4, 2023 - American International Group, Inc. (NYSE: AIG) today reported financial results for the first quarter ended March 31, 2023.

AIG Chairman & Chief Executive Officer Peter Zaffino said: "AIG successfully navigated a complex environment to produce excellent first quarter results that demonstrate our ability to deliver high- quality outcomes for stakeholders, grow our business, manage volatility, and improve profitability. We also continue to execute on achieving underwriting and operational excellence, and capital and investment management strategies.

"General Insurance net premiums written increased 5% year-over-year. On a constant dollar basis and adjusted for the International lag elimination, net premiums written increased 10%, driven by strong growth in North America Commercial led by Validus Re and Lexington, and International Commercial, led by Global Specialty. North America Commercial rate, excluding Workers' Compensation, re-accelerated with an 8% increase in the quarter, and International Commercial rate also increased 8%, in each case exceeding loss cost trends.

"Improvement in our combined ratios and underwriting profitability continued. The combined ratio was 91.9% and the accident year combined ratio, ex-CAT, was 88.7%, a 100-basis point and 80- basis point improvement, respectively, from the prior year quarter. In Global Commercial, the combined ratio was 89.2%, a 180-basis point improvement from the prior year quarter and the accident year combined ratio, ex-CAT, was 84.9%, a 110-basis point improvement from the prior year quarter. Underwriting income was over $500 million, representing the strongest first quarter underwriting results AIG has achieved. These significant accomplishments demonstrate that our strategy in General Insurance of focusing on underwriting excellence and volatility management enables sustainable growth and underwriting profitability over the long-term.

"Our Life and Retirement business (known as Corebridge Financial, Inc.) had a very strong quarter reflecting its market-leading position and promising future as a standalone company. Premiums grew 159% to $2.2 billion. Premiums and deposits* grew 44% to $10.4 billion supported by record sales in Fixed Annuity and Fixed Index Annuity products. Base investment yield grew by 60 basis points year-over-year, driven by higher reinvestment yield. Individual Retirement net flows in the General Account were positive $1.3 billion in the quarter.

"Net investment income was $3.5 billion in the first quarter and $3.1 billion on an APTI basis. This reflects our active management of the portfolio over the last several quarters to improve the overall quality of investments and reduce volatility. We saw significant uplift from new money investments as well as higher resets on floating rate securities.

"We continued to execute on our capital management strategy, maintaining strong insurance subsidiary capital and parent liquidity. During the first quarter, we returned $844 million to shareholders through $603 million of AIG common stock repurchases and $241 million of AIG dividends.

"In addition, the AIG Board of Directors approved a 12.5% increase in our quarterly common stock dividend to $0.36 per share starting in the second quarter of 2023, another milestone that reflects the confidence we have in the future earnings power of AIG.

"The environment we operate in is continually shifting and remains volatile and unpredictable. I am very proud of how our colleagues remain focused on and dedicated to making significant progress on our journey to become a top performing company, despite challenging external factors. Our first quarter results demonstrate the resilience of AIG and our steadfast commitment to long-term value creation for our shareholders and other stakeholders."

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FOR IMMEDIATE RELEASE

For the first quarter of 2023, pre-tax loss from continuing operations was $231 million, compared to pre-tax income of $5.7 billion in the prior year quarter. Net income attributable to AIG common shareholders was $23 million, or $0.03 per diluted common share, compared to $4.2 billion, or $5.04 per diluted common share, in the prior year quarter. The decline was mostly due to net realized losses on Fortitude Re funds withheld embedded derivative as well as net realized losses excluding Fortitude Re funds withheld assets and embedded derivative, and lower alternative investment income, partially offset by higher General Insurance underwriting income and investment income on the fixed maturity securities and loan portfolios. These pre-tax movements were partially offset by a lower income tax expense as well as a higher net loss attributable to noncontrolling interest due to noncontrolling interest losses on Corebridge in 2023 compared to gains in 2022 and the 12.4% public floating interest from the initial public offering (IPO).

AATI was $1.21 billion, or $1.63 per diluted common share, for the first quarter of 2023 compared to $1.23 billion, or $1.49 per diluted common share, in the prior year quarter. The decrease in AATI was driven by lower alternative investment income, partially offset by higher General Insurance underwriting results and net investment income on the fixed maturity securities and loan portfolios.

Total consolidated net investment income for the first quarter of 2023 was $3.5 billion, an increase of 9% from $3.2 billion in the prior year quarter, benefiting from $618 million of improvement in interest and dividends as a result of higher yields on the fixed maturity securities and loan portfolios, partially offset by lower alternative investment income. Total net investment income on an APTI basis* was $3.1 billion, an increase of $77 million from the prior year quarter.

As of March 31, 2023, AIG's total invested assets, excluding Fortitude Re funds withheld assets, was $285.2 billion. The Commercial Mortgage Loan (CML) balance was 12% of total invested assets with weighted average loan-to-value ratio of 59% and weighted average debt service coverage ratio of 1.9x. The largest property type of CML portfolio is multifamily housing. Office loans account for 3% of total invested assets with concentration in major metropolitan areas, and 79% are Class A properties.

On January 1, 2023, AIG adopted the new accounting standard for Targeted Improvements to the Accounting for Long-Duration Contracts (the standard or LDTI), with a transition date of January 1, 2021. AIG adopted the standard using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs. AIG also adopted the standard in relation to market risk benefits on a full retrospective basis. The previously reported 2021 and 2022 financial results have been recast for LDTI related changes. This resulted in a cumulative increase in AIG common shareholders' equity of $1.0 billion from $39.5 billion, as originally reported, to $40.5 billion at December 31, 2022, and an increase in AIG adjusted common shareholders' equity* of $1.5 billion or 2.8% from $54.2 billion to $55.7 billion, as recast.

Book value per common share was $58.87 as of March 31, 2023, an increase of 7% from December 31, 2022 and a decrease of 16% from March 31, 2022. The year-over-year decrease was driven by the increase in accumulated other comprehensive loss (AOCI) as a result of higher interest rates. Adjusted book value per common share was $75.87, in line with December 31, 2022 and an increase of 4% from March 31, 2022, primarily due to share repurchases in the past twelve months. Adjusted tangible book value per common share* was $69.37, a decrease of 0.1% from December 31, 2022 and an increase of 4% from March 31, 2022.

For the first quarter of 2023, AIG repurchased $603 million of common stock or approximately 11 million shares, paid $241 million of common and preferred dividends, issued $750 million of senior unsecured notes, and ended the quarter with parent liquidity of $3.9 billion. AIG's ratio of total debt and preferred stock to total capital at March 31, 2023 was 32.8%, down from 33.6% at December 31, 2022, primarily driven by AOCI mark-to-market adjustments for certain investment portfolios,

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FOR IMMEDIATE RELEASE

partially offset by the March debt issuance. Excluding AOCI, the total debt and preferred stock to total capital ratio was 26.3% at March 31, 2023.

The AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.36 per share, a 12.5% increase from the prior dividend paid in March 2023 of $0.32 per share. The dividend is payable on June 30, 2023 to stockholders of record at the close of business on June 16, 2023.

The AIG Board of Directors also declared a quarterly cash dividend of $365.625 per share on AIG Series A 5.85% Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $25,000 per share, which is represented by depositary shares (NYSE: AIG PRA), each representing a 1/1,000th interest in a share of preferred stock. Holders of depositary shares will receive $0.365625 per depositary share. The dividend is payable on June 15, 2023 to holders of record at the close of business on May 31, 2023.

FINANCIAL SUMMARY

		Three Months Ended
		March 31,
($ in millions, except per common share amounts)		2022		2023
Net income attributable to AIG common shareholders	$	4,166	$	23
Net income per diluted share attributable to AIG common shareholders	$	5.04	$	0.03
Adjusted pre-tax income (loss)	$	1,724	$	1,643
General Insurance		1,211		1,248
Life and Retirement		934		886
Other Operations		(421)		(491)
Net investment income	$	3,237	$	3,533
Net investment income, APTI basis		2,998		3,075
Adjusted after-tax income attributable to AIG common shareholders	$	1,228	$	1,211
Adjusted after-tax income per diluted share attributable to AIG common	$	1.49	$	1.63
shareholders
Weighted average common shares outstanding - diluted (in millions)		826.0		744.1
Return on common equity		27.4	%	0.2
Adjusted return on common equity		8.5	%	8.7
Book value per common share	$	69.95	$	58.87
Adjusted book value per common share	$	72.62	$	75.87
Common shares outstanding (in millions)		800.2		727.6

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FOR IMMEDIATE RELEASE

GENERAL INSURANCE

		Three Months Ended March 31,
($ in millions)		2022		2023	Change
Gross premiums written	$	11,512	$	12,028	4	%
Net premiums written	$	6,633	$	6,965	5	%
North America		3,151		3,680	17
North America Commercial Lines		2,952		3,367	14
North America Personal Insurance		199		313	57
International		3,482		3,285	(6)
International Commercial Lines		2,085		1,996	(4)
International Personal Insurance		1,397		1,289	(8)
Underwriting income (loss)	$	446	$	502	13	%
North America		256		299	17
North America Commercial Lines		267		331	24
North America Personal Insurance		(11)		(32)	(191)
International		190		203	7
International Commercial Lines		125		155	24
International Personal Insurance		65		48	(26)
Net investment income, APTI basis	$	765	$	746	(2) %
Adjusted pre-tax income	$	1,211	$	1,248	3	%
Return on adjusted segment common equity		12.3	%	11.6 %	(0.7) pts
Underwriting ratios:				90.0
North America Combined Ratio (CR)		90.8		(0.8) pts
North America Commercial Lines CR		88.8		87.1	(1.7)
North America Personal Insurance CR		102.6		107.9	5.3
International CR		94.5		93.8	(0.7)
International Commercial Lines CR		93.6		91.9	(1.7)
International Personal Insurance CR		95.7		96.4	0.7
General Insurance (GI) CR		92.9		91.9	(1.0)
GI Loss ratio		60.9		59.9	(1.0) pts
Less: impact on loss ratio
Catastrophe losses and reinstatement premiums		(4.5)		(4.2)	0.3
Prior year development, net of reinsurance and		1.1		1.0	(0.1)
prior year premiums
GI Accident year loss ratio, as adjusted		57.5		56.7	(0.8)
GI Expense ratio		32.0		32.0	-
GI Accident year combined ratio, as adjusted		89.5		88.7	(0.8)
Accident year combined ratio, as adjusted (AYCR):
North America AYCR		90.6		88.7	(1.9) pts
North America Commercial Lines AYCR		88.1		85.7	(2.4)
North America Personal Insurance AYCR		105.2		107.6	2.4
International AYCR		88.6		88.7	0.1
International Commercial Lines AYCR		83.5		83.7	0.2
International Personal Insurance AYCR		95.2		95.9	0.7

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