What changed in this filing

/stocks — the workspaceLOADING

Item 5. Other Information

2025-08-07 compared with 2025-05-02 · 1306 added, 699 removed, 2694 unchanged (43% of the section changed)

This section is long enough that the comparison stopped early. What follows is partial, and the remainder is not necessarily unchanged.

Other Information

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

Part I – Financial Information

2 unchanged sentences

Condensed Consolidated Balance Sheets (unaudited)

(in millions, except for share data) March 31,

(in millions, except for share data) June 30,

2025 December 31,

66 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

American International Group, Inc.

Condensed Consolidated Statements of Income (Loss) (unaudited)

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(dollars in millions, except per common share data) 2025 2024 2025 2024

4 unchanged sentences

Total net investment income 1,466 990 2,571 1,969

Net realized losses:

Net realized gains (losses):

Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative ( 192 ) ( 187 ) ( 252 ) ( 246 )

Net realized losses on Fortitude Re funds withheld assets ( 52 ) ( 1 ) ( 54 ) ( 20 )

Net realized losses on Fortitude Re funds withheld embedded derivative ( 41 ) ( 9 )

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative ( 14 ) 8 ( 55 ) ( 1 )

Total net realized losses ( 258 ) ( 180 ) ( 361 ) ( 267 )

6 unchanged sentences

Interest expense 100 125 192 241

(Gain) loss on extinguishment of debt ( 5 ) 1 ( 5 ) 1

Net (gain) loss on divestitures and other ( 50 ) ( 102 ) ( 53 ) ( 102 )

3 unchanged sentences

Income from continuing operations 1,144 475 1,842 1,272

Income from discontinued operations, net of income taxes — 803

Net income 698 1,600

Loss from discontinued operations, net of income taxes — ( 4,359 ) — ( 3,556 )

Net income (loss) 1,144 ( 3,884 ) 1,842 ( 2,284 )

Net income attributable to noncontrolling interests — 93 — 477

Net income attributable to AIG 698 1,216

Net income (loss) attributable to AIG 1,144 ( 3,977 ) 1,842 ( 2,761 )

Dividends on preferred stock and preferred stock redemption premiums — — — 22

Net income attributable to AIG common shareholders $ 698 $ 1,194

Net income (loss) attributable to AIG common shareholders $ 1,144 $ ( 3,977 ) $ 1,842 $ ( 2,783 )

Income per common share attributable to AIG common shareholders:

Income from continuing operations $ 2.00 $ 0.72 $ 3.16 $ 1.86

Income from discontinued operations $ — $ 0.61

Net income attributable to AIG common shareholders $ 1.18 $ 1.75

Loss from discontinued operations $ — $ ( 6.74 ) $ — $ ( 6.00 )

Net income (loss) attributable to AIG common shareholders $ 2.00 $ ( 6.02 ) $ 3.16 $ ( 4.14 )

Income from continuing operations $ 1.98 $ 0.71 $ 3.13 $ 1.85

Income from discontinued operations $ — $ 0.61

Net income attributable to AIG common shareholders $ 1.16 $ 1.74

Loss from discontinued operations $ — $ ( 6.67 ) $ — $ ( 5.96 )

Net income (loss) attributable to AIG common shareholders $ 1.98 $ ( 5.96 ) $ 3.13 $ ( 4.11 )

Weighted average shares outstanding:

2 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

American International Group, Inc.

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

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2024 2025 2024

Net income $ 698 $ 1,600

Net income (loss) $ 1,144 $ ( 3,884 ) $ 1,842 $ ( 2,284 )

Other comprehensive income (loss), net of tax

Change in unrealized appreciation of fixed maturity securities on which allowance for credit losses was taken 4 21

Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken ( 6 ) 5 ( 2 ) 26

Change in unrealized appreciation (depreciation) of all other investments 492 ( 160 ) 917 ( 275 )

3 unchanged sentences

Change in other comprehensive income (loss) related to discontinued operations — ( 318 ) — ( 945 )

Other comprehensive income (loss) 636 ( 1,057 )

Corebridge deconsolidation — 7,214 — 7,214

Other comprehensive income 916 6,694 1,552 5,637

Comprehensive income 2,060 2,810 3,394 3,353

2 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

American International Group, Inc.

Condensed Consolidated Statements of Equity (unaudited)

(in millions, except per share data) Common

Stock Treasury

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Income (Loss) Total

Equity Non- redeemable Non-

controlling Interests Total

Three Months Ended June 30, 2025

Balance, beginning of period $ 4,766 $ ( 67,662 ) $ 75,251 $ 35,540 $ ( 6,464 ) $ 41,431 $ 28 $ 41,459

Common stock issued under stock plans — 38 ( 5 ) — — 33 — 33

Purchase of common stock — ( 1,805 ) — — — ( 1,805 ) — ( 1,805 )

Net income attributable to AIG or noncontrolling interests — — — 1,144 — 1,144 — 1,144

Dividends on common stock ($ 0.45 per share)

— — — ( 254 ) — ( 254 ) — ( 254 )

Other comprehensive income — — — — 916 916 — 916

Net increase (decrease) due to divestitures and acquisitions — — — — — — — —

Contributions from noncontrolling interests — — — — — — — —

Distributions to noncontrolling interests — — — — — — ( 4 ) ( 4 )

Other — ( 1 ) 43 ( 6 ) — 36 4 40

Balance, end of period $ 4,766 $ ( 69,430 ) $ 75,289 $ 36,424 $ ( 5,548 ) $ 41,501 $ 28 $ 41,529

Three Months Ended June 30, 2024

Balance, beginning of period $ 4,766 $ ( 60,603 ) $ 75,625 $ 38,466 $ ( 14,869 ) $ 43,385 $ 5,725 $ 49,110

Common stock issued under stock plans — 25 ( 15 ) — — 10 — 10

Purchase of common stock — ( 1,677 ) — — — ( 1,677 ) — ( 1,677 )

Net income (loss) attributable to AIG or noncontrolling interests — — — ( 3,977 ) — ( 3,977 ) 93 ( 3,884 )

Dividends on common stock ($ 0.40 per share)

— — — ( 261 ) — ( 261 ) — ( 261 )

Other comprehensive income — — — — 6,694 6,694 — 6,694

Net decrease due to divestitures and acquisitions — — ( 408 ) — 610 202 ( 5,802 ) ( 5,600 )

Contributions from noncontrolling interests — — — — — — 17 17

Distributions to noncontrolling interests — — — — — — ( 2 ) ( 2 )

Other — — 72 ( 3 ) — 69 ( 1 ) 68

Balance, end of period $ 4,766 $ ( 62,255 ) $ 75,274 $ 34,225 $ ( 7,565 ) $ 44,445 $ 30 $ 44,475

AIG | Second Quarter 2025 Form 10-Q

American International Group, Inc.

Condensed Consolidated Statements of Equity (unaudited)(continued)

(in millions, except per share data) Preferred

8 unchanged sentences

controlling Interests Total

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

Balance, beginning of the year $ — $ 4,766 $ ( 65,573 ) $ 75,348 $ 35,079 $ ( 7,099 ) $ 42,521 $ 29 $ 42,550

5 unchanged sentences

Other comprehensive income — — — — — 1,551 1,551 1 1,552

Net increase (decrease) due to divestitures and acquisitions — — — — — — — — —

Contributions from noncontrolling interests — — — — — — — — —

Distributions to noncontrolling interests — — — — — — — ( 5 ) ( 5 )

1 unchanged sentence

Balance, end of period $ — $ 4,766 $ ( 69,430 ) $ 75,289 $ 36,424 $ ( 5,548 ) $ 41,501 $ 28 $ 41,529

Three Months Ended March 31, 2024

Six Months Ended June 30, 2024

Balance, beginning of year $ 485 $ 4,766 $ ( 59,189 ) $ 75,810 $ 37,516 $ ( 14,037 ) $ 45,351 $ 5,950 $ 51,301

2 unchanged sentences

Purchase of common stock — — ( 3,359 ) — — — ( 3,359 ) — ( 3,359 )

Net income attributable to AIG or noncontrolling interests — — — — 1,216 — 1,216 384 1,600

Net income (loss) attributable to AIG or noncontrolling interests — — — — ( 2,761 ) — ( 2,761 ) 477 ( 2,284 )

Dividends on preferred stock ($ 365.625 per share) and preferred stock redemption premiums

2 unchanged sentences

— — — — ( 504 ) — ( 504 ) — ( 504 )

Other comprehensive loss — — — — — ( 759 ) ( 759 ) ( 298 ) ( 1,057 )

Other comprehensive income (loss) — — — — — 5,935 5,935 ( 298 ) 5,637

Net decrease due to divestitures and acquisitions — — — ( 418 ) — 537 119 ( 6,004 ) ( 5,885 )

4 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

American International Group, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

Three Months Ended March 31,

Six Months Ended June 30,

(in millions) 2025 2024

Cash flows from operating activities:

Net income $ 698 $ 1,600

Income from discontinued operations — ( 803 )

Net income (loss) $ 1,842 $ ( 2,284 )

Loss from discontinued operations — 3,556

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

1 unchanged sentence

Net losses on sales of securities available for sale and other assets 453 259

Net (gain) loss on divestitures and other ( 3 ) —

Net gain on divestitures and other ( 53 ) ( 102 )

(Gain) loss on extinguishment of debt ( 5 ) 1

Unrealized gains in earnings - net ( 805 ) ( 349 )

Equity in income from equity method investments, net of dividends or distributions ( 3 ) ( 17 )

Equity in (income) loss from equity method investments, net of dividends or distributions 13 ( 46 )

Depreciation and other amortization 1,749 1,751

Impairments of assets — 26

Changes in operating assets and liabilities:

6 unchanged sentences

Total adjustments ( 507 ) 281

Net cash provided by (used in) operating activities - continuing operations ( 56 ) 256

Net cash provided by operating activities - discontinued operations — 265

Net cash provided by (used in) operating activities ( 56 ) 521

Net cash provided by operating activities - continuing operations 1,335 1,553

Net cash used in operating activities - discontinued operations — ( 104 )

Net cash provided by operating activities 1,335 1,449

Cash flows from investing activities:

15 unchanged sentences

Net cash used in investing activities - discontinued operations — ( 4,171 )

Net cash provided by investing activities 2,751 306

Net cash provided by (used in) investing activities 3,315 ( 1,296 )

Cash flows from financing activities:

Proceeds from (payments for)

Issuance of long-term debt 1,241 1

Repayments of long-term debt ( 1,087 ) ( 464 )

Repayments of debt of consolidated investment entities ( 1 ) ( 1 )

Purchase of common stock ( 4,007 ) ( 3,325 )

11 unchanged sentences

Cash and restricted cash at end of period $ 1,841 $ 1,402

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

American International Group, Inc.

1 unchanged sentence

Supplementary Disclosure of Condensed Consolidated Cash Flow Information

Three Months Ended March 31,

Six Months Ended June 30,

(in millions) 2025 2024

15 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 1.

10 unchanged sentences

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 three months ended March 31, 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 March 31, 2025 and prior to the issuance of these Condensed Consolidated Financial Statements.

Results of operations for the six months ended June 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 June 30, 2025 and prior to the issuance of these Condensed Consolidated Financial Statements.

USE OF ESTIMATES

9 unchanged sentences

To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

OUT OF PERIOD ADJUSTMENTS

During the three months ended March 31, 2025, we recorded out of period adjustments relating to prior years that increased Net income attributable to AIG by $ 51 million and increased Income from continuing operations before income tax expense by $ 140 million.

The out of period adjustments are primarily related to the recognition of gains on intercompany investment transactions and the settlement of derivative and collateral transactions.

We evaluated the aggregate impact of these out of period adjustments and concluded they were not material to any previously issued interim and annual Consolidated Financial Statements and that the adjustments are not expected to be material to AIG’s Consolidated Financial Statements for the year ending December 31, 2025.

Had these adjustments, which were determined not to be material, been recorded in their appropriate periods, Income from continuing operations before income tax expense for the year ended December 31, 2024 would have decreased by $ 79 million and would have increased for the years ended December 31, 2023 and 2022 by $ 34 million and $ 42 million (and all prior years by $ 143 million), respectively.

Had these adjustments, which were determined not to be material, been recorded in their appropriate periods, Net income attributable to AIG for the year ended December 31, 2024 would have decreased by $ 68 million and would have increased for the years ended December 31, 2023 and 2022 by $ 19 million and $ 23 million (and all prior years by $ 77 million), respectively.

AIG | First Quarter 2025 Form 10-Q

In May 2025, AIG issued $ 1.25 billion aggregate principal amount of notes and in June 2025, redeemed and repurchased, through cash tender offers, $ 693 million aggregate principal amount of debt.

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 2.

6 unchanged sentences

The standard should be applied on a prospective basis, but retrospective application is permitted.

We are assessing the impact of this standard.

We are assessing the disclosure impact of this standard on our financial statements.

Disaggregation of Income Statement Expenses

20 unchanged sentences

GLOBAL PERSONAL

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.

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.

The segments consist of the following products:

1 unchanged sentence

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

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3.

8 unchanged sentences

The following table presents AIG’s continuing operations by segment:

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

(in millions) Net

11 unchanged sentences

Reconciling items:

Changes in the fair values of equity securities and AIG's investment in Corebridge 217 217

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares 464 464

Gain (loss) on extinguishment of debt — 5

Net investment income on Fortitude Re funds withheld assets 39 39

Net realized losses on Fortitude Re funds withheld assets — ( 52 )

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — ( 14 )

Net realized losses (c)

Net gain on divestitures and other — 50

Non-operating litigation reserves and settlements — 2

(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — ( 53 )

Net loss reserve discount charge — ( 12 )

Net results of businesses in run-off (d)

Non-operating pension expenses — ( 5 )

Integration and transaction costs associated with acquiring or divesting businesses — ( 1 )

Restructuring and other costs (e)

Non-recurring costs related to regulatory or accounting changes — ( 3 )

Total AIG Consolidated $ 1,466 $ 1,544

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3.

Segment Information

Three Months Ended June 30, 2024

(in millions) Net

Earned Losses

Expenses (a)(b)

Income Reconciliation

North America Commercial $ 2,750 $ 1,940 $ 1,307 $ 189 $ 63 $ 190 $ 191

International Commercial 2,284 2,031 1,201 250 81 269 230

Global Personal 1,899 1,778 1,000 402 114 253 9

Total General Insurance $ 6,933 $ 5,749 $ 3,508 $ 841 $ 258 $ 712 $ 430 $ 746 $ 1,176

Interest expense — ( 111 )

Other Operations 136 ( 47 )

Elimination and consolidations ( 3 ) ( 5 )

Total 879 1,013

Reconciling items:

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares 59 59

Other income (expense) - net 15 —

Gain (loss) on extinguishment of debt — ( 1 )

Net investment income on Fortitude Re funds withheld assets 33 33

Net realized losses on Fortitude Re funds withheld assets — ( 1 )

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — 8

Net realized losses (c)

( 1 ) ( 186 )

Net gain on divestitures and other — 102

(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — 62

Net loss reserve discount charge — ( 26 )

Net results of businesses in run-off (d)

Integration and transaction costs associated with acquiring or divesting businesses — ( 18 )

Restructuring and other costs (e)

Non-recurring costs related to regulatory or accounting changes — ( 7 )

Total AIG Consolidated $ 990 $ 617

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3.

Segment Information

Six Months Ended June 30, 2025

(in millions) Net

Earned Losses

Expenses (a)(b)

Income Reconciliation

North America Commercial $ 4,037 $ 4,257 $ 2,866 $ 433 $ 93 $ 435 $ 430

International Commercial 4,352 4,175 2,348 514 178 595 540

Global Personal 3,017 3,215 1,980 724 162 450 ( 101 )

Total General Insurance $ 11,406 $ 11,647 $ 7,194 $ 1,671 $ 433 $ 1,480 $ 869 $ 1,607 $ 2,476

Interest expense — ( 192 )

Other Operations 196 18

Elimination and consolidations ( 3 ) ( 2 )

Total 1,800 2,300

Reconciling items:

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares 681 681

Gain (loss) on extinguishment of debt — 5

Net investment income on Fortitude Re funds withheld assets 79 79

Net realized losses on Fortitude Re funds withheld assets — ( 54 )

Net realized losses on Fortitude Re funds withheld embedded derivative — ( 55 )

Net realized gains (losses) (c)

( 2 ) ( 257 )

Net gain on divestitures and other — 53

Non-operating litigation reserves and settlements — 13

Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — ( 9 )

(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — ( 62 )

Net loss reserve discount charge — ( 29 )

Net results of businesses in run-off (d)

Non-operating pension expense — ( 5 )

Non-operating pension expenses — ( 10 )

Integration and transaction costs associated with acquiring or divesting businesses — ( 6 )

Restructuring and other costs — ( 76 )

Restructuring and other costs (e)

Non-recurring costs related to regulatory or accounting changes — ( 7 )

Total AIG Consolidated $ 2,571 $ 2,504

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3.

Segment Information

Three Months Ended March 31, 2024

Six Months Ended June 30, 2024

(in millions) Net

11 unchanged sentences

Reconciling items:

Changes in the fair values of equity securities and AIG's investment in Corebridge 88 88

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares 147 147

Other income (expense) - net 16 —

Gain (loss) on extinguishment of debt — ( 1 )

Net investment income on Fortitude Re funds withheld assets 72 72

2 unchanged sentences

Net realized gains (losses) (c)

Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — ( 2 )

Net gain on divestitures and other — 102

(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — 60

Net loss reserve discount charge — ( 102 )

1 unchanged sentence

Integration and transaction costs associated with acquiring or divesting businesses — ( 15 )

Restructuring and other costs — ( 67 )

Restructuring and other costs (e)

Non-recurring costs related to regulatory or accounting changes — ( 11 )

5 unchanged sentences

Historical results have been recast to reflect these changes.

(e) In the second quarter of 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and real estate impairment charges.

For the three months ended June 30, 2024, we recorded a severance charge of $ 285 million and asset impairment of $ 53 million as a result of restructuring activities.

Discontinued Operations Presentation

4 unchanged sentences

As a result, AIG met the requirements for the deconsolidation of Corebridge.

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4.

Discontinued Operations Presentation

In the second quarter of 2024, AIG recognized a loss of $ 4.8 billion as a result of the deconsolidation, mainly due to the recognition of an accumulated comprehensive loss of $ 7.2 billion.

1 unchanged sentence

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

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4.

Discontinued Operations Presentation

Post Deconsolidation of Corebridge

1 unchanged sentence

Dividends received from Corebridge and changes in its stock price are recognized in Net investment income.

Due to share repurchases by Corebridge and sale of shares by AIG after the Deconsolidation Date, as of March 31, 2025, AIG held 23.0 percent of the outstanding common stock of Corebridge.

Due to share repurchases by Corebridge and sale of shares by AIG after the Deconsolidation Date, as of June 30, 2025, AIG held 21.0 percent of the outstanding common stock of Corebridge.

On August 6, 2025, AIG launched a secondary public offering to sell 30 million shares of Corebridge common stock at a public offering price of $ 33.65 per share, corresponding to approximately $ 1.0 billion of gross proceeds, and has granted a 30-day option to the underwriter to purchase up to an additional 4.5 million shares.

The offering is expected to close on August 8, 2025.

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 March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 2025 2024

Corebridge pre-tax loss $ ( 862 )

Corebridge pre-tax income (loss) $ ( 608 ) $ 361 $ ( 1,470 ) $ 1,354

Equity method income related to Corebridge (based on fair value) $ 482 $ 115 $ 722 $ 2,195

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

Three Months Ended March 31,

(in millions) 2024

(in millions) Three Months Ended

June 30, 2024 Six Months Ended

June 30, 2024

Premiums $ 428 $ 2,723

20 unchanged sentences

Net loss from discontinued operations attributable to AIG $ ( 4,452 ) $ ( 4,033 )

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

16 unchanged sentences

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:

March 31, 2025 Level 1 Level 2 Level 3 Counterparty

June 30, 2025 Level 1 Level 2 Level 3 Counterparty

Collateral Total

32 unchanged sentences

Total $ 8,352 $ 68,725 $ 3,497 $ ( 207 ) $ ( 199 ) $ 80,168

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

Fair Value Measurements

March 31, 2025 Level 1 Level 2 Level 3 Counterparty

June 30, 2025 Level 1 Level 2 Level 3 Counterparty

Collateral Total

49 unchanged sentences

(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 $ 3.4 billion and $ 3.3 billion as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025 and December 31, 2024, includes AIG's ownership interest in Corebridge of $ 4.0 billion and $ 3.8 billion, respectively, on which AIG elected the fair value option.

(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 June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and December 31, 2024, includes AIG's ownership interest in Corebridge of $ 4.0 billion and $ 3.8 billion, respectively, on which AIG elected the fair value option.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

1 unchanged sentence

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three months ended March 31, 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 March 31, 2025 and 2024:

The following tables present changes during the three and six months ended June 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 June 30, 2025 and 2024:

(in millions) Fair Value

of Year Net Realized

of Period Net Realized

in Income Other

11 unchanged sentences

at End of Period

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Bonds available for sale:

Obligations of states, municipalities and political subdivisions $ 3 $ — $ — $ — $ — $ — $ — $ 3 $ — $ —

7 — — ( 1 ) — — — 6 — —

Corporate debt

115 1 1 ( 26 ) 49 ( 31 ) 38 147 — ( 6 )

1,656 8 9 ( 39 ) — ( 1 ) — 1,633 — ( 2 )

26 1 1 ( 1 ) — ( 1 ) — 26 — —

CLO/ABS 915 5 10 329 — — ( 59 ) 1,200 — 9

Total bonds available for sale

2,722 15 21 262 49 ( 33 ) ( 21 ) 3,015 — 1

Other bond securities:

Corporate Debt 1 — — — — — — 1 — —

RMBS 50 1 — ( 1 ) — — — 50 — —

CLO/ABS 120 1 — — 2 — — 123 1 —

Total other bond securities

171 2 — ( 1 ) 2 — — 174 1 —

Equity securities

35 3 — 8 — — — 46 2 —

Other invested assets

76 — — ( 5 ) 1 — 21 93 ( 1 ) —

129 — — — — — — 129 — —

$ 3,133 $ 20 $ 21 $ 264 $ 52 $ ( 33 ) $ — $ 3,457 $ 2 $ 1

(in millions) Fair Value

of Period Net

in Income Other

Comprehensive

(Income) Loss Purchases,

Out Other Fair

Period Changes in

of Period Changes in

Unrealized Gains

Included in Other

Comprehensive

Income (Loss) for

Recurring Level 3

Instruments Held

at End of Period

Fortitude Re funds withheld payable $ ( 79 ) $ 14 $ — $ ( 120 ) $ — $ — $ — $ ( 185 ) $ ( 32 ) $ —

Other Liabilities 100 ( 19 ) — — — — — 81 — —

Total $ 21 $ ( 5 ) $ — $ ( 120 ) $ — $ — $ — $ ( 104 ) $ ( 32 ) $ —

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

Fair Value Measurements

(in millions) Fair Value

of Period Net Realized

in Income Other

Comprehensive

Income (Loss) Purchases,

Out Other Fair

Period Changes in

of Period Changes in

Unrealized Gains

Included in Other

Comprehensive

Income (Loss) for

Recurring Level 3

Instruments Held

at End of Period

Three Months Ended June 30, 2024

Bonds available for sale:

Obligations of states, municipalities and political subdivisions $ 4 $ — $ — $ — $ — $ — $ — $ 4 $ — $ —

governments 7 — — — — — — 7 — —

14 unchanged sentences

(in millions) Fair Value

of Period Net

in Income Other

11 unchanged sentences

at End of Period

Derivative liabilities, net(a) $ ( 183 ) $ ( 12 ) $ — $ 156 $ — $ — $ — $ ( 39 ) $ 3 $ —

Fortitude Re funds withheld payable ( 119 ) ( 8 ) — ( 27 ) — — — ( 154 ) 33 —

16 unchanged sentences

at End of Period

Three Months Ended March 31, 2024

Six Months Ended June 30, 2025

Bonds available for sale:

11 unchanged sentences

Total other bond securities 164 6 — ( 6 ) 33 ( 23 ) — 174 6 —

AIG | First Quarter 2025 Form 10-Q

Equity securities 15 4 — 18 9 — — 46 2 —

Other invested assets 163 — — ( 29 ) 1 ( 63 ) 21 93 ( 1 ) —

Other assets 129 — — — — — — 129 — —

$ 3,481 $ 24 $ 65 $ 138 $ 99 $ ( 350 ) $ — $ 3,457 $ 7 $ 34

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

1 unchanged sentence

(in millions) Fair Value

in Income Other

Comprehensive

(Income) Loss Purchases,

Out Other Fair

Period Changes in

of Period Changes in

Unrealized Gains

Included in Other

Comprehensive

Income (Loss) for

Recurring Level 3

Instruments Held

at End of Period

Fortitude Re funds withheld payable $ ( 128 ) $ 55 $ — $ ( 112 ) $ — $ — $ — $ ( 185 ) $ ( 34 ) $ —

Other Liabilities 100 ( 19 ) — — — — — 81 — —

Total $ ( 28 ) $ 36 $ — $ ( 112 ) $ — $ — $ — $ ( 104 ) $ ( 34 ) $ —

(in millions) Fair Value

of Year Net Realized

12 unchanged sentences

at End of Period

Six Months Ended June 30, 2024

Bonds available for sale:

Obligations of states, municipalities and political subdivisions $ 3 $ — $ — $ 1 $ — $ — $ — $ 4 $ — $ —

governments 7 — — — — — — 7 — —

Corporate debt 323 1 ( 2 ) ( 60 ) 134 ( 37 ) — 359 — ( 1 )

RMBS 1,792 47 ( 2 ) ( 150 ) 287 ( 2 ) 44 2,016 — ( 2 )

CMBS 25 ( 4 ) 6 ( 18 ) 85 — — 94 — 1

CLO/ABS 1,289 ( 12 ) 32 ( 66 ) 44 ( 12 ) — 1,275 — 29

Total bonds available for sale 3,439 32 34 ( 293 ) 550 ( 51 ) 44 3,755 — 27

Other bond securities:

Corporate debt 45 1 — — — — ( 2 ) 44 — —

RMBS 51 — — — — ( 2 ) — 49 — —

CLO/ABS 138 — — 5 2 — — 145 ( 1 ) —

Total other bond securities 234 1 — 5 2 ( 2 ) ( 2 ) 238 ( 1 ) —

Equity securities 14 — — — — ( 1 ) — 13 1 —

22 unchanged sentences

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

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

Fair Value Measurements

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:

2 unchanged sentences

Gains (Losses) Total

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Bonds available for sale $ 5 $ 10 $ 15

1 unchanged sentence

Equity securities 3 — 3

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Bonds available for sale $ 25 $ ( 2 ) $ 23

1 unchanged sentence

Other invested assets ( 4 ) — ( 4 )

Six Months Ended June 30, 2025

Bonds available for sale $ 13 $ 1 $ 14

Other bond securities 6 — 6

Equity securities 4 — 4

Six Months Ended June 30, 2024

Bonds available for sale $ 40 $ ( 8 ) $ 32

Other bond securities 1 — 1

Other invested assets ( 13 ) — ( 13 )

(in millions) Net

1 unchanged sentence

(Gains) Losses Total

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Fortitude Re funds withheld payable $ — $ 14 $ 14

Three Months Ended March 31, 2024

Other Liabilities — ( 19 ) ( 19 )

Three Months Ended June 30, 2024

Derivative liabilities, net $ — $ ( 12 ) $ ( 12 )

1 unchanged sentence

Other Liabilities — 28 28

AIG | First Quarter 2025 Form 10-Q

Six Months Ended June 30, 2025

Fortitude Re funds withheld payable $ — $ 55 $ 55

Other Liabilities — ( 19 ) ( 19 )

Six Months Ended June 30, 2024

Derivative liabilities, net $ — $ 40 $ 40

Fortitude Re funds withheld payable — 1 1

Other Liabilities — ( 2 ) ( 2 )

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

Fair Value Measurements

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2025 and 2024 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:

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

(in millions) Purchases Sales Issuances

3 unchanged sentences

Settlements, Net (a)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Bonds available for sale:

governments $ — $ — $ ( 1 ) $ ( 1 )

Corporate debt 2 ( 2 ) ( 26 ) ( 26 )

12 unchanged sentences

Total $ — $ — $ ( 120 ) $ ( 120 )

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Bonds available for sale:

governments $ 4 $ — $ ( 4 ) $ —

Corporate debt 5 — ( 27 ) ( 22 )

RMBS — — ( 75 ) ( 75 )

CMBS — — ( 18 ) ( 18 )

CLO/ABS 6 — ( 53 ) ( 47 )

Total bonds available for sale 15 — ( 177 ) ( 162 )

Other bond securities:

RMBS — ( 1 ) ( 1 ) ( 2 )

CLO/ABS — — ( 3 ) ( 3 )

Total other bond securities — ( 1 ) ( 4 ) ( 5 )

Other invested assets — — ( 36 ) ( 36 )

Other assets — — 1 1

Total $ 15 $ ( 1 ) $ ( 216 ) $ ( 202 )

Derivative liabilities, net $ — $ — $ 156 $ 156

Fortitude Re funds withheld payable — — ( 27 ) ( 27 )

Other liabilities — — ( 21 ) ( 21 )

Total $ — $ — $ 108 $ 108

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

Fair Value Measurements

(in millions) Purchases Sales Issuances

Settlements (a)

Purchases, Sales,

Issuances and

Settlements, Net (a)

Six Months Ended June 30, 2025

Bonds available for sale:

governments $ — $ — $ ( 1 ) $ ( 1 )

Corporate debt 5 ( 6 ) ( 150 ) ( 151 )

RMBS 8 ( 3 ) ( 101 ) ( 96 )

CMBS — ( 4 ) ( 1 ) ( 5 )

CLO/ABS 532 ( 70 ) ( 54 ) 408

Total bonds available for sale 545 ( 83 ) ( 307 ) 155

Other bond securities:

RMBS — — ( 2 ) ( 2 )

CLO/ABS 1 — ( 5 ) ( 4 )

Total other bond securities 1 — ( 7 ) ( 6 )

Equity securities 35 ( 17 ) — 18

Other invested assets 1 — ( 30 ) ( 29 )

Total $ 582 $ ( 100 ) $ ( 344 ) $ 138

Fortitude Re funds withheld payable $ — $ — $ ( 112 ) $ ( 112 )

Total $ — $ — $ ( 112 ) $ ( 112 )

Six Months Ended June 30, 2024

Bonds available for sale:

Obligations of states, municipalities and political subdivisions $ 1 $ — $ — $ 1

governments 4 — ( 4 ) —

Corporate Debt 11 ( 3 ) ( 68 ) ( 60 )

RMBS — ( 1 ) ( 149 ) ( 150 )

CMBS — — ( 18 ) ( 18 )

CLO/ABS 66 ( 2 ) ( 130 ) ( 66 )

9 unchanged sentences

Fortitude Re funds withheld payable — — ( 7 ) ( 7 )

Other liabilities — — ( 21 ) ( 21 )

Total $ — $ — $ 346 $ 346

(a) There were no issuances during the three months ended March 31, 2025 and 2024.

(a) There were no issuances during the three and six months ended June 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 March 31, 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 $ 2 million and $( 3 ) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three months ended March 31, 2025 and 2024, respectively, and includes $ 5 million and $ 0 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three months ended March 31, 2025 and 2024, respectively.

AIG | First Quarter 2025 Form 10-Q

As a result, the unrealized gains (losses) on instruments held at June 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).

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

Fair Value Measurements

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 $ 9 million and $ 11 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and six months ended June 30, 2025, respectively, and includes $ 1 million and $ 6 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and six months ended June 30, 2025, respectively.

The Net realized and unrealized gains (losses) included in income (loss) or OCI as shown in the table above excludes $( 24 ) million and $( 27 ) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and six months ended June 30, 2024, respectively, and includes $ 1 million and $ 1 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and six months ended June 30, 2024, respectively.

Transfers of Level 3 Assets

During the three months ended March 31, 2025 and 2024, transfers into Level 3 assets primarily included certain 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.

During the three and six months ended June 30, 2025 and 2024, transfers into Level 3 assets primarily included certain 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 March 31, 2025 and 2024, transfers out of Level 3 assets primarily included certain investments in private placement corporate debt, CMBS, RMBS, CLO/ABS, municipal bonds and equity securities.

During the three and six months ended June 30, 2025 and 2024, transfers out of Level 3 assets primarily included certain investments in private placement corporate debt, CMBS, RMBS, CLO/ABS, municipal bonds 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.

1 unchanged sentence

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three months ended March 31, 2025 and 2024.

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

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

2 unchanged sentences

(in millions) Fair Value at

March 31, 2025 Valuation

June 30, 2025 Valuation

Technique Unobservable Input (b)

8 unchanged sentences

CMBS 22 Discounted cash flow Yield 6.55 % - 10.79 % ( 8.67 %)

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

Fair Value Measurements

(in millions) Fair Value at

15 unchanged sentences

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

Fair Value Measurements

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.

18 unchanged sentences

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.

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

Fair Value Measurements

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

1 unchanged sentence

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.

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions) 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

8 unchanged sentences

Total private equity funds 3,269 1,111 3,105 792

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

Fair Value Measurements

March 31, 2025 December 31, 2024

(in millions) 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

Event-driven Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations 13 — 11 —

5 unchanged sentences

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 | Second Quarter 2025 Form 10-Q

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:

Three Months Ended March 31, Gain (Loss)

Gain (Loss) Three Months

Ended June 30, Gain (Loss) Six Months

Ended June 30,

(in millions) 2025 2024 2025 2024

Other bond securities (a)

$ 16 $ 5 $ 27 $ 7

Alternative investments (b)

Retained investment in Corebridge (c)

455 65 664 65

Total gain (loss) $ 534 $ 98 $ 778 $ 180

4 unchanged sentences

We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of nonperformance such as cash collateral posted.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

2 unchanged sentences

(in millions) Level 1 Level 2 Level 3 Total

March 31, 2025

June 30, 2025

Mortgage and other loans receivable $ — $ 337 $ 3,122 $ 3,459 $ 3,520

7 unchanged sentences

Debt of consolidated investment entities — — 157 157 157

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5.

Fair Value Measurements

Estimated Fair Value Carrying

10 unchanged sentences

Debt of consolidated investment entities — — 158 158 158

AIG | Second Quarter 2025 Form 10-Q

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

SECURITIES AVAILABLE FOR SALE

1 unchanged sentence

(in millions) Amortized

March 31, 2025

June 30, 2025

Bonds available for sale:

25 unchanged sentences

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

(b) At March 31, 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 $ 5.5 billion or 8 percent and $ 3.6 billion or 6 percent, respectively.

AIG | First Quarter 2025 Form 10-Q

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

(b) At June 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 $ 5.7 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

2 unchanged sentences

(in millions) Fair

March 31, 2025

June 30, 2025

Bonds available for sale:

7 unchanged sentences

Total bonds available for sale $ 12,522 $ 317 $ 14,491 $ 2,007 $ 27,013 $ 2,324

AIG | Second Quarter 2025 Form 10-Q

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

Less than 12 Months 12 Months or More Total

10 unchanged sentences

Total bonds available for sale $ 21,662 $ 428 $ 18,751 $ 2,655 $ 40,413 $ 3,083

At March 31, 2025, we held 10,707 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 5,239 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more).

At June 30, 2025, we held 8,797 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,762 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 March 31, 2025 because it was determined that such losses were due to non-credit factors.

We did not recognize the unrealized losses in earnings on these fixed maturity securities at June 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.

AIG | First Quarter 2025 Form 10-Q

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

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:

March 31, 2025 Total Fixed Maturity Securities

June 30, 2025 Total Fixed Maturity Securities

Available for Sale

9 unchanged sentences

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 March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

(in millions) Gross

Fixed maturity securities $ 14 $ 165 $ 28 $ 197 $ 30 $ 443 $ 43 $ 313

For the three months ended March 31, 2025 and 2024, the aggregate fair value of available for sale securities sold was $ 4.8 billion and $ 2.4 billion, respectively, which resulted in net realized gains (losses) of $( 262 ) million and $( 101 ) million, respectively.

Included within the net realized gains (losses) are $( 7 ) million and $( 15 ) million of net realized gains (losses) for the three months ended March 31, 2025 and 2024, respectively, which relate to Fortitude Re funds withheld assets.

For the three and six months ended June 30, 2025, the aggregate fair value of available for sale securities sold was $ 2.6 billion and $ 7.4 billion, respectively, which resulted in net realized gains (losses) of $( 151 ) million and $( 413 ) million, respectively.

Included within the net realized gains (losses) are $( 49 ) million and $( 56 ) million of net realized gains (losses) for the three and six months ended June 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.

AIG | Second Quarter 2025 Form 10-Q

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

For the three and six months ended June 30, 2024, the aggregate fair value of available for sale securities sold was $ 2.6 billion and $ 5.0 billion, respectively, which resulted in net realized gains (losses) of $( 169 ) million and $( 270 ) million, respectively.

Included within the net realized gains (losses) are $( 1 ) million and $( 16 ) million of net realized gains (losses) for the three and six months ended June 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) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

Value Percent

14 unchanged sentences

Total $ 1,497 100 % $ 1,449 100 %

AIG | First Quarter 2025 Form 10-Q

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

OTHER INVESTED ASSETS

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

(in millions) March 31, 2025 December 31, 2024

NET INVESTMENT INCOME

The following table presents the components of Net investment income:

Three Months Ended June 30, 2025 2024

(in millions) Excluding Fortitude

Withheld Assets Fortitude Re

Funds Withheld

Assets Total Excluding Fortitude

Withheld Assets Fortitude Re

Funds Withheld

Available for sale fixed maturity securities, including short-term investments $ 876 $ 16 $ 892 $ 723 $ 20 $ 743

Other fixed maturity securities

— 16 16 1 4 5

Equity securities 14 — 14 ( 4 ) — ( 4 )

Interest on mortgage and other loans 46 7 53 65 8 73

Alternative investments (a)

48 — 48 32 — 32

Retained investment in Corebridge using fair value option 4,018 3,810

All other investments (b)

Total $ 9,987 $ 9,828

(a) At March 31, 2025, includes hedge funds of $ 200 million and private equity funds of $ 3.7 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 March 31, 2025 and December 31, 2024, the accumulated depreciation was $ 164 million and $ 161 million, respectively.

(b) All other investments include mainly bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners.

Other investments (b)

482 — 482 177 1 178

Total investment income 1,466 39 1,505 994 33 1,027

Investment expenses 39 — 39 37 — 37

Net investment income $ 1,427 $ 39 $ 1,466 $ 957 $ 33 $ 990

The following table presents the components of Net investment income:

Three Months Ended March 31, 2025 2024

Six Months Ended June 30, 2025 2024

(in millions) Excluding Fortitude

16 unchanged sentences

Net investment income $ 2,492 $ 79 $ 2,571 $ 1,897 $ 72 $ 1,969

AIG | Second Quarter 2025 Form 10-Q

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

(a) Includes income from hedge funds, private equity funds and real estate investments.

1 unchanged sentence

Private equity funds are generally reported on a one-quarter lag.

(b) Includes dividends received from Corebridge and changes in its stock price of $ 31 million and $ 209 million, respectively, for the three months ended March 31, 2025.

(b) Includes dividends received from Corebridge and changes in its stock price of $ 27 million and $ 455 million, respectively, for the three months ended June 30, 2025, $ 58 million and $ 664 million, respectively, for the six months ended June 30, 2025, and $ 68 million and $ 65 million, respectively, for both three and six months ended June 30, 2024.

NET REALIZED GAINS AND LOSSES

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

Three Months Ended March 31, 2025 2024

Three Months Ended June 30, 2025 2024

(in millions) Excluding

9 unchanged sentences

Other 2 ( 5 ) ( 3 ) ( 24 ) ( 3 ) ( 27 )

Net realized losses – excluding Fortitude Re funds withheld embedded derivative ( 192 ) ( 52 ) ( 244 ) ( 187 ) ( 1 ) ( 188 )

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — ( 14 ) ( 14 ) — 8 8

Net realized gains (losses) $ ( 192 ) $ ( 66 ) $ ( 258 ) $ ( 187 ) $ 7 $ ( 180 )

Six Months Ended June 30, 2025 2024

(in millions) Excluding

Assets Fortitude

Assets Total Excluding

Assets Fortitude

Sales of fixed maturity securities $ ( 357 ) $ ( 56 ) $ ( 413 ) $ ( 254 ) $ ( 16 ) $ ( 270 )

Change in allowance for credit losses on fixed maturity securities ( 7 ) — ( 7 ) ( 19 ) — ( 19 )

Change in allowance for credit losses on loans 50 9 59 ( 20 ) 1 ( 19 )

Foreign exchange transactions 193 19 212 111 ( 3 ) 108

All other derivatives and hedge accounting ( 126 ) ( 22 ) ( 148 ) ( 69 ) 2 ( 67 )

Sales of alternative investments 3 — 3 14 ( 1 ) 13

Other ( 8 ) ( 4 ) ( 12 ) ( 9 ) ( 3 ) ( 12 )

Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative ( 252 ) ( 54 ) ( 306 ) ( 246 ) ( 20 ) ( 266 )

Net realized losses on Fortitude Re funds withheld embedded derivative — ( 55 ) ( 55 ) — ( 1 ) ( 1 )

Net realized gains (losses) $ ( 60 ) $ ( 43 ) $ ( 103 ) $ ( 59 ) $ ( 28 ) $ ( 87 )

AIG | First Quarter 2025 Form 10-Q

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

Net realized losses $ ( 252 ) $ ( 109 ) $ ( 361 ) $ ( 246 ) $ ( 21 ) $ ( 267 )

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 March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 2025 2024

Increase (decrease) in unrealized appreciation (depreciation) of investments:

Fixed maturity securities* $ 505 $ 15 $ 827 $ ( 117 )

* Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at March 31, 2024.

Other investments — ( 39 ) — ( 39 )

Total increase (decrease) in unrealized appreciation (depreciation) of investments* $ 505 $ ( 24 ) $ 827 $ ( 156 )

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

AIG | Second Quarter 2025 Form 10-Q

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

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 March 31, 2025 2024

(in millions) Equities Other Invested Assets* Total Equities Other Invested Assets Total

Net gains recognized during the period on equity securities and other investments $ 9 $ 233 $ 242 $ 88 $ 83 $ 171

Three Months Ended June 30, 2025 2024

(in millions) Equities Other

Assets* Total Equities Other

Assets* Total

Net gains (losses) recognized during the period on equity securities and other investments $ 14 $ 512 $ 526 $ ( 4 ) $ 109 $ 105

Net gains (losses) recognized during the period on equity securities and other investments sold during the period ( 12 ) 34 22 3 25 28

Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ 26 $ 478 $ 504 $ ( 7 ) $ 84 $ 77

* Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $ 209 million in the three months ended March 31, 2025.

Six Months Ended June 30, 2025 2024

(in millions) Equities Other

Assets* Total Equities Other

Assets* Total

Net gains recognized during the period on equity securities and other investments $ 23 $ 745 $ 768 $ 84 $ 192 $ 276

Net gains recognized during the period on equity securities and other investments sold during the period 1 33 34 43 24 67

Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date $ 22 $ 712 $ 734 $ 41 $ 168 $ 209

* Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $ 455 million and $ 664 million in the three and six months ended June 30, 2025, respectively, and $ 65 million in the three and six months ended June 30, 2024.

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS

2 unchanged sentences

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 March 31, 2025 2024

Three Months Ended June 30, 2025 2024

(in millions) Structured Non-

1 unchanged sentence

Structured Total

Balance, beginning of period $ 11 $ 19 $ 30 $ 3 $ 25 $ 28

Securities for which allowance for credit losses was not previously recorded — 18 18 1 5 6

Securities sold during the period — ( 2 ) ( 2 ) — ( 1 ) ( 1 )

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 ) 1 — 2 10 12

Write-offs charged against the allowance — ( 1 ) ( 1 ) — ( 14 ) ( 14 )

Other — — — — 2 2

Balance, end of period $ 10 $ 35 $ 45 $ 6 $ 27 $ 33

Six Months Ended June 30, 2025 2024

(in millions) Structured Non-

Structured Total Structured Non-

Structured Total

Balance, beginning of year $ 10 $ 28 $ 38 $ 13 $ 21 $ 34

3 unchanged sentences

Write-offs charged against the allowance — ( 9 ) ( 9 ) — ( 22 ) ( 22 )

Other — — — — 2 2

Balance, end of period $ 10 $ 35 $ 45 $ 6 $ 27 $ 33

AIG | Second Quarter 2025 Form 10-Q

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

Purchased Credit Deteriorated Securities

We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination.

We purchase certain RMBS that have experienced more-than-insignificant deterioration in credit quality since origination.

These are referred to as PCD assets.

7 unchanged sentences

• Expected prepayment speeds.

AIG | First Quarter 2025 Form 10-Q

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

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 three months ended March 31, 2025 and 2024.

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

PLEDGED INVESTMENTS

11 unchanged sentences

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

(in millions) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

Securities collateral pledged to us $ 2,901 $ 2,853

At March 31, 2025 and December 31, 2024, the carrying value of reverse repurchase agreements totaled $ 2.2 billion and $ 2.8 billion, respectively.

At June 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.

1 unchanged sentence

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 $ 7.9 billion and $ 7.8 billion at March 31, 2025 and December 31, 2024, respectively.

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 $ 8.1 billion and $ 7.8 billion at June 30, 2025 and December 31, 2024, respectively.

AIG | Second Quarter 2025 Form 10-Q

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

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 March 31, 2025 and December 31, 2024, respectively.

In addition, our subsidiaries have pledged securities available for sale with a fair value of $ 1.8 billion at March 31, 2025 and $ 1.6 billion at December 31, 2024.

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

We owned an aggregate of $ 13 million of stock in FHLBs at both June 30, 2025 and December 31, 2024.

In addition, our subsidiaries have pledged securities available for sale with a fair value of $ 1.7 billion at June 30, 2025 and $ 1.6 billion at December 31, 2024.

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

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7.

Lending Activities

OTHER INVESTED ASSETS

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

(in millions) June 30, 2025 December 31, 2024

Alternative investments (a)

$ 4,151 $ 4,032

Retained investment in Corebridge using fair value option 4,043 3,810

All other investments (b)

Total $ 9,987 $ 9,828

(a) At June 30, 2025, includes hedge funds of $ 190 million and private equity funds of $ 3.7 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 June 30, 2025 and December 31, 2024, the accumulated depreciation was $ 138 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 June 30, 2025 and December 31, 2024.

Lending Activities

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

(in millions) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

Commercial mortgages (a)

7 unchanged sentences

$ 3,520 $ 3,868

(a) Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in California and New York representing the largest geographic concentrations (aggregating approximately 14 percent and 11 percent, respectively, at March 31, 2025 and 14 percent and 12 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 March 31, 2025 and December 31, 2024.

(c) Excludes $ 37.6 billion at both March 31, 2025 and December 31, 2024 of loans receivable from AIG Financial Products Corp.

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

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

(c) Excludes $ 37.6 billion at both June 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 $ 8 million at both March 31, 2025 and December 31, 2024, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

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

Interest income is not accrued when payment of contractual principal and interest is not expected.

1 unchanged sentence

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 March 31, 2025 and December 31, 2024, $ 259 million and $ 252 million, respectively, of commercial mortgage loans were placed on nonaccrual status.

As of June 30, 2025 and December 31, 2024, $ 152 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 March 31, 2025 and December 31, 2024, accrued interest receivable was $ 16 million and $ 15 million, respectively, associated with commercial mortgage loans.

As of June 30, 2025 and December 31, 2024, accrued interest receivable associated with commercial mortgage loans was $ 15 million and $ 15 million, respectively.

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7.

Lending Activities

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.

4 unchanged sentences

The following table presents debt service coverage ratios (a) for commercial mortgages by year of vintage:

March 31, 2025 2025 2024 2023 2022 2021 Prior Total

June 30, 2025 2025 2024 2023 2022 2021 Prior Total

(in millions)

9 unchanged sentences

Total commercial mortgages $ 146 $ 494 $ 200 $ 612 $ 79 $ 1,774 $ 3,305

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7.

Lending Activities

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

March 31, 2025 2025 2024 2023 2022 2021 Prior Total

June 30, 2025 2025 2024 2023 2022 2021 Prior Total

(in millions)

12 unchanged sentences

(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 1.8 x at both March 31, 2025 and December 31, 2024.

Our weighted average debt service coverage ratio was 1.8 x at both June 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 67 percent and 65 percent at March 31, 2025 and December 31, 2024, respectively.

Our weighted average loan-to-value ratio was 69 percent and 65 percent at June 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.

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7.

Lending Activities

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

1 unchanged sentence

(dollars in millions) Apartments Offices Retail Industrial Hotel Others Total

March 31, 2025

June 30, 2025

Past Due Status:

17 unchanged sentences

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.

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7.

Lending Activities

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

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

(in millions) Commercial

2 unchanged sentences

Mortgages Other

Allowance, beginning of period $ 155 $ — $ 155 $ 150 $ 3 $ 153

Loans charged off ( 52 ) — ( 52 ) — — —

Net charge-offs ( 52 ) — ( 52 ) — — —

Addition to (release of) allowance for loan losses 3 — 3 12 ( 2 ) 10

Allowance, end of period $ 106 $ — $ 106 $ 162 $ 1 $ 163

Six Months Ended June 30, 2025

(in millions) Commercial

Mortgages Other

Loans Total Commercial

Mortgages Other

Allowance, beginning of year $ 163 $ 1 $ 164 $ 138 $ 2 $ 140

Loans charged off ( 52 ) — ( 52 ) — — —

Net charge-offs ( 52 ) — ( 52 ) — — —

Addition to (release of) allowance for loan losses ( 5 ) ( 1 ) ( 6 ) 24 ( 1 ) 23

1 unchanged sentence

$ 106 $ — $ 106 $ 162 $ 1 $ 163

(a) D oes not include allowance for credit losses of $ 8 million and $ 6 million at March 31, 2025 and 2024, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

(a) D oes not include allowance for credit losses of $ 0 million and $ 5 million at June 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.

1 unchanged sentence

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 | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7.

Lending Activities

LOAN MODIFICATIONS

9 unchanged sentences

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 three months ended March 31, 2025 and 2024, that had been previously modified with borrowers experiencing financial difficulties.

There were no loans that had defaulted during the six months ended June 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 March 31, 2025 are current and performing in conjunction with their modified terms.

All loans with borrowers experiencing financial difficulty that were modified in the 12 months prior to June 30, 2025 are current and performing in conjunction with their modified terms.

Fortitude Re is the reinsurer of the majority of AIG’s run-off operations.

3 unchanged sentences

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

AIG | First Quarter 2025 Form 10-Q

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

funds withheld payable are recognized in earnings through Net realized gains (losses).

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 March 31, 2025, $ 3.3 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.

As of June 30, 2025, $ 3.3 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.

AIG | Second Quarter 2025 Form 10-Q

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

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:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions) Carrying

11 unchanged sentences

Total $ 3,120 $ 3,109 $ 3,220 $ 3,207

(a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $( 2 ) million ($( 2 ) million after-tax) and $( 35 ) million ($( 28 ) million after-tax), respectively for the three months ended March 31, 2025 and for the year ended December 31, 2024.

(a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $ 29 million ($ 23 million after-tax) and $( 35 ) million ($( 28 ) million after-tax), respectively for the six months ended June 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 $ 33 million, respectively, as of March 31, 2025.

The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $ 1 million and $ 35 million, respectively, as of June 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.

2 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 2025 2024

Net investment income - Fortitude Re funds withheld assets $ 39 $ 33 $ 79 $ 72

Net realized losses on Fortitude Re funds withheld assets:

Net realized gains (losses) on Fortitude Re funds withheld assets:

Net realized losses - Fortitude Re funds withheld assets ( 52 ) ( 1 ) ( 54 ) ( 20 )

Net realized losses - Fortitude Re funds withheld embedded derivative ( 41 ) ( 9 )

Net realized losses on Fortitude Re funds withheld assets ( 43 ) ( 28 )

Net realized gains (losses) - Fortitude Re funds withheld embedded derivative ( 14 ) 8 ( 55 ) ( 1 )

Net realized gains (losses) on Fortitude Re funds withheld assets ( 66 ) 7 ( 109 ) ( 21 )

Income (loss) from continuing operations before income tax expense (benefit) ( 27 ) 40 ( 30 ) 51

Income tax expense (benefit) (a)

( 5 ) 9 ( 6 ) 11

Net income (loss)

Change in unrealized depreciation on available for sale securities (a)

( 22 ) 31 ( 24 ) 40

Change in unrealized appreciation (depreciation) on available for sale securities (a)

25 ( 34 ) 23 ( 42 )

Comprehensive income (loss) $ 3 $ ( 3 ) $ ( 1 ) $ ( 2 )

(a) The income tax expense (benefit) and the tax impact in Accumulated other comprehensive income (loss) (AOCI) was computed using AIG’s U.S.

(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.

8 unchanged sentences

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

AIG | First Quarter 2025 Form 10-Q

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

• 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;

1 unchanged sentence

• whether collateral and collateral arrangements exist.

AIG | Second Quarter 2025 Form 10-Q

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

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.

1 unchanged sentence

An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.

The total reinsurance recoverables as of March 31, 2025 were $ 41.5 billion.

The total reinsurance recoverables as of June 30, 2025 were $ 41.9 billion.

As of that date, utilizing AIG’s ORRs, (i) approximately 83 percent of the reinsurance recoverables were investment grade;

4 unchanged sentences

(iii) approximately 2 percent of the reinsurance recoverables related to entities that were not rated by AIG.

As of March 31, 2025 and December 31, 2024, approximately 80 percent and 81 percent, respectively, of our non-investment grade reinsurance exposure related to captive insurers.

As of June 30, 2025 and December 31, 2024, approximately 80 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.

1 unchanged sentence

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

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 2025 2024

18 unchanged sentences

The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 9.

Deferred Policy Acquisition Costs

The following table presents a rollforward of DAC:

Three Months Ended March 31,

Six Months Ended June 30,

(in millions) 2025 2024

4 unchanged sentences

Balance, end of period $ 2,151 $ 2,123

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 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.

8 unchanged sentences

Assets On-Balance

March 31, 2025

June 30, 2025

Real estate and investment entities (a)

8 unchanged sentences

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

(b) At March 31, 2025 and December 31, 2024, excludes approximately $ 1,745 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 $ 1,721 million and $ 1,894 million, respectively.

(b) At June 30, 2025 and December 31, 2024, excludes approximately $ 1,352 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 $ 1,323 million and $ 1,894 million, respectively.

For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.

(c) At March 31, 2025 and December 31, 2024, $ 3.4 billion and $ 2.9 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(c) At June 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.

1 unchanged sentence

Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 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.

6 unchanged sentences

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 | Second Quarter 2025 Form 10-Q

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:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities

11 unchanged sentences

42 26 47 26 52 31 147 31

Other contracts (c)

— — — — — — — —

Total derivatives, gross $ 2,975 $ 423 $ 5,089 $ 529 $ 4,896 $ 624 $ 3,702 $ 622

Counterparty netting (d)

Counterparty netting (c)

( 207 ) ( 207 ) ( 270 ) ( 270 )

Cash collateral (e)

Cash collateral (d)

( 199 ) ( 264 ) ( 304 ) ( 201 )

Total derivatives on Condensed Consolidated Balance Sheets (f)

Total derivatives on Condensed Consolidated Balance Sheets (e)

$ 17 $ 58 $ 50 $ 151

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

(b) As of March 31, 2025 and December 31, 2024, included CDSs on super senior multi-sector CLO with a net notional amount of $ 46 million and $ 48 million (fair value liability of $ 30 million and $ 30 million, respectively).

(b) As of June 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 $ 26 million and $ 30 million, respectively).

The net notional amount represents the maximum exposure to loss on the portfolio.

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

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

(f) Freestanding derivatives only, excludes embedded derivative s.

(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 $ 3.2 billion at March 31, 2025 and $ 3.2 billion at December 31, 2024.

Fair value of liabilities related to bifurcated embedded derivatives was zero at both March 31, 2025 and December 31, 2024.

Fair value of assets related to bifurcated embedded derivatives was $ 3.1 billion at June 30, 2025 and $ 3.2 billion at December 31, 2024.

Fair value of liabilities related to bifurcated embedded derivatives was zero at both June 30, 2025 and December 31, 2024.

A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets.

7 unchanged sentences

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

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11.

Derivatives and Hedge Accounting

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.

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 $ 412 million and $ 601 million at March 31, 2025 and December 31, 2024, respectively.

Collateral posted by us to third parties for derivative transactions was $ 350 million and $ 601 million at June 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 $ 337 million and $ 595 million at March 31, 2025 and December 31, 2024, respectively.

Collateral provided to us from third parties for derivative transactions was $ 260 million and $ 595 million at June 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.

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11.

Derivatives and Hedge Accounting

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.

9 unchanged sentences

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 months ended March 31, 2025 and 2024, we recognized gains (losses) of $( 71 ) million and $ 25 million, respectively, included in Change in foreign currency translation adjustments in OCI related to the net investment hedge relationships.

For the three and six months ended June 30, 2025, we recognized gains (losses) of $( 101 ) million and $( 172 ) million, respectively, and for the three and six months ended June 30, 2024, we recognized gains (losses) of $ 9 million and $ 34 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.

5 unchanged sentences

Items Net Impact

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Foreign exchange contracts:

Net realized gains/(losses) $ ( 26 ) $ ( 18 ) $ 26 $ ( 18 )

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Foreign exchange contracts:

Net realized gains/(losses) $ ( 57 ) $ ( 15 ) $ 57 $ ( 15 )

Six Months Ended June 30, 2025

Foreign exchange contracts:

Net realized gains/(losses) $ ( 27 ) $ ( 19 ) $ 27 $ ( 19 )

Six Months Ended June 30, 2024

Foreign exchange contracts:

Net realized gains/(losses) $ ( 115 ) $ ( 27 ) $ 115 $ ( 27 )

(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 | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11.

2 unchanged sentences

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

Three Months Ended March 31, Gains (Losses) Recognized in Income

Gains (Losses) Recognized in Income

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 2025 2024

6 unchanged sentences

By Classification:

Net investment income - Fortitude Re funds withheld assets $ ( 1 ) $ — $ ( 1 ) $ —

Net realized losses - excluding Fortitude Re funds withheld assets

( 98 ) ( 27 ) ( 126 ) ( 69 )

Net realized losses on Fortitude Re funds withheld assets *

Net realized gains (losses) on Fortitude Re funds withheld assets *

( 30 ) 8 ( 77 ) 1

Total $ ( 129 ) $ ( 19 ) $ ( 204 ) $ ( 68 )

1 unchanged sentence

CREDIT RISK-RELATED CONTINGENT FEATURES

We estimate that at March 31, 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.

We estimate that at June 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 $ 30 million and $ 30 million at March 31, 2025 and December 31, 2024, respectively.

The aggregate fair value of assets posted as collateral under these contracts at March 31, 2025 and December 31, 2024, was approximately $ 30 million and $ 30 million, respectively.

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 $ 26 million and $ 30 million at June 30, 2025 and December 31, 2024, respectively.

The aggregate fair value of assets posted as collateral under these contracts at June 30, 2025 and December 31, 2024, was approximately $ 26 million and $ 30 million, respectively.

Insurance Liabilities

6 unchanged sentences

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 $ 12.1 billion and $ 12.1 billion at March 31, 2025 and December 31, 2024, respectively.

Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $ 12.3 billion and $ 12.1 billion at June 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.

2 unchanged sentences

Thus, these recoverable amounts represent a credit exposure to us.

At March 31, 2025 and December 31, 2024 we held collateral of approximately $ 8.7 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 March 31, 2025 and December 31, 2024.

AIG | First Quarter 2025 Form 10-Q

At June 30, 2025 and December 31, 2024 we held collateral of approximately $ 8.8 billion and $ 8.6 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12.

Insurance Liabilities

trust agreements.

Allowance for credit losses for the unsecured portion of these recoverable amounts was $ 14 million at both June 30, 2025 and December 31, 2024.

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

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 2025 2024

Liability for unpaid loss and loss adjustment expenses, beginning of year $ 69,168 $ 70,393

Liability for unpaid loss and loss adjustment expenses, beginning of period $ 68,896 $ 70,060 $ 69,168 $ 70,393

Reinsurance recoverable ( 27,799 ) ( 30,169 ) ( 29,026 ) ( 30,289 )

Net Liability for unpaid loss and loss adjustment expenses, beginning of year 40,142 40,104

Net Liability for unpaid loss and loss adjustment expenses, beginning of period 41,097 39,891 40,142 40,104

Losses and loss adjustment expenses incurred:

13 unchanged sentences

Retroactive reinsurance adjustment (net of discount) (b)

( 20 ) 186 15 178

Reclassified to held for sale, net of reinsurance recoverables — — — ( 5 )

7 unchanged sentences

(Berkshire), covering U.S.

asbestos exposures for the three months ended March 31, 2025 and 2024, respectively.

(b) Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $ 1 million and $ 55 million for the three months ended March 31, 2025 and 2024, respectively.

asbestos exposures for the three months ended June 30, 2025 and 2024, respectively, and $ 12 million and $ 44 million for the six months ended June 30, 2025 and 2024, respectively.

(b) Includes benefit (charge) from change in discount on retroactive reinsurance of $ 19 million and $ 23 million for the three months ended June 30, 2025 and 2024 respectively, and $ 20 million and $ 78 million for the six months ended June 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.

6 unchanged sentences

Prior Year Development

During the three months ended March 31, 2025, we recognized favorable prior year loss reserve development of $ 33 million excluding discount and amortization of deferred gain.

During the three months ended June 30, 2025, we recognized unfavorable prior year loss reserve development of $ 25 million excluding discount and amortization of deferred gain.

The development in this period was primarily driven by adverse development on U.S.

Excess Casualty partially offset by favorable experience in U.S.

Workers’ Compensation, U.S.

Other Casualty and U.S.

Property and Special Risks.

During the six months ended June 30, 2025, we recognized favorable prior year loss reserve development of $ 8 million excluding discount and amortization of deferred gain.

The development in this period was largely driven by favorable development in U.S.

Property and Global Specialty.

During the three months ended March 31, 2024, we did not recognize any prior year loss reserve development excluding discount and amortization of deferred gain.

Workers’ Compensation, U.S.

Other Casualty, U.S.

Property and Special Risks and Global Specialty, partially offset by adverse development on U.S.

Excess Casualty.

During the three and six months ended June 30, 2024, we recognized favorable prior year loss reserve development of $ 108 million excluding discount and amortization of deferred gain.

The development in these periods was primarily driven by favorable development on our loss sensitive U.S.

Workers’ Compensation business along with favorable development in U.S.

Other Casualty, offset by adverse development in U.S.

Excess Casualty.

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12.

Insurance Liabilities

Discounting of Loss Reserves

At March 31, 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:

At June 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.

3 unchanged sentences

In 2020, the regulators also approved that the discount rate will be updated on an annual basis.

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12.

Insurance Liabilities

• The tabular workers’ compensation discount is calculated based on the mortality rate used in the 2007 U.S.

4 unchanged sentences

The discount for asbestos reserves has been fully accreted.

At March 31, 2025 and December 31, 2024, the discount consists of $ 112 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 three months ended March 31, 2025 and 2024, the benefit / (charge) from changes in discount of $( 17 ) million and $( 76 ) million, respectively, were recorded as part of Losses and loss adjustment expenses incurred in the Condensed Consolidated Statements of Income (Loss).

At June 30, 2025 and December 31, 2024, the discount consists of $ 147 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 six months ended June 30, 2025 and 2024, the benefit / (charge) from changes in discount of $( 29 ) million and $( 102 ) 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) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

workers' compensation $ 2,082 $ 2,111

2 unchanged sentences

$ 1,166 $ 1,175

(a) Excludes $ 190 million and $ 184 million of discount related to certain long-tail liabilities in the UK at March 31, 2025 and December 31, 2024, respectively.

(b) Includes gross discount of $ 736 million and $ 627 million, which was 100 percent ceded to Fortitude Re at March 31, 2025 and December 31, 2024, respectively.

(a) Excludes $ 201 million and $ 184 million of discount related to certain long-tail liabilities in the UK at June 30, 2025 and December 31, 2024, respectively.

(b) Includes gross discount of $ 730 million and $ 627 million, which was 100 percent ceded to Fortitude Re at June 30, 2025 and December 31, 2024, respectively.

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

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 2025 2024

4 unchanged sentences

Net change in total reserve discount* $ 7 $ ( 3 ) $ ( 9 ) $ ( 24 )

* Excludes $ 6 million and $( 2 ) million of discount related to certain long-tail liabilities in the UK for the three months ended March 31, 2025 and 2024, respectively.

* Excludes $ 11 million and $ 2 million discount related to certain long-tail liabilities in the UK for the three months ended June 30, 2025 and 2024, respectively, and excludes $ 17 million and $ 0 million discount related to certain long-tail liabilities in the UK for the six months ended June 30, 2025 and 2024, respectively.

Amortization of Deferred Gain on Retroactive Reinsurance

Amortization of the deferred gain on retroactive reinsurance includes $ 17 million and $ 27 million related to the adverse development reinsurance cover with NICO for the three months ended March 31, 2025 and 2024, respectively.

Amortization of the deferred gain on retroactive reinsurance includes $ 93 million and $( 6 ) million related to the adverse development reinsurance cover with NICO for the three months ended June 30, 2025 and 2024, respectively, and $ 110 million and $ 21 million for the six months ended June 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.

1 unchanged sentence

Future policy benefits primarily include reserves for Global Accident & Health (short-duration) contracts.

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13.

Contingencies, Commitments and Guarantees

In the normal course of business, we enter into various contingent liabilities and commitments.

4 unchanged sentences

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

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13.

Contingencies, Commitments and Guarantees

of plaintiffs.

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.

8 unchanged sentences

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.

These commitments totaled $ 1.9 billion and $ 1.8 billion at March 31, 2025 and December 31, 2024, respectively.

These commitments totaled $ 1.9 billion and $ 1.8 billion at June 30, 2025 and December 31, 2024, respectively.

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 March 31, 2025, a $ 100 million guarantee related to the obligations of AIGFP and certain of its subsidiaries was recognized, and is reported in Other liabilities.

Due to the deconsolidation of AIGFP and its subsidiaries, as of June 30, 2025, a $ 80 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.

1 unchanged sentence

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 the sum of:

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13.

Contingencies, Commitments and Guarantees

(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.

8 unchanged sentences

• For additional information on derivatives, see Note 11.

AIG | First Quarter 2025 Form 10-Q

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

SHARES OUTSTANDING

The following table presents a rollforward of outstanding shares:

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

Stock Issued Treasury

14 unchanged sentences

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 April 1, 2025 to April 25, 2025, we repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $ 374 million.

DIVIDENDS DECLARED

On May 1, 2025, our Board of Directors declared a cash dividend on AIG Common Stock of $ 0.45 per share, a 12.5 percent increase from prior quarterly dividends on AIG Common Stock, payable on June 27, 2025 to shareholders of record on June 13, 2025.

AIG | First Quarter 2025 Form 10-Q

Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from July 1, 2025 to August 1, 2025, we repurchased approximately 6 million shares of AIG Common Stock for an aggregate purchase price of approximately $ 467 million.

AIG | Second Quarter 2025 Form 10-Q

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

DIVIDENDS DECLARED

On August 6, 2025, our Board of Directors declared a cash dividend on AIG Common Stock of $ 0.45 per share, payable on September 30, 2025 to shareholders of record on September 16, 2025.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

20 unchanged sentences

Adjustment Total

Balance, December 31, 2024, net of tax $ ( 4 ) $ ( 2,868 ) $ — $ 68 $ ( 3,521 ) $ ( 774 ) $ ( 7,099 )

Balance, March 31, 2025, net of tax $ — $ ( 2,443 ) $ — $ 74 $ ( 3,328 ) $ ( 767 ) $ ( 6,464 )

Change in unrealized appreciation (depreciation) of investments*

1 unchanged sentence

Change in other — ( 9 ) — — — — ( 9 )

Change in foreign currency translation adjustments

— — — — 414 — 414

Change in net actuarial loss

— — — — — 2 2

Change in deferred tax asset (liability)

1 ( 11 ) — 1 15 ( 2 ) 4

Total other comprehensive income (loss) ( 6 ) 492 — 1 429 — 916

Noncontrolling interests — — — — — — —

Balance, June 30, 2025, net of tax $ ( 6 ) $ ( 1,951 ) $ — $ 75 $ ( 2,899 ) $ ( 767 ) $ ( 5,548 )

Balance, March 31, 2024, net of tax $ ( 66 ) $ ( 11,702 ) $ ( 493 ) $ 1,535 $ ( 3,329 ) $ ( 814 ) $ ( 14,869 )

Change in unrealized appreciation (depreciation) of investments*

( 19 ) ( 1,036 ) — — — — ( 1,055 )

Change in other — ( 9 ) — — — — ( 9 )

Change in fair value of market risk benefits, net — — 159 — — — 159

Change in discount rates — — — 262 — — 262

Change in future policy benefits

— 67 — — — — 67

Change in foreign currency translation adjustments

— — — — 85 — 85

Change in net actuarial loss

— — — — — 10 10

Change in prior service cost

— — — — — 1 1

Change in deferred tax asset (liability)

3 52 ( 34 ) ( 72 ) 13 ( 2 ) ( 40 )

Corebridge deconsolidation, net of tax 42 8,513 330 ( 1,583 ) ( 88 ) — 7,214

Total other comprehensive income 26 7,587 455 ( 1,393 ) 10 9 6,694

Corebridge noncontrolling interests 2 693 38 ( 120 ) ( 3 ) — 610

Balance, June 30, 2024, net of tax $ ( 38 ) $ ( 3,422 ) $ — $ 22 $ ( 3,322 ) $ ( 805 ) $ ( 7,565 )

(in millions) Unrealized

(Depreciation)

of Fixed Maturity

Securities on Which

Allowance for Credit

Losses Was Taken Unrealized

(Depreciation)

Investments Change in Fair

Value of Market

Risk Benefits

Attributable to

Credit Risk Change in the

discount rates

used to measure

traditional and

limited payment

long-duration

insurance contracts Foreign

Adjustments Retirement

Adjustment Total

Balance, December 31, 2024, net of tax $ ( 4 ) $ ( 2,868 ) $ — $ 68 $ ( 3,521 ) $ ( 774 ) $ ( 7,099 )

Change in unrealized appreciation (depreciation) of investments

( 3 ) 830 — — — — 827

Change in other — ( 3 ) — — — — ( 3 )

Change in discount rates — — — 9 — — 9

Change in foreign currency translation adjustments — — — — 589 — 589

Change in net actuarial loss — — — — — 10 10

Change in deferred tax asset (liability) 1 90 — ( 2 ) 34 ( 3 ) 120

Total other comprehensive income (loss) ( 2 ) 917 — 7 623 7 1,552

Noncontrolling interests — — — — 1 — 1

Balance, March 31, 2025, net of tax $ — $ ( 2,443 ) $ — $ 74 $ ( 3,328 ) $ ( 767 ) $ ( 6,464 )

Balance, June 30, 2025, net of tax $ ( 6 ) $ ( 1,951 ) $ — $ 75 $ ( 2,899 ) $ ( 767 ) $ ( 5,548 )

AIG | Second Quarter 2025 Form 10-Q

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

(in millions) Unrealized

(Depreciation)

of Fixed Maturity

Securities on Which

Allowance for Credit

Losses Was Taken Unrealized

(Depreciation)

Investments Change in Fair

Value of Market

Risk Benefits

Attributable to

Credit Risk Change in the

discount rates

used to measure

traditional and

limited payment

long-duration

insurance contracts Foreign

Adjustments Retirement

Adjustment Total

Balance, December 31, 2023, net of tax $ ( 106 ) $ ( 10,888 ) $ ( 476 ) $ 1,233 $ ( 2,979 ) $ ( 821 ) $ ( 14,037 )

8 unchanged sentences

Change in deferred tax asset (liability) ( 12 ) 157 ( 28 ) ( 224 ) ( 1 ) ( 4 ) ( 112 )

Corebridge deconsolidation, net of tax 42 8,513 330 ( 1,583 ) ( 88 ) — 7,214

Total other comprehensive income (loss) 83 6,297 432 ( 848 ) ( 343 ) 16 5,637

1 unchanged sentence

Noncontrolling interests 17 ( 559 ) ( 11 ) 258 ( 3 ) — ( 298 )

Balance, March 31, 2024, net of tax $ ( 66 ) $ ( 11,702 ) $ ( 493 ) $ 1,535 $ ( 3,329 ) $ ( 814 ) $ ( 14,869 )

* Includes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at March 31, 2024.

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 2025 and 2024 , respectively:

Balance, June 30, 2024, net of tax $ ( 38 ) $ ( 3,422 ) $ — $ 22 $ ( 3,322 ) $ ( 805 ) $ ( 7,565 )

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

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

(in millions) Unrealized

19 unchanged sentences

Adjustment Total

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Unrealized change arising during period $ ( 7 ) $ 352 $ — $ — $ 414 $ ( 5 ) $ 754

Reclassification adjustments included in net income — ( 151 ) — — — ( 7 ) ( 158 )

Total other comprehensive income (loss), before income tax expense (benefit) ( 7 ) 503 — — 414 2 912

Income tax expense (benefit) ( 1 ) 11 — ( 1 ) ( 15 ) 2 ( 4 )

Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 6 ) $ 492 $ — $ 1 $ 429 $ — $ 916

Three Months Ended June 30, 2024

Unrealized change arising during period $ ( 13 ) $ ( 811 ) $ 159 $ 262 $ 85 $ 3 $ ( 315 )

Reclassification adjustments included in net income ( 36 ) ( 8,346 ) ( 330 ) 1,583 88 ( 8 ) ( 7,049 )

Total other comprehensive income (loss), before income tax expense (benefit) 23 7,535 489 ( 1,321 ) ( 3 ) 11 6,734

Income tax expense (benefit) ( 3 ) ( 52 ) 34 72 ( 13 ) 2 40

Total other comprehensive income (loss), net of income tax expense (benefit) $ 26 $ 7,587 $ 455 $ ( 1,393 ) $ 10 $ 9 $ 6,694

Six Months Ended June 30, 2025

Unrealized change arising during period $ ( 3 ) $ 414 $ — $ 9 $ 589 $ ( 5 ) $ 1,004

Reclassification adjustments included in net income — ( 413 ) — — — ( 15 ) ( 428 )

Total other comprehensive income (loss), before of income tax expense (benefit) ( 3 ) 827 — 9 589 10 1,432

1 unchanged sentence

Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 2 ) $ 917 $ — $ 7 $ 623 $ 7 $ 1,552

Three Months Ended March 31, 2024

Six Months Ended June 30, 2024

Unrealized change arising during period $ 53 $ ( 2,643 ) $ 130 $ 959 $ ( 254 ) $ 5 $ ( 1,750 )

3 unchanged sentences

Total other comprehensive income (loss), net of income tax expense (benefit) $ 83 $ 6,297 $ 432 $ ( 848 ) $ ( 343 ) $ 16 $ 5,637

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

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

1 unchanged sentence

Amount Reclassified from AOCI Affected Line Item in the

Three Months Ended March 31, Condensed Consolidated

Three Months Ended June 30, Condensed Consolidated

(in millions) 2025 2024 Statements of Income (Loss)

1 unchanged sentence

Investments $ — $ 6 Net realized gains (losses)

Unrealized appreciation (depreciation) of all other investments

Investments ( 151 ) 167 Net realized gains (losses)

Total ( 151 ) 167

Change in retirement plan liabilities adjustment

Prior-service credit — ( 1 ) (b)

Actuarial losses ( 7 ) ( 7 ) (b)

Total ( 7 ) ( 8 )

Corebridge deconsolidation, net of tax — ( 7,214 ) (c)

Total reclassifications for the period $ ( 158 ) $ ( 7,049 )

Amount Reclassified from AOCI Affected Line Item in the

Six Months Ended June 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

Investments $ — $ — Net realized gains (losses)

Unrealized appreciation (depreciation) of all other investments

5 unchanged sentences

Total ( 15 ) ( 15 )

Corebridge deconsolidation, net of tax — ( 7,214 ) (c)

Total reclassifications for the period $ ( 428 ) $ ( 7,499 )

(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:

(a) Change in fair value of market risk benefits attributable to changes in our own credit risk and (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts.

(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 | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 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.

1 unchanged sentence

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

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(dollars in millions, except per common share data) 2025 2024 2025 2024

Numerator for EPS:

Income (loss) from continuing operations $ 698 $ 797

Income from continuing operations $ 1,144 $ 475 $ 1,842 $ 1,272

Preferred stock dividends and preferred stock redemption premiums — — — 22

Income (loss) attributable to AIG common shareholders from continuing operations 698 775

Income (loss) from discontinued operations, net of income tax expense — 803

Income attributable to AIG common shareholders from continuing operations 1,144 475 1,842 1,250

Loss from discontinued operations, net of income tax expense — ( 4,359 ) — ( 3,556 )

Net income attributable to noncontrolling interests — 93 — 477

Income (loss) from discontinued operations, net of noncontrolling interest — 419

Loss from discontinued operations, net of noncontrolling interest — ( 4,452 ) — ( 4,033 )

Net income (loss) attributable to AIG common shareholders $ 1,144 $ ( 3,977 ) $ 1,842 $ ( 2,783 )

5 unchanged sentences

Income (loss) per common share attributable to AIG common shareholders:

Income (loss) from continuing operations $ 1.18 $ 1.14

Income from discontinued operations $ — $ 0.61

Income from continuing operations $ 2.00 $ 0.72 $ 3.16 $ 1.86

Loss from discontinued operations $ — $ ( 6.74 ) $ — $ ( 6.00 )

Income (loss) attributable to AIG common shareholders $ 2.00 $ ( 6.02 ) $ 3.16 $ ( 4.14 )

Income (loss) from continuing operations $ 1.16 $ 1.13

Income from discontinued operations $ — $ 0.61

Income from continuing operations $ 1.98 $ 0.71 $ 3.13 $ 1.85

Loss from discontinued operations $ — $ ( 6.67 ) $ — $ ( 5.96 )

Income (loss) attributable to AIG common shareholders $ 1.98 $ ( 5.96 ) $ 3.13 $ ( 4.11 )

(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 161,754 and 141,749 for the three months ended March 31, 2025 and 2024, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

The number of potential common shares excluded from diluted shares outstanding was 118,717 and 140,236 for the three and six months ended June 30, 2025, respectively, and 89,983 and 115,866 for the three and six months ended June 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.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 16.

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 are currently evaluating the impact of the new legislation, but do not expect it to have a material impact on the results of operations.

BASIS OF PRESENTATION

17 unchanged sentences

INTERIM TAX EXPENSE (BENEFIT)

For the three months ended March 31, 2025, the effective tax rate on income from continuing operations was 27.3 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 tax benefits related to closure of tax audits in Germany and California, and excess tax benefits related to share-based compensation payments recorded through the income statement.

For the three months ended June 30, 2025, 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, certain non-deductible expenses, state and local income taxes, and an increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions.

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.

For the three months ended March 31, 2024, the effective tax rate on income from continuing operations was 24.7 percent.

These tax charges were partially offset by tax benefits related to tax exempt income and the excess tax benefits related to share-based compensation payments recorded through the income statement.

For the six months ended June 30, 2025, the effective tax rate on income from continuing operations was 26.4 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 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.

For the three months ended June 30, 2024, the effective tax rate on income from continuing operations was 23.0 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.

For the six months ended June 30, 2024, the effective tax rate on income from continuing operations was 24.1 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.

AIG | Second Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 16.

ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE

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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 first quarter, taxable income projections were updated to reflect the latest projections of income for our insurance and non-insurance companies, and projections of taxable income generated from prudent and feasible tax planning strategies.

During the second quarter, taxable income projections were updated to reflect the latest projections of income for our insurance and non-insurance companies, 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.

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We also subjected the forecasts to a variety of stresses of key assumptions and evaluated the effect on tax attribute utilization.

AIG | First Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 16.

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 three months ended March 31, 2025, we recorded no change in valuation allowance.

For the three months ended March 31, 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.

Accordingly, during the six months ended June 30, 2025, we recorded no change in valuation allowance.

For the six months ended June 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 March 31, 2025, based on all available evidence, we concluded that a valuation allowance of $ 394 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 three months ended March 31, 2025, we recorded a decrease in valuation allowance of $ 115 million associated with the unrealized tax capital losses in AIG's available for sale securities portfolio.

As of June 30, 2025, based on all available evidence, we concluded that a valuation allowance of $ 302 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 six months ended June 30, 2025, we recorded a decrease in valuation allowance of $ 207 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 three months ended March 31, 2025, we recognized a net $ 2 million decrease in deferred tax asset valuation allowance associated with certain foreign jurisdictions.

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

TAX EXAMINATIONS

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ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES

At both March 31, 2025 and December 31, 2024, our unrecognized tax benefits, excluding interest and penalties, were $ 1.4 billion.

At both March 31, 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.

At both June 30, 2025 and December 31, 2024, our unrecognized tax benefits, excluding interest and penalties, were $ 1.4 billion.

At both June 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 March 31, 2025 and December 31, 2024, we had accrued liabilities of $ 41 million and $ 53 million, respectively, for the payment of interest (net of the federal benefit) and penalties.

For the three months ended March 31, 2025 and 2024, we accrued expense (benefit) of $( 12 ) million and $ 0 million , respectively, for the payment of interest and penalties.

At June 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 six months ended June 30, 2025 and 2024, we accrued expense (benefit) of $( 13 ) million and $ 0 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.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

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

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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.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

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:

Factors that could cause actual results to di ffer, 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.

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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 | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

INDEX TO ITEM 2

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Other Operations

Investment Highlights in the Three Months Ended March 31, 2025

Investment Highlights in the Six Months Ended June 30, 2025

Investment Strategies

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Off-Balance Sheet Arrangements and Commercial Commitments

Credit Ratings

Financial Strength Ratings

Credit Ratings

Regulation and Supervision

1 unchanged sentence

Enterprise Risk Management

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

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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.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

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• net results of businesses in run-off;

• non-operating pension expense;

• non-operating pension expenses;

• net gain or loss on divestitures and other;

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We also exclude prior year development to provide transparency related to current accident year results.

Results from discontinued operations, including Corebridge, are excluded from all of these measures.

AIG | First Quarter 2025 Form 10-Q

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

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Critical Accounting Estimates

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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.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Executive Summary

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AIG General Insurance Company, Ltd.;

AIG Asia Pacific Insurance, Pte, Ltd.;

AIG Asia Pacific Insurance Pte.

AIG Europe S.A.;

American International Group UK Ltd.;

American International Group UK Limited;

Talbot Underwriting Ltd.

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Impact of Changes in the Interest Rate E nvironment

Certain global benchmark interest rates continued to fluctuate in 2025 as markets reacted to change in inflation trends, geopolitical risk and uncertainties and the decisions of the global central banks.

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.

12 unchanged sentences

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:

Three Months Ended March 31,

Rate for 1 USD 2025 2024 Percentage Change

Three Months Ended

June 30, Percentage Six Months Ended

June 30, Percentage

Rate for 1 USD 2025 2024 Change 2025 2024 Change

Major Currency:

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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.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

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 months ended March 31, 2025 and 2024.

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and six months ended June 30, 2025 and 2024.

Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.

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

Three Months Ended March 31, Percentage

(in millions) 2025 2024

Three Months Ended

June 30, Percentage Six Months Ended

June 30, Percentage

(in millions) 2025 2024 Change 2025 2024 Change

Premiums $ 5,877 $ 5,748 2 % $ 11,647 $ 11,619 — %

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Total net investment income 1,466 990 48 2,571 1,969 31

Net realized losses:

Net realized gains (losses):

Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative (192) (187) (3) (252) (246) (2)

Net realized losses on Fortitude Re funds withheld assets (2) (19) 89

Net realized losses on Fortitude Re funds withheld embedded derivative (41) (9) (356)

Net realized losses on Fortitude Re funds withheld assets (52) (1) NM (54) (20) (170)

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (14) 8 NM (55) (1) NM

Total net realized losses (258) (180) (43) (361) (267) (35)

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Interest expense 100 125 (20) 192 241 (20)

Net gain on divestitures and other (3) — NM

(Gain) loss on extinguishment of debt (5) 1 NM (5) 1 NM

Net gain on divestitures and other (50) (102) 51 (53) (102) 48

Total benefits, losses and expenses 5,547 5,943 (7) 11,370 11,648 (2)

2 unchanged sentences

Income from continuing operations 1,144 475 141 1,842 1,272 45

Income from discontinued operations, net of income taxes — 803 NM

Net income 698 1,600 (56)

Net income attributable to noncontrolling interests — 384 NM

Net income attributable to AIG 698 1,216 (43)

Dividends on preferred stock and preferred stock redemption premiums — 22 NM

Net income attributable to AIG common shareholders $ 698 $ 1,194 (42) %

(in millions, except per share data) March 31, 2025 December 31, 2024

Loss from discontinued operations, net of income taxes — (4,359) NM — (3,556) NM

Net income (loss) 1,144 (3,884) NM 1,842 (2,284) NM

Net income attributable to noncontrolling interests — 93 NM — 477 NM

Net income (loss) attributable to AIG 1,144 (3,977) NM 1,842 (2,761) NM

Dividends on preferred stock and preferred stock redemption premiums — — NM — 22 NM

Net income (loss) attributable to AIG common shareholders $ 1,144 $ (3,977) NM % $ 1,842 $ (2,783) NM %

(in millions, except per share data) June 30, 2025 December 31, 2024

Balance sheet data:

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Core operating book value per share 63.71 61.75

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Consolidated Results of Operations

NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS

Three Months Ended March 31, 2025 and 2024 Comparison

Net income (loss) attributable to AIG common shareholders decreased $496 million due to the following:

• a decrease in Income (loss) from discontinued operations, net of income taxes of $803 million as a result of the deconsolidation of Corebridge;

• a decrease in underwriting income primarily driven by higher catastrophe losses of $419 million partially offset by favorable prior year reserve development of $33 million, which does not reflect the benefit of recoveries under a retroactive adverse development cover, as well as lower expense ratio.

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

Three Months Ended June 30, 2025 and 2024 Comparison

Net income (loss) attributable to AIG common shareholders increased $5.1 billion due to the following:

• an increase in Income (loss) from discontinued operations, net of income taxes of $4.4 billion as a result of the deconsolidation of Corebridge in June 2024;

• an increase in Net investment income of $476 million primarily driven by changes in the fair value of AIG's investment in Corebridge and gain on sale of shares of $455 million in 2025 compared to $65 million in 2024 and higher income from available for sale fixed maturity securities of $149 million;

• a decrease in General operating and other expenses primarily driven by lower restructuring and other related costs of $348 million;

• an increase in underwriting income driven by higher net favorable prior year reserve development of $92 million, primarily in Casualty and lower catastrophe losses of $160 million partially offset by a higher accident year loss ratio due to changes in business mix.

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

• an increase in Net realized losses on Fortitude Re funds withheld embedded derivative of $22 million driven by interest rate movement and an increase in Net realized losses on Fortitude Re funds withheld assets of $51 million;

• an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $5 million, primarily driven by an increase in foreign exchange losses of $79 million and higher derivative and hedge activity losses of $77 million, partially offset by lower losses on sales of securities of $66 million and changes in allowance for credit losses on loans of $57 million;

• an increase in income tax expense of $258 million as a result of higher income from continuing operations;

• a decrease in income attributable to noncontrolling interest of $93 million primarily driven by the deconsolidation of Corebridge.

Six Months Ended June 30, 2025 and 2024 Comparison

Net income (loss) attributable to AIG common shareholders increased $4.6 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;

• an increase in Net investment income of $602 million primarily driven by changes in the fair value of AIG's investment in Corebridge and gain on sale of shares of $664 million in 2025 compared to $65 million in 2024, higher income from available for sale fixed maturity securities of $174 million, partially offset by a decrease in the fair value of equity securities of $61 million and a decrease in interest income on mortgages and other loans of $46 million;

• a decrease in General operating and other expenses primarily driven by lower restructuring and other related costs of $339 million.

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

• a decrease in underwriting income primarily driven by higher catastrophe losses of $259 million and a higher accident year loss ratio due to changes in business mix;

• an increase in Net realized losses on Fortitude Re funds withheld embedded derivative of $54 million driven by interest rate movement and an increase in Net realized losses on Fortitude Re funds withheld assets of $34 million;

• an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $6 million, primarily driven by derivative and hedge activity losses of $57 million and losses from sales of securities of $103 million, partially offset by changes in allowances for credit losses on loans of $70 million and an increase in foreign exchange gains of $82 million;

• an increase in income tax expense of $259 million as a result of higher income before taxes;

• a decrease in net income attributable to noncontrolling interest of $477 million primarily driven by Corebridge.

• an increase in Net investment income of $126 million primarily driven by dividends received from Corebridge of $31 million and changes in its stock price of $209 million, partially offset by a decrease in the fair value of equity securities of $79 million.

INCOME TAX EXPENSE ANALYSIS

For the three months ended March 31, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 27.3 percent and 24.7 percent, respectively.

For the three months ended June 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 25.9 percent and 23.0 percent, respectively.

For the six months ended June 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 26.4 percent and 24.1 percent, respectively.

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

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Consolidated Results of Operations

NON-GAAP RECONCILIATIONS

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For additional information, see Use of Non-GAAP Measures.

March 31, December 31,

June 30, December 31,

(in millions, except per share data) 2025 2024

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Core operating book value per share 63.71 61.75

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Consolidated Results of Operations

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.

1 unchanged sentence

Three Months Ended

March 31, Year Ended

June 30, Six Months Ended

June 30, Year Ended

(dollars in millions) 2025 2024 2025 2024 2024

9 unchanged sentences

Average AIG core operating shareholders' equity $ 35,743 $ 34,977 $ 36,305 $ 35,427 $ 35,634

Return on equity 6.7 % 10.8 % (3.2) %

Return on equity 11.0 % NM % 8.8 % NM % (3.2) %

Adjusted return on equity 9.7 6.1 8.0 6.3 6.6

Core operating return on equity 11.7 8.8 9.6 9.2 9.1

AIG | Second Quarter 2025 Form 10-Q

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 March 31, 2025 2024

Three Months Ended June 30, 2025 2024

(in millions, except per common share data) Pre-tax Total Tax

2 unchanged sentences

Interests (a)

Pre-tax income/net income, including noncontrolling interests $ 960 $ 262 $ — $ 698 $ 1,058 $ 261 $ — $ 1,600

Pre-tax income/net income (loss), including noncontrolling interests $ 1,544 $ 400 $ — $ 1,144 $ 617 $ 142 $ — $ (3,884)

Noncontrolling interests (a)

— — (93) (93)

Pre-tax income/net income attributable to AIG - including discontinued operations $ 960 $ 262 $ — $ 698 $ 1,058 $ 261 $ (384) $ 1,216

Pre-tax income/net income (loss) attributable to AIG - including discontinued operations $ 1,544 $ 400 $ — $ 1,144 $ 617 $ 142 $ (93) $ (3,977)

Dividends on preferred stock and preferred stock redemption premiums — —

Net income attributable to AIG common shareholders $ 698 $ 1,194

Net income (loss) attributable to AIG common shareholders $ 1,144 $ (3,977)

Changes in uncertain tax positions and other tax adjustments

(2) — 2 2 — (2)

Deferred income tax valuation allowance releases

Deferred income tax valuation allowance (releases) charges

(11) — 11 1 — (1)

Changes in the fair values of equity securities and AIG's investment in Corebridge (217) (46) — (171) (88) (19) — (69)

Loss on extinguishment of debt and preferred stock redemption premiums — — — — — — — 15

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares (464) (97) — (367) (59) (12) — (47)

(Gain) loss on extinguishment of debt and preferred stock redemption premiums (5) (1) — (4) 1 — — 1

Net investment income on Fortitude Re funds withheld assets (39) (9) — (30) (33) (7) — (26)

Net realized losses on Fortitude Re funds withheld assets 52 11 — 41 1 — — 1

Net realized (gains) losses on Fortitude Re funds withheld embedded derivative 14 3 — 11 (8) (2) — (6)

Net realized losses (b)

191 33 — 158 186 48 — 138

Loss from discontinued operations — 4,359

Net gain on divestitures and other (50) (10) — (40) (102) (16) — (86)

Non-operating litigation reserves and settlements (2) (1) — (1) — — — —

Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements 53 11 — 42 (62) (13) — (49)

Net loss reserve discount charge 12 3 — 9 26 5 — 21

Net results of businesses in run-off (c)

(2) — — (2) (5) (1) — (4)

Non-operating pension expenses 5 1 — 4 — — — —

Integration and transaction costs associated with acquiring or divesting businesses 1 — — 1 18 4 — 14

Restructuring and other costs (d)

78 16 — 62 426 90 — 336

Non-recurring costs related to regulatory or accounting changes 3 — — 3 7 1 — 6

Noncontrolling interests (a)

Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders $ 1,391 $ 347 $ — $ 1,044 $ 1,013 $ 242 $ — $ 771

Weighted average diluted shares outstanding 577.9 667.0

Income (loss) per common share attributable to AIG common shareholders (diluted) $ 1.98 $ (5.96)

Adjusted after-tax income per common share attributable to AIG common shareholders (diluted)

$ 1.81 $ 1.16

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Consolidated Results of Operations

Six Months Ended June 30, 2025 2024

(in millions, except per common share data) Pre-tax Total Tax

Interests (a)

Tax Pre-tax Total Tax

Interests (a)

Pre-tax income/net income (loss), including noncontrolling interests $ 2,504 $ 662 $ — $ 1,842 $ 1,675 $ 403 $ — $ (2,284)

Noncontrolling interests (a)

— — (477) (477)

Pre-tax income/net income (loss) attributable to AIG - including discontinued operations $ 2,504 $ 662 $ — $ 1,842 $ 1,675 $ 403 $ (477) $ (2,761)

Dividends on preferred stock and preferred stock redemption premiums — 22

Net income (loss) attributable to AIG common shareholders $ 1,842 $ (2,783)

Changes in uncertain tax positions and other tax adjustments

4 — (4) 5 — (5)

Deferred income tax valuation allowance (releases) charges

(9) — 9 6 — (6)

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares (681) (143) — (538) (147) (31) — (116)

(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 (79) (17) — (62) (72) (15) — (57)

Net realized losses on Fortitude Re funds withheld assets 54 11 — 43 20 4 — 16

Net realized losses on Fortitude Re funds withheld embedded derivative 55 12 — 43 1 — — 1

1 unchanged sentence

257 (5) — 262 241 55 — 186

Income from discontinued operations — (803)

Loss from discontinued operations — 3,556

Net gain on divestitures and other (53) (11) — (42) (102) (16) — (86)

Non-operating litigation reserves and settlements (13) (3) — (10) — — — —

Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements 9 2 — 7 2 — — 2

Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements 62 13 — 49 (60) (13) — (47)

Net loss reserve discount charge 29 6 — 23 102 21 — 81

1 unchanged sentence

(7) (1) — (6) (12) (2) — (10)

Non-operating pension expense 5 1 — 4 — — — —

Non-operating pension expenses 10 2 — 8 — — — —

Integration and transaction costs associated with acquiring or divesting businesses 6 1 — 5 15 3 — 12

4 unchanged sentences

Weighted average diluted shares outstanding

Income per common share attributable to AIG common shareholders (diluted)

Income (loss) per common share attributable to AIG common shareholders (diluted)

$ 3.13 $ (4.11)

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(a) Noncontrolling interest primarily relates to Corebridge and is the portion of Corebridge earnings that AIG did not own.

Corebridge is consolidated until June 9, 2024.

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.

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Consolidated Results of Operations

(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.

1 unchanged sentence

Historical results have been recast to reflect these changes.

(d) In the second quarter of 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and real estate impairment charges.

PRE-TAX INCOME (LOSS) COMPARISON

Pre-tax income was $960 million and $1.1 billion in the three months ended March 31, 2025 and 2024, respectively.

Pre-tax income was $1.5 billion and $617 million in the three months ended June 30, 2025 and 2024, respectively.

Pre-tax income was $2.5 billion and $1.7 billion in the six months ended June 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 $909 million and $1.2 billion in the three months ended March 31, 2025 and 2024, respectively.

Adjusted pre-tax income was $1.4 billion and $1.0 billion in the three months ended June 30, 2025 and 2024, respectively.

Adjusted pre-tax income was $2.3 billion and $2.2 billion in the six months ended June 30, 2025 and 2024, respectively.

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

AIG | Second Quarter 2025 Form 10-Q

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):

Three Months Ended March 31, 2025 2024

General Insurance Other Operations General Insurance Other Operations

General Insurance Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

(in millions) Net

4 unchanged sentences

Net investment income and other/Pre-tax income (loss) $ 872 $ 1,142 $ 775 $ 756 $ 1,628 $ 1,995 $ 1,589 $ 1,947

Other income (expense) - net — — (19) — — — (31) —

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares (4) (4) (8) (8) (24) (24) (43) (43)

Net investment income on Fortitude Re funds withheld assets — — (1) (1) 1 1 (1) (1)

Net realized (gains) losses on Fortitude Re funds withheld assets — 5 — — — 7 — —

Net realized (gains) losses 3 270 (1) 209 2 323 (6) 297

Net gain on divestitures and other — (43) — (7) — (37) — (7)

Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements — 60 — (24) — 74 — (17)

Net loss reserve discount (benefit) charge — 12 — 26 — 29 — 102

Non-operating pension expenses — 5 — — — 9 — —

Restructuring and other costs — 47 — 218 — 92 — 245

Non-recurring costs related to regulatory or accounting changes — 3 — 7 — 7 — 11

Net investment income and other, APTI basis/Adjusted pre-tax income (loss) $ 871 $ 1,497 $ 746 $ 1,176 $ 1,607 $ 2,476 $ 1,508 $ 2,534

Other Operations Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

(in millions) Net

and Other Pre-tax

Net investment income and other/Pre-tax income (loss) $ 600 $ 402 $ 217 $ (139) $ 960 $ 509 $ 382 $ (272)

Consolidation and Eliminations 4 — 3 — 3 — — —

Other income (expense) - net (2) — 8 — (11) — 16 —

Changes in the fair values of equity securities and AIG's investment in Corebridge (20) (20) (197) (197) (35) (35) (53) (53)

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares (460) (460) (51) (51) (657) (657) (104) (104)

Gain on extinguishment of debt — (5) — 1 — (5) — 1

Net investment income on Fortitude Re funds withheld assets (39) (39) (32) (32) (80) (80) (71) (71)

1 unchanged sentence

Net realized (gains) losses on Fortitude Re funds withheld embedded derivative — 14 — (8) — 55 — 1

Net realized (gains) losses (1) 53 3 13 (5) 88 (2) (33)

Net loss (gain) on divestitures and other — 6 — (9) — — — —

Net realized gains (3) (79) 2 (23) — (66) — (56)

Net gain on divestitures and other — (7) — (95) — (16) — (95)

Non-operating litigation reserves and settlements

— (2) — — — (13) — —

Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements — (7) — (38) — (12) — (43)

Net loss reserve discount (benefit) charge — 17 — — — 76 — —

Net results of businesses in run-off (8) (2) (5) (5) (13) (7) (8) (12)

Non-operating pension expense — 4 — 1 — — — —

Non-operating pension expenses — — — — — 1 — —

Integration and transaction costs associated with acquiring or divesting businesses — 1 — 18 — 6 — 15

Restructuring and other costs — 31 — 208 — 62 — 248

Non-recurring costs related to regulatory or accounting changes — 4 — — — 4 — —

Net investment income and other, APTI basis/Adjusted pre-tax income (loss) $ 92 $ (106) $ 142 $ (163) $ 202 $ (176) $ 215 $ (368)

4 unchanged sentences

General Insurance consists of our three segments and the Net investment income related to our insurance operations.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

24 unchanged sentences

Our global platform enables writing multinational and cross-border risks in both Commercial Lines and Personal Insurance.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

1 unchanged sentence

Profitable Growth:

Build on our high-quality portfolio by focusing on targeted growth through continued underwriting discipline, improved retentions and new business development.

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.

21 unchanged sentences

We have focused on retaining our best accounts which has led to strong retention across the portfolio.

These retention rates are often coupled with continuing to manage exposure limits to reduce volatility within the portfolio.

These retention rates are often coupled with 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.

1 unchanged sentence

We are continuing 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, utilizing reinsurance to reduce volatility and continuing our risk selection strategy to improve profitability.

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

1 unchanged sentence

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.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

GENERAL INSURANCE RESULTS

Three Months Ended March 31,

(in millions) 2025 2024 Change

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 Change 2025 2024 Change

Underwriting results:

Net premiums written $ 6,880 $ 6,933 (1) % $ 11,406 $ 11,445 — %

Decrease in unearned premiums 1,243 1,274 (2)

(Increase) decrease in unearned premiums (1,002) (1,184) 15 241 90 168

Net premiums earned 5,878 5,749 2 11,647 11,535 1

19 unchanged sentences

Prior year development, net of reinsurance and prior year premiums

2.0 0.8 1.2 1.6 0.6 1.0

Accident year loss ratio, as adjusted 57.4 56.1 1.3 57.4 56.3 1.1

2 unchanged sentences

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

Three Months Ended March 31, Percentage Change in

Three Months Ended

June 30, Percentage Change in Six Months Ended

June 30, Percentage Change in

(in millions) 2025 2024 U.S.

dollars Original

Currency 2025 2024 U.S.

dollars Original

North America Commercial $ 2,863 $ 2,750 4 % 4 % $ 4,037 $ 3,783 7 % 7 %

2 unchanged sentences

Total net premiums written $ 6,880 $ 6,933 (1) % (2) % $ 11,406 $ 11,445 — % — %

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

The following tables present General Insurance accident year catastrophes (a) by segment:

2 unchanged sentences

Personal Total

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Windstorms and hailstorms $ 79 $ 6 $ 39 $ 124

2 unchanged sentences

Earthquakes — 24 2 26

Total catastrophe-related charges $ 101 $ 29 $ 40 $ 170

Three Months Ended June 30, 2024

Flooding, rainstorms and other $ 2 $ 115 $ — $ 117

Windstorms and hailstorms 135 28 50 213

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

(dollars in millions) North America

Commercial International

Personal Total

Earthquakes — (5) — (5)

Reinstatement premiums 6 (1) — 5

Total catastrophe-related charges $ 143 $ 137 $ 50 $ 330

Three Months Ended March 31, 2024

Six Months Ended June 30, 2025

Windstorms and hailstorms $ 104 $ 7 $ 41 $ 152

Winter storms 36 — 1 37

Wildfires 214 49 192 455

Earthquakes — 44 2 46

1 unchanged sentence

Total catastrophe-related charges $ 359 $ 99 $ 237 $ 695

Six Months Ended June 30, 2024

Flooding, rainstorms and other $ 2 $ 115 $ — $ 117

Windstorms and hailstorms 164 28 63 255

Winter storms 43 — 7 50

Earthquakes — 10 — 10

Reinstatement premiums 6 (2) — 4

Total catastrophe-related charges $ 215 $ 151 $ 70 $ 436

(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 March 31,

(in millions) 2025 2024 Change

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 Change 2025 2024 Change

Underwriting results:

Net premiums written $ 2,863 $ 2,750 4 % $ 4,037 $ 3,783 7 %

Decrease in unearned premiums 950 950 —

(Increase) decrease in unearned premiums (730) (810) 10 220 140 57

Net premiums earned 2,133 1,940 10 4,257 3,923 9

18 unchanged sentences

Prior year development, net of reinsurance and prior year premiums

5.0 1.8 3.2 3.8 1.6 2.2

Accident year loss ratio, as adjusted 63.1 61.9 1.2 62.7 61.9 0.8

2 unchanged sentences

Business and Financial Highlights

Net Premiums Written Comparison for the Three Months Ended March 31, 2025 and 2024

Net premiums written increased by $141 million primarily due to growth in Property and Casualty driven by new business production and strong retention.

Underwriting Income (Loss) Comparison for the Three Months Ended March 31, 2025 and 2024

Underwriting income decreased by $107 million primarily due to:

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

Net premiums written increased by $113 million primarily due to growth in Casualty driven by new business production and strong retention, partially offset by lower production in Property.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

Net Premiums Written Comparison for the Six Months Ended June 30, 2025 and 2024

Net premiums written increased by $254 million primarily due to growth in Casualty driven by new business production and strong retention, partially offset by lower production in Financial Lines.

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

Underwriting income increased by $110 million primarily due to:

• higher net favorable prior year reserve development (3.2 points or $85 million), primarily in Casualty;

• lower Catastrophe losses (2.6 points or $42 million).

This increase was partially offset by:

• a higher accident year loss ratio, as adjusted (1.2 points) due to changes in business mix;

• a higher expense ratio (0.3 points) reflecting an increase in general operating expense ratio (1.5 points), partially offset by a lower acquisition ratio (1.2 points), primarily driven by changes in business mix.

Underwriting Income (Loss) Comparison for the Six Months Ended June 30, 2025 and 2024

Underwriting income increased by $3 million primarily due to:

• higher net favorable prior year reserve development (2.2 points or $114 million), primarily in Casualty;

• a lower expense ratio (0.9 points) reflecting a lower acquisition ratio (0.6 points), primarily driven by changes in business mix and a lower general operating expense ratio (0.3 points).

This increase was partially offset by:

• higher Catastrophe losses (3.0 points or $144 million);

• a higher accident year loss ratio, as adjusted (0.8 points) due to changes in business mix.

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

This decrease was partially offset by:

• a lower expense ratio (2.0 points) reflecting a lower general operating expense ratio (1.9 points), primarily driven by expense reductions, and acquisition ratio (0.1 points) primarily driven by changes in business mix;

• higher net favorable prior year reserve development (1.0 points or $29 million), primarily driven by favorable development in Property.

INTERNATIONAL COMMERCIAL RESULTS

Three Months Ended March 31,

(in millions) 2025 2024 Change

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 Change 2025 2024 Change

Underwriting results:

Net premiums written $ 2,325 $ 2,284 2 % $ 4,352 $ 4,223 3 %

Decrease in unearned premiums 24 72 (67)

Increase in unearned premiums (201) (253) 21 (177) (181) 2

Net premiums earned 2,124 2,031 5 4,175 4,042 3

16 unchanged sentences

Accident year combined ratio, as adjusted 85.0 82.1 2.9 85.3 82.5 2.8

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

Business and Financial Highlights

Net Premiums Written Comparison for the Three Months Ended March 31, 2025 and 2024

Net premiums written, excluding the unfavorable impact of foreign exchange ($65 million), increased by $153 million primarily due to growth in Property and Global Specialty driven by strength of renewal retentions and new business production.

Underwriting Income (Loss) Comparison for the Three Months Ended March 31, 2025 and 2024

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

Net premiums written, excluding the favorable impact of foreign exchange ($26 million), increased by $15 million primarily due to growth in Casualty and Global Specialty driven by strength of renewal retentions and new business production, partially offset by lower production in Financial Lines.

Net Premiums Written Comparison for the Six Months Ended June 30, 2025 and 2024

Net premiums written, excluding the unfavorable impact of foreign exchange ($39 million), increased by $168 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 June 30, 2025 and 2024

Underwriting income increased by $70 million primarily due to lower catastrophe losses (5.3 points or $108 million).

This increase was partially offset by:

• a higher accident year loss ratio, as adjusted (1.6 points) due to changes in business mix;

• a higher expense ratio (1.3 points) reflecting an increase in the general operating expense ratio (1.0 point), as well as a higher acquisition ratio (0.3 points), primarily driven by changes in business mix.

Underwriting Income (Loss) Comparison for the Six Months Ended June 30, 2025 and 2024

Underwriting income decreased by $20 million primarily due to:

• higher catastrophe losses (2.7 points or $56 million);

• a higher expense ratio (1.3 points) reflecting an increase in the general operating expense ratio (1.4 points), partially offset by lower acquisition ratio (0.1 points) primarily driven by changes in business mix;

• a higher accident year loss ratio, as adjusted (1.4 points) due to changes in business mix;

This decrease was partially offset by:

• higher net favorable prior year reserve development (0.5 points or $7 million), primarily driven by favorable development in Global Specialty.

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

• a higher expense ratio (1.4 points) reflecting an increase in the general operating expense ratio (1.2 points), as well as a higher acquisition ratio (0.2 points), primarily driven by changes in business mix.

This decrease was partially offset by lower catastrophe losses (1.4 points or $52 million).

GLOBAL PERSONAL RESULTS

Three Months Ended March 31, Change

(in millions) 2025 2024 2025 vs 2024

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 Change 2025 2024 Change

Underwriting results:

Net premiums written $ 1,692 $ 1,899 (11) % $ 3,017 $ 3,439 (12) %

Decrease in unearned premiums 269 252 7

(Increase) decrease in unearned premiums (71) (121) 41 198 131 51

Net premiums earned 1,621 1,778 (9) 3,215 3,570 (10)

16 unchanged sentences

Accident year combined ratio, as adjusted 96.1 96.8 (0.7) 95.9 96.9 (1.0)

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

Business and Financial Highlights

Net Premiums Written Comparison for the Three Months Ended March 31, 2025 and 2024

Net premiums written, excluding the unfavorable impact of foreign exchange ($46 million), decreased by $169 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($209 million), partially offset by growth in Personal Auto from positive rate change and new business production.

Underwriting Income (Loss) Comparison for the Three Months Ended March 31, 2025 and 2024

Underwriting loss of $126 million in 2025 as compared to underwriting income of $30 million in 2024 is primarily due to:

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

Net premiums written, excluding the favorable impact of foreign exchange ($33 million), decreased by $240 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($192 million), as well as PCS due to changes in reinsurance structure, partially offset by growth in Personal Auto from positive rate change and new business production.

Net Premiums Written Comparison for the Six Months Ended June 30, 2025 and 2024

Net premiums written, excluding the unfavorable impact of foreign exchange ($13 million), decreased by $409 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($401 million), as well as PCS 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 June 30, 2025 and 2024

Underwriting income increased by $16 million primarily due to:

• a lower expense ratio (1.3 points) reflecting a lower acquisition ratio (1.7 points), primarily driven by change in business mix, partially offset by an increase in the general operating expense ratio (0.4 points);

• lower catastrophe losses (0.4 points or $10 million).

This increase was partially offset by:

• a higher accident year loss ratio, as adjusted (0.6 points) due to changes in business mix;

• lower net favorable prior year development (0.2 points or $4 million).

Underwriting Income (Loss) Comparison for the Six Months Ended June 30, 2025 and 2024

Underwriting loss of $101 million in 2025 compared to underwriting income of $39 million in 2024 is primarily due to:

• higher catastrophe losses (5.4 points or $167 million);

• a higher accident year loss ratio, as adjusted (0.4 points) due to changes in business mix.

This decrease was partially offset by:

• a lower expense ratio (1.5 points) reflecting a decrease in the general operating expense ratio (0.8 points), as well as lower acquisition ratio (0.7 points) primarily driven by change in business mix;

• unfavorable prior year reserve development in 2024 (0.2 points or $6 million).

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | Other Operations

This decrease was partially offset by a lower expense ratio (1.4 points) reflecting a lower acquisition ratio (1.2 points), primarily driven by change in business mix, as well as a decrease in the general operating expense ratio (0.2 points).

Other Operations

1 unchanged sentence

OTHER OPERATIONS RESULTS

Three Months Ended March 31,

(in millions) 2025 2024 Change

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 Change 2025 2024 Change

Net investment income and other $ 92 $ 142 (35) % $ 202 $ 215 (6) %

5 unchanged sentences

Adjusted pre-tax loss before consolidation and eliminations (104) (158) 34 (174) (362) 52

Consolidation and eliminations — (1) NM

Consolidation and eliminations (2) (5) 60 (2) (6) 67

Adjusted pre-tax loss* $ (106) $ (163) 35 % $ (176) $ (368) 52 %

1 unchanged sentence

Historical results have been recast to reflect these changes.

THREE MONTHS ENDED MARCH 31, 2025 AND 2024 COMPARISON

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | Other Operations

THREE MONTHS ENDED JUNE 30, 2025 AND 2024 COMPARISON

Adjusted pre-tax loss before consolidation and eliminations was $104 million in 2025 compared to $158 million in 2024, a decrease of $54 million, primarily due to:

• higher net investment income and other of $37 million due to dividend income from Corebridge in 2025 of $ 31 million partially offset by lower income on AIG Parent portfolio due to lower yields;

• lower corporate and other general operating expenses of $73 million primarily driven by employee-related costs and other operating expenses;

• lower interest expense of $24 million primarily driven by interest savings from $2.0 billion debt repurchases, through cash tender offers and debt redemption and maturities in 2024.

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Investments

• lower corporate and other general operating expenses of $94 million primarily driven by increased allocation of expenses to the business;

• lower interest expense of $10 million primarily driven by interest savings from $1.5 billion debt repurchases, through cash tender offers and debt redemption in 2024 partially offset by new issuance of $1.25 billion debt in 2025.

This decrease was partially offset by lower net investment income and other of $50 million due to lower interest on AIG Parent portfolio as a result of lower yields and lower dividend income from Corebridge of $41 million.

SIX MONTHS ENDED JUNE 30, 2025 AND 2024 COMPARISON

Adjusted pre-tax loss before consolidation and eliminations was $174 million in 2025 compared to $362 million in 2024, a decrease of $188 million, primarily due to:

• lower corporate and other general operating expenses of $167 million primarily driven by increased allocation of expenses to the business;

• lower interest expense of $34 million primarily driven by interest savings from $2.0 billion debt repurchases, through cash tender offers, debt redemption and maturities in 2024 partially offset by new debt issuance of $1.25 billion in 2025.

This decrease was partially offset by lower net investment income and other of $13 million due to lower interest on AIG Parent portfolio as a result of lower yields and lower dividend income from Corebridge of $10 million.

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.

1 unchanged sentence

The majority of assets backing our insurance liabilities consist of fixed maturity securities.

Our Investment Management Agreements with BlackRock, Inc.

Since April 2022, AIG insurance company subsidiaries have entered into separate investment management agreements with BlackRock, Inc.

and its investment advisory affiliates (BlackRock).

As of March 31, 2025, BlackRock manages $64 billion of our investment portfolio, consisting of liquid fixed income, certain private placements and private equity assets.

In addition, liquid fixed income assets associated with the Fortitude Re funds withheld asset portfolio were separately transferred to BlackRock for management in 2022.

INVESTMENT HIGHLIGHTS IN THE THREE MONTHS ENDED MARCH 31, 2025

INVESTMENT HIGHLIGHTS IN THE SIX MONTHS ENDED JUNE 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.

• Total Net investment income increased for the three months ended March 31, 2025 compared to the same period in the prior year, primarily due to change in fair value and dividend income from AIG's equity in Corebridge, higher income on available for sale fixed maturity securities and lower expenses, partially offset by lower income from short term instruments, mortgage loans and other invested assets.

• Total Net investment income increased for the six months ended June 30, 2025 compared to the same period in the prior year, primarily due to change in fair value and dividend income from AIG's equity in Corebridge, higher income on available for sale fixed maturity securities and lower expenses, partially offset by lower income from short term instruments, mortgage loans and other invested assets.

INVESTMENT STRATEGIES

4 unchanged sentences

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.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Investments

• Given our global presence, we seek investments that provide diversification from investments available in local markets.

8 unchanged sentences

Over the past few years, hedge fund investments have been reduced.

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Investments

• 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.

6 unchanged sentences

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 3.2 years for International.

While invested assets backing reserves of the General Insurance companies are primarily invested in conventional liquid fixed maturity securities, we have continued to allocate to asset classes that offer higher yields through structural and illiquidity premiums, particularly in our North America operations.

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.

4 unchanged sentences

The following table presents the fair value of our available-for-sale securities:

(in millions) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

Bonds available for sale:

9 unchanged sentences

Total bonds available for sale* $ 68,860 $ 64,006

* At March 31, 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 $5.5 billion and $3.6 billion, respectively.

* At June 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 $5.7 billion and $3.6 billion, respectively.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Investments

The following table presents the fair value of our aggregate credit exposures to non-U.S.

governments for our fixed maturity securities:

(in millions) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

Canada $ 1,377 $ 1,384

1 unchanged sentence

Germany 463 834

Australia 341 335

Israel 381 312

Korea, Republic of 310 268

United Kingdom 339 416

Australia 321 335

Korea, Republic of 304 268

Denmark 242 205

3 unchanged sentences

Total $ 6,936 $ 8,131

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Investments

The following table presents the fair value of our aggregate European credit exposures by major sector for our fixed maturity securities:

March 31, 2025 December 31,

June 30, 2025 December 31,

(in millions) Sovereign Financial

12 unchanged sentences

Luxembourg — 75 83 15 173 157

Hungary 75 — 5 — 80 73

Finland 3 78 3 1 85 79

Other Euro-Zone 225 28 30 23 306 299

4 unchanged sentences

Sweden 111 211 37 — 359 291

Jersey (Channel Islands) 3 — 2 91 96 94

Norway 50 45 7 — 102 110

Jersey (Channel Islands) 3 3 — 92 98 94

Other - Remainder of Europe 39 4 9 2 54 50

1 unchanged sentence

Total $ 1,764 $ 5,288 $ 4,549 $ 1,398 $ 12,999 $ 11,386

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Investments

Investments in Municipal Bonds

At March 31, 2025, the U.S.

At June 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.

1 unchanged sentence

municipal bond portfolio by state and municipal bond type:

March 31, 2025

June 30, 2025

(in millions) State

12 unchanged sentences

Georgia 50 4 24 78 79

Hawaii 68 — 4 72 74

Oregon 12 44 14 70 71

Hawaii 68 — 1 69 74

Washington 5 10 44 59 61

New Jersey 1 1 57 59 58

Virginia 8 3 47 58 57

All other states

1 unchanged sentence

$ 566 $ 473 $ 1,984 $ 3,023 $ 3,143

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Investments

Investments in Corporate Debt Securities

1 unchanged sentence

Industry Category

(in millions) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

Financial institutions:

15 unchanged sentences

Total* $ 36,485 $ 31,826

* At March 31, 2025 and December 31, 2024, approximately 89 percent and 88 percent, respectively, of these investments were rated investment grade.

* At June 30, 2025 and December 31, 2024, approximately 89 percent and 88 percent, respectively, of these investments were rated investment grade.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Investments

Investments in Residential Mortgage Backed Securities (RMBS)

The following table presents the fair value of AIG’s RMBS available for sale securities:

(in millions) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

Agency RMBS $ 5,448 $ 4,978

5 unchanged sentences

$ 9,717 $ 8,604

(a) Includes approximately $1.3 billion at both March 31, 2025 and December 31, 2024, of certain RMBS that had experienced deterioration in credit quality since their origination.

(a) Includes approximately $1.3 billion at both June 30, 2025 and December 31, 2024, of certain RMBS that had experienced deterioration in credit quality since their origination.

This excludes impact of U.S.

1 unchanged sentence

For additional information on purchased credit deteriorated securities, see Note 6 to the Condensed Consolidated Financial Statements.

(b) The weighted average expected life was six years at both March 31, 2025 and December 31, 2024.

(b) The weighted average expected life was six years at both June 30, 2025 and December 31, 2024.

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.

1 unchanged sentence

The following table presents the fair value of our CMBS available for sale securities:

(in millions) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

CMBS (traditional) $ 3,091 $ 3,102

2 unchanged sentences

Total $ 3,743 $ 3,926

The fair value of CMBS holdings remained stable during the three months ended March 31, 2025.

The fair value of CMBS holdings remained stable during the six months ended June 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 traditional conduit transactions, broadly diversified across property types and geographical areas.

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Investments

The majority of CMBS holdings are single asset single borrower and traditional conduit transactions, broadly diversified across property types and geographical areas.

Investments in CLO/ABS

The following table presents the fair value of our CLO/ABS available for sale securities by collateral type:

(in millions) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

Collateral Type:

ABS $ 2,780 $ 2,445

Bank loans 3,018 2,688

CLO 3,290 2,688

Total $ 6,070 $ 5,133

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Investments

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:

March 31, 2025 Less Than or Equal Greater Than 20% Greater Than 50%

June 30, 2025 Less Than or Equal Greater Than 20% Greater Than 50%

to 20% of Cost (b)

24 unchanged sentences

(d) Item count is by CUSIP by subsidiary.

The allowance for credit losses was $4 million for investment grade bonds and $27 million for below investment grade bonds as of March 31, 2025.

The allowance for credit losses was $4 million for investment grade bonds and $41 million for below investment grade bonds as of June 30, 2025.

Commercial Mortgage Loans

At March 31, 2025, we had direct commercial mortgage loan exposure of $3.3 billion.

At June 30, 2025, we had direct commercial mortgage loan exposure of $3.0 billion.

The following table presents the commercial mortgage loan exposure by location and class of loan based on amortized cost:

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(dollars in millions) Apartments Offices Retail Industrial Hotel Others Total

March 31, 2025

June 30, 2025

California 19 $ 97 $ 250 $ 28 $ 26 $ 32 $ — $ 433 14 %

6 unchanged sentences

Illinois 6 88 20 — — — — 108 4

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Investments

of Loans Class Percent

(dollars in millions) Apartments Offices Retail Industrial Hotel Others Total

Ohio 5 62 — 29 — — — 91 3

3 unchanged sentences

Total* 171 $ 969 $ 1,069 $ 397 $ 259 $ 206 $ 129 $ 3,029 100 %

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Investments

of Loans Class Percent

(dollars in millions) Apartments Offices Retail Industrial Hotel Others Total

December 31, 2024

16 unchanged sentences

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

Three Months Ended March 31, 2025 2024

Three Months Ended June 30, 2025 2024

(in millions) Excluding

9 unchanged sentences

Other 2 (5) (3) (24) (3) (27)

Net realized losses – excluding Fortitude Re funds withheld embedded derivative (192) (52) (244) (187) (1) (188)

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — (14) (14) — 8 8

Net realized gains (losses) $ (192) $ (66) $ (258) $ (187) $ 7 $ (180)

Six Months Ended June 30, 2025 2024

(in millions) Excluding

Assets Fortitude

Assets Total Excluding

Assets Fortitude

Sales of fixed maturity securities $ (357) $ (56) $ (413) $ (254) $ (16) $ (270)

Change in allowance for credit losses on fixed maturity securities (7) — (7) (19) — (19)

Change in allowance for credit losses on loans 50 9 59 (20) 1 (19)

Foreign exchange transactions 193 19 212 111 (3) 108

All other derivatives and hedge accounting (126) (22) (148) (69) 2 (67)

Sales of alternative investments 3 — 3 14 (1) 13

Other (8) (4) (12) (9) (3) (12)

Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (252) (54) (306) (246) (20) (266)

Net realized losses on Fortitude Re funds withheld embedded derivative — (55) (55) — (1) (1)

Net realized gains (losses) $ (60) $ (43) $ (103) $ (59) $ (28) $ (87)

Net realized losses excluding Fortitude Re funds withheld assets in the three months ended March 31, 2025 was flat compared to 2024.

Net realized losses $ (252) $ (109) $ (361) $ (246) $ (21) $ (267)

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Investments

Higher Net realized losses excluding Fortitude Re funds withheld assets in the three months ended June 30, 2025 were primarily due to higher losses on foreign exchange transactions and derivative and hedge activity, partially offset by lower losses on sales of fixed maturity securities compared to the prior year period.

Higher Net realized losses excluding Fortitude Re funds withheld assets in the six months ended June 30, 2025 were primarily due to higher losses on sales of fixed maturity securities and derivative and hedge activity, partially offset by higher gains on foreign exchange transactions and change 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.

3 unchanged sentences

For additional information on our investment portfolio, see Note 6 to the Condensed Consolidated Financial Statements.

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Investments

Change in Unrealized Gains and Losses on Investments

The change in net unrealized gains and losses on investments in the three months ended March 31, 2025 was primarily attributable to a change in the fair value of fixed maturity securities.

For the three months ended March 31, 2025, net unrealized gains were $322 million due to lower interest rates and narrowing of credit spreads.

The change in net unrealized gains and losses on investments in the three months ended March 31, 2024 was primarily attributable to a change in the fair value of fixed maturity securities.

For the three months ended March 31, 2024, net unrealized losses were $132 million primarily due to widening of credit spreads.

The change in net unrealized gains and losses on investments in the three and six months ended June 30, 2025 was primarily attributable to a change in the fair value of fixed maturity securities.

For the three months ended June 30, 2025, net unrealized gains related to fixed maturity securities were $505 million due primarily to lower interest rates and narrowing of credit spreads.

For the six months ended June 30, 2025, net unrealized gains were $827 million due to lower interest rates and narrowing of credit spreads.

The change in net unrealized gains and losses on investments in the three and six months ended June 30, 2024 was primarily attributable to a change in the fair value of fixed maturity securities.

For the three months ended June 30, 2024, net unrealized gains related to fixed maturity securities were $15 million due primarily to narrowing of credit spreads.

For the six months ended June 30, 2024, net unrealized losses were $117 million due to higher interest rates, partially offset by tighter credit spreads.

For additional information on our investment portfolio, see Note 6 to the Condensed Consolidated Financial Statements.

CREDIT RATINGS

At March 31, 2025, approximately 61 percent of our fixed maturity securities were held by our U.S.

At June 30, 2025, approximately 60 percent of our fixed maturity securities were held by our U.S.

Approximately 90 percent of these securities were rated investment grade by one or more of the principal rating agencies.

4 unchanged sentences

We closely monitor the credit quality of the foreign portfolio’s non-rated fixed maturity securities.

At March 31, 2025, approximately 94 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.

At June 30, 2025, approximately 94 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 18 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance.

5 unchanged sentences

MD&A – Enterprise Risk Management in the 2024 Annual Report.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Investments

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 Other Total

(in millions) March 31,

(in millions) June 30,

2025 December 31,

2024 March 31,

2024 June 30,

2025 December 31,

2024 March 31,

2024 June 30,

2025 December 31,

17 unchanged sentences

AA 15,567 16,364 107 169 15,674 16,533

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Investments

Available for Sale Other Total

(in millions) March 31,

2025 December 31,

2024 March 31,

2025 December 31,

2024 March 31,

2025 December 31,

A 18,534 14,902 232 163 18,766 15,065

13 unchanged sentences

The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value:

March 31, 2025

June 30, 2025

(in millions)

5 unchanged sentences

* Excludes $78 million of fixed maturity securities for which no NAIC Designation is available.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Investments

The following table presents the fixed maturity security portfolio categorized by composite AIG credit rating, at fair value:

March 31, 2025

June 30, 2025

(in millions)

4 unchanged sentences

Total* $ 49,203 $ 14,644 $ 63,847 $ 2,516 $ 1,906 $ 1,235 $ 5,657 $ 69,504

* Excludes $60 million of fixed maturity securities for which no NAIC Designation is available.

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Insurance Reserves

* Excludes $78 million of fixed maturity securities for which no composite AIG credit rating is available.

Insurance Reserves

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The following table presents the components of our gross and net loss reserves by segment and major lines of business (a) :

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions) Net Loss Reserves Reinsurance

28 unchanged sentences

Total $ 41,888 $ 27,866 $ 69,754 $ 40,142 $ 29,026 $ 69,168

(a) Includes net loss reserve discount of $1.2 billion and $1.2 billion at March 31, 2025 and December 31, 2024, respectively.

(a) Includes net loss reserve discount of $1.2 billion and $1.2 billion at June 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 $2.5 billion and $2.7 billion at March 31, 2025 and December 31, 2024, respectively.

AIG | Second Quarter 2025 Form 10-Q

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 March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 2025 2024

13 unchanged sentences

Total International Commercial $ (8) $ (7) $ (22) $ (9)

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Insurance Reserves

Three Months Ended March 31,

(in millions) 2025 2024

Global Personal:

6 unchanged sentences

Total Prior Year (Favorable) Unfavorable Development $ (128) $ (79) $ (192) $ (113)

* 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 March 31, 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 $0 million and $0 million for the three months ended March 31, 2025 and 2024, respectively.

Also excludes the related changes in amortization of the deferred gain, which were $(9) million and $(2) million for the three months ended March 31, 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 $122 million and $(63) million for the three months ended June 30, 2025 and 2024, respectively, and $122 million and $(63) million for the six months ended June 30, 2025 and 2024, respectively.

Also excludes the related changes in amortization of the deferred gain, which were $69 million and $(1) million for the three months ended June 30, 2025 and 2024, respectively, and $60 million and $(3) million for the six months ended June 30, 2025 and 2024, respectively.

Net Loss Development

In the three months ended March 31, 2025, we recognized favorable prior year loss reserve development of $64 million.

In the three months ended June 30, 2025, we recognized favorable prior year loss reserve development of $128 million.

The key components of this development were:

1 unchanged sentence

• Favorable development in U.S.

• Amortization benefit related to the deferred gain on the adverse development cover.

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.

• Adverse development in U.S.

Excess Casualty primarily driven by unfavorable development in Mass Tort.

• Favorable Development in U.S.

Property and Special Risks primarily driven by Programs.

• Benefit from the amortization of the deferred gain on the adverse development cover.

In the six months ended June 30, 2025, we recognized favorable prior year loss reserve development of $192 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.

• Adverse development in U.S.

Excess Casualty primarily driven by unfavorable development in Mass Tort.

• Favorable Development in U.S.

Property and Special Risks primarily driven by Programs.

• Benefit from the amortization of the deferred gain on the adverse development cover.

International Commercial

• Favorable development in Global Specialty.

In the three months ended March 31, 2024, we recognized favorable prior year loss reserve development of $34 million.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Insurance Reserves

In the three and six months ended June 30, 2024, we recognized favorable prior year loss reserve development of $79 million and $113 million, respectively.

The key components of this development were:

North America Commercial

• Favorable development on our U.S.

Workers' Compensation and Other Casualty business reflecting continued favorable loss experience.

• Adverse development on U.S.

Excess Casualty, reflecting unfavorable loss experience, particularly in accident year 2021.

• 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.

We note that 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.

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

8 unchanged sentences

MD&A – Enterprise Risk Management – Insurance Risks – Natural Catastrophe Risk in the 2024 Annual Report.

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Insurance Reserves

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) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

Gross Covered Losses

14 unchanged sentences

(b) Excluded from APTI.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Insurance Reserves

The following table presents the rollforward of activity in the deferred gain from the adverse development reinsurance agreement:

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 2025 2024

Balance at beginning of year, net of discount $ 284 $ 149

Balance at beginning of period, net of discount $ 268 $ 177 $ 284 $ 149

(Favorable) unfavorable prior year reserve development ceded to NICO (a)

122 (63) 122 (63)

Amortization attributed to deferred gain at inception (b)

(31) (34) (62) (68)

Amortization attributed to changes in deferred gain (c)

(62) 40 (48) 47

Changes in discount on ceded loss reserves 19 23 20 78

8 unchanged sentences

Those reinsurance transactions were designed to consolidate most of our insurance run-off lines into a single legal entity.

As of March 31, 2025, $3.3 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions.

As of June 30, 2025, $3.3 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

3 unchanged sentences

We must comply with numerous constraints on our capital positions.

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

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.

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.

8 unchanged sentences

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.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS

Liquidity to AIG Parent from Subsidiaries

During the three months ended March 31, 2025, our General Insurance companies distributed dividends of $0.4 billion to AIG Parent or applicable intermediate holding companies.

During the six months ended June 30, 2025, our General Insurance companies distributed dividends of $1.4 billion to AIG Parent or applicable intermediate holding companies.

Sales of Corebridge Shares by AIG (a)

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.

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.

General Borrowings

During the three months ended March 31, 2025, $0.2 billion of debt categorized as general borrowings matured, was repaid or redeemed, including:

During the six months ended June 30, 2025, $1.1 billion of debt categorized as general borrowings matured, was repaid and/or redeemed, including:

• 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.

We made interest payments on our general borrowings totaling $70 million during the three months ended March 31, 2025.

During the three months ended March 31, 2025, w e made a cash dividend payment in the amount of $0.40 per share on AIG Common Stock totaling $234 million.

Repurchases of Common Stock (a)

During the three months ended March 31, 2025, AIG Parent repurchased approximately 29 million shares of AIG Common Stock, for an aggregate purchase price of approximately $2.2 billion.

(a) Pursuant to a Securities Exchange Act of 1934 (the Exchange Act) Rule 10b5-1 repurchase plan, from April 1, 2025 to April 25, 2025, AIG Parent repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $374 million.

• 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 .

• 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.

• 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 $196 million during the six months ended June 30, 2025.

We made cash dividend payments in the amount of $0.45 per share on AIG Common Stock for the three months ended 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 $488 million .

Repurchases of Common Stock (b)

During the six months ended June 30, 2025, AIG Parent repurchased approximately 50 million shares of AIG Common Stock, for an aggregate purchase price of approximately $4.0 billion.

(a) On August 6, 2025, AIG launched a secondary public offering to sell 30 million shares of Corebridge common stock at a public offering price of $33.65 per share, corresponding to approximately $1.0 billion of gross proceeds, and has granted a 30-day option to the underwriter to purchase up to an additional 4.5 million shares.

The offering is expected to close on August 8, 2025.

(b) Pursuant to a Securities Exchange Act of 1934 (the Exchange Act) Rule 10b5-1 repurchase plan, from July 1, 2025 to August 1, 2025, AIG Parent repurchased approximately 6 million shares of AIG Common Stock for an aggregate purchase price of approximately $467 million.

ANALYSIS OF SOURCES AND USES OF CASH

2 unchanged sentences

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 $72 million and $181 million in the three months ended March 31, 2025 and 2024, respectively.

Excluding interest payments, AIG had operating cash inflows of $16 million in the three months ended March 31, 2025 compared to operating cash inflows of $702 million, including $265 million inflow from discontinued operations, in the prior year period.

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

Interest payments totaled $200 million and $470 million in the six months ended June 30, 2025 and 2024, respectively.

Excluding interest payments, AIG had operating cash inflows of $1.5 billion in the six months ended June 30, 2025 compared to operating cash inflows of $1.9 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 three months ended March 31, 2025 was $2.8 billion, compared to net cash provided by investing activities of $306 million, including $2.7 billion used in discontinued operations, in the prior year period.

Net cash provided by investing activities in the six months ended June 30, 2025 was $3.3 billion, compared to net cash used in investing activities of $1.3 billion, including $4.2 billion used in discontinued operations, in the prior year period.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

Financing Cash Flow Activities

Net cash used in financing activities in the three months ended March 31, 2025 totaled $2.7 billion , reflecting:

• $234 million to pay dividends of $0.40 per share on AIG Common Stock;

Net cash used in financing activities in the six months ended June 30, 2025 totaled $4.2 billion , reflecting:

• $488 million to pay dividends of $0.45 per share in the three months ended June 30, 2025, and $0.40 per share for the three months ended March 31, 2025 on AIG Common Stock;

• $4.0 billion to repurchase approximately 50 million shares of AIG Common Stock;

• $247 million in net outflows from the issuance and repayment of long-term debt .

Net cash used in financing activities in the three months ended March 31, 2024 totaled $1.1 billion reflecting:

• $243 million to pay dividends of $0.36 per share on AIG Common Stock;

• $22 million to pay quarterly dividends of $365.625 per share on AIG’s Series A 5.85% Non-Cumulative Perpetual Preferred Stock and redemption premiums;

• $154 million in net inflows from the issuance and repayment of long-term debt .

Net cash used in financing activities in the six months ended June 30, 2024 totaled $148 million reflecting:

• $504 million to pay dividends of $0.40 per share in the three months ended 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;

• $3.3 billion to repurchase approximately 45 million shares of AIG Common Stock;

2 unchanged sentences

LIQUIDITY AND CAPITAL RESOURCES OF AIG PARENT AND SUBSIDIARIES

As of March 31, 2025 and December 31, 2024, respectively, AIG Parent had approximately $7.9 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.

As of June 30, 2025 and December 31, 2024, respectively, AIG Parent had approximately $7.8 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.

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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 $2.3 billion at March 31, 2025.

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

Letters of credit issued in support of our insurance companies totaled approximately $2.4 billion at June 30, 2025.

CREDIT FACILITIES

1 unchanged sentence

The Facility is scheduled to expire in September 2029.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

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.

1 unchanged sentence

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 March 31, 2025, a total of $3.0 billion remained available under the Facility.

As of June 30, 2025, a total of $3.0 billion remained available under the Facility.

CONTRACTUAL OBLIGATIONS

As of March 31, 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.

As of June 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.

OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS

As of March 31, 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.

As of June 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 .

1 unchanged sentence

The following table provides the rollforward of our total debt outstanding:

Three Months Ended March 31, 2025 Balance,

Six Months Ended June 30, 2025 Balance,

of Year Issuances Maturities

Repayments Effect of

Exchange Balance,

Exchange Other

Changes Balance,

(in millions)

9 unchanged sentences

$ 158 $ — — — (1) $ 157

(a) At March 31, 2025, includes debt of consolidated investment entities primarily related to real estate investments of $157 million.

At December 31, 2024, includes debt of consolidated investment entities related to real estate investments of $158 million.

The following table summarizes maturing long-term debt at March 31, 2025 of AIG for the next four quarters:

Quarter Third

(a) Includes debt of consolidated investment entities primarily related to real estate investments of $157 million at June 30, 2025 and $158 million at December 31, 2024.

The following table summarizes maturing long-term debt at June 30, 2025 of AIG for the next four quarters:

Quarter Fourth

Quarter First

Quarter Second

(in millions) 2025 2025 2026 2026 Total

General borrowings $ 146 $ — $ — $ — $ 146

Borrowings supported by assets $ — $ 12 $ 7 $ — $ 19

1 unchanged sentence

Total $ — $ 13 $ 7 $ — $ 20

AIG | First Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):

March 31, 2025 Remainder Year Ending

June 30, 2025 Remainder Year Ending

(in millions) Total of 2025 2026 2027 2028 2029 2030 Thereafter

4 unchanged sentences

Total general borrowings 9,064 — 31 962 734 211 959 6,167

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

June 30, 2025 Remainder Year Ending

(in millions) Total of 2025 2026 2027 2028 2029 2030 Thereafter

Borrowings supported by assets 36 12 7 — — — — 17

3 unchanged sentences

* Does not reflect $157 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.

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.

Best S&P Fitch Moody’s

National Union Fire Insurance Company of Pittsburgh, Pa.

Lexington Insurance Company A AA- A+ A1

American Home Assurance Company A AA- A+ A1

AIG Europe S.A.

American International Group UK Limited A AA- NR A1

AIG General Insurance Company, Ltd.

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

3 unchanged sentences

that ranking refers only to the major rating category and not to the modifiers assigned by the rating agencies.

Short-Term Debt Senior Long-Term Debt

Short-Term Debt Senior Debt Rating

Moody's S&P Moody's (a)

American International Group, Inc.

P-2 (2nd of 4) A-2 (2nd of 5) Baa 2 (4th of 9) / Positive

BBB+ (4th of 9) /

P-2 (2nd of 4) A-2 (2nd of 5) Baa 1 (4th of 9) / Stable

A- (3rd of 9) /

BBB+ (4th of 9) /

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(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.

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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.

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.

Best S&P Fitch Moody’s

National Union Fire Insurance Company of Pittsburgh, Pa.

Lexington Insurance Company A A+ A+ A2

American Home Assurance Company A A+ A+ A2

AIG Europe S.A.

American International Group UK Ltd.

AIG General Insurance Co.

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.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

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Risk Factors – Regulation in the 2024 Annual Report and Executive Summary – Regulatory, Industry and Economic Factors – Regulatory Environment in this MD&A.

On May 1, 2025, our Board of Directors (the Board) declared a cash dividend on AIG Common Stock of $0.45 per share, a 12.5 percent increase from prior quarterly dividends on AIG Common Stock, payable on June 27, 2025 to shareholders of record on June 13, 2025.

On August 6, 2025, our Board of Directors (the Board) declared a cash dividend on AIG Common Stock of $0.45 per share, payable on September 30, 2025 to shareholders of record on September 16, 2025.

The payment of any future dividends will be at the discretion of our Board of Directors and will depend on various factors.

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The Board has authorized the repurchase of shares of AIG Common Stock through a series of actions.

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).

During the three months ended March 31, 2025, AIG Parent repurchased approximately 29 million shares of AIG Common Stock for an aggregate purchase price of $2.2 billion.

Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from April 1, 2025 to April 25, 2025, AIG Parent repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $374 million.

As of April 25, 2025, $7.1 billion remained under the Board's authorization.

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 six months ended June 30, 2025, AIG Parent repurchased approximately 50 million shares of AIG Common Stock for an aggregate purchase price of $4.0 billion.

Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from July 1, 2025 to August 1, 2025, AIG Parent repurchased approximately 6 million shares of AIG Common Stock for an aggregate purchase price of approximately $467 million.

As of August 1, 2025, $5.2 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.

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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 March 31, 2025, there have been no material changes in our market risk exposures, which may be found in Part II, Item 7.

As of June 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.

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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.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

Accident year The annual calendar accounting period in which loss events occurred, regardless of when the losses are actually reported, booked or paid.

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IBNR Incurred But Not Reported Estimates of claims that have been incurred but not reported to us.

AIG | First Quarter 2025 Form 10-Q

AIG | Second Quarter 2025 Form 10-Q

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.

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Prior year development See Loss reserve development .

RBC Risk-Based Capital A formula designed to measure the adequacy of an insurer’s statutory surplus compared to the risks inherent in its business.

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.

14 unchanged sentences

AIG | First Quarter 2025 Form 10-Q

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.

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 March 31, 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 March 31, 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 March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

AIG | First Quarter 2025 Form 10-Q

Part II – Other Information

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 March 31, 2025:

Period Total Number

Repurchased Average Price

Paid per Share* Total Number of Shares

Purchased as Part of

Publicly Announced

Plans or Programs Approximate Dollar Value

of Shares that May Yet Be

Purchased Under the Plans

or Programs (in millions)

January 1-31 10,787,478 $ 73.46 10,787,478 $ 4,846

February 1-28 10,752,132 76.40 10,752,132 4,025

March 1-31 7,456,047 82.78 7,456,047 3,408

Total 28,995,657 $ 76.95 28,995,657 $ 3,408

* Excludes excise tax of $20 million due to the Inflation Reduction Act of 2022 for the three months ended March 31, 2025.

During the three months ended March 31, 2025, American International Group, Inc.

repurchased approximately 29 million shares of AIG Common Stock, par value $2.50 per share (AIG Common Stock) for an aggregate purchase price of $2.2 billion.

From April 1, 2025 to April 25, 2025, we repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $374 million.

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 | First Quarter 2025 Form 10-Q

ITEM 5 | Other Information

Our officers and directors (as defined in Rule 16a-1 under the Exchange Act) may, with our Board of Directors' approval, enter into plans for the purchase or sale of our Common Stock that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

Other than as described below, during the three months ended March 31, 2025 , none of the Company’s directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

• Rose Marie Glazer , our Executive Vice President, General Counsel , entered into a new trading plan on February 14, 2025 .

The plan’s maximum duration is until December 31, 2025 , and the first trade may not occur prior to May 16, 2025.

The trading plan is intended to permit Ms.

Glazer to exercise up to 34,954 stock options and immediately sell the acquired shares.

The Rule 10b5-1 trading arrangement described above was adopted and precleared in accordance with AIG’s Insider Trading Policy and actual sale transactions made pursuant to such trading arrangements will be disclosed publicly in future Section 16 filings with the SEC.

ITEM 6 | Exhibits

Exhibit Index

22 Guaranteed Securities None.

31 Rule 13a-14(a)/15d-14(a) Certifications

Filed herewith.

32 Section 1350 Certifications*

Filed 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 March 31, 2025 and December 31, 2024, (ii) the Condensed Consolidated Statements of Income (Loss) for the three months ended March 31, 2025 and 2024, (iii) the Condensed Consolidated Statements of Equity for the three months ended March 31, 2025 and 2024, (iv) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024 and (vi) the Notes to the Condensed Consolidated Financial Statements

Filed herewith.

104 Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) Filed herewith.

* 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.

AIG | First Quarter 2025 Form 10-Q

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.

/S/ 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)

AIG | First Quarter 2025 Form 10-Q

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 5. Other Information