What changed in this filing

/stocks — the workspaceLOADING

Item 5. Other Information

2025-11-05 compared with 2025-08-07 · 766 added, 766 removed, 3234 unchanged (32% 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 | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

Part I – Financial Information

2 unchanged sentences

Condensed Consolidated Balance Sheets (unaudited)

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

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

2025 December 31,

13 unchanged sentences

2024 - $ 9,789 )

10,102 14,462

Total investments 93,848 93,613

50 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

American International Group, Inc.

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

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

5 unchanged sentences

Net realized gains (losses):

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

Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative ( 431 ) 8 ( 683 ) ( 238 )

Net realized losses on Fortitude Re funds withheld assets ( 5 ) ( 18 ) ( 59 ) ( 38 )

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

Net realized losses on Fortitude Re funds withheld embedded derivative ( 54 ) ( 157 ) ( 109 ) ( 158 )

Total net realized losses ( 490 ) ( 167 ) ( 851 ) ( 434 )

Other income 6 2 17 2

Other income (loss) ( 4 ) — 13 2

Total revenues 6,351 6,751 20,225 20,074

12 unchanged sentences

Net income (loss) 524 457 2,366 ( 1,827 )

Net income attributable to noncontrolling interests — 93 — 477

Net income (loss) attributable to noncontrolling interests 5 ( 2 ) 5 475

Net income (loss) attributable to AIG 519 459 2,361 ( 2,302 )

12 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

American International Group, Inc.

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

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

(in millions) 2025 2024 2025 2024

13 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

American International Group, Inc.

9 unchanged sentences

controlling Interests Total

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

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

5 unchanged sentences

Other comprehensive income — — — — 502 502 — 502

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

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

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

Other — — 46 1 — 47 ( 1 ) 46

Balance, end of period $ 4,766 $ ( 70,667 ) $ 75,334 $ 36,698 $ ( 5,046 ) $ 41,085 $ 32 $ 41,117

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

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

6 unchanged sentences

Net decrease due to divestitures and acquisitions — — — — — — ( 6 ) ( 6 )

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

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

Other — — 40 ( 1 ) — 39 8 47

Balance, end of period $ 4,766 $ ( 63,744 ) $ 75,310 $ 34,429 $ ( 5,722 ) $ 45,039 $ 34 $ 45,073

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

American International Group, Inc.

10 unchanged sentences

controlling Interests Total

Six Months Ended June 30, 2025

Nine Months Ended September 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 — — — — — 2,053 2,053 1 2,054

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 $ ( 70,667 ) $ 75,334 $ 36,698 $ ( 5,046 ) $ 41,085 $ 32 $ 41,117

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

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

14 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

American International Group, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions) 2025 2024

8 unchanged sentences

Unrealized gains in earnings - net ( 537 ) ( 4 )

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

Equity in income from equity method investments, net of dividends or distributions ( 16 ) ( 57 )

Depreciation and other amortization 2,580 2,607

17 unchanged sentences

Other invested assets 2,371 1,298

Divestitures, net — 6

Maturities of fixed maturity securities available for sale 6,368 6,887

14 unchanged sentences

Repayments of long-term debt ( 1,087 ) ( 510 )

Repayments of debt of consolidated investment entities ( 2 ) ( 1 )

Purchase of common stock ( 5,252 ) ( 4,830 )

7 unchanged sentences

Effect of exchange rate changes on cash and restricted cash 29 ( 37 )

Net increase (decrease) in cash and restricted cash 469 ( 61 )

Net increase in cash and restricted cash 222 71

Cash and restricted cash at beginning of year 1,372 1,573

1 unchanged sentence

Cash and restricted cash at end of period $ 1,594 $ 1,559

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

American International Group, Inc.

1 unchanged sentence

Supplementary Disclosure of Condensed Consolidated Cash Flow Information

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions) 2025 2024

15 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | Second Quarter 2025 Form 10-Q

AIG | Third 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 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.

Results of operations for the nine months ended September 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 September 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.

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.

Summary of Significant Accounting Policies

FUTURE APPLICATION OF ACCOUNTING STANDARDS

1 unchanged sentence

The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid.

The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted.

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

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

The standard is effective for public companies for annual periods beginning after December 15, 2024, which AIG plans to adopt on a prospective basis.

The adoption of the standard will not have an impact on AIG’s consolidated results of operations and financial condition as this standard is related to the disclosures in the Notes to the Consolidated Financial Statements.

Disaggregation of Income Statement Expenses

1 unchanged sentence

The standard will require companies to disaggregate certain expense captions into specified categories in disclosures within notes to the financial statements and provide qualitative descriptions for those that are not separately disclosed.

The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027.

The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods

AIG | Third Quarter 2025 Form 10-Q

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

Summary of Significant Accounting Policies

within annual reporting periods beginning after December 15, 2027.

The requirements can be applied prospectively or retrospectively for prior periods presented when adopted.

We are assessing the impact of the standard.

Improvements to Internal-use Software

In September 2025, the FASB issued targeted improvements to modernize the accounting for software development costs by aligning it with how software is developed today.

The effective date for the standard is for annual periods beginning after December 15, 2027 and interim reporting periods within those fiscal years.

Early adoption is permitted.

The amendments can be applied either prospectively, retrospectively or utilizing a modified transition approach.

We are assessing the impact of the standard.

Segment Information

18 unchanged sentences

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

AIG | Second Quarter 2025 Form 10-Q

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

Segment Information

OTHER OPERATIONS

5 unchanged sentences

Assets by reportable segment are not used by the CODMs for purposes of making decisions about allocating resources to the segment and assessing its performance.

AIG | Third Quarter 2025 Form 10-Q

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

Segment Information

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

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

(in millions) Net

11 unchanged sentences

Reconciling items:

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

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares ( 288 ) ( 288 )

Net investment income on Fortitude Re funds withheld assets 29 29

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

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

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

Net realized gains (losses) (c)

( 2 ) ( 433 )

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

Net loss reserve discount charge — ( 12 )

Net loss reserve discount benefit (charge) — 2

Net results of businesses in run-off (d)

4 unchanged sentences

Total AIG Consolidated $ 772 $ 714

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

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

Segment Information

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

(in millions) Net

11 unchanged sentences

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 )

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares 25 25

Net investment income on Fortitude Re funds withheld assets 51 51

Net realized losses on Fortitude Re funds withheld assets — ( 18 )

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

Net realized losses on Fortitude Re funds withheld embedded derivative — ( 157 )

Net realized gains (losses) (c)

Net loss on divestitures and other — ( 8 )

(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — ( 126 )

Net loss reserve discount charge — ( 26 )

Net loss reserve discount benefit (charge) — ( 29 )

Net results of businesses in run-off (d)

3 unchanged sentences

Total AIG Consolidated $ 973 $ 649

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

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

Segment Information

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(in millions) Net

11 unchanged sentences

Reconciling items:

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

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares 393 393

Gain (loss) on extinguishment of debt — 5

6 unchanged sentences

Non-operating litigation reserves and settlements — 13

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

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

Net loss reserve discount charge — ( 27 )

5 unchanged sentences

Total AIG Consolidated $ 3,343 $ 3,218

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

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

Segment Information

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(in millions) Net

11 unchanged sentences

Reconciling items:

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

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares 172 172

Other income (expense) - net 16 —

5 unchanged sentences

Net gain on divestitures and other — 94

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

Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — ( 66 )

Net loss reserve discount charge — ( 131 )

9 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.

In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.

(e) In the three and nine months ended September 30, 2025 and 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and, in the nine months ended September 30, 2024, real estate impairment charges.

For the three and nine months ended September 30, 2024, we recorded severance charges of $ 66 million and $ 351 million, respectively, and asset impairment charges of $ 53 million for the nine months ended September 30, 2024, 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

AIG | Third Quarter 2025 Form 10-Q

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

6 unchanged sentences

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 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.

In August and September 2025, we sold an aggregate of approximately 31.2 million shares of Corebridge common stock at a public offering price of $ 33.65 per share, which included 30 million shares initially offered and the partial exercise by the underwriters of their option to purchase additional shares.

The aggregate proceeds to AIG Parent were approximately $ 1.0 billion.

On November 4, 2025, AIG launched a secondary public offering to sell 32.6 million shares of Corebridge common stock at a public offering price of $ 31.10 per share, corresponding to approximately $ 1.0 billion of gross proceeds.

Subject to the completion of the offering, Corebridge has announced that it intends to purchase approximately $ 500 million of common stock from the underwriter at the same per share price to be paid by the underwriter to AIG, net of underwriting discounts and commissions.

The offering is expected to close on November 6, 2025.

Due to share repurchases by Corebridge and the sale of shares by AIG after the Deconsolidation Date, as of September 30, 2025, AIG held 15.5 percent of the outstanding common stock of Corebridge.

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

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

3 unchanged sentences

(in millions) Three Months Ended

June 30, 2024 Six Months Ended

June 30, 2024

September 30, 2024 Nine Months Ended

September 30, 2024

Premiums $ — $ 2,723

20 unchanged sentences

Net loss from discontinued operations attributable to AIG $ ( 22 ) $ ( 4,055 )

AIG | Second Quarter 2025 Form 10-Q

AIG | Third 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:

June 30, 2025 Level 1 Level 2 Level 3 Counterparty

September 30, 2025 Level 1 Level 2 Level 3 Counterparty

Collateral Total

32 unchanged sentences

Total $ 7,080 $ 70,255 $ 3,765 $ ( 179 ) $ ( 207 ) $ 80,714

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

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

Fair Value Measurements

June 30, 2025 Level 1 Level 2 Level 3 Counterparty

September 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 $ 3.5 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.

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

As of September 30, 2025 and December 31, 2024, includes AIG's ownership interest in Corebridge of $ 2.7 billion and $ 3.8 billion, respectively, on which AIG elected the fair value option.

AIG | Second Quarter 2025 Form 10-Q

AIG | Third 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 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

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

(in millions)

of Period Net Realized

12 unchanged sentences

at End of Period

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Bonds available for sale:

20 unchanged sentences

$ 3,457 $ ( 1 ) $ 7 $ 287 $ 9 $ ( 26 ) $ — $ 3,733 $ 3 $ 17

(in millions) Fair Value

(in millions)

of Period Net

15 unchanged sentences

Total $ ( 104 ) $ 45 $ — $ 28 $ — $ — $ — $ ( 31 ) $ ( 30 ) $ —

AIG | Second Quarter 2025 Form 10-Q

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

Fair Value Measurements

(in millions) Fair Value

13 unchanged sentences

at End of Period

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Bonds available for sale:

11 unchanged sentences

Total other bond securities 238 6 — ( 3 ) — — 7 248 5 —

AIG | Third 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

Equity securities 13 1 — 2 — — ( 3 ) 13 — —

18 unchanged sentences

Derivative liabilities, net (a)

$ ( 39 ) $ 1 $ — $ 2 $ — $ — $ 37 $ 1 $ 2 $ —

Fortitude Re funds withheld payable ( 154 ) 157 — ( 3 ) — — — — ( 153 ) —

16 unchanged sentences

at End of Period

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Bonds available for sale:

15 unchanged sentences

$ 3,481 $ 23 $ 72 $ 425 $ 108 $ ( 376 ) $ — $ 3,733 $ 10 $ 51

AIG | Second Quarter 2025 Form 10-Q

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

Fair Value Measurements

(in millions) Fair Value

15 unchanged sentences

Total $ ( 28 ) $ 81 $ — $ ( 84 ) $ — $ — $ — $ ( 31 ) $ ( 64 ) $ —

AIG | Third Quarter 2025 Form 10-Q

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

Fair Value Measurements

(in millions) Fair Value

13 unchanged sentences

at End of Period

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Bonds available for sale:

15 unchanged sentences

$ 4,151 $ 8 $ 196 $ ( 782 ) $ 552 $ ( 67 ) $ 46 $ 4,104 $ ( 7 ) $ 56

(in millions) Fair Value

(in millions)

in Income Other

17 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 June 30, 2025

Three Months Ended September 30, 2025

Bonds available for sale $ 8 $ ( 7 ) $ 1

1 unchanged sentence

Equity securities 2 — 2

Three Months Ended June 30, 2024

Other invested assets ( 5 ) — ( 5 )

Three Months Ended September 30, 2024

Bonds available for sale $ 25 $ ( 41 ) $ ( 16 )

Other bond securities 6 — 6

Equity securities 1 — 1

Other invested assets ( 3 ) — ( 3 )

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Bonds available for sale $ 21 $ ( 6 ) $ 15

1 unchanged sentence

Equity securities 6 — 6

Six Months Ended June 30, 2024

Other invested assets ( 5 ) — ( 5 )

AIG | Third Quarter 2025 Form 10-Q

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

Fair Value Measurements

(in millions) Net

Income Net Realized

Gains (Losses) Total

Nine Months Ended September 30, 2024

Bonds available for sale $ 65 $ ( 49 ) $ 16

Other bond securities 7 — 7

Equity securities 1 — 1

Other invested assets ( 16 ) — ( 16 )

2 unchanged sentences

(Gains) Losses Total

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Fortitude Re funds withheld payable $ — $ 54 $ 54

Other Liabilities — ( 9 ) ( 9 )

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Derivative liabilities, net $ — $ 1 $ 1

Fortitude Re funds withheld payable — 157 157

Other Liabilities — 28 28

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Fortitude Re funds withheld payable $ — $ 109 $ 109

Other Liabilities — ( 28 ) ( 28 )

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Derivative liabilities, net $ — $ 41 $ 41

1 unchanged sentence

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 and six months ended June 30, 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 nine months ended September 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 June 30, 2025

Three Months Ended September 30, 2025

Bonds available for sale:

governments $ — $ — $ ( 1 ) $ ( 1 )

Corporate debt $ — $ ( 2 ) $ ( 2 ) $ ( 4 )

4 unchanged sentences

Other bond securities:

RMBS — — ( 1 ) ( 1 )

CLO/ABS 11 — ( 1 ) 10

5 unchanged sentences

Total $ — $ — $ 28 $ 28

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Bonds available for sale:

governments $ 4 $ — $ ( 4 ) $ —

Corporate debt $ 10 $ ( 4 ) $ ( 2 ) $ 4

RMBS 87 ( 45 ) ( 65 ) ( 23 )

AIG | Third 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)

CMBS — ( 12 ) — ( 12 )

5 unchanged sentences

Total other bond securities — — ( 3 ) ( 3 )

Equity securities 2 — — 2

Other invested assets 17 — ( 12 ) 5

3 unchanged sentences

Fortitude Re funds withheld payable — — ( 3 ) ( 3 )

Other liabilities — — ( 21 ) ( 21 )

Total $ — $ — $ ( 1 ) $ ( 1 )

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

3 unchanged sentences

Settlements, Net (a)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Bonds available for sale:

14 unchanged sentences

Total $ — $ — $ ( 84 ) $ ( 84 )

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Bonds available for sale:

10 unchanged sentences

Total other bond securities 14 ( 1 ) ( 11 ) 2

Equity securities 2 — — 2

Other invested assets 18 — ( 52 ) ( 34 )

1 unchanged sentence

Total $ 483 $ ( 631 ) $ ( 634 ) $ ( 782 )

AIG | Third 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)

Derivative liabilities, net $ — $ — $ 376 $ 376

2 unchanged sentences

Total $ — $ — $ 345 $ 345

(a) There were no issuances during the three and six months ended June 30, 2025 and 2024.

(a) There were no issuances during the three and nine months ended September 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 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

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

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.

The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) (OCI) as shown in the table above excludes $ 0 million and $ 11 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and nine months ended September 30, 2025, respectively, and includes $ 0 million and $ 6 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and nine months ended September 30, 2025, respectively.

The Net realized and unrealized gains (losses) included in income (loss) or OCI as shown in the table above excludes $ 0 million and $( 27 ) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and nine months ended September 30, 2024, respectively, and includes $ 0 million and $ 1 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and nine months ended September 30, 2024, respectively.

Transfers of Level 3 Assets

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.

During the three months ended September 30, 2025, there were no significant transfers into Level 3 assets.

There were no transfers into Level 3 assets during the three months ended September 30, 2024.

During the nine months ended September 30, 2025 and 2024, transfers into Level 3 assets included 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 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.

During the three months ended September 30, 2025, transfers out of Level 3 assets included investments in private placement corporate debt and RMBS.

There were no transfers out of Level 3 assets during the three months ended September 30, 2024.

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

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

AIG | Third Quarter 2025 Form 10-Q

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

Fair Value Measurements

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

2 unchanged sentences

(in millions) Fair Value at

June 30, 2025 Valuation

September 30, 2025 Valuation

Technique Unobservable Input (b)

8 unchanged sentences

CMBS 5 Discounted cash flow Yield 5.56 % - 13.35 % ( 8.78 %)

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

31 unchanged sentences

In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

AIG | Third Quarter 2025 Form 10-Q

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

Fair Value Measurements

Embedded Derivatives within Reinsurance Contracts

2 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.

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

September 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

Investment Category

14 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

AIG | Third Quarter 2025 Form 10-Q

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

3 unchanged sentences

Gain (Loss) Three Months

Ended June 30, Gain (Loss) Six Months

Ended June 30,

Ended September 30, Gain (Loss) Nine Months

Ended September 30,

(in millions) 2025 2024 2025 2024

2 unchanged sentences

Alternative investments (b)

98 76 185 184

Retained investment in Corebridge (c)

5 unchanged sentences

(b) Includes certain hedge funds, private equity funds and real estate investments.

(c) Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge and gain/loss on sale of shares.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

2 unchanged sentences

(in millions) Level 1 Level 2 Level 3 Total

June 30, 2025

September 30, 2025

Mortgage and other loans receivable $ — $ 336 $ 2,929 $ 3,265 $ 3,314

19 unchanged sentences

Debt of consolidated investment entities — — 158 158 158

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

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

2 unchanged sentences

(in millions) Amortized

June 30, 2025

September 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 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.

(b) At September 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 $ 5.8 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

June 30, 2025

September 30, 2025

Bonds available for sale:

7 unchanged sentences

Total bonds available for sale $ 9,168 $ 192 $ 13,778 $ 1,777 $ 22,946 $ 1,969

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

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

11 unchanged sentences

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

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 September 30, 2025, we held 7,530 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,415 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 June 30, 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 September 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.

2 unchanged sentences

The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:

June 30, 2025 Total Fixed Maturity Securities

September 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 June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

1 unchanged sentence

Fixed maturity securities $ 15 $ 117 $ 11 $ 95 $ 45 $ 560 $ 54 $ 408

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.

For the three and nine months ended September 30, 2025, the aggregate fair value of available for sale securities sold was $ 2.5 billion and $ 9.9 billion, respectively, which resulted in net realized gains (losses) of $( 102 ) million and $( 515 ) million, respectively.

Included within the net realized gains (losses) are $( 6 ) million and $( 62 ) million of net realized gains (losses) for the three and nine months ended September 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

AIG | Third 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.

For the three and nine months ended September 30, 2024, the aggregate fair value of available for sale securities sold was $ 1.9 billion and $ 6.9 billion, respectively, which resulted in net realized gains (losses) of $( 84 ) million and $( 354 ) million, respectively.

Included within the net realized gains (losses) are $( 18 ) million and $( 34 ) million of net realized gains (losses) for the three and nine months ended September 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.

1 unchanged sentence

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) June 30, 2025 December 31, 2024

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

Value Percent

14 unchanged sentences

Total $ 1,572 100 % $ 1,449 100 %

OTHER INVESTED ASSETS

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

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

Alternative investments (a)

$ 3,889 $ 4,032

Retained investment in Corebridge using fair value option 2,651 3,810

All other investments (b)

Total $ 8,361 $ 9,828

(a) At September 30, 2025, includes hedge funds of $ 191 million and private equity funds of $ 3.4 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 September 30, 2025 and December 31, 2024, the accumulated depreciation was $ 135 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 September 30, 2025 and December 31, 2024.

AIG | Third Quarter 2025 Form 10-Q

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

NET INVESTMENT INCOME

The following table presents the components of Net investment income:

Three Months Ended June 30, 2025 2024

Three Months Ended September 30, 2025 2024

(in millions) Excluding Fortitude

16 unchanged sentences

Net investment income $ 743 $ 29 $ 772 $ 922 $ 51 $ 973

Six Months Ended June 30, 2025 2024

Nine Months Ended September 30, 2025 2024

(in millions) Excluding Fortitude

16 unchanged sentences

Net investment income $ 3,235 $ 108 $ 3,343 $ 2,819 $ 123 $ 2,942

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.

Hedge funds are recorded as of the balance sheet date.

Hedge funds are generally reported on a one-month lag.

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

(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.

(b) Includes dividends received from Corebridge, changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $ 20 million and $( 348 ) million, respectively, for the three months ended September 30, 2025, $ 78 million and $ 316 million, respectively, for the nine months ended September 30, 2025, $ 65 million and $( 35 ) million , respectively, for the three months ended September 30, 2024, and $ 133 million and $ 30 million, respectively, for the nine months ended September 30, 2024.

NET REALIZED GAINS AND LOSSES

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

Three Months Ended June 30, 2025 2024

Three Months Ended September 30, 2025 2024

(in millions) Excluding

9 unchanged sentences

Other* ( 262 ) ( 1 ) ( 263 ) 22 3 25

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) – excluding Fortitude Re funds withheld embedded derivative ( 431 ) ( 5 ) ( 436 ) 8 ( 18 ) ( 10 )

Net realized losses on Fortitude Re funds withheld embedded derivative — ( 54 ) ( 54 ) — ( 157 ) ( 157 )

Net realized gains (losses) $ ( 431 ) $ ( 59 ) $ ( 490 ) $ 8 $ ( 175 ) $ ( 167 )

Six Months Ended June 30, 2025 2024

AIG | Third Quarter 2025 Form 10-Q

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

Nine Months Ended September 30, 2025 2024

(in millions) Excluding

12 unchanged sentences

Net realized losses $ ( 683 ) $ ( 168 ) $ ( 851 ) $ ( 238 ) $ ( 196 ) $ ( 434 )

* In the three and nine months ended September 30, 2025, Other increased primarily as a result of impairments on investments in real estate funds.

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

3 unchanged sentences

Total increase (decrease) in unrealized appreciation (depreciation) of investments* $ 543 $ 1,597 $ 1,370 $ 1,441

* 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.

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

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 June 30, 2025 2024

Three Months Ended September 30, 2025 2024

(in millions) Equities Other

4 unchanged sentences

Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ 60 $ ( 179 ) $ ( 119 ) $ 52 $ 42 $ 94

Six Months Ended June 30, 2025 2024

Nine Months Ended September 30, 2025 2024

(in millions) Equities Other

2 unchanged sentences

Net gains recognized during the period on equity securities and other investments $ 85 $ 501 $ 586 $ 144 $ 234 $ 378

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

Net gains (losses) recognized during the period on equity securities and other investments sold during the period 3 ( 32 ) ( 29 ) 51 24 75

Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date $ 82 $ 533 $ 615 $ 93 $ 210 $ 303

* 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.

* Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $( 348 ) million and $ 316 million in the three and nine months ended September 30, 2025, respectively, and $( 35 ) million and $ 30 million in the three and nine months ended September 30, 2024, respectively.

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS

For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 6 to the Consolidated Financial Statements in the 2024 Annual Report.

AIG | Third Quarter 2025 Form 10-Q

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

Credit Impairments

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 June 30, 2025 2024

Three Months Ended September 30, 2025 2024

(in millions) Structured Non-

3 unchanged sentences

Securities for which allowance for credit losses was not previously recorded 1 1 2 2 — 2

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 ) 4 3 4 ( 6 ) ( 2 )

2 unchanged sentences

Balance, end of period $ 4 $ 39 $ 43 $ 12 $ 28 $ 40

Six Months Ended June 30, 2025 2024

Nine Months Ended September 30, 2025 2024

(in millions) Structured Non-

8 unchanged sentences

Balance, end of period $ 4 $ 39 $ 43 $ 12 $ 28 $ 40

AIG | Second Quarter 2025 Form 10-Q

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

Purchased Credit Deteriorated Securities

10 unchanged sentences

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 six months ended June 30, 2025 and 2024.

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

PLEDGED INVESTMENTS

4 unchanged sentences

These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

AIG | Third Quarter 2025 Form 10-Q

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

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions.

5 unchanged sentences

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

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

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

Securities collateral pledged to us $ 2,883 $ 2,853

At June 30, 2025 and December 31, 2024, the carrying value of reverse repurchase agreements totaled $ 2.9 billion and $ 2.8 billion, respectively.

At September 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 $ 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.

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

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 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.

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

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

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

Investments held in escrow accounts or otherwise subject to restriction as to their use were $ 74 million and $ 73 million, comprised of bonds available for sale and short-term investments at September 30, 2025 and December 31, 2024, respectively.

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

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.

Lending Activities

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

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

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

Commercial mortgages (a)

7 unchanged sentences

$ 3,314 $ 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 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.

(a) Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 13 percent and 13 percent, respectively, at September 30, 2025 and 12 percent and 14 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 September 30, 2025 and December 31, 2024.

(c) Excludes $ 37.6 billion at both September 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 $ 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.

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

AIG | Third Quarter 2025 Form 10-Q

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

Lending Activities

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 June 30, 2025 and December 31, 2024, $ 152 million and $ 252 million, respectively, of commercial mortgage loans were placed on nonaccrual status.

As of September 30, 2025 and December 31, 2024, $ 151 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 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

As of September 30, 2025 and December 31, 2024, accrued interest receivable associated with commercial mortgage loans was $ 14 million and $ 15 million, respectively.

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:

June 30, 2025 2025 2024 2023 2022 2021 Prior Total

September 30, 2025 2025 2024 2023 2022 2021 Prior Total

(in millions)

10 unchanged sentences

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

June 30, 2025 2025 2024 2023 2022 2021 Prior Total

September 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 June 30, 2025 and December 31, 2024.

Our weighted average debt service coverage ratio was 1.8 x at both September 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 69 percent and 65 percent at June 30, 2025 and December 31, 2024, respectively.

Our weighted average loan-to-value ratio was 68 percent and 65 percent at September 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

AIG | Third Quarter 2025 Form 10-Q

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

3 unchanged sentences

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

June 30, 2025

September 30, 2025

Past Due Status:

18 unchanged sentences

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 June 30, 2025

Three Months Ended September 30, 2025

(in millions) Commercial

7 unchanged sentences

Allowance, end of period $ 104 $ — $ 104 $ 165 $ 2 $ 167

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(in millions) Commercial

8 unchanged sentences

$ 104 $ — $ 104 $ 165 $ 2 $ 167

(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.

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

AIG | Third Quarter 2025 Form 10-Q

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

11 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 six months ended June 30, 2025 and 2024, that had been previously modified with borrowers experiencing financial difficulties.

There were no loans that had defaulted during the nine months ended September 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 June 30, 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 September 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.

5 unchanged sentences

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 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

As of September 30, 2025, $ 3.2 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.

AIG | Third Quarter 2025 Form 10-Q

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

1 unchanged sentence

The following summarizes the composition of the pool of assets:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in millions) Carrying

11 unchanged sentences

Total $ 3,105 $ 3,094 $ 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 $ 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.

(a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $ 58 million ($ 46 million after-tax) and $( 35 ) million ($( 28 ) million after-tax), respectively for the nine months ended September 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 $ 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 $ 1 million and $ 31 million, respectively, as of September 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.

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

Net investment income - Fortitude Re funds withheld assets $ 29 $ 51 $ 108 $ 123

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

Net realized losses on Fortitude Re funds withheld assets:

Net realized losses - Fortitude Re funds withheld assets ( 5 ) ( 18 ) ( 59 ) ( 38 )

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)

Net realized losses - Fortitude Re funds withheld embedded derivative ( 54 ) ( 157 ) ( 109 ) ( 158 )

Net realized losses on Fortitude Re funds withheld assets ( 59 ) ( 175 ) ( 168 ) ( 196 )

Loss from continuing operations before income tax benefit ( 30 ) ( 124 ) ( 60 ) ( 73 )

Income tax benefit (a)

( 7 ) ( 26 ) ( 13 ) ( 15 )

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

( 23 ) ( 98 ) ( 47 ) ( 58 )

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

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

Comprehensive loss $ — $ ( 31 ) $ ( 1 ) $ ( 33 )

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

12 unchanged sentences

• whether collateral and collateral arrangements exist.

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

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

2 unchanged sentences

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

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

The total reinsurance recoverables as of September 30, 2025 were $ 41.6 billion.

As of that date, utilizing AIG’s ORRs, (i) approximately 81 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 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.

As of September 30, 2025 and December 31, 2024, approximately 86 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.

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

19 unchanged sentences

The following table presents a rollforward of DAC:

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions) 2025 2024

4 unchanged sentences

Balance, end of period $ 2,135 $ 2,191

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 10.

11 unchanged sentences

Assets On-Balance

June 30, 2025

September 30, 2025

Real estate and investment entities (a)

8 unchanged sentences

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

(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.

(b) At September 30, 2025 and December 31, 2024, excludes approximately $ 1,323 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 $ 1,284 million and $ 1,894 million, respectively.

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

(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.

(c) At September 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.

10 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

AIG | Third Quarter 2025 Form 10-Q

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

1 unchanged sentence

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:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

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

19 unchanged sentences

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

(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).

(b) As of September 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 $ 25 million and $ 30 million, respectively).

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

3 unchanged sentences

Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively.

Fair value of assets related to bifurcated embedded derivatives was $ 3.1 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.

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

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

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

9 unchanged sentences

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 $ 350 million and $ 601 million at June 30, 2025 and December 31, 2024, respectively.

Collateral posted by us to third parties for derivative transactions was $ 341 million and $ 601 million at September 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 $ 260 million and $ 595 million at June 30, 2025 and December 31, 2024, respectively.

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

AIG | Third Quarter 2025 Form 10-Q

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

11 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 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.

For the three and nine months ended September 30, 2025, we recognized gains (losses) of $ 15 million and $( 157 ) million, respectively, and for the three and nine months ended September 30, 2024, we recognized gains (losses) of $( 41 ) million and $( 7 ) 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 June 30, 2025

Three Months Ended September 30, 2025

Foreign exchange contracts:

Net realized gains/(losses) $ ( 25 ) $ ( 4 ) $ 25 $ ( 4 )

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Foreign exchange contracts:

Net realized gains/(losses) $ 53 $ 6 $ ( 53 ) $ 6

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Foreign exchange contracts:

Net realized gains/(losses) $ ( 52 ) $ ( 23 ) $ 52 $ ( 23 )

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Foreign exchange contracts:

2 unchanged sentences

(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 | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

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

4 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

7 unchanged sentences

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

Net realized losses - excluding Fortitude Re funds withheld assets

Net realized gains (losses) - excluding Fortitude Re funds withheld assets

( 10 ) 7 ( 136 ) ( 62 )

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

Net realized losses on Fortitude Re funds withheld assets *

( 52 ) ( 159 ) ( 129 ) ( 158 )

2 unchanged sentences

CREDIT RISK-RELATED CONTINGENT FEATURES

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.

We estimate that at September 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 $ 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.

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 $ 25 million and $ 30 million at September 30, 2025 and December 31, 2024, respectively.

The aggregate fair value of assets posted as collateral under these contracts at September 30, 2025 and December 31, 2024, was approximately $ 25 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 $ 12.3 billion and $ 12.1 billion at June 30, 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 $ 13.4 billion and $ 12.1 billion at September 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 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

At September 30, 2025 and December 31, 2024 we held collateral of approximately $ 9.1 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 September 30, 2025 and December 31, 2024.

AIG | Third 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

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

18 unchanged sentences

77 ( 107 ) 92 71

Dispositions — ( 5 ) — ( 5 )

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

7 unchanged sentences

(Berkshire), covering U.S.

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.

asbestos exposures for the three months ended September 30, 2025 and 2024, respectively, and $ 26 million and $ 47 million for the nine months ended September 30, 2025 and 2024, respectively.

(b) Includes benefit (charge) from change in discount on retroactive reinsurance of $ 7 million and $ 22 million for the three months ended September 30, 2025 and 2024 respectively, and $ 27 million and $ 100 million for the nine months ended September 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 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.

During the three months ended September 30, 2025, we recognized favorable prior year loss reserve development of $ 161 million excluding discount and amortization of deferred gain.

The development in this period was primarily driven by favorable development in Other Product Lines (North America and International) and U.S.

Property and Special Risks, partially offset by adverse development in UK/Europe Casualty and Financial Lines.

During the nine months ended September 30, 2025, we recognized favorable prior year loss reserve development of $ 169 million excluding discount and amortization of deferred gain.

The development in this period was largely driven by favorable development in Other Product Lines (North America and International), U.S.

Workers’ Compensation, U.S.

Other Casualty and U.S.

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

Excess Casualty and UK/Europe Casualty and Financial Lines.

During the three months ended September 30, 2024, we recognized unfavorable prior year loss reserve development of $ 187 million excluding discount and amortization of deferred gain.

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

Excess Casualty and UK/Europe Casualty and Financial Lines, offset by favorable development in Global Specialty 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.

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

During the nine months ended September 30, 2024, we recognized unfavorable prior year loss reserve development of $ 79 million excluding discount and amortization of deferred gain.

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

Excess Casualty and UK/Europe Casualty and Financial Lines, offset by favorable development in Global Specialty, U.S.

Property and Special Risks and on our loss sensitive U.S.

Workers' Compensation business.

AIG | Third Quarter 2025 Form 10-Q

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

1 unchanged sentence

Discounting of Loss Reserves

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:

At September 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.

9 unchanged sentences

The discount for asbestos reserves has been fully accreted.

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).

At September 30, 2025 and December 31, 2024, the discount consists of $ 134 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 nine months ended September 30, 2025 and 2024, the benefit / (charge) from changes in discount of $( 27 ) million and $( 131 ) 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) June 30, 2025 December 31, 2024

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

workers' compensation $ 2,084 $ 2,111

2 unchanged sentences

$ 1,175 $ 1,175

(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.

(a) Excludes $ 166 million and $ 184 million of discount related to certain long-tail liabilities in the UK at September 30, 2025 and December 31, 2024, respectively.

(b) Includes gross discount of $ 725 million and $ 627 million, which was 100 percent ceded to Fortitude Re at September 30, 2025 and December 31, 2024, respectively.

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

4 unchanged sentences

Net change in total reserve discount* $ 9 $ ( 7 ) $ — $ ( 31 )

* 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.

* Excludes $( 35 ) million and $ 1 million discount related to certain long-tail liabilities in the UK for the three months ended September 30, 2025 and 2024, respectively, and excludes $( 18 ) million and $ 1 million discount related to certain long-tail liabilities in the UK for the nine months ended September 30, 2025 and 2024, respectively.

Amortization of Deferred Gain on Retroactive Reinsurance

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.

Amortization of the deferred gain on retroactive reinsurance includes $ 40 million and $ 209 million related to the adverse development reinsurance cover with NICO for the three months ended September 30, 2025 and 2024, respectively, and $ 150 million and $ 230 million for the nine months ended September 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.

FUTURE POLICY BENEFITS

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

AIG | Second Quarter 2025 Form 10-Q

Future policy benefits primarily include reserves for certain long-duration contracts that are 100 percent ceded of $ 781 million and $ 691 million at September 30, 2025 and December 31, 2024, respectively, certain other long-duration contracts of $ 634 million and $ 621 million at September 30, 2025 and December 31, 2024, respectively, and Global Accident & Health contracts.

AIG | Third Quarter 2025 Form 10-Q

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

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

These commitments totaled $ 2.0 billion and $ 1.8 billion at September 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 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.

Due to the deconsolidation of AIGFP and its subsidiaries, as of September 30, 2025, a $ 72 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.

2 unchanged sentences

(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

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

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

12 unchanged sentences

The following table presents a rollforward of outstanding shares:

Six Months Ended June 30, 2025

Nine Months Ended September 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 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

Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from October 1, 2025 to October 30, 2025, we repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $ 406 million.

AIG | Third 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.

On November 4, 2025, our Board of Directors declared a cash dividend on AIG Common Stock of $ 0.45 per share, payable on December 30, 2025 to shareholders of record on December 16, 2025.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

20 unchanged sentences

Adjustment Total

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 )

Change in unrealized appreciation (depreciation) of investments

1 unchanged sentence

Change in other — 20 — — — — 20

Change in discount rates — — — 7 — — 7

Change in foreign currency translation adjustments

2 unchanged sentences

— — — — — 8 8

Change in prior service cost

— — — — — 1 1

Change in deferred tax asset (liability)

1 unchanged sentence

Total other comprehensive income (loss) — 547 — 5 ( 56 ) 6 502

Noncontrolling interests — — — — — — —

Balance, September 30, 2025, net of tax $ ( 6 ) $ ( 1,404 ) $ — $ 80 $ ( 2,955 ) $ ( 761 ) $ ( 5,046 )

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

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*

1 unchanged sentence

Change in other — 17 — — — — 17

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

Change in discount rates — — — ( 12 ) — — ( 12 )

Change in future policy benefits

— 67 — — — — 67

Change in foreign currency translation adjustments

6 unchanged sentences

( 8 ) ( 249 ) — 58 ( 13 ) — ( 212 )

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

Total other comprehensive income 37 1,349 — 46 414 1 1,847

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 )

Noncontrolling interests — — — — 4 — 4

Balance, September 30, 2024, net of tax $ ( 1 ) $ ( 2,073 ) $ — $ 68 $ ( 2,912 ) $ ( 804 ) $ ( 5,722 )

(in millions) Unrealized

25 unchanged sentences

Change in net actuarial loss — — — — — 18 18

Change in prior service cost

— — — — — 1 1

Change in deferred tax asset (liability) 1 74 — ( 4 ) 30 ( 6 ) 95

1 unchanged sentence

Noncontrolling interests — — — — 1 — 1

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

AIG | Second Quarter 2025 Form 10-Q

Balance, September 30, 2025, net of tax $ ( 6 ) $ ( 1,404 ) $ — $ 80 $ ( 2,955 ) $ ( 761 ) $ ( 5,046 )

AIG | Third Quarter 2025 Form 10-Q

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

29 unchanged sentences

Change in deferred tax asset (liability)

( 20 ) ( 92 ) ( 28 ) ( 166 ) ( 14 ) ( 4 ) ( 324 )

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

Total other comprehensive income 120 7,646 432 ( 802 ) 71 17 7,484

Corebridge noncontrolling interests 2 610 33 ( 105 ) ( 3 ) — 537

Noncontrolling interests 17 ( 559 ) ( 11 ) 258 1 — ( 294 )

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:

Balance, September 30, 2024, net of tax $ ( 1 ) $ ( 2,073 ) $ — $ 68 $ ( 2,912 ) $ ( 804 ) $ ( 5,722 )

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

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

(in millions) Unrealized

19 unchanged sentences

Adjustment Total

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Unrealized change arising during period $ — $ 461 $ — $ 7 $ ( 52 ) $ — $ 416

3 unchanged sentences

Total other comprehensive income (loss), net of income tax expense (benefit) $ — $ 547 $ — $ 5 $ ( 56 ) $ 6 $ 502

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Unrealized change arising during period $ 45 $ 1,514 $ — $ ( 12 ) $ 427 $ ( 7 ) $ 1,967

3 unchanged sentences

Total other comprehensive income (loss), net of income tax expense (benefit) $ 37 $ 1,349 $ — $ 46 $ 414 $ 1 $ 1,847

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Unrealized change arising during period $ ( 3 ) $ 875 $ — $ 16 $ 537 $ ( 5 ) $ 1,420

3 unchanged sentences

Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 2 ) $ 1,464 $ — $ 12 $ 567 $ 13 $ 2,054

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Unrealized change arising during period $ 98 $ ( 1,129 ) $ 130 $ 947 $ 173 $ ( 2 ) $ 217

3 unchanged sentences

Total other comprehensive income (loss), net of income tax expense (benefit) $ 120 $ 7,646 $ 432 $ ( 802 ) $ 71 $ 17 $ 7,484

AIG | Second Quarter 2025 Form 10-Q

AIG | Third 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 June 30, Condensed Consolidated

Three Months Ended September 30, Condensed Consolidated

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

11 unchanged sentences

Amount Reclassified from AOCI Affected Line Item in the

Six Months Ended June 30, Condensed Consolidated

Nine Months Ended September 30, Condensed Consolidated

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

15 unchanged sentences

See the rollforward of Accumulated other comprehensive income (loss) above for further details.

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 15.

5 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

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

1 unchanged sentence

Income from continuing operations $ 524 $ 481 $ 2,366 $ 1,753

Net income attributable to noncontrolling interests 5 — 5 —

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

1 unchanged sentence

Loss from discontinued operations, net of income tax expense — ( 24 ) — ( 3,580 )

Net income attributable to noncontrolling interests — 93 — 477

Net income (loss) attributable to noncontrolling interests — ( 2 ) — 475

Loss from discontinued operations, net of noncontrolling interest — ( 22 ) — ( 4,055 )

13 unchanged sentences

(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 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.

The number of potential common shares excluded from diluted shares outstanding was 139,655 and 140,042 for the three and nine months ended September 30, 2025, respectively, and 94,545 and 108,759 for the three and nine months ended September 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 | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

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

2 unchanged sentences

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.

We do not expect the OBBB Act to have a material impact on our results of operations.

BASIS OF PRESENTATION

17 unchanged sentences

INTERIM TAX EXPENSE (BENEFIT)

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.

For the three months ended September 30, 2025, the effective tax rate on income from continuing operations was 26.6 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 a tax benefit related to prior year tax return adjustments.

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, 2025, the effective tax rate on income from continuing operations was 26.4 percent.

For the nine months ended September 30, 2025, the effective tax rate on income from continuing operations was 26.5 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 charges are partially offset by tax benefits related to prior year tax return adjustments, 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.

For the three months ended September 30, 2024, 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, 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.

For the nine months ended September 30, 2024, the effective tax rate on income from continuing operations was 24.6 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

AIG | Third Quarter 2025 Form 10-Q

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

3 unchanged sentences

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 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.

During the three months ended September 30, 2025, taxable income projections were updated to reflect the latest projections of income for our insurance and non-insurance companies, the filing of our 2024 US federal consolidated income tax return, 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.

4 unchanged sentences

federal consolidated income tax group tax attribute carryforwards that are not more likely than not to be realized.

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.

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

We continue to weigh multiple data points in our assessment of the recoverability of our deferred tax asset.

To the extent positive evidence outweighs the negative evidence, some or all of the valuation allowance could be released, as early as the fourth quarter of 2025.

For the nine months ended September 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 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.

As of September 30, 2025, based on all available evidence, we concluded that a valuation allowance of $ 204 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 nine months ended September 30, 2025, we recorded a decrease in valuation allowance of $ 305 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 six months ended June 30, 2025, we recognized a net $ 9 million increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions.

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

TAX EXAMINATIONS

We are currently under examination by the IRS for the tax years 2011 through 2019.

We are currently under examination by the Internal Revenue Service (IRS) for the tax years 2011 through 2019.

We continue to engage in the IRS Appeals process for certain disagreed issues related to tax years 2007 through 2010.

1 unchanged sentence

ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES

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.

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

At both September 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 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.

At September 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 nine months ended September 30, 2025 and 2024, we accrued expense (benefit) of $( 13 ) million and $ 1 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 | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 17.

Subsequent Events

STRATEGIC INVESTMENTS

On October 30, 2025, AIG announced strategic investments in Convex Group Limited (Convex), a global specialty insurer, and Onex Corporation (Onex), a global asset manager.

AIG will acquire a 35 percent equity interest in Convex for approximately $ 2.1 billion as well as a 9.9 percent ownership stake in Onex, for approximately $ 646 million, with the intent to invest up to $ 2.0 billion over three years in Onex’s investment funds.

Both transactions are expected to close in first half of 2026, subject to regulatory approvals and other customary closing conditions.

AIG will also participate directly in Convex’s underwriting portfolio through a whole account quota share structure from January 1, 2026.

RENEWAL RIGHTS ACQUISITION

On October 27, 2025, AIG announced definitive agreements with Everest Group, Ltd.

(Everest) to acquire the renewal rights of Everest’s global retail commercial insurance portfolios for an aggregate purchase price of $ 301 million.

AIG will also pay Everest $ 30 million for originating and structuring the transaction and to reimburse Everest for certain expenses.

The purchase price is subject to adjustment such that the final purchase price will be equal to 15 percent of the actual premiums written for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025 (aggregate premiums).

If the gross written premium paid and payable are less than 80 percent of the aggregate premiums, Everest will reimburse a portion of the aggregate purchase price depending on the relative percentage of such aggregate premiums, which amount shall not exceed $ 70 million.

AIG has also agreed to pay Everest affiliates a total of $ 10 million per month for nine months for specified transition services.

AIG | Third Quarter 2025 Form 10-Q

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

10 unchanged sentences

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 | Second Quarter 2025 Form 10-Q

AIG | Third 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 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.

and globally, including financial market conditions, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, and geopolitical events or conflicts;

Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation:

• the impact of adverse developments affecting economic conditions in the markets in which we operate, including financial market conditions, the U.S.

federal government shutdown, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, and geopolitical events or conflicts;

• the occurrence of catastrophic events, both natural and man-made, which may be exacerbated by the effects of climate change;

38 unchanged sentences

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 | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

INDEX TO ITEM 2

8 unchanged sentences

Other Operations

Investment Highlights in the Six Months Ended June 30, 2025

Investment Highlights in the Nine Months Ended September 30, 2025

Investment Strategies

13 unchanged sentences

Enterprise Risk Management

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

30 unchanged sentences

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 | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

Adjusted pre-tax income (APTI) is derived by excluding the items set forth below from income from continuing operations before income tax:

• changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares;

• changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares;

• net investment income on Fortitude Re funds withheld assets;

32 unchanged sentences

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

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Critical Accounting Estimates

20 unchanged sentences

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

On June 9, 2024, AIG waived its right to majority representation on the Corebridge Board of Directors and one of AIG's designees resigned from the Corebridge Board of Directors as of June 9, 2024 (the Deconsolidation Date).

On June 9, 2024, AIG waived its right to majority representation on the Corebridge Board of Directors and one of AIG's designees resigned from the Corebridge Board of Directors as of June 9, 2024.

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

1 unchanged sentence

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 | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Executive Summary

39 unchanged sentences

Three Months Ended

June 30, Percentage Six Months Ended

June 30, Percentage

September 30, Percentage Nine Months Ended

September 30, Percentage

Rate for 1 USD 2025 2024 Change 2025 2024 Change

4 unchanged sentences

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 | Second Quarter 2025 Form 10-Q

AIG | Third 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 and six months ended June 30, 2025 and 2024.

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

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

3 unchanged sentences

Three Months Ended

June 30, Percentage Six Months Ended

June 30, Percentage

September 30, Percentage Nine Months Ended

September 30, Percentage

(in millions) 2025 2024 Change 2025 2024 Change

5 unchanged sentences

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 (52) (1) NM (54) (20) (170)

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

Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative (431) 8 NM (683) (238) (187)

Net realized losses on Fortitude Re funds withheld assets (5) (18) 72 (59) (38) (55)

Net realized losses on Fortitude Re funds withheld embedded derivative (54) (157) 66 (109) (158) 31

Total net realized losses (490) (167) (193) (851) (434) (96)

Other income 6 2 200 17 2 NM

Other income (loss) (4) — NM 13 2 NM

Total revenues 6,351 6,751 (6) 20,225 20,074 1

5 unchanged sentences

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

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

Net (gain) loss on divestitures and other — 8 NM (53) (94) 44

Total benefits, losses and expenses 5,637 6,102 (8) 17,007 17,750 (4)

3 unchanged sentences

Loss from discontinued operations, net of income taxes — (24) NM — (3,580) 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

Net income (loss) 524 457 15 2,366 (1,827) NM

Net income (loss) attributable to noncontrolling interests 5 (2) NM 5 475 (99)

Net income (loss) attributable to AIG 519 459 13 2,361 (2,302) 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

Net income (loss) attributable to AIG common shareholders $ 519 $ 459 13 % $ 2,361 $ (2,324) NM %

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

Balance sheet data:

5 unchanged sentences

Core operating book value per share 66.66 61.75

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Consolidated Results of Operations

NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS

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.

Three Months Ended September 30, 2025 and 2024 Comparison

Net income (loss) attributable to AIG common shareholders increased $60 million due to the following:

• an increase in underwriting income driven by lower catastrophe losses of $317 million, higher net favorable prior year reserve development of $15 million, primarily in North America Casualty and Property, higher net premiums earned offset a higher accident year loss ratio, as adjusted due to changes in business mix and a lower expense ratio primarily driven by change in business mix and improved commission terms;

• a decrease in Net realized losses on Fortitude Re funds withheld embedded derivative of $103 million driven by interest rate movement and a decrease in Net realized losses on Fortitude Re funds withheld assets of $13 million;

• an increase in Income (loss) from discontinued operations, net of income taxes of $24 million as a result of the deconsolidation of Corebridge in June 2024.

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

• an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $439 million, primarily driven by impairments on investments in real estate funds, an increase in foreign exchange losses of $75 million, changes in allowance for credit losses on loans of $49 million, higher losses on sales of securities of $30 million and higher derivative and hedge activity losses of $18 million, partially offset by lower losses on sales of alternative investments of $16 million;

• a decrease in Net investment income of $201 million primarily driven by a decrease in changes in the fair value of AIG's investment in Corebridge and gain/loss on sales of Corebridge shares of $313 million, partially offset by higher income from available for sale fixed maturity securities of $115 million and higher income from alternative investments of $95 million.

Nine Months Ended September 30, 2025 and 2024 Comparison

Net income (loss) attributable to AIG common shareholders increased $4.7 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 net income attributable to noncontrolling interest of $470 million primarily driven by the Corebridge accounting change post-deconsolidation;

• an increase in Net investment income of $401 million primarily driven by an increase in changes in the fair value of AIG's investment in Corebridge and gain/loss on sales of Corebridge shares of $286 million, higher income from available for sale fixed maturity securities of $289 million and higher income from alternative investments of $100 million, partially offset by a decrease in the fair value of equity securities of $59 million and a decrease in interest income on mortgages and other loans of $61 million;

• an increase in underwriting income primarily driven by lower catastrophe losses of $58 million and higher net favorable prior year reserve development of $149 million primarily in North America Casualty and Property, partially offset by a higher accident year loss ratio due to changes in business mix;

• a decrease in General operating and other expenses primarily driven by lower restructuring and other related costs of $323 million;

• a decrease in Net realized losses on Fortitude Re funds withheld embedded derivative of $49 million driven by interest rate movement.

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 Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $445 million, primarily driven by impairments on investments in real estate funds, derivative and hedge activity losses of $75 million and losses from sales of securities of $133 million, partially offset by changes in allowance for credit losses on loans of $21 million;

• an increase in Net realized losses on Fortitude Re funds withheld assets of $21 million;

• an increase in income tax expense of $281 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.

INCOME TAX EXPENSE ANALYSIS

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 the three months ended September 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 26.6 percent and 25.9 percent, respectively.

For the nine months ended September 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 26.5 percent and 24.6 percent, respectively.

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

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Consolidated Results of Operations

2 unchanged sentences

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

June 30, December 31,

September 30, December 31,

(in millions, except per share data) 2025 2024

18 unchanged sentences

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended

(dollars in millions) 2025 2024 2025 2024 2024

9 unchanged sentences

Average AIG core operating shareholders' equity $ 35,981 $ 34,564 $ 36,303 $ 35,186 $ 35,634

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

Return on equity 5.0 % 4.1 % 7.6 % (7.0) % (3.2) %

Adjusted return on equity 11.6 6.9 9.2 6.5 6.6

Core operating return on equity 13.6 9.3 10.9 9.2 9.1

AIG | Second Quarter 2025 Form 10-Q

AIG | Third 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 June 30, 2025 2024

Three Months Ended September 30, 2025 2024

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

2 unchanged sentences

Interests (a)

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

Pre-tax income/net income, including noncontrolling interests $ 714 $ 190 $ — $ 524 $ 649 $ 168 $ — $ 457

Noncontrolling interests (a)

— — (93) (93)

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

Pre-tax income/net income attributable to AIG - including discontinued operations $ 714 $ 190 $ (5) $ 519 $ 649 $ 168 $ 2 $ 459

Dividends on preferred stock and preferred stock redemption premiums — —

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

Net income attributable to AIG common shareholders $ 519 $ 459

Changes in uncertain tax positions and other tax adjustments

(5) — 5 3 — (3)

Deferred income tax valuation allowance (releases) charges

Deferred income tax valuation allowance releases

— — — 9 — (9)

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

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares 288 60 — 228 (25) (5) — (20)

Net investment income on Fortitude Re funds withheld assets (29) (6) — (23) (51) (11) — (40)

Net realized losses on Fortitude Re funds withheld assets 5 1 — 4 18 4 — 14

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

Net realized losses (b)

Net realized losses on Fortitude Re funds withheld embedded derivative 54 11 — 43 157 33 — 124

Net realized (gains) losses (b)

433 107 — 326 (7) (27) — 20

1 unchanged sentence

Net gain on divestitures and other — — — — 8 28 — (20)

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

Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements (9) (2) — (7) 126 27 — 99

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

Net loss reserve discount (benefit) charge (2) — — (2) 29 6 — 23

Net results of businesses in run-off (c)

8 unchanged sentences

Weighted average diluted shares outstanding 558.5 647.4

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

Income per common share attributable to AIG common shareholders (diluted) $ 0.93 $ 0.71

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

$ 2.20 $ 1.24

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Consolidated Results of Operations

Six Months Ended June 30, 2025 2024

Nine Months Ended September 30, 2025 2024

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

12 unchanged sentences

(9) — 9 15 — (15)

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)

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares (393) (83) — (310) (172) (36) — (136)

(Gain) loss on extinguishment of debt and preferred stock redemption premiums (5) (1) — (4) 1 — — 16

2 unchanged sentences

Net realized losses on Fortitude Re funds withheld embedded derivative 109 23 — 86 158 33 — 125

Net realized (gains) losses (b)

Net realized losses (b)

690 102 — 588 234 28 — 206

2 unchanged sentences

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

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

Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements 53 11 — 42 66 14 — 52

Net loss reserve discount charge 27 6 — 21 131 27 — 104

3 unchanged sentences

Integration and transaction costs associated with acquiring or divesting businesses 13 3 — 10 37 8 — 29

Restructuring and other costs 154 32 — 122 493 104 — 389

Restructuring and other costs (d)

307 64 — 243 630 132 — 498

Non-recurring costs related to regulatory or accounting changes 10 2 — 8 15 3 — 12

12 unchanged sentences

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.

In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.

(d) In the three and nine months ended September 30, 2025 and 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and, in the nine months ended September 30, 2024, real estate impairment charges.

PRE-TAX INCOME (LOSS) COMPARISON

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.

Pre-tax income was $714 million and $649 million in the three months ended September 30, 2025 and 2024, respectively.

Pre-tax income was $3.2 billion and $2.3 billion in the nine months ended September 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 $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.

Adjusted pre-tax income was $1.6 billion and $1.1 billion in the three months ended September 30, 2025 and 2024, respectively.

Adjusted pre-tax income was $3.9 billion and $3.2 billion in the nine months ended September 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

AIG | Third 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):

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

General Insurance Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

6 unchanged sentences

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

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares (46) (46) 5 5 (70) (70) (38) (38)

Net investment income on Fortitude Re funds withheld assets — — (42) (42) 1 1 (43) (43)

1 unchanged sentence

Net realized (gains) losses — 456 (1) (80) 2 779 (7) 217

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 (gain) on divestitures and other — (1) — 2 — (38) — (5)

Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — 7 — 129 — 81 — 112

Net loss reserve discount (benefit) charge — (2) — 29 — 27 — 131

3 unchanged sentences

Net investment income and other, APTI basis/Adjusted pre-tax income (loss) $ 945 $ 1,738 $ 773 $ 1,210 $ 2,552 $ 4,214 $ 2,281 $ 3,744

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

Other Operations Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

7 unchanged sentences

Other income (expense) - net 2 — — — (9) — 16 —

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)

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

334 334 (30) (30) (323) (323) (134) (134)

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

Net investment income on Fortitude Re funds withheld assets (29) (29) (9) (9) (109) (109) (80) (80)

Net realized (gains) losses on Fortitude Re funds withheld assets — 47 — 1 — 47 — 20

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

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

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

Net realized losses on Fortitude Re funds withheld assets — 6 — 17 — 53 — 37

Net realized losses on Fortitude Re funds withheld embedded derivative — 54 — 157 — 109 — 158

Net realized (gains) losses 2 (23) 1 73 2 (89) 1 17

Net loss (gain) on divestitures and other — 1 — 6 — (15) — (89)

Non-operating litigation reserves and settlements

— — — — — (13) — —

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

Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — (16) — (3) — (28) — (46)

Net results of businesses in run-off (9) (1) (5) 8 (22) (8) (13) (4)

8 unchanged sentences

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

AIG | Second Quarter 2025 Form 10-Q

AIG | Third 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 | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

10 unchanged sentences

Strategically partner with reinsurers to effectively manage exposure to losses arising from frequency of large catastrophic events and severity from individual risk losses.

We strive to optimize our reinsurance program to manage volatility and protect the balance sheet from tail events and unpredictable net losses in support of our profitable growth objectives.

Strive to optimize our reinsurance program to manage volatility and protect the balance sheet from tail events and unpredictable net losses in support of our profitable growth objectives.

COMPETITION AND CHALLENGES

11 unchanged sentences

North America Commercial continues to pursue profitable growth, while capacity in certain segments is putting pressure on rates.

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

These retention rates are often coupled with our management of exposure limits to reduce volatility within the portfolio.

We have focused on retaining our best accounts and pursuing profitable new business opportunities while maintaining our underwriting discipline, including 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.

International Commercial

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.

International Commercial continues 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, 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.

2 unchanged sentences

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 | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 Change 2025 2024 Change

1 unchanged sentence

Net premiums written $ 6,230 $ 6,380 (2) % $ 17,636 $ 17,825 (1) %

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

(Increase) decrease in unearned premiums (190) (433) 56 51 (343) NM

Net premiums earned 6,040 5,947 2 17,687 17,482 1

25 unchanged sentences

Three Months Ended

June 30, Percentage Change in Six Months Ended

June 30, Percentage Change in

September 30, Percentage Change in Nine Months Ended

September 30, Percentage Change in

(in millions) 2025 2024 U.S.

10 unchanged sentences

Personal Total

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Flooding, rainstorms and other $ — $ 4 $ 10 $ 14

Windstorms and hailstorms 74 17 3 94

1 unchanged sentence

Wildfires (10) (2) — (12)

Earthquakes — 24 2 26

Total catastrophe-related charges $ 68 $ 19 $ 13 $ 100

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Flooding, rainstorms and other $ — $ 15 $ — $ 15

Windstorms and hailstorms 239 66 51 356

AIG | Second Quarter 2025 Form 10-Q

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

2 unchanged sentences

Personal Total

Earthquakes — (5) — (5)

Winter storms 2 2 — 4

Wildfires 36 — — 36

Reinstatement premiums 6 — — 6

Total catastrophe-related charges $ 283 $ 83 $ 51 $ 417

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Flooding, rainstorms and other $ — $ 4 $ 10 $ 14

Windstorms and hailstorms 178 24 44 246

4 unchanged sentences

Total catastrophe-related charges $ 427 $ 118 $ 250 $ 795

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Flooding, rainstorms and other $ 2 $ 130 $ — $ 132

1 unchanged sentence

Winter storms 45 2 7 54

Wildfires 36 — — 36

Earthquakes — 10 — 10

4 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 Change 2025 2024 Change

1 unchanged sentence

Net premiums written $ 2,435 $ 2,445 — % $ 6,472 $ 6,228 4 %

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

Increase in unearned premiums (237) (322) 26 (17) (182) 91

Net premiums earned 2,198 2,123 4 6,455 6,046 7

22 unchanged sentences

(a) Consistent with our definition of APTI, excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.

AIG | Third 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 June 30, 2025 and 2024

Net Premiums Written Comparison for the Three Months Ended September 30, 2025 and 2024

Net premiums written decreased by $10 million primarily due to lower production in Casualty, partially offset by growth in Financial Lines.

Net Premiums Written Comparison for the Nine Months Ended September 30, 2025 and 2024

Net premiums written increased by $244 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 (Loss) Comparison for the Three Months Ended September 30, 2025 and 2024

Underwriting income increased by $288 million primarily due to:

• higher net favorable prior year reserve development (3.2 points or $85 million), primarily in Casualty;

• lower Catastrophe losses (10.2 points or $215 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

• higher net favorable prior year reserve development (3.0 points or $62 million), with favorable development driven by Casualty and Property.

Higher net premiums earned offset a higher accident year loss ratio, as adjusted (0.3 points) due to changes in business mix.

The Expense ratio remained flat reflecting an increase in the general operating expense ratio (0.6 points), partially offset by a lower acquisition ratio (0.6 points), primarily driven by changes in business mix.

Underwriting Income (Loss) Comparison for the Nine Months Ended September 30, 2025 and 2024

Underwriting income increased by $291 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.

• higher net favorable prior year reserve development (2.5 points or $176 million), with favorable development driven by Casualty and Property;

• lower Catastrophe losses (1.6 points or $71 million).

Higher net premiums earned offset a higher accident year loss ratio, as adjusted (0.7 points) due to changes in business mix.

INTERNATIONAL COMMERCIAL RESULTS

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 Change 2025 2024 Change

1 unchanged sentence

Net premiums written $ 2,115 $ 2,052 3 % $ 6,467 $ 6,275 3 %

Increase in unearned premiums (201) (253) 21 (177) (181) 2

(Increase) decrease in unearned premiums 73 (13) NM (104) (194) 46

Net premiums earned 2,188 2,039 7 6,363 6,081 5

16 unchanged sentences

Accident year combined ratio, as adjusted 86.0 83.4 2.6 85.5 82.9 2.6

AIG | Second Quarter 2025 Form 10-Q

AIG | Third 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 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

Net Premiums Written Comparison for the Three Months Ended September 30, 2025 and 2024

Net premiums written, excluding the favorable impact of foreign exchange ($46 million), increased by $17 million primarily due to growth in Global Specialty and Property driven by strength of new business production, partially offset by lower production in Financial Lines.

Net Premiums Written Comparison for the Nine Months Ended September 30, 2025 and 2024

Net premiums written, excluding the favorable impact of foreign exchange ($7 million), increased by $185 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 September 30, 2025 and 2024

Underwriting income increased by $10 million primarily due to lower catastrophe losses (3.3 points or $64 million).

Higher net premiums earned offset a higher accident year loss ratio, as adjusted (1.7 points) due to changes in business mix.

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

• a higher general operating expense ratio (0.9 points);

• lower net favorable prior year development (1.3 points or $29 million), with favorable development driven by Property and Global Specialty, partially offset by unfavorable development in Casualty and Financial Lines.

Underwriting Income (Loss) Comparison for the Nine Months Ended September 30, 2025 and 2024

Underwriting income decreased by $10 million primarily due to:

• a higher accident year loss ratio, as adjusted (1.4 points) due to changes in business mix;

• 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.

• a higher expense ratio (1.1 points) reflecting an increase in the general operating expense ratio (1.0 point), as well as a higher acquisition ratio (0.1 points), primarily driven by changes in business mix;

• lower net favorable prior year development (0.2 points or $11 million), with favorable development driven by Property and Global Specialty, partially offset by unfavorable development in Casualty and Financial Lines.

This decrease was partially offset by lower catastrophe losses (2.1 points or $116 million).

Higher net premiums earned offset a higher accident year loss ratio, as adjusted (1.5 points) due to changes in business mix.

GLOBAL PERSONAL RESULTS

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 Change 2025 2024 Change

20 unchanged sentences

Accident year combined ratio, as adjusted 95.5 97.8 (2.3) 95.7 97.3 (1.6)

AIG | Second Quarter 2025 Form 10-Q

AIG | Third 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 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

Net Premiums Written Comparison for the Three Months Ended September 30, 2025 and 2024

Net premiums written, excluding the favorable impact of foreign exchange ($61 million), decreased by $264 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($193 million), as well as U.S.

high net worth due to changes in reinsurance structure, partially offset by growth in Accident & Health, Personal Auto and Property.

Net Premiums Written Comparison for the Nine Months Ended September 30, 2025 and 2024

Net premiums written, excluding the favorable impact of foreign exchange ($48 million), decreased by $673 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($594 million), as well as U.S.

high net worth 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 September 30, 2025 and 2024

Underwriting income increased by $58 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);

• a lower expense ratio (3.3 points) reflecting a lower acquisition ratio (3.0 points), primarily driven by change in business mix and improved commission terms, as well as a decrease in the general operating expense ratio (0.3 points);

• lower catastrophe losses (2.1 points or $38 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

• lower net premiums earned coupled with a higher accident year loss ratio, as adjusted (1.0 point) due primarily to the sale of AIG's global individual personal travel insurance and assistance business (1.9 points) partially offset by changes in business mix;

• lower net favorable prior year development (0.8 points or $18 million), with favorable development driven by U.S.

high net worth.

Underwriting Income (Loss) Comparison for the Nine Months Ended September 30, 2025 and 2024

Underwriting loss of $22 million in 2025 compared to underwriting income of $60 million in 2024 is primarily due to:

• lower net premiums earned coupled with a higher accident year loss ratio, as adjusted (0.5 points) due to changes in business mix;

• higher catastrophe losses (2.8 points or $129 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 (1.4 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).

• lower net favorable prior year development (0.3 points or $16 million), with favorable PYD driven by U.S.

high net worth.

This decrease was partially offset by a lower expense ratio (2.1 points) reflecting a lower acquisition ratio (1.8 points), primarily driven by change in business mix and improved commission terms, as well as a decrease in the general operating expense ratio (0.3 points).

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | Other Operations

Other Operations

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 Change 2025 2024 Change

6 unchanged sentences

Adjusted pre-tax loss before consolidation and eliminations (118) (138) 14 (292) (500) 42

Consolidation and eliminations (2) (5) 60 (2) (6) 67

Consolidation and eliminations 2 3 (33) — (3) NM

Adjusted pre-tax loss* $ (116) $ (135) 14 % $ (292) $ (503) 42 %

1 unchanged sentence

Historical results have been recast to reflect these changes.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | Other Operations

THREE MONTHS ENDED JUNE 30, 2025 AND 2024 COMPARISON

THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 COMPARISON

Adjusted pre-tax loss before consolidation and eliminations was $118 million in 2025 compared to $138 million in 2024, a decrease of $20 million, primarily due to:

• lower corporate and other general operating expenses of $58 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.

• lower interest expense of $10 million primarily driven by interest savings from $2.0 billion debt repurchases, through cash tender offers and debt redemption in 2025 and 2024 partially offset by new issuance of $1.25 billion debt in 2025 and ¥100 billion debt in 2024.

This decrease was partially offset by lower net investment income and other of $48 million due to lower interest on AIG Parent portfolio as a result of lower yields and lower dividend income from Corebridge of $45 million.

SIX MONTHS ENDED JUNE 30, 2025 AND 2024 COMPARISON

NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 COMPARISON

Adjusted pre-tax loss before consolidation and eliminations was $292 million in 2025 compared to $500 million in 2024, a decrease of $208 million, primarily due to:

• lower corporate and other general operating expenses of $225 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.

• lower interest expense of $44 million primarily driven by interest savings from $2.4 billion debt repurchases, through cash tender offers, debt redemption and maturities in 2025 and 2024 partially offset by new debt issuance of $1.25 billion in 2025 and ¥100 billion debt in 2024.

This decrease was partially offset by lower net investment income and other of $61 million due to lower interest on AIG Parent portfolio as a result of lower yields and lower dividend income from Corebridge of $55 million.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Investments

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.

INVESTMENT HIGHLIGHTS IN THE SIX MONTHS ENDED JUNE 30, 2025

INVESTMENT HIGHLIGHTS IN THE NINE MONTHS ENDED SEPTEMBER 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 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.

• Total Net investment income increased for the nine months ended September 30, 2025 compared to the same period in the prior year, primarily due to change in fair value and gain on sale of AIG’s equity in Corebridge, higher income on available for sale fixed maturity securities and Alternatives and lower expenses, partially offset by lower income from short term instruments, mortgage loans, other invested assets and lower dividends from Corebridge.

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.

13 unchanged sentences

General Insurance invests primarily in fixed maturity securities issued by corporations, municipalities and other governmental agencies;

structured securities collateralized by, among other assets, residential and commercial real estate;

structured securities collateralized by, among other assets, residential

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Investments

and commercial real estate;

and commercial mortgage loans.

7 unchanged sentences

The following table presents the fair value of our available-for-sale securities:

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

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

Bonds available for sale:

4 unchanged sentences

Mortgage-backed, asset-backed and collateralized:

RMBS 9,717 8,604

RMBS - agency 5,975 4,978

RMBS - non-agency

CMBS 4,190 3,926

2 unchanged sentences

Total bonds available for sale* $ 71,184 $ 64,006

* 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

* At September 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 $5.8 billion and $3.6 billion, respectively.

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.

The fair value of CMBS holdings remained stable during the nine months ended September 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 single asset single borrower and traditional conduit transactions, broadly diversified across property types and geographical areas.

The following table presents the fair value of our aggregate credit exposures to non-U.S.

governments for our fixed maturity securities:

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

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

Canada $ 1,190 $ 1,384

1 unchanged sentence

Germany 448 834

Israel 381 312

United Kingdom 347 416

Australia 324 335

Israel 320 312

Korea, Republic of 292 268

Denmark 244 205

Malaysia 225 220

Singapore 227 204

Malaysia 208 220

Other 2,505 3,398

Total $ 6,635 $ 8,131

AIG | Third 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:

June 30, 2025 December 31,

September 30, 2025 December 31,

(in millions) Sovereign Financial

24 unchanged sentences

Total $ 1,745 $ 5,478 $ 4,549 $ 1,413 $ 13,185 $ 11,386

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Investments

Investments in Municipal Bonds

At June 30, 2025, the U.S.

At September 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:

June 30, 2025

September 30, 2025

(in millions) State

8 unchanged sentences

Florida 1 — 139 140 143

Pennsylvania 43 — 84 127 133

Connecticut 39 2 83 124 125

Pennsylvania 34 — 84 118 133

Illinois 4 26 54 84 110

2 unchanged sentences

Hawaii 65 — 1 66 74

Washington 5 10 44 59 61

Virginia 8 3 48 59 57

Alabama — — 58 58 57

All other states

1 unchanged sentence

$ 550 $ 412 $ 1,927 $ 2,889 $ 3,143

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Investments

Investments in Corporate Debt Securities

1 unchanged sentence

Industry Category

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

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

Financial institutions:

15 unchanged sentences

Total* $ 36,951 $ 31,826

* 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) June 30, 2025 December 31, 2024

Agency RMBS $ 5,448 $ 4,978

Alt-A RMBS 1,593 1,620

Subprime RMBS 278 291

Prime non-agency 939 850

Other housing related 1,459 865

Total RMBS (a)(b)

$ 9,717 $ 8,604

(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.

debt downgrade of Fannie Mae and Freddie Mac.

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 June 30, 2025 and December 31, 2024.

Investments in Commercial Mortgage Backed Securities (CMBS)

The following table presents the fair value of our CMBS available for sale securities:

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

CMBS (traditional) $ 3,091 $ 3,102

Agency 347 574

Other 305 250

Total $ 3,743 $ 3,926

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 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) June 30, 2025 December 31, 2024

Collateral Type:

ABS $ 2,780 $ 2,445

CLO 3,290 2,688

Total $ 6,070 $ 5,133

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Investments

* At September 30, 2025 and December 31, 2024, approximately 89 percent and 88 percent, respectively, of these investments were rated investment grade.

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:

June 30, 2025 Less Than or Equal Greater Than 20% Greater Than 50%

September 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 $41 million for below investment grade bonds as of June 30, 2025.

The allowance for credit losses was $3 million for investment grade bonds and $40 million for below investment grade bonds as of September 30, 2025.

Commercial Mortgage Loans

At June 30, 2025, we had direct commercial mortgage loan exposure of $3.0 billion.

At September 30, 2025, we had direct commercial mortgage loan exposure of $2.9 billion.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Investments

The following table presents the commercial mortgage loan exposure by location and class of loan based on amortized cost:

1 unchanged sentence

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

June 30, 2025

California 19 $ 97 $ 250 $ 28 $ 26 $ 32 $ — $ 433 14 %

September 30, 2025

New York 19 $ 48 $ 202 $ 69 $ 20 $ 32 $ — $ 371 13 %

California 17 90 189 27 26 32 — 364 13

Texas 19 78 135 2 30 21 — 266 9

9 unchanged sentences

Total* 162 $ 908 $ 1,033 $ 391 $ 208 $ 203 $ 126 $ 2,869 100 %

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 June 30, 2025 2024

Three Months Ended September 30, 2025 2024

(in millions) Excluding

9 unchanged sentences

Other* (262) (1) (263) 22 3 25

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) – excluding Fortitude Re funds withheld embedded derivative (431) (5) (436) 8 (18) (10)

Net realized losses on Fortitude Re funds withheld embedded derivative — (54) (54) — (157) (157)

Net realized gains (losses) $ (431) $ (59) $ (490) $ 8 $ (175) $ (167)

Six Months Ended June 30, 2025 2024

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Investments

Nine Months Ended September 30, 2025 2024

(in millions) Excluding

12 unchanged sentences

Net realized losses $ (683) $ (168) $ (851) $ (238) $ (196) $ (434)

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.

* In the three and nine months ended September 30, 2025, Other increased primarily as a result of impairments on investments in real estate funds.

Higher Net realized losses excluding Fortitude Re funds withheld assets in the three months ended September 30, 2025 were primarily due to impairments on investments in real estate funds, higher losses on foreign exchange transactions, changes in allowance for credit losses on loans, higher losses on sales of securities and derivative and hedge activity, partially offset by lower losses on sales of alternative investments compared to the prior year period.

Higher Net realized losses excluding Fortitude Re funds withheld assets in the nine months ended September 30, 2025 were primarily due to impairments on investments in real estate funds, higher losses on sales of securities and derivative and hedge activity, partially offset by changes 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.

4 unchanged sentences

Change in Unrealized Gains and Losses on Investments

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.

The change in net unrealized gains and losses on investments in the three and nine months ended September 30, 2025 was primarily attributable to a change in the fair value of fixed maturity securities.

For the three months ended September 30, 2025, net unrealized gains related to fixed maturity securities were $543 million due primarily to lower interest rates and narrowing of credit spreads.

For the nine months ended September 30, 2025, net unrealized gains were $1.4 billion due to lower interest rates and narrowing of credit spreads.

The change in net unrealized gains and losses on investments in the three and nine months ended September 30, 2024 was primarily attributable to a change in the fair value of fixed maturity securities.

For the three months ended September 30, 2024, net unrealized gains related to fixed maturity securities were $1.6 billion due primarily to lower interest rates and narrowing of credit spreads.

For the nine months ended September 30, 2024, net unrealized gains were $1.5 billion due to lower interest rates and narrowing of credit spreads.

For additional information on our investment portfolio, see Note 6 to the Condensed Consolidated Financial Statements.

CREDIT RATINGS

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.

At September 30, 2025, approximately 61 percent of our fixed maturity securities were held by our U.S.

Approximately 91 percent of these securities were rated investment grade by one or more of the major rating agencies.

Moody’s Investors Service, Inc.

(Moody’s), Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc.

(S&P), or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio.

(S&P), Fitch Ratings Inc.

(Fitch), or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio.

Rating services are not available for some foreign-issued securities.

We closely monitor the credit quality of the foreign portfolio’s non-rated fixed maturity securities.

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.

At September 30, 2025, approximately 93 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 17 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Investments

Composite AIG Credit Ratings

4 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) June 30,

(in millions) September 30,

2025 December 31,

2024 June 30,

2024 September 30,

2025 December 31,

2024 June 30,

2024 September 30,

2025 December 31,

31 unchanged sentences

The NAIC Designations presented below do not reflect the added granularity to the designation categories adopted by the NAIC in 2020, which further subdivide each category of fixed maturity securities by appending letter modifiers to the numerical designations.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Investments

The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value:

June 30, 2025

September 30, 2025

(in millions)

5 unchanged sentences

* Excludes $54 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:

June 30, 2025

(in millions)

Composite AIG Credit Rating AAA/AA/A BBB Total

Grade BB B CCC and Lower Total Below

Other fixed maturity securities $ 30,978 $ 14,160 $ 45,138 $ 2,429 $ 1,820 $ 198 $ 4,447 $ 49,585

Mortgage-backed, asset-backed and collateralized 18,225 484 18,709 87 86 1,037 1,210 19,919

Total* $ 49,203 $ 14,644 $ 63,847 $ 2,516 $ 1,906 $ 1,235 $ 5,657 $ 69,504

* Excludes $78 million of fixed maturity securities for which no composite AIG credit rating is available.

Insurance Reserves

1 unchanged sentence

The following table presents the components of our gross and net loss reserves by segment and major lines of business (a) :

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in millions) Net Loss Reserves Reinsurance

28 unchanged sentences

Total $ 41,634 $ 28,248 $ 69,882 $ 40,142 $ 29,026 $ 69,168

(a) Includes net loss reserve discount of $1.2 billion and $1.2 billion at June 30, 2025 and December 31, 2024, respectively.

(a) Includes net loss reserve discount of $1.2 billion and $1.2 billion at September 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 June 30, 2025 and December 31, 2024, respectively.

AIG | Second Quarter 2025 Form 10-Q

(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 $2.3 billion and $2.7 billion at September 30, 2025 and December 31, 2024, respectively.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Insurance Reserves

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

21 unchanged sentences

Total Prior Year (Favorable) Unfavorable Development $ (205) $ (151) $ (397) $ (264)

* 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 June 30, 2025 and 2024, respectively, and $62 million and $68 million for the six months ended June 30, 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.

* 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 September 30, 2025 and 2024, respectively, and $93 million and $102 million for the nine months ended September 30, 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 $15 million and $304 million for the three months ended September 30, 2025 and 2024, respectively, and $137 million and $241 million for the nine months ended September 30, 2025 and 2024, respectively.

Also excludes the related changes in amortization of the deferred gain, which were $23 million and $178 million for the three months ended September 30, 2025 and 2024, respectively, and $83 million and $175 million for the nine months ended September 30, 2025 and 2024, respectively.

Net Loss Development

In the three months ended June 30, 2025, we recognized favorable prior year loss reserve development of $128 million.

In the three months ended September 30, 2025, we recognized favorable prior year loss reserve development of $205 million.

The key components of this development were:

North America Commercial

• Favorable development in Other Product Lines, reflecting experience in several lines, most notably short-tail Property.

• 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.

Property and Special Risks primarily driven by U.S.

• Favorable development in U.S.

Property and Special Risks primarily driven by Programs.

Workers’ Compensation primarily related to loss sensitive business.

• 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.

International Commercial

• Favorable development in Other Product Lines, primarily due to development in Global Specialty, notably within Energy and Trade Credit, as well as development in short-tail Property.

• Adverse development in UK/Europe Casualty and Financial Lines driven by UK Financial Lines, and EMEA Casualty, particularly within Auto and General Liability lines, partially offset by favorable development in EMEA Financial Lines.

In the nine months ended September 30, 2025, we recognized favorable prior year loss reserve development of $397 million.

The key components of this development were:

2 unchanged sentences

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.

• Favorable development in Other Product Lines, reflecting favorable experience in several lines, most notably short-tail Property.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Insurance Reserves

• Favorable development in U.S.

Property and Special Risks primarily driven by U.S.

Property and Programs.

• 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.

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.

• Favorable development in Other Product Lines, primarily due to development in Global Specialty, notably within Energy and Trade Credit, as well as development in short-tail Property.

In the three months ended September 30, 2024, we recognized favorable prior year loss reserve development of $151 million.

The key components of this development were:

North America Commercial

• Favorable development on U.S.

Property and Special Risks reflecting favorable loss experience in Retail and Wholesale Property.

• Favorable development on Financial Lines in U.S.

and Canada, reflecting favorable experience across most reserving classes, offset by unfavorable development in M&A and High Excess classes.

• Amortization benefit related to the deferred gain on the adverse development cover.

• Adverse development on U.S.

Excess Casualty driven by a large settlement of a legacy mass tort claim with most of the gross loss in accident years covered under the Adverse Development Cover.

International Commercial

• Favorable development on Other Product Lines, primarily driven by Global Specialty which saw favorable development in Energy, Marine and Aviation lines.

• Adverse development on UK/Europe Casualty and Financial Lines driven by unfavorable development in UK Financial Lines partially offset by favorable development in EMEA Financial Lines, and unfavorable development in European Excess Casualty driven by claim-specific emergence on accident year 2016.

• Favorable development on UK/Europe Property and Special Risks reflecting favorable development across a majority of regions.

Global Personal

• Favorable development on UK/Europe and Japan Personal Insurance primarily driven by Japan A&H and Auto, partially offset by unfavorable Personal Auto in EMEA.

In the nine months ended September 30, 2024, we recognized favorable prior year loss reserve development of $264 million.

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.

Workers' Compensation reflecting continued favorable loss experience.

• Adverse development on U.S.

Excess Casualty, reflecting unfavorable loss experience, particularly in accident year 2021.

Excess Casualty driven by a large settlement of a legacy mass tort claim with most of the gross loss in accident years covered under the Adverse Development Cover.

• Favorable development on U.S.

Property and Special Risks reflecting favorable loss experience in Retail and Wholesale Property.

• Favorable development on Financial Lines in U.S.

and Canada, reflecting favorable experience across most reserving classes, offset by unfavorable development in M&A and High Excess classes.

• 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.

International Commercial

• Favorable development on Other Product Lines, primarily driven by Global Specialty which saw favorable development across multiple lines.

• Favorable development on UK/Europe Property and Special Risks reflecting favorable development across a majority of regions.

Global Personal

• Favorable development on UK/Europe and Japan Personal Insurance primarily driven by Japan A&H and Auto, partially offset by unfavorable Personal Auto in EMEA.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Insurance Reserves

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.

10 unchanged sentences

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) June 30, 2025 December 31, 2024

(in millions) September 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

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

14 unchanged sentences

This agreement will continue to reduce the impact of volatility in the development on our ultimate loss estimates over time.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Insurance Reserves

Fortitude Re was established during the first quarter of 2018 in a series of reinsurance transactions related to our run-off operations.

Those reinsurance transactions were designed to consolidate most of our insurance run-off lines into a single legal entity.

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.

As of September 30, 2025, $3.2 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

14 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 six months ended June 30, 2025, our General Insurance companies distributed dividends of $1.4 billion to AIG Parent or applicable intermediate holding companies.

During the nine months ended September 30, 2025, our General Insurance companies distributed dividends of $2.3 billion to AIG Parent or applicable intermediate holding companies.

Sales of Corebridge Shares by AIG (a)

1 unchanged sentence

The aggregate proceeds to AIG Parent were approximately $430 million.

In August and September 2025, we sold an aggregate of approximately 31.2 million shares of Corebridge common stock at a public offering price of $33.65 per share, which included 30 million shares initially offered and the partial exercise by the underwriters of their option to purchase additional shares.

The aggregate proceeds to AIG Parent were approximately $1.0 billion.

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.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

General Borrowings

During the six months ended June 30, 2025, $1.1 billion of debt categorized as general borrowings matured, was repaid and/or redeemed, including:

During the nine months ended September 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.

2 unchanged sentences

• 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 .

We made interest payments on our general borrowings totaling $262 million during the nine months ended September 30, 2025.

We made cash dividend payments in the amount of $0.45 per share on AIG Common Stock for the three months ended September 30, 2025 and 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 $734 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.

During the nine months ended September 30, 2025, AIG Parent repurchased approximately 66 million shares of AIG Common Stock, for an aggregate purchase price of approximately $5.3 billion.

(a) On November 4, 2025, AIG launched a secondary public offering to sell 32.6 million shares of Corebridge common stock at a public offering price of $31.10 per share, corresponding to approximately $1.0 billion of gross proceeds.

Subject to the completion of the offering, Corebridge has announced that it intends to purchase approximately $500 million of common stock from the underwriter at the same per share price to be paid by the underwriter to AIG, net of underwriting discounts and commissions.

The offering is expected to close on November 6, 2025.

(b) Pursuant to a Securities Exchange Act of 1934 (the Exchange Act) Rule 10b5-1 repurchase plan, from October 1, 2025 to October 30, 2025, AIG Parent repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $406 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 $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.

Interest payments totaled $268 million and $581 million in the nine months ended September 30, 2025 and 2024, respectively.

Excluding interest payments, AIG had operating cash inflows of $2.9 billion in the nine months ended September 30, 2025 compared to operating cash inflows of $3.7 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 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

Net cash provided by investing activities in the nine months ended September 30, 2025 was $3.3 billion, compared to net cash used in investing activities of $1.0 billion, including $4.2 billion used in discontinued operations, in the prior year period.

Financing Cash Flow Activities

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;

Net cash used in financing activities in the nine months ended September 30, 2025 totaled $5.7 billion , reflecting:

• $734 million to pay dividends of $0.45 per share in the three months ended September 30, 2025 and June 30, 2025, and $0.40 per share for the three months ended March 31, 2025 on AIG Common Stock;

• $5.3 billion to repurchase approximately 66 million shares of AIG Common Stock;

• $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;

Net cash used in financing activities in the nine months ended September 30, 2024 totaled $2.1 billion reflecting:

• $758 million to pay dividends of $0.40 per share in the three months ended September 30, 2024 and 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;

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

• $4.8 billion to repurchase approximately 65 million shares of AIG Common Stock;

2 unchanged sentences

LIQUIDITY AND CAPITAL RESOURCES OF AIG PARENT AND SUBSIDIARIES

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.

As of September 30, 2025 and December 31, 2024, respectively, AIG Parent had approximately $8.3 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.

16 unchanged sentences

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 $2.4 billion at June 30, 2025.

Letters of credit issued in support of our insurance companies totaled approximately $2.4 billion at September 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 June 30, 2025, a total of $3.0 billion remained available under the Facility.

As of September 30, 2025, a total of $3.0 billion remained available under the Facility.

CONTRACTUAL OBLIGATIONS

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.

As of September 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.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS

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.

As of September 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:

Six Months Ended June 30, 2025 Balance,

Nine Months Ended September 30, 2025 Balance,

of Year Issuances Maturities

13 unchanged sentences

$ 158 $ — $ (2) $ — $ — $ 156

(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

(a) Includes debt of consolidated investment entities primarily related to real estate investments of $156 million at September 30, 2025 and $158 million at December 31, 2024.

The following table summarizes maturing long-term debt at September 30, 2025 of AIG for the next four quarters:

Quarter First

Quarter Second

Quarter Third

(in millions) 2025 2026 2026 2026 Total

Borrowings supported by assets $ 12 $ 7 $ — $ — $ 19

Other subsidiaries' notes, bonds, loans and mortgages payable — 1 — — 1

Total $ — $ 13 $ 7 $ — $ 20

The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):

June 30, 2025 Remainder Year Ending

September 30, 2025 Remainder Year Ending

(in millions) Total of 2025 2026 2027 2028 2029 2030 Thereafter

4 unchanged sentences

Total general borrowings 9,051 — 30 963 722 209 959 6,168

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

Other subsidiaries notes, bonds, loans and mortgages payable 1 1 — — — — — —

Total long-term debt*

1 unchanged sentence

* Does not reflect $156 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.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

FINANCIAL STRENGTH RATINGS

25 unchanged sentences

(b) S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

(Fitch) ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

(c) 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.

6 unchanged sentences

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.

AIG | Second Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

For information regarding the effects of downgrades in our credit ratings and financial strength ratings, see Part I, Item 1A.

Risk Factors – Liquidity, Capital and Credit – “A downgrade by one or more of the rating agencies in the Insurer Financial Strength ratings of our insurance companies could limit their ability to write or prevent them from writing new business and impair their retention of customers and in-force business, and a downgrade in our credit ratings could adversely affect our business, results of operations, financial condition and liquidity” in the 2024 Annual Report and Note 11 to the Condensed Consolidated Financial Statements.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

REGULATION AND SUPERVISION

2 unchanged sentences

Risk Factors – Regulation in the 2024 Annual Report and Executive Summary – Regulatory, Industry and Economic Factors – Regulatory Environment in this MD&A.

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.

On November 4, 2025, our Board of Directors (the Board) declared a cash dividend on AIG Common Stock of $0.45 per share, payable on December 30, 2025 to shareholders of record on December 16, 2025.

The payment of any future dividends will be at the discretion of our Board of Directors and will depend on various factors.

3 unchanged sentences

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.

During the nine months ended September 30, 2025, AIG Parent repurchased approximately 66 million shares of AIG Common Stock for an aggregate purchase price of $5.3 billion.

Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from October 1, 2025 to October 30, 2025, AIG Parent repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $406 million.

As of October 30, 2025, $4.1 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.

13 unchanged sentences

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 June 30, 2025, there have been no material changes in our market risk exposures, which may be found in Part II, Item 7.

As of September 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.

1 unchanged sentence

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 | 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.

Accident year combined ratio, as adjusted (Accident year combined ratio, ex-CAT) The combined ratio excluding catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting.

Accident year loss ratio, as adjusted (Accident year loss ratio, ex-CAT) The loss ratio excluding catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting.

Acquisition ratio Acquisition costs divided by net premiums earned.

Acquisition costs are those costs incurred to acquire new and renewal insurance contracts and also include the amortization of VOBA and DAC.

Acquisition costs vary with sales and include, but are not limited to, commissions, premium taxes, direct marketing costs and certain costs of personnel engaged in sales support activities such as underwriting.

Attritional losses are losses recorded in the current accident year, which are not catastrophe losses.

Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge.

We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions.

We also exclude the portion of DTA representing U.S.

tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized.

Amounts for interim periods are estimates based on projections of full-year attribute utilization.

As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included.

We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG.

Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.

Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions.

In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re.

Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.

Casualty insurance Insurance that is primarily associated with the losses caused by injuries to third persons, i.e., not the insured, and the legal liability imposed on the insured as a result.

Combined ratio Sum of the loss ratio and the acquisition and general operating expense ratios.

Credit Support Annex A legal document generally associated with an ISDA Master Agreement that provides for collateral postings which could vary depending on ratings and threshold levels.

DAC Deferred Policy Acquisition Costs Deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.

Deferred gain on retroactive reinsurance Retroactive reinsurance is a reinsurance contract in which an assuming entity agrees to reimburse a ceding entity for liabilities incurred as a result of past insurable events.

If the amount of premium paid by the ceding reinsurer is less than the related ceded loss reserves, the resulting gain is deferred and amortized over the settlement period of the reserves.

Any related development on the ceded loss reserves recoverable under the contract would increase the deferred gain if unfavorable, or decrease the deferred gain if favorable.

Expense ratio Sum of acquisition expenses and general operating expenses, divided by net premiums earned.

General operating expense ratio General operating expenses divided by net premiums earned.

General operating expenses are those costs that are generally attributed to the support infrastructure of the organization and include but are not limited to personnel costs, projects and bad debt expenses.

General operating expenses exclude losses and loss adjustment expenses incurred, acquisition expenses, and investment expenses.

IBNR Incurred But Not Reported Estimates of claims that have been incurred but not reported to us.

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.

Loan-to-value ratio Principal amount of loan amount divided by appraised value of collateral securing the loan.

Loss Adjustment Expenses The expenses directly attributed to settling and paying claims of insureds and include, but are not limited to, legal fees, adjuster’s fees and the portion of general expenses allocated to claim settlement costs.

Loss ratio Losses and loss adjustment expenses incurred divided by net premiums earned.

Loss reserve development The increase or decrease in incurred losses and loss adjustment expenses related to prior years as a result of the re-estimation of loss reserves at successive valuation dates for a given group of claims.

Loss reserves Liability for unpaid losses and loss adjustment expenses.

The estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date.

Master netting agreement An agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.

Natural catastrophe losses are generally weather or seismic events having a net impact on AIG in excess of $10 million each and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold.

Net premiums written represent the sales of an insurer, adjusted for reinsurance premiums assumed and ceded, during a given period.

Net premiums earned are the revenue of an insurer for covering risk during a given period.

Net premiums written are a measure of performance for a sales period, while net premiums earned are a measure of performance for a coverage period.

Noncontrolling interests The portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.

Pool A reinsurance arrangement whereby all of the underwriting results of the pool members are combined and then shared by each member in accordance with its pool participation percentage.

Prior year development See Loss reserve development .

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.

Reinsurance The practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.

Reinsurance recoverables are comprised of paid losses recoverable, ceded loss reserves, ceded reserves for unearned premiums.

Retroactive reinsurance See Deferred gain on retroactive reinsurance .

Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI.

We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions.

Adjusted 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 adjusted common shareholders’ equity.

Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge.

We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions.

We also exclude the portion of DTA representing U.S.

tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized.

Amounts for interim periods are estimates based on projections of full-year attribute utilization.

As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included.

We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG.

We believe this metric will provide investors with greater insight as to the underlying profitability of our property and casualty business.

AIG | Third 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