What changed in this filing

/stocks — the workspaceLOADING

Item 5. Other Information

2026-05-01 compared with 2025-11-05 · 1036 added, 1996 removed, 2004 unchanged (60% 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 | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

Part I – Financial Information

2 unchanged sentences

Condensed Consolidated Balance Sheets (unaudited)

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

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

2026 December 31,

27 unchanged sentences

2025 - $ 135 )

2024 - $ 179 )

Total assets $ 161,543 $ 161,254

35 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

American International Group, Inc.

Condensed Consolidated Statements of Income (Loss) (unaudited)

Three Months Ended

September 30, Nine Months Ended

September 30,

Three Months Ended March 31,

(dollars in millions, except per common share data) 2026 2025

5 unchanged sentences

Net realized gains (losses):

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

Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative ( 132 ) ( 60 )

Net realized losses on Fortitude Re funds withheld assets ( 13 ) ( 2 )

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

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative 10 ( 41 )

Total net realized losses ( 135 ) ( 103 )

Other income (loss) ( 4 ) — 13 2

Other income 1 11

Total revenues 6,650 6,783

4 unchanged sentences

Interest expense 100 92

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

Net (gain) loss on divestitures and other 127 ( 3 )

Total benefits, losses and expenses 5,663 5,823

Income from continuing operations before income tax expense 714 649 3,218 2,324

Income before income tax expense 987 960

Income tax expense 224 262

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

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

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

Net income 763 698

Net income (loss) attributable to noncontrolling interests — —

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

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

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

Income per common share attributable to AIG common shareholders:

Income from continuing operations $ 0.94 $ 0.75 $ 4.12 $ 2.62

Loss from discontinued operations $ — $ ( 0.03 ) $ — $ ( 6.13 )

Net income (loss) attributable to AIG common shareholders $ 0.94 $ 0.72 $ 4.12 $ ( 3.51 )

Income from continuing operations $ 0.93 $ 0.74 $ 4.08 $ 2.59

Loss from discontinued operations $ — $ ( 0.03 ) $ — $ ( 6.07 )

Net income (loss) attributable to AIG common shareholders $ 0.93 $ 0.71 $ 4.08 $ ( 3.48 )

Net income attributable to AIG common shareholders $ 763 $ 698

Net Income per common share attributable to AIG common shareholders:

Basic $ 1.42 $ 1.18

Diluted $ 1.41 $ 1.16

Weighted average shares outstanding:

2 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

American International Group, Inc.

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

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(in millions) 2026 2025

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

Net income $ 763 $ 698

Other comprehensive income (loss), net of tax

4 unchanged sentences

Change in retirement plan liabilities adjustment 6 7

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

Corebridge deconsolidation — — — 7,214

Other comprehensive income 502 1,847 2,054 7,484

Other comprehensive income (loss) ( 728 ) 636

Comprehensive income 35 1,334

2 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

American International Group, Inc.

9 unchanged sentences

controlling Interests Total

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

Common stock issued under stock plans — 9 ( 1 ) — — 8 — 8

Purchase of common stock — ( 1,246 ) — — — ( 1,246 ) — ( 1,246 )

Net income attributable to AIG or noncontrolling interests — — — 519 — 519 5 524

Dividends on common stock ($ 0.45 per share)

— — — ( 246 ) — ( 246 ) — ( 246 )

Other comprehensive income — — — — 502 502 — 502

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 September 30, 2024

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

Common stock issued under stock plans — 29 ( 4 ) — — 25 — 25

Purchase of common stock — ( 1,518 ) — — — ( 1,518 ) — ( 1,518 )

Net income (loss) attributable to AIG or noncontrolling interests — — — 459 — 459 ( 2 ) 457

Dividends on common stock ($ 0.40 per share)

— — — ( 254 ) — ( 254 ) — ( 254 )

Other comprehensive income — — — — 1,843 1,843 4 1,847

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

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 | Third Quarter 2025 Form 10-Q

American International Group, Inc.

Condensed Consolidated Statements of Equity (unaudited)(continued)

(in millions, except per share data) Preferred

Capital Common

Stock Treasury

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Income (Loss) Total

Equity Non- redeemable Non-

controlling Interests Total

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Balance, beginning of the year $ 4,766 $ ( 71,199 ) $ 75,373 $ 37,186 $ ( 4,987 ) $ 41,139 $ 23 $ 41,162

4 unchanged sentences

— — — ( 241 ) — ( 241 ) — ( 241 )

Other comprehensive income — — — — — 2,053 2,053 1 2,054

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

Other comprehensive loss — — — — ( 728 ) ( 728 ) — ( 728 )

Other — — 73 ( 4 ) — 69 1 70

Balance, end of period $ 4,766 $ ( 71,647 ) $ 75,297 $ 37,704 $ ( 5,715 ) $ 40,405 $ 24 $ 40,429

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

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

Cumulative effect of change in accounting principle, net of tax

Common stock issued under stock plans — 161 ( 168 ) — — ( 7 ) — ( 7 )

Redemption of preferred stock ( 485 ) — — — — — ( 485 ) — ( 485 )

Purchase of common stock — ( 2,251 ) — — — ( 2,251 ) — ( 2,251 )

Net income (loss) attributable to AIG or noncontrolling interests — — — — ( 2,302 ) — ( 2,302 ) 475 ( 1,827 )

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

— — — — ( 22 ) — ( 22 ) — ( 22 )

Net income attributable to AIG or noncontrolling interests — — — 698 — 698 — 698

Dividends on common stock ($ 0.40 per share)

— — — ( 234 ) — ( 234 ) — ( 234 )

Other comprehensive income (loss) — — — — — 7,778 7,778 ( 294 ) 7,484

Net decrease due to divestitures and acquisitions — — — ( 418 ) — 537 119 ( 6,010 ) ( 5,891 )

Contributions from noncontrolling interests — — — — — — — 28 28

Other comprehensive income — — — — 635 635 1 636

Distributions to noncontrolling interests — — — — — — ( 1 ) ( 1 )

2 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

American International Group, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2026 2025

Cash flows from operating activities:

Net income (loss) $ 2,366 $ ( 1,827 )

Loss from discontinued operations — 3,580

Net income $ 763 $ 698

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

1 unchanged sentence

Net losses on sales of securities available for sale and other assets 121 260

Net gain on divestitures and other ( 53 ) ( 94 )

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

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

Net (gain) loss on divestitures and other 127 ( 3 )

Unrealized (gains) losses in earnings - net 249 ( 317 )

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

9 unchanged sentences

Total adjustments ( 608 ) ( 754 )

Net cash provided by operating activities - continuing operations 2,678 3,252

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

Net cash provided by operating activities 2,678 3,148

Net cash provided by (used in) operating activities 155 ( 56 )

Cash flows from investing activities:

4 unchanged sentences

Other invested assets 1,194 316

Divestitures, net — 6

Maturities of fixed maturity securities available for sale 2,881 2,060

7 unchanged sentences

Other, net ( 67 ) ( 214 )

Net cash provided by investing activities - continuing operations 3,259 3,190

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

Net cash provided by (used in) investing activities 3,259 ( 981 )

Net cash provided by investing activities 833 2,751

Cash flows from financing activities:

Proceeds from (payments for)

Issuance of long-term debt 1,241 1

Repayments of long-term debt ( 7 ) ( 247 )

1 unchanged sentence

Purchase of common stock ( 508 ) ( 2,229 )

Redemption of preferred stock — ( 485 )

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

Dividends on common stock ( 241 ) ( 234 )

Other, net ( 42 ) 34

Net cash used in financing activities - continuing operations ( 5,744 ) ( 5,939 )

Net cash provided by financing activities - discontinued operations — 3,880

Net cash used in financing activities ( 799 ) ( 2,677 )

2 unchanged sentences

Cash and restricted cash at beginning of year 1,345 1,372

Cash and restricted cash of held for sale assets — ( 85 )

Cash and restricted cash at end of period $ 1,528 $ 1,408

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

American International Group, Inc.

1 unchanged sentence

Supplementary Disclosure of Condensed Consolidated Cash Flow Information

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2026 2025

7 unchanged sentences

Non-cash investing activities:

Fixed maturity securities available for sale received in connection with pension risk transfer transactions attributed to discontinued operations $ — $ 1,316

Fixed maturity securities and other invested assets received in connection with reinsurance transactions $ — $ 254

Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions $ — $ ( 17 )

Non-cash financing activities:

Interest credited to policyholder contract deposits included in financing activities $ — $ 2,416

Fee income debited to policyholder contract deposits included in financing activities $ — $ ( 1,426 )

* Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 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 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.

Results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

We evaluated the need to recognize or disclose events that occurred subsequent to March 31, 2026 and prior to the issuance of these Condensed Consolidated Financial Statements.

There were no significant subsequent events that required disclosure.

STRATEGIC INVESTMENTS

On February 6, 2026, AIG closed its previously announced acquisitions of (i) a 35 percent equity interest in Convex Group Limited (Convex), a global specialty insurer, for $ 2.1 billion and (ii) a 9.9 percent ownership stake in Onex Corporation (Onex), a global asset manager, for $ 642 million.

AIG reflects its interest in Convex as an equity method investment in Other invested assets.

The difference between the purchase price and the value of the underlying net assets acquired is primarily comprised of intangible assets and other basis differences of approximately $ 450 million and goodwill of approximately $ 550 million.

AIG records its proportionate share of Convex’s net income less amortization of the basis differences described above as a component of Net investment income reported in General Insurance.

On December 23, 2025, AIG entered into a whole account quota share agreement with Convex to reinsure 7.5 percent, 10.0 percent and 12.5 percent of Convex’s underwriting portfolio beginning in 2026, 2027 and 2028, respectively.

The quota share agreement became effective starting on January 1, 2026.

SALE OF ASSETS

On February 17, 2026, Corebridge Financial, Inc.

(Corebridge) purchased 24.7 million shares of Corebridge common stock from AIG at a per share purchase price of $ 30.42 with aggregate proceeds to AIG Parent of $ 750 million.

On March 23, 2026, in light of the reduction in AIG’s ownership interest in Corebridge, the two remaining AIG designees resigned from Corebridge's board of directors.

As of March 31, 2026, AIG held 5.6 percent of the outstanding common stock of Corebridge and we concluded that we no longer have the ability to exert significant influence over Corebridge.

AIG's remaining interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value on our Condensed Consolidated Balance Sheets.

AIG continues to use Corebridge’s stock price as its fair value for reporting purposes.

Dividends received from Corebridge and changes in its stock price continue to be recognized in Net investment income.

AIG | First Quarter 2026 Form 10-Q

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

Basis of Presentation

USE OF ESTIMATES

3 unchanged sentences

• loss reserves;

• reinsurance assets, including the allowance for credit losses and disputes;

• allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities;

• reinsurance assets;

• fair value measurements of certain financial assets and financial liabilities;

2 unchanged sentences

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

OUT OF PERIOD ADJUSTMENTS - THREE MONTHS ENDED MARCH 31, 2025

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

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

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

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

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

Summary of Significant Accounting Policies

FUTURE APPLICATION OF ACCOUNTING STANDARDS

In December 2023, the Financial Accounting Standards Board (FASB) issued an accounting standard update to address improvements to income tax disclosures.

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, 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

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

1 unchanged sentence

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.

In September 2025, the FASB issued targeted improvements to modernize the accounting for software development costs.

Under the new guidance, qualifying costs will be capitalized when management authorizes a project and it is probable the project will be completed and used to perform the intended function, rather than when a project reaches the application development stage under existing guidance.

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

2 unchanged sentences

We are assessing the impact of the standard.

AIG | First Quarter 2026 Form 10-Q

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

Segment Information

In the fourth quarter of 2024, the Company realigned its organizational structure and the composition of its reportable segments to reflect changes in how the Company manages its operations, specifically the level at which its chief operating decision makers (CODMs) regularly review operating results and allocate resources.

Our CODMs are the chief executive officer (CEO) and chief financial officer (CFO).

The CODMs evaluate performance of the segments based on underwriting income (loss).

The CODMs use this measure to benchmark AIG’s performance, assessing performance of the segments and in establishing management’s compensation.

Segment Information

AIG has three reportable segments:

North America Commercial, International Commercial and Global Personal.

Prior year's presentations have been recast to conform to the new reportable segments.

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

Our Chief Executive Officer and Chief Financial Officer are our chief operating decision makers (CODMs) and use Underwriting income (loss) to benchmark and assess AIG's performance by segment and establish management’s compensation.

Our general insurance business (General Insurance) consists of our three segments and the Net investment income and Amortization of intangible assets including renewal rights related to our insurance operations.

In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations;

historical results have been recast to reflect these changes.

NORTH AMERICA COMMERCIAL

North America Commercial consists of insurance businesses in the United States, Canada and Bermuda.

The North America Commercial segment consists of insurance businesses and operations in the United States, Canada and Bermuda.

INTERNATIONAL COMMERCIAL

International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China.

International also includes the results of Talbot Underwriting Ltd.

as well as AIG’s Global Specialty business.

The International Commercial segment consists of insurance businesses and operations in Europe, Middle East and Africa (EMEA region), the United Kingdom, Japan, Asia Pacific, Latin America and Caribbean, and China.

The International Commercial segment also includes the results of Talbot Holdings Ltd.

(Talbot) as well as AIG’s Global Specialty business.

GLOBAL PERSONAL

Global Personal consists primarily of insurance businesses in the United States as well as Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China.

The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China.

The segments consist of the following products:

2 unchanged sentences

OTHER OPERATIONS

Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge Financial, Inc.

(Corebridge) dividend income, corporate General operating expenses, and Interest expense.

Other Operations predominantly consists of Net investment income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense.

SEGMENT RESULTS

2 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

AIG | First Quarter 2026 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 September 30, 2025

The following table presents AIG’s operations by segment:

Three Months Ended March 31, 2026

(in millions) Net

2 unchanged sentences

Income Reconciliation

Income (Loss)

North America Commercial $ 1,605 $ 2,253 $ 1,421 $ 213 $ 68 $ 224 $ 327

1 unchanged sentence

Global Personal 1,544 1,612 842 327 80 194 169

Total General Insurance $ 6,230 $ 6,040 $ 3,379 $ 851 $ 237 $ 780 $ 793 $ 945 $ 1,738

Total General Insurance (c)

$ 5,599 $ 6,052 $ 3,509 $ 818 $ 233 $ 718 $ 774 $ 864 $ 1,628

Interest expense — ( 100 )

4 unchanged sentences

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares ( 237 ) ( 237 )

Other income (expense) - net 2 —

Net investment income on Fortitude Re funds withheld assets 23 23

Net realized losses on Fortitude Re funds withheld assets — ( 13 )

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

Net realized gains (losses) (c)

( 2 ) ( 433 )

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — 10

Net realized losses (d)

Net gain (loss) on divestitures and other (e)

(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — 8

Net loss reserve discount benefit (charge) — 48

Net results of businesses in run-off (d)

Net results of businesses in run-off (f)

Non-operating pension expenses — 1

Integration and transaction costs associated with acquiring or divesting businesses — ( 7 )

Restructuring and other costs (e)

Restructuring and other costs — ( 76 )

Non-recurring costs related to regulatory or accounting changes — ( 5 )

Total AIG Consolidated $ 712 $ 987

AIG | Third Quarter 2025 Form 10-Q

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

Segment Information

Three Months Ended September 30, 2024

Three Months Ended March 31, 2025

(in millions) Net

2 unchanged sentences

Income Reconciliation

Income (Loss)

North America Commercial $ 1,174 $ 2,124 $ 1,526 $ 227 $ 47 $ 195 $ 129

1 unchanged sentence

Global Personal 1,325 1,594 1,062 353 91 214 ( 126 )

Total General Insurance $ 6,380 $ 5,947 $ 3,611 $ 863 $ 292 $ 744 $ 437 $ 773 $ 1,210

Total General Insurance (c)

$ 4,526 $ 5,769 $ 3,766 $ 825 $ 232 $ 703 $ 243 $ 736 $ 975

Interest expense — ( 91 )

6 unchanged sentences

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

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

Net realized gains (losses) (c)

Net loss on divestitures and other — ( 8 )

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

Net realized losses (d)

Net gain (loss) on divestitures and other

Non-operating litigation reserves and settlements — 11

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

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

Net results of businesses in run-off (d)

Integration and transaction costs associated with acquiring or divesting businesses — ( 22 )

Restructuring and other costs (e)

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

Total AIG Consolidated $ 973 $ 649

AIG | Third Quarter 2025 Form 10-Q

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

Segment Information

Nine Months Ended September 30, 2025

(in millions) Net

Earned Losses

Expenses (a)(b)

Income Reconciliation

North America Commercial $ 6,472 $ 6,455 $ 4,169 $ 654 $ 137 $ 681 $ 814

International Commercial 6,467 6,363 3,515 799 274 905 870

Global Personal 4,697 4,869 2,889 1,069 259 674 ( 22 )

Total General Insurance $ 17,636 $ 17,687 $ 10,573 $ 2,522 $ 670 $ 2,260 $ 1,662 $ 2,552 $ 4,214

Interest expense — ( 292 )

Other Operations 273 —

Elimination and consolidations ( 1 ) —

Total 2,824 3,922

Reconciling items:

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

Net investment income on Fortitude Re funds withheld assets 108 108

Net realized losses on Fortitude Re funds withheld assets — ( 59 )

Net realized losses on Fortitude Re funds withheld embedded derivative — ( 109 )

Net realized gains (losses) (c)

( 4 ) ( 690 )

Net gain on divestitures and other — 53

Non-operating litigation reserves and settlements — 13

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

Net loss reserve discount charge — ( 27 )

Net results of businesses in run-off (d)

Net results of businesses in run-off (f)

Non-operating pension expenses — ( 5 )

Integration and transaction costs associated with acquiring or divesting businesses — ( 5 )

Restructuring and other costs (e)

Restructuring and other costs — ( 76 )

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

Total AIG Consolidated $ 1,105 $ 960

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

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

Segment Information

Nine Months Ended September 30, 2024

(in millions) Net

Earned Losses

Expenses (a)(b)

Income Reconciliation

North America Commercial $ 6,228 $ 6,046 $ 4,109 $ 615 $ 164 $ 635 $ 523

International Commercial 6,275 6,081 3,381 753 266 801 880

Global Personal 5,322 5,355 2,982 1,164 395 754 60

Total General Insurance $ 17,825 $ 17,482 $ 10,472 $ 2,532 $ 825 $ 2,190 $ 1,463 $ 2,281 $ 3,744

Interest expense — ( 336 )

Other Operations 332 ( 164 )

Elimination and consolidations ( 1 ) ( 3 )

Total 2,612 3,241

Reconciling items:

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 —

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

Net investment income on Fortitude Re funds withheld assets 123 123

Net realized losses on Fortitude Re funds withheld assets — ( 38 )

Net realized losses on Fortitude Re funds withheld embedded derivative — ( 158 )

Net realized gains (losses) (c)

Net gain on divestitures and other — 94

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

Net loss reserve discount charge — ( 131 )

Net results of businesses in run-off (d)

Integration and transaction costs associated with acquiring or divesting businesses — ( 37 )

Restructuring and other costs (e)

Non-recurring costs related to regulatory or accounting changes — ( 15 )

Total AIG Consolidated $ 2,942 $ 2,324

(a) These represent our significant expense categories of which amounts align with the segment-level information that is regularly provided to the CODMs.

(b) General operating expenses are primarily comprised of employee compensation and benefits, as well as professional fees.

(c) Includes all Net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).

(d) In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income.

Historical results have been recast to reflect these changes.

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

DISCONTINUED OPERATIONS PRESENTATION

We present a business, or a component of an entity, as discontinued operations if a) it meets the held-for-sale criteria, or is disposed of by sale, or is disposed of other than by sale, and b) the disposal of the business, or component of an entity, represents a strategic shift that has (or will have) a major effect on AIG’s financial results.

Deconsolidation of Corebridge

On June 9, 2024, AIG held 48.4 percent of Corebridge common stock, 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).

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

AIG | Third Quarter 2025 Form 10-Q

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

Discontinued Operations Presentation

In the second quarter of 2024, AIG recognized a loss of $ 4.7 billion as a result of the deconsolidation, mainly due to the recognition of an accumulated comprehensive loss of $ 7.2 billion.

The loss was recorded as a component of discontinued operations.

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

Post Deconsolidation of Corebridge

Subsequent to the Deconsolidation Date, AIG elected the fair value option and reflects its retained interest in Corebridge as an equity method investment in Other invested assets using Corebridge’s stock price as its fair value.

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

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

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

Corebridge pre-tax income (loss) $ ( 42 ) $ ( 1,594 ) $ ( 1,512 ) $ ( 122 )

Equity method income related to Corebridge (based on fair value) $ ( 328 ) $ 11 $ 394 $ 2,094

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

(in millions) Three Months Ended

September 30, 2024 Nine Months Ended

September 30, 2024

Premiums $ — $ 2,723

Policy fees — 1,269

Net investment income — 5,238

Net realized losses — ( 923 )

Other income — 372

Total revenues — 8,679

Benefits, losses and expenses:

Policyholder benefits and losses incurred — 3,618

Change in the fair value of market risk benefits, net — ( 350 )

Interest credited to policyholder account balances — 2,184

Amortization of deferred policy acquisition costs — 465

General operating and other expenses — 1,350

Interest expense — 249

Net gain on divestitures and other — ( 191 )

Total benefits, losses and expenses — 7,325

Income from discontinued operations before income tax expense and loss on disposal of discontinued operations — 1,354

Income tax expense — 226

Income from discontinued operations, net of income taxes before loss on disposal of discontinued operations — 1,128

Loss on disposition of operations, net of tax ( 24 ) ( 4,708 )

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

Net income from discontinued operations attributable to noncontrolling interests ( 2 ) 475

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

AIG | Third Quarter 2025 Form 10-Q

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

Fair Value Measurements

(c) Amortization of intangible assets including renewal rights was $ 10 million and $ 4 million for the three months ended March 31, 2026 and 2025, respectively.

(d) Includes all Net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).

(e) In the three months ended March 31, 2026, Net gain (loss) on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd.

and global personal travel and assistance business.

(f) 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.

Fair Value Measurements

14 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:

September 30, 2025 Level 1 Level 2 Level 3 Counterparty

March 31, 2026 Level 1 Level 2 Level 3 Counterparty

Collateral Total

21 unchanged sentences

— 510 167 — — 677

Equity securities

AIG | First Quarter 2026 Form 10-Q

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

Fair Value Measurements

March 31, 2026 Level 1 Level 2 Level 3 Counterparty

Collateral Total

(in millions)

Equity securities (b)

1,559 3 54 — — 1,616

Other invested assets (b)

Other invested assets (c)

— 137 93 — — 230

Derivative assets (c)

Derivative assets (d)

— 314 25 ( 143 ) ( 196 ) —

1 unchanged sentence

3,253 1,624 — — — 4,877

Other assets (c)

— — 129 — — 129

Total $ 5,371 $ 69,267 $ 3,629 $ ( 143 ) $ ( 196 ) $ 77,928

AIG | Third Quarter 2025 Form 10-Q

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

Fair Value Measurements

September 30, 2025 Level 1 Level 2 Level 3 Counterparty

Collateral Total

(in millions)

Derivative liabilities (c)

Derivative liabilities (d)

$ — $ 387 $ 25 $ ( 143 ) $ ( 175 ) $ 94

1 unchanged sentence

— — ( 85 ) — — ( 85 )

Other liabilities

Other liabilities (d)

13 — 74 — — 87

24 unchanged sentences

— 571 170 — — 741

Equity securities

Equity securities (b)

446 1 55 — — 502

Other invested assets (b)

Other invested assets (c)

1,512 143 92 — — 1,747

Derivative assets (c)

Derivative assets (d)

— 312 26 ( 164 ) ( 169 ) 5

1 unchanged sentence

4,106 1,803 — — — 5,909

Other assets (c)

Other assets (d)

— — 130 — — 130

Total $ 6,339 $ 70,136 $ 3,924 $ ( 164 ) $ ( 169 ) $ 80,066

Derivative liabilities (c)

Derivative liabilities (d)

$ — $ 439 $ 26 $ ( 164 ) $ ( 212 ) $ 89

1 unchanged sentence

— — ( 92 ) — — ( 92 )

Other liabilities — — 100 — — 100

Other liabilities (d)

— — 73 — — 73

Total $ — $ 439 $ 7 $ ( 164 ) $ ( 212 ) $ 70

(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 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 | Third Quarter 2025 Form 10-Q

(b) As of March 31, 2026, includes AIG's ownership interests in Corebridge and Onex of $ 607 million and $ 548 million, respectively.

(c) Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $ 3.1 billion and $ 3.3 billion as of March 31, 2026 and December 31, 2025, respectively.

As of December 31, 2025, includes AIG's ownership interest in Corebridge of $ 1.5 billion on which AIG elected the fair value option.

(d) Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

AIG | First Quarter 2026 Form 10-Q

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

1 unchanged sentence

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

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

in Income Other

Comprehensive

Income (Loss) Purchases,

Out Other Fair

Period Changes in

of Period Changes in

Unrealized Gains

Included in Other

Comprehensive

Income (Loss) for

Recurring Level 3

Instruments Held

at End of Period

Three Months Ended September 30, 2025

Bonds available for sale:

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

6 — — — 1 — — 7 — —

Corporate debt

147 ( 2 ) ( 15 ) ( 4 ) — ( 6 ) — 120 — ( 13 )

1,633 7 8 ( 5 ) — ( 17 ) — 1,626 — 15

26 ( 5 ) 5 ( 4 ) — — — 22 — 5

CLO/ABS 1,200 1 9 277 — ( 1 ) — 1,486 — 10

Total bonds available for sale

3,015 1 7 264 1 ( 24 ) — 3,264 — 17

Other bond securities:

Corporate Debt 1 — — — — — — 1 — —

RMBS 50 — — 3 — — — 53 — —

CLO/ABS 123 1 — 10 — ( 2 ) — 132 4 —

Total other bond securities

174 1 — 13 — ( 2 ) — 186 4 —

Equity securities

46 2 — 5 8 — — 61 — —

Other invested assets

93 ( 5 ) — 5 — — — 93 ( 1 ) —

129 — — — — — — 129 — —

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

(in millions)

of Period Net

in Income Other

Comprehensive

(Income) Loss Purchases,

Out Other Fair

Period Changes in

of Period Changes in

Unrealized Gains

Included in Other

Comprehensive

Income (Loss) for

Recurring Level 3

Instruments Held

at End of Period

Fortitude Re funds withheld payable $ ( 185 ) $ 54 $ — $ 28 $ — $ — $ — $ ( 103 ) $ ( 30 ) $ —

Other Liabilities 81 ( 9 ) — — — — — 72 — —

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

The following tables present changes during the three months ended March 31, 2026 and 2025 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at March 31, 2026 and 2025:

(in millions) Fair Value

of Period Net Realized

of Year Net Realized

in Income Other

11 unchanged sentences

at End of Period

Three Months Ended September 30, 2024

Three Months Ended March 31, 2026

Bonds available for sale:

7 unchanged sentences

Other bond securities:

Corporate debt 44 — — — — — 2 46 2 —

RMBS 51 — — ( 1 ) — — — 50 1 —

1 unchanged sentence

Total other bond securities 170 — — ( 3 ) — — — 167 4 —

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 55 ( 3 ) — 2 — — — 54 — —

3 unchanged sentences

(in millions) Fair Value

of Period Net

in Income Other

11 unchanged sentences

at End of Period

Derivative liabilities, net (a)

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

Fortitude Re funds withheld payable $ ( 92 ) $ ( 10 ) $ — $ 17 $ — $ — $ — $ ( 85 ) $ 17 $ —

6 unchanged sentences

Income (Loss) Purchases,

Out Other Fair

Period Changes in

7 unchanged sentences

at End of Period

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2025

Bonds available for sale:

11 unchanged sentences

Total other bond securities 164 4 — ( 5 ) 31 ( 23 ) 171 4 —

Equity securities 15 6 — 23 17 — — 61 2 —

Other invested assets 163 ( 5 ) — ( 24 ) 1 ( 63 ) 21 93 ( 2 ) —

Other assets 129 — — — — — — 129 — —

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

(in millions) Fair Value

in Income Other

Comprehensive

(Income) Loss Purchases,

Out Other Fair

Period Changes in

of Period Changes in

Unrealized Gains

Included in Other

Comprehensive

Income (Loss) for

Recurring Level 3

Instruments Held

at End of Period

Fortitude Re funds withheld payable $ ( 128 ) $ 109 $ — $ ( 84 ) $ — $ — $ — $ ( 103 ) $ ( 64 ) $ —

Other Liabilities 100 ( 28 ) — — — — — 72 — —

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

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

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

5 unchanged sentences

Income (Loss) Purchases,

Out Other Fair

Period Changes in

7 unchanged sentences

at End of Period

Nine Months Ended September 30, 2024

Bonds available for sale:

Obligations of states, municipalities and political subdivisions $ 3 $ — $ — $ 1 $ — $ — $ — $ 4 $ — $ ( 5 )

governments 7 — — — — — — 7 — —

Corporate debt 323 ( 2 ) 16 ( 56 ) 134 ( 37 ) 7 385 — 9

RMBS 1,792 46 108 ( 173 ) 287 ( 2 ) 37 2,095 — 3

CMBS 25 ( 5 ) 7 ( 30 ) 85 — — 82 — —

CLO/ABS 1,289 ( 23 ) 65 ( 380 ) 44 ( 12 ) — 983 — 49

Total bonds available for sale 3,439 16 196 ( 638 ) 550 ( 51 ) 44 3,556 — 56

Other bond securities:

Corporate debt 45 1 — — — — — 46 1 —

RMBS 51 3 — ( 2 ) — ( 2 ) 5 55 2 —

CLO/ABS 138 3 — 4 2 — — 147 1 —

Total other bond securities 234 7 — 2 2 ( 2 ) 5 248 4 —

Equity securities 15 1 — 10 9 — 35 — —

6 unchanged sentences

(Income) Loss Purchases,

Out Other Fair

Period Changes in

7 unchanged sentences

at End of Period

Derivative liabilities, net (a)

$ ( 453 ) $ 41 $ — $ 376 $ — $ — $ 37 $ 1 $ 7 $ —

Fortitude Re funds withheld payable $ ( 128 ) $ 41 $ — $ 8 $ — $ — $ ( 79 ) $ ( 2 ) $ —

1 unchanged sentence

$ ( 28 ) $ 41 $ — $ 8 $ — $ — $ 21 $ ( 2 ) $ —

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

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 September 30, 2025

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

Other bond securities 1 — 1

Equity securities 2 — 2

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 )

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Bonds available for sale $ 7 $ 1 $ 8

Other bond securities 7 — 7

Equity securities ( 3 ) — ( 3 )

Other invested assets 1 — 1

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

Three Months Ended March 31, 2025

Bonds available for sale $ 8 $ ( 9 ) $ ( 1 )

1 unchanged sentence

Equity securities 1 — 1

Other invested assets ( 16 ) — ( 16 )

(in millions) Net

1 unchanged sentence

(Gains) Losses Total

Three Months Ended September 30, 2025

Fortitude Re funds withheld payable $ — $ 54 $ 54

Other Liabilities — ( 9 ) ( 9 )

Three Months Ended September 30, 2024

Derivative liabilities, net $ — $ 1 $ 1

Fortitude Re funds withheld payable — 157 157

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Fortitude Re funds withheld payable $ — $ ( 10 ) $ ( 10 )

Other Liabilities — 1 1

Nine Months Ended September 30, 2024

Derivative liabilities, net $ — $ 41 $ 41

Three Months Ended March 31, 2025

Fortitude Re funds withheld payable $ — $ 41 $ 41

Other Liabilities — ( 2 ) ( 2 )

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:

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2026 and 2025 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 September 30, 2025

Three Months Ended March 31, 2026

Bonds available for sale:

governments $ 3 $ ( 3 ) $ ( 3 ) $ ( 3 )

Corporate debt 4 ( 5 ) — ( 1 )

1 unchanged sentence

CMBS — ( 2 ) ( 2 ) ( 4 )

CLO/ABS 437 ( 14 ) ( 146 ) 277

Total bonds available for sale 483 ( 16 ) ( 203 ) 264

Other bond securities:

CLO/ABS 11 — ( 1 ) 10

Total other bond securities 14 — ( 1 ) 13

Equity securities 21 ( 16 ) — 5

Other invested assets 6 — ( 1 ) 5

Total $ 524 $ ( 32 ) $ ( 205 ) $ 287

Fortitude Re funds withheld payable $ — $ — $ 28 $ 28

Total $ — $ — $ 28 $ 28

Three Months Ended September 30, 2024

Bonds available for sale:

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

RMBS 87 ( 45 ) ( 65 ) ( 23 )

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

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

5 unchanged sentences

Settlements, Net (a)

CMBS — ( 12 ) — ( 12 )

CLO/ABS 127 ( 27 ) ( 158 ) ( 58 )

6 unchanged sentences

Other invested assets 1 — ( 1 ) —

Other assets — — ( 1 ) ( 1 )

Total $ 160 $ ( 51 ) $ ( 213 ) $ ( 104 )

Derivative liabilities, net $ — $ — $ 2 $ 2

Fortitude Re funds withheld payable $ — $ — $ 17 $ 17

Total $ — $ — $ 17 $ 17

(in millions) Purchases Sales Issuances

Settlements (a)

Purchases, Sales,

Issuances and

Settlements, Net (a)

Nine Months Ended September 30, 2025

Bonds available for sale:

governments $ — $ — $ ( 1 ) $ ( 1 )

Corporate debt 5 ( 8 ) ( 152 ) ( 155 )

RMBS 54 ( 3 ) ( 152 ) ( 101 )

CMBS — ( 4 ) ( 5 ) ( 9 )

CLO/ABS 969 ( 84 ) ( 200 ) 685

Total bonds available for sale 1,028 ( 99 ) ( 510 ) 419

Other bond securities:

RMBS 3 — ( 2 ) 1

CLO/ABS 12 — ( 6 ) 6

Total other bond securities 15 — ( 8 ) 7

Equity securities 56 ( 33 ) — 23

Other invested assets 7 — ( 31 ) ( 24 )

Total $ 1,106 $ ( 132 ) $ ( 549 ) $ 425

Fortitude Re funds withheld payable $ — $ — $ ( 84 ) $ ( 84 )

Total $ — $ — $ ( 84 ) $ ( 84 )

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Bonds available for sale:

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

governments 4 — ( 4 ) —

Corporate Debt $ 3 $ ( 4 ) $ ( 124 ) $ ( 125 )

9 unchanged sentences

Other invested assets — — ( 24 ) ( 24 )

Other assets — — ( 114 ) ( 114 )

Total $ 163 $ ( 52 ) $ ( 237 ) $ ( 126 )

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

Fortitude Re funds withheld payable $ — $ — $ 8 $ 8

Other liabilities — — ( 21 ) ( 21 )

Total $ — $ — $ 8 $ 8

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

(a) There were no issuances during the three months ended March 31, 2026 and 2025.

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 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).

As a result, the unrealized gains (losses) on instruments held at March 31, 2026 and 2025 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 $ 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.

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 $ 2 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three months ended March 31, 2026 and 2025, respectively, and includes $ 1 million and $ 5 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three months ended March 31, 2026 and 2025, respectively.

Transfers of Level 3 Assets

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.

During the three months ended March 31, 2026 and 2025, 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 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.

During the three months ended March 31, 2026 and 2025, transfers out of Level 3 assets primarily included investments in private placement corporate debt, RMBS, CLO/ABS and other invested assets.

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.

Transfers of certain investments in private placement corporate debt out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

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 nine months ended September 30, 2025 and 2024.

AIG | Third Quarter 2025 Form 10-Q

Transfers of certain investments in private placement corporate debt out of Level 3 assets were primarily the result

AIG | First Quarter 2026 Form 10-Q

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

Fair Value Measurements

of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three months ended March 31, 2026 and 2025.

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

2 unchanged sentences

(in millions) Fair Value at

September 30, 2025 Valuation

March 31, 2026 Valuation

Technique Unobservable Input (b)

1 unchanged sentence

Obligations of states, municipalities and political subdivisions $ 2 Discounted cash flow Yield 5.33 % - 5.33 % ( 5.33 %)

Corporate debt 20 Discounted cash flow Yield 8.60 % - 16.76 % ( 13.63 %)

1,135 Discounted cash flow Constant prepayment rate 3.95 % - 7.19 % ( 5.57 %)

9 unchanged sentences

Obligations of states, municipalities and political subdivisions $ 2 Discounted cash flow Yield 5.27 % - 5.27 % ( 5.27 %)

Corporate debt 177 Discounted cash flow Yield 6.83 % - 11.61 % ( 9.22 %)

1,165 Discounted cash flow Constant prepayment rate 4.09 % - 7.47 % ( 5.78 %)

19 unchanged sentences

For each of the individual relationships described below, the inverse relationship would also generally apply.

AIG | First Quarter 2026 Form 10-Q

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

Fair Value Measurements

Fixed Maturity Securities

4 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

5 unchanged sentences

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.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions)

16 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 | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

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

2 unchanged sentences

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:

Gain (Loss) Three Months

Ended September 30, Gain (Loss) Nine Months

Ended September 30,

Three Months Ended March 31, Gain (Loss)

(in millions) 2026 2025

Other bond securities (a)

$ 10 $ 20 $ 37 $ 27

Alternative investments (b)

98 76 185 184

Retained investment in Corebridge (c)

( 348 ) ( 35 ) 316 30

Total gain (loss) $ ( 165 ) $ 244

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(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.

(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 through March 31, 2026.

At March 31, 2026, AIG's remaining interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value.

For additional information, see Note 1.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

2 unchanged sentences

(in millions) Level 1 Level 2 Level 3 Total

September 30, 2025

March 31, 2026

Mortgage and other loans receivable $ — $ 307 $ 2,443 $ 2,750 $ 2,813

19 unchanged sentences

Debt of consolidated investment entities — — 156 156 156

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

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

2 unchanged sentences

(in millions) Amortized

September 30, 2025

March 31, 2026

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 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.

(b) At March 31, 2026 and December 31, 2025, 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 $ 5.9 billion or 8 percent, respectively.

Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded

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(in millions) Fair

September 30, 2025

March 31, 2026

Bonds available for sale:

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Total bonds available for sale $ 23,761 $ 397 $ 12,489 $ 1,700 $ 36,250 $ 2,097

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

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

11 unchanged sentences

Total bonds available for sale $ 10,186 $ 193 $ 12,868 $ 1,675 $ 23,054 $ 1,868

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 March 31, 2026, we held 10,977 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,249 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more).

At December 31, 2025, we held 7,526 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,065 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 September 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 March 31, 2026 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.

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

September 30, 2025 Total Fixed Maturity Securities

March 31, 2026 Total Fixed Maturity Securities

Available for Sale

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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 September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(in millions) Gross

Fixed maturity securities $ 20 $ 150 $ 16 $ 278

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.

For the three months ended March 31, 2026 and 2025, the aggregate fair value of available for sale securities sold was $ 3.8 billion and $ 4.8 billion, respectively, which resulted in net realized gains (losses) of $( 130 ) million and $( 262 ) million, respectively.

Included within the net realized gains (losses) are $( 15 ) million and $( 7 ) million of net realized gains (losses) for the three months ended March 31, 2026 and 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 | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

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

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.

OTHER SECURITIES MEASURED AT FAIR VALUE

The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:

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

(in millions) March 31, 2026 December 31, 2025

Value Percent

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Total $ 2,293 100 % $ 1,243 100 %

* At March 31, 2026, includes AIG’s interest in Onex of $ 548 million that is restricted from sale or transfer until February 6, 2029, except in the event of a change in control at Onex.

Also includes AIG's remaining interest in Corebridge of $ 607 million that changed following loss of significant influence from an equity method investment recorded in Other invested assets to an equity security, at fair value.

OTHER INVESTED ASSETS

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

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

(in millions) March 31, 2026 December 31, 2025

Alternative investments (a)

$ 3,227 $ 3,456

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

All other investments (b)

Retained investment in Corebridge using fair value option (b)

Investment in Convex

All other investments (c)

Total $ 7,015 $ 6,696

(a) At September 30, 2025, includes hedge funds of $ 191 million and private equity funds of $ 3.4 billion.

(a) At March 31, 2026, includes hedge funds of $ 130 million and private equity funds of $ 2.9 billion.

At December 31, 2025, included hedge funds of $ 175 million and private equity funds of $ 3.0 billion.

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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.

At March 31, 2026 and December 31, 2025, the accumulated depreciation was $ 143 million and $ 142 million, respectively.

(b) At March 31, 2026, AIG's remaining interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value.

(c) All other investments include bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners, including $ 254 million and $ 300 million in DaVinciRe Holdings Ltd, Class D, which is recorded as a measurement alternative equity security at March 31, 2026 and December 31, 2025, respectively.

NET INVESTMENT INCOME

The following table presents the components of Net investment income:

Three Months Ended September 30, 2025 2024

(in millions) Excluding Fortitude

Withheld Assets Fortitude Re

Funds Withheld

Assets Total Excluding Fortitude

Withheld Assets Fortitude Re

Funds Withheld

Available for sale fixed maturity securities, including short-term investments $ 873 $ 13 $ 886 $ 746 $ 25 $ 771

Other fixed maturity securities

— 11 11 4 16 20

Equity securities 62 — 62 60 — 60

Interest on mortgage and other loans 40 6 46 52 9 61

Alternative investments (a)

137 — 137 42 — 42

Other investments (b)

( 331 ) ( 1 ) ( 332 ) 63 1 64

Total investment income 781 29 810 967 51 1,018

Investment expenses 38 — 38 45 — 45

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

Nine Months Ended September 30, 2025 2024

Three Months Ended March 31, 2026 2025

(in millions) Excluding Fortitude

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Net investment income $ 689 $ 23 $ 712 $ 1,065 $ 40 $ 1,105

AIG | First Quarter 2026 Form 10-Q

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

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

1 unchanged sentence

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

(b) Includes dividends received from Corebridge, 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.

(b) Includes AIG's share of Convex’s net income less amortization of intangible asset basis differences.

Additionally, includes dividends received from Corebridge, changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $ 6 million and $( 154 ) million, respectively, for the three months ended March 31, 2026 and $ 31 million and $ 209 million, respectively, for the three months ended March 31, 2025.

NET REALIZED GAINS AND LOSSES

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

Three Months Ended September 30, 2025 2024

(in millions) Excluding

Assets Fortitude

Assets Total Excluding

Assets Fortitude

Sales of fixed maturity securities $ ( 96 ) $ ( 6 ) $ ( 102 ) $ ( 66 ) $ ( 18 ) $ ( 84 )

Change in allowance for credit losses on fixed maturity securities 2 — 2 1 ( 1 ) —

Change in allowance for credit losses on loans ( 52 ) 1 ( 51 ) ( 3 ) ( 1 ) ( 4 )

Foreign exchange transactions ( 10 ) ( 1 ) ( 11 ) 65 1 66

All other derivatives and hedge accounting ( 11 ) 2 ( 9 ) 7 ( 2 ) 5

Sales of alternative investments ( 2 ) — ( 2 ) ( 18 ) — ( 18 )

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

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 )

AIG | Third Quarter 2025 Form 10-Q

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

Nine Months Ended September 30, 2025 2024

Three Months Ended March 31, 2026 2025

(in millions) Excluding

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Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative ( 132 ) ( 13 ) ( 145 ) ( 60 ) ( 2 ) ( 62 )

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

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — 10 10 — ( 41 ) ( 41 )

Net realized losses $ ( 132 ) $ ( 3 ) $ ( 135 ) $ ( 60 ) $ ( 43 ) $ ( 103 )

* 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

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:

Three Months Ended

September 30, Nine Months Ended

September 30,

Three Months Ended March 31,

(in millions) 2026 2025

3 unchanged sentences

Total increase (decrease) in unrealized appreciation (depreciation) of investments $ ( 705 ) $ 322

* 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 September 30, 2025 2024

Three Months Ended March 31, 2026 2025

(in millions) Equities Other

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Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ ( 100 ) $ ( 147 ) $ ( 247 ) $ ( 4 ) $ 234 $ 230

Nine Months Ended September 30, 2025 2024

(in millions) Equities Other

Assets* Total Equities Other

Assets* Total

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

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 $( 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.

* Includes unrealized gains (losses) on changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $( 154 ) million and $ 209 million in the three months ended March 31, 2026 and 2025, respectively.

At March 31, 2026, AIG's remaining interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value.

For additional information, see Note 1.

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 2025 Annual Report.

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

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

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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 September 30, 2025 2024

(in millions) Structured Non-

Structured Total Structured Non-

Structured Total

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

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

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 )

Write-offs charged against the allowance ( 5 ) — ( 5 ) — — —

Other ( 1 ) ( 1 ) ( 2 ) — 7 7

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

Nine Months Ended September 30, 2025 2024

Three Months Ended March 31, 2026 2025

(in millions) Structured Non-

6 unchanged sentences

Write-offs charged against the allowance — — — — ( 8 ) ( 8 )

Other ( 1 ) ( 1 ) ( 2 ) — 9 9

Balance, end of period $ 6 $ 32 $ 38 $ 11 $ 19 $ 30

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

These are referred to as PCD assets.

These are referred to as purchased credit deteriorated (PCD) assets.

At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost.

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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 nine months ended September 30, 2025 and 2024.

We did not purchase securities with more than insignificant credit deterioration since their origination during the three months ended March 31, 2026 and 2025.

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.

4 unchanged sentences

In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.

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

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

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

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

AIG | First Quarter 2026 Form 10-Q

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

At March 31, 2026 and December 31, 2025, the fair value of securities pledged to us under reverse repurchase agreements totaled $ 1.6 billion and $ 3.6 billion, respectively, and the carrying value of reverse repurchase agreements totaled $ 1.6 billion and $ 3.6 billion, respectively.

All secured financing transactions are collateralized and margined on a daily basis consistent with market standards and subject to enforceable master netting arrangements with rights of set off.

1 unchanged sentence

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements and certain reinsurance contracts was $ 7.8 billion and $ 7.8 billion at September 30, 2025 and December 31, 2024, respectively.

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements and certain reinsurance contracts was $ 7.4 billion and $ 7.7 billion at March 31, 2026 and December 31, 2025, 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 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.

We owned an aggregate of $ 14 million and $ 14 million of stock in FHLBs at March 31, 2026 and December 31, 2025, respectively.

In addition, our subsidiaries have pledged securities available for sale with a fair value of $ 2.3 billion at March 31, 2026 and $ 2.4 billion at December 31, 2025.

Investments held in escrow accounts or otherwise subject to restriction as to their use were $ 55 million and $ 54 million, comprised of short-term investments at March 31, 2026, and bonds available for sale and short-term investments at December 31, 2025.

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

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

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

(in millions) March 31, 2026 December 31, 2025

Commercial mortgages (a)

$ 2,409 $ 2,495

Life insurance policy loans 5 6

Commercial loans, other loans and notes receivable (b)

Total mortgage and other loans receivable (c)

Allowance for credit losses (c) (d)

Allowance for credit losses (c)

( 77 ) ( 111 )

1 unchanged sentence

$ 2,813 $ 2,887

(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.

(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 14 percent, respectively, at March 31, 2026 and 14 percent and 13 percent, respectively, at December 31, 2025).

(b) There were no loans that were held-for-sale carried at lower of cost or market as of March 31, 2026 and December 31, 2025.

(c) Excludes $ 37.6 billion at both March 31, 2026 and December 31, 2025 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 7 to the Consolidated Financial Statements in the 2025 Annual Report.

(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 September 30, 2025 and December 31, 2024, $ 151 million and $ 252 million, respectively, of commercial mortgage loans were placed on nonaccrual status.

As of March 31, 2026 and December 31, 2025, $ 119 million and $ 160 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 September 30, 2025 and December 31, 2024, accrued interest receivable associated with commercial mortgage loans was $ 14 million and $ 15 million, respectively.

As of March 31, 2026 and December 31, 2025, accrued interest receivable associated with commercial mortgage loans was $ 11 million and $ 11 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.

2 unchanged sentences

Nonperforming loans were not significant for any of the periods presented.

AIG | First Quarter 2026 Form 10-Q

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

Lending Activities

CREDIT QUALITY OF COMMERCIAL MORTGAGES

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

September 30, 2025 2025 2024 2023 2022 2021 Prior Total

(in millions)

>1.2X $ 14 $ 48 $ 192 $ 189 $ 546 $ 1,470 $ 2,459

1.00 - 1.20X — — 27 26 44 147 244

<1.00X — — 5 — 25 136 166

Total commercial mortgages $ 14 $ 48 $ 224 $ 215 $ 615 $ 1,753 $ 2,869

December 31, 2024 2024 2023 2022 2021 2020 Prior Total

(in millions)

>1.2X $ 120 $ 484 $ 185 $ 563 $ 79 $ 1,482 $ 2,913

1.00 - 1.20X 26 10 15 17 — 49 117

<1.00X — — — 32 — 243 275

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

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

September 30, 2025 2025 2024 2023 2022 2021 Prior Total

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

March 31, 2026 2026 2025 2024 2023 2022 Prior Total

(in millions)

1 unchanged sentence

65% to 80% — — — — — 512 512

76% to 80% — — — — — 38 38

Greater than 80% — — — 5 23 240 268

4 unchanged sentences

65% to 80% — — 11 — 77 463 551

76% to 80% — — — 31 — 51 82

Greater than 80% — — 5 23 47 234 309

Total commercial mortgages $ 14 $ 38 $ 229 $ 117 $ 592 $ 1,505 $ 2,495

(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 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 68 percent and 65 percent at September 30, 2025 and December 31, 2024, respectively.

(a) 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 66 percent and 71 percent at March 31, 2026 and December 31, 2025, 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 | Third Quarter 2025 Form 10-Q

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

Lending Activities

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

1 unchanged sentence

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

September 30, 2025

March 31, 2026

Past Due Status:

5 unchanged sentences

Allowance for credit losses $ 1 $ 56 $ 10 $ — $ 10 $ — $ 77 3 %

Loans Class Percent

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

December 31, 2025

9 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 September 30, 2025

(in millions) Commercial

Mortgages Other

Loans Total Commercial

Mortgages Other

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

Loans charged off ( 8 ) — ( 8 ) — — —

Net charge-offs ( 8 ) — ( 8 ) — — —

Addition to (release of) allowance for loan losses 6 — 6 3 1 4

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

Nine Months Ended September 30, 2025

(in millions) Commercial

Mortgages Other

Loans Total Commercial

Mortgages Other

Three Months Ended March 31,

(in millions) 2026 2025

Allowance, beginning of year $ 111 $ 164

Loans charged off ( 60 ) — ( 60 ) — — —

Net charge-offs ( 60 ) — ( 60 ) — — —

Addition to (release of) allowance for loan losses ( 34 ) ( 9 )

Allowance, end of period

$ 104 $ — $ 104 $ 165 $ 2 $ 167

(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.

(a) Does not include allowance for credit losses of $ 0 million and $ 8 million at March 31, 2026 and 2025, 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.

For additional information, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

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 | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

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

Lending Activities

Our expectations and models used to estimate the allowance for losses on commercial mortgage loans are regularly updated to reflect the current economic environment.

LOAN MODIFICATIONS

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition.

The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty.

We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial mortgage loans.

An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions.

When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses.

The amount of the principal forgiveness is deemed to be uncollectible;

therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

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 nine months ended September 30, 2025 and 2024, that had been previously modified with borrowers experiencing financial difficulties.

For a discussion of our accounting policy for loan modifications, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

There were no loans that had defaulted during the three months ended March 31, 2026 and 2025, 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 September 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 March 31, 2026 are current and performing in accordance with their modified terms.

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

The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld).

In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date.

In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date.

Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within OCI).

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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 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.

As of March 31, 2026, $ 3.1 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.

There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re.

The following summarizes the composition of the pool of assets:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions) Carrying

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Fixed maturity securities - fair value option 670 670 734 734 Fair value through net investment income

Commercial mortgage loans 430 419 450 437 Amortized cost

Commercial mortgage and other loans 345 336 359 344 Amortized cost

Short-term investments 155 155 43 43 Fair value through net investment income

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Total $ 2,969 $ 2,960 $ 3,053 $ 3,038

(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.

(a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $( 17 ) million ($( 13 ) million after-tax) and $ 85 million ($ 67 million after-tax), respectively, for the three months ended March 31, 2026 and for the year ended December 31, 2025.

(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 $ 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 $ 2 million and $ 27 million, respectively, as of March 31, 2026.

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 December 31, 2025.

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AIG | First Quarter 2026 Form 10-Q

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

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

Three Months Ended

September 30, Nine Months Ended

September 30,

Three Months Ended March 31,

(in millions) 2026 2025

Net investment income - Fortitude Re funds withheld assets $ 23 $ 40

Net realized losses on Fortitude Re funds withheld assets:

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

Net realized losses - Fortitude Re funds withheld assets ( 13 ) ( 2 )

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

Net realized gains (losses) - Fortitude Re funds withheld embedded derivative 10 ( 41 )

Net realized losses on Fortitude Re funds withheld assets ( 3 ) ( 43 )

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

Income tax benefit (a)

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

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

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

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

Income (loss) before income tax expense (benefit) 20 ( 3 )

Income tax expense (benefit) (a)

Net income (loss)

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

Comprehensive income (loss) $ 3 $ ( 4 )

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

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REINSURANCE – CREDIT LOSSES

The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature.

We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer.

We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and deposit accounting assets on the consolidated balance sheets (collectively, reinsurance recoverables).

This estimate requires significant judgment for which key considerations include:

• paid and unpaid amounts recoverable;

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

• the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews;

reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance;

• whether collateral and collateral arrangements exist.

AIG | Third Quarter 2025 Form 10-Q

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

An estimate of the reinsurance recoverable's lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR.

The allowance for credit losses excludes disputed amounts.

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

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;

The total reinsurance recoverables as of March 31, 2026 were $ 41.9 billion.

As of that date, utilizing AIG’s Obligor Risk Ratings (ORRs), (i) approximately 82 percent of the reinsurance recoverables were investment grade;

(ii) approximately 15 percent of the reinsurance recoverables were non-investment grade and (iii) approximately 3 percent of the reinsurance recoverables related to entities that were not rated by AIG.

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(iii) approximately 3 percent of the reinsurance recoverables related to entities that were not rated by AIG.

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.

As of March 31, 2026 and December 31, 2025, approximately 87 percent and 87 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.

For additional information, see Note 8 to the Consolidated Financial Statements in the 2025 Annual Report.

Reinsurance Recoverable Allowance

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

Three Months Ended

September 30, Nine Months Ended

September 30,

Three Months Ended March 31,

(in millions) 2026 2025

Balance, beginning of period $ 276 $ 260 $ 269 $ 255

Balance, beginning of year $ 297 $ 269

Addition to (release of) allowance for expected credit losses and disputes, net ( 1 ) 3

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Other changes — 7

Balance, end of period $ 275 $ 272 $ 275 $ 272

Balance, end of year $ 295 $ 279

Past-Due Status

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Past due balances on claims that are not in dispute were not material for any of the periods presented.

AIG | First Quarter 2026 Form 10-Q

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

Deferred Policy Acquisition Costs

DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts.

We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract.

Such DAC generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that were related directly to the successful acquisition of new or renewal insurance contracts.

Each cost is analyzed to assess whether it is fully deferrable.

We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts.

Commissions that are not deferred to DAC are recorded in General operating and other expenses in the Condensed Consolidated Statements of Income (Loss).

Deferred Policy Acquisition Costs

DAC represent costs that are directly related to the successful acquisition of new or renewal of existing insurance contracts.

Such DAC generally include commissions, premium taxes and certain other underwriting costs.

We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling.

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

DAC is amortized over the period in which the related premiums written are earned.

DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and reviewed for recoverability based on the profitability of the underlying insurance contracts.

The following table presents a rollforward of DAC:

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2026 2025

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Balance, end of period $ 2,128 $ 2,009

AIG | Third Quarter 2025 Form 10-Q

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

Variable Interest Entities

We enter into various arrangements with Variable Interest Entities (VIEs) in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary.

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Assets On-Balance

September 30, 2025

March 31, 2026

Real estate and investment entities (a)

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

(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.

(b) At March 31, 2026 and December 31, 2025, excludes approximately $ 1.0 billion and $ 1.1 billion, respectively, of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $ 982 million and $ 1.1 billion, respectively.

For additional information, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

(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.

(c) At March 31, 2026 and December 31, 2025, $ 3.1 billion and $ 3.3 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

AIG | First Quarter 2026 Form 10-Q

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

Variable Interest Entities

(d) These amounts represent our unfunded commitments to invest in private equity funds.

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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 | Third Quarter 2025 Form 10-Q

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

Derivatives and Hedge Accounting

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

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

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Foreign exchange contracts 2,113 71 1,760 53 1,154 64 2,576 93

Equity contracts 8 6 8 6 29 20 29 20

Credit contracts (b)

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

(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).

(b) As of March 31, 2026 and December 31, 2025, included CDSs on super senior multi-sector CLO with a net notional amount of $ 38 million and $ 38 million (fair value liability of $ 25 million and $ 25 million, respectively).

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

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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 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.

Fair value of assets related to bifurcated embedded derivatives was $ 3.0 billion at March 31, 2026 and $ 3.0 billion at December 31, 2025.

Fair value of liabilities related to bifurcated embedded derivatives was zero at both March 31, 2026 and December 31, 2025.

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

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(ISDA) Master Agreements.

An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties.

Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary at various ratings and threshold levels.

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In addition, certain derivative transactions have provisions that require collateral to be posted by us upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the transaction.

In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action.

In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to

AIG | First Quarter 2026 Form 10-Q

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

Derivatives and Hedge Accounting

posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action.

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 $ 341 million and $ 601 million at September 30, 2025 and December 31, 2024, respectively.

Collateral posted by us to third parties for derivative transactions was $ 298 million and $ 362 million at March 31, 2026 and December 31, 2025, 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 September 30, 2025 and December 31, 2024, respectively.

Collateral provided to us from third parties for derivative transactions was $ 228 million and $ 222 million at March 31, 2026 and December 31, 2025, 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 | Third Quarter 2025 Form 10-Q

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

Derivatives and Hedge Accounting

We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty.

An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties.

The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable.

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HEDGE ACCOUNTING

We designated certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries.

We designate certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries.

The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates.

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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 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.

For the three months ended March 31, 2026 and 2025, we recognized gains (losses) of $ 28 million and $( 71 ) 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.

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Items Net Impact

Three Months Ended September 30, 2025

Foreign exchange contracts:

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

Three Months Ended September 30, 2024

Foreign exchange contracts:

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

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Foreign exchange contracts:

Net realized gains/(losses) $ ( 14 ) $ 12 $ 14 $ 12

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Foreign exchange contracts:

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(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 | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

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

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

Gains (Losses) Recognized in Income

Three Months Ended

September 30, Nine Months Ended

September 30,

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

(in millions) 2026 2025

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Foreign exchange contracts 5 ( 33 )

Credit contracts — 3 — 3

Embedded derivatives 10 ( 41 )

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By Classification:

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

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

( 10 ) 7 ( 136 ) ( 62 )

Net realized losses on Fortitude Re funds withheld assets *

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

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

Total $ 16 $ ( 75 )

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CREDIT RISK-RELATED CONTINGENT FEATURES

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.

We estimate that at March 31, 2026, 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 $ 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.

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 $ 25 million at March 31, 2026 and December 31, 2025, respectively.

The aggregate fair value of assets posted as collateral under these contracts at March 31, 2026 and December 31, 2025, was approximately $ 25 million and $ 25 million, respectively.

Insurance Liabilities

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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 $ 13.4 billion and $ 12.1 billion at September 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 $ 14.0 billion and $ 13.8 billion at March 31, 2026 and December 31, 2025, 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.

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

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

At March 31, 2026 and December 31, 2025 we held collateral of approximately $ 10.0 billion and $ 9.6 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements.

Allowance for credit losses for the unsecured portion of these recoverable amounts was $ 14 million at both March 31, 2026 and December 31, 2025.

AIG | First Quarter 2026 Form 10-Q

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

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

Three Months Ended

September 30, Nine Months Ended

September 30,

Three Months Ended March 31,

(in millions) 2026 2025

Liability for unpaid loss and loss adjustment expenses, beginning of period $ 69,754 $ 69,783 $ 69,168 $ 70,393

Liability for unpaid loss and loss adjustment expenses, beginning of year $ 70,666 $ 69,168

Reinsurance recoverable ( 28,871 ) ( 29,026 )

Net Liability for unpaid loss and loss adjustment expenses, beginning of period 41,888 39,934 40,142 40,104

Net Liability for unpaid loss and loss adjustment expenses, beginning of year 41,795 40,142

Losses and loss adjustment expenses incurred:

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Foreign exchange effect ( 194 ) 484

Losses and loss adjustment expenses recognized within gain on divestitures 13 — 60 —

Losses and loss adjustment expenses recognized within net (gain) loss on divestitures

Retroactive reinsurance adjustment (net of discount) (b)

77 ( 107 ) 92 71

Dispositions — ( 5 ) — ( 5 )

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

Total other changes ( 172 ) 551

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(Berkshire), covering U.S.

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.

asbestos exposures for the three months ended March 31, 2026 and 2025, respectively.

(b) Includes benefit (charge) from change in discount on retroactive reinsurance of $ 53 million and $ 1 million for the three months ended March 31, 2026 and 2025, 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.

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Prior Year Development

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 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.

Insurance Liabilities

During the three months ended March 31, 2026, we recognized favorable prior year loss reserve development of $ 126 million, net of external reinsurance but before adverse development reinsurance agreement (ADC) cessions.

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

Personal Insurance.

During the three months ended March 31, 2025, we recognized favorable prior year loss reserve development of $ 33 million, net of external reinsurance but before ADC cessions.

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

Property and Global Specialty.

Discounting of Loss Reserves

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:

At March 31, 2026 and December 31, 2025, the loss reserves reflect a net loss reserve discount of $ 1.3 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.

– For New York companies, the discount is based on a 5 percent interest rate and the companies’ own payout patterns.

– The Pennsylvania and Delaware regulators have historically approved use of a consistent benchmark discount rate and spread (U.S.

Treasury rate plus a liquidity premium) to all of our workers’ compensation reserves in our Pennsylvania domiciled and Delaware domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios.

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

– The Pennsylvania and Delaware regulators have approved use of a consistent benchmark discount rate and spread (U.S.

Treasury rate plus a liquidity premium), subject to a 4.5 percent maximum as stipulated by Delaware, to all of our workers’ compensation reserves in our Pennsylvania domiciled and Delaware domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios.

In 2020, the regulators also approved that the discount rate will be updated on an annual basis, which was 4.5 percent at March 31, 2026 and December 31, 2025.

AIG | First Quarter 2026 Form 10-Q

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

Insurance Liabilities

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

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The discount for asbestos reserves has been fully accreted.

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).

At March 31, 2026 and December 31, 2025, the discount consists of $ 149 million and $ 141 million of tabular discount, respectively, and $ 1.1 billion and $ 1.0 billion of non-tabular discount for workers’ compensation, respectively.

During the three months ended March 31, 2026 and 2025, the benefit / (charge) from changes in discount of $ 48 million and $( 17 ) 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) September 30, 2025 December 31, 2024

(in millions) March 31, 2026 December 31, 2025

workers' compensation $ 2,111 $ 2,063

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$ 1,273 $ 1,172

(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.

(a) Excludes $ 162 million and $ 166 million of discount related to certain long-tail liabilities in the UK at March 31, 2026 and December 31, 2025, respectively.

(b) Includes gross discount of $ 686 million and $ 693 million, which was 100 percent ceded to Fortitude Re at March 31, 2026 and December 31, 2025, respectively.

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

Three Months Ended

September 30, Nine Months Ended

September 30,

Three Months Ended March 31,

(in millions) 2026 2025

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Net change in total reserve discount* $ 101 $ ( 16 )

* 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.

* Excludes $( 4 ) million and $ 6 million of discount related to certain long-tail liabilities in the UK for the three months ended March 31, 2026 and 2025, respectively.

Amortization of Deferred Gain on Retroactive Reinsurance

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.

Amortization of the deferred gain on retroactive reinsurance includes $ 20 million and $ 17 million related to the adverse development reinsurance cover with NICO for the three months ended March 31, 2026 and 2025, 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 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.

Contingencies, Commitments and Guarantees

Future policy benefits primarily include reserves for certain long-duration contracts that are 100 percent ceded of $ 727 million and $ 797 million at March 31, 2026 and December 31, 2025, respectively, certain other long-duration contracts of $ 554 million and $ 583 million at March 31, 2026 and December 31, 2025, respectively, and Global Accident & Health contracts.

Contingencies, Commitments and Guarantees

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Although we cannot currently quantify our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on our consolidated financial condition or consolidated results of operations or consolidated cash flows for an individual reporting period.

AIG | First Quarter 2026 Form 10-Q

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

Contingencies, Commitments and Guarantees

LEGAL CONTINGENCIES

12 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 $ 2.0 billion and $ 1.8 billion at September 30, 2025 and December 31, 2024, respectively.

These commitments totaled $ 1.4 billion and $ 1.5 billion at March 31, 2026 and December 31, 2025, 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 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.

Due to the deconsolidation of AIGFP and its subsidiaries, as of March 31, 2026, a $ 73 million guarantee related to the obligations of AIGFP and certain of its subsidiaries was recognized, and is reported in Other liabilities.

We guarantee certain policyholder contracts issued by Corebridge subsidiaries as well as certain debt issued by Corebridge Life Holdings, Inc.

Pursuant to the Separation Agreement entered in by AIG and Corebridge on September 14, 2022, Corebridge must indemnify, defend and hold us harmless from and against any liability related to these guarantees.

Also, under a collateral agreement, in the event of:

(i) a ratings downgrade of Corebridge or the guaranteed debt below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the guaranteed debt when due, Corebridge must collateralize an amount equal to

AIG | Third Quarter 2025 Form 10-Q

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

Contingencies, Commitments and Guarantees

(i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100 percent of the net present value of scheduled interest payments through the maturity dates of the debt.

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In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable.

AIG | First Quarter 2026 Form 10-Q

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

Contingencies, Commitments and Guarantees

We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements.

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The following table presents a rollforward of outstanding shares:

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Stock Issued Treasury

5 unchanged sentences

Shares, end of period 1,906.7 ( 1,373.8 ) 532.9

Dividends are payable on AIG common stock, par value $ 2.50 per share (AIG Common Stock) only when, as and if declared by our Board of Directors in its discretion, from funds legally available for this purpose.

Dividends are payable on AIG common stock, par value $ 2.50 per share (AIG Common Stock) only when, as and if declared by our Board of Directors (the Board) in its discretion, from funds legally available for this purpose.

In considering whether to pay a dividend on or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to:

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Repurchase of AIG Common Stock

Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise.

Certain of our share repurchases have been and may from time to time be effected through the Securities Exchange Act of 1934, as amended (the Exchange Act) Rule 10b5-1 repurchase plans.

Effective April 1, 2025, the Board of Directors authorized the repurchase of $ 7.5 billion of AIG Common Stock (inclusive of the approximately $ 3.4 billion remaining under the Board's prior share repurchase authorization).

The Board has authorized the repurchase of shares of AIG Common Stock and as of April 24, 2026, $ 3.2 billion remained under the Board's authorization.

Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or through Rule 10b5-1 plans under the Securities Exchange Act of 1934, as amended (the Exchange Act).

Pursuant to a Rule 10b5-1 plan, from April 1, 2026 to April 24, 2026, we repurchased approximately 3 million shares of AIG Common Stock for an aggregate purchase price of approximately $ 209 million.

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 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 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.

On April 30, 2026, our Board of Directors declared a cash dividend on AIG Common Stock of $ 0.50 per share, an 11 percent increase from prior quarterly dividends on AIG Common Stock, payable on June 29, 2026 to shareholders of record as of June 15, 2026.

AIG | First Quarter 2026 Form 10-Q

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

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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Allowance for Credit

Losses Was Taken Unrealized

(Depreciation)

Investments Change in Fair

Value of Market

Risk Benefits

Attributable to

Credit Risk Change in the

discount rates

used to measure

traditional and

limited payment

long-duration

insurance contracts Foreign

Adjustments Retirement

Adjustment Total

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

Change in unrealized appreciation (depreciation) of investments

— 543 — — — — 543

Change in other — 20 — — — — 20

Change in discount rates — — — 7 — — 7

Change in foreign currency translation adjustments

— — — — ( 52 ) — ( 52 )

Change in net actuarial loss

— — — — — 8 8

Change in prior service cost

— — — — — 1 1

Change in deferred tax asset (liability)

— ( 16 ) — ( 2 ) ( 4 ) ( 3 ) ( 25 )

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

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 )

Change in unrealized appreciation (depreciation) of investments*

45 1,581 — — — — 1,626

Change in other — 17 — — — — 17

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

Change in foreign currency translation adjustments

— — — — 427 — 427

Change in net actuarial loss

— — — — — 2 2

Change in prior service cost

— — — — — ( 1 ) ( 1 )

Change in deferred tax asset (liability)

( 8 ) ( 249 ) — 58 ( 13 ) — ( 212 )

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

Noncontrolling interests — — — — 4 — 4

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

(in millions) Unrealized

(Depreciation)

of Fixed Maturity

Securities on Which

Allowance for Credit

Losses Was Taken Unrealized

Losses Was Taken

(Depreciation)

Investments Change in Fair

Value of Market

Risk Benefits

Attributable to

Credit Risk Change in the

Investments Change in the

discount rates

14 unchanged sentences

Change in prior service cost

— — — — — 1 1

Change in deferred tax asset (liability) — 121 ( 1 ) ( 2 ) ( 2 ) 116

Total other comprehensive income (loss) ( 1 ) ( 616 ) 4 ( 121 ) 6 ( 728 )

Noncontrolling interests — — — — 1 — 1

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.

(in millions) Unrealized

(Depreciation)

of Fixed Maturity

Securities on Which

Allowance for Credit

Losses Was Taken Unrealized

(Depreciation)

Investments Change in Fair

Value of Market

Risk Benefits

Attributable to

Credit Risk Change in the

discount rates

used to measure

traditional and

limited payment

long-duration

insurance contracts Foreign

Adjustments Retirement

Adjustment Total

Balance, March 31, 2026, net of tax $ ( 4 ) $ ( 1,989 ) $ 91 $ ( 3,102 ) $ ( 711 ) $ ( 5,715 )

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

1 unchanged sentence

Change in other — 6 — — — 6

Change in fair value of market risk benefits, net — — 130 — — — 130

Change in discount rates — — 9 — — 9

Change in future policy benefits — ( 59 ) — — — — ( 59 )

Change in foreign currency translation adjustments — — — 175 — 175

Change in net actuarial loss — — — — 8 8

Change in prior service cost — — — — — 2 2

Change in deferred tax asset (liability)

— 101 ( 3 ) 19 ( 1 ) 116

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

Total other comprehensive income 4 425 6 194 7 636

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

Noncontrolling interests — — — 1 — 1

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:

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

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 2026 and 2025 , respectively:

(in millions) Unrealized

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(Depreciation)

Investments Change in Fair

Value of Market

Risk Benefits

Attributable to

Changes in Our

Own Credit Risk Change in the

Investments Change in the

discount rates

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Adjustment Total

Three Months Ended September 30, 2025

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

Reclassification adjustments included in net income — ( 102 ) — — — ( 9 ) ( 111 )

Total other comprehensive income (loss), before income tax expense (benefit) — 563 — 7 ( 52 ) 9 527

Income tax expense (benefit) — 16 — 2 4 3 25

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

Three Months Ended September 30, 2024

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

Reclassification adjustments included in net income — ( 84 ) — — — ( 8 ) ( 92 )

Total other comprehensive income (loss), before income tax expense (benefit) 45 1,598 — ( 12 ) 427 1 2,059

Income tax expense (benefit) 8 249 — ( 58 ) 13 — 212

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

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Unrealized change arising during period $ ( 1 ) $ ( 867 ) $ 5 $ ( 119 ) $ — $ ( 982 )

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Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 1 ) $ ( 616 ) $ 4 $ ( 121 ) $ 6 $ ( 728 )

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Unrealized change arising during period $ 4 $ 62 $ 9 $ 175 $ — $ 250

3 unchanged sentences

Total other comprehensive income (loss), net of income tax expense (benefit) $ 4 $ 425 $ 6 $ 194 $ 7 $ 636

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

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

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Amount Reclassified from AOCI Affected Line Item in the

Three Months Ended September 30, Condensed Consolidated

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

Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken

Investments $ — $ — Net realized gains (losses)

Unrealized appreciation (depreciation) of all other investments

Investments ( 102 ) ( 84 ) Net realized gains (losses)

Total ( 102 ) ( 84 )

Change in retirement plan liabilities adjustment

Prior-service credit ( 1 ) — (b)

Actuarial losses ( 8 ) ( 8 ) (b)

Total ( 9 ) ( 8 )

Corebridge deconsolidation, net of tax — — (c)

Total reclassifications for the period $ ( 111 ) $ ( 92 )

Amount Reclassified from AOCI Affected Line Item in the

Nine Months Ended September 30, Condensed Consolidated

Three Months Ended March 31, Condensed Consolidated

(in millions) 2026 2025 Statements of Income (Loss)

8 unchanged sentences

Total ( 8 ) ( 8 )

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

Total reclassifications for the period $ ( 138 ) $ ( 270 )

(a) The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table:

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

(a) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts is not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table.

(b) These AOCI components are included in the computation of net periodic pension cost.

(c) Represents adjustments related to the deconsolidation of Corebridge which is reflected in Income (loss) from discontinued operations, net of taxes.

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

AIG | Third Quarter 2025 Form 10-Q

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

Earnings Per Common Share (EPS)

Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding.

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

Three Months Ended

September 30, Nine Months Ended

September 30,

Three Months Ended March 31,

(dollars in millions, except per common share data) 2026 2025

Numerator for EPS:

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

Net income $ 763 $ 698

Net income attributable to noncontrolling interests — —

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

Income attributable to AIG common shareholders from continuing operations 519 481 2,361 1,731

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

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

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

Net income (loss) attributable to AIG common shareholders 763 698

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542,160,956 599,240,046

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

Income from continuing operations $ 0.94 $ 0.75 $ 4.12 $ 2.62

Loss from discontinued operations $ — $ ( 0.03 ) $ — $ ( 6.13 )

Income (loss) attributable to AIG common shareholders $ 0.94 $ 0.72 $ 4.12 $ ( 3.51 )

Income from continuing operations $ 0.93 $ 0.74 $ 4.08 $ 2.59

Loss from discontinued operations $ — $ ( 0.03 ) $ — $ ( 6.07 )

Income (loss) attributable to AIG common shareholders $ 0.93 $ 0.71 $ 4.08 $ ( 3.48 )

Net income (loss) per common share attributable to AIG common shareholders:

Basic $ 1.42 $ 1.18

Diluted $ 1.41 $ 1.16

(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 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.

The number of potential common shares excluded from diluted shares outstanding was 653,677 and 161,754 for the three months ended March 31, 2026 and 2025, 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 13.

AIG | Third Quarter 2025 Form 10-Q

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

TAX LAW CHANGES

On July 4, 2025, new U.S.

tax legislation was signed into law (known as the "One Big Beautiful Bill Act" or "OBBB Act") which, among other provisions, makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025.

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

BASIS OF PRESENTATION

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and foreign laws.

AIG | First Quarter 2026 Form 10-Q

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

We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested.

10 unchanged sentences

INTERIM TAX EXPENSE (BENEFIT)

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 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 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 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.

For the three months ended March 31, 2026, the effective tax rate on income was 22.7 percent.

The charges are partially offset by the impact of 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 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.

For the three months ended March 31, 2025, the effective tax rate on income was 27.3 percent.

The effective tax rate on income differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, certain non-deductible expenses and state and local income taxes, partially offset by tax benefits related to closure of tax audits in Germany and California, and excess tax benefits related to share-based compensation payments recorded through the income statement.

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 | Third Quarter 2025 Form 10-Q

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

ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE

The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized.

The weight given to the evidence is commensurate with the extent to which it can be objectively verified.

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 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.

Additionally, significant market volatility continues to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies.

In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and AIG-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies.

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

After factoring in multiple data points and assessing the relative weight of all positive and negative evidence, we concluded that a valuation allowance of $ 300 million should remain on a portion of AIG's U.S.

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

Accordingly, during the 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.

For the three months ended March 31, 2026, 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 an increase 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 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.

As of March 31, 2026, based on all available evidence, we concluded that a valuation allowance of $ 249 million is necessary on deferred tax assets related to unrealized tax capital losses that are not more-likely-than-not to be realized.

For the three months ended March 31, 2026, we recorded an increase in valuation allowance of $ 49 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 nine months ended September 30, 2025, we recognized a net $ 9 million increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions.

For the three months ended March 31, 2026, we recognized a net $ 5 million decrease in deferred tax asset valuation allowance associated with certain foreign jurisdictions, and established a state valuation allowance of $ 88 million related to the initial recognition and corresponding increase in NYS net operating loss deferred tax asset as a result of the completion of NYS audit activity.

TAX EXAMINATIONS

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ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES

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 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 | 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

There were no significant changes in our unrecognized tax benefits, interest and penalties for the three months ended March 31, 2026.

AIG | First Quarter 2026 Form 10-Q

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

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We use the term “AIG Parent” to refer solely to American International Group, Inc., and not to any of its consolidated subsidiaries.

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

Cautionary Note on Forward-Looking Statements

This Quarterly Report on Form 10-Q and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S.

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These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate.

Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “confident,” “focused on achieving,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance.

Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” "strive," “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance.

These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements.

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

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

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

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• our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives;

• our ability to successfully complete strategic transactions, including to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;

• the effects of changes in laws and regulations, including those relating to privacy, data protection, cybersecurity and AI, and the regulation of insurance, in the U.S.

and other countries in which we operate;

• concentrations in our investment portfolios, including our continuing equity market exposure to Corebridge Financial, Inc.

(Corebridge);

• concentrations in our investment portfolios;

• changes in the valuation of our investments;

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• availability of adequate reinsurance or access to reinsurance on acceptable terms;

• changes to tax laws in the U.S.

and other countries in which we operate;

• changes to tax laws in the countries in which we operate;

• the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans;

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• changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;

• our ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;

• our ability to address evolving global stakeholder expectations and regulatory requirements including with respect to environmental, social and governance matters;

• our ability to address evolving global stakeholder expectations and regulatory requirements including with respect to environmental, social and governance matters and to effectively execute on sustainability targets and standards;

• our ability to effectively implement restructuring initiatives and potential cost-savings opportunities;

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• the outcome of significant legal, regulatory or governmental proceedings;

• our ability to effectively execute on sustainability targets and standards;

• the impact of epidemics, pandemics and other public health crises and responses thereto;

• such other factors discussed in:

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Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in other filings with the SEC.

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

INDEX TO ITEM 2

Use of Non-GAAP Measures

Critical Accounting Estimates

Executive Summary

Operating Structure

Regulatory, Industry and Economic Factors

Critical Accounting Estimates

Consolidated Results of Operations

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Other Operations

Investment Highlights in the Nine Months Ended September 30, 2025

Use of Non-GAAP Measures

Investment Highlights in the Three Months Ended March 31, 2026

Investment Strategies

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Insurance Reserves

Loss Reserves

Liquidity and Capital Resources

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Enterprise Risk Management

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

Use of Non-GAAP Measures

Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results.

Some of the measurements we use are “non-GAAP financial measures” under SEC rules and regulations.

GAAP is the acronym for “generally accepted accounting principles” in the United States.

The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.

We use the following operating performance measures because we believe they enhance the understanding of the underlying profitability of continuing operations and trends of our segments.

We believe they also allow for more meaningful comparisons with our insurance competitors.

When we use these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis in the Consolidated Results of Operations section of this MD&A.

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.

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.

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.

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 | 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/loss on sale of shares;

• net investment income on Fortitude Re funds withheld assets;

• net realized gains and losses on Fortitude Re funds withheld assets;

• loss (gain) on extinguishment of debt;

• all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication.

Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g.

net investment income);

• income or loss from discontinued operations;

• net loss reserve discount benefit (charge);

• net results of businesses in run-off;

• non-operating pension expenses;

• net gain or loss on divestitures and other;

• non-operating litigation reserves and settlements;

• restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;

• 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;

• integration and transaction costs associated with acquiring or divesting businesses;

• losses from the impairment of goodwill;

• non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles;

• income from elimination of the international reporting lag.

Adjusted after-tax income attributable to AIG common shareholders is derived by excluding the tax effected APTI adjustments described above, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG:

• deferred income tax valuation allowance releases and charges;

• changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance;

• net tax charge related to the enactment of the Tax Cuts and Jobs Act.

We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance.

These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred.

A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss.

Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes.

The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios.

In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios.

Accident year loss and accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT):

both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting.

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

We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management’s control.

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

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

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Critical Accounting Estimates

Critical Accounting Estimates

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment.

The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:

• loss reserves;

• reinsurance assets, including the allowance for credit losses and disputes;

• allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities;

• fair value measurements of certain financial assets and financial liabilities;

• income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation.

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

For a complete discussion of our critical accounting estimates, see Part II, Item 7.

MD&A – Critical Accounting Estimates in the 2024 Annual Report.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Executive Summary

Executive Summary

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The three segments are North America Commercial, International Commercial and Global Personal.

Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense.

Prior years’ presentations have been recast to conform to the new reportable segments.

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.

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

The historical financial results of Corebridge, for all periods presented, are reflected in these Condensed Consolidated Financial Statements as discontinued operations.

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 | Third Quarter 2025 Form 10-Q

ITEM 2 | Executive Summary

General Insurance

General Insurance is a leading provider of insurance products and services for commercial and personal insurance customers.

It includes one of the world’s most far-reaching property casualty networks.

General Insurance offers a broad range of products to customers through a diversified, multichannel distribution network.

Customers value General Insurance’s strong capital position, extensive risk management and claims experience and its ability to be a market leader in critical lines of the insurance business.

Other Operations predominantly consists of Net investment income from our AIG Parent liquidity portfolio, Corebridge Financial, Inc.

(Corebridge) dividend income, corporate General operating expenses, and Interest expense.

General Insurance includes the following major operating companies:

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Western World Insurance Company and Glatfelter Insurance Group (Glatfelter).

REGULATORY, INDUSTRY AND ECONOMIC FACTORS

Regulatory Environment

Our operations around the world are subject to regulation by many different types of regulatory authorities, including insurance and securities regulators in the United States and abroad.

The insurance and financial services industries are generally subject to close regulatory scrutiny and supervision.

For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see Part I, Item 1.

Business – Regulation and Part I, Item 1A.

Risk Factors – Regulation in the 2024 Annual Report.

Impact of Changes in the Interest Rate E nvironment

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

Our Net investment income is impacted by market interest rates as well as the deployment of asset allocation strategies to enhance yield, manage duration and interest rate risk.

The changes in interest rates and credit spreads impact our ability to reinvest future cash flows at rates equal or greater than the rates on sales and maturities.

For additional information on our investment and asset-liability management strategies, see Investments.

Impact of Currency Volatility

Currency volatility remains acute.

The value of the U.S.

dollar compared to the Euro, British pound and the Japanese yen (the Major Currencies) impacts income for our businesses with substantial international operations.

In particular, growth trends in net premiums written reported in U.S.

dollars can differ significantly from those measured in original currencies.

The net effect on underwriting results, however, is significantly mitigated, as both revenues and expenses are similarly affected.

These currencies may continue to fluctuate, especially as a result of concerns regarding international trade, future economic growth and other macroeconomic factors, and such fluctuations will affect net premiums written growth trends reported in U.S.

dollars, as well as financial statement line item comparability.

General Insurance businesses are transacted in most major foreign currencies.

The following table presents the average of the quarterly weighted average exchange rates of the Major Currencies, which have the most significant impact on our businesses:

Three Months Ended

September 30, Percentage Nine Months Ended

September 30, Percentage

Rate for 1 USD 2025 2024 Change 2025 2024 Change

Major Currency:

GBP 0.74 0.78 (5) % 0.76 0.79 (4) %

EUR 0.86 0.92 (7) % 0.90 0.92 (2) %

JPY 146.42 153.68 (5) % 148.30 151.18 (2) %

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 | Third Quarter 2025 Form 10-Q

ITEM 2 | Consolidated Results of Operations

Commercial Lines Products

Property & Short Tail:

Products include commercial and industrial property, including business interruption, as well as package insurance products and services that cover exposures to man-made and natural disasters.

Products include general liability, environmental, commercial automobile liability, workers’ compensation, excess casualty and crisis management insurance products.

Casualty also includes risk-sharing and other customized structured programs for large corporate and multinational customers.

Financial Lines:

Products include professional liability insurance for a range of businesses and risks, including directors and officers, mergers and acquisitions, fidelity, employment practices, fiduciary liability, cyber risk, kidnap and ransom, and errors and omissions insurance.

Global Specialty:

Products include marine, energy-related property insurance products, aviation, political risk, trade credit and trade finance.

Personal Insurance Products

Global Accident & Health:

Products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals.

Personal Lines:

Products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S.

that covers auto, homeowners, umbrella, yacht, fine art and collections.

General Insurance operates in a highly competitive industry against global, national and local insurers and reinsurers and underwriting syndicates in specific market areas and product types.

Insurance companies compete through a combination of risk acceptance criteria, product pricing, service levels and terms and conditions.

General Insurance seeks to differentiate itself in the markets where we participate by providing leading expertise and insight to clients, distribution partners and other stakeholders, delivering underwriting excellence and value-driven insurance solutions and providing high quality, tailored end-to-end support to stakeholders.

In doing so, we leverage our world-class global franchise, multinational capabilities, balance sheet strength and financial flexibility.

For additional information on our segments, see Note 3 to the Condensed Consolidated Financial Statements.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Critical Accounting Estimates

Critical Accounting Estimates

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment.

The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:

• loss reserves;

• reinsurance assets;

• fair value measurements of certain financial assets and financial liabilities;

• income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation.

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

For a detailed discussion of our critical accounting estimates, see Part II, Item 7.

MD&A – Critical Accounting Estimates in the 2025 Annual Report.

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 nine months ended September 30, 2025 and 2024.

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three months ended March 31, 2026 and 2025.

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

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

Three Months Ended

September 30, Percentage Nine Months Ended

September 30, Percentage

(in millions) 2025 2024 Change 2025 2024 Change

Three Months Ended March 31, Percentage

(in millions) 2026 2025 Change

Premiums $ 6,072 $ 5,770 5 %

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Net realized gains (losses):

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

Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative (132) (60) (120)

Net realized losses on Fortitude Re funds withheld assets (13) (2) NM

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative 10 (41) NM

Total net realized losses (135) (103) (31)

Other income (loss) (4) — NM 13 2 NM

Other income 1 11 (91)

Total revenues 6,650 6,783 (2)

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Interest expense 100 92 9

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

Net (gain) loss on divestitures and other 127 (3) NM

Total benefits, losses and expenses 5,663 5,823 (3)

Income from continuing operations before income tax expense 714 649 10 3,218 2,324 38

Income tax expense 190 168 13 852 571 49

Income from continuing operations 524 481 9 2,366 1,753 35

Loss from discontinued operations, net of income taxes — (24) NM — (3,580) 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 $ 519 $ 459 13 % $ 2,361 $ (2,324) NM %

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

Balance sheet data:

Total assets $ 163,415 $ 161,322

Long-term debt 9,087 8,764

Total AIG shareholders’ equity 41,085 42,521

Book value per share 75.45 70.16

Adjusted book value per share 77.04 73.79

Core operating book value per share 66.66 61.75

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Consolidated Results of Operations

NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS

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 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;

• 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:

• 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.

INCOME TAX EXPENSE ANALYSIS

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 | Third Quarter 2025 Form 10-Q

ITEM 2 | Consolidated Results of Operations

NON-GAAP RECONCILIATIONS

The following table presents reconciliations of Book value per share to Adjusted book value per share and Core operating book value per share, which are non-GAAP measures.

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

September 30, December 31,

(in millions, except per share data) 2025 2024

Total AIG common shareholders' equity $ 41,085 $ 42,521

Investments related AOCI (1,410) (2,872)

Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (545) (667)

Investments AOCI (865) (2,205)

AIG adjusted common shareholders' equity $ 41,950 $ 44,726

Total AIG common shareholders' equity $ 41,085 $ 42,521

AIG's ownership interest in Corebridge 2,651 3,810

Investments related AOCI - AIG (1,410) (2,872)

Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG (545) (667)

Investments AOCI - AIG (865) (2,205)

Deferred tax assets 3,002 3,489

AIG core operating shareholders' equity $ 36,297 $ 37,427

Total common shares outstanding 544.5 606.1

Book value per share $ 75.45 $ 70.16

Adjusted book value per share 77.04 73.79

Core operating book value per share 66.66 61.75

The following table presents reconciliations of Return on equity to Adjusted return on equity and Core operating return on equity, which are non-GAAP measures.

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

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended

(dollars in millions) 2025 2024 2025 2024 2024

Actual or annualized net income (loss) attributable to AIG common shareholders $ 2,076 $ 1,836 $ 3,148 $ (3,099) $ (1,426)

Actual or annualized adjusted after-tax income attributable to AIG common shareholders $ 4,904 $ 3,216 $ 3,963 $ 3,249 $ 3,254

Average AIG common shareholders' equity $ 41,293 $ 44,742 $ 41,635 $ 44,434 $ 44,051

Average investments AOCI (1,128) (2,194) (1,560) (5,864) (5,132)

Average AIG adjusted common shareholders' equity $ 42,421 $ 46,936 $ 43,195 $ 50,298 $ 49,183

Average AIG common shareholders' equity $ 41,293 $ 44,742 $ 41,635 $ 44,434 $ 44,051

Average AIG's ownership interest in Corebridge 3,347 8,355 3,631 7,510 6,770

Average Investments AOCI - AIG (1,128) (2,194) (1,560) (2,387) (2,351)

Average deferred tax assets 3,093 4,017 3,261 4,125 3,998

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

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 | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 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 September 30, 2025 2024

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

Interests (a)

Tax Pre-tax Total Tax

Interests (a)

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

Noncontrolling interests (a)

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 — —

Three Months Ended March 31, Percentage

(in millions) 2026 2025 Change

Income before income tax expense 987 960 3

Income tax expense 224 262 (15)

Net income 763 698 9

Net income attributable to noncontrolling interests — — NM

Net income attributable to AIG common shareholders $ 763 $ 698 9 %

Changes in uncertain tax positions and other tax adjustments

(5) — 5 3 — (3)

Deferred income tax valuation allowance releases

— — — 9 — (9)

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 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

Loss from discontinued operations — 24

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

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

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

Net results of businesses in run-off (c)

(1) (1) — — 8 2 — 6

Non-operating pension expenses 6 1 — 5 — — — —

Integration and transaction costs associated with acquiring or divesting businesses 7 2 — 5 22 5 — 17

Restructuring and other costs (d)

153 32 — 121 137 28 — 109

Non-recurring costs related to regulatory or accounting changes 3 1 — 2 4 1 — 3

Noncontrolling interests (a)

Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders $ 1,622 $ 391 $ (5) $ 1,226 $ 1,075 $ 271 $ — $ 804

Weighted average diluted shares outstanding 558.5 647.4

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 | Third Quarter 2025 Form 10-Q

ITEM 2 | Consolidated Results of Operations

Nine Months Ended September 30, 2025 2024

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

Interests (a)

Tax Pre-tax Total Tax

Interests (a)

Pre-tax income/net income (loss), including noncontrolling interests $ 3,218 $ 852 $ — $ 2,366 $ 2,324 $ 571 $ — $ (1,827)

Noncontrolling interests (a)

(5) (5) (475) (475)

Pre-tax income/net income (loss) attributable to AIG - including discontinued operations $ 3,218 $ 852 $ (5) $ 2,361 $ 2,324 $ 571 $ (475) $ (2,302)

Dividends on preferred stock and preferred stock redemption premiums — 22

NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS

Changes in uncertain tax positions and other tax adjustments

(1) — 1 8 — (8)

Deferred income tax valuation allowance (releases) charges

(9) — 9 15 — (15)

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

Net investment income on Fortitude Re funds withheld assets (108) (23) — (85) (123) (26) — (97)

Net realized losses on Fortitude Re funds withheld assets 59 12 — 47 38 8 — 30

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

Net realized losses (b)

690 102 — 588 234 28 — 206

Loss from discontinued operations — 3,580

Net gain on divestitures and other (53) (11) — (42) (94) 12 — (106)

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

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

Net results of businesses in run-off (c)

(8) (2) — (6) (4) — — (4)

Non-operating pension expenses 16 3 — 13 — — — —

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

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

Noncontrolling interests (a)

Adjusted pre-tax income (loss)/Adjusted after-tax income (loss) attributable to AIG common shareholders $ 3,922 $ 945 $ (5) $ 2,972 $ 3,241 $ 797 $ — $ 2,437

Weighted average diluted shares outstanding

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

$ 4.08 $ (3.48)

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

$ 5.14 $ 3.65

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

Corebridge was consolidated until June 9, 2024.

The historical results of Corebridge owned by AIG are reflected in Income (loss) from discontinued operations, net of income taxes.

(b) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets.

(c) In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income.

Historical results have been recast to reflect these changes.

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 $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 $1.6 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 | 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 September 30, Nine Months Ended September 30,

2025 2024 2025 2024

(in millions) Net

and Other Pre-tax

Net investment income and other/Pre-tax income (loss) $ 991 $ 1,188 $ 811 $ 1,058 $ 2,619 $ 3,183 $ 2,400 $ 3,005

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

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)

Net realized (gains) losses on Fortitude Re funds withheld assets — (1) — 1 — 6 — 1

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

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

Non-operating pension expenses — 4 — — — 13 — —

Restructuring and other costs — 130 — 104 — 222 — 349

Non-recurring costs related to regulatory or accounting changes — 3 — 4 — 10 — 15

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 September 30, Nine Months Ended September 30,

2025 2024 2025 2024

(in millions) Net

and Other Pre-tax

Net investment income and other/Pre-tax income (loss) $ (226) $ (474) $ 162 $ (409) $ 734 $ 35 $ 544 $ (681)

Consolidation and Eliminations (2) — 1 — 1 — 1 —

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

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 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) — —

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)

Non-operating pension expenses — 2 — — — 3 — —

Integration and transaction costs associated with acquiring or divesting businesses — 7 — 22 — 13 — 37

Restructuring and other costs — 23 — 33 — 85 — 281

Net investment income and other, APTI basis/Adjusted pre-tax income (loss) $ 72 $ (116) $ 120 $ (135) $ 274 $ (292) $ 335 $ (503)

Three Months Ended March 31, 2026 and 2025 Comparison

Net income (loss) attributable to AIG common shareholders increased $65 million primarily driven by:

• higher underwriting income primarily driven by lower catastrophe losses of $345 million and higher net favorable prior year reserve development of $68 million.

For additional information, see Business Segment Operations – General Insurance;

• lower Net investment income of $393 million primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities of $449 million and lower income on Alternative investments and Mortgage loans of $48 million, partially offset by higher income from available for sale fixed maturity securities of $103 million.

For additional information, see Note 5 to the Condensed Consolidated Financial Statements.

Business Segment Operations

2 unchanged sentences

Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense.

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

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

General Insurance

Commercial Lines is managed by our geographic markets of North America and International, while Personal Insurance is managed globally.

Our global presence is underpinned by our multinational capabilities to provide Commercial Lines and Personal Insurance products within these geographic markets.

PRODUCTS AND DISTRIBUTION

North America Commercial consists of insurance businesses in the United States, Canada and Bermuda.

International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China.

International Commercial also includes the results of Talbot as well as AIG’s Global Specialty business.

Global Personal consists primarily of insurance businesses in the United States as well as Japan, the United Kingdom, Europe, EMEA region, Asia Pacific, Latin America and Caribbean, and China.

Commercial Lines

Property & Short Tail:

Products include commercial and industrial property, including business interruption, as well as package insurance products and services that cover exposures to man-made and natural disasters.

Products include general liability, environmental, commercial automobile liability, workers’ compensation, excess casualty and crisis management insurance products.

Casualty also includes risk-sharing and other customized structured programs for large corporate and multinational customers.

Financial Lines:

Global Specialty:

Products include marine, energy-related property insurance products, aviation, political risk, trade credit, trade finance and portfolio solutions.

Personal Insurance

Global Accident & Health:

Personal Lines:

that covers auto, homeowners, umbrella, yacht, fine art and collections.

General Insurance products in North America and International markets are distributed through various channels, including captive and independent agents, brokers, affinity partners, airlines and travel agents, and retailers.

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

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

BUSINESS STRATEGY

Profitable Growth:

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

Deploy capital efficiently to act opportunistically and achieve growth in profitable lines, geographies and customer segments, while taking a disciplined underwriting approach to exposure management, terms and conditions and rate change to achieve our risk/return hurdles.

Continue to be open to inorganic growth opportunities in profitable markets and segments to expand our capabilities and footprint.

Underwriting Excellence:

Continue to enhance portfolio optimization through strength of underwriting framework and guidelines as well as clear communication of risk appetite and rate adequacy.

Empower and increase accountability of the underwriter and continue to integrate underwriting, claims and actuarial to enable better decision making.

Focus on enhancing risk selection, driving consistent underwriting best practices and building robust monitoring standards to improve underwriting results.

Reinsurance Optimization:

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

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

General Insurance operates in a highly competitive industry against global, national and local insurers and reinsurers and underwriting syndicates in specific market areas and product types.

Insurance companies compete through a combination of risk acceptance criteria, product pricing, service levels and terms and conditions.

We serve our business and individual customers on a global basis – from the largest multinational corporations to local businesses and individuals.

In doing so, we leverage our world-class global franchise, multinational capabilities, balance sheet strength and financial flexibility.

Our challenges include:

• ensuring adequate business pricing given passage of time to reporting and settlement for insurance business, particularly with respect to long-tail Commercial Lines exposures;

• impact of social and economic inflation on claim frequency and severity;

• volatility in claims arising from natural and man-made catastrophes and other aggregations of risk exposure.

INDUSTRY AND ECONOMIC FACTORS

North America Commercial

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 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

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.

Global Personal

Global Personal serves individuals as well as group and corporate clients across a broad range of products, markets, and client profiles.

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 | Third Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

GENERAL INSURANCE RESULTS

Three Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 Change 2025 2024 Change

General Insurance consists of our three segments and the Net investment income and Amortization of intangible assets including renewal rights related to our insurance operations.

GENERAL INSURANCE

Three Months Ended March 31,

(in millions) 2026 2025 Change

Underwriting results:

Net premiums written $ 5,599 $ 4,526 24 %

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

Net premiums written, on constant dollar basis 18

(Increase) decrease in unearned premiums 453 1,243 (64)

Net premiums earned 6,052 5,769 5

8 unchanged sentences

Net investment income 864 736 17

Amortization of intangible assets including renewal rights (b)

(10) (4) (150)

Adjusted pre-tax income $ 1,628 $ 975 67 %

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

Three Months Ended March 31,

(in millions) 2026 2025 Change

Loss ratio (a)

7 unchanged sentences

Catastrophe losses and reinstatement premiums (3.0) (9.1) 6.1

Prior year development, net of reinsurance and prior year premiums

3.1 2.6 0.5 2.1 1.4 0.7

Prior year development, net of prior year premiums

Accident year loss ratio, as adjusted 57.3 57.3 —

1 unchanged sentence

(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.

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

Three Months Ended

September 30, Percentage Change in Nine Months Ended

September 30, Percentage Change in

(in millions) 2025 2024 U.S.

dollars Original

Currency 2025 2024 U.S.

dollars Original

North America Commercial $ 2,435 $ 2,445 — % — % $ 6,472 $ 6,228 4 % 4 %

International Commercial 2,115 2,052 3 1 6,467 6,275 3 3

Global Personal 1,680 1,883 (11) (14) 4,697 5,322 (12) (13)

Total net premiums written $ 6,230 $ 6,380 (2) % (4) % $ 17,636 $ 17,825 (1) % (1) %

(b) In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations;

historical results have been recast to reflect these changes.

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

2 unchanged sentences

Personal Total

Three Months Ended September 30, 2025

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

Windstorms and hailstorms 74 17 3 94

Winter storms 4 — — 4

Wildfires (10) (2) — (12)

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

Three Months Ended September 30, 2024

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

Windstorms and hailstorms 239 66 51 356

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

(dollars in millions) North America

Commercial International

Personal Total

Winter storms 2 2 — 4

Wildfires 36 — — 36

Reinstatement premiums 6 — — 6

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

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Flooding, rainstorms and other $ — $ 27 $ 1 $ 28

1 unchanged sentence

Winter storms 108 1 27 136

Wildfires 204 47 192 443

Earthquakes — 44 2 46

Reinstatement premiums 5 (1) 1 5

Total catastrophe-related charges $ 108 $ 44 $ 28 $ 180

Nine Months Ended September 30, 2024

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

Three Months Ended March 31, 2025

Windstorms and hailstorms $ 25 $ 1 $ 2 $ 28

5 unchanged sentences

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

NORTH AMERICA COMMERCIAL RESULTS

Three Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 Change 2025 2024 Change

NORTH AMERICA COMMERCIAL

The North America Commercial segment consists of insurance businesses and operations in the United States, Canada and Bermuda.

Products include Property, Casualty and Financial Lines with clients ranging from small and medium-sized businesses to multinational companies.

Three Months Ended March 31,

(in millions) 2026 2025 Change

Underwriting results:

Net premiums written $ 1,605 $ 1,174 37 %

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

Net premiums written, on constant dollar basis

(Increase) decrease in unearned premiums 648 950 (32)

Net premiums earned 2,253 2,124 6

9 unchanged sentences

63.1 71.8 (8.7)

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

Three Months Ended March 31,

(in millions) 2026 2025 Change

Acquisition ratio 12.5 12.9 (0.4)

6 unchanged sentences

(4.8) (12.0) 7.2

Prior year development, net of reinsurance and prior year premiums

5.9 2.9 3.0 4.5 2.0 2.5

Prior year development, net of prior year premiums

Accident year loss ratio, as adjusted 63.1 62.2 0.9

1 unchanged sentence

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 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.

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

Underwriting income increased by $288 million primarily due to:

• lower Catastrophe losses (10.2 points or $215 million);

• 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 (2.5 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

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 Change 2025 2024 Change

Premiums Three Months Ended March 31, 2026 and 2025 Comparison

Net premiums written increased by $431 million, or 37 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Casualty and Property.

The increase in Net premiums earned is primarily driven by business growth.

Underwriting Results Three Months Ended March 31, 2026 and 2025 Comparison

North America Commercial produced underwriting income of $327 million from a combined ratio of 85.5, which was an 8.4 point improvement.

This was driven by a lower loss ratio (8.7 points) from:

• lower catastrophe losses (7.2 points);

• higher net favorable prior year reserve development (2.4 points), with favorable development driven by Property.

This was partially offset by a higher accident year loss ratio, as adjusted (0.9 points) due to changes in business mix.

The expense ratio increased by 0.3 points, as a lower acquisition ratio (0.4 points) primarily driven by changes in business mix partially offset the increase in the general operating expense ratio (0.7 points).

For additional information on prior year development, see Insurance Reserves.

INTERNATIONAL COMMERCIAL

The International Commercial segment also includes the results of Talbot Holdings Ltd.

(Talbot) as well as AIG’s Global Specialty business.

Products include Property, Casualty and Financial Lines, with clients ranging from small and medium-sized businesses to multinational companies.

Global Specialty products include aviation, political risk, trade credit and trade finance.

Three Months Ended March 31,

(in millions) 2026 2025 Change

Underwriting results:

Net premiums written $ 2,450 $ 2,027 21 %

Net premiums written, on constant dollar basis

(Increase) decrease in unearned premiums (263) 24 NM

12 unchanged sentences

Combined ratio 87.3 88.2 (0.9)

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

Three Months Ended March 31,

(in millions) 2026 2025 Change

Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:

Catastrophe losses and reinstatement premiums (2.0) (3.4) 1.4

Prior year development, net of reinsurance and prior year premiums 1.9 3.2 (1.3) 1.0 1.2 (0.2)

Prior year development, net of prior year premiums (0.2) 0.6 (0.8)

Accident year loss ratio, as adjusted 54.8 54.6 0.2

Accident year combined ratio, as adjusted 85.1 85.4 (0.3)

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 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 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 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

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 Change 2025 2024 Change

Premiums Three Months Ended March 31, 2026 and 2025 Comparison

Net premiums written, excluding the favorable impact of foreign exchange ($162 million), increased by $261 million, or 12 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Property and Casualty.

The increase in Net premiums earned is primarily driven by business growth.

Underwriting Results Three Months Ended March 31, 2026 and 2025 Comparison

International Commercial produced underwriting income of $278 million from a combined ratio of 87.3, which was a 0.9 point improvement.

This was driven by a lower loss ratio (0.4 points) from lower catastrophe losses (1.4 points), partially offset by:

• higher accident year loss ratio, as adjusted (0.2 points) due to changes in business mix;

• net adverse prior year reserve development (0.8 points), driven by prior year premiums.

The expense ratio improved by 0.5 points, as a mix-driven increase in the acquisition ratio (0.1 points) was more than offset by a lower general operating expense ratio (0.6 points).

For additional information on prior year development, see Insurance Reserves.

GLOBAL PERSONAL

Global Accident & Health products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals.

Personal Lines products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S.

that covers auto, homeowners, umbrella, yacht, fine art and collections.

Three Months Ended March 31,

(in millions) 2026 2025 Change

Underwriting results:

Net premiums written $ 1,544 $ 1,325 17 %

Net premiums written, on constant dollar basis

(Increase) decrease in unearned premiums 68 269 (75)

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Catastrophe losses and reinstatement premiums (1.7) (12.3) 10.6

Prior year development, net of reinsurance and prior year premiums 1.1 1.9 (0.8) 0.4 0.7 (0.3)

Prior year development, net of prior year premiums 2.2 — 2.2

Accident year loss ratio, as adjusted 52.7 54.3 (1.6)

Accident year combined ratio, as adjusted 89.9 95.6 (5.7)

AIG | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

Business and Financial Highlights

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 (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:

• 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);

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

Premiums Three Months Ended March 31, 2026 and 2025 Comparison

Net premiums written, excluding the favorable impact of foreign exchange ($60 million) increased by $159 million, or 11 percent, primarily driven by reinsurance program changes and organic growth in U.S.

high net worth and Accident & Health.

The increase in Net premiums earned is primarily driven by these same factors.

Underwriting Results Three Months Ended March 31, 2026 and 2025 Comparison

Global Personal produced underwriting income of $169 million from a combined ratio of 89.4, which was an 18.5 point improvement.

This was driven by a lower loss ratio (14.4 points) from:

• lower catastrophe losses (10.6 points);

• net favorable prior year reserve development (2.2 points), with favorable development 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

• lower accident year loss ratio, as adjusted (1.6 points) due to changes in business mix.

The expense ratio improved by 4.1 points, reflecting a lower acquisition ratio (2.7 points), primarily driven by changes in business mix and improved commission terms, and a lower general operating expense ratio (1.4 points).

For additional information on prior year development, see Insurance Reserves.

Other Operations

Other Operations predominantly consists of Net investment income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense.

OTHER OPERATIONS RESULTS

Three Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 Change 2025 2024 Change

OTHER OPERATIONS

Three Months Ended March 31,

(in millions) 2026 2025 Change

Net investment income and other $ 54 $ 110 (51) %

1 unchanged sentence

Corporate and other general operating expenses 79 85 (7)

Amortization of intangible assets 4 4 — 13 13 —

Interest expense 100 91 10

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Adjusted pre-tax loss $ (125) $ (66) (89) %

* In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income.

* In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations;

historical results have been recast to reflect these changes.

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 $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.

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 $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

ADJUSTED PRE-TAX LOSS BEFORE CONSOLIDATION AND ELIMINATIONS

Three Months Ended March 31, 2026 and 2025 Comparison

Adjusted pre-tax loss before consolidation and eliminations increased $59 million primarily due to the following:

• lower net investment income and other of $56 million due to lower dividend income from Corebridge of $25 million and lower interest on AIG Parent portfolio as a result of lower balance;

• higher interest expense of $9 million primarily driven by new debt issuance of $1.25 billion in 2025 partially offset by interest savings from $693 million debt repurchases, through cash tender offers and debt redemption in 2025.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

Use of Non-GAAP Measures

Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results.

Some of the measurements we use are “non-GAAP financial measures” under SEC rules and regulations.

GAAP is the acronym for “generally accepted accounting principles” in the United States.

The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.

We use the following operating performance measures because we believe they enhance the understanding of the underlying profitability of operations and trends of our segments.

We believe they also allow for more meaningful comparisons with our insurance competitors.

When we use these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis in the Consolidated Results of Operations section of this MD&A.

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

• 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 held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets);

• net realized gains and losses on Fortitude Re funds withheld assets;

• loss (gain) on extinguishment of debt;

Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g.

net investment income);

• income or loss from discontinued operations;

• net loss reserve discount benefit (charge);

• net results of businesses in run-off;

• non-operating pension expenses;

• net gain or loss on divestitures and other;

• non-operating litigation reserves and settlements;

• restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;

• integration and transaction costs associated with acquiring or divesting businesses;

• losses from the impairment of goodwill;

• non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles.

Adjusted after-tax income attributable to AIG common shareholders is derived by excluding the tax effected APTI adjustments described above, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG:

• deferred income tax valuation allowance releases and charges;

• changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

The following table presents a reconciliation of pre-tax income (loss)/net income (loss) attributable to AIG to adjusted pre-tax income (loss)/adjusted after-tax income (loss) attributable to AIG:

Three Months Ended March 31, 2026 2025

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

Tax Pre-tax Total Tax

Pre-tax income/Net income, including noncontrolling interests $ 987 $ 224 $ 763 $ 960 $ 262 $ 698

Noncontrolling interests

Pre-tax income/Net income attributable to AIG common shareholders 987 224 763 960 262 698

Changes in uncertain tax positions and other tax adjustments

93 (93) 6 (6)

Deferred income tax valuation allowance (releases) charges

(83) 83 2 (2)

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares 237 50 187 (217) (46) (171)

Net investment income on Fortitude Re funds withheld assets (23) (5) (18) (40) (8) (32)

Net realized losses on Fortitude Re funds withheld assets 13 3 10 2 — 2

Net realized (gains) losses on Fortitude Re funds withheld embedded derivative (10) (2) (8) 41 9 32

Net realized losses (a)

136 43 93 66 (38) 104

Net (gain) loss on divestitures and other (b)

127 27 100 (3) (1) (2)

Non-operating litigation reserves and settlements — — — (11) (2) (9)

Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements (8) (2) (6) 9 2 7

Net loss reserve discount (benefit) charge (48) (10) (38) 17 3 14

Net results of businesses in run-off (c)

5 1 4 (5) (1) (4)

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

Integration and transaction costs associated with acquiring or divesting businesses 7 1 6 5 1 4

Restructuring and other costs

76 16 60 76 16 60

Non-recurring costs related to regulatory or accounting changes 5 1 4 4 1 3

Adjusted pre-tax income (loss)/Adjusted after-tax income (loss) attributable to AIG common shareholders $ 1,503 $ 357 $ 1,146 $ 909 $ 207 $ 702

Weighted average diluted shares outstanding

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

$ 1.41 $ 1.16

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

$ 2.11 $ 1.17

(a) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets.

(b) In the three months ended March 31, 2026, Net (gain) loss on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd.

and global personal travel and assistance business.

(c) 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.

Three Months Ended March 31, 2026 2025

General Insurance Other Operations General Insurance Other Operations

(in millions)

and Other Pre-tax

Net investment income and other/Pre-tax income (loss) (a)

$ 784 $ 1,341 $ (71) $ (354) $ 756 $ 849 $ 360 $ 111

Consolidation and Eliminations — — 1 — — — (1) —

Other income (expense) - net (2) — 1 — — — (9) —

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

82 82 155 155 (20) (20) (197) (197)

Net investment income on Fortitude Re funds withheld assets — — (23) (23) 1 1 (41) (41)

Net realized losses on Fortitude Re funds withheld assets — — — 13 — 2 — —

Net realized gains on Fortitude Re funds withheld embedded derivative — — — (10) — — — 41

Net realized (gains) losses — 156 — (20) (1) 53 3 13

Net (gain) loss on divestitures and other — (3) — 130 — 6 — (9)

Non-operating litigation reserves and settlements

— — — — — — — (11)

Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements — 5 — (13) — 14 — (5)

Net loss reserve discount (benefit) charge — (48) — — — 17 — —

Net results of businesses in run-off — — (9) 5 — — (5) (5)

Non-operating pension expenses — 1 — (2) — 4 — 1

Integration and transaction costs associated with acquiring or divesting businesses — 32 — (25) — — — 5

Restructuring and other costs — 57 — 19 — 45 — 31

Non-recurring costs related to regulatory or accounting changes — 5 — — — 4 — —

Net investment income and other, APTI basis/Adjusted pre-tax income (loss) $ 864 $ 1,628 $ 54 $ (125) $ 736 $ 975 $ 110 $ (66)

(a) In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations;

historical results have been recast to reflect these changes.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

In addition, we adjust for the cumulative unrealized gains and losses related to 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.

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.

The following table presents reconciliations of Book value per share to Adjusted book value per share and Core operating book value per share, which are non-GAAP measures .

March 31, December 31,

(in millions, except per share data)

Total AIG common shareholders' equity

$ 40,405 $ 41,139

Investments related AOCI

(1,993) (1,376)

Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets

Investments AOCI (1,456) (853)

AIG adjusted common shareholders' equity $ 41,861 $ 41,992

Total AIG common shareholders' equity

$ 40,405 $ 41,139

AIG's ownership interest in Corebridge 607 1,512

Investments related AOCI - AIG

(1,993) (1,376)

Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG

Investments AOCI - AIG (1,456) (853)

Deferred tax assets 3,132 3,278

AIG core operating shareholders' equity $ 38,122 $ 37,202

Total common shares outstanding 532.9 538.2

Book value per share $ 75.82 $ 76.44

Adjusted book value per share 78.55 78.02

Core operating book value per share 71.54 69.12

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.

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 provides investors with greater insight as to the underlying profitability of our property and casualty business.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

The following table presents reconciliations of Return on equity to Adjusted return on equity and Core operating return on equity, which are non-GAAP measures.

Three Months Ended March 31,

(dollars in millions)

Actual or annualized net income (loss) attributable to AIG common shareholders

$ 3,052 $ 2,792

Actual or annualized adjusted after-tax income attributable to AIG common shareholders

$ 4,584 $ 2,808

Average AIG common shareholders' equity

$ 40,772 $ 41,976

Average investments AOCI (1,155) (1,992)

Average AIG adjusted common shareholders' equity $ 41,927 $ 43,968

Average AIG common shareholders' equity

$ 40,772 $ 41,976

Average AIG's ownership interest in Corebridge 1,060 3,914

Average Investments AOCI - AIG (1,155) (1,992)

Average deferred tax assets 3,205 3,430

Average AIG core operating shareholders' equity $ 37,662 $ 36,624

Return on equity 7.5 % 6.7 %

Adjusted return on equity 10.9 6.4

Core operating return on equity 12.2 7.7

We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance.

A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss.

Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes.

The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios.

Accident year loss and accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT):

both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses and related reinstatement premiums, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, and the impact of reserve discounting.

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

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

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 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.

INVESTMENT HIGHLIGHTS IN THE THREE MONTHS ENDED MARCH 31, 2026

• Blended investment yields on new investments were 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 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.

• Total Net investment income decreased for the three months ended March 31, 2026 compared to the prior year, primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities and lower income from mortgage loans and alternative investments, partially offset by higher income on available for sale fixed maturity securities.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Investments

INVESTMENT STRATEGIES

Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance considerations.

Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, where appropriate, environmental, social and governance considerations.

Some of our key investment strategies are as follows:

• Our fundamental strategy across the portfolios is to seek investments with similar duration and cash flow characteristics to the associated insurance liabilities to the extent practicable.

• We seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and commercial mortgage loans, which also add portfolio diversification.

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.

• Within General Insurance, investments generally consist of a split between reserve backing and surplus portfolios.

– Insurance reserves are backed mainly by investment grade fixed maturity securities that meet our duration, currency, risk-return, capital, tax, liquidity, credit quality and diversification objectives.

We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans, or structured products.

– Surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity and private credit.

• We seek to purchase private equity and private credit assets that offer enhanced yield through illiquidity premiums and other portfolio diversification benefits.

The private credit assets typically provide credit protections such as covenants along with other features that support insurance company needs.

• Given our global presence, we seek investments that provide diversification from investments available in local markets.

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This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity.

• Within the U.S., General Insurance investments are generally split between reserve backing and surplus portfolios.

– Insurance reserves are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, capital, tax, liquidity, credit quality and diversification objectives.

Over the past few years, hedge fund investments have been reduced.

• Outside of the U.S., fixed maturity securities held by our insurance companies consist primarily of investment-grade securities generally denominated in the currencies of the countries in which we operate.

• We also utilize derivatives to manage our asset and liability duration as well as currency exposures.

Asset-Liability Management

1 unchanged sentence

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

structured securities collateralized by, among other assets, residential

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Investments

and commercial real estate;

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

and commercial mortgage loans.

Fixed maturity securities of the General Insurance companies have an average duration of 3.8 years, with an average of 4.2 years for North America and 3.1 years for International.

While assets backing reserves of the General Insurance companies are primarily invested in conventional liquid fixed maturity securities, we have also continued to allocate to asset classes that offer higher yields through structural and illiquidity premiums, particularly in our North America operations.

Fixed maturity securities of the General Insurance companies have an average duration of 4 years.

While assets backing reserves of the General Insurance companies are primarily invested in conventional liquid fixed maturity securities, we have also continued to allocate a portion of our portfolio to asset classes that offer higher yields through structural and illiquidity premiums, particularly in our North America operations.

In addition, we continue to invest in both fixed rate and floating rate asset-backed investments to manage our exposure to potential changes in interest rates and inflation.

2 unchanged sentences

Although these alternative investments are subject to periodic earnings fluctuations, they have historically achieved yields in excess of the fixed maturity portfolio yields and have provided added diversification to the broader portfolio.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Investments

Available-for-Sale Investments

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

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

(in millions) March 31, 2026 December 31, 2025

Bonds available for sale:

10 unchanged sentences

Total bonds available for sale* $ 70,528 $ 71,032

* 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.

* At March 31, 2026 and December 31, 2025, the fair value of bonds available for sale we held that were below investment grade or not rated totaled $5.7 billion and $5.9 billion, respectively.

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

governments for our fixed maturity securities:

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

(in millions) March 31, 2026 December 31, 2025

Canada $ 1,083 $ 1,207

2 unchanged sentences

United Kingdom 356 344

Australia 324 335

Israel 338 322

Korea, Republic of 292 268

Australia 303 284

Denmark 235 241

1 unchanged sentence

Malaysia 205 216

Korea, Republic of 197 214

Other 2,520 2,572

Total $ 6,312 $ 6,539

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:

September 30, 2025 December 31,

March 31, 2026 December 31,

(in millions) Sovereign Financial

19 unchanged sentences

Sweden 117 208 28 — 353 372

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Investments

March 31, 2026 December 31,

(in millions) Sovereign Financial

Institution Non-Financial

Corporates Structured

Products Total

Norway 60 77 4 — 141 136

4 unchanged sentences

Investments in Municipal Bonds

At September 30, 2025, the U.S.

At March 31, 2026, 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:

September 30, 2025

March 31, 2026

(in millions) State

5 unchanged sentences

New York 28 88 255 371 401

Texas 11 57 109 177 265

Massachusetts 40 11 111 162 167

Florida 1 — 130 131 127

Texas 11 29 88 128 144

Connecticut 26 2 83 111 111

3 unchanged sentences

Oregon 7 46 15 68 67

Hawaii 65 — 1 66 74

Virginia 8 3 54 65 60

Hawaii 63 — 1 64 66

Alabama — — 52 52 57

2 unchanged sentences

$ 510 $ 368 $ 1,818 $ 2,696 $ 2,775

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Investments

Investments in Corporate Debt Securities

1 unchanged sentence

Industry Category

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

(in millions) March 31, 2026 December 31, 2025

Financial institutions:

Money center/Global bank groups $ 4,826 $ 3,642

Regional banks – other 2,813 2,129

Life insurance 866 728

Banks $ 8,052 $ 8,086

Insurance 1,472 1,378

Securities firms and other finance companies 887 856

Insurance non-life 499 494

Regional banks – North America 1,513 1,314

Other financial institutions 5,785 5,733

8 unchanged sentences

Total* $ 37,802 $ 37,235

* 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:

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

to 20% of Cost (b)

to 50% of Cost (b)

Unrealized Unrealized Unrealized Unrealized

(dollars in millions) Cost (c)

Loss Items (d)

Investment grade bonds

0-6 months $ 6,923 $ 104 2,134 $ 21 $ 6 7 $ — $ — — $ 6,944 $ 110 2,141

7-11 months 1,285 54 352 — — — — — — 1,285 54 352

12 months or more 12,895 986 3,722 1,617 526 313 361 214 32 14,873 1,726 4,067

Total $ 21,103 $ 1,144 6,208 $ 1,638 $ 532 320 $ 361 $ 214 32 $ 23,102 $ 1,890 6,560

Below investment grade bonds

0-6 months $ 984 $ 13 577 $ 32 $ 9 31 $ 1 $ 1 3 $ 1,017 $ 23 611

7-11 months 130 5 67 — — 1 — — 1 130 5 69

12 months or more 836 49 408 53 16 21 1 1 2 890 66 431

Total $ 1,950 $ 67 1,052 $ 85 $ 25 53 $ 2 $ 2 6 $ 2,037 $ 94 1,111

0-6 months $ 7,907 $ 117 2,711 $ 53 $ 15 38 $ 1 $ 1 3 $ 7,961 $ 133 2,752

7-11 months 1,415 59 419 — — 1 — — 1 1,415 59 421

12 months or more 13,731 1,035 4,130 1,670 542 334 362 215 34 15,763 1,792 4,498

$ 23,053 $ 1,211 7,260 $ 1,723 $ 557 373 $ 363 $ 216 38 $ 25,139 $ 1,984 7,671

(a) Represents the number of consecutive months that fair value has been less than cost by any amount.

(b) Represents the percentage by which fair value is less than cost.

(d) Item count is by CUSIP by subsidiary.

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

AIG | Third Quarter 2025 Form 10-Q

* At March 31, 2026 and December 31, 2025, approximately 89 percent and 88 percent, respectively, of these investments were rated investment grade.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Investments

Commercial Mortgage Loans

At March 31, 2026, we had direct commercial mortgage loan exposure of $2.4 billion.

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

September 30, 2025

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

March 31, 2026

California 16 $ 89 $ 191 $ 26 $ 17 $ 16 $ — $ 339 14 %

New York 17 49 183 44 19 32 — 327 14

Texas 19 71 135 1 30 — 40 277 11

1 unchanged sentence

Florida 11 68 — 60 7 38 — 173 7

New Jersey 17 76 — — 44 — 10 130 5

Pennsylvania 9 29 58 15 18 — — 120 5

Illinois 5 88 13 — — — — 101 4

Ohio 5 61 — 28 — — — 89 3

New Jersey 4 56 — — — — 10 66 3

Washington 3 49 — — — — — 49 2

Colorado 3 7 20 15 — — — 42 2

Other states 21 100 3 67 28 — — 198 9

7 unchanged sentences

Florida 11 68 — 60 8 37 — 173 7

New Jersey 18 78 — — 43 — 10 131 4

Pennsylvania 9 28 57 15 18 — — 118 5

Illinois 5 88 13 — — — — 101 4

Ohio 5 62 — 29 — — — 91 3

New Jersey 8 55 — — 3 — 10 68 3

Washington 3 49 — — — — — 49 2

Colorado 3 7 20 16 — — — 43 2

Other states 23 109 12 68 28 — — 217 9

5 unchanged sentences

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

Three Months Ended September 30, 2025 2024

(in millions) Excluding

Assets Fortitude

Assets Total Excluding

Assets Fortitude

Sales of fixed maturity securities $ (96) $ (6) $ (102) $ (66) $ (18) $ (84)

Change in allowance for credit losses on fixed maturity securities 2 — 2 1 (1) —

Change in allowance for credit losses on loans (52) 1 (51) (3) (1) (4)

Foreign exchange transactions (10) (1) (11) 65 1 66

All other derivatives and hedge accounting (11) 2 (9) 7 (2) 5

Sales of alternative investments (2) — (2) (18) — (18)

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

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)

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Investments

Nine Months Ended September 30, 2025 2024

(in millions) Excluding

Three Months Ended March 31, 2026 2025

(in millions)

Assets Fortitude

9 unchanged sentences

Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (132) (13) (145) (60) (2) (62)

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

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — 10 10 — (41) (41)

Net realized losses $ (132) $ (3) $ (135) $ (60) $ (43) $ (103)

* 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.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Investments

Higher Net realized losses excluding Fortitude Re funds withheld assets in the three months ended March 31, 2026 compared to 2025 were primarily due to losses on foreign exchange, partially offset by lower losses on fixed maturity securities.

Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets.

3 unchanged sentences

For additional information on our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements.

Change in Unrealized Gains and Losses on Investments

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.

Unrealized Gains and Losses on Investments

Net unrealized investment losses included in shareholders’ equity were $2.0 billion at March 31, 2026 compared with $2.4 billion at March 31, 2025.

The change in net unrealized gains and losses on investments in the three months ended March 31, 2026 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to higher interest rates and slight widening of credit spreads.

The change in net unrealized gains and losses on investments in the three months ended March 31, 2025 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to lower interest rates and narrowing of credit spreads.

At March 31, 2026, the Company had $1.5 billion fixed maturity investments reported at fair value for which fair value was less than 80 percent of amortized cost.

At December 31, 2025, the Company had $1.4 billion fixed maturity investments reported at fair value for which fair value was less than 80 percent of amortized cost.

At March 31, 2026 and December 31, 2025, below investment grade securities comprised 8 percent and 8 percent, respectively, of the fair value of our fixed maturity investment portfolio.

Included in below investment grade securities at March 31, 2026 were securities in an unrealized loss position that, in the aggregate, had an amortized cost of $2.8 billion and a fair value of $2.7 billion, resulting in a net pre-tax unrealized investment loss of $125 million.

For additional information on our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements.

CREDIT RATINGS

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.

4 unchanged sentences

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

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.

At March 31, 2026, approximately 62 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.

At March 31, 2026, approximately 93 percent of our fixed maturity securities held by our foreign entities 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

With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect:

With respect to our fixed maturity securities, the credit ratings in the table below reflect:

(i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the National Association of Insurance Commissioners (NAIC) Designation assigned by the NAIC Securities Valuation Office (SVO) (96 percent of total fixed maturity securities), or (ii) our internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC.

The “Non-rated” category in those tables consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.

The “Non-rated” category consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.

For information regarding credit risks associated with investments, see Part II, Item 7.

MD&A – Enterprise Risk Management in the 2025 Annual Report.

AIG | First Quarter 2026 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) September 30,

Available for Sale Other Bond Securities Total

(in millions) March 31,

2026 December 31,

2024 September 30,

2025 March 31,

2026 December 31,

2024 September 30,

2025 March 31,

2026 December 31,

13 unchanged sentences

Below investment grade 1,033 1,101 30 30 1,063 1,131

Non-rated — — — — — —

Total $ 21,423 $ 21,208 $ 402 $ 393 $ 21,825 $ 21,601

6 unchanged sentences

Total $ 70,528 $ 71,032 $ 677 $ 741 $ 71,205 $ 71,773

NAIC Designations of Fixed Maturity Securities

The SVO of the NAIC evaluates the investments of U.S.

insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called NAIC Designations.

In general, NAIC Designations of ‘1’ highest quality, or ‘2’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade.

NAIC Designations for non-agency RMBS and CMBS are calculated using third-party modeling results provided through the NAIC.

These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies.

The following tables summarize the ratings distribution of AIG subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite AIG credit rating, which is generally based on ratings of the three major rating agencies.

For fixed maturity securities where no NAIC Designation is assigned or able to be calculated using third-party data, the NAIC Designation category used in the first table below reflects an internal rating.

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:

September 30, 2025

(in millions)

NAIC Designation 1 2 Total

Grade 3 4 5 6 Total Below

Other fixed maturity securities $ 30,929 $ 15,040 $ 45,969 $ 2,705 $ 1,689 $ 147 $ 7 $ 4,548 $ 50,517

Mortgage-backed, asset-backed and collateralized 20,686 552 21,238 54 51 11 2 118 21,356

Total* $ 51,615 $ 15,592 $ 67,207 $ 2,759 $ 1,740 $ 158 $ 9 $ 4,666 $ 71,873

* Excludes $54 million of fixed maturity securities for which no NAIC Designation 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) :

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions) Net Loss Reserves Reinsurance

23 unchanged sentences

Total Global Personal 3,159 3,494 6,653 3,054 3,469 6,523

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Insurance Reserves

March 31, 2026 December 31, 2025

(in millions) Net Loss Reserves Reinsurance

Recoverable Gross Loss Reserves Net Loss Reserves Reinsurance

Recoverable Gross Loss Reserves

Unallocated loss adjustment expenses (b)

3 unchanged sentences

Total $ 41,765 $ 28,198 $ 69,963 $ 41,795 $ 28,871 $ 70,666

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

(a) Includes net loss reserve discount of $1.3 billion and $1.2 billion at March 31, 2026 and December 31, 2025, respectively.

For information regarding loss reserve discount, see Note 11 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 $2.3 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

(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 $2.3 billion at March 31, 2026 and December 31, 2025, respectively.

Prior Year Development

The following table summarizes incurred (favorable) unfavorable prior year development net of reinsurance by segment and major lines of business:

Three Months Ended

September 30, Nine Months Ended

September 30,

Three Months Ended March 31,

(in millions) 2026 2025

18 unchanged sentences

Total Global Personal $ (24) $ —

Total General Insurance* (205) (153) $ (397) $ (266)

Other Operations Run-Off — 2 — 2

Total Prior Year (Favorable) Unfavorable Development* $ (153) $ (64)

* 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.

* Includes the amortization attributed to the deferred gain at inception from the National Indemnity Company (NICO) adverse development reinsurance agreement of $26 million and $31 million for the three months ended March 31, 2026 and 2025, respectively.

Consistent with our definition of APTI, the amount excludes the portion of (favorable)/unfavorable prior year reserve development for which we have ceded the risk under the NICO reinsurance agreements of $0 million and $0 million for the three months ended March 31, 2026 and 2025, respectively.

Also excludes the related changes in amortization of the deferred gain, which were $9 million and $(9) million for the three months ended March 31, 2026 and 2025, respectively.

Net Loss Development

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:

In the three months ended March 31, 2026, we recognized favorable prior year loss reserve development of $153 million, primarily driven by:

North America Commercial

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

• Favorable development in U.S.

Property and Special Risks primarily driven by U.S.

Property and Special Risks primarily reflecting lower than expected non-CAT loss experience in Property Lines.

• Favorable development in U.S.

Workers’ Compensation primarily related to loss sensitive business.

Financial Lines reflecting favorable experience in Directors and Officers in more mature accident years.

• Benefit from the amortization of the deferred gain on the adverse development cover.

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:

North America Commercial

• Favorable development in U.S.

Workers’ Compensation primarily driven by favorable experience within Excess of Loss Sensitive offset by adverse development within Primary Guaranteed Cost and Defense Base Act business.

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

AIG | Third Quarter 2025 Form 10-Q

• Favorable development in Other Product Lines primarily driven by Energy and Cargo.

• Adverse development in UK/Europe Property and Special Risks due to adverse development on prior year catastrophes, partially offset by favorable experience primarily concentrated in EMEA Property.

AIG | First Quarter 2026 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.

• Benefit from the amortization of the deferred gain on the adverse development cover.

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.

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:

• Favorable development in U.S.

Personal Insurance attributable to favorable development on prior year catastrophes.

In the three months ended March 31, 2025, we recognized favorable prior year loss reserve development of $64 million, primarily driven by:

North America Commercial

• Favorable development on our U.S.

Workers' Compensation reflecting continued favorable loss experience.

• 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.

• 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.

• Favorable development in U.S.

• 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

• Favorable development in Global Specialty.

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.

8 unchanged sentences

For a description of AIG’s catastrophe reinsurance protection for 2026, see Part II, Item 7.

MD&A – Enterprise Risk Management – Insurance Risks – Natural Catastrophe Risk in the 2024 Annual Report.

MD&A – Enterprise Risk Management – Insurance Risk – Natural Catastrophe Risk in the 2025 Annual Report.

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) September 30, 2025 December 31, 2024

(in millions) March 31, 2026 December 31, 2025

Gross Covered Losses

14 unchanged sentences

(b) Excluded from APTI.

AIG | First Quarter 2026 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

September 30, Nine Months Ended

September 30,

Three Months Ended March 31,

(in millions) 2026 2025

Balance at beginning of period, net of discount $ 316 $ 143 $ 284 $ 149

Balance at beginning of year, net of discount $ 273 $ 284

(Favorable) unfavorable prior year reserve development ceded to NICO (a)

15 304 137 241

Amortization attributed to deferred gain at inception (b)

(31) (34) (93) (102)

Amortization attributed to changes in deferred gain (c)

(9) (175) (57) (128)

Changes in discount on ceded loss reserves 53 1

6 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 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.

As of March 31, 2026, $3.1 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

5 unchanged sentences

For information regarding our liquidity risk framework, see Part II, Item 7.

MD&A – Enterprise Risk Management – Risk Appetite, Limits, Identification and Measurement and Part II, Item 7.

MD&A – Enterprise Risk Management – Liquidity Risk Management in the 2024 Annual Report.

MD&A – Enterprise Risk Management and Part II, Item 7.

MD&A – Enterprise Risk Management – Liquidity Risk in the 2025 Annual Report.

We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events.

5 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 | First Quarter 2026 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS

Liquidity to AIG Parent from Subsidiaries

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)

In May 2025, we sold approximately 13 million shares of Corebridge common stock at a per share purchase price of $32.15.

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

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

During the three months ended March 31, 2026, our General Insurance companies distributed dividends of $0.7 billion to AIG Parent or applicable intermediate holding companies.

Sale of Corebridge Shares by AIG

In February 2026, we sold 24.7 million shares of Corebridge common stock at a per share purchase price of $30.42.

The aggregate proceeds to AIG Parent were $750 million.

As of March 31, 2026, we owned 25,457,020 shares of Corebridge common stock.

General Borrowings

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.

• Repurchase, through cash tender offers, approximately $457 million aggregate principal amount of certain notes and debentures issued by AIG for an aggregate purchase price of approximately $448 million .

• Redemption of approximately $236 million aggregate principal amount of our 3.900% Notes Due 2026 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest.

• Repayment of $146 million aggregate principal amount of our 2.500% Notes due June 30, 2025.

We made interest payments on our general borrowings totaling $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 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.

We made interest payments on our general borrowings totaling $65 million during the three months ended March 31, 2026.

We made a cash dividend payment in the amount of $0.45 per share on AIG Common Stock for the three month period ended March 31, 2026, totaling $241 million in the aggregate.

Repurchases of Common Stock

During the three months ended March 31, 2026, AIG Parent repurchased approximately 7 million shares of AIG Common Stock, for an aggregate purchase price of approximately $0.5 billion.

Pursuant to a Rule 10b5-1 plan, from April 1, 2026 to April 24, 2026, AIG Parent repurchased approximately 3 million shares of AIG Common Stock for an aggregate purchase price of approximately $209 million.

Acquisition of Convex Group Limited (Convex) and Onex Corporation (Onex)

On February 6, 2026, AIG closed its previously announced acquisitions of (i) a 35 percent equity interest in Convex for $2.1 billion and (ii) a 9.9 percent ownership stake in Onex, for $642 million.

ANALYSIS OF SOURCES AND USES OF CASH

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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 $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.

Interest payments totaled $67 million and $72 million in the three months ended March 31, 2026 and 2025, respectively.

Excluding interest payments, AIG had operating cash inflows of $222 million and $16 million in the three months ended March 31, 2026 and 2025, respectively.

Investing Cash Flow Activities

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.

Net cash provided by investing activities in the three months ended March 31, 2026 was $833 million compared to $2.8 billion in the prior year period.

Financing Cash Flow Activities

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;

Net cash used in financing activities in the three months ended March 31, 2026 totaled $799 million, reflecting:

• $241 million to pay dividends of $0.45 per share on AIG Common Stock;

• $0.5 billion to repurchase approximately 7 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 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

Net cash used in financing activities in the three months ended March 31, 2025 totaled $2.7 billion reflecting:

• $234 million to pay dividends of $0.40 per share on AIG Common Stock;

• $2.2 billion to repurchase approximately 29 million shares of AIG Common Stock;

• $247 million in net outflows from the issuance and repayment of long-term debt.

• $3.9 billion in net inflows from discontinued operations.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

LIQUIDITY AND CAPITAL RESOURCES OF AIG PARENT AND SUBSIDIARIES

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.

As of March 31, 2026 and December 31, 2025, respectively, AIG Parent had approximately $6.4 billion and $9.3 billion in liquidity sources held in the form of cash, short-term investments and AIG Parent's committed, revolving syndicated credit facility of $3.0 billion.

AIG Parent’s primary sources of liquidity are dividends, distributions, loans and other payments from subsidiaries and credit facilities.

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We are party to several letter of credit agreements with various financial institutions, which issue letters of credit from time to time in support of our insurance companies.

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 September 30, 2025.

These letters of credit are subject to reimbursement by us in the event of a drawdown.

Letters of credit issued in support of our insurance companies totaled approximately $2.2 billion at March 31, 2026.

CREDIT FACILITIES

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

As of March 31, 2026, a total of $3.0 billion remained available under the Facility.

CONTRACTUAL OBLIGATIONS

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.

As of March 31, 2026, there have been no material changes in our contractual obligations from December 31, 2025, a description of which may be found in Part II, Item 7.

MD&A – Liquidity and Capital Resources – Contractual Obligations in the 2025 Annual Report.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS

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.

As of March 31, 2026, there have been no material changes in our off-balance sheet arrangements and commercial commitments from December 31, 2025, 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 2025 Annual Report .

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

We expect to service and repay general borrowings through maturing investments and dispositions of invested assets, future cash flows from operations, cash flows generated from invested assets, future debt or preferred stock issuances and other financing arrangements.

The following table provides the rollforward of our total debt outstanding:

Nine Months Ended September 30, 2025 Balance,

Three Months Ended March 31, 2026 Balance,

of Year Issuances Maturities

6 unchanged sentences

Junior subordinated debt 481 — — — — 481

AIG Japan Holdings Kabushiki Kaisha 239 — (247) 8 — —

Total general borrowings 9,010 — — (28) 2 8,984

Borrowings supported by assets 25 — (7) — (1) 17

Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG 1 — — — (1) —

Total long-term debt $ 9,035 $ — $ (7) $ (28) $ 1 $ 9,001

1 unchanged sentence

$ 156 $ — $ (1) $ — $ — $ 155

(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

(a) Includes debt of consolidated investment entities related to real estate investments.

Debt Maturities

The following table summarizes maturing long-term debt at March 31, 2026 of AIG for the next four quarters:

Quarter Third

Quarter Fourth

Quarter First

(in millions) 2026 2026 2026 2027 Total

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

General borrowings $ — $ — $ 28 $ — $ 28

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

September 30, 2025 Remainder Year Ending

March 31, 2026 Remainder Year Ending

(in millions) Total of 2026 2027 2028 2029 2030 2031 Thereafter

8 unchanged sentences

* Does not reflect $155 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

3 unchanged sentences

National Union Fire Insurance Company of Pittsburgh, Pa.

Lexington Insurance Company A AA- A+ A1

American Home Assurance Company A AA- A+ A1

Lexington Insurance Company A AA- AA- A1

American Home Assurance Company A AA- AA- A1

AIG Europe S.A.

1 unchanged sentence

AIG General Insurance Company, Ltd.

In May 2025, S&P upgraded the financial strength ratings of AIG’s significant insurance subsidiaries to AA- from A+.

In June 2025, Moody’s upgraded the financial strength ratings of AIG’s insurance subsidiaries to A1 from A2.

These financial strength ratings are current opinions of the rating agencies.

They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

CREDIT RATINGS

8 unchanged sentences

A- (3rd of 9) /

BBB+ (4th of 9) /

A- (3rd of 9) /

(a) Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.

1 unchanged sentence

(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.

In June 2025, Moody’s upgraded the Senior Debt Rating of AIG Parent to Baa1 from Baa2 and revised the outlook to stable from positive.

These credit ratings are current opinions of the rating agencies.

6 unchanged sentences

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 2025 Annual Report and Note 10 to the Condensed Consolidated Financial Statements.

AIG | Third Quarter 2025 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

REGULATION AND SUPERVISION

1 unchanged sentence

Business – Regulation and Part I, Item 1A.

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

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.

Risk Factors – Regulation in the 2025 Annual Report.

On April 30, 2026, our Board of Directors (the Board) declared a cash dividend on AIG Common Stock of $0.50 per share, an 11 percent increase from prior quarterly dividends on AIG Common Stock, payable on June 29, 2026 to shareholders of record as of June 15, 2026.

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

1 unchanged sentence

REPURCHASES OF AIG COMMON STOCK

The Board has authorized the repurchase of shares of AIG Common Stock through a series of actions.

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 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 Board has authorized the repurchase of shares of AIG Common Stock and as of April 24, 2026, $3.2 billion remained under the Board's authorization.

During the three months ended March 31, 2026, AIG Parent repurchased approximately 7 million shares of AIG Common Stock for an aggregate purchase price of $0.5 billion.

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 13 to the Condensed Consolidated Financial Statements.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Enterprise Risk Management

Enterprise Risk Management

2 unchanged sentences

Our Board of Directors has oversight responsibility for the management of risk.

Our ERM Department oversees and integrates the risk management functions in our business entities and embeds risk management in our day-to-day business processes, providing senior management with a consolidated view of AIG’s major risk positions.

Our Enterprise Risk Management (ERM) Department oversees and integrates the risk management functions in our business and embeds risk management in our day-to-day business processes, providing senior management with a consolidated view of AIG’s major risk positions.

Nevertheless, our risk management efforts may not always be successful and material adverse effects on our business, results of operations, cash flows, liquidity or financial condition may occur.

2 unchanged sentences

AIG employs a Three Lines model.

AIG’s business leaders assume full accountability for the risks and controls in their segments, and ERM performs a review, challenge and oversight function.

AIG’s business leaders assume full accountability for the risks and controls in their segments and functions, and ERM and other second line functions have review, challenge and oversight function.

The third line consists of our Internal Audit Group that provides independent assurance to AIG’s Board of Directors.

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

As of March 31, 2026, 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 2025 Annual Report.

1 unchanged sentence

Risk Factors in the 2025 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 | Third Quarter 2025 Form 10-Q

AIG | First Quarter 2026 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, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, 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, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, 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.

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.

In addition, we adjust for the cumulative unrealized gains and losses related to 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 | First Quarter 2026 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 unrest 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.

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 provides investors with greater insight as to the underlying profitability of our property and casualty business.

Subrogation The amount of recovery for claims we have paid our policyholders, generally from a negligent third party or such party’s insurer.

Unearned premium reserve Liabilities established by insurers and reinsurers to reflect unearned premiums, which are usually refundable to policyholders if an insurance or reinsurance contract is canceled prior to expiration of the contract term.

VOBA Value of Business Acquired Present value of future pre-tax profits from in-force policies of acquired businesses discounted at yields applicable at the time of purchase.

VOBA is reported in DAC in the Condensed Consolidated Balance Sheets.

AIG | First Quarter 2026 Form 10-Q

A&H Accident and Health Insurance ISDA International Swaps and Derivatives Association, Inc.

ABS Asset-Backed Securities Moody's Moody's Investors Service, Inc.

APTI Adjusted pre-tax income NAIC National Association of Insurance Commissioners

CDS Credit Default Swap NM Not Meaningful

CLO Collateralized Loan Obligations ORR Obligor Risk Ratings

CMBS Commercial Mortgage-Backed Securities RMBS Residential Mortgage-Backed Securities

ERM Enterprise Risk Management S&P Standard & Poor's Financial Services LLC

FASB Financial Accounting Standards Board SEC Securities and Exchange Commission

GAAP Accounting Principles Generally Accepted in the United States of America VIE Variable Interest Entity

ITEM 3 | Quantitative and Qualitative Disclosures About Market Risk

The information required by this item is set forth in the Enterprise Risk Management section of Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations and is incorporated herein by reference.

ITEM 4 | Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.

In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by American International Group, Inc.

(AIG) management, with the participation of AIG’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of March 31, 2026.

Based on this evaluation, AIG’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2026.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

AIG | First Quarter 2026 Form 10-Q

Part II – Other Information

ITEM 1 | Legal Proceedings

For a discussion of legal proceedings, see Note 12 to the Condensed Consolidated Financial Statements, which is incorporated herein by reference.

ITEM 1A | Risk Factors

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A.

Risk Factors in the 2025 Annual Report.

ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information about purchases made by or on behalf of AIG or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the Exchange Act)) of AIG Common Stock during the three months ended March 31, 2026:

Period Total Number

Repurchased Average Price

Paid per Share* Total Number of Shares

Purchased as Part of

Publicly Announced

Plans or Programs Approximate Dollar Value

of Shares that May Yet Be

Purchased Under the Plans

or Programs (in millions)

January 1-31 1,330,605 $ 75.15 1,330,605 $ 3,812

February 1-28 1,883,456 78.71 1,883,456 3,664

March 1-31 3,529,553 76.54 3,529,553 3,394

Total 6,743,614 $ 76.87 6,743,614 $ 3,394

* Excludes excise tax of $5 million due to the Inflation Reduction Act of 2022 for the three months ended March 31, 2026.

During the three months ended March 31, 2026, American International Group, Inc.

repurchased approximately 7 million shares of AIG common stock, par value $2.50 per share (AIG Common Stock) for an aggregate purchase price of $0.5 billion.

From April 1, 2026 to April 24, 2026, we repurchased approximately 3 million shares of AIG Common Stock for an aggregate purchase price of approximately $209 million.

Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise.

Certain of our share repurchases have been and may from time to time be effected through Rule 10b5-1 plans.

The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

ITEM 5 | Other Information

AIG | First Quarter 2026 Form 10-Q

ITEM 6 | Exhibits

Exhibit Index

10 (1) Letter Agreement , dated December 2 0 , 202 3 , between AIG and Rose Marie Glazer *

Filed herewith.

(2) Letter Agreement including Non-Solicitation and Non-Disclosure Agreement, dated January 1, 2026, between AIG and Eric Andersen*

Filed herewith.

(3) Amendment to Employment Agreement, effective January 3, 2026, between AIG and Peter Zaffino*

Filed herewith.

22 Guaranteed Securities None.

31 Rule 13a-14(a)/15d-14(a) Certifications

Filed herewith.

32 Section 1350 Certifications* *

Furnished herewith.

101 Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language):

(i) the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, (ii) the Condensed Consolidated Statements of Income (Loss) for the three months ended March 31, 2026 and 2025, (iii) the Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025, (iv) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025 and (vi) the Notes to the Condensed Consolidated Financial Statements

Filed herewith.

104 Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) Filed herewith.

* This exhibit is a management contract or a compensatory plan or arrangement.

** This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

AIG | First Quarter 2026 Form 10-Q

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERICAN INTERNATIONAL GROUP, INC.

/S/ KEITH WALSH

Executive Vice President and

Chief Financial Officer

(Principal Financial Officer)

/S/ KATHLEEN CARBONE

Kathleen Carbone

Vice President and

Chief Accounting Officer

(Principal Accounting Officer)

AIG | First Quarter 2026 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