What changed in this filing

/stocks — the workspaceLOADING

Item 5. Other Information

2026-08-07 compared with 2026-05-01 · 1129 added, 731 removed, 2309 unchanged (45% of the section changed)

Other Information

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

Part I – Financial Information

2 unchanged sentences

Condensed Consolidated Balance Sheets (unaudited)

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

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

2026 December 31,

64 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

American International Group, Inc.

Condensed Consolidated Statements of Income (Loss) (unaudited)

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

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

4 unchanged sentences

Total net investment income 1,127 1,466 1,839 2,571

Net realized gains (losses):

Net realized losses:

Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative ( 208 ) ( 192 ) ( 340 ) ( 252 )

Net realized losses on Fortitude Re funds withheld assets ( 6 ) ( 52 ) ( 19 ) ( 54 )

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

Net realized losses on Fortitude Re funds withheld embedded derivative ( 51 ) ( 14 ) ( 41 ) ( 55 )

Total net realized losses ( 265 ) ( 258 ) ( 400 ) ( 361 )

6 unchanged sentences

Interest expense 100 100 200 192

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

Net (gain) loss on divestitures and other 6 ( 50 ) 133 ( 53 )

12 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

American International Group, Inc.

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

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2026 2025 2026 2025

11 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

American International Group, Inc.

9 unchanged sentences

controlling Interests Total

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

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

Common stock issued under stock plans — 12 ( 7 ) — — 5 — 5

Purchase of common stock — ( 648 ) — — — ( 648 ) — ( 648 )

Net income attributable to AIG or noncontrolling interests — — — 948 — 948 — 948

Dividends on common stock ($ 0.50 per share)

— — — ( 263 ) — ( 263 ) — ( 263 )

Other comprehensive income — — — — 109 109 — 109

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

Other — — 51 ( 1 ) — 50 — 50

Balance, end of period $ 4,766 $ ( 72,283 ) $ 75,341 $ 38,388 $ ( 5,606 ) $ 40,606 $ 20 $ 40,626

Three Months Ended June 30, 2025

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

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

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

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

Dividends on common stock ($ 0.45 per share)

— — — ( 254 ) — ( 254 ) — ( 254 )

Other comprehensive income — — — — 916 916 — 916

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

Other — ( 1 ) 43 ( 6 ) — 36 4 40

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

Six Months Ended June 30, 2026

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

5 unchanged sentences

Other comprehensive loss — — — — ( 619 ) ( 619 ) — ( 619 )

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

Other — — 124 ( 5 ) — 119 1 120

Balance, end of period $ 4,766 $ ( 72,283 ) $ 75,341 $ 38,388 $ ( 5,606 ) $ 40,606 $ 20 $ 40,626

Three Months Ended March 31, 2025

Six Months Ended June 30, 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 — 199 ( 173 ) — — 26 — 26

8 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

American International Group, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

Three Months Ended March 31,

Six Months Ended June 30,

(in millions) 2026 2025

5 unchanged sentences

Net (gain) loss on divestitures and other 133 ( 53 )

Gain on extinguishment of debt — ( 5 )

Unrealized (gains) losses in earnings - net 112 ( 805 )

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

Equity in (income) loss from equity method investments, net of dividends or distributions ( 27 ) 13

Depreciation and other amortization 1,788 1,749

Impairments of assets 4 —

Changes in operating assets and liabilities:

6 unchanged sentences

Total adjustments 160 ( 507 )

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

Net cash provided by operating activities 1,871 1,335

Cash flows from investing activities:

16 unchanged sentences

Proceeds from (payments for)

Issuance of long-term debt — 1,241

Repayments of long-term debt ( 15 ) ( 1,087 )

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

Purchase of common stock ( 1,153 ) ( 4,007 )

6 unchanged sentences

Cash and restricted cash at end of period $ 1,565 $ 1,841

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

American International Group, Inc.

1 unchanged sentence

Supplementary Disclosure of Condensed Consolidated Cash Flow Information

Three Months Ended March 31,

Six Months Ended June 30,

(in millions) 2026 2025

10 unchanged sentences

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | First Quarter 2026 Form 10-Q

AIG | Second 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 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.

Results of operations for the six months ended June 30, 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 June 30, 2026 and prior to the issuance of these Condensed Consolidated Financial Statements.

There were no significant subsequent events that required disclosure.

2 unchanged sentences

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.

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 $ 520 million and goodwill of $ 440 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.

5 unchanged sentences

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

As of March 31, 2026, we concluded that we no longer have the ability to exert significant influence over Corebridge.

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

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

On May 7, 2026, we sold 25.5 million shares of Corebridge common stock, representing our remaining interest in Corebridge, at a per share purchase price of $ 27.90 .

The aggregate proceeds to AIG Parent were approximately $ 710 million.

AIG | Second Quarter 2026 Form 10-Q

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

10 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

5 unchanged sentences

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

We are assessing the impact of the standard.

We are assessing the impact of adopting these disclosures.

Improvements to Internal-use Software

4 unchanged sentences

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

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

We are assessing the impact and approach towards adopting the standard.

Segment Information

11 unchanged sentences

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

AIG | Second Quarter 2026 Form 10-Q

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

Segment Information

GLOBAL PERSONAL

9 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 | First Quarter 2026 Form 10-Q

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

Segment Information

The following table presents AIG’s operations by segment:

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

(in millions) Net

17 unchanged sentences

Net realized losses on Fortitude Re funds withheld assets — ( 6 )

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

Net realized losses on Fortitude Re funds withheld embedded derivative — ( 51 )

Net realized losses (d)

1 unchanged sentence

(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — 67

Net loss reserve discount benefit (charge) — 48

Net loss reserve discount charge — ( 28 )

Net results of businesses in run-off (f)

4 unchanged sentences

Total AIG Consolidated $ 1,127 $ 1,264

Three Months Ended March 31, 2025

AIG | Second Quarter 2026 Form 10-Q

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

Segment Information

Three Months Ended June 30, 2025

(in millions) Net

14 unchanged sentences

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

Gain on extinguishment of debt — 5

Net investment income on Fortitude Re funds withheld assets 39 39

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

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

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

Net realized losses (d)

2 unchanged sentences

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

Net loss reserve discount charge — ( 12 )

Net results of businesses in run-off (f)

Non-operating pension expenses — ( 5 )

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

Restructuring and other costs — ( 78 )

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

Total AIG Consolidated $ 1,466 $ 1,544

Six Months Ended June 30, 2026

(in millions) Net

Earned Losses

Expenses (a)(b)

Income Reconciliation

Income (Loss)

North America Commercial $ 4,730 $ 4,577 $ 2,831 $ 461 $ 106 $ 480 $ 699

International Commercial 5,038 4,459 2,590 582 187 622 478

Global Personal 3,347 3,212 1,693 669 160 407 283

Total General Insurance (c)

$ 13,115 $ 12,248 $ 7,114 $ 1,712 $ 453 $ 1,509 $ 1,460 $ 1,735 $ 3,174

Interest expense — ( 199 )

Other Operations 88 ( 68 )

Total 1,823 2,907

Reconciling items:

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares ( 64 ) ( 64 )

Other income (expense) - net 3 —

Net investment income on Fortitude Re funds withheld assets 59 59

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

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

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 — 75

Net loss reserve discount benefit (charge) — 20

5 unchanged sentences

Total AIG Consolidated $ 1,839 $ 2,251

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

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

Segment Information

Six Months Ended June 30, 2025

(in millions) Net

Earned Losses

Expenses (a)(b)

Income Reconciliation

Income (Loss)

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

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

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

Total General Insurance (c)

$ 11,406 $ 11,647 $ 7,194 $ 1,671 $ 433 $ 1,480 $ 869 $ 1,607 $ 2,467

Interest expense — ( 192 )

Other Operations 196 27

Elimination and consolidations ( 3 ) ( 2 )

Total 1,800 2,300

Reconciling items:

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

Gain on extinguishment of debt — 5

Net investment income on Fortitude Re funds withheld assets 79 79

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

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

Net realized losses (d)

( 2 ) ( 257 )

Net gain (loss) on divestitures and other

Non-operating litigation reserves and settlements — 13

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

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

Net results of businesses in run-off (f)

Non-operating pension expenses — ( 10 )

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

Restructuring and other costs — ( 154 )

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

Total AIG Consolidated $ 2,571 $ 2,504

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

(c) Amortization of intangible assets including renewal rights was $ 11 million and $ 5 million for the three months ended June 30, 2026 and 2025, respectively, and $ 21 million and $ 9 million for the six months ended June 30, 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.

(e) In the six months ended June 30, 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.

8 unchanged sentences

Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

AIG | Second Quarter 2026 Form 10-Q

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

Fair Value Measurements

Fair value measurements based on valuation techniques that use significant inputs that are unobservable.

6 unchanged sentences

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

March 31, 2026 Level 1 Level 2 Level 3 Counterparty

June 30, 2026 Level 1 Level 2 Level 3 Counterparty

Collateral Total

21 unchanged sentences

— 509 158 — — 667

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)

33 unchanged sentences

Corporate debt — 274 — — — 274

AIG | Second Quarter 2026 Form 10-Q

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

Fair Value Measurements

December 31, 2025 Level 1 Level 2 Level 3 Counterparty

Collateral Total

(in millions)

RMBS — 46 51 — — 97

22 unchanged sentences

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

(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.

(b) As of June 30, 2026, includes AIG's ownership interests in Onex of $ 563 million.

(c) Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $ 2.9 billion and $ 3.3 billion as of June 30, 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.

Fair Value Measurements

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

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 Year Net Realized

in Income Other

The following tables present changes during the three and six months ended June 30, 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 June 30, 2026 and 2025:

(in millions)

of Period Net Realized

and Unrealized

Gains (Losses)

Included in Income (a)

Comprehensive

Income (Loss) Purchases,

Income (Loss) Purchases Sales Issuances

Settlements (b)

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 March 31, 2026

Three Months Ended June 30, 2026

Bonds available for sale:

Obligations of states, municipalities and political subdivisions $ 4 $ — $ — $ 2 $ ( 1 ) $ — $ — $ — $ — $ 5

governments 23 1 — ( 3 ) — ( 14 ) — 7 — —

7 — — — — — — — ( 7 ) —

Corporate debt

RMBS 1,546 6 ( 37 ) ( 37 ) 8 — — 1,486 — 17

CMBS 24 — — ( 4 ) 5 — — 25 — —

85 1 ( 6 ) 2 ( 2 ) ( 1 ) 8 — ( 11 ) 76

1,486 7 ( 4 ) 5 — ( 45 ) — — 1 1,450

25 ( 1 ) 1 — ( 6 ) — 20 — — 39

CLO/ABS 1,683 1 ( 5 ) 406 ( 109 ) ( 103 ) 6 ( 19 ) ( 2 ) 1,858

Total bonds available for sale

3,290 8 ( 14 ) 415 ( 118 ) ( 149 ) 34 ( 19 ) ( 19 ) 3,428

Other bond securities:

2 unchanged sentences

Total other bond securities

167 ( 1 ) — 2 ( 9 ) ( 4 ) — — 3 158

Equity securities

54 3 — 14 ( 34 ) — — — ( 23 ) 14

Other invested assets

Other assets 130 — — — — — ( 130 ) — — —

93 — — 2 — ( 1 ) — — 2 96

(in millions) Fair Value

in Income Other

$ 3,604 $ 10 $ ( 14 ) $ 433 $ ( 161 ) $ ( 154 ) $ 34 $ ( 19 ) $ ( 37 ) $ 3,696

(in millions)

of Period Net Realized

and Unrealized

(Gains) Losses

Included in Income (a)

Comprehensive

(Income) Loss Purchases,

(Income) Loss Purchases Sales Issuances

Settlements (b)

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 $ ( 85 ) $ 51 $ — $ — $ — $ ( 41 ) $ — $ — $ — $ ( 75 )

1 unchanged sentence

Total $ ( 11 ) $ 58 $ — $ — $ — $ ( 41 ) $ — $ — $ — $ 6

(in millions) Fair Value

of Year Net Realized

in Income Other

Comprehensive

Income (Loss) Purchases,

Period Changes in

of Period Changes in

Unrealized Gains

Included in Other

AIG | Second Quarter 2026 Form 10-Q

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

Fair Value Measurements

(in millions)

of Period Net Realized

and Unrealized

Gains (Losses)

Included in Income (a)

Comprehensive

Income (Loss) for

Recurring Level 3

Instruments Held

at End of Period

Three Months Ended March 31, 2025

Income (Loss) Purchases Sales Issuances

Settlements (b)

Out Other Fair

Three Months Ended June 30, 2025

Bonds available for sale:

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

governments 7 — — — — — 7 — —

7 — — — — ( 1 ) — — — 6

Corporate debt

RMBS 1,894 7 33 ( 57 ) 3 ( 224 ) 1,656 — 17

CMBS 26 — — ( 4 ) 4 — 26 — —

115 1 1 2 ( 2 ) ( 26 ) 49 ( 31 ) 38 147

1,656 8 9 8 — ( 47 ) — ( 1 ) — 1,633

26 1 1 — — ( 1 ) — ( 1 ) — 26

CLO/ABS 915 5 10 386 ( 33 ) ( 24 ) — — ( 59 ) 1,200

Total bonds available for sale

2,722 15 21 396 ( 35 ) ( 99 ) 49 ( 33 ) ( 21 ) 3,015

Other bond securities:

Corporate debt

1 — — — — — — — — 1

RMBS 50 1 — — — ( 1 ) — — — 50

1 unchanged sentence

Total other bond securities

AIG | First Quarter 2026 Form 10-Q

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

Fair Value Measurements

(in millions) Fair Value

of Year Net Realized

in Income Other

Comprehensive

Income (Loss) Purchases,

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

171 2 — 1 — ( 2 ) 2 — — 174

Equity securities

35 3 — 21 ( 13 ) — — — — 46

Other invested assets

Other assets 129 — — — — — 129 — —

76 — — 1 — ( 6 ) 1 — 21 93

129 — — — — — — — — 129

$ 3,133 $ 20 $ 21 $ 419 $ ( 48 ) $ ( 107 ) $ 52 $ ( 33 ) $ — $ 3,457

(in millions)

in Income Other

Comprehensive

(Income) Loss Purchases,

Period Changes in

of Period Changes in

Unrealized Gains

Included in Other

of Period Net Realized

and Unrealized

(Gains) Losses

Included in Income (a)

Comprehensive

Income (Loss) for

Recurring Level 3

Instruments Held

at End of Period

(Income) Loss Purchases Sales Issuances

Settlements (b)

Out Other Fair

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

Other liabilities 100 ( 19 ) — — — — — — — 81

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

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:

(in millions) Net

Income Net Realized

Gains (Losses) Total

Three Months Ended March 31, 2026

Bonds available for sale $ 7 $ 1 $ 8

Equity securities ( 3 ) — ( 3 )

Other invested assets 1 — 1

Three Months Ended March 31, 2025

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

(in millions)

of Year Net Realized

and Unrealized

Gains (Losses)

Included in Income (a)

Comprehensive

Income (Loss) Purchases Sales Issuances

Settlements (b)

Out Other Fair

Six Months Ended June 30, 2026

Bonds available for sale:

Obligations of states, municipalities and political subdivisions $ 4 $ — $ — $ 2 $ ( 1 ) $ — $ — $ — $ — $ 5

23 1 — 3 ( 3 ) ( 3 ) — ( 14 ) ( 7 ) —

Corporate debt

113 1 ( 8 ) 6 ( 7 ) ( 1 ) 9 ( 26 ) ( 11 ) 76

1,546 13 ( 41 ) 14 — ( 91 ) 8 — 1 1,450

24 ( 1 ) 1 — ( 8 ) ( 2 ) 25 — — 39

CLO/ABS 1,741 2 ( 6 ) 533 ( 136 ) ( 261 ) 6 ( 19 ) ( 2 ) 1,858

Total bonds available for sale

3,451 16 ( 54 ) 558 ( 155 ) ( 358 ) 48 ( 59 ) ( 19 ) 3,428

Other bond securities:

RMBS 51 — — 2 — ( 2 ) — — 2 53

CLO/ABS 119 ( 1 ) — — ( 9 ) ( 5 ) — — 1 105

Total other bond securities

170 ( 1 ) — 2 ( 9 ) ( 7 ) — — 3 158

Equity securities

(in millions) Net

Income Net Realized

(Gains) Losses Total

Three Months Ended March 31, 2026

55 — — 30 ( 48 ) — — — ( 23 ) 14

Other invested assets

92 1 — 3 — ( 2 ) — — 2 96

130 — — — — — — — ( 130 ) —

$ 3,898 $ 16 $ ( 54 ) $ 593 $ ( 212 ) $ ( 367 ) $ 48 $ ( 59 ) $ ( 167 ) $ 3,696

(in millions)

of Year Net Realized

and Unrealized

(Gains) Losses

Included in Income (a)

Comprehensive

(Income) Loss Purchases Sales Issuances

Settlements (b)

Out Other Fair

Fortitude Re funds withheld payable $ ( 92 ) $ 41 $ — $ — $ — $ ( 24 ) $ — $ — $ — $ ( 75 )

Other Liabilities 73 8 — — — — — — — 81

Three Months Ended March 31, 2025

Fortitude Re funds withheld payable $ — $ 41 $ 41

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

Settlements (a)

Purchases, Sales,

Issuances and

Settlements, Net (a)

Three Months Ended March 31, 2026

Bonds available for sale:

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

Corporate debt 4 ( 5 ) — ( 1 )

RMBS 9 — ( 46 ) ( 37 )

CMBS — ( 2 ) ( 2 ) ( 4 )

AIG | First Quarter 2026 Form 10-Q

Total $ ( 19 ) $ 49 $ — $ — $ — $ ( 24 ) $ — $ — $ — $ 6

AIG | Second Quarter 2026 Form 10-Q

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

Fair Value Measurements

(in millions) Purchases Sales Issuances

Settlements (a)

Purchases, Sales,

Issuances and

Settlements, Net (a)

(in millions)

of Year Net Realized

and Unrealized

Gains (Losses)

Included in Income (a)

Comprehensive

Income (Loss) Purchases Sales Issuances

Settlements (b)

Out Other Fair

Six Months Ended June 30, 2025

Bonds available for sale:

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

7 — — — — ( 1 ) — — — 6

Corporate debt

240 ( 8 ) 11 5 ( 6 ) ( 150 ) 49 ( 32 ) 38 147

1,894 15 42 8 ( 3 ) ( 101 ) 3 ( 225 ) — 1,633

26 1 1 — ( 4 ) ( 1 ) 4 ( 1 ) — 26

CLO/ABS 840 6 11 532 ( 70 ) ( 54 ) — ( 6 ) ( 59 ) 1,200

Total bonds available for sale

3,010 14 65 545 ( 83 ) ( 307 ) 56 ( 264 ) ( 21 ) 3,015

Other bond securities:

Corporate debt 1 — — — — — — — — 1

RMBS 50 2 — — — ( 2 ) — — — 50

1 unchanged sentence

Total other bond securities

164 6 — 1 — ( 7 ) 33 ( 23 ) — 174

Equity securities

15 4 — 35 ( 17 ) — 9 — — 46

Other invested assets

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

163 — — 1 — ( 30 ) 1 ( 63 ) 21 93

129 — — — — — — — — 129

$ 3,481 $ 24 $ 65 $ 582 $ ( 100 ) $ ( 344 ) $ 99 $ ( 350 ) $ — $ 3,457

(in millions)

of Year Net Realized

and Unrealized

(Gains) Losses

Included in Income (a)

Comprehensive

(Income) Loss Purchases Sales Issuances

Settlements (b)

Out Other Fair

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

Total $ — $ — $ 17 $ 17

Three Months Ended March 31, 2025

Other liabilities 100 ( 19 ) — — — — — — — 81

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

(a) Includes Net realized gains (losses) related to assets of $ 0 million and $ 10 million for the three months ended June 30, 2026 and 2025, respectively, and $ 1 million and $ 1 million for the six months ended June 30, 2026 and 2025, respectively, and the remainder is recorded in Net investment income.

All Net realized and unrealized gains (losses) related to liabilities are recorded in Net realized gains (losses).

(b) There were no issuances during the three and six months ended June 30, 2026 and 2025.

The following table presents the changes in unrealized gains (losses) for financial instruments classified as Level 3 still held at the end of the period:

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

2026 2025 2026 2025

(in millions)

Income Changes in

Unrealized Gains

Included in Other

Comprehensive

Income (Loss) Changes in

Income Changes in

Unrealized Gains

Included in Other

Comprehensive

Income (Loss) Changes in

Income Changes in

Unrealized Gains

Included in Other

Comprehensive

Income (Loss) Changes in

Income Changes in

Unrealized Gains

Included in Other

Comprehensive

Income (Loss)

Bonds available for sale:

Corporate debt

RMBS — ( 3 ) ( 54 ) ( 57 )

CMBS — ( 4 ) — ( 4 )

$ — $ ( 5 ) $ — $ ( 6 ) $ — $ ( 7 ) $ — $ —

— ( 4 ) — ( 2 ) — ( 41 ) — 15

— 1 — — — — — —

CLO/ABS — ( 7 ) — 9 — ( 17 ) — 19

Total bonds available for sale

— ( 15 ) — 1 — ( 65 ) — 34

Other bond securities:

2 unchanged sentences

Total other bond securities

— — 1 — ( 1 ) — 6 —

Equity securities

( 1 ) — 2 — ( 3 ) — 2 —

Other invested assets

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

— — ( 1 ) — 1 — ( 1 ) —

$ ( 1 ) $ ( 15 ) $ 2 $ 1 $ ( 3 ) $ ( 65 ) $ 7 $ 34

Fortitude Re funds withheld payable $ ( 18 ) $ — $ ( 32 ) $ — $ ( 1 ) $ — $ ( 34 ) $ —

Total $ — $ — $ 8 $ 8

(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 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 $ 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 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 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

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

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers.

Because input information from third parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:

(in millions) Fair Value at

March 31, 2026 Valuation

Technique Unobservable Input (b)

(Weighted Average) (c)

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

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

Loss severity 37.41 % - 64.98 % ( 51.19 %)

Constant default rate 0.49 % - 1.87 % ( 1.18 %)

Yield 5.46 % - 6.73 % ( 6.10 %)

1,197 Discounted cash flow Yield 4.40 % - 5.82 % ( 5.11 %)

CMBS 25 Discounted cash flow Yield 3.81 % - 11.75 % ( 6.16 %)

(in millions) Fair Value at

December 31, 2025 Valuation

Technique Unobservable Input (b)

(Weighted Average) (c)

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

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

Loss severity 39.29 % - 79.56 % ( 59.42 %)

Constant default rate 0.51 % - 1.94 % ( 1.22 %)

Yield 5.25 % - 6.30 % ( 5.77 %)

1,321 Discounted cash flow Yield 0.07 % - 13.26 % ( 6.48 %)

CMBS 24 Discounted cash flow Yield 4.95 % - 4.95 % ( 4.95 %)

(a) Information received from third-party valuation service providers.

The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us.

The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

(b) Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CLO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value‑weighted average.

The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.

Interrelationships Between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability.

Relevant inputs vary depending on the nature of the instrument being measured at fair value.

The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements.

In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below.

Interrelationships may also exist between observable and unobservable inputs.

Such relationships have not been included in the discussion below.

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

AIG | First Quarter 2026 Form 10-Q

$ ( 18 ) $ — $ ( 32 ) $ — $ ( 1 ) $ — $ ( 34 ) $ —

AIG | Second Quarter 2026 Form 10-Q

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

Fair Value Measurements

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield.

The yield is affected by the market movements in credit spreads and U.S.

Treasury yields.

The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates.

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.

Embedded Derivatives within Reinsurance Contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable.

The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques.

The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above.

As a result, the unrealized gains (losses) on instruments held at June 30, 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

Gross Transfers in and out of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.

The transfers of investments into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

Transfers of certain investments 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.

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three and six months ended June 30, 2026 and 2025.

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

1 unchanged sentence

For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions)

Investment Category Includes Fair Value Using NAV Per Share (or its equivalent) Unfunded Commitments Fair Value Using NAV Per Share (or its equivalent) Unfunded Commitments

Investment Category Includes Fair Value

Per Share (or

its equivalent) Unfunded

Commitments Fair Value

Per Share (or

its equivalent) Unfunded

Investment Category*

2 unchanged sentences

Real assets Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets 410 74 516 81

Venture capital Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company 89 30 87 31

Growth equity Funds that make investments in established companies for the purpose of growing their businesses 31 13 172 11

Mezzanine Funds that make investments in the junior debt and equity securities of leveraged companies 79 51 92 54

Other Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies 1,063 601 1,101 653

Private equity secondaries Investments in a pool of diversified funds across sectors and vintage years 303 74 71 98

Other Includes multi-strategy funds, co-investments and credit funds in opportunistic and distressed strategies 1,022 481 1,147 549

Total private equity funds 2,757 1,077 3,090 1,266

Event-driven Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations 10 — 10 —

Long-short Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk 110 — 155 —

Other Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments 10 — 9 —

Total hedge funds 130 — 174 —

Hedge funds Funds that pool money from accredited investors and seek returns by investing in a wide variety of strategies aimed at generating returns independent of overall market direction 134 — 174 —

Total $ 2,891 $ 1,077 $ 3,264 $ 1,266

* In the second quarter of 2026, AIG revised the list of investment categories.

Historical results have been recast to reflect these changes.

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated.

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 | First Quarter 2026 Form 10-Q

Hedge fund investments included above are generally redeemable with a quarter's notice, subject to underlying fund restrictions.

AIG | Second 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:

Three Months Ended March 31, Gain (Loss)

Gain (Loss) Three Months

Ended June 30, Gain (Loss) Six Months

Ended June 30,

(in millions) 2026 2025 2026 2025

Other bond securities (a)

$ 13 $ 16 $ 10 $ 27

Alternative investments (b)

( 80 ) 63 ( 88 ) 87

Retained investment in Corebridge (c)

— 455 ( 154 ) 664

Total gain (loss) $ ( 67 ) $ 534 $ ( 232 ) $ 778

4 unchanged sentences

(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.

At March 31, 2026, AIG's 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.

Interest income and dividend income on assets measured under the fair value option are recognized and included in Net investment income in the Consolidated Statements of Income.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

2 unchanged sentences

(in millions) Level 1 Level 2 Level 3 Total

March 31, 2026

June 30, 2026

Mortgage and other loans receivable $ — $ 298 $ 2,255 $ 2,553 $ 2,599

Other invested assets — 491 12 503 503

Short-term investments

— 3,319 — 3,319 3,319

Cash 1,454 — — 1,454 1,454

Other assets 17 — — 17 17

Fortitude Re funds withheld payable — — 3,045 3,045 3,045

Long-term debt — 8,562 — 8,562 8,973

Debt of consolidated investment entities — — 155 155 155

Estimated Fair Value Carrying

(in millions) Level 1 Level 2 Level 3 Total

December 31, 2025

1 unchanged sentence

Other invested assets — 480 13 493 493

Short-term investments

— 5,232 — 5,232 5,232

Cash 1,274 — — 1,274 1,274

Other assets 16 — — 16 16

Fortitude Re funds withheld payable — — 3,130 3,130 3,130

Long-term debt — 8,702 — 8,702 9,035

Debt of consolidated investment entities — — 156 156 156

AIG | First Quarter 2026 Form 10-Q

The carrying value of Short-term investments, Cash, Fortitude Re funds withheld payable, and Debt of consolidated investment entities not included above approximated their fair values.

AIG | Second Quarter 2026 Form 10-Q

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

2 unchanged sentences

(in millions) Amortized

March 31, 2026

June 30, 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 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.

(b) At June 30, 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

2 unchanged sentences

(in millions) Fair

March 31, 2026

June 30, 2026

Bonds available for sale:

7 unchanged sentences

Total bonds available for sale $ 24,183 $ 326 $ 11,571 $ 1,609 $ 35,754 $ 1,935

AIG | First Quarter 2026 Form 10-Q

AIG | Second 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 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 June 30, 2026, we held 10,882 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 3,996 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 March 31, 2026 because it was determined that such losses were due to non-credit factors.

We did not recognize the unrealized losses in earnings on these fixed maturity securities at June 30, 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.

2 unchanged sentences

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

March 31, 2026 Total Fixed Maturity Securities

June 30, 2026 Total Fixed Maturity Securities

Available for Sale

8 unchanged sentences

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:

Three Months Ended March 31,

(in millions) Gross

Fixed maturity securities $ 20 $ 150 $ 16 $ 278

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 | First Quarter 2026 Form 10-Q

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

OTHER SECURITIES MEASURED AT FAIR VALUE

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

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

(in millions) June 30, 2026 December 31, 2025

Value Percent

5 unchanged sentences

Corporate debt 207 12 274 22

AIG | Second Quarter 2026 Form 10-Q

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

(in millions) June 30, 2026 December 31, 2025

Value Percent

of Total Fair

Value Percent

Mortgage-backed, asset-backed and collateralized:

7 unchanged sentences

Total $ 1,701 100 % $ 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.

* At June 30, 2026, includes AIG’s interest in Onex of $ 563 million that is restricted from sale or transfer until February 6, 2029, except in the event of a change in control at Onex.

OTHER INVESTED ASSETS

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

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

(in millions) June 30, 2026 December 31, 2025

Alternative investments (a)

4 unchanged sentences

Total $ 6,841 $ 6,696

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

(a) At June 30, 2026, includes hedge funds of $ 134 million and private equity funds of $ 2.7 billion.

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

1 unchanged sentence

Also includes investments in real estate, net of accumulated depreciation.

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.

At June 30, 2026 and December 31, 2025, the accumulated depreciation was $ 146 million and $ 142 million, respectively.

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

On May 7, 2026, AIG sold its remaining interest in Corebridge.

NET INVESTMENT INCOME

The following table presents the components of Net investment income:

Three Months Ended March 31, 2026 2025

Three Months Ended June 30, 2026 2025

(in millions) Excluding Fortitude

7 unchanged sentences

2 12 14 — 16 16

Equity securities ( 77 ) — ( 77 ) 9 — 9

Equity securities (a)

174 — 174 14 — 14

Interest on mortgage and other loans 29 4 33 46 7 53

Alternative investments (a)

Alternative investments (b)

15 — 15 48 — 48

Other investments (b)

Other investments (c)

12 — 12 482 — 482

2 unchanged sentences

Net investment income $ 1,091 $ 36 $ 1,127 $ 1,427 $ 39 $ 1,466

AIG | First Quarter 2026 Form 10-Q

Six Months Ended June 30, 2026 2025

(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 $ 1,796 $ 40 $ 1,836 $ 1,666 $ 38 $ 1,704

Other fixed maturity securities

1 9 10 — 27 27

Equity securities (a)

97 — 97 23 — 23

Interest on mortgage and other loans 62 9 71 90 14 104

Alternative investments (b)

23 — 23 91 — 91

AIG | Second 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.

Six Months Ended June 30, 2026 2025

(in millions) Excluding Fortitude

Withheld Assets Fortitude Re

Funds Withheld

Assets Total Excluding Fortitude

Withheld Assets Fortitude Re

Funds Withheld

Other investments (c)

( 117 ) 1 ( 116 ) 699 — 699

Total investment income 1,862 59 1,921 2,569 79 2,648

Investment expenses 82 — 82 77 — 77

Net investment income $ 1,780 $ 59 $ 1,839 $ 2,492 $ 79 $ 2,571

(a) Includes gain/loss on sale of AIG's remaining interest in Corebridge of $ 103 million for the three and six months ended June 30, 2026.

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

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

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

(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.

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, $ 27 million and $ 455 million , respectively, for the three months ended June 30, 2025, and $ 58 million and $ 664 million, respectively, for the six months ended June 30, 2025.

NET REALIZED GAINS AND LOSSES

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

Three Months Ended March 31, 2026 2025

Three Months Ended June 30, 2026 2025

(in millions) Excluding

2 unchanged sentences

Assets Fortitude

Sales of fixed maturity securities $ ( 115 ) $ ( 15 ) $ ( 130 ) $ ( 255 ) $ ( 7 ) $ ( 262 )

Sales and impairments of fixed maturity securities $ ( 59 ) $ ( 4 ) $ ( 63 ) $ ( 102 ) $ ( 49 ) $ ( 151 )

Change in allowance for credit losses on fixed maturity securities 3 — 3 ( 15 ) — ( 15 )

1 unchanged sentence

Foreign exchange transactions

All other derivatives and hedge accounting 2 4 6 ( 28 ) ( 6 ) ( 34 )

( 8 ) 1 ( 7 ) ( 27 ) 13 ( 14 )

Derivatives and hedge accounting ( 20 ) ( 2 ) ( 22 ) ( 98 ) ( 16 ) ( 114 )

Sales of alternative investments ( 38 ) — ( 38 ) 3 — 3

Other* ( 85 ) ( 1 ) ( 86 ) 2 ( 5 ) ( 3 )

Net realized losses – excluding Fortitude Re funds withheld embedded derivative ( 208 ) ( 6 ) ( 214 ) ( 192 ) ( 52 ) ( 244 )

Net realized losses on Fortitude Re funds withheld embedded derivative — ( 51 ) ( 51 ) — ( 14 ) ( 14 )

Net realized losses $ ( 208 ) $ ( 57 ) $ ( 265 ) $ ( 192 ) $ ( 66 ) $ ( 258 )

Six Months Ended June 30, 2026 2025

(in millions) Excluding

Assets Fortitude

Assets Total Excluding

Assets Fortitude

Sales and impairments of fixed maturity securities $ ( 174 ) $ ( 19 ) $ ( 193 ) $ ( 357 ) $ ( 56 ) $ ( 413 )

Change in allowance for credit losses on fixed maturity securities 1 1 2 ( 7 ) — ( 7 )

Change in allowance for credit losses on loans 32 1 33 50 9 59

Foreign exchange transactions ( 27 ) ( 2 ) ( 29 ) 193 19 212

Derivatives and hedge accounting ( 18 ) 2 ( 16 ) ( 126 ) ( 22 ) ( 148 )

Sales of alternative investments ( 16 ) — ( 16 ) 3 — 3

Other* ( 138 ) ( 2 ) ( 140 ) ( 8 ) ( 4 ) ( 12 )

Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative ( 340 ) ( 19 ) ( 359 ) ( 252 ) ( 54 ) ( 306 )

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

Net realized losses on Fortitude Re funds withheld embedded derivative — ( 41 ) ( 41 ) — ( 55 ) ( 55 )

Net realized losses $ ( 340 ) $ ( 60 ) $ ( 400 ) $ ( 252 ) $ ( 109 ) $ ( 361 )

* Other includes impairments on investments in private equity and real estate funds.

For the three and six months ended June 30, 2026, the aggregate fair value of available for sale securities sold was $ 2.7 billion and $ 6.5 billion, respectively, which resulted in gross realized gains of $ 18 million and $ 38 million and gross realized losses of $ 81 million and $ 231 million, respectively.

For the three and six months ended June 30, 2025, the aggregate fair value of available for sale securities sold was $ 2.6 billion and $ 7.4 billion, respectively, which resulted in gross realized gains of $ 14 million and $ 30 million and gross realized losses of $ 165 million and $ 443 million, respectively.

AIG | Second Quarter 2026 Form 10-Q

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

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

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

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

4 unchanged sentences

The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:

Three Months Ended March 31, 2026 2025

Three Months Ended June 30, 2026 2025

(in millions) Equities Other

1 unchanged sentence

Assets Total*

Net gains recognized during the period on equity securities and other investments $ 174 $ 5 $ 179 $ 14 $ 512 $ 526

Net gains (losses) recognized during the period on equity securities and other investments sold during the period 102 ( 151 ) ( 49 ) ( 12 ) 34 22

Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date $ 72 $ 156 $ 228 $ 26 $ 478 $ 504

Six Months Ended June 30, 2026 2025

(in millions) Equities Other

Assets Total* Equities Other

Assets Total*

Net gains (losses) recognized during the period on equity securities and other investments $ 91 $ ( 153 ) $ ( 62 ) $ 23 $ 745 $ 768

1 unchanged sentence

Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ ( 28 ) $ 9 $ ( 19 ) $ 22 $ 712 $ 734

* 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.

* Includes unrealized gains (losses) on changes in the fair value of AIG's investment in Corebridge.

At March 31, 2026, AIG's 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.

1 unchanged sentence

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 | First Quarter 2026 Form 10-Q

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

Credit Impairments

The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:

Three Months Ended March 31, 2026 2025

(in millions) Structured Non-

Structured Total Structured Non-

Structured Total

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

Balance, beginning of year $ 38 $ 30 $ 37 $ 38

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Balance, end of period $ 35 $ 45 $ 35 $ 45

AIG | Second Quarter 2026 Form 10-Q

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

Purchased Credit Deteriorated Securities

10 unchanged sentences

Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality.

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

We did not purchase securities with more than insignificant credit deterioration since their origination during the six months ended June 30, 2026 and 2025.

PLEDGED INVESTMENTS

10 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.

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.

At June 30, 2026 and December 31, 2025, the fair value of securities pledged to us under reverse repurchase agreements totaled $ 2.2 billion and $ 3.6 billion, respectively, and the carrying value of reverse repurchase agreements totaled $ 2.1 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 $ 7.4 billion and $ 7.7 billion at March 31, 2026 and December 31, 2025, 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 $ 7.2 billion and $ 7.7 billion at June 30, 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 $ 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.

We owned an aggregate of $ 16 million and $ 14 million of stock in FHLBs at June 30, 2026 and December 31, 2025, respectively.

In addition, our subsidiaries have pledged securities available for sale with a fair value of $ 2.5 billion at June 30, 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 June 30, 2026, and bonds available for sale and short-term investments at December 31, 2025.

AIG | Second Quarter 2026 Form 10-Q

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

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

1 unchanged sentence

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

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

(in millions) June 30, 2026 December 31, 2025

Commercial mortgages (a)

6 unchanged sentences

$ 2,599 $ 2,887

(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.

(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 15 percent and 14 percent, respectively, at June 30, 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 June 30, 2026 and December 31, 2025.

(c) Excludes $ 37.6 billion at both June 30, 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.

3 unchanged sentences

Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period.

As of March 31, 2026 and December 31, 2025, $ 119 million and $ 160 million, respectively, of commercial mortgage loans were placed on nonaccrual status.

As of June 30, 2026 and December 31, 2025, $ 106 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 March 31, 2026 and December 31, 2025, accrued interest receivable associated with commercial mortgage loans was $ 11 million and $ 11 million, respectively.

As of June 30, 2026 and December 31, 2025, accrued interest receivable associated with commercial mortgage loans was $ 10 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 loan-to-value ratios (a) for commercial mortgages by year of vintage:

March 31, 2026 2026 2025 2024 2023 2022 Prior Total

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

June 30, 2026 2026 2025 2024 2023 2022 Prior Total

(in millions)

9 unchanged sentences

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

(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 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 65 percent and 71 percent at June 30, 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 | Second Quarter 2026 Form 10-Q

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

Lending Activities

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

1 unchanged sentence

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

March 31, 2026

June 30, 2026

Past Due Status:

15 unchanged sentences

For a discussion of our accounting policy for evaluating Mortgage and other loans receivable for impairment, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

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

Three Months Ended March 31,

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

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

Allowance, beginning of year $ 77 $ 155 $ 111 $ 164

Loans charged off — ( 52 ) — ( 52 )

Net charge-offs — ( 52 ) — ( 52 )

Addition to (release of) allowance for loan losses 1 3 ( 33 ) ( 6 )

Allowance, end of period

(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.

$ 78 $ 106 $ 78 $ 106

(a) 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.

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.

1 unchanged sentence

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.

There were no loans that had defaulted during the three and six months ended June 30, 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 March 31, 2026 are current and performing in accordance with their modified terms.

All loans with borrowers experiencing financial difficulty that were modified in the 12 months prior to June 30, 2026 are current and performing in accordance with their modified terms.

AIG | Second Quarter 2026 Form 10-Q

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

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

5 unchanged sentences

This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

As of 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.

As of June 30, 2026, $ 3.0 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:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions) Carrying

11 unchanged sentences

Total $ 2,910 $ 2,903 $ 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 $( 17 ) million ($( 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.

(a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $ 0 million ($ 0 million after-tax) and $ 85 million ($ 67 million after-tax), respectively, for the six months ended June 30, 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 $ 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 $ 3 million and $ 31 million, respectively, as of June 30, 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.

1 unchanged sentence

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 March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

Net investment income - Fortitude Re funds withheld assets $ 36 $ 39 $ 59 $ 79

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

Net realized losses on Fortitude Re funds withheld assets:

Net realized losses - Fortitude Re funds withheld assets ( 6 ) ( 52 ) ( 19 ) ( 54 )

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

Net realized losses - Fortitude Re funds withheld embedded derivative ( 51 ) ( 14 ) ( 41 ) ( 55 )

Net realized losses on Fortitude Re funds withheld assets ( 57 ) ( 66 ) ( 60 ) ( 109 )

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)

Loss before income tax benefit ( 21 ) ( 27 ) ( 1 ) ( 30 )

Income tax benefit (a)

( 4 ) ( 5 ) — ( 6 )

( 17 ) ( 22 ) ( 1 ) ( 24 )

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

Comprehensive income (loss) $ ( 4 ) $ 3 $ ( 1 ) $ ( 1 )

1 unchanged sentence

statutory tax rate of 21 percent.

AIG | Second Quarter 2026 Form 10-Q

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

Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements.

1 unchanged sentence

REINSURANCE – CREDIT LOSSES

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

The total reinsurance recoverables as of June 30, 2026 were $ 41.6 billion.

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

4 unchanged sentences

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

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.

As of June 30, 2026 and December 31, 2025, approximately 88 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.

2 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

Balance, beginning of year $ 297 $ 269

Balance, beginning of period $ 295 $ 279 $ 297 $ 269

Addition to (release of) allowance for expected credit losses and disputes, net 6 ( 4 ) 5 ( 1 )

1 unchanged sentence

Other changes — 2 — 9

Balance, end of year $ 295 $ 279

Balance, end of period $ 296 $ 276 $ 296 $ 276

Past-Due Status

3 unchanged sentences

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

4 unchanged sentences

The following table presents a rollforward of DAC:

Three Months Ended March 31,

Six Months Ended June 30,

(in millions) 2026 2025

4 unchanged sentences

Balance, end of period $ 2,217 $ 2,151

AIG | Second Quarter 2026 Form 10-Q

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

Variable Interest Entities

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

8 unchanged sentences

Assets On-Balance

March 31, 2026

Real estate and investment entities (a)

June 30, 2026

Private equity funds and other investments

$ 309,437 $ 2,754 $ 1,166 (c)

5,988 153 286 (d)

4,761 158 297 (e)

Total $ 315,425 $ 2,907 $ 1,452 $ 4,359

December 31, 2025

Real estate and investment entities (a)

Private equity funds and other investments

$ 403,956 $ 3,078 $ 1,219 (c)

4,776 188 302 (d)

4,776 188 302 (e)

Total $ 408,732 $ 3,266 $ 1,521 $ 4,787

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

(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.

(a) At June 30, 2026 and December 31, 2025, excludes approximately $ 988 million and $ 1.1 billion, respectively, of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $ 967 million and $ 1.1 billion, respectively.

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

(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.

(e) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value.

(b) At June 30, 2026 and December 31, 2025, $ 2.9 billion and $ 3.3 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(d) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value.

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

8 unchanged sentences

In addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (CDSs), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

AIG | Second Quarter 2026 Form 10-Q

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

Derivatives and Hedge Accounting

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

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

18 unchanged sentences

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

(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).

(b) As of June 30, 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 $ 24 million and $ 25 million, respectively).

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

3 unchanged sentences

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

Fair value of assets related to bifurcated embedded derivatives was $ 3.0 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.

Fair value of assets related to bifurcated embedded derivatives was $ 2.9 billion at June 30, 2026 and $ 3.0 billion at December 31, 2025.

Fair value of liabilities related to bifurcated embedded derivatives was zero at both June 30, 2026 and December 31, 2025.

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

8 unchanged sentences

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

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

AIG | First Quarter 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.

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

The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade.

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

Collateral posted by us to third parties for derivative transactions was $ 327 million and $ 362 million at June 30, 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 $ 228 million and $ 222 million at March 31, 2026 and December 31, 2025, respectively.

Collateral provided to us from third parties for derivative transactions was $ 232 million and $ 222 million at June 30, 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.

2 unchanged sentences

The net settlement provisions apply 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 governed by the ISDA Master Agreement.

AIG | Second Quarter 2026 Form 10-Q

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

Derivatives and Hedge Accounting

HEDGE ACCOUNTING

1 unchanged sentence

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.

We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S.

We use foreign currency denominated debt as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S.

dollar functional currency foreign subsidiaries.

For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates.

For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates.

For the three months ended March 31, 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.

For the three and six months ended June 30, 2026, we recognized gains (losses) of $ 22 million and $ 50 million, respectively, and for the three and six months ended June 30, 2025, we recognized gains (losses) of $( 101 ) million and $( 172 ) million, respectively, included in Change in foreign currency translation adjustments in OCI related to the net investment hedge relationships.

A qualitative methodology is utilized to assess hedge effectiveness.

5 unchanged sentences

Items Net Impact

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Foreign exchange contracts:

Net realized gains/(losses) $ ( 7 ) $ ( 17 ) $ 7 $ ( 17 )

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Foreign exchange contracts:

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

Six Months Ended June 30, 2026

Foreign exchange contracts:

Net realized gains/(losses) $ ( 21 ) $ ( 5 ) $ 21 $ ( 5 )

Six Months Ended June 30, 2025

Foreign exchange contracts:

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

(a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

(b) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis.

AIG | First Quarter 2026 Form 10-Q

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

Derivatives and Hedge Accounting

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

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

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

Gains (Losses) Recognized in Income

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

5 unchanged sentences

By Classification:

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

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

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

Net realized losses - excluding Fortitude Re funds withheld assets

( 22 ) ( 98 ) ( 20 ) ( 126 )

Net realized losses on Fortitude Re funds withheld assets *

( 53 ) ( 30 ) ( 39 ) ( 77 )

Total $ ( 75 ) $ ( 129 ) $ ( 59 ) $ ( 204 )

* Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.

AIG | Second Quarter 2026 Form 10-Q

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

Derivatives and Hedge Accounting

CREDIT RISK-RELATED CONTINGENT FEATURES

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.

We estimate that at June 30, 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 $ 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.

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 $ 24 million and $ 25 million at June 30, 2026 and December 31, 2025, respectively.

The aggregate fair value of assets posted as collateral under these contracts at June 30, 2026 and December 31, 2025, was approximately $ 24 million and $ 25 million, respectively.

Insurance Liabilities

6 unchanged sentences

Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development or reserve releases.

Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $ 14.0 billion and $ 13.8 billion at March 31, 2026 and December 31, 2025, respectively.

Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $ 16.1 billion and $ 13.8 billion at June 30, 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.

2 unchanged sentences

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

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.

Insurance Liabilities

At June 30, 2026 and December 31, 2025 we held collateral of approximately $ 10.2 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 June 30, 2026 and December 31, 2025.

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

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

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

Liability for unpaid loss and loss adjustment expenses, beginning of period $ 69,963 $ 68,896 $ 70,666 $ 69,168

Reinsurance recoverable ( 28,198 ) ( 27,799 ) ( 28,871 ) ( 29,026 )

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

Net Liability for unpaid loss and loss adjustment expenses, beginning of period 41,765 41,097 41,795 40,142

Losses and loss adjustment expenses incurred:

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

( 5 ) 15 ( 1 ) 47

Retroactive reinsurance adjustment (net of discount) (b)

98 ( 20 ) 116 15

Other, net of reinsurance recoverables (c)

( 141 ) — ( 141 ) —

Total other changes ( 74 ) 890 ( 246 ) 1,441

AIG | Second Quarter 2026 Form 10-Q

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

Insurance Liabilities

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

Liability for unpaid loss and loss adjustment expenses, end of period:

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(Berkshire), covering U.S.

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.

asbestos exposures for the three months ended June 30, 2026 and 2025, respectively, and $ 23 million and $ 12 million for the six months ended June 30, 2026 and 2025, respectively.

(b) Includes benefit (charge) from change in discount on retroactive reinsurance of $ 19 million and $ 19 million for the three months ended June 30, 2026 and 2025 respectively, and $ 72 million and $ 20 million for the six months ended June 30, 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 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.

During the three months ended June 30, 2026, we recognized favorable prior year loss reserve development of $ 246 million, net of external reinsurance but before adverse development reinsurance agreement (ADC) cessions.

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

Property and Global Specialty.

Workers’ Compensation, partially offset by adverse development in U.S.

Excess Casualty and U.S.

Other Casualty.

During the six months ended June 30, 2026, we recognized favorable prior year loss reserve development of $ 372 million, net of external reinsurance but before ADC cessions.

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

Workers’ Compensation, U.S Property and U.S.

Personal Insurance, partially offset by adverse development in U.S.

Excess Casualty and U.S.

Other Casualty.

During the three months ended June 30, 2025, we recognized unfavorable prior year loss reserve development of $ 25 million, net of external reinsurance but before ADC cessions.

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

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

Workers’ Compensation, U.S.

Other Casualty and U.S.

Property and Special Risks.

During the six months ended June 30, 2025, we recognized favorable prior year loss reserve development of $ 8 million, net of external reinsurance but before ADC cessions.

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

Workers’ Compensation, U.S.

Other Casualty, U.S.

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

Excess Casualty.

Discounting of Loss Reserves

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:

At June 30, 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.

2 unchanged sentences

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

In 2020, the regulators also approved that the discount rate will be updated on an annual basis, which was 4.5 percent at June 30, 2026 and December 31, 2025.

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

2 unchanged sentences

Treasury rate plus a liquidity premium).

In the case that applying this tabular discount factor to our nominal reserves produces a tabular discount that is greater than the indemnity portion of our case reserves, the tabular discount is capped at our estimate of the indemnity portion of our case reserves ( 45 percent).

The discount for asbestos reserves has been fully accreted.

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).

At June 30, 2026 and December 31, 2025, the discount consists of $ 157 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 six months ended June 30, 2026 and 2025, the benefit / (charge) from changes in discount of $ 20 million and $( 29 ) million, respectively, were recorded as part of Losses and loss adjustment expenses incurred in the Condensed Consolidated Statements of Income (Loss).

AIG | Second Quarter 2026 Form 10-Q

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

Insurance Liabilities

The following table presents the components of the loss reserve discount discussed above:

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

(in millions) June 30, 2026 December 31, 2025

workers' compensation $ 2,083 $ 2,063

2 unchanged sentences

$ 1,264 $ 1,172

(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.

(a) Excludes $ 163 million and $ 166 million of discount related to certain long-tail liabilities in the UK at June 30, 2026 and December 31, 2025, respectively.

(b) Includes gross discount of $ 681 million and $ 693 million, which was 100 percent ceded to Fortitude Re at June 30, 2026 and December 31, 2025, respectively.

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

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

4 unchanged sentences

Net change in total reserve discount* $ ( 9 ) $ 7 $ 92 $ ( 9 )

* 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.

* Excludes $ 1 million and $ 11 million discount related to certain long-tail liabilities in the UK for the three months ended June 30, 2026 and 2025, respectively, and excludes $( 3 ) million and $ 17 million discount related to certain long-tail liabilities in the UK for the six months ended June 30, 2026 and 2025, respectively.

Amortization of Deferred Gain on Retroactive Reinsurance

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.

Amortization of the deferred gain on retroactive reinsurance includes $( 16 ) million and $ 93 million related to the adverse development reinsurance cover with NICO for the three months ended June 30, 2026 and 2025, respectively, and $ 4 million and $ 110 million for the six months ended June 30, 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 $ 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.

Future policy benefits primarily include reserves for certain long-duration contracts that are 100 percent ceded of $ 763 million and $ 797 million at June 30, 2026 and December 31, 2025, respectively, certain other long-duration contracts of $ 532 million and $ 583 million at June 30, 2026 and December 31, 2025, respectively, and Global Accident & Health contracts.

Contingencies, Commitments and Guarantees

2 unchanged sentences

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

LEGAL CONTINGENCIES

In the ordinary course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in proceedings pending in various domestic and foreign jurisdictions.

Certain of these matters may involve considerable risk of loss due to the potential for significant jury awards (including in certain cases the possibility of punitive damages or other penalties) and settlements, especially in the case of class actions.

It is inherently difficult to predict the size or scope of potential future losses arising from such matters.

In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are considered in the establishment of our loss reserves.

AIG | Second Quarter 2026 Form 10-Q

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

Contingencies, Commitments and Guarantees

LEGAL CONTINGENCIES

In the normal course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions.

Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties.

Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number of plaintiffs.

It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters.

In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our loss reserves.

Separate and apart from the foregoing matters involving insurance and reinsurance coverage, AIG Parent, our subsidiaries and their respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of AIG securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations.

With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated.

Separately, AIG Parent, our subsidiaries and their respective officers and directors are subject to additional types of legal proceedings brought by holders of AIG securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations.

With respect to such matters, we establish reserves for loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated.

In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters.

While such potential future charges could be material, based on information currently known to management, management does not believe that any such charges are likely to have a material adverse effect on our financial position or results of operation.

Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating insurance subsidiaries.

Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage.

These matters could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses and limitations on certain business activities.

OTHER COMMITMENTS

In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the U.S.

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

In the ordinary course of business, we enter into commitments to invest in limited partnerships, private equity funds and real estate funds.

These commitments totaled $ 1.2 billion and $ 1.5 billion at June 30, 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 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.

Due to the deconsolidation of AIGFP and its subsidiaries, as of June 30, 2026, an $ 80 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.

4 unchanged sentences

Business and Asset Dispositions

We are subject to financial guarantees and indemnity arrangements in connection with the completed sales of businesses and assets.

The various arrangements may be triggered by, among other things, declines in asset values, the occurrence of specified business contingencies, the realization of contingent liabilities, developments in litigation or breaches of representations, warranties or covenants provided by us.

These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation.

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 subject to financial guarantees and indemnity arrangements in connection with completed sales of businesses and assets.

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

2 unchanged sentences

• For additional information on derivatives, see Note 10.

AIG | Second Quarter 2026 Form 10-Q

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

SHARES OUTSTANDING

The following table presents a rollforward of outstanding shares:

Three Months Ended March 31, 2026

Six Months Ended June 30, 2026

Stock Issued Treasury

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Repurchase of AIG Common Stock

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.

The Board has authorized the repurchase of shares of AIG Common Stock and as of July 31, 2026, $ 2.6 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.

Pursuant to a Rule 10b5-1 plan, from July 1, 2026 to July 31, 2026, we repurchased approximately 2 million shares of AIG Common Stock for an aggregate purchase price of approximately $ 195 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.

DIVIDENDS DECLARED

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

On August 6, 2026, our Board of Directors declared a cash dividend on AIG Common Stock of $ 0.50 per share, payable on September 30, 2026 to shareholders of record as of September 16, 2026.

AIG | Second Quarter 2026 Form 10-Q

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

6 unchanged sentences

Allowance for Credit

Losses Was Taken

Losses Was Taken Unrealized

(Depreciation)

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Adjustment Total

Balance, December 31, 2025, net of tax $ ( 3 ) $ ( 1,373 ) $ 87 $ ( 2,981 ) $ ( 717 ) $ ( 4,987 )

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

Change in unrealized appreciation (depreciation) of investments

3 unchanged sentences

Change in foreign currency translation adjustments

— — — ( 4 ) — ( 4 )

Change in net actuarial loss

1 unchanged sentence

Change in deferred tax asset (liability)

— ( 45 ) ( 3 ) ( 7 ) ( 2 ) ( 57 )

Total other comprehensive income (loss) 1 108 5 ( 11 ) 6 109

Balance, June 30, 2026, net of tax $ ( 3 ) $ ( 1,881 ) $ 96 $ ( 3,113 ) $ ( 705 ) $ ( 5,606 )

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

Change in unrealized appreciation (depreciation) of investments

( 7 ) 512 — — — 505

Change in other — ( 9 ) — — — ( 9 )

Change in foreign currency translation adjustments

— — — 414 — 414

Change in net actuarial loss

Change in deferred tax asset (liability)

1 ( 11 ) 1 15 ( 2 ) 4

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

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

Balance, December 31, 2025, net of tax $ ( 3 ) $ ( 1,373 ) $ 87 $ ( 2,981 ) $ ( 717 ) $ ( 4,987 )

Change in unrealized appreciation (depreciation) of investments

— ( 564 ) — — — ( 564 )

Change in other — ( 20 ) — — — ( 20 )

2 unchanged sentences

Change in net actuarial loss — — — — 14 14

Change in prior service cost

Change in deferred tax asset (liability) — 76 ( 4 ) ( 9 ) ( 4 ) 59

Total other comprehensive income (loss) — ( 508 ) 9 ( 132 ) 12 ( 619 )

Balance, June 30, 2026, net of tax $ ( 3 ) $ ( 1,881 ) $ 96 $ ( 3,113 ) $ ( 705 ) $ ( 5,606 )

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

Change in unrealized appreciation (depreciation) of investments ( 3 ) 830 — — — 827

Change in other — ( 3 ) — — — ( 3 )

Change in discount rates — — 9 — — 9

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

Change in net actuarial loss — — — — 10 10

Change in deferred tax asset (liability)

1 90 ( 2 ) 34 ( 3 ) 120

Total other comprehensive income 4 425 6 194 7 636

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

Noncontrolling interests — — — 1 — 1

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

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

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

AIG | Second Quarter 2026 Form 10-Q

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

The following table presents the other comprehensive income (loss) reclassification adjustments for the three and six months ended June 30, 2026 and 2025 , respectively:

(in millions) Unrealized

14 unchanged sentences

Adjustment Total

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Unrealized change arising during period $ 1 $ 90 $ 8 $ ( 4 ) $ 1 $ 96

Reclassification adjustments included in net income — ( 63 ) — — ( 7 ) ( 70 )

Total other comprehensive income (loss), before income tax expense (benefit) 1 153 8 ( 4 ) 8 166

Income tax expense (benefit) — 45 3 7 2 57

Total other comprehensive income (loss), net of income tax expense (benefit) $ 1 $ 108 $ 5 $ ( 11 ) $ 6 $ 109

Three Months Ended June 30, 2025

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

Reclassification adjustments included in net income

— ( 151 ) — — ( 7 ) ( 158 )

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

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

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

Six Months Ended June 30, 2026

Unrealized change arising during period $ — $ ( 777 ) $ 13 $ ( 123 ) $ 1 $ ( 886 )

Reclassification adjustments included in net income — ( 193 ) — — ( 15 ) ( 208 )

Total other comprehensive income (loss), before of income tax expense (benefit) — ( 584 ) 13 ( 123 ) 16 ( 678 )

1 unchanged sentence

Total other comprehensive income (loss), net of income tax expense (benefit) $ — $ ( 508 ) $ 9 $ ( 132 ) $ 12 $ ( 619 )

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

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

3 unchanged sentences

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

AIG | First Quarter 2026 Form 10-Q

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

The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss) (a) :

Amount Reclassified from AOCI Affected Line Item in the

Three Months Ended March 31, Condensed Consolidated

Three Months Ended June 30, Six Months Ended June 30, Condensed Consolidated

(in millions) 2026 2025 2026 2025 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

8 unchanged sentences

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

AIG | Second Quarter 2026 Form 10-Q

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

Earnings Per Common Share (EPS)

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

1 unchanged sentence

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

Three Months Ended March 31,

Three Months Ended

June 30, Six Months Ended

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

2 unchanged sentences

Net income attributable to noncontrolling interests — — — —

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

Net income attributable to AIG common shareholders $ 948 $ 1,144 $ 1,711 $ 1,842

Denominator for EPS:

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533,574,538 577,941,232 537,846,532 588,534,928

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

Net income per common share attributable to AIG common shareholders:

Basic $ 1.79 $ 2.00 $ 3.21 $ 3.16

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(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 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.

The number of potential common shares excluded from diluted shares outstanding was 1,177,254 and 915,465 for the three and six months ended June 30, 2026, respectively, and 118,717 and 140,236 for the three and six months ended June 30, 2025, 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.

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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.

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Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets and are recorded in the period in which the change occurs.

AIG | Second Quarter 2026 Form 10-Q

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

INTERIM TAX EXPENSE (BENEFIT)

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

For the three months ended June 30, 2026, the effective tax rate on income was 25.0 percent.

The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S.

For the six months ended June 30, 2026, the effective tax rate on income was 24.0 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 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.

For the three months ended June 30, 2025, the effective tax rate on income was 25.9 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, state and local income taxes, and an increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions.

The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S.

For the six months ended June 30, 2025, the effective tax rate on income was 26.4 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, state and local income taxes, and an increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions.

The charges are partially offset by tax benefits related to closure of tax audits in Germany and California, and excess tax benefits related to share-based compensation payments recorded through the income statement.

The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S.

ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE

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.

For the six months ended June 30, 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 U.S.

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 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 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.

As of June 30, 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 six months ended June 30, 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 increase was allocated to Other comprehensive income.

For the six months ended June 30, 2026, we recognized a net $ 7 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 New York State (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

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

There were no significant changes in our unrecognized tax benefits, interest and penalties for the six months ended June 30, 2026.

AIG | Second Quarter 2026 Form 10-Q

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

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

AIG | First Quarter 2026 Form 10-Q

AIG | Second 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.

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

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

INDEX TO ITEM 2

7 unchanged sentences

Use of Non-GAAP Measures

Investment Highlights in the Three Months Ended March 31, 2026

Investment Highlights

Investment Strategies

14 unchanged sentences

Enterprise Risk Management

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Executive Summary

39 unchanged sentences

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

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Critical Accounting Estimates

11 unchanged sentences

Consolidated Results of Operations

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

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and six months ended June 30, 2026 and 2025.

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

For information regarding the critical accounting estimates that affect our results of operations, see Critical Accounting Estimates in this MD&A and Part II, Item 7.

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

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

Three Months Ended March 31, Percentage

(in millions) 2026 2025 Change

Three Months Ended

June 30, Percentage Six Months Ended

June 30, Percentage

(in millions) 2026 2025 Change 2026 2025 Change

Premiums $ 6,221 $ 5,877 6 % $ 12,293 $ 11,647 6 %

1 unchanged sentence

Net investment income - excluding Fortitude Re funds withheld assets

1,091 1,427 (24) 1,780 2,492 (29)

Net investment income - Fortitude Re funds withheld assets 36 39 (8) 59 79 (25)

Total net investment income 1,127 1,466 (23) 1,839 2,571 (28)

Net realized gains (losses):

Net realized losses:

Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative (208) (192) (8) (340) (252) (35)

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

Net realized losses on Fortitude Re funds withheld assets (6) (52) 88 (19) (54) 65

Net realized losses on Fortitude Re funds withheld embedded derivative (51) (14) (264) (41) (55) 25

Total net realized losses (265) (258) (3) (400) (361) (11)

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Interest expense 100 100 — 200 192 4

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

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

Net (gain) loss on divestitures and other 6 (50) NM 133 (53) NM

Total benefits, losses and expenses 5,821 5,547 5 11,484 11,370 1

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Consolidated Results of Operations

Three Months Ended March 31, Percentage

(in millions) 2026 2025 Change

Three Months Ended

June 30, Percentage Six Months Ended

June 30, Percentage

(in millions) 2026 2025 Change 2026 2025 Change

Income before income tax expense 1,264 1,544 (18) 2,251 2,504 (10)

1 unchanged sentence

Net income 948 1,144 (17) 1,711 1,842 (7)

Net income attributable to noncontrolling interests — — NM

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

Net income attributable to AIG common shareholders $ 948 $ 1,144 (17) % $ 1,711 $ 1,842 (7) %

NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS

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.

Three Months Ended June 30, 2026 and 2025 Comparison

Net income (loss) attributable to AIG common shareholders decreased $196 million due to the following:

• lower Net investment income of $339 million primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities of $295 million and lower income on Alternative investments and Mortgage loans of $53 million, partially offset by higher income from available for sale fixed maturity securities of $29 million.

For additional information, see Note 5 to the Condensed Consolidated Financial Statements;

• higher underwriting income primarily driven by higher net favorable prior year reserve development of $33 million.

For additional information, see Business Segment Operations – General Insurance.

Six Months Ended June 30, 2026 and 2025 Comparison

Net income (loss) attributable to AIG common shareholders decreased $131 million primarily driven by:

• lower Net investment income of $732 million primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities of $744 million and lower income on Alternative investments and Mortgage loans of $101 million, partially offset by higher income from available for sale fixed maturity securities of $132 million.

For additional information, see Note 5 to the Condensed Consolidated Financial Statements;

• higher underwriting income primarily driven by lower catastrophe losses of $305 million and higher net favorable prior year reserve development of $101 million.

For additional information, see Business Segment Operations – General Insurance.

Business Segment Operations

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

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

General Insurance

1 unchanged sentence

GENERAL INSURANCE

Three Months Ended March 31,

(in millions) 2026 2025 Change

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 Change 2026 2025 Change

Underwriting results:

1 unchanged sentence

Net premiums written, on constant dollar basis 9 13

(Increase) decrease in unearned premiums 453 1,243 (64)

(Increase) decrease in unearned premiums (1,320) (1,002) (32) (867) 241 NM

Net premiums earned 6,196 5,878 5 12,248 11,647 5

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Adjusted pre-tax income $ 1,546 $ 1,492 4 % $ 3,174 $ 2,467 29 %

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)

8 unchanged sentences

Prior year development, net of prior year premiums

2.5 2.0 0.5 2.4 1.6 0.8

Accident year loss ratio, as adjusted 57.3 57.4 (0.1) 57.3 57.4 (0.1)

Accident year combined ratio, as adjusted 88.1 88.4 (0.3) 87.3 88.2 (0.9)

(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.

(a) Consistent with our definition of Adjusted pre-tax income (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.

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

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Personal Total

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Flooding, rainstorms and other (b)

$ 42 $ 82 $ 8 $ 132

Windstorms and hailstorms 37 2 7 46

Winter storms 15 3 12 30

Reinstatement premiums — 2 — 2

Total catastrophe-related charges $ 94 $ 89 $ 27 $ 210

Three Months Ended June 30, 2025

Windstorms and hailstorms $ 79 $ 6 $ 39 $ 124

Winter storms 24 — 1 25

Wildfires (2) (1) (2) (5)

Earthquakes — 24 2 26

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

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

(dollars in millions) North America

Commercial International

Personal Total

Six Months Ended June 30, 2026

Flooding, rainstorms and other

$ 42 $ 109 $ 9 $ 160

Windstorms and hailstorms 37 18 7 62

Winter storms 123 4 39 166

Reinstatement premiums — 2 — 2

Total catastrophe-related charges $ 202 $ 133 $ 55 $ 390

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

Windstorms and hailstorms $ 104 $ 7 $ 41 $ 152

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(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.

(b) Includes net losses related to the Middle East conflict of $75 million in the three months ended June 30, 2026.

NORTH AMERICA COMMERCIAL

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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

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 Change 2026 2025 Change

Underwriting results:

1 unchanged sentence

Net premiums written, on constant dollar basis

(Increase) decrease in unearned premiums 648 950 (32)

(Increase) decrease in unearned premiums (801) (730) (10) (153) 220 NM

Net premiums earned 2,324 2,133 9 4,577 4,257 8

9 unchanged sentences

60.7 62.8 (2.1) 61.9 67.3 (5.4)

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 12.3 11.8 0.5 12.4 12.4 —

7 unchanged sentences

Prior year development, net of prior year premiums

6.8 5.0 1.8 5.8 3.8 2.0

Accident year loss ratio, as adjusted 63.4 63.1 0.3 63.2 62.7 0.5

1 unchanged sentence

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.

Premiums Three Months Ended June 30, 2026 and 2025 Comparison

Net premiums written increased by $262 million, or 9 percent, primarily due to the impact of strategic transactions and organic growth, notably in Casualty and Financial Lines, partially offset by lower production in certain Property lines.

The increase in Net premiums earned is primarily driven by these same factors.

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

Premiums Six Months Ended June 30, 2026 and 2025 Comparison

Net premiums written increased by $693 million, or 17 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Casualty, Property and Financial Lines.

The increase in Net premiums earned is primarily driven by these same factors.

Underwriting Results Three Months Ended June 30, 2026 and 2025 Comparison

North America Commercial produced underwriting income of $372 million from a combined ratio of 84.0, which was a 1.9 point improvement.

This was driven by a lower loss ratio (2.1 points) from:

• higher net favorable prior year reserve development (1.8 points), with favorable development driven by Casualty;

• lower catastrophe losses (0.6 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).

This was partially offset by a higher accident year loss ratio, as adjusted (0.3 points) primarily due to changes in business mix.

The expense ratio increased by 0.2 points, as a primarily mix-driven increase in the acquisition ratio (0.5 points) more than offset a lower general operating expense ratio (0.3 points).

For additional information on prior year development, see Insurance Reserves.

Underwriting Results Six Months Ended June 30, 2026 and 2025 Comparison

North America Commercial produced underwriting income of $699 million from a combined ratio of 84.8, which was a 5.1 point improvement.

This was driven by a lower loss ratio (5.4 points) from:

• lower catastrophe losses (3.9 points);

• higher net favorable prior year reserve development (2.0 points), with favorable development primarily driven by Casualty and Property.

This was partially offset by a higher accident year loss ratio, as adjusted (0.5 points) primarily due to changes in business mix.

The expense ratio increased by 0.3 points from an increase in the general operating expense ratio (0.3 points).

For additional information on prior year development, see Insurance Reserves.

INTERNATIONAL COMMERCIAL

4 unchanged sentences

Global Specialty products include aviation, political risk, trade credit and trade finance.

Three Months Ended March 31,

(in millions) 2026 2025 Change

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 Change 2026 2025 Change

Underwriting results:

1 unchanged sentence

Net premiums written, on constant dollar basis

(Increase) decrease in unearned premiums (263) 24 NM

Increase in unearned premiums (316) (201) (57) (579) (177) (227)

Net premiums earned 2,272 2,124 7 4,459 4,175 7

11 unchanged sentences

Combined ratio 91.3 85.9 5.4 89.2 87.1 2.1

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

Three Months Ended March 31,

(in millions) 2026 2025 Change

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 Change 2026 2025 Change

Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:

3 unchanged sentences

Accident year combined ratio, as adjusted 87.3 85.0 2.3 86.1 85.3 0.8

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).

Premiums Three Months Ended June 30, 2026 and 2025 Comparison

Net premiums written, excluding the favorable impact of foreign exchange ($38 million), increased by $225 million, or 10 percent, primarily due to the impact of strategic transactions and organic growth, notably in Specialty and Property.

The increase in Net premiums earned is primarily driven by these same factors.

Premiums Six Months Ended June 30, 2026 and 2025 Comparison

Net premiums written, excluding the favorable impact of foreign exchange ($200 million), increased by $486 million, or 11 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Property, Casualty and Specialty.

The increase in Net premiums earned is primarily driven by these same factors.

Underwriting Results Three Months Ended June 30, 2026 and 2025 Comparison

International Commercial produced underwriting income of $200 million from a combined ratio of 91.3, which was a 5.4 point increase.

This was driven by a higher loss ratio (4.1 points) from:

• higher catastrophe losses (2.5 points);

• higher accident year loss ratio, as adjusted (1.0 points) primarily due to changes in business mix;

• net adverse prior year reserve development (0.6 points), with unfavorable development driven by prior year premiums.

The expense ratio increased by 1.3 points, from a primarily mix-driven increase in the acquisition ratio (1.3 points).

For additional information on prior year development, see Insurance Reserves.

Underwriting Results Six Months Ended June 30, 2026 and 2025 Comparison

International Commercial produced underwriting income of $478 million from a combined ratio of 89.2, which was a 2.1 point increase.

This was driven by a higher loss ratio (1.9 points) from:

• higher catastrophe losses (0.7 points);

• higher accident year loss ratio, as adjusted (0.6 points) primarily due to changes in business mix;

• net adverse prior year reserve development (0.6 points), with unfavorable development driven by prior year premiums.

The expense ratio increased by 0.2 points, as a primarily mix-driven increase in the acquisition ratio (0.6 points) was partially offset by a lower general operating expense ratio (0.4 points).

For additional information on prior year development, see Insurance Reserves.

GLOBAL PERSONAL

3 unchanged sentences

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

Three Months Ended March 31,

(in millions) 2026 2025 Change

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 Change 2026 2025 Change

Underwriting results:

1 unchanged sentence

Net premiums written, on constant dollar basis

(Increase) decrease in unearned premiums 68 269 (75)

(Increase) decrease in unearned premiums (203) (71) (186) (135) 198 NM

Net premiums earned 1,600 1,621 (1) 3,212 3,215 —

16 unchanged sentences

Accident year combined ratio, as adjusted 91.2 96.1 (4.9) 90.6 95.9 (5.3)

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Business Segment Operations | General Insurance

Premiums Three Months Ended March 31, 2026 and 2025 Comparison

Premiums Three Months Ended June 30, 2026 and 2025 Comparison

Net premiums written, excluding the unfavorable impact of foreign exchange ($15 million), increased by $126 million, or 8 percent, primarily driven by reinsurance program changes and organic growth in U.S.

high net worth and Accident & Health.

The decrease in Net premiums earned was primarily driven by Warranty.

Premiums Six Months Ended June 30, 2026 and 2025 Comparison

Net premiums written, excluding the favorable impact of foreign exchange ($45 million) increased by $285 million, or 9 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

The decrease in Net premiums earned was primarily driven by Warranty.

Underwriting Results Three Months Ended June 30, 2026 and 2025 Comparison

Global Personal produced underwriting income of $114 million from a combined ratio of 92.9, which was a 5.6 point improvement.

This was driven by a lower loss ratio (3.4 points) from:

• lower accident year loss ratio, as adjusted (2.7 points) primarily due to changes in business mix;

• lower catastrophe losses (0.7 points).

The expense ratio improved by 2.2 points, reflecting a lower acquisition ratio (0.9 points) primarily driven by changes in business mix and improved commission terms and a lower general operating expense ratio (1.3 points).

For additional information on prior year development, see Insurance Reserves.

Underwriting Results Six Months Ended June 30, 2026 and 2025 Comparison

Global Personal produced underwriting income of $283 million from a combined ratio of 91.2, which was an 12.0 point improvement.

1 unchanged sentence

• lower catastrophe losses (5.7 points);

• net favorable prior year reserve development (2.2 points), with favorable development driven by U.S.

high net worth;

• lower accident year loss ratio, as adjusted (1.6 points) due to changes in business mix.

• lower accident year loss ratio, as adjusted (2.2 points) primarily due to changes in business mix;

• higher net favorable prior year reserve development (1.0 points), with favorable development driven by prior year premiums.

The expense ratio improved by 3.1 points, reflecting a lower acquisition ratio (1.8 points), primarily driven by changes in business mix and improved commission terms, and a lower general operating expense ratio (1.3 points).

For additional information on prior year development, see Insurance Reserves.

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Business Segment Operations | Other Operations

Other Operations

1 unchanged sentence

OTHER OPERATIONS

Three Months Ended March 31,

(in millions) 2026 2025 Change

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 Change 2026 2025 Change

Net investment income and other $ 39 $ 92 (58) % $ 93 $ 202 (54) %

4 unchanged sentences

Adjusted pre-tax loss before consolidation and eliminations (142) (99) (43) (267) (165) (62)

Consolidation and eliminations — — NM

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

Adjusted pre-tax loss $ (142) $ (101) (41) % $ (267) $ (167) (60) %

2 unchanged sentences

ADJUSTED PRE-TAX LOSS BEFORE CONSOLIDATION AND ELIMINATIONS

Three Months Ended March 31, 2026 and 2025 Comparison

Three Months Ended June 30, 2026 and 2025 Comparison

Adjusted pre-tax loss before consolidation and eliminations increased $43 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

• lower net investment income and other of $53 million due to lower short-term investment income and lower Corebridge dividend income of $27 million;

• lower corporate and other general operating expenses of $8 million.

Six Months Ended June 30, 2026 and 2025 Comparison

Adjusted pre-tax loss before consolidation and eliminations increased $102 million primarily due to the following:

• lower net investment income and other of $109 million due to lower short-term investment income and lower Corebridge dividend income of $52 million;

• higher interest expense of $7 million primarily driven by new debt issuance of $1.25 billion in 2025 partially offset by interest savings from $0.8 billion debt repurchases, through cash tender offers and debt redemption in 2025.

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

29 unchanged sentences

• 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

AIG | Second 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

Three Months Ended June 30, 2026 2025

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

4 unchanged sentences

Changes in uncertain tax positions and other tax adjustments

93 (93) 6 (6)

Deferred income tax valuation allowance (releases) charges

1 unchanged sentence

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares (173) (37) (136) (464) (97) (367)

Gain on extinguishment of debt — — — (5) (1) (4)

Net investment income on Fortitude Re funds withheld assets (36) (7) (29) (39) (9) (30)

Net realized losses on Fortitude Re funds withheld assets 6 1 5 52 11 41

Net realized (gains) losses on Fortitude Re funds withheld embedded derivative (10) (2) (8) 41 9 32

Net realized losses on Fortitude Re funds withheld embedded derivative 51 11 40 14 3 11

Net realized losses (a)

208 38 170 191 33 158

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

Net (gain) loss on divestitures and other 6 1 5 (50) (10) (40)

Non-operating litigation reserves and settlements

— — — (2) (1) (1)

Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements (67) (14) (53) 53 11 42

Net loss reserve discount charge 28 6 22 12 3 9

Net results of businesses in run-off (b)

1 — 1 (2) — (2)

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

Integration and transaction costs associated with acquiring or divesting businesses 41 9 32 1 — 1

Restructuring and other costs

71 15 56 78 16 62

Non-recurring costs related to regulatory or accounting changes 5 1 4 3 — 3

Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders $ 1,404 $ 335 $ 1,069 $ 1,391 $ 347 $ 1,044

Weighted average diluted shares outstanding 533.6 577.9

Income per common share attributable to AIG common shareholders (diluted) $ 1.78 $ 1.98

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

$ 2.00 $ 1.81

Six Months Ended June 30, 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 $ 2,251 $ 540 $ 1,711 $ 2,504 $ 662 $ 1,842

Noncontrolling interests

Pre-tax income/Net income attributable to AIG common shareholders 2,251 540 1,711 2,504 662 1,842

Changes in uncertain tax positions and other tax adjustments

86 (86) 4 (4)

Deferred income tax valuation allowance charges

(81) 81 (9) 9

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares 64 13 51 (681) (143) (538)

Gain on extinguishment of debt — — — (5) (1) (4)

Net investment income on Fortitude Re funds withheld assets (59) (12) (47) (79) (17) (62)

Net realized losses on Fortitude Re funds withheld assets 19 4 15 54 11 43

Net realized losses on Fortitude Re funds withheld embedded derivative 41 9 32 55 12 43

Net realized losses (a)

344 81 263 257 (5) 262

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

133 28 105 (53) (11) (42)

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

1 unchanged sentence

Net loss reserve discount (benefit) charge (20) (4) (16) 29 6 23

Net results of businesses in run-off (c)

Net results of businesses in run-off (b)

6 1 5 (7) (1) (6)

11 unchanged sentences

(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.

(b) 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.

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

(c) In the six months ended June 30, 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.

The following table presents a reconciliation of General Insurance and Other Operations Net investment income and other/pre-tax income (loss) to Net investment income and other, APTI basis/adjusted pre-tax income (loss):

Three Months Ended March 31, 2026 2025

General Insurance Other Operations General Insurance Other Operations

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

2026 2025 2026 2025

(in millions)

5 unchanged sentences

$ 942 $ (522) $ 872 $ 1,137 $ 1,726 $ 819 $ 1,628 $ 1,986

Other income (expense) - net (1) — — — (3) — — —

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

(70) (70) (4) (4) 12 12 (24) (24)

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

Net realized (gains) losses on Fortitude Re funds withheld assets — (1) — 5 — (1) — 7

Net realized losses — 2,067 3 270 — 2,223 2 323

Net (gain) loss on divestitures and other — 14 — (43) — 11 — (37)

Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements — (57) — 60 — (52) — 74

Net loss reserve discount (benefit) charge — 28 — 12 — (20) — 29

Non-operating pension expenses — 1 — 5 — 2 — 9

Integration and transaction costs associated with acquiring or divesting businesses — 33 — — — 65 — —

Restructuring and other costs — 48 — 47 — 105 — 92

Non-recurring costs related to regulatory or accounting changes — 5 — 3 — 10 — 7

Net investment income and other, APTI basis/Adjusted pre-tax income (loss) $ 871 $ 1,546 $ 871 $ 1,492 $ 1,735 $ 3,174 $ 1,607 $ 2,467

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

2026 2025 2026 2025

(in millions) Net

and Other Pre-tax

Net investment income and other/Pre-tax income (loss) (a)

$ 186 $ 1,786 $ 600 $ 407 $ 115 $ 1,432 $ 960 $ 518

Consolidation and Eliminations (1) — 4 — — — 3 —

2 unchanged sentences

(103) (103) (460) (460) 52 52 (657) (657)

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

Net investment income on Fortitude Re funds withheld assets (36) (36) (39) (39) (59) (59) (80) (80)

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 realized (gains) losses on Fortitude Re funds withheld assets — 7 — 47 — 20 — 47

Net realized losses on Fortitude Re funds withheld embedded derivative — 51 — 14 — 41 — 55

Net realized gains — (1,859) (3) (79) — (1,879) — (66)

Net (gain) loss on divestitures and other — (8) — (7) — 122 — (16)

2 unchanged sentences

Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements — (10) — (7) — (23) — (12)

Net loss reserve discount (benefit) charge — (48) — — — 17 — —

Net results of businesses in run-off (9) 1 (8) (2) (18) 6 (13) (7)

2 unchanged sentences

Restructuring and other costs — 23 — 31 — 42 — 62

Non-recurring costs related to regulatory or accounting changes — 5 — — — 4 — —

Net investment income and other, APTI basis/Adjusted pre-tax income (loss) $ 39 $ (142) $ 92 $ (101) $ 93 $ (267) $ 202 $ (167)

1 unchanged sentence

historical results have been recast to reflect these changes.

AIG | First Quarter 2026 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

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.

1 unchanged sentence

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.

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Use of Non-GAAP Measures

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.

7 unchanged sentences

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,

June 30, December 31,

(in millions, except per share data)

31 unchanged sentences

Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.

AIG | First Quarter 2026 Form 10-Q

AIG | Second 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,

Three Months Ended

June 30, Six Months Ended

(dollars in millions)

2026 2025 2026 2025

Actual or annualized net income (loss) attributable to AIG common shareholders

30 unchanged sentences

The majority of assets backing our insurance liabilities consist of fixed maturity securities.

INVESTMENT HIGHLIGHTS IN THE THREE MONTHS ENDED MARCH 31, 2026

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.

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.

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Investments

INVESTMENT HIGHLIGHTS

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 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

Total Net investment income decreased for the six months ended June 30, 2026 compared to the prior year, primarily due to changes in the fair value of AIG's investment in Corebridge and Equity securities and lower income from alternative investments and mortgage loans, partially offset by higher income on available for sale fixed maturity securities.

INVESTMENT STRATEGIES

24 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

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Investments

1 unchanged sentence

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

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

(in millions) June 30, 2026 December 31, 2025

Bonds available for sale:

10 unchanged sentences

Total bonds available for sale* $ 71,472 $ 71,032

* 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.

* At June 30, 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) March 31, 2026 December 31, 2025

(in millions) June 30, 2026 December 31, 2025

Canada $ 1,047 $ 1,207

1 unchanged sentence

Germany 398 444

United Kingdom 356 344

Israel 338 322

Australia 327 284

Denmark 235 241

Singapore 221 206

Malaysia 205 216

Israel 314 322

United Kingdom 307 344

Korea, Republic of 219 214

Malaysia 217 216

Singapore 190 206

Denmark 160 241

Other 2,484 2,572

1 unchanged sentence

The following table presents the fair value of our aggregate European credit exposures by major sector for our fixed maturity securities:

March 31, 2026 December 31,

June 30, 2026 December 31,

(in millions) Sovereign Financial

7 unchanged sentences

Ireland 5 152 105 405 667 733

Spain 7 347 86 54 494 494

Italy 13 117 350 27 507 480

Spain 7 395 80 24 506 494

Denmark 160 110 48 — 318 337

Belgium 10 132 56 14 212 216

Luxembourg 19 104 74 18 215 205

Belgium 9 88 54 14 165 216

Finland 9 68 1 1 79 93

5 unchanged sentences

Sweden 89 195 29 — 313 372

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Investments

March 31, 2026 December 31,

June 30, 2026 December 31,

(in millions) Sovereign Financial

8 unchanged sentences

Investments in Municipal Bonds

At March 31, 2026, the U.S.

At June 30, 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:

March 31, 2026

June 30, 2026

(in millions) State

10 unchanged sentences

Pennsylvania 34 — 72 106 118

Illinois 4 17 54 75 84

Georgia 48 — 27 75 73

Illinois 4 17 52 73 84

Oregon 7 47 16 70 67

Virginia 8 3 54 65 60

Michigan — — 69 69 51

Hawaii 63 — 1 64 66

Alabama — — 52 52 57

Virginia — 3 54 57 60

All other states

3 unchanged sentences

The following table presents the fair value of our available for sale corporate debt securities by industry categories:

Industry Category

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

(in millions) June 30, 2026 December 31, 2025

Financial institutions:

12 unchanged sentences

Total* $ 38,277 $ 37,235

* 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

* At June 30, 2026 and December 31, 2025, approximately 89 percent and 88 percent, respectively, of these investments were rated investment grade.

AIG | Second 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.

At June 30, 2026, we had direct commercial mortgage loan exposure of $2.3 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

March 31, 2026

June 30, 2026

California 16 $ 88 $ 192 $ 26 $ 17 $ 15 $ — $ 338 15 %

27 unchanged sentences

For additional information on commercial mortgage loans, see Note 6 to the Condensed Consolidated Financial Statements.

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Investments

Net Realized Gains and Losses

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

Three Months Ended March 31, 2026 2025

Three Months Ended June 30, 2026 2025

(in millions) Excluding

Assets Fortitude

Assets Total Excluding

Assets Fortitude

Sales and impairments of fixed maturity securities $ (59) $ (4) $ (63) $ (102) $ (49) $ (151)

Change in allowance for credit losses on fixed maturity securities 3 — 3 (15) — (15)

Change in allowance for credit losses on loans (1) — (1) 45 5 50

Foreign exchange transactions

(8) 1 (7) (27) 13 (14)

Derivatives and hedge accounting (20) (2) (22) (98) (16) (114)

Sales of alternative investments (38) — (38) 3 — 3

Other* (85) (1) (86) 2 (5) (3)

Net realized losses – excluding Fortitude Re funds withheld embedded derivative (208) (6) (214) (192) (52) (244)

Net realized losses on Fortitude Re funds withheld embedded derivative — (51) (51) — (14) (14)

Net realized losses $ (208) $ (57) $ (265) $ (192) $ (66) $ (258)

Six Months Ended June 30, 2026 2025

(in millions)

2 unchanged sentences

Assets Fortitude

Sales of fixed maturity securities $ (115) $ (15) $ (130) $ (255) $ (7) $ (262)

Sales and impairments of fixed maturity securities $ (174) $ (19) $ (193) $ (357) $ (56) $ (413)

Change in allowance for credit losses on fixed maturity securities 1 1 2 (7) — (7)

1 unchanged sentence

Foreign exchange transactions (27) (2) (29) 193 19 212

All other derivatives and hedge accounting 2 4 6 (28) (6) (34)

Derivatives and hedge accounting (18) 2 (16) (126) (22) (148)

Sales of alternative investments (16) — (16) 3 — 3

1 unchanged sentence

Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (340) (19) (359) (252) (54) (306)

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

Net realized losses on Fortitude Re funds withheld embedded derivative — (41) (41) — (55) (55)

Net realized losses $ (340) $ (60) $ (400) $ (252) $ (109) $ (361)

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.

* Other includes impairments on investments in private equity and real estate funds.

Higher Net realized losses excluding Fortitude Re funds withheld assets in the three months ended June 30, 2026 compared to 2025 were primarily due to losses on foreign exchange, partially offset by lower losses on fixed maturity securities.

Higher Net realized losses excluding Fortitude Re funds withheld assets in the six months ended June 30, 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.

4 unchanged sentences

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.

Net unrealized investment losses included in shareholders’ equity were $1.9 billion at June 30, 2026 compared with $2.0 billion at June 30, 2025.

The change in net unrealized gains and losses on investments in the six months ended June 30, 2026 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to higher interest rates offset by slight narrowing of credit spreads.

The change in net unrealized gains and losses on investments in the six months ended June 30, 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 June 30, 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.

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Investments

At June 30, 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 June 30, 2026 were securities in an unrealized loss position that, in the aggregate, had an amortized cost of $2.3 billion and a fair value of $2.2 billion, resulting in a net pre-tax unrealized investment loss of $100 million.

For additional information on our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements.

6 unchanged sentences

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

At March 31, 2026, approximately 62 percent of our fixed maturity securities were held by our U.S.

At June 30, 2026, approximately 63 percent of our fixed maturity securities were held by our U.S.

Approximately 92 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.

At June 30, 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 16 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance.

5 unchanged sentences

MD&A – Enterprise Risk Management in the 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 Bond Securities Total

(in millions) March 31,

(in millions) June 30,

2026 December 31,

2025 March 31,

2025 June 30,

2026 December 31,

2025 March 31,

2025 June 30,

2026 December 31,

13 unchanged sentences

Below investment grade 953 1,101 31 30 984 1,131

Non-rated — — 2 — 2 —

Total $ 21,654 $ 21,208 $ 388 $ 393 $ 22,042 $ 21,601

6 unchanged sentences

Total $ 71,472 $ 71,032 $ 667 $ 741 $ 72,139 $ 71,773

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Insurance Reserves

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) :

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions) Net Loss Reserves Reinsurance

23 unchanged sentences

Total Global Personal 3,131 3,480 6,611 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 $ 41,994 $ 27,858 $ 69,852 $ 41,795 $ 28,871 $ 70,666

(a) Includes net loss reserve discount of $1.3 billion and $1.2 billion at March 31, 2026 and December 31, 2025, respectively.

(a) Includes net loss reserve discount of $1.3 billion and $1.2 billion at June 30, 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 $2.3 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 March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

13 unchanged sentences

Total International Commercial $ (3) $ (8) $ (28) $ (22)

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Insurance Reserves

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

Global Personal:

4 unchanged sentences

Total Prior Year (Favorable) Unfavorable Development* $ (172) $ (128) $ (325) $ (192)

* 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.

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 $(100) million and $122 million for the three months ended June 30, 2026 and 2025, respectively, and $(100) million and $122 million for the six months ended June 30, 2026 and 2025, respectively.

Also excludes the related changes in amortization of the deferred gain, which were $(34) million and $69 million for the three months ended June 30, 2026 and 2025, respectively, and $(25) million and $60 million for the six months ended June 30, 2026 and 2025, respectively.

Net Loss Development

In the three months ended March 31, 2026, we recognized favorable prior year loss reserve development of $153 million, primarily driven by:

In the three months ended June 30, 2026, we recognized favorable prior year loss reserve development of $172 million, primarily driven by:

North America Commercial

• Favorable development in U.S.

Property and Special Risks primarily reflecting lower than expected non-CAT loss experience in Property Lines.

Workers’ Compensation driven by Excess of Loss Sensitive and Primary business.

• Favorable development in U.S.

Property and Special Risks primarily reflecting favorable experience in Programs.

• Adverse development in U.S.

Excess Casualty reflecting unfavorable experience in first-layer umbrella and high excess casualty.

• Benefit from the amortization of the deferred gain on the adverse development cover.

In the six months ended June 30, 2026, we recognized favorable prior year loss reserve development of $325 million, primarily driven by:

North America Commercial

• Favorable development in U.S.

Workers’ Compensation driven by Excess of Loss Sensitive and Primary business.

• Favorable development in U.S.

Property and Special Risks primarily reflecting development in Programs, along with lower than expected non-CAT loss experience in Property Lines.

• Favorable development in U.S.

Financial Lines reflecting favorable experience in Directors and Officers in more mature accident years.

3 unchanged sentences

• 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

Global Personal

1 unchanged sentence

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:

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

North America Commercial

• Favorable development in U.S.

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

Workers’ Compensation primarily driven by favorable experience within Excess of Loss Sensitive offset by adverse development within Primary Guaranteed Cost and Defense Base Act business.

• Adverse development in U.S.

Excess Casualty primarily driven by unfavorable development in Mass Tort.

• Favorable Development in U.S.

Property and Special Risks primarily driven by Programs.

• Benefit from the amortization of the deferred gain on the adverse development cover.

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Insurance Reserves

In the six months ended June 30, 2025, we recognized favorable prior year loss reserve development of $192 million, primarily driven by:

North America Commercial

• Favorable development in U.S.

Workers’ Compensation primarily driven by favorable experience within Excess of Loss Sensitive offset by adverse development within Primary Guaranteed Cost and Defense Base Act business.

• Adverse development in U.S.

Excess Casualty primarily driven by unfavorable development in Mass Tort.

• Favorable Development in U.S.

Property and Special Risks primarily driven by Programs.

• Benefit from the amortization of the deferred gain on the adverse development cover.

International Commercial

12 unchanged sentences

The table below shows the calculation of the deferred gain on the adverse development reinsurance agreement, the effect of discounting of loss reserves and amortization of the deferred gain.

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

(in millions) June 30, 2026 December 31, 2025

Gross Covered Losses

14 unchanged sentences

(b) Excluded from APTI.

AIG | First Quarter 2026 Form 10-Q

AIG | Second 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 March 31,

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

Balance at beginning of year, net of discount $ 273 $ 284

Balance at beginning of period, net of discount $ 306 $ 268 $ 273 $ 284

(Favorable) unfavorable prior year reserve development ceded to NICO (a)

(100) 122 (100) 122

Amortization attributed to deferred gain at inception (b)

(26) (31) (52) (62)

Amortization attributed to changes in deferred gain (c)

42 (62) 48 (48)

Changes in discount on ceded loss reserves 19 19 72 20

8 unchanged sentences

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

As of March 31, 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.

As of June 30, 2026, $3.0 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.

Liquidity and Capital Resources

14 unchanged sentences

Capital management actions may include, but are not limited to, issuing preferred stock, paying dividends to our shareholders on AIG common stock, par value $2.50 per share (AIG Common Stock) and repurchases of AIG Common Stock.

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

1 unchanged sentence

Liquidity to AIG Parent from Subsidiaries

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

During the six months ended June 30, 2026, our General Insurance companies distributed dividends of $1.8 billion to AIG Parent or applicable intermediate holding companies.

Sales 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.

In May 2026, we sold 25.5 million shares of Corebridge common stock, representing our remaining interest in Corebridge, at a per share purchase price of $27.90.

The aggregate proceeds to AIG Parent were approximately $710 million.

General Borrowings

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.

We made interest payments on our general borrowings totaling $202 million during the six months ended June 30, 2026.

We made cash dividend payments in the amount of $0.50 per share on AIG Common Stock for the three month period ended June 30, 2026 (an increase of 11 percent from prior dividend payments), and $0.45 per share for the three months ended March 31, 2026, totaling $504 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.

During the six months ended June 30, 2026, AIG Parent repurchased approximately 15 million shares of AIG Common Stock, for an aggregate purchase price of approximately $1.2 billion.

Pursuant to a Rule 10b5-1 plan, from July 1, 2026 to July 31, 2026, AIG Parent repurchased approximately 2 million shares of AIG Common Stock for an aggregate purchase price of approximately $195 million.

Acquisition of Convex Group Limited (Convex) and Onex Corporation (Onex)

4 unchanged sentences

The ability of insurance companies to generate positive cash flow is affected by the frequency and severity of losses under their insurance policies, policy retention rates, effective management of their investment portfolio and operating expense discipline.

Interest payments totaled $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.

Interest payments totaled $205 million and $200 million in the six months ended June 30, 2026 and 2025, respectively.

Excluding interest payments, AIG had operating cash inflows of $2.1 billion and $1.5 billion in the six months ended June 30, 2026 and 2025, respectively.

Investing Cash Flow Activities

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.

Net cash provided by investing activities in the six months ended June 30, 2026 was $81 million compared to $3.3 billion in the prior year period.

Financing Cash Flow Activities

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;

Net cash used in financing activities in the six months ended June 30, 2026 totaled $1.7 billion, reflecting:

• $504 million to pay dividends of $0.50 per share in the three months ended June 30, 2026, and $0.45 per share for the three months ended March 31, 2026 on AIG Common Stock;

• $1.2 billion to repurchase approximately 15 million shares of AIG Common Stock.

Net cash used in financing activities in the three months ended March 31, 2025 totaled $2.7 billion reflecting:

• $234 million to pay dividends of $0.40 per share on AIG Common Stock;

Net cash used in financing activities in the six months ended June 30, 2025 totaled $4.2 billion reflecting:

• $488 million to pay dividends of $0.45 per share in the three months ended June 30, 2025, and $0.40 per share for the three months ended March 31, 2025 on AIG Common Stock;

• $4.0 billion to repurchase approximately 50 million shares of AIG Common Stock;

• $247 million in net outflows from the issuance and repayment of long-term debt.

AIG | First Quarter 2026 Form 10-Q

• $154 million in net inflows from the issuance and repayment of long-term debt.

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

LIQUIDITY AND CAPITAL RESOURCES OF AIG PARENT AND SUBSIDIARIES

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.

As of June 30, 2026 and December 31, 2025, respectively, AIG Parent had approximately $7.4 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.

16 unchanged sentences

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.

Letters of credit issued in support of our insurance companies totaled approximately $2.2 billion at June 30, 2026.

CREDIT FACILITIES

4 unchanged sentences

Failure to satisfy these and other requirements contained in the Facility would restrict our access to the Facility and could have a material adverse effect on our financial condition, results of operations and liquidity.

As of March 31, 2026, a total of $3.0 billion remained available under the Facility.

As of June 30, 2026, a total of $3.0 billion remained available under the Facility.

CONTRACTUAL OBLIGATIONS

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.

As of June 30, 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.

OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS

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.

As of June 30, 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

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

1 unchanged sentence

The following table provides the rollforward of our total debt outstanding:

Three Months Ended March 31, 2026 Balance,

Six Months Ended June 30, 2026 Balance,

of Year Issuances Maturities

13 unchanged sentences

Debt Maturities

The following table summarizes maturing long-term debt at March 31, 2026 of AIG for the next four quarters:

Quarter Third

The following table summarizes maturing long-term debt at June 30, 2026 of AIG for the next four quarters:

Quarter Fourth

Quarter First

Quarter Second

(in millions) 2026 2026 2027 2027 Total

1 unchanged sentence

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

March 31, 2026 Remainder Year Ending

June 30, 2026 Remainder Year Ending

(in millions) Total of 2026 2027 2028 2029 2030 2031 Thereafter

16 unchanged sentences

AIG Europe S.A.

American International Group UK Limited A AA- NR A1

NR AA- AA- A1

American International Group UK Limited A AA- AA- A1

AIG General Insurance Company, Ltd.

In July 2026, Fitch assigned a financial strength rating of AA- to AIG Europe S.A.

and American International Group UK Limited, the outlook of the ratings assigned is Stable for both subsidiaries.

Both entities were previously unrated by Fitch.

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Liquidity and Capital Resources

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

24 unchanged sentences

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.

On August 6, 2026, our Board of Directors (the Board) declared a cash dividend on AIG Common Stock of $0.50 per share, payable on September 30, 2026 to shareholders of record as of September 16, 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 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 Board has authorized the repurchase of shares of AIG Common Stock and as of July 31, 2026, $2.6 billion remained under the Board's authorization.

During the six months ended June 30, 2026, AIG Parent repurchased approximately 15 million shares of AIG Common Stock for an aggregate purchase price of $1.2 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

AIG | Second Quarter 2026 Form 10-Q

ITEM 2 | Enterprise Risk Management

13 unchanged sentences

The scope and magnitude of our market risk exposures is managed under a robust framework that contains defined risk limits and minimum standards for managing market risk in a manner consistent with our risk appetite statement.

As of March 31, 2026, there have been no material changes in our market risk exposures, which may be found in Part II, Item 7.

As of June 30, 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 | First Quarter 2026 Form 10-Q

AIG | Second 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.

28 unchanged sentences

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

AIG | First Quarter 2026 Form 10-Q

AIG | Second 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.

33 unchanged sentences

VOBA is reported in DAC in the Condensed Consolidated Balance Sheets.

AIG | First Quarter 2026 Form 10-Q

AIG | Second Quarter 2026 Form 10-Q

A&H Accident and Health Insurance ISDA International Swaps and Derivatives Association, Inc.

14 unchanged sentences

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.

Based on this evaluation, AIG’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 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

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 June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

AIG | Second Quarter 2026 Form 10-Q

Part II – Other Information

5 unchanged sentences

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

7 unchanged sentences

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

April 1-30 3,373,331 $ 76.44 3,373,331 $ 3,136

May 1-31 2,566,565 77.12 2,566,565 2,938

June 1-30 2,484,706 74.98 2,484,706 2,752

Total 8,424,602 $ 76.22 8,424,602 $ 2,752

* 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.

* Excludes excise tax of $7 million due to the Inflation Reduction Act of 2022 for the three months ended June 30, 2026.

During the three months ended June 30, 2026, American International Group, Inc.

repurchased approximately 8 million shares of AIG common stock, par value $2.50 per share (AIG Common Stock) for an aggregate purchase price of $0.6 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.

From July 1, 2026 to July 31, 2026, we repurchased approximately 2 million shares of AIG Common Stock for an aggregate purchase price of approximately $195 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.

1 unchanged sentence

The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

AIG | Second Quarter 2026 Form 10-Q

ITEM 5 | Other Information

AIG | First Quarter 2026 Form 10-Q

Our officers and directors (as defined in Rule 16a-1 under the Exchange Act) may enter into plans for the purchase or sale of our Common Stock that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

Other than as described below, during the three months ended June 30, 2026, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

• Peter Zaffino , our Executive Chairman , entered into a new trading plan on May 9, 2026 .

The plan’s maximum duration is until January 10, 2027 , and the first trade may not occur prior to August 12, 2026.

The trading plan is intended to permit Mr.

Zaffino to sell up to 236,829 shares of AIG common stock and exercise up to 509,446 AIG stock options and immediately sell the acquired shares.

The Rule 10b5-1 trading arrangement described above was adopted and precleared in accordance with AIG’s Insider Trading Policy and actual sale transactions made pursuant to such trading arrangement will be disclosed publicly in future Section 16 filings with the SEC.

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.

4 unchanged sentences

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

(i) the Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, (ii) the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2026 and 2025, (iii) the Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025, (iv) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 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

AIG | Second 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.

9 unchanged sentences

(Principal Accounting Officer)

AIG | First Quarter 2026 Form 10-Q

August 7, 2026

AIG | Second 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