American International : An Overview of AIG

An Overview of AIG

A Leading Provider of Property & Casualty Insurance, Life Insurance and Retirement Solutions

September 2020

Copyright ® 2020 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

Cautionary Statement Regarding Forward-Looking Information, Comment on Regulation G and Other Information

This document and the remarks made within this presentation may include, and officers and representatives of American International Group, Inc. (AIG) may from time to time make and discuss, projections, goals, assumptions and statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These projections, goals, assumptions and statements are not historical facts but instead represent only a belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIG's control. These projections, goals, assumptions and statements include statements preceded by, followed by or including words such as "will," "believe," "anticipate," "expect," "intend," "plan," "focused on achieving," "view," "target," "goal" or "estimate." These projections, goals, assumptions and statements may relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophes and macroeconomic events, such as COVID-19, anticipated dispositions, monetization and/or acquisitions of businesses or assets, or successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results. It is possible that AIG's actual results and financial condition will differ, possibly materially, from the results and financial condition indicated in these projections, goals, assumptions and statements. Factors that could cause AIG's actual results to differ, possibly materially, from those in the specific projections, goals, assumptions and statements include: the adverse impact of COVID-19, including with respect to AIG's business, financial condition and results of operations; changes in market and industry conditions, including the significant global economic downturn, general market declines, prolonged economic recovery and disruptions to AIG's operations driven by COVID-19 and responses thereto, including new or changed governmental policy and regulatory actions; the occurrence of catastrophic events, both natural and man-made, including COVID-19, pandemics, civil unrest and the effects of climate change; AIG's ability to effectively execute on AIG 200 operational programs designed to achieve underwriting excellence, modernization of AIG's operating infrastructure, enhanced user and customer experiences and unification of AIG; the impact of potential information technology, cybersecurity or data security breaches, including as a result of cyber-attacks or security vulnerabilities, the likelihood of which may increase due to extended remote business operations as a result of COVID-19; disruptions in the availability of AIG's electronic data systems or those of third parties; the effectiveness of our risk management policies and procedures, including with respect to our business continuity and disaster recovery plans; changes in judgments concerning potential cost-saving opportunities; concentrations in AIG's investment portfolios; changes to the valuation of AIG's investments; actions by credit rating agencies; changes in judgments concerning insurance underwriting and insurance liabilities; the effectiveness of strategies to recruit and retain key personnel and to implement effective succession plans; the requirements, which may change from time to time, of the global regulatory framework to which AIG is subject; significant legal, regulatory or governmental proceedings; AIG's ability to successfully manage Legacy Portfolios; AIG's ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses; changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill; and such other factors discussed in Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) and Part II, Item 1A. Risk Factors in AIG's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020, Part I, Item 2. MD&A in AIG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 and Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A in AIG's Annual Report on Form 10-K for the year ended December 31, 2019.

COVID-19 is adversely affecting, and is expected to continue to adversely affect, our business, financial condition and results of operations, its ultimate impact of which will depend on future developments that are uncertain and cannot be predicted, including the scope and duration of the crisis and actions taken by governmental and regulatory authorities in response thereto. Even after the crisis subsides, it is possible that the U.S. and other major economies will experience a prolonged recession, in which event our businesses, results of operations and financial condition could be materially and adversely affected. Statements about the effects of COVID-19 on our business, financial condition and results of operations may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the COVID-19 crisis and actions taken by governmental and regulatory authorities in response to mitigate its impact.

AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions or other statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

This document and the remarks made orally may also contain certain non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP measures in accordance with Regulation G is included in the earnings release and Second Quarter 2020 Financial Supplement available in the Investor Information section of AIG's corporate website, www.aig.com, as well as in the Appendix to this presentation.

Note: Amounts presented may not foot due to rounding.

Copyright ® 2020 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

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AIG is Focused on Building Long-Term Value for Shareholders by Becoming a Top-Performing Company and Leading Insurance Franchise

World-Class

Insurance

Franchises

that are among the leaders in their geographies and segmentations, providing differentiated service and expertise.

		Broad and		Highly-		Balance
Breadth		Long-
		Engaged		Sheet
of Loyal		Standing
		Global		Quality and
Customers		Distribution
		Workforce		Strength
		Relationships
including millions of		with brokers, agents,		of approximately		as demonstrated by
clients and policyholders		advisors, banks and		46,000 employees in		over $62 billion in
ranging from multi-		other distributors		more than 80 countries		shareholders' equity
national Fortune 500		across all lines of		and jurisdictions.		and AIG Parent
companies to individuals		business.				liquidity of $10.7
throughout the world.						billion as of June 30,
						20201.

1) In addition, AIG has access to an additional $4.5 billion in liquidity sources available through its undrawn credit facility.

Copyright ® 2020 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

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AIG's World-Class Franchises Comprise a Diverse and Unique Business Mix

About AIG

As a leading global insurer with property and casualty, accident & health, life insurance and annuities we help businesses and individuals around the world protect their assets, manage risks, and provide for retirement security.

Adjusted After-tax Income Attributable to AIG Common Shareholders*

FY2019 of $4.1B ($4.59/diluted share) 1H'20 of $0.7B ($0.77/diluted share)

Balance Sheet Strength ($B)	6/30/2020
Total Assets	$569
Total Investments	$350
General Insurance Reserves (excludes Legacy)1	$70
Life and Retirement Insurance Reserves & Mutual Fund	$287
Assets (excludes Legacy)
Adjusted common shareholders' equity*	$48

• Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be found in this presentation under the heading Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations.
  1) Represents gross liability for unpaid losses and loss adjustment expenses.
  2) Aligns to 2019 10-K business segment reporting; not based on legal entities.
  3) The graph represents Adjusted revenues excluding revenues from our Legacy Portfolio operations of $3B and consolidation and eliminations of ($0.7B). Refer to page 191 of the 2019 10-K for reconciliation to total revenues.

Core Businesses

General Insurance is a leading

global provider of insurance products and services for commercial and personal insurance customers.

Life and Retirement brings together

a broad portfolio of life insurance, retirement and institutional products offered through an extensive, multichannel distribution network.

Diversified Revenue Mix ($M)

64%				34%	North America2
			30%	International2
General	$14,100
Insurance
	$49B
$15,782	FY2019
Adjusted	$5,654	34%
	Revenues3*
					Life and
	$2,947	$4,352			Retirement
			12%	Individual Retirement
	$2,912
			10%	Life Insurance
2%	$845			6%	Group Retirement
		6%	Institutional Markets

Other Operations

Copyright ® 2020 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

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