American International : Read our Q3 2023 Press Release

FOR IMMEDIATE RELEASE

Press Release	Contacts:
www.aig.com	Quentin McMillan (Investors): [e-mail]
	Claire Talcott (Media): [e-mail]
	AIG Reports Third Quarter 2023 Results

• Net income per diluted share was $2.81, and adjusted after-tax income* (AATI) per diluted share was $1.61, an increase of 92% from the prior year quarter
• General Insurance combined ratio was 90.5%, an improvement of 680 basis points from the prior year quarter, including 6.9 points of catastrophe losses and 2.7 points of favorable prior year development (PYD), net of reinsurance and prior year premiums
• General Insurance accident year combined ratio, as adjusted* (AYCR) was 86.3%, an improvement of 210 basis points from the prior year quarter, driven by the outstanding performance of the Commercial Lines AYCR of 81.7%
• General Insurance net premiums written (NPW) increased 1% year-over-year, or 9% on a comparable basis*† , driven by 16% growth in Personal Insurance and 6% growth in Commercial Lines
• Life and Retirement adjusted pre-tax income (APTI) was $971 million, up 24% from the prior year quarter, benefiting from continued growth in net investment spread
• Returned over $1 billion to shareholders through $785 million of common stock repurchases and $261 million of dividends in the third quarter
• On November 1, AIG announced the successful closing of the sale of Validus Re to RenaissanceRe, simplifying our portfolio and allowing us to accelerate capital management plans
• On October 31, Corebridge announced the closing of the sale of Laya Healthcare Limited to AXA for €650 million, the net proceeds from which will be distributed by a special dividend of approximately $730 million to Corebridge shareholders

THIRD QUARTER 2023 NOTEWORTHY ITEMS

• General Insurance APTI of $1.4 billion increased $617 million from the prior year quarter, driven by higher underwriting income as a result of an improved accident year loss ratio, higher favorable PYD and increased net investment income. General Insurance underwriting results for the current quarter exclude Crop Risk Services (CRS), the sale of which closed on July 3, 2023.
• Life and Retirement APTI increased $187 million from the prior year quarter to $971 million, driven by continued spread expansion and strong sales, particularly in Fixed Index Annuities.
• Net income attributable to AIG common shareholders was $2.0 billion compared to $2.7 billion in the prior year quarter, or $2.81 per diluted common share compared to $3.55 per diluted common share.
• AATI was $1.2 billion compared to $0.6 billion in the prior year quarter, or $1.61 per diluted common share compared to $0.84 per diluted common share, reflective of improved results across General Insurance, Life and Retirement and Other Operations, and a 7% reduction in weighted average diluted shares outstanding.
• Annualized return on common equity (ROCE) was 19.8% and annualized adjusted ROCE* was 8.5%. Annualized adjusted ROCE was 12.4% for General Insurance and 11.4% for Life and Retirement.

• Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non- GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Comment on Regulation G and Non-GAAP Financial Measures.
  † Net premiums written on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the International lag elimination, the sale of Crop Risk Services (CRS) and the sale of Validus Re. Refer to page 18 for more detail.

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FOR IMMEDIATE RELEASE

NEW YORK, November 1, 2023 - American International Group, Inc. (NYSE: AIG) today reported financial results for the third quarter ended September 30, 2023.

AIG Chairman & Chief Executive Officer Peter Zaffino said: "In the third quarter, AIG delivered exceptional results driven by continued improvement in underwriting profitability and an outstanding quarter in our Commercial Lines business with an 81.7% accident year combined ratio, as adjusted. This quarter's adjusted after-tax income per diluted share of $1.61 increased 92% from the prior year quarter. Our relentless focus on our strategic priorities has enabled us to accelerate our execution and generate significant sustainable value for shareholders and other stakeholders.

"On November 1, we announced the successful closing of the sale of Validus Re to RenaissanceRe for which we received total consideration of $3.3 billion in cash, including a pre-closing dividend, and approximately $275 million in RenaissanceRe stock. This sale significantly contributes to our efforts to streamline our business model, simplify our portfolio and further reduce volatility.

"Our continued attention to underwriting excellence and portfolio optimization has manifested in outstanding results for General Insurance. The General Insurance combined ratio improved to 90.5%. The combined ratio included $462 million of total catastrophe-related charges, or 6.9 loss ratio points. Accident year combined ratio, as adjusted, of 86.3% represents an improvement of 210 basis points from the prior year quarter. Additionally, the third quarter results reflect favorable prior year reserve development, net of reinsurance and prior year premiums, of $210 million, or a 2.7 loss ratio point benefit.

"Our continued growth across the portfolio was impressive in the third quarter. General Insurance net premiums written increased 1% year-over-year, or 9% on a comparable basis† , driven by 16% growth in Personal Insurance and 6% growth in Commercial Lines. North America Commercial pricing, which includes rate and exposure, increased 9% excluding Workers' Compensation, while International Commercial pricing increased 6% year-over-year. Global Commercial pricing increased 8% excluding Workers' Compensation and remains above loss cost trend.

"Life & Retirement also delivered solid third-quarter results, which were attributable to continued spread expansion and strong Fixed Index Annuities sales which exceeded $2 billion for the third consecutive quarter. Base net investment income continued to see benefits from the higher interest rate environment and Individual and Group Retirement produced a 41 basis point base spread expansion year-over-year.

"Corebridge continues to make significant progress in simplifying its portfolio. In September, Corebridge announced the sale of AIG Life Limited to Aviva plc for a consideration of £460 million. On October 31, Corebridge closed the sale of Laya Healthcare to AXA for €650 million, the net proceeds from which will be distributed by a special dividend of approximately $730 million to Corebridge shareholders of record. These transactions will enable Corebridge to concentrate on U.S. Life & Retirement solutions where it has proven market strength and distribution capabilities."

• Net premiums written on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the International lag elimination, the sale of CRS and the sale of Validus Re. Refer to page 18 for more detail.

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FOR IMMEDIATE RELEASE

For the third quarter of 2023, net income attributable to AIG common shareholders was $2.0 billion, or $2.81 per diluted common share, compared to $2.7 billion, or $3.55 per diluted common share, in the prior year quarter. The decline was primarily driven by a decrease in net realized gains, both including and excluding Fortitude Re funds withheld assets and embedded derivative, partially offset by higher General Insurance underwriting income and total net investment income. The decrease in net income was also attributable to lower ownership in Corebridge following the Corebridge secondary offering in June.

AATI was $1.2 billion, or $1.61 per diluted common share, for the third quarter of 2023 compared to $0.6 billion, or $0.84 per diluted common share, in the prior year quarter. The increase in AATI was due to higher underwriting income in General Insurance, higher net investment income and better results in Other Operations, partially offset by an increase in adjusted income tax expenses as well as an increase in non-controlling interest expense due to the Corebridge secondary offering. The third quarter adjusted effective tax rate was 26.3% compared to 20.5% in the prior year quarter, driven by higher foreign income, which is taxed at rates higher than the U.S. federal income tax rate of 21%, and tax adjustments related to prior year tax returns.

Total net investment income for the third quarter of 2023 was $3.6 billion, an increase of 33% from $2.7 billion in the prior year quarter, primarily driven by higher income from fixed maturity securities and loans due to higher reinvestment rates and improved alternative investment income compared to losses from both the hedge fund and private equity portfolios in the prior year quarter. Total net investment income on an APTI basis* was $3.3 billion, an increase of $747 million from the prior year quarter, reflecting the same trends.

Book value per common share was $56.06 as of September 30, 2023, a decrease of 4% from June 30, 2023, driven by an increase in accumulated other comprehensive loss (AOCL) due to higher interest rates, and an increase of 2% from December 31, 2022, driven by the net impact of share repurchases. Adjusted book value per common share* was $78.17, an increase of approximately 3% compared to both June 30, 2023 and December 31, 2022, primarily driven by share repurchases. Adjusted tangible book value per common share* was $72.62, an increase of 4% from June 30,

2023 and an increase of 5% from December 31, 2022, both primarily driven by the net impact of share repurchases.

In the third quarter of 2023, AIG repurchased $785 million of common stock, or approximately 14 million shares, paid $261 million of common and preferred dividends and redeemed Validus debt for $289 million, inclusive of the loss on extinguishment of debt. AIG also received gross proceeds of $234 million from the sale of CRS. AIG parent liquidity was $3.6 billion as of September 30, 2023. Total debt and preferred stock to total capital ratio at September 30, 2023 was 33.7%, up from 32.3% at June 30, 2023, primarily driven by an increase in AOCL. Excluding AOCL adjusted for cumulative unrealized gains and losses related to Fortitude Re funds withheld assets, the total debt and preferred stock to total capital ratio* was 25.9% at September 30, 2023, relatively flat compared to June 30, 2023.

On November 1, 2023, the AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.36 per share. The dividend is payable on December 28, 2023 to stockholders of record at the close of business on December 14, 2023.

The AIG Board of Directors also declared a quarterly cash dividend of $365.625 per share on AIG Series A 5.85% Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $25,000 per share, which is represented by depositary shares (NYSE: AIG PRA), each representing a 1/1,000th interest in a share of preferred stock. Holders of depositary shares will receive $0.365625 per depositary share. The dividend is payable on December 15, 2023 to holders of record at the close of business on November 30, 2023.

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FOR IMMEDIATE RELEASE

FINANCIAL SUMMARY

		Three Months
		Ended September 30,
($ in millions, except per common share amounts)		2022		2023
Net income attributable to AIG common shareholders	$	2,741	$	2,020
Net income per diluted share attributable to AIG common shareholders	$	3.55	$	2.81
Adjusted pre-tax income (loss)	$	920	$	1,873
General Insurance		750		1,367
Life and Retirement		784		971
Other Operations		(614)		(465)
Net investment income	$	2,668	$	3,556
Net investment income, APTI basis		2,535		3,282
Adjusted after-tax income attributable to AIG common shareholders	$	644	$	1,158
Adjusted after-tax income per diluted share attributable to AIG common
shareholders	$	0.84	$	1.61
Weighted average common shares outstanding - diluted (in millions)		771.1		718.7
Return on common equity		25.9	%	19.8	%
Adjusted return on common equity		4.6	%	8.5	%
Book value per common share	$	52.76	$	56.06
Adjusted book value per common share	$	74.90	$	78.17
Common shares outstanding (in millions)		747.2		704.6

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FOR IMMEDIATE RELEASE

GENERAL INSURANCE

Three Months Ended September 30,

($ in millions)		2022		2023		Change
Gross premiums written	$	9,238	$	8,870		(4) %
Net premiums written	$	6,403	$	6,462		1	%
North America		3,138		3,151		-
North America Commercial Lines		2,757		2,544		(8)
North America Personal Insurance		381		607		59
International		3,265		3,311		1
International Commercial Lines		1,992		2,038		2
International Personal Insurance		1,273		1,273		-
Underwriting income (loss)	$	168	$	611		264	%
North America		(439)		235		NM
North America Commercial Lines		(374)		292		NM
North America Personal Insurance		(65)		(57)		12
International		607		376		(38)
International Commercial Lines		469		339		(28)
International Personal Insurance		138		37		(73)
Net investment income, APTI basis	$	582	$	756		30	%
Adjusted pre-tax income	$	750	$	1,367		82	%
Return on adjusted segment common equity		6.7	%	12.4	%	5.7	pts
Underwriting ratios:
North America Combined Ratio (CR)		114.0		92.3		(21.7) pts
North America Commercial Lines CR		113.6		88.9		(24.7)
North America Personal Insurance CR		116.4		113.0		(3.4)
International CR		81.4		88.7		7.3
International Commercial Lines CR		75.4		83.4		8.0
International Personal Insurance CR		89.8		97.2		7.4
General Insurance (GI) CR		97.3		90.5		(6.8)
GI Loss ratio		67.5		59.6		(7.9) pts
Less: impact on loss ratio
Catastrophe losses and reinstatement premiums		(9.8)		(6.9)		2.9
Prior year development, net of reinsurance and		0.9		2.7		1.8
prior year premiums
GI Accident year loss ratio, as adjusted		58.6		55.4		(3.2)
GI Expense ratio		29.8		30.9		1.1
GI Accident year combined ratio, as adjusted		88.4		86.3		(2.1)
Accident year combined ratio, as adjusted (AYCR):
North America AYCR		88.2		86.6		(1.6) pts
North America Commercial Lines AYCR		84.6		83.0		(1.6)
North America Personal Insurance AYCR		112.8		108.4		(4.4)
International AYCR		88.6		86.0		(2.6)
International Commercial Lines AYCR		80.4		79.7		(0.7)
International Personal Insurance AYCR		99.9		95.9		(4.0)

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FOR IMMEDIATE RELEASE

General Insurance

• On July 3, 2023, AIG closed the sale of CRS for a pre-tax gain of $126 million. On November 1, 2023, AIG closed the sale of Validus Re. As a result of the sale of CRS, its premiums and underwriting results were not included in General Insurance third quarter 2023 results.
• Third quarter 2023 NPW of $6.5 billion increased 1% from the prior year quarter, or 9% on a comparable basis† , driven by 16% growth in Personal Insurance and 6% growth in Commercial Lines. North America Commercial Lines NPW declined 8% as reported, or grew 5% from the prior year quarter on a comparable basis† , attributable to positive rate changes, higher renewal retentions and strong new business production in Lexington and Retail Property, partially offset by lower Financial Lines premiums reflecting our continued underwriting discipline. International Commercial Lines delivered 2% NPW growth from the prior year quarter, or 7% on a comparable basis† , attributable to continued positive rate changes, strong retention, and robust new business production, partially offset by a decrease in Financial Lines. Global Personal Insurance NPW increased 14% from the prior year quarter, or 16% on a comparable basis† , primarily driven by Private Client Select resulting from changes in our reinsurance program, as well as growth in Travel and Personal Property.
• Third quarter 2023 underwriting income increased $443 million from the prior year quarter to $611 million, and included $462 million of total catastrophe-related charges, representing 6.9 loss ratio points, of which $367 million was in North America, mainly attributable to the Lahaina Wildfire and Hurricane Idalia, and $95 million in International. Third quarter 2023 catastrophe-related charges of $462 million were down 29% compared to third quarter 2022 catastrophe-related charges of $655 million, which included losses from Hurricane Ian. Third quarter 2023 also included favorable PYD of $139 million compared to favorable PYD of $72 million in the prior year quarter. The development in the third quarter 2023 was largely driven by favorable development on U.S.
  Workers' Compensation business, partially offset by unfavorable development on UK/Europe Casualty and UK Financial Lines.
• The combined ratio improved 6.8 points from the prior year quarter to 90.5%, driven by a 7.9 point decrease in the loss ratio to 59.6%. The AYCR improved 2.1 points from the prior year quarter to 86.3%, driven by a 3.2 point decrease in the accident year loss ratio, as adjusted* (AYLR) to 55.4%, reflecting continued earn-in of premium rate increases in excess of loss cost trends and continued benefit from the business mix shift, coupled with our execution on portfolio management strategies focusing on risk selection and improved terms and conditions. The expense ratio was 30.9%, a 1.1 point increase from the prior year quarter, largely from the business mix shift impact on the acquisition ratio.
• The North America Commercial Lines combined ratio improved 24.7 points from the prior year quarter to 88.9%, driven by favorable PYD compared to unfavorable PYD in the prior year quarter as well as lower catastrophe losses. The AYCR improved 1.6 points to 83.0%, driven by a 4.7 point improvement in the AYLR to 57.8%. International Commercial Lines combined ratio increased 8.0 points from the prior year quarter to 83.4%, driven by unfavorable PYD. The AYCR improved 0.7 point to 79.7% due to a decrease in the acquisition ratio, mainly attributable to changes in the business mix.
• The North America Personal Insurance combined ratio improved 3.4 points from the prior year quarter to 113.0% and the AYCR improved 4.4 points to 108.4%, primarily driven by the expense ratio improving 8.4 points to 46.0%. The International Personal Insurance combined ratio increased 7.4 points from the prior year quarter to 97.2%, driven by a decrease in favorable PYD. The AYCR improved 4.0 points to 95.9%, driven by a 5.6 point improvement in the AYLR to 54.5%, as the prior year quarter had elevated losses related to COVID-19 within Accident & Health.
• Annualized return on adjusted segment common equity* for the third quarter and year-to-date were 12.4% and 12.0%, respectively, compared to 6.7% and 10.3% in the prior year.

• Net premiums written on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the International lag elimination, the sale of CRS and the sale of Validus Re. Refer to page 18 for more detail.
  *These measures are not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Comment on Regulation G and Non-GAAP Financial Measures.

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FOR IMMEDIATE RELEASE

LIFE AND RETIREMENT

		Three Months Ended
		September 30,
					Change
($ in millions, except as indicated)		2022		2023
Adjusted pre-tax income	$	784	$	971	24	%
Individual Retirement		377		572	52
Group Retirement		193		191	(1)
Life Insurance		131		133	2
Institutional Markets		83		75	(10)
Premiums and fees	$	2,133	$	1,512	(29) %
Individual Retirement		248		211	(15)
Group Retirement		104		108	4
Life Insurance		928		946	2
Institutional Markets		853		247	(71)
Premiums and deposits	$	8,894	$	9,248	4	%
Individual Retirement		3,792		3,961	4
Group Retirement		2,039		1,831	(10)
Life Insurance		1,166		1,200	3
Institutional Markets		1,897		2,256	19
Net flows	$	(92)	$	(2,931)	NM %
Individual Retirement		696		(743)	NM
Group Retirement		(788)		(2,188)	(178)
Net investment income, APTI basis	$	2,004	$	2,465	23	%
Return on adjusted segment common equity		9.7	%	11.4 %	1.7	pts

Life and Retirement

• Life and Retirement reported APTI of $971 million for the third quarter of 2023, up 24% from $784 million in the prior year quarter. The increase was primarily due to higher base portfolio spread income as a result of improved base portfolio yields and higher alternative investment income. Combined base net investment spreads in Individual and Group Retirement continued to widen with a 41 basis point improvement year-over-year.
• Premiums declined 42% from the prior year quarter to $0.8 billion due to lower pension risk transfer volumes. Premiums and deposits* increased 4% to $9.2 billion. Fixed Index Annuities continued to be the top driver of strong sales and Institutional Markets also had strong sales, supported by $1.9 billion of new guaranteed investment contracts, partially offset by lower volume of Variable Annuities and pension risk transfer deals.
• Annualized return on adjusted segment common equity* for the third quarter and year-to-date were both 11.4% compared to 9.7% and 10.5%, respectively, in the prior year.
• During the third quarter, Corebridge returned $192 million to shareholders through approximately $146 million of common stock dividends and $46 million in share repurchases.

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FOR IMMEDIATE RELEASE

OTHER OPERATIONS

		Three Months Ended
			September 30,
($ in millions)	2022		2023		Change
Corporate and Other	$		(518)	$		(421)	19	%
Asset Management Group			51			(47)	NM
Adjusted pre-tax loss before consolidation and eliminations			(467)			(468)	-
Consolidation and eliminations			(147)			3	NM
Adjusted pre-tax loss	$		(614)	$		(465)	24	%

Other Operations

• Other Operations adjusted pre-tax loss (APTL) of $465 million improved $149 million, or 24%, from the prior year quarter, primarily due to the impact of Variable Interest Entities (VIEs), in addition to improved results in Corporate and Other.
• Corporate and Other APTL improved $97 million, or 19%, from the prior year quarter, largely due to lower general operating expenses, higher income from parent short-term investments, and the absence of mark-to-market losses on a legacy investment portfolio that was sold in the fourth quarter of 2022. The improvement was partially offset by higher interest expenses related to Corebridge financial debt compared to the third quarter of 2022.
• The Asset Management Group (AMG), which includes the consolidated results of VIEs, recorded adjusted pre-tax loss of $47 million, reflecting a $98 million decrease from the prior year quarter, largely due to lower interest income and net losses associated with VIEs compared to net gains in the prior year quarter.
• Changes in consolidation and eliminations were attributable to elimination of intercompany net investment income of VIEs that are consolidated by AMG within Other Operations whereby the insurance subsidiaries report as net investment income for their investment in consolidated VIEs included in AMG. The third quarter of 2023 included the elimination of net losses compared to modest net gains in the prior year quarter.

CONFERENCE CALL

AIG will host a conference call tomorrow, Thursday, November 2, 2023 at 8:30 a.m. ET to review these results. The call is open to the public and can be accessed via a live, listen-only webcast in the Investors section of www.aig.com. A replay will be available after the call at the same location.

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Additional supplementary financial data is available in the Investors section at www.aig.com.

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FOR IMMEDIATE RELEASE

Certain statements in this press release and other publicly available documents may include, and members of AIG management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are intended to provide management's current expectations or plans for AIG's future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as "will," "believe," "anticipate," "expect," "expectations," "intend," "plan," "strategy," "prospects," "project," "anticipate," "should," "guidance," "outlook," "confident," "focused on achieving," "view," "target," "goal," "estimate" and other words of similar meaning in connection with a discussion of future operating or financial performance. 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, such as the separation of the Life and Retirement business from AIG, 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.

All forward-looking statements involve risks, uncertainties and other factors that may cause AIG's actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause AIG's actual results to differ, possibly materially, from those in specific projections, goals, assumptions and other forward-looking statements include, without limitation:

• the impact of adverse developments affecting economic conditions in the markets in which AIG and its businesses operate in the U.S. and globally, including adverse developments related to financial market conditions, macroeconomic trends, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, pressures on the commercial real estate market, an economic slowdown or recession, a potential U.S. federal government shutdown and geopolitical events or conflicts, including the conflict between Russia and Ukraine and the conflict in Israel and the surrounding areas;
• occurrence of catastrophic events, both natural and man-made, including the effects of climate change, geopolitical events and conflicts and civil unrest;
• disruptions in the availability or accessibility of AIG's or a third party's information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches, or infrastructure vulnerabilities;
• AIG's ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;
• AIG's ability to realize expected strategic, financial, operational or other benefits from the separation of Corebridge as well as AIG's equity market exposure to Corebridge;
• the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans;
• concentrations in AIG's investment portfolios;
• AIG's reliance on third-party investment managers;
• changes in the valuation of AIG's investments;
• AIG's reliance on third parties to provide certain business and administrative services;
• availability of adequate reinsurance or access to reinsurance on acceptable terms;
• concentrations of AIG's insurance, reinsurance and other risk exposures;
• nonperformance or defaults by counterparties, including Fortitude Reinsurance Company Ltd. (Fortitude Re);

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FOR IMMEDIATE RELEASE

• AIG's ability to adequately assess risk and estimate related losses as well as the effectiveness of AIG's enterprise risk management policies and procedures, including with respect to business continuity and disaster recovery plans;
• changes in judgments concerning potential cost-saving opportunities;
• AIG's ability to effectively implement changes under AIG 200, including the ability to realize cost savings;
• difficulty in marketing and distributing products through current and future distribution channels;
• actions by rating agencies with respect to AIG's credit and financial strength ratings as well as those of its businesses and subsidiaries;
• changes to sources of or access to liquidity;
• changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;
• changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;
• changes in accounting principles and financial reporting requirements;
• the effects of sanctions, including those related to the conflict between Russia and Ukraine, and the failure to comply with those sanctions;
• the effects of changes in laws and regulations, including those relating to the regulation of insurance, in the U.S. and other countries in which AIG and its businesses operate;
• changes to tax laws in the U.S. and other countries in which AIG and its businesses operate;
• the outcome of significant legal, regulatory or governmental proceedings;
• AIG's ability to effectively execute on sustainability targets and standards;
• AIG's ability to address evolving stakeholder expectations with respect to environmental, social and governance matters;
• the impact of COVID-19 or other epidemics, pandemics and other public health crises and responses thereto; and
• such other factors discussed in Part I, Item 2. Management's Discussion and Analysis of
  Financial Condition and Results of Operations (MD&A) in AIG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 (which will be filed with the Securities and Exchange Commission (SEC)) 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, 2022.

Forward-looking statements speak only as of the date of this press release, or in the case of any document incorporated by reference, the date of that document. AIG is not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. 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 our filings with the SEC.

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