American International : View our Q4 2020 Financial Supplement - Updated

American International Group, Inc.

Quarterly Financial Supplement

Fourth Quarter 2020 Updated - February 17, 2021*

*Page 8 Noteworthy Items has been updated.

All financial information in this document is unaudited. This supplement should be read in conjunction with AIG's Annual Report on Form 10-K for the year ended December 31, 2020, which will be filed with the Securities and Exchange Commission.

American International Group, Inc.

Contact: Investors

Sabra Purtill: [phone];[e-mail] Shelley Singh: [phone];[e-mail] of ContentsConsolidated Results

Page(s)

Cautionary Statement Regarding Forward-Looking Information ................................. 1

Overview .......................................................................................................................... 2

Non-GAAP Financial Measures .................................................................................. 3-5

Consolidated Financial Highlights ............................................................................... 6-8

Consolidated Statements of Operations ........................................................................... 9

Consolidated Balance Sheets ......................................................................................... 10

Segment Balance Sheets ................................................................................................ 11

Debt and Capital ........................................................................................................... 12

Consolidated Notes ..................................................................................................... 13

Operating Results by Segment

General Insurance ................................................................................................... 14-17

North America .................................................................................................... 18-20

International ....................................................................................................... 21-23

Global Commercial Lines Operating Statistics ....................................................... 24

Global Personal Insurance Operating Statistics ....................................................... 25

Notes ....................................................................................................................... 26

Adverse Development Cover ................................................................................... 27

Life and Retirement ..................................................................................................... 28

Individual Retirement ......................................................................................... 29-32

Group Retirement .............................................................................................. 33-35

Life Insurance ..................................................................................................... 36-37

Institutional Markets .......................................................................................... 38-39

Notes ....................................................................................................................... 40

Other Operations ........................................................................................................ 41

Notes ....................................................................................................................... 42

Investments ................................................................................................................... 43-62

Supplemental Information .................................................................................................. 63

American International Group, Inc.

Cautionary Statement Regarding Forward-Looking Information

This Financial Supplement 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, such as the COVID-19 crisis, and macroeconomic events, 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, volatility in financial and capital markets, 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, other pandemics, civil unrest and the effects of climate change;

•  AIG's ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, including any separation of the Life and Retirement business from AIG and the impact any separation may have on AIG, its businesses, employees, contracts and customers;

•  AIG's ability to effectively execute on AIG 200 transformational 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;

•  availability and affordability of reinsurance;

•  the effectiveness of our risk management policies and procedures, including with respect to our business continuity and disaster recovery plans;

•  nonperformance or defaults by counterparties, including Fortitude Reinsurance Company Ltd. (Fortitude Re);

•  changes in judgments concerning potential cost-saving opportunities;

•  concentrations in AIG's investment portfolios;

•  changes to the valuation of AIG's investments;

•  changes to our sources of or access to liquidity;

•  actions by rating agencies with respect to our credit and financial strength ratings;

•  changes in judgments or assumptions 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;

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

•  such other factors discussed in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) and Part I, Item 1A. Risk Factors in AIG's Annual Report on Form 10-K for the year ended December 31, 2020 (which will be filed with the Securities and Exchange Commission), Part I, Item 2. MD&A in AIG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020, Part I, Item 2. MD&A 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 II, Item 7. MD&A and Part I, Item 1A. Risk Factors in AIG's Annual Report on Form 10-K for the year ended December 31, 2019.

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.

Forward-Looking Information 1

American International Group, Inc. Overview

Segment Reporting

In the fourth quarter of 2020, AIG's chief operating decision makers modified their view of AIG's businesses and how they allocate resources and assess performance. As such, we modified the presentation of our segments as follows:

General Insurance

General Insurance continues to be reported with the following operating segments:

• • North America - primarily includes insurance businesses in the United States, Canada, Bermuda, and our global reinsurance business, AIG Re.

• • International - includes regional insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Holdings, Ltd as well as AIG's global specialty business, which is now entirely reflected in International as part of the resegmentation effort.

Additionally, our chief operating decision makers determined the performance review of these operating segments to be based on the underwriting profit of the segments.

Life and Retirement

Life and Retirement continues to be reported with the following operating segments:

• • Individual Retirement - consists of fixed annuities, fixed index annuities, variable annuities and retail mutual funds.

• • Group Retirement - consists of group mutual funds, group annuities, individual annuity and investment products, financial planning and advisory services, and plan administrative and compliance services.

• • Life Insurance - primary products in the U.S. include term life and universal life insurance. International operations include distribution of life and health products in the UK and Ireland. Certain run-off life insurance portfolios previously reported in our Legacy segment have been realigned into the Life Insurance operating segment.

• • Institutional Markets - consists of stable value wrap products, structured settlement and pension risk transfer annuities, corporate- and bank-owned life insurance and guaranteed investment contracts (GICs). The run-off High Net Worth (private placement variable universal life and private placement variable annuity) and structured settlement portfolios previously reported in our Legacy segment have been realigned into the Institutional Markets operating segment.

On October 26, 2020, AIG announced its intention to separate its Life and Retirement business from AIG. No decisions have yet been made regarding the structure of the proposed separation. In addition, any separation transaction will be subject to the satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission. No assurance can be given regarding the form that a separation transaction may take or the specific terms or timing thereof, or that a separation will in fact occur.

Other Operations

Other Operations primarily consists of income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, our institutional asset management business and results of our consolidated investment entities, General Insurance portfolios in run-off previously reported within Legacy as well as the historical results of our legacy insurance lines ceded to Fortitude Re.

Overview

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