American International : 2024 First Quarter Results

First Quarter 2024

Financial Results Presentation

May 2, 2024

Copyright ® 2024 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

Group Performance

Capital

1Q'24 Results

GI

L&R

Other

Investments

First Quarter Operating EPS* of $1.77 Increased 9% From Prior Year Quarter And Is a Strong Start to 2024

General Insurance	After-Tax Income	Book Value per	Return on (1)
Combined Ratio	per Diluted Share	Common Share	Common Equity
Calendar Year		GAAP	GAAP		GAAP
89.8%	Δ vs. 1Q23	$1.74	Δ vs. 1Q23	$64.66	Δ vs. YE23	10.8%	Δ vs. 1Q23
(2.1) pts	N.M.	(0.7)%	10.6 pts
Accident Year*	Adjusted*	Adjusted*	Adjusted*
88.4%	Δ vs. 1Q23	$1.77	Δ vs. 1Q23	$77.79	Δ vs. YE23	9.3%	Δ vs. 1Q23
(0.3) pts	9%	1.5%	0.6 pts

• 1Q24 net income attributable to AIG common shareholders of $1.2B rose from $23M in 1Q23; 1Q24 Adjusted After-Tax Income* (AATI) of $1.2B was flat with 1Q23 despite prior year results that included about $175M (pre-tax) from divested businesses and a higher contribution from Corebridge Financial Inc. (Corebridge) to AIG's
  AATI
• During 1Q24, AIG returned $2.4B to shareholders through $1.7B of common stock repurchases, $250M of common and preferred dividends, and a $500M redemption of preferred stock; In April, AIG repurchased approximately $613M of common shares
• AIG Parent liquidity was $5.1B at March 31, 2024
• Other noteworthy initiatives executed since the beginning of the year:
• • In February, AIG repaid $459M of maturing debt
  • In April, Corebridge closed the sale of AIG Life Limited to Aviva plc for £453M ($569M)
  • In April, AIG's Board of Directors declared a cash dividend of $0.40 per share on AIG common stock, an 11% increase from prior quarterly dividends, marking the second consecutive year of 10%+ dividend increases
  • AIG Board of Directors increased AIG's share repurchase authorization to $10.0B effective May 1

1. Return on Adjusted Segment Common Equity is derived by dividing actual or annualized Adjusted After-tax Income by Average Adjusted Segment Common Equity. The reconciliations to Return on Adjusted Segment Common Equity are presented in the Non-GAAP slides.
* 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.	2
Copyright ® 2024 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

Group Performance

Capital

1Q'24 Results

GI

L&R

Other

Investments

Continued Execution of Balanced Capital Management Actions

Share Repurchase Highlights

(in millions, except for per share data)	1Q23	2Q23	3Q23	4Q23	1Q24
Share Repurchases in Period	$603	$554	$785	$1,045	$1,668
Number of Shares Repurchased	11	10	14	16	23
% of Shares Repurchased(1)	1.5%	1.4%	2.0%	2.3%	3.3%
Average Share Repurchase Price	$54.04	$53.79	$59.68	$64.58	$71.30
Adjusted Book Value per Common Share	$75.87	$75.76	$78.17	$76.65	$77.79
Common Shares Outstanding(2)	727.6	717.5	704.6	688.8	671.0

Total AIG Debt Outstanding & Leverage Ratio

26.3%	26.0%	25.9%
			24.3%	23.6%
$12,558	$11,892	$11,828
	$10,338
$9,371	$9,373	$9,371	$9,368	$9,845	$9,368

1Q23	2Q23	3Q23		4Q23	1Q24
	AIG Financial & Hybrid Debt(3)		CRBG Financial & Hybrid Debt(3)		Total debt & preferred stock / Total capital (ex. AOCI)*

1. Percentage of shares repurchased is calculated by number of shares repurchased a period divided by beginning of period shares outstanding.
2. Common shares outstanding at the end of each period.
3. Excludes operating debt.

* Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP)

Copyright ® 2024 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

• Aggregate share repurchases of $4.7B over the last five quarters, representing a 9% reduction in shares outstanding since year-end 2022
• Since year-end 2022, AIG has reduced AIG debt by $1.9B from $11.8B to $9.8B
• AIG general borrowing has no near- term maturities over $500M in any given quarter until 2027
• In April, AIG's Board of Directors declared a cash dividend of $0.40 per share on AIG common stock, an 11% increase from prior quarterly dividends, marking the second consecutive year of 10%+ dividend increases

3

Group Performance

Capital

1Q'24 Results

GI

L&R

Other

Investments

Balance Sheet Strength: Strong Insurance Company Capitalization and Reduced Debt Leverage

Capital Structure ($B)

Capital Ratios

Total

Equity:

$51.3

$71.0

$10.3

$9.4

$6.0

$4.3

$52.8

$0.5

Total

Equity:

$49.1

$68.3

$9.8

$9.4

$5.7

$4.2

$52.2

AIG Debt/Hybrids(1)

CRBG Debt/Hybrids(2)

Noncontrolling interests

Preferred Equity

Tax Attribute Deferred Tax Asset (DTA)

Adjusted Shareholders' Equity

	Dec. 31,	Mar. 31,	Change
	2023	2024
Hybrids / Total capital	2.8%	2.9%	0.1
Financial debt /	25.0%	25.2%	0.2
Total capital (incl. AOCI)
Total debt / Total capital	27.8%	28.1%	0.3
Preferred stock / Total	0.7%	-%	(0.7)
capital
Total debt & pref. stock /	28.5%	28.1%	(0.4)
Total capital (incl. AOCI)
AOCI Impact	(4.2)%	(4.5)%	(0.3)
Total debt & pref. stock /	24.3%	23.6%	(0.7)
Total capital (ex. AOCI)*
Risk-Based Capital (RBC) Ratios(4)
Life and Retirement	U.S. General
	Companies	Insurance Companies
2022	411% (CAL)	484% (ACL)

• During the quarter, AIG redeemed all 20,000 outstanding shares of Series A Preferred Stock for $500M
• At March 31, 2024, total debt and preferred stock to total capital ratio of 28.1%, or 23.6% excluding AOCI, improved 40 and 70 bps, respectively, from December 31, 2023 primarily driven by debt repayment and the preferred stock redemption
• General Insurance U.S. Pool companies and Life and Retirement companies RBC ratios remain greater than 400%

$(12.2)

$(13.0)

Dec. 31, 2023

Mar. 31, 2024

AOCI(3)

2023	428% (CAL)	461% (ACL)

1. Includes changes in foreign exchange.
2. Includes Corebridge senior unsecured notes, Delayed Draw Term Loan facility, and Corebridge Life Holdings, Inc. debt.
3. December 31, 2023: $(14.0)B less $(1.8)B of cumulative unrealized loss related to Fortitude Re funds withheld assets. March 31, 2024: $(14.9)B less $(1.9)B of cumulative unrealized loss related to Fortitude Re funds withheld assets.
4. The inclusion of RBC measures is intended solely for the information of investors and is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities. ACL is defined as Authorized Control Level and CAL is defined as

Company Action Level. RBC ratio for Domestic Life and Retirement companies excludes holding company, AGC Life Insurance Company.

* Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP)4 Copyright ® 2024 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

Group Performance

Capital

1Q'24 Results

GI

L&R

Other

Investments

Focused on Achieving 10%-Plus Adjusted ROCE*

Key Drivers for Delivering 10%-Plus Adjusted ROCE*

Path to 10%-Plus Adjusted ROCE*

Sustained and Improved Underwriting Profitability

Continue the culture of optimal risk selection and underwriting excellence

~300 - 400 bps

~100 - 200 bps

Sustainable

Long-term

Leaner Business Model & Lower Expenses

AIG Next to create a future-state business model with enterprise-wide standards driving better outcomes for all stakeholders

Separation and Deconsolidation of Corebridge

Operational separation of Corebridge and AIG as two stand-alone and market leading companies; Continue reduction in Corebridge ownership to full separation

Continued Balanced Capital Management

Balanced share repurchases and debt reduction to target leverage ratio, while also focusing on future common stock dividend increases(1)

Net Investment

Double - Income (NII)

Digit Growth

Capital ROCE

Management

Expense

Savings

Underwriting

Results

ROCE

2022(2)	Post Corebridge	Forward
	Deconsolidation	Outlook

Note: The boxes in this chart are not scaled to represent the % contribution from each driver

1. Subject to Board authorization and market conditions

2. Full year 2022 Adjusted ROCE* was 6.5%, as reported, prior to the adoption of the Financial Accounting Standards Board's targeted improvements to the accounting for long-duration contracts.

* 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.	5
Copyright ® 2024 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

Group Performance

Capital

1Q'24 Results

GI

L&R

Other

Investments

Strong Growth in Adjusted Pre-Tax Income and Adjusted Return on Common Equity in Both Businesses(1)

General Insurance

Net Premiums Written (NPW) ($M)

Life and Retirement(1)

Premiums and Deposits* ($M)

$6,965		+2%	$10,671
	$10,448
$4,495	$4,512

1Q23 As Reported	1Q23 Comp. Basis(2)	1Q24
	Key Figures

$596M	$1,358M	13.3%
Underwriting	Adjusted	Adjusted Return on
Income	Pre-Tax Income	Common Equity*
(+19% / +67%(2) vs. 1Q23)	(+9% vs. 1Q23)	(+1.7 pts vs. 1Q23)(3)

1Q23

1Q24

Key Figures

$2,362M	$991M	11.9%
Total	Adjusted	Adjusted Return on
Premiums	Pre-Tax Income	Common Equity*
(+7% vs. 1Q23)	(+12% vs. 1Q23)	(+1.2 pts vs. 1Q23)(3)

1. L&R Results are before the impact of noncontrolling interests. Due to the reduction in AIG ownership of Corebridge in 2023, Corebridge contribution to AIG AATI decreased 20% from 1Q23 to 1Q24.
2. Premiums on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the sale of Crop Risk Services and the sale of Validus Re in 2023 and 2024. APTI, underwriting income and ratios on a comparable basis reflects year-over-year comparison adjusted for the sale of Crop Risk Services and the sale of Validus Re in 2023 and 2024. Refer to pages 30-32 for more detail..
3. Return on Adjusted Segment Common Equity is derived by dividing actual or annualized Adjusted After-tax Income by Average Adjusted Segment Common Equity. The reconciliations to Return on Adjusted Segment Common Equity are presented in the Non-GAAP slides.

* 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-GAAPReconciliations.6 Copyright ® 2024 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

Group Performance

Capital

1Q'24 Results

GI

L&R

Other

Investments

General Insurance: Underwriting Income of $596M As Reported Increased 19% from Prior Year and Rose 67% Excluding 2023 Divested Businesses

Key Financials	Net Premiums Written ($M)

($M)	1Q23	1Q24	Change
Net premiums written	$6,965	$4,512	(35)%
Net premiums earned	$6,259	$5,786	(8)%
Loss and loss adjustment expense	$3,752	$3,353	(11)%

$6,965 $1,602

$4,495	$4,512
$1,545	$1,540

$5,363

Acquisition expenses	$1,228	$1,103	(10)%
General operating expenses (GOE)	$777	$734	(6)%
Underwriting income (loss)	$502	$596	19%
Net investment income	$746	$762	2%
Adjusted pre-tax income	$1,248	$1,358	9%
Total catastrophe-related charges(2)	$264	$106	$(158)
Unfavorable (Favorable) prior year loss development	$(68)	$(34)	$34
(PYD), net of reinsurance
Loss ratio	59.9%	58.0%	(1.9) pts
Expense ratio	32.0%	31.8%	(0.2) pts
Calendar year combined ratio	91.9%	89.8%	(2.1) pts
Accident year combined ratio, as adjusted* (AYCR)	88.7%	88.4%	(0.3) pts

		$2,950		$2,972
	1Q23 As Reported	1Q23 Comp. Basis(1)	1Q24
	Global Commercial Lines	Global Personal Insurance
	Accident Year Combined Ratio, as adjusted*
	88.7%	90.0%	AYCR*	88.4%
	(1.6) pts(1)
	12.4%	13.5%		12.7%
	19.6%	19.2%		19.1%
	56.7%	57.3%		56.6%
	1Q23	1Q23 Comp. Basis(1)	1Q24
	Accident Year Loss Ratio (AYLR), As Adj*	Acq. Ratio	GOE Ratio

1. Premiums on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the sale of Crop Risk Services and the sale of Validus Re in 2023 and 2024. APTI, underwriting income and ratios on a comparable basis reflects year-over-year comparison adjusted for the sale of Crop Risk Services and the sale of Validus Re in 2023 and 2024. Refer to pages 30-32 for more detail.
2. Total catastrophe-related charges includes $(1)M and $(1)M of reinstatement premiums related to catastrophes for 1Q24 and 1Q23, respectively.

* 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	7
Financial Measures and Non-GAAP Reconciliations.
Copyright ® 2024 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

Group Performance

Capital

1Q'24 Results

GI

L&R

Other

Investments

General Insurance: 6th Consecutive Year of Quarterly AYCR* Improvement, Driven by Commercial Lines; 10th Consecutive Quarter of Sub-90% AYCR*

		Calendar Year Combined Ratio					Accident Year Combined Ratio, As Adjusted*
103.8%	97.4%	101.5%	98.8%	92.9%	(14.0) pts			99.7%	96.1%	95.5%			(11.3) pts
5.7%	91.9%			92.4%
2.7%	6.9%	7.3%	89.8%			89.5%	88.7%	88.4%
14.9%	4.5%	4.2%	14.9%
12.5%	12.8%	13.0%	1.9%	12.5%	12.8%	13.0%
	12.2%	12.2%	12.4%	12.7%
21.7%	21.8%	21.9%		12.4%	12.7%	21.7%	21.8%	21.9%
20.2%	19.8%	19.6%	19.1%	20.2%	19.8%	19.6%	19.1%
63.1%	61.8%	60.8%	59.2%	57.5%	56.7%	56.6%	63.1%	61.8%	60.8%	59.2%	57.5%	56.7%	56.6%
(1.6)%	(1.4)%	(0.9)%	(0.9)%	(1.1)%	(1.0)%	(0.5)%
1Q18	1Q19	1Q20	1Q21	1Q22	1Q23	1Q24		1Q18	1Q19	1Q20	1Q21	1Q22	1Q23	1Q24
	Commercial Lines Calendar Year Combined Ratio				Commercial Lines Accident Year Combined Ratio, As Adjusted*
102.8%	97.0%	101.1%	98.7%		(17.0) pts			102.0%					(17.6) pts
4.5%
8.6%	91.0%	89.2%			94.8%	94.8%
15.0%	3.4%	9.6%	85.8%	15.0%	90.4%	86.0%	84.9%	84.4%
5.8%
	12.6%	12.4%	11.9%	5.3%	2.1%	12.6%	12.4%	11.9%
17.3%			11.0%	17.3%	11.0%	11.2%	12.0%
16.9%	18.3%	17.7%	11.2%	12.0%	16.9%	18.3%	17.7%
	16.5%	16.4%	14.8%			16.5%	16.4%	14.8%
69.7%	65.3%	64.1%	60.8%	58.5%	57.3%	57.6%	69.7%	65.3%	64.1%	60.8%	58.5%	57.3%	57.6%
(3.7)%	(1.2)%	(2.3)%	(1.3)%	(0.8)%	(1.0)%	(0.7)%
1Q18	1Q19	1Q20	1Q21	1Q22	1Q23	1Q24		1Q18	1Q19	1Q20	1Q21	1Q22	1Q23	1Q24
					AYLR, As Adj.*	Acq. Ratio	GOE Ratio PYD Ratio	CAT Ratio

* 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-GAAPReconciliations.8 Copyright ® 2024 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

Group Performance

Capital

1Q'24 Results

GI

L&R

Other

Investments

General Insurance North America: Continued AYCR* Improvement Driven by Personal Insurance

Key Financials

North America Net Premiums Written ($M)

($M)	1Q23	1Q24	Change
North America Commercial Lines
Underwriting Income (Loss)	$331	$236	(29)%
Calendar Year Combined Ratio	87.1%	88.1%	1.0 pts
Accident Year Loss Ratio, as adj.*	59.9%	61.8%	1.9 pts
Expense Ratio	25.8%	24.1%	(1.7) pts
Accident Year Combined Ratio, as adj.*	85.7%	85.9%	0.2 pts
North America Personal Insurance
Underwriting Income (Loss)	$(32)	$(12)	63%
Calendar Year Combined Ratio	107.9%	102.3%	(5.6) pts
Accident Year Loss Ratio, as adj.*	56.1%	53.6%	(2.5) pts
Expense Ratio	51.5%	44.1%	(7.4) pts
Accident Year Combined Ratio, as adj.*	107.6%	97.7%	(9.9) pts
North America Total
Underwriting Income (Loss)	$299	$224	(25)%
Calendar Year Combined Ratio	90.0%	91.1%	1.1 pts
Accident Year Combined Ratio, as adj.*	88.7%	88.4%	(0.3) pts
Total catastrophe-related charges(2)	$116	$92	$(24)
Unfavorable (Favorable) PYD, net of	$(82)	$(32)	$50
reinsurance

$3,680

$313	Total NPW
	+2% Adj.*(1)
$3,367	$1,303	$1,334
	$313	$301
	$990	$1,033
1Q23 As Reported	1Q23 Comp. Basis(1)	1Q24

NA Commercial Lines NA Personal Insurance

Accident Year Combined Ratio, as adjusted*

88.7%	91.4%	AYCR*	88.4%
(3.0) pts(1)
10.6%	12.6%		10.8%
18.7%	17.3%		17.5%
59.4%	61.5%		60.1%
1Q23	1Q23 Comp. Basis(1)	1Q24
	AYLR, As Adj.* Acq. Ratio GOE Ratio

• NA Commercial Lines NPW increased
  4%(1) from 1Q23 driven by incremental rate and exposure growth and strong new business production
• NA Commercial Lines AYCR* increased 0.2 points, as reported, and on a comparable basis improved 1.8(1) points to 85.9% reflecting changes in business mix partially offset by continued incremental earn-in of rate exceeding loss trend
• NA Personal Insurance NPW decreased by 4%(1) from 1Q23 driven by High Net Worth due to changes in reinsurance structure
• NA Personal Insurance AYCR* improved 9.9 points to 97.7% reflecting changes in business mix
• Total NA catastrophe-related charges of $92M vs. $116M in 1Q23
• NA favorable PYD, net of reinsurance was $32M in 1Q24 driven by the Adverse Development Cover deferred gain amortization

1. Premiums on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the sale of Crop Risk Services and the sale of Validus Re in 2023 and 2024. APTI, underwriting income and ratios on a comparable basis reflects year-over-year comparison adjusted for the sale of Crop Risk Services and the sale of Validus Re in 2023 and 2024. Refer to pages 30-32 for more detail.
2. Total catastrophe-related charges includes $-M and $(1)M of reinstatement premiums related to catastrophes for 1Q24 and 1Q23, respectively.

* 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	9
Financial Measures and Non-GAAP Reconciliations.
Copyright ® 2024 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.

Group Performance

Capital

1Q'24 Results

GI

L&R

Other

Investments

General Insurance International: Calendar Year Combined Ratio Improved 5.1 Points From the Prior Year Driven By Commercial Lines

Key Financials

International Net Premiums Written ($M)

($M)	1Q23	1Q24	Change
International Commercial Lines
Underwriting Income (Loss)	$155	$330	113%
Calendar Year Combined Ratio	91.9%	83.6%	(8.3) pts
Accident Year Loss Ratio, as adj.*	53.8%	53.5%	(0.3) pts
Expense Ratio	29.9%	29.5%	(0.4) pts
Accident Year Combined Ratio, as adj.*	83.7%	83.0%	(0.7) pts
International Personal Insurance
Underwriting Income (Loss)	$48	$42	(13)%
Calendar Year Combined Ratio	96.4%	96.7%	0.3 pts
Accident Year Loss Ratio, as adj.*	54.9%	54.5%	(0.4) pts
Expense Ratio	41.0%	42.3%	1.3 pts
Accident Year Combined Ratio, as adj.*	95.9%	96.8%	0.9 pts
International Total
Underwriting Income (Loss)	$203	$372	83%
Calendar Year Combined Ratio	93.8%	88.7%	(5.1) pts
Accident Year Combined Ratio, as adj.*	88.7%	88.4%	(0.3) pts
Total catastrophe-related charges(2)	$148	$14	$(134)
Unfavorable (Favorable) PYD, net of	$14	$(2)	$(16)
reinsurance

		Total NPW
$3,285		+0% Adj.*(1)
$3,192	$3,178
$1,289	$1,232	$1,239
$1,996	$1,960	$1,939
1Q23 As Reported	1Q23 Comp. Basis(1)	1Q24
Int'l Commercial Lines	Int'l Personal Insurance

Accident Year Combined Ratio, as adjusted*

88.7%	89.0%	AYCR*	88.4%
(0.6) pts(1)
14.0%	14.1%		14.2%
20.5%	20.5%		20.3%
54.2%	54.4%		53.9%
1Q23	1Q23 Comp. Basis(1)	1Q24
	AYLR, As Adj.* Acq. Ratio GOE Ratio

• Int'l Commercial Lines NPW decreased 1%(1) from 1Q23, driven by Global Specialty and Financial Lines, particularly from D&O, where renewal rate trend remains negative
• Int'l Commercial Lines AYCR* improved 0.7 points, as reported and 1.4(1) points

on a comparable basis driven by both a lower AYLR and a lower GOE ratio

• Int'l Personal Insurance NPW increased 1%(1) from 1Q23 driven by growth in Personal Auto and Travel, partially offset by a decline in A&H and Warranty
• Int'l Personal Insurance AYCR* increased 0.9 points from the impact of lower earned premiums on the GOE ratio
• Total Int'l catastrophe-related charges of $14M vs. $148m in 1Q23
• Int'l Favorable PYD, net of reinsurance was $2M vs unfavorable $14M in 1Q23 from prior year CATs

1. Premiums on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the sale of Crop Risk Services and the sale of Validus Re in 2023 and 2024. APTI, underwriting income and ratios on a comparable basis reflects year-over-year comparison adjusted for the sale of Crop Risk Services and the sale of Validus Re in 2023 and 2024. Refer to pages 30-32 for more detail.
2. Total catastrophe-related charges includes $(1)M and $0M of reinstatement premiums related to catastrophes for 1Q24 and 1Q23, respectively.

* 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	10
Financial Measures and Non-GAAP Reconciliations.
Copyright ® 2024 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.