Aig 2022 Annual Report

Delivering Excellence
American International Group, Inc.

2022 Annual Report
Our Purpose is to discover new potential by
reimagining what AIG can do for you.
Take ownership
• We set clear expectations
• We are proactive
• We are accountable
Set the standard

• We deliver quality—always
• We are client-centric
• We lead the industry
Our Values
Win together
and how we • We are stronger together
bring them • We are aligned

• We are one team
to life:
Be an ally
• We strive for inclusion
• We listen and learn
• We speak with our actions
Do what’s right
• We act with integrity
• We lead by example
• We lift up our communities
AIG 2022 ANNUAL REPORT

2022 FINANCIAL & STRATEGIC HIGHLIGHTS
Delivered the strongest underwriting profitability AIG has ever achieved
COMBINED RATIO UNDERWRITING INCOME
Improved 3.9 points Nearly doubled to

95.8% 91.9% $2B
Increased by
$1B or more
for two consecutive years
91.0% 88.7% Met target of a full year, sub-90
AYCR AYCR accident year combined ratio, Represented
as adjusted* (AYCR), following
18 consecutive quarters of $7B
improvement of cumulative improvement
2021 2022 since 2016
Completed the largest U.S. IPO in 2022
Established Corebridge brand, ~$300M

capital structure, leadership team Corebridge dividends paid
and Board of Directors to its shareholders post IPO
Executed balanced capital management strategy
$6.1B
Capital returned to
shareholders
} $5.1B Common stock repurchases
$1.0 B Dividends paid
$9.4B Debt
reduction
Achieved AIG 200 target savings objective six months ahead of schedule
Executed on $1B of exit Streamlined and modernized Implemented Global Standard
run-rate savings IT, operations, shared services Commercial Underwriting Platform
and data infrastructure
Revamped investment management structures and strategies
}
Leveraged Blackstone and Since 2021, AIG and ~$150B to BlackRock
BlackRock investment expertise Corebridge transferred
and technology platforms to
improve performance
asset management of:
~$50B to Blackstone
* This is a non-GAAP financial measure. The definition and reconciliation of accident year combined ratio, as adjusted, to the most comparable
GAAP measure are on pages 280 and 281 of this Annual Report and page 71 of the 2022 Form 10-K.
AIG 2022 ANNUAL REPORT 1
414533_AIG_AR22_Narr_v32_R1.indd 1 3/23/23 2:23 AM

LETTER TO SHAREHOLDERS
Dear AIG Shareholder:

I am very pleased to share AIG’s 2022 Annual Report with you, our valued shareholder.
In this Annual Report, we highlight the journey AIG has been on for the past few years
and our vision for the future.
Peter Zaffino
Chairman & Chief Executive Officer
(AIG)
2 AIG 2022 ANNUAL REPORT

Excellent 2022 total shareholder return
Significantly outperformed the S&P 500 and reflects execution of balanced capital
management priorities as well as AIG’s well-received vision of the future
+14%
-18%
AIG S&P 500
In this Annual Report, you will see our dedication to landscape that required agility and adaptability, strategic
sustainable value creation, continuous improvement, thoughtfulness, and conviction in execution.
balance sheet strength and quality outcomes for
investors — all making AIG an attractive investment. As a result of the hard work and determination from our
colleagues across the globe, we executed on multiple
In a year defined by substantial, global macroeconomic strategic priorities and entered 2023 with significant
headwinds, AIG remained focused and we made momentum. We are positioned to capitalize on growth
remarkable progress in our transformation in ways that opportunities and are developing a culture grounded in
benefitted all stakeholders, including our shareholders. alignment around common goals, continuous
AIG’s 2022 accomplishments further solidified our improvement, high performance, underwriting and
foundation as we continue to position the company for operational excellence, inclusiveness and integrity.
future growth and as an industry and market leader.
Creating Value and Positioning
Most importantly, the AIG narrative is about our AIG for Growth
commitment to delivering excellence in everything we Our commitment to continuous improvement is built into
do and building for long-term, profitable growth. AIG’s Purpose and Values and has been one of the guiding
principles of our turnaround, transformation and future
Performing in a Complex growth potential.
Macroeconomic Environment
In 2022, AIG’s total shareholder return (TSR) was Improving the core business of AIG and truly transforming
approximately 14%, while the average S&P 500 TSR the company was something we knew could not be
was down approximately 18%. Achieving this level of accomplished in a single year. It required a commitment to
TSR in a tumultuous market environment is a major change across many areas of the company — underwriting,
accomplishment in and of itself; and it was only one portfolio derisking, reinsurance, operational processes
of AIG’s many accomplishments. and other transformation, talent retention and
development, expense management, digital optimization,
Against a backdrop of devastating natural disasters relationships with distribution partners and clients,
occurring with increased frequency and severity, volatile regulatory engagement, transparency in communication,
equity markets, rising interest rates, global inflationary and investments in our communities.
concerns, energy shortages and pricing surges,
cybercrime, the Russia/Ukraine conflict, geopolitical We also knew we had to be patient and have fortitude to
unrest generally, and more, AIG — and the entire global stay the course — even pivoting while navigating a global
business community — navigated a commercial pandemic — and that positive results would emerge
over time.

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AIG and Corebridge Financial: two market-leading companies perfo
AIG’s successful IPO of Corebridge Financial in September 2022, which yielded $1.7 billion of gross proceeds, of ap
was the year’s largest IPO in the U.S. respe
Today, AIG is a very different company. We are an industry 2. We established a standalone capital structure for Ove
and market leader, and we strive to set the standard in all Corebridge while deleveraging AIG’s balance sheet. These Gen
that we do. actions enhanced the strength of the balance sheets of
both companies and set the foundation for financial
Our 2022 Accomplishments flexibility and delivering on financial commitments made
Over the course of 2022, we made progress on many to our respective shareholders.
fronts, reinforcing our reputation as a company that can
deliver on multiple, complex priorities at the same time. 3. AIG returned over $6 billion to shareholders through
I am very proud of what our global colleagues accomplished. $5.1 billion of AIG common stock repurchases and $1.0
Below are a few highlights. billion of dividends. We finished the year with 734 million
shares outstanding, a 10% decrease from the end of 2021.
1. Our most significant accomplishment was the Corebridge paid approximately $300 million of dividends
completion of the initial public offering (IPO) of Corebridge to its shareholders from the date of its IPO through
Financial — the largest U.S. IPO in 2022 — in a market year-end 2022.
where external dynamics were extremely challenging.

4. Our General Insurance business delivered the strongest
underwriting profitability AIG has ever achieved, as full
year 2022 underwriting income nearly doubled from the
“We made progress on
prior year to $2.0 billion. This translates to more than many fronts, reinforcing our
$7 billion of cumulative improvement in our underwriting reputation as a company
profitability since 2016. that can deliver on multiple,
5. The combined ratio of 91.9% and accident year
complex priorities at the
combined ratio, as adjusted* (AYCR), of 88.7% improved same time.”
3.9 and 2.3 points, respectively, from the prior year. The
latter marked the fulfillment of our goal to achieve a
full year, sub-90 AYCR, following 18 consecutive quarters
of improvement and four sub-90 quarters in 2022.
6. AIG 200, our multi-year effort to improve efficiency

and enhance digital effectiveness, reached significant
milestones, including achieving a modernized technology 8. In 2022, AIG was recognized as one of the 50 most
infrastructure and operational capabilities, while community-minded companies in the United States by
executing on exit run-rate savings of $1 billion six months Points of Light, a nonpartisan, global nonprofit
ahead of schedule. organization that inspires, equips and mobilizes millions
of people to take action that changes the world.
7. We changed the strategy and structure of our
investment management groups at AIG and Corebridge, Leading the Industry with Expertise
including through partnerships with Blackstone and The insurance industry has always been critical to the
BlackRock where we are leveraging their investment stability of the global economy. This is certainly true today
expertise and technology platforms to improve in an increasingly complex environment. At AIG, we take
performance. Since 2021, we transferred management great pride in offering exceptional risk solutions to
of approximately $50 billion and $150 billion of assets, our clients and distribution partners, while prudently
respectively, to each of these partners. managing our balance sheet and volatility.
Over $7B of cumulative improvement in full year

General Insurance underwriting income since 2016
$2.0B
2022
($5.6B)
2016
414533_AIG_AR22_Narr_v32_R2.indd 5 3/24/23 9:51 PM

We only need to analyze 2022’s Hurricane Ian to portfolio, coupled with our considerable efforts to reduce
understand the delicate, yet essential, relationship that our gross portfolio peak exposures, as well as the strong
insurance carriers, reinsurance providers and distribution partnerships we have with reinsurance companies.
partners have with businesses and individuals across the
globe. Hurricane Ian was a tragic event on a human level AIG Your Ally from Now to Next™
that also left devastating physical damage. From a While AIG was transforming its core business, we were
humanitarian perspective, AIG rapidly deployed significant also transforming the company’s culture.
resources to the affected areas and provided immediate
support and infrastructure to help individuals, businesses AIG is a Purpose-driven and Values-based company, and
and communities rebuild. our commitment to our Purpose and Values emerges most
clearly in our culture and how we demonstrate allyship
Hurricane Ian also proved to be a catalyst that changed with our stakeholders. For our clients, distribution
market dynamics even more significantly than expected. partners, colleagues, communities and more — we help
It ultimately led to shifts in the market that required the improve and strengthen where they are today and strive
industry to rethink capital deployment, reinsurance to help them achieve a more successful future.
strategies and the commensurate changes that needed to
take place in the primary market. The unprecedented levels We are their allies from now to next.
of natural catastrophes on a global scale also significantly
impacted the reinsurance market and retrocessional One of AIG’s greatest examples of allyship is our title
capacity. This has resulted in an increased cost of capital sponsorship of the AIG Women’s Open. AIG is proud to be
for the industry, which impacted almost all lines of the title sponsor of one of the most prestigious and
business and territories, regardless of loss experience. celebrated championships in women’s golf. We became
In addition, very little new capital entered the market. the title sponsor of the AIG Women’s Open in 2019
because we appreciate the sport, we appreciate the
AIG navigated the complex renewal season extremely well. athletes, and most importantly, we see an opportunity to
We knew we were in a strong position heading into create meaningful, significant and positive change
January 1, given the improved quality of our global through our leadership. This sponsorship, and our
Key drivers on the path to double-digit adjusted return on common equity*

“
Continued momentum on underwriting profitability
Leaner operating model and expense savings
Execution on capital management priorities
Separation of Life & Retirement business
Stronger net investment income due to higher re-investment rates

partnership with The R&A to raise the profile of gender The culture of underwriting excellence that we have
equity and gender pay equity, has permeated throughout created and our broad capabilities to solve risk issues,
our company, and has become a meaningful driver behind coupled with well-capitalized insurance subsidiaries
our core value of being an ally. Through our partnership and a strong balance sheet, provide AIG with significant
with The R&A, we are elevating the women’s game of golf flexibility. Additionally, our extensive insight into the
and recognizing, highlighting and rewarding the current and evolving risk issues that clients and
achievements of these elite athletes. distribution partners face every day and ability to connect
across the world through our global footprint provides
Our Vision for the Future us with a competitive advantage.
AIG’s turnaround, along with the transformation of our
core operations, was impressive for many reasons. We We continue to work towards the deconsolidation and an
significantly improved the company, tackling issues that eventual full separation of Corebridge while we reposition
had not been previously addressed, and the most AIG to operate as one, global property & casualty and
important part of the progress we made was building a personal insurance company. Our goal is to have a simpler
core foundation that will enable us to continue to improve and leaner operating model for AIG with optimized key
in the future. Having fundamentally changed every part of end-to-end processes and workflows that allow us to
the company and delivered exceptional performance on efficiently deliver high-quality solutions and products to
our underwriting and operational priorities, we have a our clients and distribution partners.
renewed sense of purpose and strong momentum. AIG is
very well positioned for 2023 and beyond. A top priority for AIG in 2023 is to make significant
progress towards reaching a 10% or greater adjusted
As we look ahead, AIG’s next chapter will be focused on return on common equity,* which we will achieve through
growing attractive businesses and continuing to shift our continued improvement in underwriting results, expense
portfolio to deliver the best solutions for our clients while reductions from AIG 200, implementing a new operating
achieving improved risk-adjusted returns. We will model for AIG, ongoing expense discipline, continued
continuously reposition our portfolio through our execution of the capital management actions we
underwriting actions and prudent capital deployment. accelerated in 2022, and improvement in our net
“Having fundamentally
changed every part of the
company and delivered
exceptional performance on
our underwriting and
operational priorities, we
have a renewed sense of
purpose and strong
momentum.”

investment income as we continue to reposition our

investment portfolio at more attractive re-investment rates.
“Our journey to become a
Capital management will be a significant area of focus top-performing company,
throughout 2023. We are committed to returning delivering excellence in all
appropriate levels of capital to shareholders through share that we do, will continue
repurchases and dividend payments. In addition to
ordinary-course return of capital, we also expect to use net
to be our driving force as
proceeds from Corebridge secondary offerings in 2023 to we focus on long-term,
accelerate our capital management strategy, with share sustainable value creation
repurchases being our primary focus. Our target count for for our shareholders.”
shares outstanding remains 600–650 million and our
target leverage ratio remains 20–25% post deconsolidation
of Corebridge.
Overall, I am extremely proud of what we have

accomplished, particularly in 2022. What our teams have
achieved is remarkable and unprecedented in our
industry. Our journey to become a top-performing
company, delivering excellence in all that we do, will
continue to be our driving force as we focus on long-term,
sustainable value creation for our shareholders.
On behalf of our colleagues around the world, thank you

for your ongoing trust and confidence in AIG.
Sincerely,
Peter Zaffino
Chairman & Chief Executive Officer
(AIG)
* These are non-GAAP financial measures. The definitions and reconciliations of accident year combined ratio, as adjusted, and adjusted return on
common equity to the most comparable GAAP measures are on pages 45, 46, 66 and 71 of the 2022 Form 10-K.

RISK EXPERTISE
Paving the way to a better

digital experience with AIG
Across the insurance industry, digital transformation is AIG.com is also the digital access point for the new myAIG
a critical strategic objective. Broker Portal, a one-stop gateway for brokers and agents.
With it, account and policy information, loss runs, status
In 2020, AIG began implementing an improved, across the insurance lifecycle process, document hub
comprehensive technology infrastructure to support and other AIG applications and tools can be seamlessly
underwriting excellence and make doing business with accessed on a self-service basis.
AIG easier and more intuitive. By early 2023, AIG reached
a significant milestone in our digital journey with the The myAIG Broker Portal serves as the digital front door
launch of a refreshed AIG.com website and reimagined to AIG’s e-commerce ecosystem, providing brokers access
myAIG Broker Portal. to important middle-to-back-office enhancements in
our commercial underwriting platform, as well as other
The new AIG.com design enables more effective digital improvements. AIG’s capabilities are designed to
communication and fosters stronger, more efficient fulfill brokers’ needs for critical client policy and account
engagement with clients, distribution partners, information, ease of access, and overall efficiency in
shareholders and other stakeholders. It features a policy submission and renewal and claims processing.
simplified navigation and refreshed appearance, with
enhanced multimedia content and a more tightly AIG’s digital transformation progress reinforces our strong
connected network of AIG global websites. Users have brand, as well as what differentiates AIG, including our
dynamic access to financial information, AIG’s risk expertise, capabilities and world class talent.
expertise, insurance offerings, career information and
other important content.

RISK EXPERTISE
Harnessing real-world experience

to help clients reduce risk
AIG’s underwriters and risk consulting teams serve as Once insured, clients work with AIG’s underwriting and
allies to our clients and distribution partners to help them risk consulting teams on an ongoing basis to help clients
identify ways to mitigate risk and build resiliency. improve strategies to prevent or reduce losses, manage
costs, decrease business interruption, and enhance their
The experience of our global colleagues spans multiple underwriting profile. These efforts often include: devising
industries and regions—giving them unique insight to wildfire defense strategies in emergency situations;
identify exposures and develop loss control programs. providing assistance during a cyber breach or suspected
breach; and making preferred vendors available when
As part of AIG’s commitment to underwriting excellence, needed. AIG also offers clients training in areas like
potential exposures are evaluated prior to offering workplace safety, accident investigation, cybersecurity
insurance coverages, such as property, casualty, cyber and various other risk management topics.
and specialty. The data collected depends on the type
of coverage being sought, ranging from sprinkler system Working with clients to mitigate risk helps strengthen
quality to vulnerabilities in computer networks. This our relationships, increase retention and reduce claims,
detailed analysis allows AIG underwriters to accurately which can lower costs for both the client and AIG.
assess potential exposures, predict loss relative to AIG’s
capacity and risk appetite, and ultimately determine
whether the deployment of capital meets AIG's
underwriting standards.

Expanding Lexington’s reach
in the excess & surplus market
AIG’s excess & surplus (E&S) carrier, Lexington Insurance Building on that success, Lexington entered the financial
Company, historically has been known for insuring larger, lines middle market in 2021 with LexPro, which provides
complex risks in the U.S. commercial market. Over the management liability insurance solutions for privately
last three years, Lexington has expanded its risk appetite held firms. Lexington then launched Lexington Midmarket
and expertise to provide insurance solutions for the Casualty in 2022. This business unit provides general
critical middle and small commercial markets. liability coverage for midsize and smaller enterprises in
the construction, manufacturing, retail, real estate and
Diversifying its markets to include midsize and smaller other business sectors.
commercial enterprises helps Lexington reduce the
volatility that a large-client concentration can pose Lexington’s diversification of its products to
while pursuing disciplined, sustainable growth. Market accommodate large as well as midsize and smaller
diversification also allows Lexington to maximize enterprises—along with its focus on the wholesale broker
engagement with its broker partners and their clients, channel—reflects Lexington’s continued commitment
who gain more certainty and resilience with tailored to address market needs, strengthen distributor
insurance solutions. relationships and deliver differentiated value to its broker
partners and their clients. Lexington’s unique value
Lexington’s market expansion began in 2019 with its proposition is its ability to solve insurance problems from
introduction of property products for midsize and Main Street to Wall Street.
smaller enterprises. In 2020, Lexington added builders
risk products to its property portfolio and its E&S
affiliate, Western World Insurance Company, focused its
contract-bind business on Main Street accounts.

RISK EXPERTISE
Growing our businesses across the globe

amid shifting risks
AIG remains a strong strategic partner to clients worldwide exposures—such as intellectual property, digital
as we expand our global presence amid a shifting risk ledger technology, AI and robotics—to deepen our
landscape—driven by technological, regulatory and understanding of emerging technologies likely to reshape
social change. risk and create innovative insurance products to meet
clients’ evolving needs.
In 2022, we strategically advanced growth in AIG’s
commercial specialty, marine, energy and property lines, To further identify and mitigate potential exposures,
and accident and health in personal lines. AIG monitors changes in regulations, laws and litigation
practices worldwide. Our global footprint, combined with
Diversifying AIG’s portfolio of global clients is another local regulatory and legislative knowledge, helps us advise
business priority. While maintaining sustainable growth clients of potential coverage gaps and efficiently adapt
in AIG’s large corporate and multinational accounts, we products from other geographies.
are introducing new growth in the small and medium-
sized business market in certain jurisdictions with tailored AIG is well positioned for continued profitable growth in
product offerings and fast, efficient distribution platforms. the global market by providing insightful, expert advice
and delivering value to our clients, distribution partners
Global product innovation is also key, as clients shift from and other stakeholders.
tangible to intangible assets. AIG evaluates 21st century

CORPORATE RESPONSIBILITY
Integrating AIG’s Purpose and Values

into daily activities and behaviors
At AIG, we are results oriented and believe that focusing their work and holding themselves accountable for
on how we achieve positive outcomes creates an aligned the outcomes.
and inclusive culture that enables further success.
Our commitment to excellence was recognized by a
We introduced our new Purpose and Values in 2022 leading international finance publication, Institutional
to guide our actions as a company and as individuals. Investor, which named Peter Zaffino Insurance Sector
With input from colleagues worldwide, these principles Best CEO Overall and ranked AIG first in Insurance Sector
represent who AIG is, what we stand for, and how we can Overall in its 2023 All-American Executive Team survey.
better serve our many stakeholders.
AIG’s Values also extend to lifting up the communities
Our Purpose is to discover new potential, which defines where our colleagues work and live. In 2022, AIG earned
what we seek to achieve—from strong, consistent financial a coveted place on The Civic 50 for the first time. This
performance to ethical corporate conduct. Our Values prestigious list recognizes the 50 most community-minded
support our Purpose by encouraging behaviors that companies in the United States, based on their use of
drive change and are visible in our day-to-day activities, time, skills and resources to drive social impact in their
attitudes and processes. communities and company.
By creating a culture rooted in our Purpose and Values, Unifying under one set of clear and directive Purpose
AIG was able to realize positive progress in 2022, including and Values empowers AIG colleagues to be conduits of
executing our strategy for profitable growth, prioritizing positive change in our company, industry and societies
capital management, advancing AIG 200, completing the at large—delivering exceptional client service, enhanced
Corebridge IPO and more. Our colleagues established shareholder value and a better experience for everyone
clear expectations and collaborated across teams to reach we serve.
these goals, while acting with integrity—taking pride in

CORPORATE RESPONSIBILITY
Promoting equity in golf,

business and society
AIG drives positive change by showing allyship to women To help women advance in golf, AIG became the 2022
in highly visible ways. presenting partner of the PGA Women’s Golf Clinics, which
feature a full day of golf instruction tailored to women, led
Our title sponsorship of the AIG Women’s Open, one by female PGA/LPGA certified coaches.
of five major championships in women’s golf, delivers
a clear message: exceptional achievements of women AIG’s commitment to gender equity was also reflected in
deserve equitable recognition—on the golf course, in strong, improving gender representation across our global
the workplace and in society at large. operations in 2022, with women representing more than
50% of all hires and promotions. AIG also sets the tone at
In 2022, AIG helped to continue to raise the profile of the top, with equal representation of men and women on
women’s golf on many levels. The AIG Women’s Open the Board of Directors.
marked the first time a women’s major championship
was played at Muirfield, an iconic course in Scotland. In Leading by example, AIG will continue to be an ally to
addition, AIG and The R&A, our partner in organizing women and champion gender and gender pay equity on
the event, set a new benchmark with a $7.3 million and off the golf course.
prize fund—doubling the purse since AIG became the
title sponsor.
Supporting gender and gender pay equity in sports also

promotes gender and gender pay equity in business. On
a golf course, women have equal opportunity to discuss
important matters in an informal setting, which builds
lasting relationships and strengthens networks.

Supporting long-term career
growth and satisfaction at AIG
AIG’s progress and innovation relies on a strong talent base that is fortified with long-
term career growth and satisfaction. We encourage “growing in place,” which is career
mobility within AIG. This provides flexibility for colleagues to pursue their interests
and expand their talents in different roles across various parts of the organization.
hich Essential to this growth is offering ways to bridge professional and technical skill gaps,
, led especially to under-represented talent. Colleagues frequently access AIG’s virtual
catalog of thousands of learning modules: more than 87,000 courses and 560,000
LinkedIn Learning videos were voluntarily completed in 2022.
in
obal AIG’s culture of allyship also inspires colleagues to support one another’s professional
an development—both formally and informally—with training, sponsorship, mentoring
e at and networking opportunities. Forums in which colleagues help to lift one another up
n on include AIG’s Accelerated Leadership Development (ALD) Program, General Insurance
Professional Associate (PA) Program, Global Sponsorship Program, Employee
Resource Groups (ERGs) and the AIG Academy.
on Such professional journeys include a colleague who started their AIG career in the
mailroom during college, then worked in areas such as underwriting, claims and
finance before becoming a leader of AIG’s Distribution team. Another credits their AIG
career growth in part to management training, which included high-level mentorship
and coaching from senior management.
An environment of belonging is critical to sustaining a committed and dedicated

workforce and long-lasting teams. At AIG, we aim to foster a workplace where
colleagues feel respected, valued and free to express their individual opinions, needs
and ambitions. This starts with conscious inclusion and hinges on managers leading
by example. To that end, AIG has provided training to the majority of global managers
on how to recognize unconscious biases and take mindful, proactive steps to change
those behaviors—and our efforts continue.
AIG’s proactive actions help provide dynamic, fulfilling careers for colleagues and,
as a result, quality outcomes for our stakeholders.

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Cautionary Statement Regarding
Forward-Looking Information
his nnual eport and other publicly available ll forward-looking statements involve risks҂ uncertainties
documents may include҂ and members of
and other factors that may cause
ҍs actual results and
management may from time to time make and discuss҂ financial condition to differ҂ possibly materially҂ from the
statements which҂ to the extent they are not statements results and financial condition expressed or implied in
of historical or present fact҂ may constitute Ҏforward- the forward-looking statementsҁ actors that could cause
looking statementsҏ within the meaning of the ҁҁ rivate
ҍs actual results to differ҂ possibly materially҂ from
ecurities itigation eform ct of ьєєѐҁ hese forward- those in specific pro%ections҂ goals҂ assumptions and
looking statements are intended to provide managementҍs forward-looking statements include҂ without limitation҃
current expectations or plans for
ҍs future operating
and financial performance҂ based on assumptions • the effects of economic conditions in the markets
currently believed to be valid and accurateҁ orward- in which
and its businesses operate in the ҁҁ
looking statements are often preceded by҂ followed by and globally and any changes therein҂ including
or include words such as Ҏwill҂ҏ Ҏbelieve҂ҏ Ҏanticipate҂ҏ financial market conditions҂ macroeconomic trends҂
Ҏexpect҂ҏ Ҏexpectations҂ҏ Ҏintend҂ҏ Ҏplan҂ҏ Ҏstrategy҂ҏ fluctuations in interest rates and foreign currency
Ҏprospects҂ҏ Ҏpro%ect҂ҏ Ҏanticipate҂ҏ Ҏshould҂ҏ Ҏguidance҂ҏ exchange rates҂ inflationary pressures and an
Ҏoutlook҂ҏ Ҏconfident҂ҏ Ҏfocused on achieving҂ҏ Ҏview҂ҏ economic slowdown or recession҂ each of which may
Ҏtarget҂ҏ Ҏgoal҂ҏ Ҏestimate҂ҏ and other words of similar also be affected by geopolitical events or conflicts҂
meaning in connection with a discussion of future including the conflict between ussia and kraine҄
operating or financial performanceҁ hese statements
may include҂ among other things҂ pro%ections҂ goals and • the occurrence of catastrophic events҂ both natural
assumptions that relate to future actions҂ prospective and man-made҂ including geopolitical events and
services or products҂ future performance or results of conflicts҂ civil unrest and the effects of climate change҄
current and anticipated services or products҂ sales efforts҂
expense reduction efforts҂ the outcome of contingencies • availability of adequate reinsurance or access to
such as legal proceedings҂ anticipated organi5ational҂ reinsurance on acceptable terms҄
business or regulatory changes҂ such as the separation
of the ife and etirement business from
҂ the effect • disruptions in the availability of
Ҋs or a third
of catastrophic events҂ both natural and man-made҂ and partyҍs information technology infrastructure҂
macroeconomic andҨor geopolitical events҂ anticipated including hardware and software҂ resulting from
dispositions҂ moneti5ation andҨor acquisitions of cyberattacks҂ data security breaches҂ or infrastructure
businesses or assets҂ the successful integration of vulnerabilities҄
acquired businesses҂ management succession and
retention plans҂ exposure to risk҂ trends in operations
•
Ҋs ability to reali5e expected strategic҂ financial҂
and financial results҂ and other statements that are not
operational or other benefits from the separation of
historical factsҁ
orebridge inancial҂
ncҁ Ңorebridgeң as well as
ҍs
equity market exposure to orebridge҄
• concentrations of
ҍs insurance҂ reinsurance and
other risk exposures҄
• concentrations in
ҍs investment portfolios҄
278 AIG ѹѷѹѹ

•
ҍs reliance on third-party investment managers҄ • changes in accounting principles and financial
reporting requirements҄
• changes in the valuation of
ҍs investments҄
•
ҍs ability to successfully dispose of҂ moneti5e
•
ҍs reliance on third parties to provide certain andҨor acquire businesses or assets or successfully
business and administrative services҄ integrate acquired businesses҄
• nonperformance or defaults by counterparties҂ • the effects of sanctions҂ including those related to the
including ortitude einsurance ompany tdҁ conflict between ussia and kraine and the failure to
Ңortitude eң҄ comply with those sanctions҄
• changes in %udgments concerning potential cost- • the effects of changes in laws and regulations҂
saving opportunities҄ including those relating to the regulation of insurance҂
in the ҁҁ and other countries in which
and its
•
Ҋs ability to effectively implement changes under businesses operate҄

эыы҂ including the ability to reali5e cost savings҄
• changes to tax laws in the ҁҁ and other countries
•
Ҋs ability to adequately assess risk and estimate in which
and its businesses operate҄
related losses as well as the effectiveness of
ҍs
enterprise risk management policies and procedures҂ • the outcome of significant legal҂ regulatory or
including with respect to business continuity and governmental proceedings҄
disaster recovery plans҄
• the impact of
-ьє and its variants or other
• difficulty in marketing and distributing products pandemics and responses thereto҄
through current and future distribution channels҄
•
ҍs ability to effectively execute on environmental҂
• the effectiveness of strategies to retain and social and governance targets and standards҄ and
recruit key personnel and to implement effective
succession plans҄ • such other factors discussed in art
҂
tem ђҁ
anagementҍs iscussion and nalysis of inancial
• actions by rating agencies with respect to
ҍs credit ondition and esults of perations and art
҂
and financial strength ratings as well as those of its
tem ьҁ isk actors in
ҍs nnual eport on
businesses and subsidiaries҄ orm ьы- for the year ended ecember юь҂ эыээҁ
• changes to sources of or access to liquidity҄ orward-looking statements speak only as of the date of
this report҂ or in the case of any document incorporated
• changes in %udgments concerning the recognition of by reference҂ the date of that documentҁ We are not
deferred tax assets and the impairment of goodwill҄ under any obligation to publicly update or revise any
forward-looking statements҂ whether as a result of
• changes in %udgments or assumptions concerning new information҂ future events or otherwise҂ except as
insurance underwriting and insurance liabilities҄ required by applicable lawҁ dditional 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 ecurities and xchange ommissionҁ
AIG ѹѷѹѹ 279

Comment on Regulation G and
Non-GAAP Financial Measures
hroughout this nnual eport҂

presents its financial
condition and results of operations in the way it believes
will be most meaningful and representative of its business
resultsҁ ome of the measurements
uses are Ҏnon-
financial measuresҏ under ecurities and xchange
ommission rules and regulationsҁ is the acronym
for generally accepted accounting principles in the nited
tatesҁ he non- financial measures
presents
may not be comparable to similarly-named measures
reported by other companiesҁ he reconciliations of such
measures to the most comparable measures in
accordance with egulation are included within this
nnual eport҂
ҍs nnual eport on orm ьы- for
the fiscal year ended ecember юь҂ эыээ or in the ourth
uarter эыээ inancial upplement available in the
nvestors section of
ҍs website҂ wwwҁaigҁcomҁ
Accident Year Combined Ratio, as adjusted excludes

catastrophe losses and related reinstatement premiums҂
prior year development҂ net of premium ad%ustments҂ and
the impact of reserve discountingҁ atural catastrophe
losses are generally weather or seismic events҂ in each
case҂ having a net impact on
in excess of ‫ۅ‬ьы million
and man-made catastrophe losses҂ such as terrorism and
civil disorders that exceed the ‫ۅ‬ьы million thresholdҁ We
believe that as ad%usted ratios are meaningful measures
of our underwriting results on an ongoing basis as
they exclude catastrophes and the impact of reserve
discounting which are outside of managementҍs controlҁ
We also exclude prior year development to provide
transparency related to current accident year resultsҁ
280 AIG ѹѷѹѹ

Non-GAAP Reconciliations
General Insurance Quarterly

2Q‫س‬18 3Q‫س‬18 4Q‫س‬18 1Q‫س‬19 2Q‫س‬19 3Q‫س‬19 4Q‫س‬19 1Q‫س‬20 2Q‫س‬20 3Q‫س‬20
oss ratio ёѐҁђ ѓѓҁё ѓыҁь ёюҁь ёюҁы ёєҁю ёѐҁё ёёҁѓ ђэҁё ђяҁё
atastrophe losses and reinstatement
premiums Ңэҁюң Ңээҁың Ңььҁюң Ңэҁђң Ңэҁёң Ңђҁѐң Ңёҁѐң Ңёҁєң Ңььҁєң Ңьюҁѐң
rior year development҂ net of
reinsurance and prior year premiums ыҁѓ Ңэҁђң Ңѐҁюң ьҁы ыҁє – эҁэ ыҁє ыҁѓ Ңыҁяң
d%ustments for ceded premium under
reinsurance contracts and other ьҁэ Ңыҁюң ыҁя ыҁя – Ңыҁюң ыҁю – – –
ccident year loss ratio҂ as ad%usted ёѐҁя ёюҁё ёюҁє ёьҁѓ ёьҁю ёьҁѐ ёьҁё ёыҁѓ ёьҁѐ ёыҁђ
cquisition ratio эьҁь эьҁђ ээҁя эьҁѓ ээҁэ ээҁы эьҁя эьҁє эыҁы ьєҁѓ
eneral operating expense ratio ьяҁѐ ьяҁь ьэҁѐ ьэҁѐ ьэҁё ьэҁя ьэҁѓ ьэҁѓ ьюҁя ьэҁѓ
xpense ratio юѐҁё юѐҁѓ юяҁє юяҁю юяҁѓ юяҁя юяҁэ юяҁђ ююҁя юэҁё
ombined ratio ьыьҁю ьэяҁя ььѐҁы єђҁя єђҁѓ ьыюҁђ єєҁѓ ьыьҁѐ ьыёҁы ьыђҁэ
ccident year combined ratio҂ as
ad%usted ьыьҁы єєҁя єѓҁѓ єёҁь єёҁь єѐҁє єѐҁѓ єѐҁѐ єяҁє єюҁю
Quarterly
4Q‫س‬20 1Q‫س‬21 2Q‫س‬21 3Q‫س‬21 4Q‫س‬21 1Q‫س‬22 2Q‫س‬22 3Q‫س‬22 4Q‫س‬22
oss ratio ђыҁэ ёѐҁё ёьҁю ёѓҁя ёьҁѓ ёыҁє ѐёҁэ ёђҁѐ ѐѓҁѐ
atastrophe losses and reinstatement
premiums Ңєҁың Ңђҁюң Ңэҁьң Ңєҁђң Ңэҁєң Ңяҁѐң Ңьҁѓң Ңєҁѓң Ңюҁѓң
rior year development҂ net of
reinsurance and prior year premiums Ңыҁєң ыҁє ыҁђ ыҁѐ ыҁю ьҁь эҁє ыҁє эҁю
d%ustments for ceded premium under
reinsurance contracts and other – – – – – – – – –
ccident year loss ratio҂ as ad%usted ёыҁю ѐєҁэ ѐєҁє ѐєҁэ ѐєҁэ ѐђҁѐ ѐђҁю ѐѓҁё ѐђҁы
cquisition ratio ьєҁѓ эыҁэ ьєҁь ьєҁѓ ьєҁэ ьєҁѓ ьєҁѐ ьѓҁэ ьєҁѓ
eneral operating expense ratio ьэҁѓ ьюҁы ьэҁь ььҁѐ ььҁя ьэҁэ ььҁђ ььҁё ььҁё
xpense ratio юэҁё ююҁэ юьҁэ юьҁю юыҁё юэҁы юьҁэ эєҁѓ юьҁя
ombined ratio ьыэҁѓ єѓҁѓ єэҁѐ єєҁђ єэҁя єэҁє ѓђҁя єђҁю ѓєҁє
ccident year combined ratio҂ as
ad%usted єэҁє єэҁя єьҁь єыҁѐ ѓєҁѓ ѓєҁѐ ѓѓҁѐ ѓѓҁя ѓѓҁя
AIG ѹѷѹѹ 281

Shareholder Information
equests for copies of the эыээ nnual eport should

be directed to

nvestor elationsҁ hareholders may
eliminate duplicate mailings of
ҍs proxy materials by
contacting
ҍs transfer agentҁ ontact details can be
found at www.aig.com/investor-relationsҁ
282 AIG ѹѷѹѹ

EXECUTIVE LEADERSHIP TEAM
Peter Zaffino Tom Bolt Lucy Fato

hairman ъ hief xecutive fficer ҂ hief isk fficer ҂ eneral ounsel ъ lobal ead of
ommunications and overnment ffairs
Shane Fitzsimons* Rose Marie Glazer Kevin Hogan

҂ hief inancial fficer ҂ hief uman esources ҂ hief xecutive fficer҂
ъ iversity fficer orebridge inancial
Constance Hunter David McElroy Naohiro Mouri

҂ lobal ead of trategy ъ ҂ hief xecutive fficer҂ ҂ hief uditor
eneral
nsurance
Sabra Purtill* John Repko Claude Wade

҂
nterim hief inancial fficer ҂ hief
nformation fficer ҂ lobal ead of perations ъ hared
ervices and hief igital fficer
esign by addisonҁcom
Ҭ abra urtill is xecutive ice resident҂

nterim hief inancial fficer during hane it5simonsҍ temporary medical leave of absenceҁ
AIG ѹѷѹѹ

www.aig.com

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Delivering Excellence

American International Group, Inc.

Set the standard

bring them • We are aligned

Delivered the strongest underwriting profitability AIG has ever achieved

COMBINED RATIO UNDERWRITING INCOME

Improved 3.9 points Nearly doubled to

Completed the largest U.S. IPO in 2022

Established Corebridge brand, ~$300M

Executed balanced capital management strategy

Revamped investment management structures and strategies

AIG 2022 ANNUAL REPORT 1

414533_AIG_AR22_Narr_v32_R1.indd 1 3/23/23 2:23 AM

Dear AIG Shareholder:

2 AIG 2022 ANNUAL REPORT

414533_AIG_AR22_Narr_v32_R1.indd 2 3/23/23 2:24 AM

AIG S&P 500

AIG 2022 ANNUAL REPORT 3

414533_AIG_AR22_Narr_v32_R1.indd 3 3/23/23 2:24 AM

4 AIG 2022 ANNUAL REPORT

414533_AIG_AR22_Narr_v32_R1.indd 4 3/23/23 2:24 AM

6. AIG 200, our multi-year effort to improve efficiency

Over $7B of cumulative improvement in full year

AIG 2022 ANNUAL REPORT 5

414533_AIG_AR22_Narr_v32_R2.indd 5 3/24/23 9:51 PM

Key drivers on the path to double-digit adjusted return on common equity*

Leaner operating model and expense savings

Execution on capital management priorities

Separation of Life & Retirement business

Stronger net investment income due to higher re-investment rates

6 AIG 2022 ANNUAL REPORT

414533_AIG_AR22_Narr_v32_R1.indd 6 3/23/23 2:24 AM

AIG 2022 ANNUAL REPORT 7

investment income as we continue to reposition our

Overall, I am extremely proud of what we have

On behalf of our colleagues around the world, thank you

8 AIG 2022 ANNUAL REPORT

Paving the way to a better

AIG 2022 ANNUAL REPORT 9

414533_AIG_AR22_Narr_v32_R1.indd 9 3/23/23 2:24 AM

Harnessing real-world experience

10 AIG 2022 ANNUAL REPORT

414533_AIG_AR22_Narr_v32_R1.indd 10 3/23/23 2:24 AM

AIG 2022 ANNUAL REPORT 11

414533_AIG_AR22_Narr_v32_R1.indd 11 3/23/23 2:24 AM

Growing our businesses across the globe

12 AIG 2022 ANNUAL REPORT

414533_AIG_AR22_Narr_v32_R1.indd 12 3/23/23 2:24 AM

Integrating AIG’s Purpose and Values

AIG 2022 ANNUAL REPORT 13

414533_AIG_AR22_Narr_v32_R1.indd 13 3/23/23 2:24 AM

Promoting equity in golf,

Supporting gender and gender pay equity in sports also

14 AIG 2022 ANNUAL REPORT

414533_AIG_AR22_Narr_v32_R1.indd 14 3/23/23 2:24 AM

An environment of belonging is critical to sustaining a committed and dedicated

AIG 2022 ANNUAL REPORT 15

414533_AIG_AR22_Narr_v32_R1.indd 15 3/23/23 2:25 AM

16 AIG 2022 ANNUAL REPORT

414533_AIG_AR22_Narr_v32_R1.indd 16 3/23/23 2:25 AM

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