AMERICAN INTERNATIONAL GROUP, INC.

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and six months ended June 30, 2025 and 2024. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.

For information regarding the critical accounting estimates that affect our results of operations, see Critical Accounting Estimates in this MD&A and Part II, Item 7. MD&A – Critical Accounting Estimates in the 2024 Annual Report.

The following table presents our consolidated results of operations and other key financial metrics:

NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS

Three Months Ended June 30, 2025 and 2024 Comparison

Net income (loss) attributable to AIG common shareholders increased $5.1 billion due to the following:

•an increase in Income (loss) from discontinued operations, net of income taxes of $4.4 billion as a result of the deconsolidation of Corebridge in June 2024;

•an increase in Net investment income of $476 million primarily driven by changes in the fair value of AIG's investment in Corebridge and gain on sale of shares of $455 million in 2025 compared to $65 million in 2024 and higher income from available for sale fixed maturity securities of $149 million;

•a decrease in General operating and other expenses primarily driven by lower restructuring and other related costs of $348 million; and

•an increase in underwriting income driven by higher net favorable prior year reserve development of $92 million, primarily in Casualty and lower catastrophe losses of $160 million partially offset by a higher accident year loss ratio due to changes in business mix.

The increase in Net income (loss) attributable to AIG common shareholders was partially offset by the following:

•an increase in Net realized losses on Fortitude Re funds withheld embedded derivative of $22 million driven by interest rate movement and an increase in Net realized losses on Fortitude Re funds withheld assets of $51 million;

•an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $5 million, primarily driven by an increase in foreign exchange losses of $79 million and higher derivative and hedge activity losses of $77 million, partially offset by lower losses on sales of securities of $66 million and changes in allowance for credit losses on loans of $57 million;

•an increase in income tax expense of $258 million as a result of higher income from continuing operations; and

•a decrease in income attributable to noncontrolling interest of $93 million primarily driven by the deconsolidation of Corebridge.

Six Months Ended June 30, 2025 and 2024 Comparison

Net income (loss) attributable to AIG common shareholders increased $4.6 billion due to the following:

•an increase in Income (loss) from discontinued operations, net of income taxes of $3.6 billion as a result of the deconsolidation of Corebridge in June 2024;

•an increase in Net investment income of $602 million primarily driven by changes in the fair value of AIG's investment in Corebridge and gain on sale of shares of $664 million in 2025 compared to $65 million in 2024, higher income from available for sale fixed maturity securities of $174 million, partially offset by a decrease in the fair value of equity securities of $61 million and a decrease in interest income on mortgages and other loans of $46 million; and

•a decrease in General operating and other expenses primarily driven by lower restructuring and other related costs of $339 million.

The increase in Net income (loss) attributable to AIG common shareholders was partially offset by the following:

•a decrease in underwriting income primarily driven by higher catastrophe losses of $259 million and a higher accident year loss ratio due to changes in business mix;

•an increase in Net realized losses on Fortitude Re funds withheld embedded derivative of $54 million driven by interest rate movement and an increase in Net realized losses on Fortitude Re funds withheld assets of $34 million;

•an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $6 million, primarily driven by derivative and hedge activity losses of $57 million and losses from sales of securities of $103 million, partially offset by changes in allowances for credit losses on loans of $70 million and an increase in foreign exchange gains of $82 million;

•an increase in income tax expense of $259 million as a result of higher income before taxes; and

•a decrease in net income attributable to noncontrolling interest of $477 million primarily driven by Corebridge.

INCOME TAX EXPENSE ANALYSIS

For the three months ended June 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 25.9 percent and 23.0 percent, respectively. For the six months ended June 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 26.4 percent and 24.1 percent, respectively.

For additional information, see Note 16 to the Condensed Consolidated Financial Statements.

NON-GAAP RECONCILIATIONS

The following table presents reconciliations of Book value per share to Adjusted book value per share and Core operating book value per share, which are non-GAAP measures. For additional information, see Use of Non-GAAP Measures.

The following table presents reconciliations of Return on equity to Adjusted return on equity and Core operating return on equity, which are non-GAAP measures. For additional information, see Use of Non-GAAP Measures.

The following table presents a reconciliation of pre-tax income (loss)/net income (loss) attributable to AIG to adjusted pre-tax income (loss)/adjusted after-tax income (loss) attributable to AIG:

(a)Noncontrolling interest primarily relates to Corebridge and is the portion of Corebridge earnings that AIG did not own. Corebridge was consolidated until June 9, 2024. The historical results of Corebridge owned by AIG are reflected in Income (loss) from discontinued operations, net of income taxes.

(b)Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets.

(c)In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes.

(d)In the second quarter of 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and real estate impairment charges.

PRE-TAX INCOME (LOSS) COMPARISON

Pre-tax income was $1.5 billion and $617 million in the three months ended June 30, 2025 and 2024, respectively. Pre-tax income was $2.5 billion and $1.7 billion in the six months ended June 30, 2025 and 2024, respectively.

For the main drivers impacting AIG’s results of operations, see – Net Income (Loss) Attributable to AIG Common Shareholders above.

ADJUSTED PRE-TAX INCOME (LOSS) COMPARISON

Adjusted pre-tax income was $1.4 billion and $1.0 billion in the three months ended June 30, 2025 and 2024, respectively. Adjusted pre-tax income was $2.3 billion and $2.2 billion in the six months ended June 30, 2025 and 2024, respectively.

For the main drivers impacting AIG’s adjusted pre-tax income (loss), see Business Segment Operations.

The following table presents a reconciliation of General Insurance and Other Operations Net investment income and other/pre-tax income (loss) to Net investment income and other, APTI basis/adjusted pre-tax income (loss):