AMERICAN INTERNATIONAL GROUP, INC.

General Insurance consists of our three segments and the Net investment income and Amortization of intangible assets including renewal rights related to our insurance operations.

GENERAL INSURANCE

(a)Consistent with our definition of APTI, excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.

(b)In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes.

The following tables present General Insurance accident year catastrophes(a) by segment:

(a)Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil unrest that exceed the $10 million threshold.

NORTH AMERICA COMMERCIAL

The North America Commercial segment consists of insurance businesses and operations in the United States, Canada and Bermuda. Products include Property, Casualty and Financial Lines with clients ranging from small and medium-sized businesses to multinational companies.

(a)Consistent with our definition of APTI, excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.

Net premiums written increased by $431 million, or 37 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Casualty and Property. The increase in Net premiums earned is primarily driven by business growth.

North America Commercial produced underwriting income of $327 million from a combined ratio of 85.5, which was an 8.4 point improvement. This was driven by a lower loss ratio (8.7 points) from:

•lower catastrophe losses (7.2 points); and

•higher net favorable prior year reserve development (2.4 points), with favorable development driven by Property.

This was partially offset by a higher accident year loss ratio, as adjusted (0.9 points) due to changes in business mix.

The expense ratio increased by 0.3 points, as a lower acquisition ratio (0.4 points) primarily driven by changes in business mix partially offset the increase in the general operating expense ratio (0.7 points).

INTERNATIONAL COMMERCIAL

The International Commercial segment consists of insurance businesses and operations in Europe, Middle East and Africa (EMEA region), the United Kingdom, Japan, Asia Pacific, Latin America and Caribbean, and China. The International Commercial segment also includes the results of Talbot Holdings Ltd. (Talbot) as well as AIG’s Global Specialty business. Products include Property, Casualty and Financial Lines, with clients ranging from small and medium-sized businesses to multinational companies. Global Specialty products include aviation, political risk, trade credit and trade finance.

Net premiums written, excluding the favorable impact of foreign exchange ($162 million), increased by $261 million, or 12 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Property and Casualty. The increase in Net premiums earned is primarily driven by business growth.

International Commercial produced underwriting income of $278 million from a combined ratio of 87.3, which was a 0.9 point improvement. This was driven by a lower loss ratio (0.4 points) from lower catastrophe losses (1.4 points), partially offset by:

•higher accident year loss ratio, as adjusted (0.2 points) due to changes in business mix; and

•net adverse prior year reserve development (0.8 points), driven by prior year premiums.

The expense ratio improved by 0.5 points, as a mix-driven increase in the acquisition ratio (0.1 points) was more than offset by a lower general operating expense ratio (0.6 points).

GLOBAL PERSONAL

The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China. Global Accident & Health products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals. Personal Lines products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S. that covers auto, homeowners, umbrella, yacht, fine art and collections.

Net premiums written, excluding the favorable impact of foreign exchange ($60 million) increased by $159 million, or 11 percent, primarily driven by reinsurance program changes and organic growth in U.S. high net worth and Accident & Health. The increase in Net premiums earned is primarily driven by these same factors.

Global Personal produced underwriting income of $169 million from a combined ratio of 89.4, which was an 18.5 point improvement. This was driven by a lower loss ratio (14.4 points) from:

•lower catastrophe losses (10.6 points);

•net favorable prior year reserve development (2.2 points), with favorable development driven by U.S. high net worth; and

•lower accident year loss ratio, as adjusted (1.6 points) due to changes in business mix.

The expense ratio improved by 4.1 points, reflecting a lower acquisition ratio (2.7 points), primarily driven by changes in business mix and improved commission terms, and a lower general operating expense ratio (1.4 points).