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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
——————————
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-8787
American International Group, Inc.
(Exact name of registrant as specified in its charter)

Delaware | 13-2592361
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)
1271 Avenue of the Americas, New York, New York | 10020
(Address of principal executive offices) | (Zip Code)

Registrant’s telephone number, including area code: (212) 770-7000
——————————
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class | Trading Symbol | Name of each exchange on which registered
Common Stock, Par Value $2.50 Per Share | AIG | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ |  |  |  | Accelerated filer ☐
Non-accelerated filer ☐ |  |  |  | Smaller reporting company ☐
|  |  |  | Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of October 30, 2025, there were 539,576,054 shares outstanding of the registrant’s common stock.

AMERICAN INTERNATIONAL GROUP, INC.
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025
TABLE OF CONTENTS
FORM 10-Q

Item Number | Description |  | Page
Part I – Financial Information |
ITEM 1 | Financial Statements | 2
| Note 1. | Basis of Presentation | 9
| Note 2. | Summary of Significant Accounting Policies | 9
| Note 3. | Segment Information | 10
| Note 4. | Discontinued Operations Presentation | 14
| Note 5. | Fair Value Measurements | 16
| Note 6. | Investments | 27
| Note 7. | Lending Activities | 33
| Note 8. | Reinsurance | 36
| Note 9. | Deferred Policy Acquisition Costs | 38
| Note 10. | Variable Interest Entities | 39
| Note 11. | Derivatives and Hedge Accounting | 39
| Note 12. | Insurance Liabilities | 42
| Note 13. | Contingencies, Commitments and Guarantees | 45
| Note 14. | Equity | 46
| Note 15. | Earnings Per Common Share (EPS) | 50
| Note 16. | Income Taxes | 51
| Note 17. | Subsequent Events | 53
ITEM 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 54
| •Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results | 54
| •Use of Non-GAAP Measures | 57
| •Critical Accounting Estimates | 59
| •Executive Summary | 59
| •Consolidated Results of Operations | 61
| •Business Segment Operations | 66
| •Investments | 75
| •Insurance Reserves | 82
| •Liquidity and Capital Resources | 86
| •Enterprise Risk Management | 91
| •Glossary | 92
| •Acronyms | 94
ITEM 3 | Quantitative and Qualitative Disclosures About Market Risk | 94
ITEM 4 | Controls and Procedures | 94
Part II – Other Information
ITEM 1 | Legal Proceedings | 95
ITEM 1A | Risk Factors | 95
ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds | 95
ITEM 5 | Other Information | 96
ITEM 6 | Exhibits | 96
Signatures | 97

AIG | Third Quarter 2025 Form 10-Q | 1

TABLE OF CONTENTS

Part I – Financial Information

Item 1. | Financial Statements

American International Group, Inc.
Condensed Consolidated Balance Sheets (unaudited)

(in millions, except for share data) | September 30, 2025 | December 31, 2024
Assets: |  |  |  |
Investments: |  |  |  |
Fixed maturity securities: |  |  |  |
Bonds available for sale, at fair value, net of allowance for credit losses of $43 in 2025 and $38 in 2024 (amortized cost: 2025 - $72,008; 2024 - $66,195) | $ | 71,184 |  | $ | 64,006 |
Other bond securities, at fair value |  | 743 |  |  | 745 |
Equity securities, at fair value |  | 829 |  |  | 704 |
Mortgage and other loans receivable, net of allowance for credit losses of $37,740 in 2025 and $37,800 in 2024 |  | 3,314 |  |  | 3,868 |
Other invested assets (portion measured at fair value: 2025 - $6,469; 2024 - $7,384) |  | 8,361 |  |  | 9,828 |
Short-term investments, including restricted cash of $3 in 2025 and $55 in 2024 (portion measured at fair value: 2025 - $4,860; 2024 - $9,789) |  | 9,417 |  |  | 14,462 |
Total investments |  | 93,848 |  |  | 93,613 |
Cash |  | 1,589 |  |  | 1,302 |
Accrued investment income |  | 670 |  |  | 599 |
Premiums and other receivables, net of allowance for credit losses and disputes of $128 in 2025 and $127 in 2024 |  | 11,264 |  |  | 10,463 |
Reinsurance assets - Fortitude Re |  | 3,170 |  |  | 3,427 |
Reinsurance assets - other, net of allowance for credit losses and disputes of $226 in 2025 and $220 in 2024 |  | 35,600 |  |  | 34,618 |
Deferred income tax assets |  | 4,567 |  |  | 4,956 |
Deferred policy acquisition costs |  | 2,135 |  |  | 2,065 |
Goodwill |  | 3,439 |  |  | 3,373 |
Deposit accounting assets, net of allowance for credit losses of $49 in 2025 and $49 in 2024 |  | 2,531 |  |  | 2,171 |
Other assets, including restricted cash of $2 in 2025 and $15 in 2024 (portion measured at fair value: 2025 - $131; 2024 - $179) |  | 4,602 |  |  | 4,735 |
Total assets | $ | 163,415 |  | $ | 161,322 |
Liabilities: |  |  |  |
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2025 and $14 in 2024 | $ | 69,882 |  | $ | 69,168 |
Unearned premiums |  | 19,563 |  |  | 17,232 |
Future policy benefits |  | 1,420 |  |  | 1,317 |
Other policyholder funds |  | 381 |  |  | 418 |
Fortitude Re funds withheld payable (portion measured at fair value: 2025 - $(103); 2024 - $(128)) |  | 3,094 |  |  | 3,207 |
Premiums and other related payables |  | 6,209 |  |  | 6,052 |
Deposit accounting liabilities |  | 3,332 |  |  | 3,005 |
Commissions and premium taxes payable |  | 1,490 |  |  | 1,522 |
Current and deferred income tax liabilities |  | 572 |  |  | 426 |
Other liabilities (portion measured at fair value: 2025 - $121; 2024 - $251) |  | 7,112 |  |  | 7,503 |
Long-term debt |  | 9,087 |  |  | 8,764 |
Debt of consolidated investment entities |  | 156 |  |  | 158 |
Total liabilities |  | 122,298 |  |  | 118,772 |
Contingencies, commitments and guarantees (See Note 13) |  |  |  |
AIG shareholders’ equity: |  |  |  |
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2025 - 1,906,671,492 and 2024 - 1,906,671,492 | 4,766 |  |  | 4,766 |
Treasury stock, at cost; 2025 - 1,362,180,100 shares; 2024 - 1,300,512,040 shares of common stock |  | (70,667) |  |  | (65,573) |
Additional paid-in capital |  | 75,334 |  |  | 75,348 |
Retained earnings |  | 36,698 |  |  | 35,079 |
Accumulated other comprehensive loss |  | (5,046) |  |  | (7,099) |
Total AIG shareholders’ equity |  | 41,085 |  |  | 42,521 |
Non-redeemable noncontrolling interests |  | 32 |  |  | 29 |
Total equity |  | 41,117 |  |  | 42,550 |
Total liabilities and equity | $ | 163,415 |  | $ | 161,322 |

See accompanying Notes to Condensed Consolidated Financial Statements.

2 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS

American International Group, Inc.
Condensed Consolidated Statements of Income (Loss) (unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in millions, except per common share data) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Premiums | $ | 6,073 |  | $ | 5,945 |  |  | $ | 17,720 |  | $ | 17,564 |  |  |
Net investment income: |  |  |  |  |  |  |  |  |  |  |
Net investment income - excluding Fortitude Re funds withheld assets |  | 743 |  |  | 922 |  |  |  | 3,235 |  |  | 2,819 |  |  |
Net investment income - Fortitude Re funds withheld assets |  | 29 |  |  | 51 |  |  |  | 108 |  |  | 123 |  |  |
Total net investment income |  | 772 |  |  | 973 |  |  |  | 3,343 |  |  | 2,942 |  |  |
Net realized gains (losses): |  |  |  |  |  |  |  |  |  |  |
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative |  | (431) |  |  | 8 |  |  |  | (683) |  |  | (238) |  |  |
Net realized losses on Fortitude Re funds withheld assets |  | (5) |  |  | (18) |  |  |  | (59) |  |  | (38) |  |  |
Net realized losses on Fortitude Re funds withheld embedded derivative |  | (54) |  |  | (157) |  |  |  | (109) |  |  | (158) |  |  |
Total net realized losses |  | (490) |  |  | (167) |  |  |  | (851) |  |  | (434) |  |  |
Other income (loss) |  | (4) |  |  | — |  |  |  | 13 |  |  | 2 |  |  |
Total revenues |  | 6,351 |  |  | 6,751 |  |  |  | 20,225 |  |  | 20,074 |  |  |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses incurred |  | 3,391 |  |  | 3,773 |  |  |  | 10,678 |  |  | 10,753 |  |  |
Amortization of deferred policy acquisition costs |  | 850 |  |  | 863 |  |  |  | 2,522 |  |  | 2,543 |  |  |
General operating and other expenses |  | 1,297 |  |  | 1,346 |  |  |  | 3,574 |  |  | 4,194 |  |  |
Interest expense |  | 99 |  |  | 112 |  |  |  | 291 |  |  | 353 |  |  |
(Gain) loss on extinguishment of debt |  | — |  |  | — |  |  |  | (5) |  |  | 1 |  |  |
Net (gain) loss on divestitures and other |  | — |  |  | 8 |  |  |  | (53) |  |  | (94) |  |  |
Total benefits, losses and expenses |  | 5,637 |  |  | 6,102 |  |  |  | 17,007 |  |  | 17,750 |  |  |
Income from continuing operations before income tax expense |  | 714 |  |  | 649 |  |  |  | 3,218 |  |  | 2,324 |  |  |
Income tax expense |  | 190 |  |  | 168 |  |  |  | 852 |  |  | 571 |  |  |
Income from continuing operations |  | 524 |  |  | 481 |  |  |  | 2,366 |  |  | 1,753 |  |  |
Loss from discontinued operations, net of income taxes |  | — |  |  | (24) |  |  |  | — |  |  | (3,580) |  |  |
Net income (loss) |  | 524 |  |  | 457 |  |  |  | 2,366 |  |  | (1,827) |  |  |
Less: Net income (loss) attributable to noncontrolling interests |  | 5 |  |  | (2) |  |  |  | 5 |  |  | 475 |  |  |
Net income (loss) attributable to AIG |  | 519 |  |  | 459 |  |  |  | 2,361 |  |  | (2,302) |  |  |
Less: Dividends on preferred stock and preferred stock redemption premiums |  | — |  |  | — |  |  |  | — |  |  | 22 |  |  |
Net income (loss) attributable to AIG common shareholders | $ | 519 |  | $ | 459 |  |  | $ | 2,361 |  | $ | (2,324) |  |  |
Income per common share attributable to AIG common shareholders: |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | 0.94 |  | $ | 0.75 |  |  | $ | 4.12 |  | $ | 2.62 |  |  |
Loss from discontinued operations | $ | — |  | $ | (0.03) |  |  | $ | — |  | $ | (6.13) |  |  |
Net income (loss) attributable to AIG common shareholders | $ | 0.94 |  | $ | 0.72 |  |  | $ | 4.12 |  | $ | (3.51) |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | 0.93 |  | $ | 0.74 |  |  | $ | 4.08 |  | $ | 2.59 |  |  |
Loss from discontinued operations | $ | — |  | $ | (0.03) |  |  | $ | — |  | $ | (6.07) |  |  |
Net income (loss) attributable to AIG common shareholders | $ | 0.93 |  | $ | 0.71 |  |  | $ | 4.08 |  | $ | (3.48) |  |  |
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |
Basic |  | 553,308,504 |  |  | 641,621,768 |  |  |  | 573,176,050 |  |  | 661,691,554 |  |  |
Diluted |  | 558,519,830 |  |  | 647,365,442 |  |  |  | 578,421,227 |  |  | 667,355,069 |  |  |

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | Third Quarter 2025 Form 10-Q | 3

TABLE OF CONTENTS

American International Group, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)

| Three Months Ended |  | Nine Months Ended |
| September 30, |  | September 30,
(in millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
Net income (loss) | $ | 524 |  | $ | 457 |  |  | $ | 2,366 |  | $ | (1,827) |  |  |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  |  |  |  |  |
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken |  | — |  |  | 37 |  |  |  | (2) |  |  | 63 |  |  |
Change in unrealized appreciation (depreciation) of all other investments |  | 547 |  |  | 1,349 |  |  |  | 1,464 |  |  | 1,074 |  |  |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts |  | 5 |  |  | 46 |  |  |  | 12 |  |  | (44) |  |  |
Change in foreign currency translation adjustments |  | (56) |  |  | 414 |  |  |  | 567 |  |  | 104 |  |  |
Change in retirement plan liabilities adjustment |  | 6 |  |  | 1 |  |  |  | 13 |  |  | 18 |  |  |
Change in other comprehensive income (loss) related to discontinued operations |  | — |  |  | — |  |  |  | — |  |  | (945) |  |  |
Corebridge deconsolidation |  | — |  |  | — |  |  |  | — |  |  | 7,214 |  |  |
Other comprehensive income |  | 502 |  |  | 1,847 |  |  |  | 2,054 |  |  | 7,484 |  |  |
Comprehensive income |  | 1,026 |  |  | 2,304 |  |  |  | 4,420 |  |  | 5,657 |  |  |
Less: Comprehensive income attributable to noncontrolling interests |  | 5 |  |  | 2 |  |  |  | 6 |  |  | 181 |  |  |
Comprehensive income attributable to AIG | $ | 1,021 |  | $ | 2,302 |  |  | $ | 4,414 |  | $ | 5,476 |  |  |

See accompanying Notes to Condensed Consolidated Financial Statements.

4 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS

American International Group, Inc.
Condensed Consolidated Statements of Equity (unaudited)

(in millions, except per share data) |  |  | Common Stock |  | Treasury Stock |  | Additional Paid-in Capital |  | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total AIG Share- holders' Equity | Non- redeemable Non- controlling Interests |  | Total Equity
Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  | $ | 4,766 |  | $ | (69,430) |  | $ | 75,289 |  | $ | 36,424 |  | $ | (5,548) |  | $ | 41,501 |  | $ | 28 |  | $ | 41,529 |
Common stock issued under stock plans |  |  |  | — |  |  | 9 |  |  | (1) |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Purchase of common stock |  |  |  | — |  |  | (1,246) |  |  | — |  |  | — |  |  | — |  |  | (1,246) |  |  | — |  |  | (1,246) |
Net income attributable to AIG or noncontrolling interests |  |  |  | — |  |  | — |  |  | — |  |  | 519 |  |  | — |  |  | 519 |  |  | 5 |  |  | 524 |
Dividends on common stock ($0.45 per share) |  |  |  | — |  |  | — |  |  | — |  |  | (246) |  |  | — |  |  | (246) |  |  | — |  |  | (246) |
Other comprehensive income |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 502 |  |  | 502 |  |  | — |  |  | 502 |
Other |  |  |  | — |  |  | — |  |  | 46 |  |  | 1 |  |  | — |  |  | 47 |  |  | (1) |  |  | 46 |
Balance, end of period |  |  | $ | 4,766 |  | $ | (70,667) |  | $ | 75,334 |  | $ | 36,698 |  | $ | (5,046) |  | $ | 41,085 |  | $ | 32 |  | $ | 41,117 |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  | $ | 4,766 |  | $ | (62,255) |  | $ | 75,274 |  | $ | 34,225 | $ | (7,565) |  | $ | 44,445 |  | $ | 30 |  | $ | 44,475 |
Common stock issued under stock plans |  |  |  | — |  |  | 29 |  |  | (4) |  |  | — |  |  | — |  |  | 25 |  |  | — |  |  | 25 |
Purchase of common stock |  |  |  | — |  |  | (1,518) |  |  | — |  |  | — |  |  | — |  |  | (1,518) |  |  | — |  |  | (1,518) |
Net income (loss) attributable to AIG or noncontrolling interests |  |  |  | — |  |  | — |  |  | — |  |  | 459 |  |  | — |  |  | 459 |  |  | (2) |  |  | 457 |
Dividends on common stock ($0.40 per share) |  |  |  | — |  |  | — |  |  | — |  |  | (254) |  |  | — |  |  | (254) |  |  | — |  |  | (254) |
Other comprehensive income |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,843 |  |  | 1,843 |  |  | 4 |  |  | 1,847 |
Net decrease due to divestitures and acquisitions |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | (6) |
Other |  |  |  | — |  |  | — |  |  | 40 |  |  | (1) |  |  | — |  |  | 39 |  |  | 8 |  |  | 47 |
Balance, end of period |  |  | $ | 4,766 |  | $ | (63,744) |  | $ | 75,310 |  | $ | 34,429 |  | $ | (5,722) |  | $ | 45,039 |  | $ | 34 |  | $ | 45,073 |

AIG | Third Quarter 2025 Form 10-Q | 5

TABLE OF CONTENTS

American International Group, Inc.
Condensed Consolidated Statements of Equity (unaudited)(continued)

(in millions, except per share data) | Preferred Stock and Additional Paid-in Capital |  | Common Stock |  | Treasury Stock |  | Additional Paid-in Capital |  | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |  | Total AIG Share- holders' Equity | Non- redeemable Non- controlling Interests |  | Total Equity
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of the year | $ | — |  | $ | 4,766 |  | $ | (65,573) |  | $ | 75,348 |  | $ | 35,079 |  | $ | (7,099) |  | $ | 42,521 |  | $ | 29 |  | $ | 42,550 |
Common stock issued under stock plans |  | — |  |  | — |  |  | 208 |  |  | (174) |  |  | — |  |  | — |  |  | 34 |  |  | — |  |  | 34 |
Purchase of common stock |  | — |  |  | — |  |  | (5,302) |  |  | — |  |  | — |  |  | — |  |  | (5,302) |  |  | — |  |  | (5,302) |
Net income attributable to AIG or noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,361 |  |  | — |  |  | 2,361 |  |  | 5 |  |  | 2,366 |
Dividends on common stock ($1.30 per share) |  | — |  |  | — |  |  | — |  |  | — |  |  | (734) |  |  | — |  |  | (734) |  |  | — |  |  | (734) |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,053 |  |  | 2,053 |  |  | 1 |  |  | 2,054 |
Distributions to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | (5) |
Other |  | — |  |  | — |  |  | — |  |  | 160 |  |  | (8) |  |  | — |  |  | 152 |  |  | 2 |  |  | 154 |
Balance, end of period | $ | — |  | $ | 4,766 |  | $ | (70,667) |  | $ | 75,334 |  | $ | 36,698 |  | $ | (5,046) |  | $ | 41,085 |  | $ | 32 |  | $ | 41,117 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | 485 |  | $ | 4,766 |  | $ | (59,189) |  | $ | 75,810 |  | $ | 37,516 |  | $ | (14,037) |  | $ | 45,351 |  | $ | 5,950 |  | $ | 51,301 |
Common stock issued under stock plans |  | — |  |  | — |  |  | 322 |  |  | (314) |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Redemption of preferred stock |  | (485) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (485) |  |  | — |  |  | (485) |
Purchase of common stock |  | — |  |  | — |  |  | (4,877) |  |  | — |  |  | — |  |  | — |  |  | (4,877) |  |  | — |  |  | (4,877) |
Net income (loss) attributable to AIG or noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,302) |  |  | — |  |  | (2,302) |  |  | 475 |  |  | (1,827) |
Dividends on preferred stock ($365.625 per share) and preferred stock redemption premiums |  | — |  |  | — |  |  | — |  |  | — |  |  | (22) |  |  | — |  |  | (22) |  |  | — |  |  | (22) |
Dividends on common stock ($1.16 per share) |  | — |  |  | — |  |  | — |  |  | — |  |  | (758) |  |  | — |  |  | (758) |  |  | — |  |  | (758) |
Other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,778 |  |  | 7,778 |  |  | (294) |  |  | 7,484 |
Net decrease due to divestitures and acquisitions |  | — |  |  | — |  |  | — |  |  | (418) |  |  | — |  |  | 537 |  |  | 119 |  |  | (6,010) |  |  | (5,891) |
Contributions from noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  | 28 |
Distributions to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (72) |  |  | (72) |
Other |  | — |  |  | — |  |  | — |  |  | 232 |  |  | (5) |  |  | — |  |  | 227 |  |  | (43) |  |  | 184 |
Balance, end of period | $ | — |  | $ | 4,766 |  | $ | (63,744) |  | $ | 75,310 |  | $ | 34,429 |  | $ | (5,722) |  | $ | 45,039 |  | $ | 34 |  | $ | 45,073 |

See accompanying Notes to Condensed Consolidated Financial Statements.

6 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS

American International Group, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)

| Nine Months Ended September 30,
(in millions) |  | 2025 |  | 2024 |  |
Cash flows from operating activities: |  |  |  |  |  |
Net income (loss) | $ | 2,366 |  | $ | (1,827) |  |  |
Loss from discontinued operations |  | — |  |  | 3,580 |  |  |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |
Noncash revenues, expenses, gains and losses included in income (loss): |  |  |  |  |  |
Net losses on sales of securities available for sale and other assets |  | 539 |  |  | 132 |  |  |
Net gain on divestitures and other |  | (53) |  |  | (94) |  |  |
(Gain) loss on extinguishment of debt |  | (5) |  |  | 1 |  |  |
Unrealized gains in earnings - net |  | (537) |  |  | (4) |  |  |
Equity in income from equity method investments, net of dividends or distributions |  | (16) |  |  | (57) |  |  |
Depreciation and other amortization |  | 2,580 |  |  | 2,607 |  |  |
Impairments of assets |  | 286 |  |  | 24 |  |  |
Changes in operating assets and liabilities: |  |  |  |  |  |
Insurance reserves |  | 540 |  |  | 1,864 |  |  |
Premiums and other receivables and payables - net |  | (932) |  |  | (539) |  |  |
Reinsurance assets, net |  | (272) |  |  | (1,199) |  |  |
Capitalization of deferred policy acquisition costs |  | (2,576) |  |  | (2,665) |  |  |
Current and deferred income taxes - net |  | 717 |  |  | (5) |  |  |
Other, net |  | 41 |  |  | 1,434 |  |  |
Total adjustments |  | 312 |  |  | 1,499 |  |  |
Net cash provided by operating activities - continuing operations |  | 2,678 |  |  | 3,252 |  |  |
Net cash used in operating activities - discontinued operations |  | — |  |  | (104) |  |  |
Net cash provided by operating activities |  | 2,678 |  |  | 3,148 |  |  |
Cash flows from investing activities: |  |  |  |  |  |
Proceeds from (payments for) |  |  |  |  |  |
Sales or distributions of: |  |  |  |  |  |
Available for sale securities |  | 9,866 |  |  | 7,323 |  |  |
Other securities |  | 128 |  |  | 192 |  |  |
Other invested assets |  | 2,371 |  |  | 1,298 |  |  |
Divestitures, net |  | — |  |  | 6 |  |  |
Maturities of fixed maturity securities available for sale |  | 6,368 |  |  | 6,887 |  |  |
Principal payments received on and sales of mortgage and other loans receivable |  | 880 |  |  | 483 |  |  |
Purchases of: |  |  |  |  |  |
Available for sale securities |  | (19,887) |  |  | (13,254) |  |  |
Other securities |  | (137) |  |  | (224) |  |  |
Other invested assets |  | (656) |  |  | (364) |  |  |
Mortgage and other loans receivable |  | (245) |  |  | (294) |  |  |
Net change in short-term investments |  | 5,150 |  |  | 1,324 |  |  |
Other, net |  | (579) |  |  | (187) |  |  |
Net cash provided by investing activities - continuing operations |  | 3,259 |  |  | 3,190 |  |  |
Net cash used in investing activities - discontinued operations |  | — |  |  | (4,171) |  |  |
Net cash provided by (used in) investing activities |  | 3,259 |  |  | (981) |  |  |
Cash flows from financing activities: |  |  |  |  |  |
Proceeds from (payments for) |  |  |  |  |  |
Issuance of long-term debt |  | 1,241 |  |  | 1 |  |  |
Repayments of long-term debt |  | (1,087) |  |  | (510) |  |  |
Repayments of debt of consolidated investment entities |  | (2) |  |  | (1) |  |  |
Purchase of common stock |  | (5,252) |  |  | (4,830) |  |  |
Redemption of preferred stock |  | — |  |  | (485) |  |  |
Dividends on preferred stock and preferred stock redemption premiums |  | — |  |  | (22) |  |  |
Dividends on common stock |  | (734) |  |  | (758) |  |  |
Other, net |  | 90 |  |  | 666 |  |  |
Net cash used in financing activities - continuing operations |  | (5,744) |  |  | (5,939) |  |  |
Net cash provided by financing activities - discontinued operations |  | — |  |  | 3,880 |  |  |
Net cash used in financing activities |  | (5,744) |  |  | (2,059) |  |  |
Effect of exchange rate changes on cash and restricted cash |  | 29 |  |  | (37) |  |  |
Net increase in cash and restricted cash |  | 222 |  |  | 71 |  |  |
Cash and restricted cash at beginning of year |  | 1,372 |  |  | 1,573 |  |  |
Cash and restricted cash of held for sale assets |  | — |  |  | (85) |  |  |
Cash and restricted cash at end of period | $ | 1,594 |  | $ | 1,559 |  |  |

AIG | Third Quarter 2025 Form 10-Q | 7

TABLE OF CONTENTS

American International Group, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)(continued)
Supplementary Disclosure of Condensed Consolidated Cash Flow Information

|  | Nine Months Ended September 30,
(in millions) |  | 2025 |  | 2024 |  |
Cash |  | $ | 1,589 |  |  | $ | 1,472 |  |  |
Restricted cash included in Short-term investments* |  | 3 |  |  | 72 |  |  |
Restricted cash included in Other assets* |  | 2 |  |  | 15 |  |  |
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows |  | $ | 1,594 |  |  | $ | 1,559 |  |  |
Cash paid during the period for: |  |  |  |  |  |
Interest |  | $ | 268 |  |  | $ | 581 |  |  |
Taxes |  | $ | 135 |  |  | $ | 811 |  |  |
Non-cash investing activities: |  |  |  |  |  |
Fixed maturity securities available for sale received in connection with pension risk transfer transactions attributed to discontinued operations |  | $ | — |  |  | $ | 1,316 |  |  |
Fixed maturity securities and other invested assets received in connection with reinsurance transactions |  | $ | — |  |  | $ | 254 |  |  |
Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions |  | $ | (17) |  |  | $ | (148) |  |  |
Non-cash financing activities: |  |  |  |  |  |
Interest credited to policyholder contract deposits included in financing activities |  | $ | — |  |  | $ | 2,416 |  |  |
Fee income debited to policyholder contract deposits included in financing activities |  | $ | — |  |  | $ | (1,426) |  |  |

*Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.
See accompanying Notes to Condensed Consolidated Financial Statements.

8 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 1. Basis of Presentation

1. Basis of Presentation
American International Group, Inc. is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in over 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners. Unless the context indicates otherwise, the terms “AIG,” “we,” “us,” “our” or "the Company" mean American International Group, Inc. and its consolidated subsidiaries, and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries.
These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Annual Report). The condensed consolidated financial information as of December 31, 2024 included herein has been derived from the audited Consolidated Financial Statements in the 2024 Annual Report.
In the opinion of management, these Condensed Consolidated Financial Statements contain normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary for a fair statement of the results presented herein. Results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
We evaluated the need to recognize or disclose events that occurred subsequent to September 30, 2025 and prior to the issuance of these Condensed Consolidated Financial Statements.
USE OF ESTIMATES
The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:
•loss reserves;
•reinsurance assets, including the allowance for credit losses and disputes;
•allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities;
•fair value measurements of certain financial assets and financial liabilities; and
•income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.
These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

2. Summary of Significant Accounting Policies
FUTURE APPLICATION OF ACCOUNTING STANDARDS
Income Tax
In December 2023, the Financial Accounting Standards Board (FASB) issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, which AIG plans to adopt on a prospective basis. The adoption of the standard will not have an impact on AIG’s consolidated results of operations and financial condition as this standard is related to the disclosures in the Notes to the Consolidated Financial Statements.
Disaggregation of Income Statement Expenses
On November 4, 2024, the FASB issued new guidance that is intended to improve disclosures regarding the nature of expenses included in the income statement. The standard will require companies to disaggregate certain expense captions into specified categories in disclosures within notes to the financial statements and provide qualitative descriptions for those that are not separately disclosed. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods

AIG | Third Quarter 2025 Form 10-Q | 9

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 2. Summary of Significant Accounting Policies
within annual reporting periods beginning after December 15, 2027. The requirements can be applied prospectively or retrospectively for prior periods presented when adopted. We are assessing the impact of the standard.
Improvements to Internal-use Software
In September 2025, the FASB issued targeted improvements to modernize the accounting for software development costs by aligning it with how software is developed today. The effective date for the standard is for annual periods beginning after December 15, 2027 and interim reporting periods within those fiscal years. Early adoption is permitted. The amendments can be applied either prospectively, retrospectively or utilizing a modified transition approach. We are assessing the impact of the standard.

3. Segment Information
In the fourth quarter of 2024, the Company realigned its organizational structure and the composition of its reportable segments to reflect changes in how the Company manages its operations, specifically the level at which its chief operating decision makers (CODMs) regularly review operating results and allocate resources. Our CODMs are the chief executive officer (CEO) and chief financial officer (CFO). The CODMs evaluate performance of the segments based on underwriting income (loss). The CODMs use this measure to benchmark AIG’s performance, assessing performance of the segments and in establishing management’s compensation.
AIG has three reportable segments: North America Commercial, International Commercial and Global Personal. Prior year's presentations have been recast to conform to the new reportable segments. Our General Insurance business (General Insurance) consists of our three segments and the Net investment income related to our insurance operations.
NORTH AMERICA COMMERCIAL
North America Commercial consists of insurance businesses in the United States, Canada and Bermuda.
INTERNATIONAL COMMERCIAL
International Commercial consists of 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 Underwriting Ltd. as well as AIG’s Global Specialty business.
GLOBAL PERSONAL
Global Personal consists primarily of insurance businesses in the United States as well as Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China.
PRODUCTS
The segments consist of the following products:
–North America and International Commercial consists of Property & Short Tail, Casualty, Financial Lines and Global Specialty.
–Global Personal consists of Global Accident & Health and Personal Lines.
OTHER OPERATIONS
Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge Financial, Inc. (Corebridge) dividend income, corporate General operating expenses, and Interest expense.
SEGMENT RESULTS
Management uses Underwriting income (loss) as the basis for the segment performance reviews. AIG calculates Underwriting income (loss) by subtracting Losses and loss adjustment expense incurred, Amortization of deferred policy acquisition costs (DAC), Other acquisition cost, and General operating expense from Net premiums earned. Assets by reportable segment are not used by the CODMs for purposes of making decisions about allocating resources to the segment and assessing its performance.

10 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information
The following table presents AIG’s continuing operations by segment:

Three Months Ended September 30, 2025
(in millions) | Net Premiums Written | Net Premiums Earned | Losses and Loss Adjustment Expenses Incurred(a) | Amortization of DAC(a) | Other Acquisition Expenses(a) | General Operating Expenses(a)(b) | Underwriting Income (Loss) | Net Investment Income | Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense
North America Commercial | $ | 2,435 |  | $ | 2,198 |  | $ | 1,303 |  | $ | 221 |  | $ | 44 |  | $ | 246 |  | $ | 384 |  |  |
International Commercial | 2,115 |  | 2,188 |  | 1,167 |  | 285 |  | 96 |  | 310 |  | 330 |  |  |
Global Personal | 1,680 |  | 1,654 |  | 909 |  | 345 |  | 97 |  | 224 |  | 79 |  |  |
Total General Insurance | $ | 6,230 |  | $ | 6,040 |  | $ | 3,379 |  | $ | 851 |  | $ | 237 |  | $ | 780 |  | $ | 793 |  | $ | 945 |  | $ | 1,738 |
Interest expense |  |  |  |  |  |  |  | — |  | (100) |
Other Operations |  |  |  |  |  |  |  | 77 |  | (18) |
Elimination and consolidations |  |  |  |  |  |  |  | 2 |  | 2 |
Total |  |  |  |  |  |  |  | 1,024 |  | 1,622 |
Reconciling items: |  |  |  |  |  |  |  |  |
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | (288) |  | (288) |
Net investment income on Fortitude Re funds withheld assets | 29 |  | 29 |
Net realized losses on Fortitude Re funds withheld assets | — |  | (5) |
Net realized losses on Fortitude Re funds withheld embedded derivative | — |  | (54) |
Net realized gains (losses)(c) | (2) |  | (433) |
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — |  | 9 |
Net loss reserve discount benefit (charge) | — |  | 2 |
Net results of businesses in run-off(d) | 9 |  | 1 |
Non-operating pension expenses | — |  | (6) |
Integration and transaction costs associated with acquiring or divesting businesses | — |  | (7) |
Restructuring and other costs(e) | — |  | (153) |
Non-recurring costs related to regulatory or accounting changes | — |  | (3) |
Total AIG Consolidated | $ | 772 |  | $ | 714 |

AIG | Third Quarter 2025 Form 10-Q | 11

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

Three Months Ended September 30, 2024
(in millions) | Net Premiums Written | Net Premiums Earned | Losses and Loss Adjustment Expenses Incurred(a) | Amortization of DAC(a) | Other Acquisition Expenses(a) | General Operating Expenses(a)(b) | Underwriting Income (Loss) | Net Investment Income | Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense
North America Commercial | $ | 2,445 |  | $ | 2,123 |  | $ | 1,532 |  | $ | 206 |  | $ | 64 |  | $ | 225 |  | $ | 96 |  |  |
International Commercial | 2,052 |  | 2,039 |  | 1,092 |  | 259 |  | 96 |  | 272 |  | 320 |  |  |
Global Personal | 1,883 |  | 1,785 |  | 987 |  | 398 |  | 132 |  | 247 |  | 21 |  |  |
Total General Insurance | $ | 6,380 |  | $ | 5,947 |  | $ | 3,611 |  | $ | 863 |  | $ | 292 |  | $ | 744 |  | $ | 437 |  | $ | 773 |  | $ | 1,210 |
Interest expense |  |  |  |  |  |  |  | — |  | (110) |
Other Operations |  |  |  |  |  |  |  | 120 |  | (28) |
Elimination and consolidations |  |  |  |  |  |  |  | (1) |  | 3 |
Total |  |  |  |  |  |  |  | 892 |  | 1,075 |
Reconciling items: |  |  |  |  |  |  |  |  |
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | 25 |  | 25 |
Net investment income on Fortitude Re funds withheld assets | 51 |  | 51 |
Net realized losses on Fortitude Re funds withheld assets | — |  | (18) |
Net realized losses on Fortitude Re funds withheld embedded derivative | — |  | (157) |
Net realized gains (losses)(c) | — |  | 7 |
Net loss on divestitures and other | — |  | (8) |
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — |  | (126) |
Net loss reserve discount benefit (charge) | — |  | (29) |
Net results of businesses in run-off(d) | 5 |  | (8) |
Integration and transaction costs associated with acquiring or divesting businesses | — |  | (22) |
Restructuring and other costs(e) | — |  | (137) |
Non-recurring costs related to regulatory or accounting changes | — |  | (4) |
Total AIG Consolidated | $ | 973 |  | $ | 649 |

12 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

Nine Months Ended September 30, 2025
(in millions) | Net Premiums Written | Net Premiums Earned | Losses and Loss Adjustment Expenses Incurred(a) | Amortization of DAC(a) | Other Acquisition Expenses(a) | General Operating Expenses(a)(b) | Underwriting Income (Loss) | Net Investment Income | Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense
North America Commercial | $ | 6,472 |  | $ | 6,455 |  | $ | 4,169 |  | $ | 654 |  | $ | 137 |  | $ | 681 |  | $ | 814 |  |  |
International Commercial | 6,467 |  | 6,363 |  | 3,515 |  | 799 |  | 274 |  | 905 |  | 870 |  |  |
Global Personal | 4,697 |  | 4,869 |  | 2,889 |  | 1,069 |  | 259 |  | 674 |  | (22) |  |  |
Total General Insurance | $ | 17,636 |  | $ | 17,687 |  | $ | 10,573 |  | $ | 2,522 |  | $ | 670 |  | $ | 2,260 |  | $ | 1,662 |  | $ | 2,552 |  | $ | 4,214 |
Interest expense |  |  |  |  |  |  |  | — |  | (292) |
Other Operations |  |  |  |  |  |  |  | 273 |  | — |
Elimination and consolidations |  |  |  |  |  |  |  | (1) |  | — |
Total |  |  |  |  |  |  |  | 2,824 |  | 3,922 |
Reconciling items: |  |  |  |  |  |  |  |  |
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | 393 |  | 393 |
Gain (loss) on extinguishment of debt | — |  | 5 |
Net investment income on Fortitude Re funds withheld assets | 108 |  | 108 |
Net realized losses on Fortitude Re funds withheld assets | — |  | (59) |
Net realized losses on Fortitude Re funds withheld embedded derivative | — |  | (109) |
Net realized gains (losses)(c) | (4) |  | (690) |
Net gain on divestitures and other | — |  | 53 |
Non-operating litigation reserves and settlements | — |  | 13 |
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — |  | (53) |
Net loss reserve discount charge | — |  | (27) |
Net results of businesses in run-off(d) | 22 |  | 8 |
Non-operating pension expenses | — |  | (16) |
Integration and transaction costs associated with acquiring or divesting businesses | — |  | (13) |
Restructuring and other costs(e) | — |  | (307) |
Non-recurring costs related to regulatory or accounting changes | — |  | (10) |
Total AIG Consolidated | $ | 3,343 |  | $ | 3,218 |

AIG | Third Quarter 2025 Form 10-Q | 13

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

Nine Months Ended September 30, 2024
(in millions) | Net Premiums Written | Net Premiums Earned | Losses and Loss Adjustment Expenses Incurred(a) | Amortization of DAC(a) | Other Acquisition Expenses(a) | General Operating Expenses(a)(b) | Underwriting Income (Loss) | Net Investment Income | Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense
North America Commercial | $ | 6,228 |  | $ | 6,046 |  | $ | 4,109 |  | $ | 615 |  | $ | 164 |  | $ | 635 |  | $ | 523 |  |  |
International Commercial | 6,275 |  | 6,081 |  | 3,381 |  | 753 |  | 266 |  | 801 |  | 880 |  |  |
Global Personal | 5,322 |  | 5,355 |  | 2,982 |  | 1,164 |  | 395 |  | 754 |  | 60 |  |  |
Total General Insurance | $ | 17,825 |  | $ | 17,482 |  | $ | 10,472 |  | $ | 2,532 |  | $ | 825 |  | $ | 2,190 |  | $ | 1,463 |  | $ | 2,281 |  | $ | 3,744 |
Interest expense |  |  |  |  |  |  |  | — |  | (336) |
Other Operations |  |  |  |  |  |  |  | 332 |  | (164) |
Elimination and consolidations |  |  |  |  |  |  |  | (1) |  | (3) |
Total |  |  |  |  |  |  |  | 2,612 |  | 3,241 |
Reconciling items: |  |  |  |  |  |  |  |  |
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | 172 |  | 172 |
Other income (expense) - net | 16 |  | — |
Gain (loss) on extinguishment of debt | — |  | (1) |
Net investment income on Fortitude Re funds withheld assets | 123 |  | 123 |
Net realized losses on Fortitude Re funds withheld assets | — |  | (38) |
Net realized losses on Fortitude Re funds withheld embedded derivative | — |  | (158) |
Net realized gains (losses)(c) | 6 |  | (234) |
Net gain on divestitures and other | — |  | 94 |
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — |  | (66) |
Net loss reserve discount charge | — |  | (131) |
Net results of businesses in run-off(d) | 13 |  | 4 |
Integration and transaction costs associated with acquiring or divesting businesses | — |  | (37) |
Restructuring and other costs(e) | — |  | (630) |
Non-recurring costs related to regulatory or accounting changes | — |  | (15) |
Total AIG Consolidated | $ | 2,942 |  | $ | 2,324 |

(a)These represent our significant expense categories of which amounts align with the segment-level information that is regularly provided to the CODMs.
(b)General operating expenses are primarily comprised of employee compensation and benefits, as well as professional fees.
(c)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 held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).
(d)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. In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.
(e)In the three and nine months ended September 30, 2025 and 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and, in the nine months ended September 30, 2024, real estate impairment charges.
For the three and nine months ended September 30, 2024, we recorded severance charges of $66 million and $351 million, respectively, and asset impairment charges of $53 million for the nine months ended September 30, 2024, as a result of restructuring activities.

4. Discontinued Operations Presentation
DISCONTINUED OPERATIONS PRESENTATION
We present a business, or a component of an entity, as discontinued operations if a) it meets the held-for-sale criteria, or is disposed of by sale, or is disposed of other than by sale, and b) the disposal of the business, or component of an entity, represents a strategic shift that has (or will have) a major effect on AIG’s financial results.
Deconsolidation of Corebridge
On June 9, 2024, AIG held 48.4 percent of Corebridge common stock, waived its right to majority representation on the Corebridge Board of Directors and one of AIG's designees resigned from the Corebridge Board of Directors as of June 9, 2024 (the Deconsolidation Date). As a result, AIG met the requirements for the deconsolidation of Corebridge.

14 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Discontinued Operations Presentation
In the second quarter of 2024, AIG recognized a loss of $4.7 billion as a result of the deconsolidation, mainly due to the recognition of an accumulated comprehensive loss of $7.2 billion. The loss was recorded as a component of discontinued operations.
The historical financial results of Corebridge are reflected in these Condensed Consolidated Financial Statements as discontinued operations.
Post Deconsolidation of Corebridge
Subsequent to the Deconsolidation Date, AIG elected the fair value option and reflects its retained interest in Corebridge as an equity method investment in Other invested assets using Corebridge’s stock price as its fair value. Dividends received from Corebridge and changes in its stock price are recognized in Net investment income.
In August and September 2025, we sold an aggregate of approximately 31.2 million shares of Corebridge common stock at a public offering price of $33.65 per share, which included 30 million shares initially offered and the partial exercise by the underwriters of their option to purchase additional shares. The aggregate proceeds to AIG Parent were approximately $1.0 billion.
On November 4, 2025, AIG launched a secondary public offering to sell 32.6 million shares of Corebridge common stock at a public offering price of $31.10 per share, corresponding to approximately $1.0 billion of gross proceeds. Subject to the completion of the offering, Corebridge has announced that it intends to purchase approximately $500 million of common stock from the underwriter at the same per share price to be paid by the underwriter to AIG, net of underwriting discounts and commissions. The offering is expected to close on November 6, 2025.
Due to share repurchases by Corebridge and the sale of shares by AIG after the Deconsolidation Date, as of September 30, 2025, AIG held 15.5 percent of the outstanding common stock of Corebridge.
The following provides Corebridge's pre-tax income as well as our equity method income (representing the sum of dividends received and changes in its stock price).

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Corebridge pre-tax income (loss) |  | $ | (42) |  |  | $ | (1,594) |  |  | $ | (1,512) |  |  | $ | (122) |  |  |
Equity method income related to Corebridge (based on fair value) |  | $ | (328) |  |  | $ | 11 |  |  | $ | 394 |  |  | $ | 2,094 |  |  |

The following table presents the amounts related to the operations of Corebridge that have been reflected in Net income from discontinued operations:

(in millions) |  |  |  | Three Months Ended September 30, 2024 |  |  |  | Nine Months Ended September 30, 2024
Revenues: |  |  |  |  |  |  |  |  |  |
Premiums |  |  |  | $ | — |  |  |  |  | $ | 2,723 |  |  |
Policy fees |  |  |  | — |  |  |  |  | 1,269 |  |  |
Net investment income |  |  |  | — |  |  |  |  | 5,238 |  |  |
Net realized losses |  |  |  | — |  |  |  |  | (923) |  |  |
Other income |  |  |  | — |  |  |  |  | 372 |  |  |
Total revenues |  |  |  | — |  |  |  |  | 8,679 |  |  |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |  |
Policyholder benefits and losses incurred |  |  |  | — |  |  |  |  | 3,618 |  |  |
Change in the fair value of market risk benefits, net |  |  |  | — |  |  |  |  | (350) |  |  |
Interest credited to policyholder account balances |  |  |  | — |  |  |  |  | 2,184 |  |  |
Amortization of deferred policy acquisition costs |  |  |  | — |  |  |  |  | 465 |  |  |
General operating and other expenses |  |  |  | — |  |  |  |  | 1,350 |  |  |
Interest expense |  |  |  | — |  |  |  |  | 249 |  |  |
Net gain on divestitures and other |  |  |  | — |  |  |  |  | (191) |  |  |
Total benefits, losses and expenses |  |  |  | — |  |  |  |  | 7,325 |  |  |
Income from discontinued operations before income tax expense and loss on disposal of discontinued operations |  |  |  | — |  |  |  |  | 1,354 |  |  |
Income tax expense |  |  |  | — |  |  |  |  | 226 |  |  |
Income from discontinued operations, net of income taxes before loss on disposal of discontinued operations |  |  |  | — |  |  |  |  | 1,128 |  |  |
Loss on disposition of operations, net of tax |  |  |  | (24) |  |  |  |  | (4,708) |  |  |
Loss from discontinued operations, net of income taxes |  |  |  | (24) |  |  |  |  | (3,580) |  |  |
Less: Net income from discontinued operations attributable to noncontrolling interests |  |  |  | (2) |  |  |  |  | 475 |  |  |
Net loss from discontinued operations attributable to AIG |  |  |  | $ | (22) |  |  |  |  | $ | (4,055) |  |  |

AIG | Third Quarter 2025 Form 10-Q | 15

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

5. Fair Value Measurements
FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:
•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.
•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

September 30, 2025 |  | Level 1 |  | Level 2 |  | Level 3 | Counterparty Netting(a) | Cash Collateral |  | Total
(in millions) |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 177 |  | $ | 3,610 |  | $ | — |  | $ | — |  | $ | — |  | $ | 3,787 |
Obligations of states, municipalities and political subdivisions |  | — |  |  | 2,886 |  |  | 3 |  |  | — |  |  | — |  |  | 2,889 |
Non-U.S. governments |  | 52 |  |  | 6,554 |  |  | 7 |  |  | — |  |  | — |  |  | 6,613 |
Corporate debt |  | — |  |  | 36,831 |  |  | 120 |  |  | — |  |  | — |  |  | 36,951 |
RMBS |  | — |  |  | 8,677 |  |  | 1,626 |  |  | — |  |  | — |  |  | 10,303 |
CMBS |  | — |  |  | 4,168 |  |  | 22 |  |  | — |  |  | — |  |  | 4,190 |
CLO/ABS |  | — |  |  | 4,965 |  |  | 1,486 |  |  | — |  |  | — |  |  | 6,451 |
Total bonds available for sale |  | 229 |  |  | 67,691 |  |  | 3,264 |  |  | — |  |  | — |  |  | 71,184 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | — |  |  | 51 |  |  | — |  |  | — |  |  | — |  |  | 51 |
Non-U.S. governments |  | — |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 22 |
Corporate debt |  | — |  |  | 257 |  |  | 1 |  |  | — |  |  | — |  |  | 258 |
RMBS |  | — |  |  | 46 |  |  | 53 |  |  | — |  |  | — |  |  | 99 |
CMBS |  | — |  |  | 42 |  |  | — |  |  | — |  |  | — |  |  | 42 |
CLO/ABS |  | — |  |  | 139 |  |  | 132 |  |  | — |  |  | — |  |  | 271 |
Total other bond securities |  | — |  |  | 557 |  |  | 186 |  |  | — |  |  | — |  |  | 743 |
Equity securities |  | 767 |  |  | 1 |  |  | 61 |  |  | — |  |  | — |  |  | 829 |
Other invested assets(b) |  | 2,651 |  |  | 223 |  |  | 93 |  |  | — |  |  | — |  |  | 2,967 |
Derivative assets(c) |  | — |  |  | 356 |  |  | 32 |  |  | (179) |  |  | (207) |  |  | 2 |
Short-term investments |  | 3,433 |  |  | 1,427 |  |  | — |  |  | — |  |  | — |  |  | 4,860 |
Other assets(c) |  | — |  |  | — |  |  | 129 |  |  | — |  |  | — |  |  | 129 |
Total | $ | 7,080 |  | $ | 70,255 |  | $ | 3,765 |  | $ | (179) |  | $ | (207) |  | $ | 80,714 |

16 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

September 30, 2025 |  | Level 1 |  | Level 2 |  | Level 3 | Counterparty Netting(a) | Cash Collateral |  | Total
(in millions) |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities(c) | $ | — |  | $ | 412 |  | $ | 32 |  | $ | (179) |  | $ | (216) |  | $ | 49 |
Fortitude Re funds withheld payable |  | — |  |  | — |  |  | (103) |  |  | — |  |  | — |  |  | (103) |
Other liabilities |  | — |  |  | — |  |  | 72 |  |  | — |  |  | — |  |  | 72 |
Total | $ | — |  | $ | 412 |  | $ | 1 |  | $ | (179) |  | $ | (216) |  | $ | 18 |

December 31, 2024 |  | Level 1 |  | Level 2 |  | Level 3 | Counterparty Netting(a) | Cash Collateral |  | Total
(in millions) |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 36 |  | $ | 3,231 |  | $ | — |  | $ | — |  | $ | — |  | $ | 3,267 |
Obligations of states, municipalities and political subdivisions |  | — |  |  | 3,140 |  |  | 3 |  |  | — |  |  | — |  |  | 3,143 |
Non-U.S. governments |  | 161 |  |  | 7,939 |  |  | 7 |  |  | — |  |  | — |  |  | 8,107 |
Corporate debt |  | — |  |  | 31,586 |  |  | 240 |  |  | — |  |  | — |  |  | 31,826 |
RMBS |  | — |  |  | 6,710 |  |  | 1,894 |  |  | — |  |  | — |  |  | 8,604 |
CMBS |  | — |  |  | 3,900 |  |  | 26 |  |  | — |  |  | — |  |  | 3,926 |
CLO/ABS |  | — |  |  | 4,293 |  |  | 840 |  |  | — |  |  | — |  |  | 5,133 |
Total bonds available for sale |  | 197 |  |  | 60,799 |  |  | 3,010 |  |  | — |  |  | — |  |  | 64,006 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | — |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | 50 |
Non-U.S. governments |  | — |  |  | 24 |  |  | — |  |  | — |  |  | — |  |  | 24 |
Corporate debt |  | — |  |  | 281 |  |  | 1 |  |  | — |  |  | — |  |  | 282 |
RMBS |  | — |  |  | 50 |  |  | 50 |  |  | — |  |  | — |  |  | 100 |
CMBS |  | — |  |  | 43 |  |  | — |  |  | — |  |  | — |  |  | 43 |
CLO/ABS |  | — |  |  | 133 |  |  | 113 |  |  | — |  |  | — |  |  | 246 |
Total other bond securities |  | — |  |  | 581 |  |  | 164 |  |  | — |  |  | — |  |  | 745 |
Equity securities |  | 689 |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | 704 |
Other invested assets (b) |  | 3,810 |  |  | 119 |  |  | 163 |  |  | — |  |  | — |  |  | 4,092 |
Derivative assets(c) |  | — |  |  | 573 |  |  | 51 |  |  | (270) |  |  | (304) |  |  | 50 |
Short-term investments |  | 7,942 |  |  | 1,847 |  |  | — |  |  | — |  |  | — |  |  | 9,789 |
Other assets(c) |  | — |  |  | — |  |  | 129 |  |  | — |  |  | — |  |  | 129 |
Total | $ | 12,638 |  | $ | 63,919 |  | $ | 3,532 |  | $ | (270) |  | $ | (304) |  | $ | 79,515 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities(c) | $ | — |  | $ | 571 |  | $ | 51 |  | $ | (270) |  | $ | (201) |  | $ | 151 |
Fortitude Re funds withheld payable |  | — |  |  | — |  |  | (128) |  |  | — |  |  | — |  |  | (128) |
Other liabilities |  | — |  |  | — |  |  | 100 |  |  | — |  |  | — |  |  | 100 |
Total | $ | — |  | $ | 571 |  | $ | 23 |  | $ | (270) |  | $ | (201) |  | $ | 123 |

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.
(b)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $3.5 billion and $3.3 billion as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, includes AIG's ownership interest in Corebridge of $2.7 billion and $3.8 billion, respectively, on which AIG elected the fair value option.
(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

AIG | Third Quarter 2025 Form 10-Q | 17

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS
The following tables present changes during the three and nine months ended September 30, 2025 and 2024 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at September 30, 2025 and 2024:

(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Non-U.S. governments |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |
Corporate debt |  | 147 |  |  | (2) |  |  | (15) |  |  | (4) |  |  | — |  |  | (6) |  |  | — |  |  | 120 |  |  | — |  |  | (13) |
RMBS |  | 1,633 |  |  | 7 |  |  | 8 |  |  | (5) |  |  | — |  |  | (17) |  |  | — |  |  | 1,626 |  |  | — |  |  | 15 |
CMBS |  | 26 |  |  | (5) |  |  | 5 |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | 5 |
CLO/ABS |  | 1,200 |  |  | 1 |  |  | 9 |  |  | 277 |  |  | — |  |  | (1) |  |  | — |  |  | 1,486 |  |  | — |  |  | 10 |
Total bonds available for sale |  | 3,015 |  |  | 1 |  |  | 7 |  |  | 264 |  |  | 1 |  |  | (24) |  |  | — |  |  | 3,264 |  |  | — |  |  | 17 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Debt |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
RMBS |  | 50 |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 53 |  |  | — |  |  | — |
CLO/ABS |  | 123 |  |  | 1 |  |  | — |  |  | 10 |  |  | — |  |  | (2) |  |  | — |  |  | 132 |  |  | 4 |  |  | — |
Total other bond securities |  | 174 |  |  | 1 |  |  | — |  |  | 13 |  |  | — |  |  | (2) |  |  | — |  |  | 186 |  |  | 4 |  |  | — |
Equity securities |  | 46 |  |  | 2 |  |  | — |  |  | 5 |  |  | 8 |  |  | — |  |  | — |  |  | 61 |  |  | — |  |  | — |
Other invested assets |  | 93 |  |  | (5) |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 93 |  |  | (1) |  |  | — |
Other assets |  | 129 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 129 |  |  | — |  |  | — |
Total |  | $ | 3,457 |  |  | $ | (1) |  |  | $ | 7 |  |  | $ | 287 |  |  | $ | 9 |  |  | $ | (26) |  |  | $ | — |  |  | $ | 3,733 |  |  | $ | 3 |  |  | $ | 17 |

(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized (Gains) Losses Included in Income |  | Other Comprehensive (Income) Loss |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fortitude Re funds withheld payable |  | $ | (185) |  |  | $ | 54 |  |  | $ | — |  |  | $ | 28 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (103) |  |  | $ | (30) |  |  | $ | — |
Other Liabilities |  | 81 |  |  | (9) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 72 |  |  | — |  |  | — |
Total |  | $ | (104) |  |  | $ | 45 |  |  | $ | — |  |  | $ | 28 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (31) |  |  | $ | (30) |  |  | $ | — |

(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |
Non-U.S. governments |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |
Corporate debt |  | 359 |  |  | (3) |  |  | 18 |  |  | 4 |  |  | — |  |  | — |  |  | 7 |  |  | 385 |  |  | — |  |  | 14 |
RMBS |  | 2,016 |  |  | (1) |  |  | 110 |  |  | (23) |  |  | — |  |  | — |  |  | (7) |  |  | 2,095 |  |  | — |  |  | 63 |
CMBS |  | 94 |  |  | (1) |  |  | 1 |  |  | (12) |  |  | — |  |  | — |  |  | — |  |  | 82 |  |  | — |  |  | — |
CLO/ABS |  | 1,275 |  |  | (11) |  |  | 33 |  |  | (314) |  |  | — |  |  | — |  |  | — |  |  | 983 |  |  | — |  |  | 23 |
Total bonds available for sale |  | 3,755 |  |  | (16) |  |  | 162 |  |  | (345) |  |  | — |  |  | — |  |  | — |  |  | 3,556 |  |  | — |  |  | 100 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | 44 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 46 |  |  | 2 |  |  | — |
RMBS |  | 49 |  |  | 3 |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | 5 |  |  | 55 |  |  | — |  |  | — |
CLO/ABS |  | 145 |  |  | 3 |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 147 |  |  | 3 |  |  | — |
Total other bond securities |  | 238 |  |  | 6 |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | 7 |  |  | 248 |  |  | 5 |  |  | — |

18 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Equity securities |  | 13 |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | (3) |  |  | 13 |  |  | — |  |  | — |
Other invested assets |  | 145 |  |  | (3) |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 11 |  |  | 158 |  |  | — |  |  | — |
Other assets |  | 130 |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 129 |  |  | — |  |  | — |
Total |  | $ | 4,281 |  |  | $ | (12) |  |  | $ | 162 |  |  | $ | (342) |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |  |  | $ | 4,104 |  |  | $ | 5 |  |  | $ | 100 |

(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized (Gains) Losses Included in Income |  | Other Comprehensive (Income) Loss |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities, net(a) |  | $ | (39) |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | — |
Fortitude Re funds withheld payable |  | (154) |  |  | 157 |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (153) |  |  | — |
Other liabilities |  | 99 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 99 |  |  | — |  |  | — |
Total |  | $ | (94) |  |  | $ | 158 |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |  |  | $ | 100 |  |  | $ | (151) |  |  | $ | — |

(in millions) |  | Fair Value Beginning of Year |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Non-U.S. governments |  | 7 |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |
Corporate debt |  | 240 |  |  | (10) |  |  | (4) |  |  | (155) |  |  | 49 |  |  | (38) |  |  | 38 |  |  | 120 |  |  | — |  |  | (13) |
RMBS |  | 1,894 |  |  | 22 |  |  | 50 |  |  | (101) |  |  | 3 |  |  | (242) |  |  | — |  |  | 1,626 |  |  | — |  |  | 30 |
CMBS |  | 26 |  |  | (4) |  |  | 6 |  |  | (9) |  |  | 4 |  |  | (1) |  |  | — |  |  | 22 |  |  | — |  |  | 5 |
CLO/ABS |  | 840 |  |  | 7 |  |  | 20 |  |  | 685 |  |  | — |  |  | (7) |  |  | (59) |  |  | 1,486 |  |  | — |  |  | 29 |
Total bonds available for sale |  | 3,010 |  |  | 15 |  |  | 72 |  |  | 419 |  |  | 57 |  |  | (288) |  |  | (21) |  |  | 3,264 |  |  | — |  |  | 51 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
RMBS |  | 50 |  |  | 2 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 53 |  |  | 1 |  |  | — |
CLO/ABS |  | 113 |  |  | 5 |  |  | — |  |  | 6 |  |  | 33 |  |  | (25) |  |  | — |  |  | 132 |  |  | 9 |  |  | — |
Total other bond securities |  | 164 |  |  | 7 |  |  | — |  |  | 7 |  |  | 33 |  |  | (25) |  |  | — |  |  | 186 |  |  | 10 |  |  | — |
Equity securities |  | 15 |  |  | 6 |  |  | — |  |  | 23 |  |  | 17 |  |  | — |  |  | — |  |  | 61 |  |  | 2 |  |  | — |
Other invested assets |  | 163 |  |  | (5) |  |  | — |  |  | (24) |  |  | 1 |  |  | (63) |  |  | 21 |  |  | 93 |  |  | (2) |  |  | — |
Other assets |  | 129 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 129 |  |  | — |  |  | — |
Total |  | $ | 3,481 |  |  | $ | 23 |  |  | $ | 72 |  |  | $ | 425 |  |  | $ | 108 |  |  | $ | (376) |  |  | $ | — |  |  | $ | 3,733 |  |  | $ | 10 |  |  | $ | 51 |

(in millions) |  | Fair Value Beginning of Year |  | Net Realized and Unrealized (Gains) Losses Included in Income |  | Other Comprehensive (Income) Loss |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fortitude Re funds withheld payable |  | $ | (128) |  |  | $ | 109 |  |  | $ | — |  |  | $ | (84) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (103) |  |  | $ | (64) |  |  | $ | — |
Other Liabilities |  | 100 |  |  | (28) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 72 |  |  | — |  |  | — |
Total |  | $ | (28) |  |  | $ | 81 |  |  | $ | — |  |  | $ | (84) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (31) |  |  | $ | (64) |  |  | $ | — |

AIG | Third Quarter 2025 Form 10-Q | 19

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

(in millions) |  | Fair Value Beginning of Year |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | (5) |
Non-U.S. governments |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |
Corporate debt |  | 323 |  |  | (2) |  |  | 16 |  |  | (56) |  |  | 134 |  |  | (37) |  |  | 7 |  |  | 385 |  |  | — |  |  | 9 |
RMBS |  | 1,792 |  |  | 46 |  |  | 108 |  |  | (173) |  |  | 287 |  |  | (2) |  |  | 37 |  |  | 2,095 |  |  | — |  |  | 3 |
CMBS |  | 25 |  |  | (5) |  |  | 7 |  |  | (30) |  |  | 85 |  |  | — |  |  | — |  |  | 82 |  |  | — |  |  | — |
CLO/ABS |  | 1,289 |  |  | (23) |  |  | 65 |  |  | (380) |  |  | 44 |  |  | (12) |  |  | — |  |  | 983 |  |  | — |  |  | 49 |
Total bonds available for sale |  | 3,439 |  |  | 16 |  |  | 196 |  |  | (638) |  |  | 550 |  |  | (51) |  |  | 44 |  |  | 3,556 |  |  | — |  |  | 56 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | 45 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 46 |  |  | 1 |  |  | — |
RMBS |  | 51 |  |  | 3 |  |  | — |  |  | (2) |  |  | — |  |  | (2) |  |  | 5 |  |  | 55 |  |  | 2 |  |  | — |
CLO/ABS |  | 138 |  |  | 3 |  |  | — |  |  | 4 |  |  | 2 |  |  | — |  |  | — |  |  | 147 |  |  | 1 |  |  | — |
Total other bond securities |  | 234 |  |  | 7 |  |  | — |  |  | 2 |  |  | 2 |  |  | (2) |  |  | 5 |  |  | 248 |  |  | 4 |  |  | — |
Equity securities |  | 14 |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | (1) |  |  | (3) |  |  | 13 |  |  | 1 |  |  | — |
Other invested assets |  | 221 |  |  | (16) |  |  | — |  |  | (34) |  |  | — |  |  | (13) |  |  | — |  |  | 158 |  |  | (12) |  |  | — |
Other assets |  | 243 |  |  | — |  |  | — |  |  | (114) |  |  | — |  |  | — |  |  | — |  |  | 129 |  |  | — |  |  | — |
Total |  | $ | 4,151 |  |  | $ | 8 |  |  | $ | 196 |  |  | $ | (782) |  |  | $ | 552 |  |  | $ | (67) |  |  | $ | 46 |  |  | $ | 4,104 |  |  | $ | (7) |  |  | $ | 56 |

(in millions) |  | Fair Value Beginning of Year |  | Net Realized and Unrealized (Gains) Losses Included in Income |  | Other Comprehensive (Income) Loss |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities, net(a) |  | $ | (453) |  |  | $ | 41 |  |  | $ | — |  |  | $ | 376 |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |  |  | $ | 1 |  |  | $ | 7 |  |  | $ | — |
Fortitude Re funds withheld payable |  | (148) |  |  | 158 |  |  | — |  |  | (10) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (106) |  |  | — |
Other liabilities |  | 122 |  |  | (2) |  |  | — |  |  | (21) |  |  | — |  |  | — |  |  | — |  |  | 99 |  |  | — |  |  | — |
Total |  | $ | (479) |  |  | $ | 197 |  |  | $ | — |  |  | $ | 345 |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |  |  | $ | 100 |  |  | $ | (99) |  |  | $ | — |

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:

(in millions) | Net Investment Income |  | Net Realized Gains (Losses) |  |  |  | Total
Three Months Ended September 30, 2025 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale | $ | 8 |  |  | $ | (7) |  |  |  | $ | 1 |
Other bond securities | 1 |  |  | — |  |  |  | 1 |
Equity securities | 2 |  |  | — |  |  |  | 2 |
Other invested assets | (5) |  |  | — |  |  |  |  | (5) |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale | $ | 25 |  |  | $ | (41) |  |  |  |  | $ | (16) |
Other bond securities | 6 |  |  | — |  |  |  |  | 6 |
Equity securities | 1 |  |  | — |  |  |  |  | 1 |
Other invested assets | (3) |  |  | — |  |  |  |  | (3) |
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale | $ | 21 |  |  | $ | (6) |  |  |  |  | $ | 15 |
Other bond securities | 7 |  |  | — |  |  |  |  | 7 |
Equity securities | 6 |  |  | — |  |  |  |  | 6 |
Other invested assets | (5) |  |  | — |  |  |  |  | (5) |

20 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

(in millions) | Net Investment Income |  | Net Realized Gains (Losses) |  |  |  | Total
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale | $ | 65 |  |  | $ | (49) |  |  |  |  | $ | 16 |
Other bond securities | 7 |  |  | — |  |  |  |  | 7 |
Equity securities | 1 |  |  | — |  |  |  |  | 1 |
Other invested assets | (16) |  |  | — |  |  |  |  | (16) |
(in millions) | Net Investment Income |  | Net Realized (Gains) Losses |  |  |  | Total
Three Months Ended September 30, 2025 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Fortitude Re funds withheld payable | $ | — |  |  | $ | 54 |  |  |  |  | $ | 54 |
Other Liabilities | — |  |  | (9) |  |  |  |  | (9) |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | 1 |  |  |  |  | $ | 1 |
Fortitude Re funds withheld payable | — |  |  | 157 |  |  |  |  | 157 |
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Fortitude Re funds withheld payable | $ | — |  |  | $ | 109 |  |  |  |  | $ | 109 |
Other Liabilities | — |  |  | (28) |  |  |  |  | (28) |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | 41 |  |  |  |  | $ | 41 |
Fortitude Re funds withheld payable | — |  |  | 158 |  |  |  |  | 158 |
Other Liabilities | — |  |  | (2) |  |  |  |  | (2) |

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and nine months ended September 30, 2025 and 2024 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:

(in millions) | Purchases |  | Sales |  | Issuances and Settlements(a) |  | Purchases, Sales, Issuances and Settlements, Net(a)
Three Months Ended September 30, 2025 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |
Corporate debt | $ | — |  |  | $ | (2) |  |  | $ | (2) |  |  | $ | (4) |
RMBS | 46 |  |  | — |  |  | (51) |  |  | (5) |
CMBS | — |  |  | — |  |  | (4) |  |  | (4) |
CLO/ABS | 437 |  |  | (14) |  |  | (146) |  |  | 277 |
Total bonds available for sale | 483 |  |  | (16) |  |  | (203) |  |  | 264 |
Other bond securities: |  |  |  |  |  |  |
RMBS | 3 |  |  | — |  |  | — |  |  | 3 |
CLO/ABS | 11 |  |  | — |  |  | (1) |  |  | 10 |
Total other bond securities | 14 |  |  | — |  |  | (1) |  |  | 13 |
Equity securities | 21 |  |  | (16) |  |  | — |  |  | 5 |
Other invested assets | 6 |  |  | — |  |  | (1) |  |  | 5 |
Total | $ | 524 |  |  | $ | (32) |  |  | $ | (205) |  |  | $ | 287 |
Liabilities: |  |  |  |  |  |  |
Fortitude Re funds withheld payable | $ | — |  |  | $ | — |  |  | $ | 28 |  |  | $ | 28 |
Total | $ | — |  |  | $ | — |  |  | $ | 28 |  |  | $ | 28 |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |
Corporate debt | $ | 10 |  |  | $ | (4) |  |  | $ | (2) |  |  | $ | 4 |
RMBS | 87 |  |  | (45) |  |  | (65) |  |  | (23) |

AIG | Third Quarter 2025 Form 10-Q | 21

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

(in millions) | Purchases |  | Sales |  | Issuances and Settlements(a) |  | Purchases, Sales, Issuances and Settlements, Net(a)
CMBS | — |  |  | (12) |  |  | — |  |  | (12) |
CLO/ABS | 270 |  |  | (563) |  |  | (21) |  |  | (314) |
Total bonds available for sale | 367 |  |  | (624) |  |  | (88) |  |  | (345) |
Other bond securities: |  |  |  |  |  |  |
RMBS | — |  |  | — |  |  | (2) |  |  | (2) |
CLO/ABS | — |  |  | — |  |  | (1) |  |  | (1) |
Total other bond securities | — |  |  | — |  |  | (3) |  |  | (3) |
Equity securities | 2 |  |  | — |  |  | — |  |  | 2 |
Other invested assets | 17 |  |  | — |  |  | (12) |  |  | 5 |
Other assets | — |  |  | — |  |  | (1) |  |  | (1) |
Total | $ | 386 |  |  | $ | (624) |  |  | $ | (104) |  |  | $ | (342) |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |
Fortitude Re funds withheld payable | — |  |  | — |  |  | (3) |  |  | (3) |
Total | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |

(in millions) | Purchases |  | Sales |  | Issuances and Settlements(a) |  | Purchases, Sales, Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |
Non-U.S. governments | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Corporate debt | 5 |  |  | (8) |  |  | (152) |  |  | (155) |
RMBS | 54 |  |  | (3) |  |  | (152) |  |  | (101) |
CMBS | — |  |  | (4) |  |  | (5) |  |  | (9) |
CLO/ABS | 969 |  |  | (84) |  |  | (200) |  |  | 685 |
Total bonds available for sale | 1,028 |  |  | (99) |  |  | (510) |  |  | 419 |
Other bond securities: |  |  |  |  |  |  |
RMBS | 3 |  |  | — |  |  | (2) |  |  | 1 |
CLO/ABS | 12 |  |  | — |  |  | (6) |  |  | 6 |
Total other bond securities | 15 |  |  | — |  |  | (8) |  |  | 7 |
Equity securities | 56 |  |  | (33) |  |  | — |  |  | 23 |
Other invested assets | 7 |  |  | — |  |  | (31) |  |  | (24) |
Total | $ | 1,106 |  |  | $ | (132) |  |  | $ | (549) |  |  | $ | 425 |
Liabilities: |  |  |  |  |  |  |
Fortitude Re funds withheld payable | $ | — |  |  | $ | — |  |  | $ | (84) |  |  | $ | (84) |
Total | $ | — |  |  | $ | — |  |  | $ | (84) |  |  | $ | (84) |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Non-U.S. governments | 4 |  |  | — |  |  | (4) |  |  | — |
Corporate Debt | 21 |  |  | (7) |  |  | (70) |  |  | (56) |
RMBS | 87 |  |  | (46) |  |  | (214) |  |  | (173) |
CMBS | — |  |  | (12) |  |  | (18) |  |  | (30) |
CLO/ABS | 336 |  |  | (565) |  |  | (151) |  |  | (380) |
Total bonds available for sale | 449 |  |  | (630) |  |  | (457) |  |  | (638) |
Other bond securities: |  |  |  |  |  |  |
RMBS | 3 |  |  | (1) |  |  | (4) |  |  | (2) |
CLO/ABS | 11 |  |  | — |  |  | (7) |  |  | 4 |
Total other bond securities | 14 |  |  | (1) |  |  | (11) |  |  | 2 |
Equity securities | 2 |  |  | — |  |  | — |  |  | 2 |
Other invested assets | 18 |  |  | — |  |  | (52) |  |  | (34) |
Other assets | — |  |  | — |  |  | (114) |  |  | (114) |
Total | $ | 483 |  |  | $ | (631) |  |  | $ | (634) |  |  | $ | (782) |

22 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

(in millions) | Purchases |  | Sales |  | Issuances and Settlements(a) |  | Purchases, Sales, Issuances and Settlements, Net(a)
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | — |  |  | $ | 376 |  |  | $ | 376 |
Fortitude Re funds withheld payable | — |  |  | — |  |  | (10) |  |  | (10) |
Other liabilities | — |  |  | — |  |  | (21) |  |  | (21) |
Total | $ | — |  |  | $ | — |  |  | $ | 345 |  |  | $ | 345 |

(a)There were no issuances during the three and nine months ended September 30, 2025 and 2024.
Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at September 30, 2025 and 2024 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).
Transfers of Level 3 Assets and Liabilities
The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) (OCI) as shown in the table above excludes $0 million and $11 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and nine months ended September 30, 2025, respectively, and includes $0 million and $6 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and nine months ended September 30, 2025, respectively.
The Net realized and unrealized gains (losses) included in income (loss) or OCI as shown in the table above excludes $0 million and $(27) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and nine months ended September 30, 2024, respectively, and includes $0 million and $1 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and nine months ended September 30, 2024, respectively.
Transfers of Level 3 Assets
During the three months ended September 30, 2025, there were no significant transfers into Level 3 assets. There were no transfers into Level 3 assets during the three months ended September 30, 2024. During the nine months ended September 30, 2025 and 2024, transfers into Level 3 assets included investments in private placement corporate debt, commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), collateralized loan obligations (CLO)/asset backed securities (ABS) and equity securities. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, RMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.
During the three months ended September 30, 2025, transfers out of Level 3 assets included investments in private placement corporate debt and RMBS. There were no transfers out of Level 3 assets during the three months ended September 30, 2024. During the nine months ended September 30, 2025 and 2024, transfers out of Level 3 assets primarily included investments in private placement corporate debt, CMBS, RMBS, CLO/ABS and equity securities. Transfers of private placement corporate debt out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.
Transfers of Level 3 Liabilities
There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three and nine months ended September 30, 2025 and 2024.

AIG | Third Quarter 2025 Form 10-Q | 23

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:

(in millions) |  | Fair Value at September 30, 2025 | Valuation Technique | Unobservable Input(b) | Range (Weighted Average)(c)
Assets: |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | $ | 3 |  | Discounted cash flow | Yield | 5.25% - 5.58% (5.41%)
Corporate debt |  |  | 20 |  | Discounted cash flow | Yield | 8.60% - 16.76% (13.63%)
RMBS(a) |  |  | 1,197 |  | Discounted cash flow | Constant prepayment rate | 4.05% - 7.51% (5.78%)
|  |  |  |  | Loss severity | 39.50% - 79.31% (59.41%)
|  |  |  |  | Constant default rate | 0.54% - 1.96% (1.25%)
|  |  |  |  | Yield | 5.20% - 5.94% (5.57%)
CLO/ABS(a) |  |  | 1,053 |  | Discounted cash flow | Yield | 2.39% - 9.54% (5.88%)
CMBS |  |  | 5 |  | Discounted cash flow | Yield | 5.56% - 13.35% (8.78%)

(in millions) | Fair Value at December 31, 2024 | Valuation Technique | Unobservable Input(b) | Range (Weighted Average)(c)
Assets: |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | $ | 3 |  | Discounted cash flow | Yield | 5.09% - 5.57% (5.33%)
Corporate debt |  |  | 177 |  | Discounted cash flow | Yield | 6.83% - 11.61% (9.22%)
RMBS(a) |  |  | 1,321 |  | Discounted cash flow | Constant prepayment rate | 4.10% - 9.26% (6.68%)
|  |  |  |  | Loss severity | 40.81% - 76.72% (58.76%)
|  |  |  |  | Constant default rate | 0.57% - 2.48% (1.52%)
|  |  |  |  | Yield | 5.89% - 6.98% (6.44%)
CLO/ABS(a) |  |  | 760 |  | Discounted cash flow | Yield | 4.24% - 8.42% (6.33%)
CMBS |  |  | 25 |  | Discounted cash flow | Yield | 7.04% - 10.12% (8.70%)

(a)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.
(b)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.
(c)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities.
The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CLO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value‑weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.
Interrelationships Between Unobservable Inputs
We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.
Fixed Maturity Securities
The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

24 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
Embedded Derivatives within Reinsurance Contracts
The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.

|  |  | September 30, 2025 |  |  | December 31, 2024
(in millions) | Investment Category Includes |  | Fair Value Using NAV Per Share (or its equivalent) |  | Unfunded Commitments |  |  | Fair Value Using NAV Per Share (or its equivalent) |  | Unfunded Commitments
Investment Category |  |  |  |  |  |  |  |  |  |
Private equity funds: |  |  |  |  |  |  |  |  |  |
Leveraged buyout | Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage | $ | 1,166 |  | $ | 326 |  |  | $ | 1,126 |  | $ | 375 |
Real assets | Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets |  | 741 |  |  | 115 |  |  |  | 782 |  |  | 261 |
Venture capital | Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company |  | 88 |  |  | 34 |  |  |  | 83 |  |  | 40 |
Growth equity | Funds that make investments in established companies for the purpose of growing their businesses |  | 187 |  |  | 2 |  |  |  | 175 |  |  | 1 |
Mezzanine | Funds that make investments in the junior debt and equity securities of leveraged companies |  | 92 |  |  | 55 |  |  |  | 120 |  |  | 58 |
Other | Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies |  | 1,037 |  |  | 615 |  |  |  | 819 |  |  | 57 |
Total private equity funds |  | 3,311 |  |  | 1,147 |  |  |  | 3,105 |  |  | 792 |
Hedge funds: |  |  |  |  |  |  |  |  |  |
Event-driven | Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations |  | 11 |  |  | — |  |  |  | 11 |  |  | — |
Long-short | Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk |  | 171 |  |  | — |  |  |  | 168 |  |  | — |
Other | Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments |  | 9 |  |  | — |  |  |  | 8 |  |  | — |
Total hedge funds |  |  | 191 |  |  | — |  |  |  | 187 |  |  | — |
Total |  | $ | 3,502 |  | $ | 1,147 |  |  | $ | 3,292 |  | $ | 792 |

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments.

AIG | Third Quarter 2025 Form 10-Q | 25

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
FAIR VALUE OPTION
The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:

| Gain (Loss) Three Months Ended September 30, |  | Gain (Loss) Nine Months Ended September 30,
(in millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
Other bond securities(a) | $ | 10 |  | $ | 20 |  |  | $ | 37 |  | $ | 27 |  |  |
Alternative investments(b) |  | 98 |  |  | 76 |  |  |  | 185 |  |  | 184 |  |  |
Retained investment in Corebridge(c) |  | (348) |  |  | (35) |  |  |  | 316 |  |  | 30 |  |  |
Total gain (loss) | $ | (240) |  | $ | 61 |  |  | $ | 538 |  | $ | 241 |  |  |

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.
(b)Includes certain hedge funds, private equity funds and real estate investments.
(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge and gain/loss on sale of shares.
FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

|  | Estimated Fair Value |  | Carrying Value
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
September 30, 2025 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage and other loans receivable | $ | — |  | $ | 336 |  | $ | 2,929 |  | $ | 3,265 |  | $ | 3,314 |
Other invested assets |  | — |  |  | 494 |  |  | 7 |  |  | 501 |  |  | 501 |
Short-term investments |  | — |  |  | 4,557 |  |  | — |  |  | 4,557 |  |  | 4,557 |
Cash |  | 1,589 |  |  | — |  |  | — |  |  | 1,589 |  |  | 1,589 |
Other assets |  | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Fortitude Re funds withheld payable |  | — |  |  | — |  |  | 3,197 |  |  | 3,197 |  |  | 3,197 |
Long-term debt |  | — |  |  | 8,782 |  |  | — |  |  | 8,782 |  |  | 9,087 |
Debt of consolidated investment entities |  | — |  |  | — |  |  | 156 |  |  | 156 |  |  | 156 |

|  | Estimated Fair Value |  | Carrying Value
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage and other loans receivable | $ | — |  | $ | 339 |  | $ | 3,413 |  | $ | 3,752 |  | $ | 3,868 |
Other invested assets |  | — |  |  | 578 |  |  | 5 |  |  | 583 |  |  | 583 |
Short-term investments |  | — |  |  | 4,673 |  |  | — |  |  | 4,673 |  |  | 4,673 |
Cash |  | 1,302 |  |  | — |  |  | — |  |  | 1,302 |  |  | 1,302 |
Other assets |  | 15 |  |  | — |  |  | — |  |  | 15 |  |  | 15 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Fortitude Re funds withheld payable |  | — |  |  | — |  |  | 3,335 |  |  | 3,335 |  |  | 3,335 |
Long-term debt |  | — |  |  | 7,981 |  |  | 240 |  |  | 8,221 |  |  | 8,764 |
Debt of consolidated investment entities |  | — |  |  | — |  |  | 158 |  |  | 158 |  |  | 158 |

26 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments

6. Investments
SECURITIES AVAILABLE FOR SALE
The following table presents the amortized cost and fair value of our available for sale securities:

(in millions) |  | Amortized Cost |  | Allowance for Credit Losses(a) |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2025 |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 3,837 |  | $ | — |  | $ | 34 |  | $ | (84) |  | $ | 3,787 |
Obligations of states, municipalities and political subdivisions |  | 2,878 |  |  | — |  |  | 69 |  |  | (58) |  |  | 2,889 |
Non-U.S. governments |  | 6,906 |  |  | (1) |  |  | 82 |  |  | (374) |  |  | 6,613 |
Corporate debt |  | 37,496 |  |  | (38) |  |  | 613 |  |  | (1,120) |  |  | 36,951 |
Mortgage-backed, asset-backed and collateralized: |  |  |  |  |  |  |  |  |  |
RMBS |  | 10,302 |  |  | (4) |  |  | 293 |  |  | (288) |  |  | 10,303 |
CMBS |  | 4,165 |  |  | — |  |  | 63 |  |  | (38) |  |  | 4,190 |
CLO/ABS |  | 6,424 |  |  | — |  |  | 49 |  |  | (22) |  |  | 6,451 |
Total mortgage-backed, asset-backed and collateralized |  | 20,891 |  |  | (4) |  |  | 405 |  |  | (348) |  |  | 20,944 |
Total bonds available for sale(b) | $ | 72,008 |  | $ | (43) |  | $ | 1,203 |  | $ | (1,984) |  | $ | 71,184 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 3,346 |  | $ | — |  | $ | 20 |  | $ | (99) |  | $ | 3,267 |
Obligations of states, municipalities and political subdivisions |  | 3,223 |  |  | — |  |  | 32 |  |  | (112) |  |  | 3,143 |
Non-U.S. governments |  | 8,644 |  |  | (1) |  |  | 54 |  |  | (590) |  |  | 8,107 |
Corporate debt |  | 33,031 |  |  | (28) |  |  | 581 |  |  | (1,758) |  |  | 31,826 |
Mortgage-backed, asset-backed and collateralized: |  |  |  |  |  |  |  |  |  |
RMBS |  | 8,820 |  |  | (6) |  |  | 209 |  |  | (419) |  |  | 8,604 |
CMBS |  | 3,988 |  |  | (3) |  |  | 32 |  |  | (91) |  |  | 3,926 |
CLO/ABS |  | 5,143 |  |  | — |  |  | 34 |  |  | (44) |  |  | 5,133 |
Total mortgage-backed, asset-backed and collateralized |  | 17,951 |  |  | (9) |  |  | 275 |  |  | (554) |  |  | 17,663 |
Total bonds available for sale(b) | $ | 66,195 |  | $ | (38) |  | $ | 962 |  | $ | (3,113) |  | $ | 64,006 |

(a)Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.
(b)At September 30, 2025 and December 31, 2024, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.8 billion or 8 percent and $3.6 billion or 6 percent, respectively.
Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded
The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:

|  | Less than 12 Months |  | 12 Months or More |  | Total
(in millions) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 331 |  | $ | 10 |  | $ | 325 |  | $ | 74 |  | $ | 656 |  | $ | 84 |
Obligations of states, municipalities and political subdivisions |  | 248 |  |  | 8 |  |  | 543 |  |  | 50 |  |  | 791 |  |  | 58 |
Non-U.S. governments |  | 1,262 |  |  | 28 |  |  | 1,311 |  |  | 344 |  |  | 2,573 |  |  | 372 |
Corporate debt |  | 5,027 |  |  | 116 |  |  | 8,729 |  |  | 1,002 |  |  | 13,756 |  |  | 1,118 |
RMBS |  | 781 |  |  | 19 |  |  | 2,090 |  |  | 258 |  |  | 2,871 |  |  | 277 |
CMBS |  | 537 |  |  | 5 |  |  | 528 |  |  | 33 |  |  | 1,065 |  |  | 38 |
CLO/ABS |  | 982 |  |  | 6 |  |  | 252 |  |  | 16 |  |  | 1,234 |  |  | 22 |
Total bonds available for sale | $ | 9,168 |  | $ | 192 |  | $ | 13,778 |  | $ | 1,777 |  | $ | 22,946 |  | $ | 1,969 |

AIG | Third Quarter 2025 Form 10-Q | 27

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments

|  | Less than 12 Months |  | 12 Months or More |  | Total
(in millions) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 1,718 |  | $ | 21 |  | $ | 358 |  | $ | 78 |  | $ | 2,076 |  | $ | 99 |
Obligations of states, municipalities and political subdivisions |  | 1,502 |  |  | 33 |  |  | 586 |  |  | 79 |  |  | 2,088 |  |  | 112 |
Non-U.S. governments |  | 1,964 |  |  | 55 |  |  | 3,446 |  |  | 534 |  |  | 5,410 |  |  | 589 |
Corporate debt |  | 10,347 |  |  | 234 |  |  | 10,907 |  |  | 1,515 |  |  | 21,254 |  |  | 1,749 |
RMBS |  | 3,711 |  |  | 58 |  |  | 2,147 |  |  | 343 |  |  | 5,858 |  |  | 401 |
CMBS |  | 1,052 |  |  | 18 |  |  | 992 |  |  | 71 |  |  | 2,044 |  |  | 89 |
CLO/ABS |  | 1,368 |  |  | 9 |  |  | 315 |  |  | 35 |  |  | 1,683 |  |  | 44 |
Total bonds available for sale | $ | 21,662 |  | $ | 428 |  | $ | 18,751 |  | $ | 2,655 |  | $ | 40,413 |  | $ | 3,083 |

At September 30, 2025, we held 7,530 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,415 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2024, we held 12,274 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 5,984 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at September 30, 2025 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.
Contractual Maturities of Fixed Maturity Securities Available for Sale
The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:

September 30, 2025 |  | Total Fixed Maturity Securities Available for Sale
(in millions) |  | Amortized Cost, Net of Allowance |  | Fair Value
Due in one year or less |  | $ | 4,952 |  |  | $ | 4,936 |
Due after one year through five years |  | 23,651 |  |  | 23,727 |
Due after five years through ten years |  | 16,357 |  |  | 16,260 |
Due after ten years |  | 6,118 |  |  | 5,317 |
Mortgage-backed, asset-backed and collateralized |  | 20,887 |  |  | 20,944 |
Total |  | $ | 71,965 |  |  | $ | 71,184 |

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.
The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
(in millions) |  | Gross Realized Gains |  | Gross Realized Losses |  |  | Gross Realized Gains |  | Gross Realized Losses |  |  | Gross Realized Gains |  | Gross Realized Losses |  |  | Gross Realized Gains |  | Gross Realized Losses |  |  |  |  |
Fixed maturity securities | $ | 15 | $ | 117 |  | $ | 11 | $ | 95 |  | $ | 45 | $ | 560 |  | $ | 54 | $ | 408 |  |  |  |  |

For the three and nine months ended September 30, 2025, the aggregate fair value of available for sale securities sold was $2.5 billion and $9.9 billion, respectively, which resulted in net realized gains (losses) of $(102) million and $(515) million, respectively. Included within the net realized gains (losses) are $(6) million and $(62) million of net realized gains (losses) for the three and nine months ended September 30, 2025, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

28 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments
For the three and nine months ended September 30, 2024, the aggregate fair value of available for sale securities sold was $1.9 billion and $6.9 billion, respectively, which resulted in net realized gains (losses) of $(84) million and $(354) million, respectively. Included within the net realized gains (losses) are $(18) million and $(34) million of net realized gains (losses) for the three and nine months ended September 30, 2024, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.
OTHER SECURITIES MEASURED AT FAIR VALUE
The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:

(in millions) |  | September 30, 2025 |  |  |  | December 31, 2024 |
| Fair Value |  | Percent of Total |  |  |  | Fair Value |  | Percent of Total |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 51 |  |  | 3 |  | % |  | $ | 50 |  |  | 3 |  | %
Non-U.S. governments |  | 22 |  |  | 1 |  |  |  |  | 24 |  |  | 2 |  |
Corporate debt |  | 258 |  |  | 16 |  |  |  |  | 282 |  |  | 19 |  |
Mortgage-backed, asset-backed and collateralized: |  |  |  |  |  |  |  |  |  |  |
RMBS |  | 99 |  |  | 6 |  |  |  |  | 100 |  |  | 7 |  |
CMBS |  | 42 |  |  | 3 |  |  |  |  | 43 |  |  | 3 |  |
CLO/ABS and other collateralized securities |  | 271 |  |  | 17 |  |  |  |  | 246 |  |  | 17 |  |
Total mortgage-backed, asset-backed and collateralized |  | 412 |  |  | 26 |  |  |  |  | 389 |  |  | 27 |  |
Total fixed maturity securities |  | 743 |  |  | 46 |  |  |  |  | 745 |  |  | 51 |  |
Equity securities |  | 829 |  |  | 54 |  |  |  |  | 704 |  |  | 49 |  |
Total | $ | 1,572 |  |  | 100 |  | % |  | $ | 1,449 |  |  | 100 |  | %

OTHER INVESTED ASSETS
The following table summarizes the carrying amounts of other invested assets:

(in millions) | September 30, 2025 |  | December 31, 2024
Alternative investments(a) | $ | 3,889 |  |  | $ | 4,032 |
Retained investment in Corebridge using fair value option | 2,651 |  |  | 3,810 |
All other investments(b) | 1,821 |  |  | 1,986 |
Total | $ | 8,361 |  |  | $ | 9,828 |

(a)At September 30, 2025, includes hedge funds of $191 million and private equity funds of $3.4 billion. At December 31, 2024, included hedge funds of $187 million and private equity funds of $3.6 billion. Private equity funds investments include limited partnerships, direct equities and real estate partnerships. Also includes investments in real estate, net of accumulated depreciation. At September 30, 2025 and December 31, 2024, the accumulated depreciation was $135 million and $161 million, respectively.
(b)All other investments include bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners, including $300 million in DaVinciRe Holdings Ltd, Class D, which is recorded as a measurement alternative equity security at both September 30, 2025 and December 31, 2024.

AIG | Third Quarter 2025 Form 10-Q | 29

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments
NET INVESTMENT INCOME
The following table presents the components of Net investment income:

Three Months Ended September 30, | 2025 |  | 2024
(in millions) | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total
Available for sale fixed maturity securities, including short-term investments | $ | 873 |  | $ | 13 |  | $ | 886 |  |  | $ | 746 |  | $ | 25 |  | $ | 771 |
Other fixed maturity securities |  | — |  |  | 11 |  |  | 11 |  |  |  | 4 |  |  | 16 |  |  | 20 |
Equity securities |  | 62 |  |  | — |  |  | 62 |  |  |  | 60 |  |  | — |  |  | 60 |
Interest on mortgage and other loans |  | 40 |  |  | 6 |  |  | 46 |  |  |  | 52 |  |  | 9 |  |  | 61 |
Alternative investments(a) |  | 137 |  |  | — |  |  | 137 |  |  |  | 42 |  |  | — |  |  | 42 |
Other investments(b) |  | (331) |  |  | (1) |  |  | (332) |  |  |  | 63 |  |  | 1 |  |  | 64 |
Total investment income |  | 781 |  |  | 29 |  |  | 810 |  |  |  | 967 |  |  | 51 |  |  | 1,018 |
Investment expenses |  | 38 |  |  | — |  |  | 38 |  |  |  | 45 |  |  | — |  |  | 45 |
Net investment income | $ | 743 |  | $ | 29 |  | $ | 772 |  |  | $ | 922 |  | $ | 51 |  | $ | 973 |

Nine Months Ended September 30, | 2025 |  | 2024 |  |
(in millions) | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets | Total |  | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets | Total |  |  |  |
Available for sale fixed maturity securities, including short-term investments | $ | 2,539 |  | $ | 51 |  | $ | 2,590 |  |  | $ | 2,234 |  | $ | 67 |  | $ | 2,301 |  |  |  |  |  |  |  |
Other fixed maturity securities |  | — |  |  | 38 |  |  | 38 |  |  |  | — |  |  | 27 |  |  | 27 |  |  |  |  |  |  |  |
Equity securities |  | 85 |  |  | — |  |  | 85 |  |  |  | 144 |  |  | — |  |  | 144 |  |  |  |  |  |  |  |
Interest on mortgage and other loans |  | 130 |  |  | 20 |  |  | 150 |  |  |  | 185 |  |  | 26 |  |  | 211 |  |  |  |  |  |  |  |
Alternative investments(a) |  | 228 |  |  | — |  |  | 228 |  |  |  | 129 |  |  | (1) |  |  | 128 |  |  |  |  |  |  |  |
Other investments(b) |  | 368 |  |  | (1) |  |  | 367 |  |  |  | 262 |  |  | 4 |  |  | 266 |  |  |  |  |  |  |  |
Total investment income |  | 3,350 |  |  | 108 |  |  | 3,458 |  |  |  | 2,954 |  |  | 123 |  |  | 3,077 |  |  |  |  |  |  |  |
Investment expenses |  | 115 |  |  | — |  |  | 115 |  |  |  | 135 |  |  | — |  |  | 135 |  |  |  |  |  |  |  |
Net investment income | $ | 3,235 |  | $ | 108 |  | $ | 3,343 |  |  | $ | 2,819 |  | $ | 123 |  | $ | 2,942 |  |  |  |  |  |  |  |

(a)Includes income from hedge funds, private equity funds and real estate investments. Hedge funds are generally reported on a one-month lag. Private equity funds are generally reported on a one-quarter lag.
(b)Includes dividends received from Corebridge, changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $20 million and $(348) million, respectively, for the three months ended September 30, 2025, $78 million and $316 million, respectively, for the nine months ended September 30, 2025, $65 million and $(35) million, respectively, for the three months ended September 30, 2024, and $133 million and $30 million, respectively, for the nine months ended September 30, 2024.
NET REALIZED GAINS AND LOSSES
The following table presents the components of Net realized gains (losses):

Three Months Ended September 30, |  | 2025 |  |  | 2024
(in millions) | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total
Sales of fixed maturity securities | $ | (96) |  | $ | (6) |  | $ | (102) |  |  | $ | (66) |  | $ | (18) |  | $ | (84) |
Change in allowance for credit losses on fixed maturity securities |  | 2 |  |  | — |  |  | 2 |  |  |  | 1 |  |  | (1) |  |  | — |
Change in allowance for credit losses on loans |  | (52) |  |  | 1 |  |  | (51) |  |  |  | (3) |  |  | (1) |  |  | (4) |
Foreign exchange transactions |  | (10) |  |  | (1) |  |  | (11) |  |  |  | 65 |  |  | 1 |  |  | 66 |
All other derivatives and hedge accounting |  | (11) |  |  | 2 |  |  | (9) |  |  |  | 7 |  |  | (2) |  |  | 5 |
Sales of alternative investments |  | (2) |  |  | — |  |  | (2) |  |  |  | (18) |  |  | — |  |  | (18) |
Other* |  | (262) |  |  | (1) |  |  | (263) |  |  |  | 22 |  |  | 3 |  |  | 25 |
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative |  | (431) |  |  | (5) |  |  | (436) |  |  |  | 8 |  |  | (18) |  |  | (10) |
Net realized losses on Fortitude Re funds withheld embedded derivative |  | — |  |  | (54) |  |  | (54) |  |  |  | — |  |  | (157) |  |  | (157) |
Net realized gains (losses) | $ | (431) |  | $ | (59) |  | $ | (490) |  |  | $ | 8 |  | $ | (175) |  | $ | (167) |

30 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments

Nine Months Ended September 30, | 2025 |  | 2024 |  |
(in millions) | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  |  |  |  |
Sales of fixed maturity securities | $ | (453) |  | $ | (62) |  | $ | (515) |  |  | $ | (320) |  | $ | (34) |  | $ | (354) |  |  |  |  |  |  |  |
Change in allowance for credit losses on fixed maturity securities |  | (5) |  |  | — |  |  | (5) |  |  |  | (18) |  |  | (1) |  |  | (19) |  |  |  |  |  |  |  |
Change in allowance for credit losses on loans |  | (2) |  |  | 10 |  |  | 8 |  |  |  | (23) |  |  | — |  |  | (23) |  |  |  |  |  |  |  |
Foreign exchange transactions |  | 183 |  |  | 18 |  |  | 201 |  |  |  | 176 |  |  | (2) |  |  | 174 |  |  |  |  |  |  |  |
All other derivatives and hedge accounting |  | (137) |  |  | (20) |  |  | (157) |  |  |  | (62) |  |  | — |  |  | (62) |  |  |  |  |  |  |  |
Sales of alternative investments |  | 1 |  |  | — |  |  | 1 |  |  |  | (4) |  |  | (1) |  |  | (5) |  |  |  |  |  |  |  |
Other* |  | (270) |  |  | (5) |  |  | (275) |  |  |  | 13 |  |  | — |  |  | 13 |  |  |  |  |  |  |  |
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative |  | (683) |  |  | (59) |  |  | (742) |  |  |  | (238) |  |  | (38) |  |  | (276) |  |  |  |  |  |  |  |
Net realized losses on Fortitude Re funds withheld embedded derivative |  | — |  |  | (109) |  |  | (109) |  |  |  | — |  |  | (158) |  |  | (158) |  |  |  |  |  |  |  |
Net realized losses | $ | (683) |  | $ | (168) |  | $ | (851) |  |  | $ | (238) |  | $ | (196) |  | $ | (434) |  |  |  |  |  |  |  |

*In the three and nine months ended September 30, 2025, Other increased primarily as a result of impairments on investments in real estate funds.
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024
Increase (decrease) in unrealized appreciation (depreciation) of investments: |  |  |  |  |  |  |  |  |
Fixed maturity securities* | $ | 543 |  | $ | 1,616 |  |  | $ | 1,370 |  | $ | 1,499 |
Other investments |  | — |  |  | (19) |  |  |  | — |  |  | (58) |
Total increase (decrease) in unrealized appreciation (depreciation) of investments* | $ | 543 |  | $ | 1,597 |  |  | $ | 1,370 |  | $ | 1,441 |

*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 30, 2024.
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:

Three Months Ended September 30, |  | 2025 |  |  | 2024
(in millions) |  | Equities |  | Other Invested Assets* |  | Total |  |  | Equities |  | Other Invested Assets* |  | Total
Net gains (losses) recognized during the period on equity securities and other investments |  | $ | 62 |  |  | $ | (244) |  |  | $ | (182) |  |  |  | $ | 60 |  |  | $ | 42 |  |  | $ | 102 |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period |  | 2 |  |  | (65) |  |  | (63) |  |  |  | 8 |  |  | — |  |  | 8 |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date |  | $ | 60 |  |  | $ | (179) |  |  | $ | (119) |  |  |  | $ | 52 |  |  | $ | 42 |  |  | $ | 94 |

Nine Months Ended September 30, |  | 2025 |  |  | 2024
(in millions) |  | Equities |  | Other Invested Assets* |  | Total |  |  | Equities |  | Other Invested Assets* |  | Total
Net gains recognized during the period on equity securities and other investments |  | $ | 85 |  |  | $ | 501 |  |  | $ | 586 |  |  |  | $ | 144 |  |  | $ | 234 |  |  | $ | 378 |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period |  | 3 |  |  | (32) |  |  | (29) |  |  |  | 51 |  |  | 24 |  |  | 75 |
Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date |  | $ | 82 |  |  | $ | 533 |  |  | $ | 615 |  |  |  | $ | 93 |  |  | $ | 210 |  |  | $ | 303 |

*Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $(348) million and $316 million in the three and nine months ended September 30, 2025, respectively, and $(35) million and $30 million in the three and nine months ended September 30, 2024, respectively.
EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS
For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 6 to the Consolidated Financial Statements in the 2024 Annual Report.

AIG | Third Quarter 2025 Form 10-Q | 31

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments
Credit Impairments
The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:

Three Months Ended September 30, |  | 2025 |  |  | 2024
(in millions) | Structured | Non- Structured |  | Total |  | Structured | Non- Structured |  | Total
Balance, beginning of period | $ | 10 |  | $ | 35 |  | $ | 45 |  |  | $ | 6 |  | $ | 27 |  | $ | 33
Additions: |  |  |  |  |  |  |  |  |  |  |  |  |
Securities for which allowance for credit losses was not previously recorded |  | 1 |  |  | 1 |  |  | 2 |  |  |  | 2 |  |  | — |  |  | 2 |
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis |  | (1) |  |  | 4 |  |  | 3 |  |  |  | 4 |  |  | (6) |  |  | (2) |
Write-offs charged against the allowance |  | (5) |  |  | — |  |  | (5) |  |  |  | — |  | — |  |  | — |
Other |  | (1) |  |  | (1) |  |  | (2) |  |  |  | — |  | 7 |  |  | 7 |
Balance, end of period | $ | 4 |  | $ | 39 |  | $ | 43 |  |  | $ | 12 |  | $ | 28 |  | $ | 40 |

Nine Months Ended September 30, | 2025 |  | 2024 |  |
(in millions) | Structured | Non- Structured |  | Total |  | Structured | Non- Structured |  | Total |  |  |  |  |
Balance, beginning of year | $ | 10 |  | $ | 28 |  | $ | 38 |  |  | $ | 13 |  | $ | 21 |  | $ | 34 |  |  |  |  |  |  |  |
Additions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities for which allowance for credit losses was not previously recorded |  | 1 |  |  | 21 |  |  | 22 |  |  |  | 3 |  |  | 9 |  |  | 12 |  |  |  |  |  |  |  |
Reductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold during the period |  | — |  |  | (6) |  |  | (6) |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis |  | (1) |  |  | 6 |  |  | 5 |  |  |  | (4) |  |  | 11 |  |  | 7 |  |  |  |  |  |  |  |
Write-offs charged against the allowance |  | (5) |  |  | (9) |  |  | (14) |  |  |  | — |  |  | (22) |  |  | (22) |  |  |  |  |  |  |  |
Other |  | (1) |  |  | (1) |  |  | (2) |  |  |  | — |  |  | 9 |  |  | 9 |  |  |  |  |  |  |  |
Balance, end of period | $ | 4 |  | $ | 39 |  | $ | 43 |  |  | $ | 12 |  | $ | 28 |  | $ | 40 |  |  |  |  |  |  |  |

Purchased Credit Deteriorated Securities
We purchase certain RMBS that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:
•Current delinquency rates;
•Expected default rates and the timing of such defaults;
•Loss severity and the timing of any recovery; and
•Expected prepayment speeds.
Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality.
We did not purchase securities with more than insignificant credit deterioration since their origination during the nine months ended September 30, 2025 and 2024.
PLEDGED INVESTMENTS
Secured Financing and Similar Arrangements
We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

32 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments
Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.
We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.
The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:

(in millions) |  | September 30, 2025 |  | December 31, 2024
Securities collateral pledged to us | $ | 2,883 |  | $ | 2,853 |

At September 30, 2025 and December 31, 2024, the carrying value of reverse repurchase agreements totaled $2.9 billion and $2.8 billion, respectively.
All secured financing transactions are collateralized and margined on a daily basis consistent with market standards and subject to enforceable master netting arrangements with rights of set off. We do not currently offset any such transactions.
Insurance – Statutory and Other Deposits
The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements and certain reinsurance contracts was $7.8 billion and $7.8 billion at September 30, 2025 and December 31, 2024, respectively.
Other Pledges and Restrictions
Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $13 million and $13 million of stock in FHLBs at September 30, 2025 and December 31, 2024, respectively. In addition, our subsidiaries have pledged securities available for sale with a fair value of $1.7 billion at September 30, 2025 and $1.6 billion at December 31, 2024.
Investments held in escrow accounts or otherwise subject to restriction as to their use were $74 million and $73 million, comprised of bonds available for sale and short-term investments at September 30, 2025 and December 31, 2024, respectively.
Reinsurance transactions between AIG and Fortitude Re were structured as modified coinsurance (modco) and loss portfolio transfer arrangements with funds withheld.

7. Lending Activities
The following table presents the composition of Mortgage and other loans receivable, net:

(in millions) | September 30, 2025 |  | December 31, 2024
Commercial mortgages(a) | $ | 2,869 |  |  | $ | 3,305 |
Life insurance policy loans | 5 |  |  | 6 |
Commercial loans, other loans and notes receivable(b) | 544 |  |  | 721 |
Total mortgage and other loans receivable(c) | 3,418 |  |  | 4,032 |
Allowance for credit losses(c)(d) | (104) |  |  | (164) |
Mortgage and other loans receivable, net(c) | $ | 3,314 |  |  | $ | 3,868 |

(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 13 percent and 13 percent, respectively, at September 30, 2025 and 12 percent and 14 percent, respectively, at December 31, 2024).
(b)There were no loans that were held-for-sale carried at lower of cost or market as of September 30, 2025 and December 31, 2024.
(c)Excludes $37.6 billion at both September 30, 2025 and December 31, 2024 of loans receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.
(d)Does not include allowance for credit losses of $0 million and $8 million at September 30, 2025 and December 31, 2024, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

AIG | Third Quarter 2025 Form 10-Q | 33

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities
Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of September 30, 2025 and December 31, 2024, $151 million and $252 million, respectively, of commercial mortgage loans were placed on nonaccrual status.
Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of September 30, 2025 and December 31, 2024, accrued interest receivable associated with commercial mortgage loans was $14 million and $15 million, respectively.
A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.
Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented.
CREDIT QUALITY OF COMMERCIAL MORTGAGES
The following table presents debt service coverage ratios(a) for commercial mortgages by year of vintage:

September 30, 2025 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
(in millions) |  |  |  |  |  |  |
>1.2X | $ | 14 |  | $ | 48 |  | $ | 192 |  | $ | 189 |  | $ | 546 |  | $ | 1,470 |  | $ | 2,459 |
1.00 - 1.20X |  | — |  |  | — |  |  | 27 |  |  | 26 |  |  | 44 |  |  | 147 |  |  | 244 |
<1.00X |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 25 |  |  | 136 |  |  | 166 |
Total commercial mortgages | $ | 14 |  | $ | 48 |  | $ | 224 |  | $ | 215 |  | $ | 615 |  | $ | 1,753 |  | $ | 2,869 |

December 31, 2024 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
(in millions) |  |  |  |  |  |  |
>1.2X | $ | 120 |  | $ | 484 |  | $ | 185 |  | $ | 563 |  | $ | 79 |  | $ | 1,482 |  | $ | 2,913 |
1.00 - 1.20X |  | 26 |  |  | 10 |  |  | 15 |  |  | 17 |  |  | — |  |  | 49 |  |  | 117 |
<1.00X |  | — |  |  | — |  |  | — |  |  | 32 |  |  | — |  |  | 243 |  |  | 275 |
Total commercial mortgages | $ | 146 |  | $ | 494 |  | $ | 200 |  | $ | 612 |  | $ | 79 |  | $ | 1,774 |  | $ | 3,305 |

The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:

September 30, 2025 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
(in millions) |  |  |  |  |  |  |
Less than 65% | $ | 14 |  | $ | 48 |  | $ | 187 |  | $ | 174 |  | $ | 488 |  | $ | 1,163 |  | $ | 2,074 |
65% to 75% |  | — |  |  | — |  |  | 32 |  |  | — |  |  | 64 |  |  | 345 |  |  | 441 |
76% to 80% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 38 |  |  | 38 |
Greater than 80% |  | — |  |  | — |  |  | 5 |  |  | 41 |  |  | 63 |  |  | 207 |  |  | 316 |
Total commercial mortgages | $ | 14 |  | $ | 48 |  | $ | 224 |  | $ | 215 |  | $ | 615 |  | $ | 1,753 |  | $ | 2,869 |
December 31, 2024 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
(in millions) |  |  |  |  |  |  |
Less than 65% | $ | 107 |  | $ | 433 |  | $ | 177 |  | $ | 485 |  | $ | 71 |  | $ | 1,012 |  | $ | 2,285 |
65% to 75% |  | — |  |  | 40 |  |  | — |  |  | 54 |  |  | — |  |  | 317 |  |  | 411 |
76% to 80% |  | — |  |  | — |  |  | — |  |  | 31 |  |  | — |  |  | 51 |  |  | 82 |
Greater than 80% |  | 39 |  |  | 21 |  |  | 23 |  |  | 42 |  |  | 8 |  |  | 394 |  |  | 527 |
Total commercial mortgages | $ | 146 |  | $ | 494 |  | $ | 200 |  | $ | 612 |  | $ | 79 |  | $ | 1,774 |  | $ | 3,305 |

(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.8x at both September 30, 2025 and December 31, 2024. The debt service coverage ratios are updated when additional relevant information becomes available.
(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 68 percent and 65 percent at September 30, 2025 and December 31, 2024, respectively. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

34 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities
The following table presents supplementary credit quality information related to commercial mortgages:

| Number of Loans |  | Class |  |  | Percent of Total |
(dollars in millions) |  | Apartments |  | Offices |  | Retail |  | Industrial |  | Hotel |  | Others |  | Total |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Past Due Status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In good standing | 158 | $ | 908 |  | $ | 1,004 |  | $ | 330 |  | $ | 208 |  | $ | 203 |  | $ | 126 |  | $ | 2,779 |  | 97 |  | %
90 days or less delinquent | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — |  |
>90 days delinquent or in process of foreclosure | 4 |  | — |  |  | 29 |  |  | 61 |  |  | — |  |  | — |  |  | — |  |  | 90 |  | 3 |  |
Total* | 162 | $ | 908 |  | $ | 1,033 |  | $ | 391 |  | $ | 208 |  | $ | 203 |  | $ | 126 |  | $ | 2,869 |  | 100 |  | %
Allowance for credit losses |  | $ | 1 |  | $ | 59 |  | $ | 33 |  | $ | 1 |  | $ | 10 |  | $ | — |  | $ | 104 |  | 4 |  | %

| Number of Loans |  | Class |  |  | Percent of Total |
(dollars in millions) |  | Apartments |  | Offices |  | Retail |  | Industrial |  | Hotel |  | Others |  | Total |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Past Due Status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In good standing | 186 | $ | 1,087 |  | $ | 971 |  | $ | 370 |  | $ | 301 |  | $ | 258 |  | $ | 119 |  | $ | 3,106 |  | 94 |  | %
90 days or less delinquent | 1 |  | — |  |  | 25 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |  | 1 |  |
>90 days delinquent or in process of foreclosure | 3 |  | — |  |  | 112 |  |  | 62 |  |  | — |  |  | — |  |  | — |  |  | 174 |  | 5 |  |
Total* | 190 | $ | 1,087 |  | $ | 1,108 |  | $ | 432 |  | $ | 301 |  | $ | 258 |  | $ | 119 |  | $ | 3,305 |  | 100 |  | %
Allowance for credit losses |  | $ | 5 |  | $ | 99 |  | $ | 34 |  | $ | 11 |  | $ | 13 |  | $ | 1 |  | $ | 163 |  | 5 |  | %

*Does not reflect allowance for credit losses.
METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES
For a discussion of our accounting policy for evaluating Mortgage and other loans receivable for impairment, see Note 7 to the Consolidated Financial Statements in the 2024 Annual Report.
The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable(a)(b):

Three Months Ended September 30, |  | 2025 |  |  | 2024
(in millions) |  | Commercial Mortgages |  | Other Loans |  | Total |  |  | Commercial Mortgages |  | Other Loans |  | Total
Allowance, beginning of period |  | $ | 106 |  |  | $ | — |  |  | $ | 106 |  |  |  | $ | 162 |  |  | $ | 1 |  |  | $ | 163 |
Loans charged off |  | (8) |  |  | — |  |  | (8) |  |  |  | — |  |  | — |  |  | — |
Net charge-offs |  | (8) |  |  | — |  |  | (8) |  |  |  | — |  |  | — |  |  | — |
Addition to (release of) allowance for loan losses |  | 6 |  |  | — |  |  | 6 |  |  |  | 3 |  |  | 1 |  |  | 4 |
Allowance, end of period |  | $ | 104 |  |  | $ | — |  |  | $ | 104 |  |  |  | $ | 165 |  |  | $ | 2 |  |  | $ | 167 |

Nine Months Ended September 30, |  | 2025 |  |  | 2024 |  |  |
(in millions) |  | Commercial Mortgages |  | Other Loans |  | Total |  |  | Commercial Mortgages |  | Other Loans |  | Total |  |  |  |  |  |  |
Allowance, beginning of year |  | $ | 163 |  |  | $ | 1 |  |  | $ | 164 |  |  |  | $ | 138 |  |  | $ | 2 |  |  | $ | 140 |  |  |  |  |  |  |  |
Loans charged off |  | (60) |  |  | — |  |  | (60) |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |
Net charge-offs |  | (60) |  |  | — |  |  | (60) |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |
Addition to (release of) allowance for loan losses |  | 1 |  |  | (1) |  |  | — |  |  |  | 27 |  |  | — |  |  | 27 |  |  |  |  |  |  |  |
Allowance, end of period |  | $ | 104 |  |  | $ | — |  |  | $ | 104 |  |  |  | $ | 165 |  |  | $ | 2 |  |  | $ | 167 |  |  |  |  |  |  |  |

(a)D oes not include allowance for credit losses of $0 million and $5 million at September 30, 2025 and 2024, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
(b)Excludes $37.6 billion of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.
Our expectations and models used to estimate the allowance for losses on commercial mortgage loans are regularly updated to reflect the current economic environment.

AIG | Third Quarter 2025 Form 10-Q | 35

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities
LOAN MODIFICATIONS
The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.
Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.
When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.
We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third-party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.
There were no loans that had defaulted during the nine months ended September 30, 2025 and 2024, that had been previously modified with borrowers experiencing financial difficulties.
AIG closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers experiencing financial difficulty that were modified in the 12 months prior to September 30, 2025 are current and performing in conjunction with their modified terms.

8. Reinsurance
FORTITUDE RE
Fortitude Re is the reinsurer of the majority of AIG’s run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within OCI). AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.
As of September 30, 2025, $3.2 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.

36 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 8. Reinsurance
There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:

| September 30, 2025 |  | December 31, 2024 |
(in millions) | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value | Corresponding Accounting Policy
Fixed maturity securities - available for sale(a) | $ | 1,787 |  | $ | 1,787 |  |  | $ | 1,918 |  | $ | 1,918 |  | Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option |  | 736 |  |  | 736 |  |  |  | 721 |  |  | 721 |  | Fair value through net investment income
Commercial mortgage loans |  | 430 |  |  | 419 |  |  |  | 450 |  |  | 437 |  | Amortized cost
Short-term investments |  | 19 |  |  | 19 |  |  |  | 15 |  |  | 15 |  | Fair value through net investment income
Funds withheld investment assets |  | 2,972 |  |  | 2,961 |  |  |  | 3,104 |  |  | 3,091 |  |
Derivative assets, net(b) |  | — |  |  | — |  |  |  | 1 |  |  | 1 |  | Fair value through net realized gains (losses)
Other(c) |  | 133 |  |  | 133 |  |  |  | 115 |  |  | 115 |  | Amortized cost
Total | $ | 3,105 |  | $ | 3,094 |  |  | $ | 3,220 |  | $ | 3,207 |  |

(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $58 million ($46 million after-tax) and $(35) million ($(28) million after-tax), respectively for the nine months ended September 30, 2025 and for the year ended December 31, 2024.
(b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $1 million and $31 million, respectively, as of September 30, 2025. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $9 million and $2 million, respectively, as of December 31, 2024. These derivative assets and liabilities are fully collateralized either by cash or securities.
(c)Primarily comprised of Cash and Accrued investment income.
The impact of the funds withheld arrangements with Fortitude Re was as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(in millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
Net investment income - Fortitude Re funds withheld assets | $ | 29 |  | $ | 51 |  |  | $ | 108 |  | $ | 123 |  |  |
Net realized losses on Fortitude Re funds withheld assets: |  |  |  |  |  |  |  |  |  |  |
Net realized losses - Fortitude Re funds withheld assets |  | (5) |  |  | (18) |  |  |  | (59) |  |  | (38) |  |  |
Net realized losses - Fortitude Re funds withheld embedded derivative |  | (54) |  |  | (157) |  |  |  | (109) |  |  | (158) |  |  |
Net realized losses on Fortitude Re funds withheld assets |  | (59) |  |  | (175) |  |  |  | (168) |  |  | (196) |  |  |
Loss from continuing operations before income tax benefit |  | (30) |  |  | (124) |  |  |  | (60) |  |  | (73) |  |  |
Income tax benefit(a) |  | (7) |  |  | (26) |  |  |  | (13) |  |  | (15) |  |  |
Net loss |  | (23) |  |  | (98) |  |  |  | (47) |  |  | (58) |  |  |
Change in unrealized appreciation on available for sale securities(a) |  | 23 |  |  | 67 |  |  |  | 46 |  |  | 25 |  |  |
Comprehensive loss | $ | — |  | $ | (31) |  |  | $ | (1) |  | $ | (33) |  |  |

(a)The income tax expense (benefit) and the tax impact in Accumulated other comprehensive income (loss) (AOCI) were computed using AIG’s U.S. statutory tax rate of 21 percent.
Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the asset is the primary driver of the comprehensive income (loss) reflected above.
REINSURANCE – CREDIT LOSSES
The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and deposit accounting assets on the consolidated balance sheets (collectively, reinsurance recoverables). This estimate requires significant judgment for which key considerations include:
•paid and unpaid amounts recoverable;
•whether the balance is in dispute or subject to legal collection;
•the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and
•whether collateral and collateral arrangements exist.

AIG | Third Quarter 2025 Form 10-Q | 37

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 8. Reinsurance
An estimate of the reinsurance recoverable's lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.
The total reinsurance recoverables as of September 30, 2025 were $41.6 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 81 percent of the reinsurance recoverables were investment grade; (ii) approximately 15 percent of the reinsurance recoverables were non-investment grade and (iii) approximately 4 percent of the reinsurance recoverables related to entities that were not rated by AIG.
The total reinsurance recoverables as of December 31, 2024 were $40.5 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 83 percent of the reinsurance recoverables were investment grade; (ii) approximately 15 percent of the reinsurance recoverables were non-investment grade; (iii) approximately 2 percent of the reinsurance recoverables related to entities that were not rated by AIG.
As of September 30, 2025 and December 31, 2024, approximately 86 percent and 81 percent, respectively, of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements.
Reinsurance Recoverable Allowance
The following table presents a rollforward of the reinsurance recoverable allowance:

| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(in millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  |
Balance, beginning of period | $ | 276 |  |  | $ | 260 |  |  | $ | 269 |  |  | $ | 255 |  |  |  |
Addition to (release of) allowance for expected credit losses and disputes, net |  | — |  |  |  | 9 |  |  |  | (1) |  |  |  | 9 |  |  |  |
Write-offs charged against the allowance for credit losses and disputes |  | — |  |  |  | — |  |  |  | (1) |  |  |  | (1) |  |  |  |
Other changes |  | (1) |  |  |  | 3 |  |  |  | 8 |  |  |  | 9 |  |  |  |
Balance, end of period | $ | 275 |  |  | $ | 272 |  |  | $ | 275 |  |  | $ | 272 |  |  |  |

Past-Due Status
We consider a reinsurance asset to be past due when it is 90 days past due. The allowance for credit losses is estimated excluding disputed amounts. An allowance for disputes is established using the losses incurred method for contingencies. Past due balances on claims that are not in dispute were not material for any of the periods presented.

9. Deferred Policy Acquisition Costs
DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that were related directly to the successful acquisition of new or renewal insurance contracts. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in General operating and other expenses in the Condensed Consolidated Statements of Income (Loss).
We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.
The following table presents a rollforward of DAC:

Nine Months Ended September 30, |  |  |  |  |
(in millions) | 2025 |  | 2024 |  |
Balance, beginning of year | $ | 2,065 |  |  | $ | 2,117 |  |  |
Capitalization | 2,536 |  |  | 2,665 |  |  |
Amortization expense | (2,522) |  |  | (2,543) |  |  |
Other, including foreign exchange | 56 |  |  | (48) |  |  |
Balance, end of period | $ | 2,135 |  |  | $ | 2,191 |  |  |

38 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 10. Variable Interest Entities

10. Variable Interest Entities
We enter into various arrangements with Variable Interest Entities (VIEs) in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.
The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.
For unconsolidated VIEs we calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE.
The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:

|  |  |  | Maximum Exposure to Loss
(in millions) |  | Total VIE Assets |  |  | On-Balance Sheet(c) |  |  | Off-Balance Sheet |  |  | Total
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Real estate and investment entities(a) | $ | 388,959 |  |  | $ | 3,348 |  |  | $ | 1,723 |  | (d) | $ | 5,071 |
Other(b) |  | 4,663 |  |  |  | 185 |  |  |  | 243 |  | (e) |  | 428 |
Total | $ | 393,622 |  |  | $ | 3,533 |  |  | $ | 1,966 |  |  | $ | 5,499 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Real estate and investment entities(a) | $ | 367,661 |  |  | $ | 2,723 |  |  | $ | 839 |  | (d) | $ | 3,562 |
Other(b) |  | 4,639 |  |  |  | 255 |  |  |  | 754 |  | (e) |  | 1,009 |
Total | $ | 372,300 |  |  | $ | 2,978 |  |  | $ | 1,593 |  |  | $ | 4,571 |

(a)Comprised primarily of hedge funds and private equity funds.
(b)At September 30, 2025 and December 31, 2024, excludes approximately $1,323 million and $1,925 million, respectively, of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $1,284 million and $1,894 million, respectively. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.
(c)At September 30, 2025 and December 31, 2024, $3.5 billion and $2.9 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.
(d)These amounts represent our unfunded commitments to invest in private equity funds.
(e)These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.

11. Derivatives and Hedge Accounting
We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate-sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, foreign currency transactions, and foreign denominated investments. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (CDSs), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

AIG | Third Quarter 2025 Form 10-Q | 39

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Derivatives and Hedge Accounting
The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:

| September 30, 2025 |  | December 31, 2024
| Gross Derivative Assets |  | Gross Derivative Liabilities |  | Gross Derivative Assets |  | Gross Derivative Liabilities
(in millions) |  | Notional Amount |  | Fair Value |  |  | Notional Amount |  | Fair Value |  |  | Notional Amount |  | Fair Value |  |  | Notional Amount |  | Fair Value
Derivatives designated as hedging instruments:(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | 304 |  | $ | 23 |  |  | $ | 1,458 |  | $ | 48 |  |  | $ | 879 |  | $ | 66 |  |  | $ | 906 |  | $ | 109 |
Derivatives not designated as hedging instruments:(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | 939 |  |  | 252 |  |  |  | 1,016 |  |  | 283 |  |  |  | 841 |  |  | 277 |  |  |  | 913 |  |  | 304 |
Foreign exchange contracts |  | 1,345 |  |  | 81 |  |  |  | 2,968 |  |  | 81 |  |  |  | 3,095 |  |  | 230 |  |  |  | 1,707 |  |  | 158 |
Equity contracts |  | 8 |  |  | 6 |  |  |  | 8 |  |  | 6 |  |  |  | 29 |  |  | 20 |  |  |  | 29 |  |  | 20 |
Credit contracts(b) |  | 42 |  |  | 26 |  |  |  | 47 |  |  | 26 |  |  |  | 52 |  |  | 31 |  |  |  | 147 |  |  | 31 |
Total derivatives, gross | $ | 2,638 |  | $ | 388 |  |  | $ | 5,497 |  | $ | 444 |  |  | $ | 4,896 |  | $ | 624 |  |  | $ | 3,702 |  | $ | 622 |
Counterparty netting(c) |  |  |  | (179) |  |  |  |  |  | (179) |  |  |  |  |  | (270) |  |  |  |  |  | (270) |
Cash collateral(d) |  |  |  | (207) |  |  |  |  |  | (216) |  |  |  |  |  | (304) |  |  |  |  |  | (201) |
Total derivatives on Condensed Consolidated Balance Sheets(e) |  |  | $ | 2 |  |  |  |  | $ | 49 |  |  |  |  | $ | 50 |  |  |  |  | $ | 151 |

(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b)As of September 30, 2025 and December 31, 2024, included CDSs on super senior multi-sector CLO with a net notional amount of $38 million and $48 million (fair value liability of $25 million and $30 million, respectively). The net notional amount represents the maximum exposure to loss on the portfolio.
(c)Represents netting of derivative exposures covered by a qualifying master netting agreement.
(d)Represents cash collateral posted and received that is eligible for netting.
(e)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was $3.1 billion at September 30, 2025 and $3.2 billion at December 31, 2024. Fair value of liabilities related to bifurcated embedded derivatives was zero at both September 30, 2025 and December 31, 2024. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to the funds withheld arrangement with Fortitude Re. For additional information, see Note 8.
COLLATERAL
We engage in derivative transactions that are not subject to a clearing requirement directly with unaffiliated third parties, in most cases, under International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary at various ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an upfront or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. In addition, certain derivative transactions have provisions that require collateral to be posted by us upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the transaction. In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action. The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade.
Collateral posted by us to third parties for derivative transactions was $341 million and $601 million at September 30, 2025 and December 31, 2024, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $260 million and $595 million at September 30, 2025 and December 31, 2024, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

40 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Derivatives and Hedge Accounting
OFFSETTING
We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.
HEDGE ACCOUNTING
We designated certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates.
We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. For the three and nine months ended September 30, 2025, we recognized gains (losses) of $15 million and $(157) million, respectively, and for the three and nine months ended September 30, 2024, we recognized gains (losses) of $(41) million and $(7) million, respectively, included in Change in foreign currency translation adjustments in OCI related to the net investment hedge relationships.
A qualitative methodology is utilized to assess hedge effectiveness.
The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):

|  | Gains/(Losses) Recognized in Income for: |  |
(in millions) |  | Hedging Derivatives(a) |  | Excluded Components(b) |  | Hedged Items |  | Net Impact
Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Net realized gains/(losses) |  | $ | (25) |  |  | $ | (4) |  |  | $ | 25 |  |  | $ | (4) |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Net realized gains/(losses) |  | $ | 53 |  |  | $ | 6 |  |  | $ | (53) |  |  | $ | 6 |
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Net realized gains/(losses) |  | $ | (52) |  |  | $ | (23) |  |  | $ | 52 |  |  | $ | (23) |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |
Net realized gains/(losses) |  | $ | (62) |  |  | $ | (21) |  |  | $ | 62 |  |  | $ | (21) |

(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.
(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis.

AIG | Third Quarter 2025 Form 10-Q | 41

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Derivatives and Hedge Accounting
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):

|  | Gains (Losses) Recognized in Income
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |
(in millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
By Derivative Type: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | (1) |  |  |  | $ | (5) |  |  | $ | (3) |  |  |
Foreign exchange contracts |  | (8) |  |  | 3 |  |  |  | (152) |  |  | (62) |  |  |
Credit contracts |  | — |  |  | 3 |  |  |  | — |  |  | 3 |  |  |
Embedded derivatives |  | (54) |  |  | (157) |  |  |  | (109) |  |  | (158) |  |  |
Total |  | $ | (62) |  |  | $ | (152) |  |  |  | $ | (266) |  |  | $ | (220) |  |  |
By Classification: |  |  |  |  |  |  |  |  |  |  |
Net investment income - Fortitude Re funds withheld assets |  | $ | — |  |  | $ | — |  |  |  | $ | (1) |  |  | $ | — |  |  |
Net realized gains (losses) - excluding Fortitude Re funds withheld assets |  | (10) |  |  | 7 |  |  |  | (136) |  |  | (62) |  |  |
Net realized losses on Fortitude Re funds withheld assets* |  | (52) |  |  | (159) |  |  |  | (129) |  |  | (158) |  |  |
Total |  | $ | (62) |  |  | $ | (152) |  |  |  | $ | (266) |  |  | $ | (220) |  |  |

*Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.
CREDIT RISK-RELATED CONTINGENT FEATURES
We estimate that at September 30, 2025, based on our outstanding financial derivative transactions, a downgrade of our long-term senior debt ratings to BBB or BBB– by Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and/or a downgrade to Baa2 or Baa3 by Moody’s Investors Service, Inc. would permit counterparties to make additional collateral calls and permit certain counterparties to elect early termination of contracts, resulting in corresponding collateral postings and termination payments in the total amount of up to approximately $4 million. The aggregate fair value of our derivatives that were in a net liability position and that contain such credit risk-related contingencies which can be triggered below our long-term senior debt ratings of BBB+ or Baa1 was approximately $25 million and $30 million at September 30, 2025 and December 31, 2024, respectively. The aggregate fair value of assets posted as collateral under these contracts at September 30, 2025 and December 31, 2024, was approximately $25 million and $30 million, respectively.

12. Insurance Liabilities
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)
Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development or reserve releases.
Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $13.4 billion and $12.1 billion at September 30, 2025 and December 31, 2024, respectively. These recoverable amounts are related to certain policies with high deductibles (in excess of high dollar amounts retained by the insured through self-insured retentions, deductibles, retrospective programs, or captive arrangements, each referred to generically as “deductibles”), primarily for U.S. Commercial casualty business. With respect to the deductible portion of the claim, we manage and pay the entire claim on behalf of the insured and are reimbursed by the insured for the deductible portion of the claim. Thus, these recoverable amounts represent a credit exposure to us. At September 30, 2025 and December 31, 2024 we held collateral of approximately $9.1 billion and $8.6 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. Allowance for credit losses for the unsecured portion of these recoverable amounts was $14 million at both September 30, 2025 and December 31, 2024.

42 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities
The following table presents the rollforward of activity in loss reserves:

|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |
(in millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
Liability for unpaid loss and loss adjustment expenses, beginning of period |  | $ | 69,754 |  |  | $ | 69,783 |  |  |  | $ | 69,168 |  |  | $ | 70,393 |  |  |
Reinsurance recoverable |  | (27,866) |  |  | (29,849) |  |  |  | (29,026) |  |  | (30,289) |  |  |
Net Liability for unpaid loss and loss adjustment expenses, beginning of period |  | 41,888 |  |  | 39,934 |  |  |  | 40,142 |  |  | 40,104 |  |  |
Losses and loss adjustment expenses incurred: |  |  |  |  |  |  |  |  |  |  |
Current year |  | 3,572 |  |  | 3,749 |  |  |  | 10,904 |  |  | 10,660 |  |  |
Prior years, excluding discount and amortization of deferred gain |  | (161) |  |  | 187 |  |  |  | (169) |  |  | 79 |  |  |
Prior years, discount charge (benefit) |  | 34 |  |  | 49 |  |  |  | 119 |  |  | 217 |  |  |
Prior years, amortization of deferred gain on retroactive reinsurance(a) |  | (54) |  |  | (212) |  |  |  | (176) |  |  | (277) |  |  |
Total losses and loss adjustment expenses incurred |  | 3,391 |  |  | 3,773 |  |  |  | 10,678 |  |  | 10,679 |  |  |
Losses and loss adjustment expenses paid: |  |  |  |  |  |  |  |  |  |  |
Current year |  | (1,262) |  |  | (1,169) |  |  |  | (2,714) |  |  | (2,310) |  |  |
Prior years |  | (2,371) |  |  | (2,285) |  |  |  | (7,901) |  |  | (7,739) |  |  |
Total losses and loss adjustment expenses paid |  | (3,633) |  |  | (3,454) |  |  |  | (10,615) |  |  | (10,049) |  |  |
Other changes: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange effect |  | (102) |  |  | 891 |  |  |  | 1,277 |  |  | 237 |  |  |
Losses and loss adjustment expenses recognized within gain on divestitures |  | 13 |  |  | — |  |  |  | 60 |  |  | — |  |  |
Retroactive reinsurance adjustment (net of discount)(b) |  | 77 |  |  | (107) |  |  |  | 92 |  |  | 71 |  |  |
Dispositions |  | — |  |  | (5) |  |  |  | — |  |  | (5) |  |  |
Reclassified to held for sale, net of reinsurance recoverables |  | — |  |  | 5 |  |  |  | — |  |  | — |  |  |
Total other changes |  | (12) |  |  | 784 |  |  |  | 1,429 |  |  | 303 |  |  |
Liability for unpaid loss and loss adjustment expenses, end of period: |  |  |  |  |  |  |  |  |  |  |
Net liability for unpaid losses and loss adjustment expenses |  | 41,634 |  |  | 41,037 |  |  |  | 41,634 |  |  | 41,037 |  |  |
Reinsurance recoverable |  | 28,248 |  |  | 30,029 |  |  |  | 28,248 |  |  | 30,029 |  |  |
Total |  | $ | 69,882 |  |  | $ | 71,066 |  |  |  | $ | 69,882 |  |  | $ | 71,066 |  |  |

(a)Includes $14 million and $3 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three months ended September 30, 2025 and 2024, respectively, and $26 million and $47 million for the nine months ended September 30, 2025 and 2024, respectively.
(b)Includes benefit (charge) from change in discount on retroactive reinsurance of $7 million and $22 million for the three months ended September 30, 2025 and 2024 respectively, and $27 million and $100 million for the nine months ended September 30, 2025 and 2024, respectively.
On January 20, 2017, we entered into an adverse development reinsurance agreement with NICO, under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the paid losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. At NICO’s 80 percent share, NICO’s limit of liability under the contract is $20 billion. We account for this transaction as retroactive reinsurance. We paid total consideration, including interest, of $10.2 billion. The consideration was placed into a collateral trust account as security for NICO’s claim payment obligations, and Berkshire has provided a parental guarantee to secure the obligations of NICO under the agreement.
Prior Year Development
During the three months ended September 30, 2025, we recognized favorable prior year loss reserve development of $161 million excluding discount and amortization of deferred gain. The development in this period was primarily driven by favorable development in Other Product Lines (North America and International) and U.S. Property and Special Risks, partially offset by adverse development in UK/Europe Casualty and Financial Lines. During the nine months ended September 30, 2025, we recognized favorable prior year loss reserve development of $169 million excluding discount and amortization of deferred gain. The development in this period was largely driven by favorable development in Other Product Lines (North America and International), U.S. Workers’ Compensation, U.S. Other Casualty and U.S. Property and Special Risks, partially offset by adverse development on U.S. Excess Casualty and UK/Europe Casualty and Financial Lines.
During the three months ended September 30, 2024, we recognized unfavorable prior year loss reserve development of $187 million excluding discount and amortization of deferred gain. The development in this period was largely driven by adverse development in U.S. Excess Casualty and UK/Europe Casualty and Financial Lines, offset by favorable development in Global Specialty and U.S. Property and Special Risks. During the nine months ended September 30, 2024, we recognized unfavorable prior year loss reserve development of $79 million excluding discount and amortization of deferred gain. The development in this period was largely driven by adverse development in U.S. Excess Casualty and UK/Europe Casualty and Financial Lines, offset by favorable development in Global Specialty, U.S. Property and Special Risks and on our loss sensitive U.S. Workers' Compensation business.

AIG | Third Quarter 2025 Form 10-Q | 43

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities
Discounting of Loss Reserves
At September 30, 2025 and December 31, 2024, the loss reserves reflect a net loss reserve discount of $1.2 billion and $1.2 billion, respectively, including tabular and non-tabular calculations based upon the following assumptions:
•The non-tabular workers’ compensation discount is calculated separately for companies domiciled in New York, Pennsylvania and Delaware, and follows the statutory regulations (prescribed or historically permitted) for each state.
–For New York companies, the discount is based on a 5 percent interest rate and the companies’ own payout patterns.
–The Pennsylvania and Delaware regulators have historically approved use of a consistent benchmark discount rate and spread (U.S. Treasury rate plus a liquidity premium) to all of our workers’ compensation reserves in our Pennsylvania domiciled and Delaware domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios. In 2020, the regulators also approved that the discount rate will be updated on an annual basis.
•The tabular workers’ compensation discount is calculated based on the mortality rate used in the 2007 U.S. Life table and interest rates prescribed or permitted by each state (i.e. New York is based on 5 percent interest rate and Pennsylvania and Delaware are based on U.S. Treasury rate plus a liquidity premium). In the case that applying this tabular discount factor to our nominal reserves produces a tabular discount that is greater than the indemnity portion of our case reserves, the tabular discount is capped at our estimate of the indemnity portion of our case reserves (45 percent).
The discount for asbestos reserves has been fully accreted.
At September 30, 2025 and December 31, 2024, the discount consists of $134 million and $107 million of tabular discount, respectively, and $1.0 billion and $1.1 billion of non-tabular discount for workers’ compensation, respectively. During the nine months ended September 30, 2025 and 2024, the benefit / (charge) from changes in discount of $(27) million and $(131) million, respectively, were recorded as part of Losses and loss adjustment expenses incurred in the Condensed Consolidated Statements of Income (Loss).
The following table presents the components of the loss reserve discount discussed above:

(in millions) |  | September 30, 2025 |  | December 31, 2024
U.S. workers' compensation | $ | 2,084 |  | $ | 2,111 |
Retroactive reinsurance |  | (909) |  |  | (936) |
Total reserve discount(a)(b) | $ | 1,175 |  | $ | 1,175 |

(a)Excludes $166 million and $184 million of discount related to certain long-tail liabilities in the UK at September 30, 2025 and December 31, 2024, respectively.
(b)Includes gross discount of $725 million and $627 million, which was 100 percent ceded to Fortitude Re at September 30, 2025 and December 31, 2024, respectively.
The following table presents the net loss reserve discount benefit (charge):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
Current accident year | $ | 36 |  | $ | 20 |  |  | $ | 92 |  | $ | 86 |  |  |
Accretion and other adjustments to prior year discount |  | (34) |  |  | (49) |  |  |  | (119) |  |  | (217) |  |  |
Net reserve discount benefit (charge) |  | 2 |  |  | (29) |  |  |  | (27) |  |  | (131) |  |  |
Change in discount on loss reserves ceded under retroactive reinsurance |  | 7 |  |  | 22 |  |  |  | 27 |  |  | 100 |  |  |
Net change in total reserve discount* | $ | 9 |  | $ | (7) |  |  | $ | — |  | $ | (31) |  |  |

*Excludes $(35) million and $1 million discount related to certain long-tail liabilities in the UK for the three months ended September 30, 2025 and 2024, respectively, and excludes $(18) million and $1 million discount related to certain long-tail liabilities in the UK for the nine months ended September 30, 2025 and 2024, respectively.
Amortization of Deferred Gain on Retroactive Reinsurance
Amortization of the deferred gain on retroactive reinsurance includes $40 million and $209 million related to the adverse development reinsurance cover with NICO for the three months ended September 30, 2025 and 2024, respectively, and $150 million and $230 million for the nine months ended September 30, 2025 and 2024, respectively.
Amounts recognized reflect the amortization of the initial deferred gain at inception, as amended for subsequent changes in the deferred gain due to changes in subject reserves.
FUTURE POLICY BENEFITS
Future policy benefits primarily include reserves for certain long-duration contracts that are 100 percent ceded of $781 million and $691 million at September 30, 2025 and December 31, 2024, respectively, certain other long-duration contracts of $634 million and $621 million at September 30, 2025 and December 31, 2024, respectively, and Global Accident & Health contracts.

44 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13. Contingencies, Commitments and Guarantees

13. Contingencies, Commitments and Guarantees
In the normal course of business, we enter into various contingent liabilities and commitments. In addition, AIG Parent guarantees various obligations of certain subsidiaries.
Although we cannot currently quantify our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on our consolidated financial condition or consolidated results of operations or consolidated cash flows for an individual reporting period.
LEGAL CONTINGENCIES
In the normal course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our loss reserves. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, AIG Parent, our subsidiaries and their respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of AIG securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe that any such charges are likely to have a material adverse effect on our financial position or results of operation.
Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating insurance subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage.
OTHER COMMITMENTS
In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the U.S. and abroad. These commitments totaled $2.0 billion and $1.8 billion at September 30, 2025 and December 31, 2024, respectively.
GUARANTEES
Subsidiaries
We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIGFP and certain of its subsidiaries. We have also issued guarantees of all present and future payment obligations and liabilities of AIG Markets, Inc.
Due to the deconsolidation of AIGFP and its subsidiaries, as of September 30, 2025, a $72 million guarantee related to the obligations of AIGFP and certain of its subsidiaries was recognized, and is reported in Other liabilities.
We continue to guarantee certain policyholder contracts issued by Corebridge subsidiaries as well as certain debt issued by Corebridge Life Holdings, Inc. (CRBGLH). Pursuant to the Separation Agreement entered in by AIG and Corebridge on September 14, 2022, Corebridge must indemnify, defend and hold us harmless from and against any liability related to these guarantees. Also, under a collateral agreement, in the event of: (i) a ratings downgrade of Corebridge or the guaranteed debt below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the guaranteed debt when due, Corebridge must collateralize an amount equal to

AIG | Third Quarter 2025 Form 10-Q | 45

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13. Contingencies, Commitments and Guarantees
the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100 percent of the net present value of scheduled interest payments through the maturity dates of the debt.
Business and Asset Dispositions
We are subject to financial guarantees and indemnity arrangements in connection with the completed sales of businesses and assets. The various arrangements may be triggered by, among other things, declines in asset values, the occurrence of specified business contingencies, the realization of contingent liabilities, developments in litigation or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable.
We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe the likelihood that we will have to make any material payments related to completed sales under these arrangements is remote, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets.
Other
•For additional information on commitments and guarantees associated with VIEs, see Note 10.
•For additional information on derivatives, see Note 11.

14. Equity
SHARES OUTSTANDING
Common Stock
The following table presents a rollforward of outstanding shares:

Nine Months Ended September 30, 2025 | Common Stock Issued | Treasury Stock | Common Stock Outstanding
(in millions)
Shares, beginning of year | 1,906.7 |  | (1,300.6) |  | 606.1 |
Shares issued | — |  | 4.2 |  | 4.2 |
Shares repurchased | — |  | (65.8) |  | (65.8) |
Shares, end of period | 1,906.7 |  | (1,362.2) |  | 544.5 |

Dividends
Dividends are payable on AIG common stock, par value $2.50 per share (AIG Common Stock) only when, as and if declared by our Board of Directors in its discretion, from funds legally available for this purpose. In considering whether to pay a dividend on or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to: the capital resources available to support our insurance operations and business strategies, AIG’s funding capacity and capital resources in comparison to internal benchmarks, expectations for capital generation, rating agency expectations for capital, regulatory standards for capital and capital distributions, and such other factors as our Board of Directors may deem relevant.
For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2024 Annual Report.
Repurchase of AIG Common Stock
Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities Exchange Act of 1934, as amended (the Exchange Act) Rule 10b5-1 repurchase plans. Effective April 1, 2025, the Board of Directors authorized the repurchase of $7.5 billion of AIG Common Stock (inclusive of the approximately $3.4 billion remaining under the Board's prior share repurchase authorization).
The timing of any future repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.
Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from October 1, 2025 to October 30, 2025, we repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $406 million.

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 14. Equity
DIVIDENDS DECLARED
On November 4, 2025, our Board of Directors declared a cash dividend on AIG Common Stock of $0.45 per share, payable on December 30, 2025 to shareholders of record on December 16, 2025.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents a rollforward of Accumulated other comprehensive income (loss):

(in millions) | Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | Unrealized Appreciation (Depreciation) of All Other Investments | Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk | Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | Foreign Currency Translation Adjustments | Retirement Plan Liabilities Adjustment |  |  | Total
Balance, June 30, 2025, net of tax | $ | (6) |  | $ | (1,951) |  | $ | — |  | $ | 75 |  | $ | (2,899) |  | $ | (767) |  |  |  | $ | (5,548) |
Change in unrealized appreciation (depreciation) of investments |  | — |  |  | 543 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 543 |
Change in other |  | — |  |  | 20 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 20 |
Change in discount rates |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  |  |  | 7 |
Change in foreign currency translation adjustments |  | — |  |  | — |  |  | — |  |  | — |  |  | (52) |  |  | — |  |  |  |  | (52) |
Change in net actuarial loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  |  |  | 8 |
Change in prior service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |  |  | 1 |
Change in deferred tax asset (liability) |  | — |  |  | (16) |  |  | — |  |  | (2) |  |  | (4) |  |  | (3) |  |  |  |  | (25) |
Total other comprehensive income (loss) | — |  |  | 547 |  |  | — |  |  | 5 |  |  | (56) |  |  | 6 |  |  |  |  | 502 |
Balance, September 30, 2025, net of tax | $ | (6) |  | $ | (1,404) |  | $ | — |  | $ | 80 |  | $ | (2,955) |  | $ | (761) |  |  |  | $ | (5,046) |
Balance, June 30, 2024, net of tax | $ | (38) |  | $ | (3,422) |  | $ | — |  | $ | 22 |  | $ | (3,322) |  | $ | (805) |  |  |  | $ | (7,565) |
Change in unrealized appreciation (depreciation) of investments* |  | 45 |  |  | 1,581 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 1,626 |
Change in other |  | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 17 |
Change in discount rates |  | — |  |  | — |  |  | — |  |  | (12) |  |  | — |  |  | — |  |  |  |  | (12) |
Change in foreign currency translation adjustments |  | — |  |  | — |  |  | — |  |  | — |  |  | 427 |  |  | — |  |  |  |  | 427 |
Change in net actuarial loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |  | 2 |
Change in prior service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  | (1) |
Change in deferred tax asset (liability) |  | (8) |  |  | (249) |  |  | — |  |  | 58 |  |  | (13) |  |  | — |  |  |  |  | (212) |
Total other comprehensive income | 37 |  |  | 1,349 |  |  | — |  |  | 46 |  |  | 414 |  |  | 1 |  |  |  |  | 1,847 |
Less: Noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  |  |  | 4 |
Balance, September 30, 2024, net of tax | $ | (1) |  | $ | (2,073) |  | $ | — |  | $ | 68 |  | $ | (2,912) |  | $ | (804) |  |  |  | $ | (5,722) |

(in millions) | Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | Unrealized Appreciation (Depreciation) of All Other Investments | Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk | Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | Foreign Currency Translation Adjustments | Retirement Plan Liabilities Adjustment |  |  | Total
Balance, December 31, 2024, net of tax | $ | (4) |  | $ | (2,868) |  | $ | — |  | $ | 68 |  | $ | (3,521) |  | $ | (774) |  |  |  | $ | (7,099) |
Change in unrealized appreciation (depreciation) of investments |  | (3) |  |  | 1,373 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 1,370 |
Change in other |  | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 17 |
Change in discount rates |  | — |  |  | — |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  |  |  | 16 |
Change in foreign currency translation adjustments |  | — |  |  | — |  |  | — |  |  | — |  |  | 537 |  |  | — |  |  |  |  | 537 |
Change in net actuarial loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18 |  |  |  |  | 18 |
Change in prior service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |  |  | 1 |
Change in deferred tax asset (liability) |  | 1 |  |  | 74 |  |  | — |  |  | (4) |  |  | 30 |  |  | (6) |  |  |  |  | 95 |
Total other comprehensive income (loss) | (2) |  |  | 1,464 |  |  | — |  |  | 12 |  |  | 567 |  |  | 13 |  |  |  |  | 2,054 |
Less: Noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  |  |  | 1 |
Balance, September 30, 2025, net of tax | $ | (6) |  | $ | (1,404) |  | $ | — |  | $ | 80 |  | $ | (2,955) |  | $ | (761) |  |  |  | $ | (5,046) |

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 14. Equity

(in millions) | Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | Unrealized Appreciation (Depreciation) of All Other Investments | Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk | Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | Foreign Currency Translation Adjustments | Retirement Plan Liabilities Adjustment |  |  | Total
Balance, December 31, 2023, net of tax | $ | (106) |  | $ | (10,888) |  | $ | (476) |  | $ | 1,233 |  | $ | (2,979) |  | $ | (821) |  |  |  | $ | (14,037) |
Change in unrealized appreciation (depreciation) of investments* |  | 98 |  |  | (729) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (631) |
Change in other |  | — |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 13 |
Change in fair value of market risk benefits, net |  | — |  |  | — |  |  | 130 |  |  | — |  |  | — |  |  | — |  |  |  |  | 130 |
Change in discount rates |  | — |  |  | — |  |  | — |  |  | 947 |  |  | — |  |  | — |  |  |  |  | 947 |
Change in future policy benefits |  | — |  |  | (59) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (59) |
Change in foreign currency translation adjustments |  | — |  |  | — |  |  | — |  |  | — |  |  | 173 |  |  | — |  |  |  |  | 173 |
Change in net actuarial loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  |  |  | 19 |
Change in prior service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |  | 2 |
Change in deferred tax asset (liability) |  | (20) |  |  | (92) |  |  | (28) |  |  | (166) |  |  | (14) |  |  | (4) |  |  |  |  | (324) |
Corebridge deconsolidation, net of tax |  | 42 |  |  | 8,513 |  |  | 330 |  |  | (1,583) |  |  | (88) |  |  | — |  |  |  |  | 7,214 |
Total other comprehensive income | 120 |  |  | 7,646 |  |  | 432 |  |  | (802) |  |  | 71 |  |  | 17 |  |  |  |  | 7,484 |
Add: Corebridge noncontrolling interests |  | 2 |  |  | 610 |  |  | 33 |  |  | (105) |  |  | (3) |  |  | — |  |  |  |  | 537 |
Less: Noncontrolling interests |  | 17 |  |  | (559) |  |  | (11) |  |  | 258 |  |  | 1 |  |  | — |  |  |  |  | (294) |
Balance, September 30, 2024, net of tax | $ | (1) |  | $ | (2,073) |  | $ | — |  | $ | 68 |  | $ | (2,912) |  | $ | (804) |  |  |  | $ | (5,722) |

*Includes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 30, 2024.
The following table presents the other comprehensive income (loss) reclassification adjustments for the three and nine months ended September 30, 2025 and 2024, respectively:

(in millions) | Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | Unrealized Appreciation (Depreciation) of All Other Investments | Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk | Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | Foreign Currency Translation Adjustments | Retirement Plan Liabilities Adjustment |  |  | Total
Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized change arising during period | $ | — |  | $ | 461 |  | $ | — |  | $ | 7 |  | $ | (52) |  | $ | — |  |  |  | $ | 416 |
Less: Reclassification adjustments included in net income |  | — |  |  | (102) |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  |  |  | (111) |
Total other comprehensive income (loss), before income tax expense (benefit) |  | — |  |  | 563 |  |  | — |  |  | 7 |  |  | (52) |  |  | 9 |  |  |  |  | 527 |
Less: Income tax expense (benefit) |  | — |  |  | 16 |  |  | — |  |  | 2 |  |  | 4 |  |  | 3 |  |  |  |  | 25 |
Total other comprehensive income (loss), net of income tax expense (benefit) | $ | — |  | $ | 547 |  | $ | — |  | $ | 5 |  | $ | (56) |  | $ | 6 |  |  |  | $ | 502 |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized change arising during period | $ | 45 |  | $ | 1,514 |  | $ | — |  | $ | (12) |  | $ | 427 |  | $ | (7) |  |  |  | $ | 1,967 |
Less: Reclassification adjustments included in net income |  | — |  |  | (84) |  |  | — |  |  | — |  |  | — |  |  | (8) |  |  |  |  | (92) |
Total other comprehensive income (loss), before income tax expense (benefit) |  | 45 |  |  | 1,598 |  |  | — |  |  | (12) |  |  | 427 |  |  | 1 |  |  |  |  | 2,059 |
Less: Income tax expense (benefit) |  | 8 |  |  | 249 |  |  | — |  |  | (58) |  |  | 13 |  |  | — |  |  |  |  | 212 |
Total other comprehensive income (loss), net of income tax expense (benefit) | $ | 37 |  | $ | 1,349 |  | $ | — |  | $ | 46 |  | $ | 414 |  | $ | 1 |  |  |  | $ | 1,847 |

Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized change arising during period | $ | (3) |  | $ | 875 |  | $ | — |  | $ | 16 |  | $ | 537 |  | $ | (5) |  |  |  | $ | 1,420 |
Less: Reclassification adjustments included in net income |  | — |  |  | (515) |  |  | — |  |  | — |  |  | — |  |  | (24) |  |  |  |  | (539) |
Total other comprehensive income (loss), before of income tax expense (benefit) |  | (3) |  |  | 1,390 |  |  | — |  |  | 16 |  |  | 537 |  |  | 19 |  |  |  |  | 1,959 |
Less: Income tax expense (benefit) |  | (1) |  |  | (74) |  |  | — |  |  | 4 |  |  | (30) |  |  | 6 |  |  |  |  | (95) |
Total other comprehensive income (loss), net of income tax expense (benefit) | $ | (2) |  | $ | 1,464 |  | $ | — |  | $ | 12 |  | $ | 567 |  | $ | 13 |  |  |  | $ | 2,054 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized change arising during period | $ | 98 |  | $ | (1,129) |  | $ | 130 |  | $ | 947 |  | $ | 173 |  | $ | (2) |  |  |  | $ | 217 |
Less: Reclassification adjustments included in net income |  | (42) |  |  | (8,867) |  |  | (330) |  |  | 1,583 |  |  | 88 |  |  | (23) |  |  |  |  | (7,591) |
Total other comprehensive income (loss), before income tax expense (benefit) |  | 140 |  |  | 7,738 |  |  | 460 |  |  | (636) |  |  | 85 |  |  | 21 |  |  |  |  | 7,808 |
Less: Income tax expense (benefit) |  | 20 |  |  | 92 |  |  | 28 |  |  | 166 |  |  | 14 |  |  | 4 |  |  |  |  | 324 |
Total other comprehensive income (loss), net of income tax expense (benefit) | $ | 120 |  | $ | 7,646 |  | $ | 432 |  | $ | (802) |  | $ | 71 |  | $ | 17 |  |  |  | $ | 7,484 |

48 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 14. Equity
The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss)(a):

| Amount Reclassified from AOCI |  | Affected Line Item in the
| Three Months Ended September 30, |  | Condensed Consolidated
(in millions) |  | 2025 |  | 2024 |  |  |  | Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken |  |  |  |  |  |  |  |
Investments | $ | — |  | $ | — |  |  |  |  | Net realized gains (losses)
Total |  | — |  |  | — |  |  |  |  |
Unrealized appreciation (depreciation) of all other investments |  |  |  |  |  |  |  |
Investments |  | (102) |  |  | (84) |  |  |  |  | Net realized gains (losses)
Total |  | (102) |  |  | (84) |  |  |  |  |
Change in retirement plan liabilities adjustment |  |  |  |  |  |  |  |
Prior-service credit |  | (1) |  |  | — |  |  |  |  | (b)
Actuarial losses |  | (8) |  |  | (8) |  |  |  |  | (b)
Total |  | (9) |  |  | (8) |  |  |  |  |
Corebridge deconsolidation, net of tax |  | — |  |  | — |  |  |  |  | (c)
Total reclassifications for the period | $ | (111) |  | $ | (92) |  |  |  |  |
| Amount Reclassified from AOCI |  | Affected Line Item in the
| Nine Months Ended September 30, |  | Condensed Consolidated
(in millions) |  | 2025 |  | 2024 |  |  |  | Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken |  |  |  |  |  |  |  |
Investments | $ | — |  | $ | — |  |  |  |  | Net realized gains (losses)
Total |  | — |  |  | — |  |  |  |  |
Unrealized appreciation (depreciation) of all other investments |  |  |  |  |  |  |  |
Investments |  | (515) |  |  | (354) |  |  |  |  | Net realized gains (losses)
Total |  | (515) |  |  | (354) |  |  |  |  |
Change in retirement plan liabilities adjustment |  |  |  |  |  |  |  |
Prior-service credit |  | (2) |  |  | (1) |  |  |  |  | (b)
Actuarial losses |  | (22) |  |  | (22) |  |  |  |  | (b)
Total |  | (24) |  |  | (23) |  |  |  |  |
Corebridge deconsolidation, net of tax |  | — |  |  | (7,214) |  |  |  |  | (c)
Total reclassifications for the period | $ | (539) |  | $ | (7,591) |  |  |  |  |

(a)The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table: (i) Change in fair value of market risk benefits attributable to changes in our own credit risk and (ii) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts.
(b)These AOCI components are included in the computation of net periodic pension cost.
(c)Represents adjustments related to the deconsolidation of Corebridge which is reflected in Income (loss) from discontinued operations, net of taxes. See the rollforward of Accumulated other comprehensive income (loss) above for further details.

AIG | Third Quarter 2025 Form 10-Q | 49

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 15. Earnings Per Common Share (EPS)

15. Earnings Per Common Share (EPS)
Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding. The diluted EPS computation assumes the issuance of all potentially dilutive common shares outstanding using the treasury stock method or the if-converted method, as applicable, and excludes the effect of anti-dilutive shares.
The following table presents the computation of basic and diluted EPS:

|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(dollars in millions, except per common share data) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
Numerator for EPS: |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 524 |  |  | $ | 481 |  |  |  | $ | 2,366 |  |  | $ | 1,753 |  |  |
Less: Net income attributable to noncontrolling interests |  | 5 |  |  | — |  |  |  | 5 |  |  | — |  |  |
Less: Preferred stock dividends and preferred stock redemption premiums |  | — |  |  | — |  |  |  | — |  |  | 22 |  |  |
Income attributable to AIG common shareholders from continuing operations |  | 519 |  |  | 481 |  |  |  | 2,361 |  |  | 1,731 |  |  |
Loss from discontinued operations, net of income tax expense |  | — |  |  | (24) |  |  |  | — |  |  | (3,580) |  |  |
Less: Net income (loss) attributable to noncontrolling interests |  | — |  |  | (2) |  |  |  | — |  |  | 475 |  |  |
Loss from discontinued operations, net of noncontrolling interest |  | — |  |  | (22) |  |  |  | — |  |  | (4,055) |  |  |
Net income (loss) attributable to AIG common shareholders |  | $ | 519 |  |  | $ | 459 |  |  |  | $ | 2,361 |  |  | $ | (2,324) |  |  |
Denominator for EPS: |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic |  | 553,308,504 |  |  | 641,621,768 |  |  |  | 573,176,050 |  |  | 661,691,554 |  |  |
Dilutive common shares |  | 5,211,326 |  |  | 5,743,674 |  |  |  | 5,245,177 |  |  | 5,663,515 |  |  |
Weighted average common shares outstanding - diluted(a) |  | 558,519,830 |  |  | 647,365,442 |  |  |  | 578,421,227 |  |  | 667,355,069 |  |  |
Income (loss) per common share attributable to AIG common shareholders: |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.94 |  |  | $ | 0.75 |  |  |  | $ | 4.12 |  |  | $ | 2.62 |  |  |
Loss from discontinued operations |  | $ | — |  |  | $ | (0.03) |  |  |  | $ | — |  |  | $ | (6.13) |  |  |
Income (loss) attributable to AIG common shareholders |  | $ | 0.94 |  |  | $ | 0.72 |  |  |  | $ | 4.12 |  |  | $ | (3.51) |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.93 |  |  | $ | 0.74 |  |  |  | $ | 4.08 |  |  | $ | 2.59 |  |  |
Loss from discontinued operations |  | $ | — |  |  | $ | (0.03) |  |  |  | $ | — |  |  | $ | (6.07) |  |  |
Income (loss) attributable to AIG common shareholders |  | $ | 0.93 |  |  | $ | 0.71 |  |  |  | $ | 4.08 |  |  | $ | (3.48) |  |  |

(a)Potential dilutive common shares are due to our share-based employee compensation plans and agreements. The number of potential common shares excluded from diluted shares outstanding was 139,655 and 140,042 for the three and nine months ended September 30, 2025, respectively, and 94,545 and 108,759 for the three and nine months ended September 30, 2024, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.
For information regarding our repurchases of AIG Common Stock, see Note 14.

50 | AIG | Third Quarter 2025 Form 10-Q

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 16. Income Taxes

16. Income Taxes
U.S. TAX LAW CHANGES
On July 4, 2025, new U.S. tax legislation was signed into law (known as the "One Big Beautiful Bill Act" or "OBBB Act") which, among other provisions, makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. We do not expect the OBBB Act to have a material impact on our results of operations.
BASIS OF PRESENTATION
We file a consolidated U.S. federal income tax return with our eligible U.S. subsidiaries. Income earned by subsidiaries operating outside the U.S. is taxed, and income tax expense is recorded, based on applicable U.S. and foreign laws.
We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested.
INTERIM TAX CALCULATION METHOD
We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets and are recorded in the period in which the change occurs.
INTERIM TAX EXPENSE (BENEFIT)
For the three months ended September 30, 2025, the effective tax rate on income from continuing operations was 26.6 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, certain non-deductible expenses, and state and local income taxes, partially offset by a tax benefit related to prior year tax return adjustments. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.
For the nine months ended September 30, 2025, the effective tax rate on income from continuing operations was 26.5 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, certain non-deductible expenses, state and local income taxes, and an increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions. The charges are partially offset by tax benefits related to prior year tax return adjustments, closure of tax audits in Germany and California, and excess tax benefits related to share-based compensation payments recorded through the income statement. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.
For the three months ended September 30, 2024, the effective tax rate on income from continuing operations was 25.9 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, state and local income taxes and certain non-deductible expenses, partially offset by tax benefits related to the dividends received deduction applicable to post-deconsolidation Corebridge dividends and tax exempt income. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.
For the nine months ended September 30, 2024, the effective tax rate on income from continuing operations was 24.6 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, state and local income taxes and certain non-deductible expenses, partially offset by tax benefits related to the dividends received deduction applicable to post-deconsolidation Corebridge dividends, tax exempt income and excess tax benefits related to share-based compensation payments recorded through the income statement. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 16. Income Taxes
ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE
The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed.
During the three months ended September 30, 2025, taxable income projections were updated to reflect the latest projections of income for our insurance and non-insurance companies, the filing of our 2024 US federal consolidated income tax return, and projections of taxable income generated from prudent and feasible tax planning strategies. Given there is a shorter carryforward period to utilize remaining net operating losses, we continue to consider multiple data points and stresses. Additionally, significant market volatility continues to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and AIG-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies. We also subjected the forecasts to a variety of stresses of key assumptions and evaluated the effect on tax attribute utilization.
After factoring in multiple data points and assessing the relative weight of all positive and negative evidence, we concluded that a valuation allowance of $300 million should remain on a portion of AIG's U.S. federal consolidated income tax group tax attribute carryforwards that are not more likely than not to be realized. Accordingly, during the nine months ended September 30, 2025, we recorded no change in valuation allowance.
We continue to weigh multiple data points in our assessment of the recoverability of our deferred tax asset. To the extent positive evidence outweighs the negative evidence, some or all of the valuation allowance could be released, as early as the fourth quarter of 2025.
For the nine months ended September 30, 2025, recent changes in market conditions, including changes in interest rates, impacted the unrealized tax gains and losses in the available for sale securities portfolios of our general insurance and non-insurance companies, resulting in a decrease to deferred tax assets related to net unrealized tax capital losses. The deferred tax assets relate to the unrealized tax capital losses for which the carryforward period has not yet begun. As of September 30, 2025, based on all available evidence, we concluded that a valuation allowance of $204 million is necessary on deferred tax assets related to unrealized tax capital losses that are not more-likely-than-not to be realized. For the nine months ended September 30, 2025, we recorded a decrease in valuation allowance of $305 million associated with the unrealized tax capital losses in AIG's available for sale securities portfolio. The valuation allowance decrease was allocated to Other comprehensive income.
For the nine months ended September 30, 2025, we recognized a net $9 million increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions.
TAX EXAMINATIONS
We are currently under examination by the Internal Revenue Service (IRS) for the tax years 2011 through 2019. We continue to engage in the IRS Appeals process for certain disagreed issues related to tax years 2007 through 2010. These tax years are still subject to ongoing computational review by IRS Appeals.
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES
At both September 30, 2025 and December 31, 2024, our unrecognized tax benefits, excluding interest and penalties, were $1.4 billion. At both September 30, 2025 and December 31, 2024, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $1.4 billion. Unrecognized tax benefits that would not affect the effective tax rate generally relate to such factors as the timing, rather than the permissibility of the deduction.
Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At September 30, 2025 and December 31, 2024, we had accrued liabilities of $40 million and $53 million, respectively, for the payment of interest (net of the federal benefit) and penalties. For the nine months ended September 30, 2025 and 2024, we accrued expense (benefit) of $(13) million and $1 million, respectively, for the payment of interest and penalties.
Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition.

52 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 17. Subsequent Events

17. Subsequent Events
STRATEGIC INVESTMENTS
On October 30, 2025, AIG announced strategic investments in Convex Group Limited (Convex), a global specialty insurer, and Onex Corporation (Onex), a global asset manager. AIG will acquire a 35 percent equity interest in Convex for approximately $2.1 billion as well as a 9.9 percent ownership stake in Onex, for approximately $646 million, with the intent to invest up to $2.0 billion over three years in Onex’s investment funds. Both transactions are expected to close in first half of 2026, subject to regulatory approvals and other customary closing conditions. AIG will also participate directly in Convex’s underwriting portfolio through a whole account quota share structure from January 1, 2026.
RENEWAL RIGHTS ACQUISITION
On October 27, 2025, AIG announced definitive agreements with Everest Group, Ltd. (Everest) to acquire the renewal rights of Everest’s global retail commercial insurance portfolios for an aggregate purchase price of $301 million. AIG will also pay Everest $30 million for originating and structuring the transaction and to reimburse Everest for certain expenses. The purchase price is subject to adjustment such that the final purchase price will be equal to 15 percent of the actual premiums written for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025 (aggregate premiums). If the gross written premium paid and payable are less than 80 percent of the aggregate premiums, Everest will reimburse a portion of the aggregate purchase price depending on the relative percentage of such aggregate premiums, which amount shall not exceed $70 million. AIG has also agreed to pay Everest affiliates a total of $10 million per month for nine months for specified transition services.

AIG | Third Quarter 2025 Form 10-Q | 53

TABLE OF CONTENTS
ITEM 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations

Glossary and Acronyms of Selected Insurance Terms and References
Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms.
This discussion contains a number of cross-references to additional information included throughout this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Annual Report) to assist readers seeking additional information related to a particular subject.
In this Quarterly Report on Form 10-Q, unless the context indicates otherwise, we use the terms “AIG,” “we,” “us,” “our” or "the Company" to refer to American International Group, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term “AIG Parent” to refer solely to American International Group, Inc., and not to any of its consolidated subsidiaries.

Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results
This Quarterly Report on Form 10-Q and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “confident,” “focused on achieving,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.

54 | AIG | Third Quarter 2025 Form 10-Q

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All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation:
•the impact of adverse developments affecting economic conditions in the markets in which we operate, including financial market conditions, the U.S. federal government shutdown, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, and geopolitical events or conflicts;
•the occurrence of catastrophic events, both natural and man-made, which may be exacerbated by the effects of climate change;
•disruptions in the availability or accessibility of our or a third party’s information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches or infrastructure vulnerabilities;
•our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives;
•the effects of changes in laws and regulations, including those relating to privacy, data protection, cybersecurity and AI, and the regulation of insurance, in the U.S. and other countries in which we operate;
•concentrations in our investment portfolios, including our continuing equity market exposure to Corebridge Financial, Inc. (Corebridge);
•changes in the valuation of our investments;
•our reliance on third-party investment managers;
•nonperformance or defaults by counterparties;
•our reliance on third parties to provide certain business and administrative services;
•our ability to adequately assess risk and estimate related losses as well as the effectiveness of our enterprise risk management policies and procedures;
•changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;
•concentrations of our insurance, reinsurance and other risk exposures;
•availability of adequate reinsurance or access to reinsurance on acceptable terms;
•changes to tax laws in the U.S. and other countries in which we operate;
•the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans;
•the effects of sanctions and the failure to comply with those sanctions;
•difficulty in marketing and distributing products through current and future distribution channels;
•actions by rating agencies with respect to our credit and financial strength ratings as well as those of its businesses and subsidiaries;
•changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;
•our ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;
•our ability to address evolving global stakeholder expectations and regulatory requirements including with respect to environmental, social and governance matters;
•our ability to effectively implement restructuring initiatives and potential cost-savings opportunities;
•changes to sources of or access to liquidity;
•changes in accounting principles and financial reporting requirements or their applicability to us;
•the outcome of significant legal, regulatory or governmental proceedings;
•our ability to effectively execute on sustainability targets and standards;
•the impact of epidemics, pandemics and other public health crises and responses thereto; and
•such other factors discussed in:
–Part I, Item 2. MD&A of this Quarterly Report on Form 10-Q;
–Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A of the 2024 Annual Report; and
–our other filings with the Securities and Exchange Commission (SEC).
Forward-looking statements speak only as of the date of this report, or in the case of any document incorporated by reference, the date of that document. We are not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional 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 SEC.

AIG | Third Quarter 2025 Form 10-Q | 55

TABLE OF CONTENTS

INDEX TO ITEM 2 |
| Page
Use of Non-GAAP Measures | 57
Critical Accounting Estimates | 59
Executive Summary | 59
Overview | 59
Operating Structure | 59
Regulatory, Industry and Economic Factors | 60
Consolidated Results of Operations | 61
Business Segment Operations | 66
General Insurance | 67
Other Operations | 74
Investments | 75
Overview | 75
Investment Highlights in the Nine Months Ended September 30, 2025 | 75
Investment Strategies | 75
Credit Ratings | 80
Insurance Reserves | 82
Liquidity and Capital Resources | 86
Overview | 86
Liquidity and Capital Resources Highlights | 86
Analysis of Sources and Uses of Cash | 87
Liquidity and Capital Resources of AIG Parent and Subsidiaries | 88
Credit Facilities | 88
Contractual Obligations | 88
Off-Balance Sheet Arrangements and Commercial Commitments | 89
Debt | 89
Financial Strength Ratings | 90
Credit Ratings | 90
Regulation and Supervision | 91
Dividends | 91
Repurchases of AIG Common Stock | 91
Enterprise Risk Management | 91
Overview | 91
Glossary | 92
Acronyms | 94

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ITEM 2 | Use of Non-GAAP Measures

Use of Non-GAAP Measures
Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “non-GAAP financial measures” under SEC rules and regulations. GAAP is the acronym for “generally accepted accounting principles” in the United States. The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.
We use the following operating performance measures because we believe they enhance the understanding of the underlying profitability of continuing operations and trends of our segments. We believe they also allow for more meaningful comparisons with our insurance competitors. When we use these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis in the Consolidated Results of Operations section of this MD&A.
Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.
Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.
Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.
Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric will provide investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.

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ITEM 2 | Use of Non-GAAP Measures
Adjusted pre-tax income (APTI) is derived by excluding the items set forth below from income from continuing operations before income tax:
•changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares;
•net investment income on Fortitude Re funds withheld assets;
•net realized gains and losses on Fortitude Re funds withheld assets;
•loss (gain) on extinguishment of debt;
•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. Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g. net investment income);
•income or loss from discontinued operations;
•net loss reserve discount benefit (charge);
•net results of businesses in run-off;
•non-operating pension expenses;
•net gain or loss on divestitures and other;
•non-operating litigation reserves and settlements;
•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;
•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;
•integration and transaction costs associated with acquiring or divesting businesses;
•losses from the impairment of goodwill;
•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles; and
•income from elimination of the international reporting lag.
Adjusted after-tax income attributable to AIG common shareholders is derived by excluding the tax effected APTI adjustments described above, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG:
•deferred income tax valuation allowance releases and charges;
•changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and
•net tax charge related to the enactment of the Tax Cuts and Jobs Act.
Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios.
Accident year loss and accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting. 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 disorders that exceed the $10 million threshold. We believe that as adjusted 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 management’s control. We also exclude prior year development to provide transparency related to current accident year results.
Results from discontinued operations are excluded from all of these measures.

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ITEM 2 | Critical Accounting Estimates

Critical Accounting Estimates
The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment.

The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:
•loss reserves; •reinsurance assets, including the allowance for credit losses and disputes; •allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities; •fair value measurements of certain financial assets and financial liabilities; and •income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.
For a complete discussion of our critical accounting estimates, see Part II, Item 7. MD&A – Critical Accounting Estimates in the 2024 Annual Report.

Executive Summary
OVERVIEW
This overview of the MD&A highlights selected information and may not contain all of the information that is important to current or potential investors in our securities. You should read this Quarterly Report on Form 10-Q, together with the 2024 Annual Report, in their entirety for a more detailed description of events, trends, uncertainties, risks and critical accounting estimates affecting us.
OPERATING STRUCTURE
We report the results of our businesses through three segments and Other Operations. The three segments are North America Commercial, International Commercial and Global Personal. Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense. Prior years’ presentations have been recast to conform to the new reportable segments. Our General Insurance business (General Insurance) consists of our three segments and the Net investment income related to our insurance operations.
On June 9, 2024, AIG waived its right to majority representation on the Corebridge Board of Directors and one of AIG's designees resigned from the Corebridge Board of Directors as of June 9, 2024. As a result, AIG met the requirements for the deconsolidation of Corebridge. The historical financial results of Corebridge, for all periods presented, are reflected in these Condensed Consolidated Financial Statements as discontinued operations.
For additional information on our segments, see Note 3 to the Condensed Consolidated Financial Statements, and for information regarding the separation of Life and Retirement, see Note 4 to the Condensed Consolidated Financial Statements.

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ITEM 2 | Executive Summary

| General Insurance |
| General Insurance is a leading provider of insurance products and services for commercial and personal insurance customers. It includes one of the world’s most far-reaching property casualty networks. General Insurance offers a broad range of products to customers through a diversified, multichannel distribution network. Customers value General Insurance’s strong capital position, extensive risk management and claims experience and its ability to be a market leader in critical lines of the insurance business. |
| General Insurance includes the following major operating companies: National Union Fire Insurance Company of Pittsburgh, Pa. (National Union); American Home Assurance Company (American Home); Lexington Insurance Company (Lexington); AIG General Insurance Company, Ltd.; AIG Asia Pacific Insurance Pte. Ltd.; AIG Europe S.A.; American International Group UK Limited; Talbot Underwriting Ltd. (Talbot); Western World Insurance Company and Glatfelter Insurance Group (Glatfelter). |

REGULATORY, INDUSTRY AND ECONOMIC FACTORS
Regulatory Environment
Our operations around the world are subject to regulation by many different types of regulatory authorities, including insurance and securities regulators in the United States and abroad. The insurance and financial services industries are generally subject to close regulatory scrutiny and supervision.
For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see Part I, Item 1. Business – Regulation and Part I, Item 1A. Risk Factors – Regulation in the 2024 Annual Report.
Impact of Changes in the Interest Rate E nvironment
Certain global benchmark interest rates continued to fluctuate in 2025 as markets reacted to change in inflation trends, geopolitical risk, trade and tariff uncertainties and the rate decisions of the global central banks. Our Net investment income is impacted by market interest rates as well as the deployment of asset allocation strategies to enhance yield, manage duration and interest rate risk. The changes in interest rates and credit spreads impact our ability to reinvest future cash flows at rates equal or greater than the rates on sales and maturities. For additional information on our investment and asset-liability management strategies, see Investments.
Impact of Currency Volatility
Currency volatility remains acute. The value of the U.S. dollar compared to the Euro, British pound and the Japanese yen (the Major Currencies) impacts income for our businesses with substantial international operations. In particular, growth trends in net premiums written reported in U.S. dollars can differ significantly from those measured in original currencies. The net effect on underwriting results, however, is significantly mitigated, as both revenues and expenses are similarly affected.
These currencies may continue to fluctuate, especially as a result of concerns regarding international trade, future economic growth and other macroeconomic factors, and such fluctuations will affect net premiums written growth trends reported in U.S. dollars, as well as financial statement line item comparability.
General Insurance businesses are transacted in most major foreign currencies. The following table presents the average of the quarterly weighted average exchange rates of the Major Currencies, which have the most significant impact on our businesses:

| Three Months Ended September 30, |  | Percentage |  | Nine Months Ended September 30, |  | Percentage |  |  |
Rate for 1 USD | 2025 | 2024 |  | Change |  | 2025 | 2024 |  |  | Change |  |  |
Major Currency: |  |  |  |  |  |  |  |  |  |  |  |  |
GBP | 0.74 |  | 0.78 |  |  | (5) | % |  | 0.76 |  | 0.79 |  |  |  | (4) | % |  |  |
EUR | 0.86 |  | 0.92 |  |  | (7) | % |  | 0.90 |  | 0.92 |  |  |  | (2) | % |  |  |
JPY | 146.42 |  | 153.68 |  |  | (5) | % |  | 148.30 |  | 151.18 |  |  |  | (2) | % |  |  |

Unless otherwise noted, references to the effects of foreign exchange in the General Insurance discussion of results of operations are with respect to movements in the Major Currencies included in the preceding table.

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ITEM 2 | Consolidated Results of Operations

Consolidated Results of Operations
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and nine months ended September 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:

|  | Three Months Ended September 30, | Percentage |  |  | Nine Months Ended September 30, |  |  |  | Percentage |  |  |
(in millions) |  | 2025 |  | 2024 | Change |  |  | 2025 |  | 2024 |  |  |  | Change |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums |  | $ | 6,073 |  |  | $ | 5,945 |  | 2 |  | % |  | $ | 17,720 |  |  | $ | 17,564 |  |  |  |  | 1 |  | % |  |
Net investment income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income - excluding Fortitude Re funds withheld assets |  | 743 |  |  | 922 |  | (19) |  |  |  | 3,235 |  |  | 2,819 |  |  |  |  | 15 |  |  |  |
Net investment income - Fortitude Re funds withheld assets |  | 29 |  |  | 51 |  | (43) |  |  |  | 108 |  |  | 123 |  |  |  |  | (12) |  |  |  |
Total net investment income |  | 772 |  |  | 973 |  | (21) |  |  |  | 3,343 |  |  | 2,942 |  |  |  |  | 14 |  |  |  |
Net realized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative |  | (431) |  |  | 8 |  | NM |  |  | (683) |  |  | (238) |  |  |  |  | (187) |  |  |  |
Net realized losses on Fortitude Re funds withheld assets |  | (5) |  |  | (18) |  | 72 |  |  |  | (59) |  |  | (38) |  |  |  |  | (55) |  |  |  |
Net realized losses on Fortitude Re funds withheld embedded derivative |  | (54) |  |  | (157) |  | 66 |  |  |  | (109) |  |  | (158) |  |  |  |  | 31 |  |  |  |
Total net realized losses |  | (490) |  |  | (167) |  | (193) |  |  |  | (851) |  |  | (434) |  |  |  |  | (96) |  |  |  |
Other income (loss) |  | (4) |  |  | — |  | NM |  |  | 13 |  |  | 2 |  |  |  |  | NM |  |  |
Total revenues |  | 6,351 |  |  | 6,751 |  | (6) |  |  |  | 20,225 |  |  | 20,074 |  |  |  |  | 1 |  |  |  |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses incurred |  | 3,391 |  |  | 3,773 |  | (10) |  |  |  | 10,678 |  |  | 10,753 |  |  |  |  | (1) |  |  |  |
Amortization of deferred policy acquisition costs |  | 850 |  |  | 863 |  | (2) |  |  |  | 2,522 |  |  | 2,543 |  |  |  |  | (1) |  |  |  |
General operating and other expenses |  | 1,297 |  |  | 1,346 |  | (4) |  |  |  | 3,574 |  |  | 4,194 |  |  |  |  | (15) |  |  |  |
Interest expense |  | 99 |  |  | 112 |  | (12) |  |  |  | 291 |  |  | 353 |  |  |  |  | (18) |  |  |  |
(Gain) loss on extinguishment of debt |  | — |  |  | — |  | NM |  |  | (5) |  |  | 1 |  |  |  |  | NM |  |  |
Net (gain) loss on divestitures and other |  | — |  |  | 8 |  | NM |  |  | (53) |  |  | (94) |  |  |  |  | 44 |  |  |  |
Total benefits, losses and expenses |  | 5,637 |  |  | 6,102 |  | (8) |  |  |  | 17,007 |  |  | 17,750 |  |  |  |  | (4) |  |  |  |
Income from continuing operations before income tax expense |  | 714 |  |  | 649 |  | 10 |  |  |  | 3,218 |  |  | 2,324 |  |  |  |  | 38 |  |  |  |
Income tax expense |  | 190 |  |  | 168 |  | 13 |  |  |  | 852 |  |  | 571 |  |  |  |  | 49 |  |  |  |
Income from continuing operations |  | 524 |  |  | 481 |  | 9 |  |  |  | 2,366 |  |  | 1,753 |  |  |  |  | 35 |  |  |  |
Loss from discontinued operations, net of income taxes |  | — |  |  | (24) |  | NM |  |  | — |  |  | (3,580) |  |  |  |  | NM |  |  |
Net income (loss) |  | 524 |  |  | 457 |  | 15 |  |  |  | 2,366 |  |  | (1,827) |  |  |  |  | NM |  |  |
Less: Net income (loss) attributable to noncontrolling interests |  | 5 |  |  | (2) |  | NM |  |  | 5 |  |  | 475 |  |  |  |  | (99) |  |  |  |
Net income (loss) attributable to AIG |  | 519 |  |  | 459 |  | 13 |  |  |  | 2,361 |  |  | (2,302) |  |  |  |  | NM |  |  |
Less: Dividends on preferred stock and preferred stock redemption premiums |  | — |  |  | — |  | NM |  |  | — |  |  | 22 |  |  |  |  | NM |  |  |
Net income (loss) attributable to AIG common shareholders |  | $ | 519 |  |  | $ | 459 |  | 13 |  | % |  | $ | 2,361 |  |  | $ | (2,324) |  |  |  |  | NM | % |  |

(in millions, except per share data) | September 30, 2025 |  | December 31, 2024
Balance sheet data: |  |  |
Total assets | $ | 163,415 |  |  | $ | 161,322 |
Long-term debt | 9,087 |  |  | 8,764 |
Total AIG shareholders’ equity | 41,085 |  |  | 42,521 |
Book value per share | 75.45 |  |  | 70.16 |
Adjusted book value per share | 77.04 |  |  | 73.79 |
Core operating book value per share | 66.66 |  |  | 61.75 |

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ITEM 2 | Consolidated Results of Operations
NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS
Three Months Ended September 30, 2025 and 2024 Comparison
Net income (loss) attributable to AIG common shareholders increased $60 million due to the following:
•an increase in underwriting income driven by lower catastrophe losses of $317 million, higher net favorable prior year reserve development of $15 million, primarily in North America Casualty and Property, higher net premiums earned offset a higher accident year loss ratio, as adjusted due to changes in business mix and a lower expense ratio primarily driven by change in business mix and improved commission terms;
•a decrease in Net realized losses on Fortitude Re funds withheld embedded derivative of $103 million driven by interest rate movement and a decrease in Net realized losses on Fortitude Re funds withheld assets of $13 million; and
•an increase in Income (loss) from discontinued operations, net of income taxes of $24 million as a result of the deconsolidation of Corebridge in June 2024.
The increase in Net income (loss) attributable to AIG common shareholders was partially offset by the following:
•an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $439 million, primarily driven by impairments on investments in real estate funds, an increase in foreign exchange losses of $75 million, changes in allowance for credit losses on loans of $49 million, higher losses on sales of securities of $30 million and higher derivative and hedge activity losses of $18 million, partially offset by lower losses on sales of alternative investments of $16 million; and
•a decrease in Net investment income of $201 million primarily driven by a decrease in changes in the fair value of AIG's investment in Corebridge and gain/loss on sales of Corebridge shares of $313 million, partially offset by higher income from available for sale fixed maturity securities of $115 million and higher income from alternative investments of $95 million.
Nine Months Ended September 30, 2025 and 2024 Comparison
Net income (loss) attributable to AIG common shareholders increased $4.7 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;
•a decrease in net income attributable to noncontrolling interest of $470 million primarily driven by the Corebridge accounting change post-deconsolidation;
•an increase in Net investment income of $401 million primarily driven by an increase in changes in the fair value of AIG's investment in Corebridge and gain/loss on sales of Corebridge shares of $286 million, higher income from available for sale fixed maturity securities of $289 million and higher income from alternative investments of $100 million, partially offset by a decrease in the fair value of equity securities of $59 million and a decrease in interest income on mortgages and other loans of $61 million;
•an increase in underwriting income primarily driven by lower catastrophe losses of $58 million and higher net favorable prior year reserve development of $149 million primarily in North America Casualty and Property, partially offset by a higher accident year loss ratio due to changes in business mix;
•a decrease in General operating and other expenses primarily driven by lower restructuring and other related costs of $323 million; and
•a decrease in Net realized losses on Fortitude Re funds withheld embedded derivative of $49 million driven by interest rate movement.
The increase in Net income (loss) attributable to AIG common shareholders was partially offset by the following:
•an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $445 million, primarily driven by impairments on investments in real estate funds, derivative and hedge activity losses of $75 million and losses from sales of securities of $133 million, partially offset by changes in allowance for credit losses on loans of $21 million;
•an increase in Net realized losses on Fortitude Re funds withheld assets of $21 million; and
•an increase in income tax expense of $281 million as a result of higher income before taxes.
INCOME TAX EXPENSE ANALYSIS
For the three months ended September 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 26.6 percent and 25.9 percent, respectively. For the nine months ended September 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 26.5 percent and 24.6 percent, respectively.
For additional information, see Note 16 to the Condensed Consolidated Financial Statements.

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ITEM 2 | Consolidated Results of Operations
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.

|  | September 30, |  | December 31, |  |
(in millions, except per share data) |  | 2025 |  | 2024 |  |
Total AIG common shareholders' equity |  | $ | 41,085 |  |  | $ | 42,521 |  |  |
Less: Investments related AOCI |  | (1,410) |  |  | (2,872) |  |  |
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets |  | (545) |  |  | (667) |  |  |
Subtotal: Investments AOCI |  | (865) |  |  | (2,205) |  |  |
AIG adjusted common shareholders' equity |  | $ | 41,950 |  |  | $ | 44,726 |  |  |
Total AIG common shareholders' equity |  | $ | 41,085 |  |  | $ | 42,521 |  |  |
Less: AIG's ownership interest in Corebridge |  | 2,651 |  |  | 3,810 |  |  |
Less: Investments related AOCI - AIG |  | (1,410) |  |  | (2,872) |  |  |
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG |  | (545) |  |  | (667) |  |  |
Subtotal: Investments AOCI - AIG |  | (865) |  |  | (2,205) |  |  |
Less: Deferred tax assets |  | 3,002 |  |  | 3,489 |  |  |
AIG core operating shareholders' equity |  | $ | 36,297 |  |  | $ | 37,427 |  |  |
Total common shares outstanding |  | 544.5 |  |  | 606.1 |  |  |
Book value per share |  | $ | 75.45 |  |  | $ | 70.16 |  |  |
Adjusted book value per share |  | 77.04 |  |  | 73.79 |  |  |
Core operating book value per share |  | 66.66 |  |  | 61.75 |  |  |

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.

| Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Year Ended December 31, |
(dollars in millions) |  | 2025 |  |  | 2024 |  |  |  | 2025 |  |  | 2024 |  |  | 2024 |  |
Actual or annualized net income (loss) attributable to AIG common shareholders | $ | 2,076 |  | $ | 1,836 |  |  | $ | 3,148 |  |  | $ | (3,099) |  |  | $ | (1,426) |  |
Actual or annualized adjusted after-tax income attributable to AIG common shareholders | $ | 4,904 |  | $ | 3,216 |  |  | $ | 3,963 |  |  | $ | 3,249 |  |  | $ | 3,254 |  |
Average AIG common shareholders' equity | $ | 41,293 |  | $ | 44,742 |  |  | $ | 41,635 |  |  | $ | 44,434 |  |  | $ | 44,051 |  |
Less: Average investments AOCI |  | (1,128) |  |  | (2,194) |  |  |  | (1,560) |  |  | (5,864) |  |  | (5,132) |  |
Average AIG adjusted common shareholders' equity | $ | 42,421 |  | $ | 46,936 |  |  | $ | 43,195 |  |  | $ | 50,298 |  |  | $ | 49,183 |  |
Average AIG common shareholders' equity | $ | 41,293 |  | $ | 44,742 |  |  | $ | 41,635 |  |  | $ | 44,434 |  |  | $ | 44,051 |  |
Less: Average AIG's ownership interest in Corebridge |  | 3,347 |  |  | 8,355 |  |  |  | 3,631 |  |  | 7,510 |  |  | 6,770 |  |
Less: Average Investments AOCI - AIG |  | (1,128) |  |  | (2,194) |  |  |  | (1,560) |  |  | (2,387) |  |  | (2,351) |  |
Less: Average deferred tax assets |  | 3,093 |  |  | 4,017 |  |  |  | 3,261 |  |  | 4,125 |  |  | 3,998 |  |
Average AIG core operating shareholders' equity | $ | 35,981 |  | $ | 34,564 |  |  | $ | 36,303 |  |  | $ | 35,186 |  |  | $ | 35,634 |  |
Return on equity |  | 5.0 |  | % | 4.1 |  | % |  | 7.6 |  | % | (7.0) |  | % | (3.2) |  | %
Adjusted return on equity |  | 11.6 |  |  | 6.9 |  |  |  | 9.2 |  |  | 6.5 |  |  | 6.6 |  |
Core operating return on equity |  | 13.6 |  |  | 9.3 |  |  |  | 10.9 |  |  | 9.2 |  |  | 9.1 |  |

AIG | Third Quarter 2025 Form 10-Q | 63

TABLE OF CONTENTS
ITEM 2 | Consolidated Results of Operations
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:

Three Months Ended September 30, | 2025 |  | 2024
(in millions, except per common share data) |  | Pre-tax | Total Tax (Benefit) Charge | Non- controlling Interests(a) |  | After Tax |  |  | Pre-tax | Total Tax (Benefit) Charge | Non- controlling Interests(a) |  | After Tax
Pre-tax income/net income, including noncontrolling interests | $ | 714 |  | $ | 190 |  | $ | — |  | $ | 524 |  |  | $ | 649 |  | $ | 168 |  | $ | — |  | $ | 457 |
Noncontrolling interests(a) |  |  |  |  |  | (5) |  |  | (5) |  |  |  |  |  |  |  | 2 |  |  | 2 |
Pre-tax income/net income attributable to AIG - including discontinued operations | $ | 714 |  | $ | 190 |  | $ | (5) |  | $ | 519 |  |  | $ | 649 |  | $ | 168 |  | $ | 2 |  | $ | 459 |
Dividends on preferred stock and preferred stock redemption premiums |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | — |
Net income attributable to AIG common shareholders |  |  |  |  |  |  | $ | 519 |  |  |  |  |  |  |  |  | $ | 459 |
Changes in uncertain tax positions and other tax adjustments |  |  |  | (5) |  |  | — |  |  | 5 |  |  |  |  |  | 3 |  |  | — |  |  | (3) |
Deferred income tax valuation allowance releases |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  | 9 |  |  | — |  |  | (9) |
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares |  | 288 |  |  | 60 |  |  | — |  |  | 228 |  |  |  | (25) |  |  | (5) |  |  | — |  |  | (20) |
Net investment income on Fortitude Re funds withheld assets |  | (29) |  |  | (6) |  |  | — |  |  | (23) |  |  |  | (51) |  |  | (11) |  |  | — |  |  | (40) |
Net realized losses on Fortitude Re funds withheld assets |  | 5 |  |  | 1 |  |  | — |  |  | 4 |  |  |  | 18 |  |  | 4 |  |  | — |  |  | 14 |
Net realized losses on Fortitude Re funds withheld embedded derivative |  | 54 |  |  | 11 |  |  | — |  |  | 43 |  |  |  | 157 |  |  | 33 |  |  | — |  |  | 124 |
Net realized (gains) losses(b) |  | 433 |  |  | 107 |  |  | — |  |  | 326 |  |  |  | (7) |  |  | (27) |  |  | — |  |  | 20 |
Loss from discontinued operations |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | 24 |
Net gain on divestitures and other |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 8 |  |  | 28 |  |  | — |  |  | (20) |
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements |  | (9) |  |  | (2) |  |  | — |  |  | (7) |  |  |  | 126 |  |  | 27 |  |  | — |  |  | 99 |
Net loss reserve discount (benefit) charge |  | (2) |  |  | — |  |  | — |  |  | (2) |  |  |  | 29 |  |  | 6 |  |  | — |  |  | 23 |
Net results of businesses in run-off(c) |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  |  | 8 |  |  | 2 |  |  | — |  |  | 6 |
Non-operating pension expenses |  | 6 |  |  | 1 |  |  | — |  |  | 5 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Integration and transaction costs associated with acquiring or divesting businesses |  | 7 |  |  | 2 |  |  | — |  |  | 5 |  |  |  | 22 |  |  | 5 |  |  | — |  |  | 17 |
Restructuring and other costs(d) |  | 153 |  |  | 32 |  |  | — |  |  | 121 |  |  |  | 137 |  |  | 28 |  |  | — |  |  | 109 |
Non-recurring costs related to regulatory or accounting changes |  | 3 |  |  | 1 |  |  | — |  |  | 2 |  |  |  | 4 |  |  | 1 |  |  | — |  |  | 3 |
Noncontrolling interests(a) |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  |  | (2) |  |  | (2) |
Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders | $ | 1,622 |  | $ | 391 |  | $ | (5) |  | $ | 1,226 |  |  | $ | 1,075 |  | $ | 271 |  | $ | — |  | $ | 804 |
Weighted average diluted shares outstanding |  |  |  |  |  |  |  | 558.5 |  |  |  |  |  |  |  |  |  | 647.4 |
Income per common share attributable to AIG common shareholders (diluted) |  |  |  |  |  |  | $ | 0.93 |  |  |  |  |  |  |  |  | $ | 0.71 |
Adjusted after-tax income per common share attributable to AIG common shareholders (diluted) |  |  |  |  |  |  | $ | 2.20 |  |  |  |  |  |  |  |  | $ | 1.24 |

64 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 2 | Consolidated Results of Operations

Nine Months Ended September 30, | 2025 |  | 2024 |  |
(in millions, except per common share data) |  | Pre-tax | Total Tax (Benefit) Charge | Non- controlling Interests(a) |  | After Tax |  |  | Pre-tax | Total Tax (Benefit) Charge | Non- controlling Interests(a) |  | After Tax |  |  |  |  |  |  |
Pre-tax income/net income (loss), including noncontrolling interests | $ | 3,218 |  | $ | 852 |  | $ | — |  | $ | 2,366 |  |  | $ | 2,324 |  | $ | 571 |  | $ | — |  | $ | (1,827) |  |  |  |  |  |  |  |  |  |
Noncontrolling interests(a) |  |  |  |  |  | (5) |  |  | (5) |  |  |  |  |  |  |  | (475) |  |  | (475) |  |  |  |  |  |  |  |  |  |
Pre-tax income/net income (loss) attributable to AIG - including discontinued operations | $ | 3,218 |  | $ | 852 |  | $ | (5) |  | $ | 2,361 |  |  | $ | 2,324 |  | $ | 571 |  | $ | (475) |  | $ | (2,302) |  |  |  |  |  |  |  |  |  |
Dividends on preferred stock and preferred stock redemption premiums |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | 22 |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to AIG common shareholders |  |  |  |  |  |  | $ | 2,361 |  |  |  |  |  |  |  |  | $ | (2,324) |  |  |  |  |  |  |  |  |  |
Changes in uncertain tax positions and other tax adjustments |  |  |  | (1) |  |  | — |  |  | 1 |  |  |  |  |  | 8 |  |  | — |  |  | (8) |  |  |  |  |  |  |  |  |  |
Deferred income tax valuation allowance (releases) charges |  |  |  | (9) |  |  | — |  |  | 9 |  |  |  |  |  | 15 |  |  | — |  |  | (15) |  |  |  |  |  |  |  |  |  |
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares |  | (393) |  |  | (83) |  |  | — |  |  | (310) |  |  |  | (172) |  |  | (36) |  |  | — |  |  | (136) |  |  |  |  |  |  |  |  |  |
(Gain) loss on extinguishment of debt and preferred stock redemption premiums |  | (5) |  |  | (1) |  |  | — |  |  | (4) |  |  |  | 1 |  |  | — |  |  | — |  |  | 16 |  |  |  |  |  |  |  |  |  |
Net investment income on Fortitude Re funds withheld assets |  | (108) |  |  | (23) |  |  | — |  |  | (85) |  |  |  | (123) |  |  | (26) |  |  | — |  |  | (97) |  |  |  |  |  |  |  |  |  |
Net realized losses on Fortitude Re funds withheld assets |  | 59 |  |  | 12 |  |  | — |  |  | 47 |  |  |  | 38 |  |  | 8 |  |  | — |  |  | 30 |  |  |  |  |  |  |  |  |  |
Net realized losses on Fortitude Re funds withheld embedded derivative |  | 109 |  |  | 23 |  |  | — |  |  | 86 |  |  |  | 158 |  |  | 33 |  |  | — |  |  | 125 |  |  |  |  |  |  |  |  |  |
Net realized losses(b) |  | 690 |  |  | 102 |  |  | — |  |  | 588 |  |  |  | 234 |  |  | 28 |  |  | — |  |  | 206 |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | 3,580 |  |  |  |  |  |  |  |  |  |
Net gain on divestitures and other |  | (53) |  |  | (11) |  |  | — |  |  | (42) |  |  |  | (94) |  |  | 12 |  |  | — |  |  | (106) |  |  |  |  |  |  |  |  |  |
Non-operating litigation reserves and settlements |  | (13) |  |  | (3) |  |  | — |  |  | (10) |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements |  | 53 |  |  | 11 |  |  | — |  |  | 42 |  |  |  | 66 |  |  | 14 |  |  | — |  |  | 52 |  |  |  |  |  |  |  |  |  |
Net loss reserve discount charge |  | 27 |  |  | 6 |  |  | — |  |  | 21 |  |  |  | 131 |  |  | 27 |  |  | — |  |  | 104 |  |  |  |  |  |  |  |  |  |
Net results of businesses in run-off(c) |  | (8) |  |  | (2) |  |  | — |  |  | (6) |  |  |  | (4) |  |  | — |  |  | — |  |  | (4) |  |  |  |  |  |  |  |  |  |
Non-operating pension expenses |  | 16 |  |  | 3 |  |  | — |  |  | 13 |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Integration and transaction costs associated with acquiring or divesting businesses |  | 13 |  |  | 3 |  |  | — |  |  | 10 |  |  |  | 37 |  |  | 8 |  |  | — |  |  | 29 |  |  |  |  |  |  |  |  |  |
Restructuring and other costs(d) |  | 307 |  |  | 64 |  |  | — |  |  | 243 |  |  |  | 630 |  |  | 132 |  |  | — |  |  | 498 |  |  |  |  |  |  |  |  |  |
Non-recurring costs related to regulatory or accounting changes |  | 10 |  |  | 2 |  |  | — |  |  | 8 |  |  |  | 15 |  |  | 3 |  |  | — |  |  | 12 |  |  |  |  |  |  |  |  |  |
Noncontrolling interests(a) |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  |  | 475 |  |  | 475 |  |  |  |  |  |  |  |  |  |
Adjusted pre-tax income (loss)/Adjusted after-tax income (loss) attributable to AIG common shareholders | $ | 3,922 |  | $ | 945 |  | $ | (5) |  | $ | 2,972 |  |  | $ | 3,241 |  | $ | 797 |  | $ | — |  | $ | 2,437 |  |  |  |  |  |  |  |  |  |
Weighted average diluted shares outstanding |  |  |  |  |  |  |  | 578.4 |  |  |  |  |  |  |  |  |  | 667.4 |  |  |  |  |  |  |  |  |  |
Income (loss) per common share attributable to AIG common shareholders (diluted) |  |  |  |  |  |  | $ | 4.08 |  |  |  |  |  |  |  |  | $ | (3.48) |  |  |  |  |  |  |  |  |  |
Adjusted after-tax income per common share attributable to AIG common shareholders (diluted) |  |  |  |  |  |  | $ | 5.14 |  |  |  |  |  |  |  |  | $ | 3.65 |  |  |  |  |  |  |  |  |  |

(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. In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.
(d)In the three and nine months ended September 30, 2025 and 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and, in the nine months ended September 30, 2024, real estate impairment charges.
PRE-TAX INCOME (LOSS) COMPARISON
Pre-tax income was $714 million and $649 million in the three months ended September 30, 2025 and 2024, respectively. Pre-tax income was $3.2 billion and $2.3 billion in the nine months ended September 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 $1.6 billion and $1.1 billion in the three months ended September 30, 2025 and 2024, respectively. Adjusted pre-tax income was $3.9 billion and $3.2 billion in the nine months ended September 30, 2025 and 2024, respectively.
For the main drivers impacting AIG’s adjusted pre-tax income (loss), see Business Segment Operations.

AIG | Third Quarter 2025 Form 10-Q | 65

TABLE OF CONTENTS
ITEM 2 | Consolidated Results of 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):

General Insurance | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
(in millions) | Net Investment Income and Other |  | Pre-tax Income (Loss) |  | Net Investment Income and Other |  | Pre-tax Income (Loss) |  | Net Investment Income and Other |  | Pre-tax Income (Loss) |  | Net Investment Income and Other |  | Pre-tax Income (Loss) |  |  |  |
Net investment income and other/Pre-tax income (loss) | $ | 991 |  |  | $ | 1,188 |  |  | $ | 811 |  |  | $ | 1,058 |  |  | $ | 2,619 |  |  | $ | 3,183 |  |  | $ | 2,400 |  |  | $ | 3,005 |  |  |  |  |
Other income (expense) - net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (31) |  |  | — |  |  |  |  |
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | (46) |  |  | (46) |  |  | 5 |  |  | 5 |  |  | (70) |  |  | (70) |  |  | (38) |  |  | (38) |  |  |  |  |
Net investment income on Fortitude Re funds withheld assets | — |  |  | — |  |  | (42) |  |  | (42) |  |  | 1 |  |  | 1 |  |  | (43) |  |  | (43) |  |  |  |  |
Net realized (gains) losses on Fortitude Re funds withheld assets | — |  |  | (1) |  |  | — |  |  | 1 |  |  | — |  |  | 6 |  |  | — |  |  | 1 |  |  |  |  |
Net realized (gains) losses | — |  |  | 456 |  |  | (1) |  |  | (80) |  |  | 2 |  |  | 779 |  |  | (7) |  |  | 217 |  |  |  |  |
Net loss (gain) on divestitures and other | — |  |  | (1) |  |  | — |  |  | 2 |  |  | — |  |  | (38) |  |  | — |  |  | (5) |  |  |  |  |
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — |  |  | 7 |  |  | — |  |  | 129 |  |  | — |  |  | 81 |  |  | — |  |  | 112 |  |  |  |  |
Net loss reserve discount (benefit) charge | — |  |  | (2) |  |  | — |  |  | 29 |  |  | — |  |  | 27 |  |  | — |  |  | 131 |  |  |  |  |
Non-operating pension expenses | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  |  |  |
Restructuring and other costs | — |  |  | 130 |  |  | — |  |  | 104 |  |  | — |  |  | 222 |  |  | — |  |  | 349 |  |  |  |  |
Non-recurring costs related to regulatory or accounting changes | — |  |  | 3 |  |  | — |  |  | 4 |  |  | — |  |  | 10 |  |  | — |  |  | 15 |  |  |  |  |
Net investment income and other, APTI basis/Adjusted pre-tax income (loss) | $ | 945 |  |  | $ | 1,738 |  |  | $ | 773 |  |  | $ | 1,210 |  |  | $ | 2,552 |  |  | $ | 4,214 |  |  | $ | 2,281 |  |  | $ | 3,744 |  |  |  |  |

Other Operations | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
(in millions) | Net Investment Income and Other |  | Pre-tax Income (Loss) |  | Net Investment Income and Other |  | Pre-tax Income (Loss) |  | Net Investment Income and Other |  | Pre-tax Income (Loss) |  | Net Investment Income and Other |  | Pre-tax Income (Loss) |  |  |  |
Net investment income and other/Pre-tax income (loss) | $ | (226) |  |  | $ | (474) |  |  | $ | 162 |  |  | $ | (409) |  |  | $ | 734 |  |  | $ | 35 |  |  | $ | 544 |  |  | $ | (681) |  |  |  |  |
Consolidation and Eliminations | (2) |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  |  |  |
Other income (expense) - net | 2 |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | — |  |  | 16 |  |  | — |  |  |  |  |
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | 334 |  |  | 334 |  |  | (30) |  |  | (30) |  |  | (323) |  |  | (323) |  |  | (134) |  |  | (134) |  |  |  |  |
Gain on extinguishment of debt | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | 1 |  |  |  |  |
Net investment income on Fortitude Re funds withheld assets | (29) |  |  | (29) |  |  | (9) |  |  | (9) |  |  | (109) |  |  | (109) |  |  | (80) |  |  | (80) |  |  |  |  |
Net realized losses on Fortitude Re funds withheld assets | — |  |  | 6 |  |  | — |  |  | 17 |  |  | — |  |  | 53 |  |  | — |  |  | 37 |  |  |  |  |
Net realized losses on Fortitude Re funds withheld embedded derivative | — |  |  | 54 |  |  | — |  |  | 157 |  |  | — |  |  | 109 |  |  | — |  |  | 158 |  |  |  |  |
Net realized (gains) losses | 2 |  |  | (23) |  |  | 1 |  |  | 73 |  |  | 2 |  |  | (89) |  |  | 1 |  |  | 17 |  |  |  |  |
Net loss (gain) on divestitures and other | — |  |  | 1 |  |  | — |  |  | 6 |  |  | — |  |  | (15) |  |  | — |  |  | (89) |  |  |  |  |
Non-operating litigation reserves and settlements | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13) |  |  | — |  |  | — |  |  |  |  |
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — |  |  | (16) |  |  | — |  |  | (3) |  |  | — |  |  | (28) |  |  | — |  |  | (46) |  |  |  |  |
Net results of businesses in run-off | (9) |  |  | (1) |  |  | (5) |  |  | 8 |  |  | (22) |  |  | (8) |  |  | (13) |  |  | (4) |  |  |  |  |
Non-operating pension expenses | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  |  |  |
Integration and transaction costs associated with acquiring or divesting businesses | — |  |  | 7 |  |  | — |  |  | 22 |  |  | — |  |  | 13 |  |  | — |  |  | 37 |  |  |  |  |
Restructuring and other costs | — |  |  | 23 |  |  | — |  |  | 33 |  |  | — |  |  | 85 |  |  | — |  |  | 281 |  |  |  |  |
Net investment income and other, APTI basis/Adjusted pre-tax income (loss) | $ | 72 |  |  | $ | (116) |  |  | $ | 120 |  |  | $ | (135) |  |  | $ | 274 |  |  | $ | (292) |  |  | $ | 335 |  |  | $ | (503) |  |  |  |  |

Business Segment Operations
We report the results of our businesses through three segments and Other Operations. The three segments are North America Commercial, International Commercial and Global Personal. Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense. General Insurance consists of our three segments and the Net investment income related to our insurance operations.

66 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 2 | Business Segment Operations | General Insurance

General Insurance
Commercial Lines is managed by our geographic markets of North America and International, while Personal Insurance is managed globally. Our global presence is underpinned by our multinational capabilities to provide Commercial Lines and Personal Insurance products within these geographic markets.
PRODUCTS AND DISTRIBUTION

North America Commercial consists of insurance businesses in the United States, Canada and Bermuda. | International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International Commercial also includes the results of Talbot as well as AIG’s Global Specialty business. | Global Personal consists primarily of insurance businesses in the United States as well as Japan, the United Kingdom, Europe, EMEA region, Asia Pacific, Latin America and Caribbean, and China.

Commercial Lines
Property & Short Tail: Products include commercial and industrial property, including business interruption, as well as package insurance products and services that cover exposures to man-made and natural disasters.
Casualty: Products include general liability, environmental, commercial automobile liability, workers’ compensation, excess casualty and crisis management insurance products. Casualty also includes risk-sharing and other customized structured programs for large corporate and multinational customers.
Financial Lines: Products include professional liability insurance for a range of businesses and risks, including directors and officers, mergers and acquisitions, fidelity, employment practices, fiduciary liability, cyber risk, kidnap and ransom, and errors and omissions insurance.
Global Specialty: Products include marine, energy-related property insurance products, aviation, political risk, trade credit, trade finance and portfolio solutions.
Personal Insurance
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.

General Insurance products in North America and International markets are distributed through various channels, including captive and independent agents, brokers, affinity partners, airlines and travel agents, and retailers. Our global platform enables writing multinational and cross-border risks in both Commercial Lines and Personal Insurance.

AIG | Third Quarter 2025 Form 10-Q | 67

TABLE OF CONTENTS
ITEM 2 | Business Segment Operations | General Insurance

BUSINESS STRATEGY

Profitable Growth: Build on our high-quality portfolio by focusing on targeted growth through continued underwriting discipline, improved client retention and new business development. Deploy capital efficiently to act opportunistically and achieve growth in profitable lines, geographies and customer segments, while taking a disciplined underwriting approach to exposure management, terms and conditions and rate change to achieve our risk/return hurdles. Continue to be open to inorganic growth opportunities in profitable markets and segments to expand our capabilities and footprint.
Underwriting Excellence: Continue to enhance portfolio optimization through strength of underwriting framework and guidelines as well as clear communication of risk appetite and rate adequacy. Empower and increase accountability of the underwriter and continue to integrate underwriting, claims and actuarial to enable better decision making. Focus on enhancing risk selection, driving consistent underwriting best practices and building robust monitoring standards to improve underwriting results.
Reinsurance Optimization: Strategically partner with reinsurers to effectively manage exposure to losses arising from frequency of large catastrophic events and severity from individual risk losses. Strive to optimize our reinsurance program to manage volatility and protect the balance sheet from tail events and unpredictable net losses in support of our profitable growth objectives.

COMPETITION AND CHALLENGES

General Insurance operates in a highly competitive industry against global, national and local insurers and reinsurers and underwriting syndicates in specific market areas and product types. Insurance companies compete through a combination of risk acceptance criteria, product pricing, service levels and terms and conditions. We serve our business and individual customers on a global basis – from the largest multinational corporations to local businesses and individuals. General Insurance seeks to differentiate itself in the markets where we participate by providing leading expertise and insight to clients, distribution partners and other stakeholders, delivering underwriting excellence and value-driven insurance solutions and providing high quality, tailored end-to-end support to stakeholders. In doing so, we leverage our world-class global franchise, multinational capabilities, balance sheet strength and financial flexibility.
Our challenges include:
•ensuring adequate business pricing given passage of time to reporting and settlement for insurance business, particularly with respect to long-tail Commercial Lines exposures;
•impact of social and economic inflation on claim frequency and severity; and
•volatility in claims arising from natural and man-made catastrophes and other aggregations of risk exposure.

INDUSTRY AND ECONOMIC FACTORS

North America Commercial

North America Commercial continues to pursue profitable growth, while capacity in certain segments is putting pressure on rates. We have focused on retaining our best accounts and pursuing profitable new business opportunities while maintaining our underwriting discipline, including our management of exposure limits to reduce volatility within the portfolio. We continue to proactively identify segment growth areas as market conditions warrant through effective portfolio management.

International Commercial

International Commercial continues to pursue growth in our most profitable lines of business and diversify our portfolio across all regions by expanding key business lines while remaining a market leader in key developed and developing markets. We are maintaining our underwriting discipline, against a backdrop of rate pressures in certain lines and in some geographies, utilizing reinsurance to reduce volatility and continuing our risk selection strategy to improve profitability.

Global Personal

Global Personal serves individuals as well as group and corporate clients across a broad range of products, markets, and client profiles. Amid competitive market conditions, we continue to benefit from improved underwriting quality and portfolio diversity, as well as investment in expanded capabilities and strategic distribution partnerships.

68 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 2 | Business Segment Operations | General Insurance

GENERAL INSURANCE RESULTS

| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |  |  |  |  |  |
(in millions) |  | 2025 |  | 2024 | Change |  |  |  | 2025 |  | 2024 |  |  |  | Change |  |  |
Underwriting results: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums written | $ | 6,230 |  | $ | 6,380 |  | (2) |  | % |  | $ | 17,636 |  | $ | 17,825 |  |  |  |  | (1) |  | % |  |
(Increase) decrease in unearned premiums |  | (190) |  |  | (433) |  | 56 |  |  |  |  | 51 |  |  | (343) |  |  |  |  | NM |  |  |
Net premiums earned |  | 6,040 |  |  | 5,947 |  | 2 |  |  |  |  | 17,687 |  |  | 17,482 |  |  |  |  | 1 |  |  |  |
Losses and loss adjustment expenses incurred(a) |  | 3,379 |  |  | 3,611 |  | (6) |  |  |  |  | 10,573 |  |  | 10,472 |  |  |  |  | 1 |  |  |  |
Acquisition expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs |  | 851 |  |  | 863 |  | (1) |  |  |  |  | 2,522 |  |  | 2,532 |  |  |  |  | — |  |  |  |
Other acquisition expenses |  | 237 |  |  | 292 |  | (19) |  |  |  |  | 670 |  |  | 825 |  |  |  |  | (19) |  |  |  |
Total acquisition expenses |  | 1,088 |  |  | 1,155 |  | (6) |  |  |  |  | 3,192 |  |  | 3,357 |  |  |  |  | (5) |  |  |  |
General operating expenses |  | 780 |  |  | 744 |  | 5 |  |  |  |  | 2,260 |  |  | 2,190 |  |  |  |  | 3 |  |  |  |
Underwriting income |  | 793 |  |  | 437 |  | 81 |  |  |  |  | 1,662 |  |  | 1,463 |  |  |  |  | 14 |  |  |  |
Net investment income |  | 945 |  |  | 773 |  | 22 |  |  |  |  | 2,552 |  |  | 2,281 |  |  |  |  | 12 |  |  |  |
Adjusted pre-tax income | $ | 1,738 |  | $ | 1,210 |  | 44 |  | % |  | $ | 4,214 |  | $ | 3,744 |  |  |  |  | 13 |  | % |  |
Loss ratio(a) |  | 55.9 |  |  | 60.7 |  | (4.8) |  |  |  |  | 59.8 |  |  | 59.9 |  |  |  |  | (0.1) |  |  |  |
Acquisition ratio |  | 18.0 |  |  | 19.4 |  | (1.4) |  |  |  |  | 18.0 |  |  | 19.2 |  |  |  |  | (1.2) |  |  |  |
General operating expense ratio |  | 12.9 |  |  | 12.5 |  | 0.4 |  |  |  |  | 12.8 |  |  | 12.5 |  |  |  |  | 0.3 |  |  |  |
Expense ratio |  | 30.9 |  |  | 31.9 |  | (1.0) |  |  |  |  | 30.8 |  |  | 31.7 |  |  |  |  | (0.9) |  |  |  |
Combined ratio(a) |  | 86.8 |  |  | 92.6 |  | (5.8) |  |  |  |  | 90.6 |  |  | 91.6 |  |  |  |  | (1.0) |  |  |  |
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe losses and reinstatement premiums |  | (1.6) |  |  | (6.9) |  | 5.3 |  |  |  |  | (4.5) |  |  | (4.9) |  |  |  |  | 0.4 |  |  |  |
Prior year development, net of reinsurance and prior year premiums |  | 3.1 |  |  | 2.6 |  | 0.5 |  |  |  |  | 2.1 |  |  | 1.4 |  |  |  |  | 0.7 |  |  |  |
Accident year loss ratio, as adjusted |  | 57.4 |  |  | 56.4 |  | 1.0 |  |  |  |  | 57.4 |  |  | 56.4 |  |  |  |  | 1.0 |  |  |  |
Accident year combined ratio, as adjusted |  | 88.3 |  |  | 88.3 |  | — |  |  |  |  | 88.2 |  |  | 88.1 |  |  |  |  | 0.1 |  |  |  |

(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.
The following table presents General Insurance net premiums written by segment, showing change on both reported and constant dollar basis:

| Three Months Ended September 30, |  | Percentage Change in |  | Nine Months Ended September 30, |  |  |  | Percentage Change in
(in millions) |  | 2025 |  | 2024 |  | U.S. dollars |  | Original Currency |  |  |  | 2025 |  | 2024 |  |  |  | U.S. dollars |  |  |  |  | Original Currency |  |  |
North America Commercial | $ | 2,435 |  | $ | 2,445 |  |  | — |  | % | — |  | % |  | $ | 6,472 |  | $ | 6,228 |  |  |  |  | 4 |  | % |  |  |  | 4 |  | % |  |
International Commercial |  | 2,115 |  |  | 2,052 |  |  | 3 |  |  | 1 |  |  |  |  | 6,467 |  |  | 6,275 |  |  |  |  | 3 |  |  |  |  |  | 3 |  |  |  |
Global Personal |  | 1,680 |  |  | 1,883 |  |  | (11) |  |  | (14) |  |  |  |  | 4,697 |  |  | 5,322 |  |  |  |  | (12) |  |  |  |  |  | (13) |  |  |  |
Total net premiums written | $ | 6,230 |  | $ | 6,380 |  |  | (2) |  | % | (4) |  | % |  | $ | 17,636 |  | $ | 17,825 |  |  |  |  | (1) |  | % |  |  |  | (1) |  | % |  |

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

(dollars in millions) | North America Commercial |  | International Commercial |  | Global Personal |  | Total
Three Months Ended September 30, 2025 |  |  |  |  |  |  |
Flooding, rainstorms and other | $ | — |  |  | $ | 4 |  |  | $ | 10 |  |  | $ | 14 |
Windstorms and hailstorms | 74 |  |  | 17 |  |  | 3 |  |  | 94 |
Winter storms | 4 |  |  | — |  |  | — |  |  | 4 |
Wildfires | (10) |  |  | (2) |  |  | — |  |  | (12) |
Total catastrophe-related charges | $ | 68 |  |  | $ | 19 |  |  | $ | 13 |  |  | $ | 100 |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |
Flooding, rainstorms and other | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |
Windstorms and hailstorms | 239 |  |  | 66 |  |  | 51 |  |  | 356 |

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TABLE OF CONTENTS
ITEM 2 | Business Segment Operations | General Insurance

(dollars in millions) | North America Commercial |  | International Commercial |  | Global Personal |  | Total
Winter storms | 2 |  |  | 2 |  |  | — |  |  | 4 |
Wildfires | 36 |  |  | — |  |  | — |  |  | 36 |
Reinstatement premiums | 6 |  |  | — |  |  | — |  |  | 6 |
Total catastrophe-related charges | $ | 283 |  |  | $ | 83 |  |  | $ | 51 |  |  | $ | 417 |
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |
Flooding, rainstorms and other | $ | — |  |  | $ | 4 |  |  | $ | 10 |  |  | $ | 14 |
Windstorms and hailstorms | 178 |  |  | 24 |  |  | 44 |  |  | 246 |
Winter storms | 40 |  |  | — |  |  | 1 |  |  | 41 |
Wildfires | 204 |  |  | 47 |  |  | 192 |  |  | 443 |
Earthquakes | — |  |  | 44 |  |  | 2 |  |  | 46 |
Reinstatement premiums | 5 |  |  | (1) |  |  | 1 |  |  | 5 |
Total catastrophe-related charges | $ | 427 |  |  | $ | 118 |  |  | $ | 250 |  |  | $ | 795 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |
Flooding, rainstorms and other | $ | 2 |  |  | $ | 130 |  |  | $ | — |  |  | $ | 132 |
Windstorms and hailstorms | 403 |  |  | 94 |  |  | 114 |  |  | 611 |
Winter storms | 45 |  |  | 2 |  |  | 7 |  |  | 54 |
Wildfires | 36 |  |  | — |  |  | — |  |  | 36 |
Earthquakes | — |  |  | 10 |  |  | — |  |  | 10 |
Reinstatement premiums | 12 |  |  | (2) |  |  | — |  |  | 10 |
Total catastrophe-related charges | $ | 498 |  |  | $ | 234 |  |  | $ | 121 |  |  | $ | 853 |

(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 RESULTS

| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |  |  |  |  |
(in millions) |  | 2025 |  | 2024 | Change |  |  |  | 2025 |  | 2024 |  |  |  | Change |  |  |  |  |
Underwriting results: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums written | $ | 2,435 |  | $ | 2,445 |  | — |  | % |  | $ | 6,472 |  | $ | 6,228 |  |  |  |  | 4 |  | % |  |  |  |
Increase in unearned premiums |  | (237) |  |  | (322) |  | 26 |  |  |  |  | (17) |  |  | (182) |  |  |  |  | 91 |  |  |  |  |  |
Net premiums earned |  | 2,198 |  |  | 2,123 |  | 4 |  |  |  |  | 6,455 |  |  | 6,046 |  |  |  |  | 7 |  |  |  |  |  |
Losses and loss adjustment expenses incurred(a) |  | 1,303 |  |  | 1,532 |  | (15) |  |  |  |  | 4,169 |  |  | 4,109 |  |  |  |  | 1 |  |  |  |  |  |
Acquisition expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs |  | 221 |  |  | 206 |  | 7 |  |  |  |  | 654 |  |  | 615 |  |  |  |  | 6 |  |  |  |  |  |
Other acquisition expenses |  | 44 |  |  | 64 |  | (31) |  |  |  |  | 137 |  |  | 164 |  |  |  |  | (16) |  |  |  |  |  |
Total acquisition expenses |  | 265 |  |  | 270 |  | (2) |  |  |  |  | 791 |  |  | 779 |  |  |  |  | 2 |  |  |  |  |  |
General operating expenses |  | 246 |  |  | 225 |  | 9 |  |  |  |  | 681 |  |  | 635 |  |  |  |  | 7 |  |  |  |  |  |
Underwriting income | $ | 384 |  | $ | 96 |  | 300 |  | % |  | $ | 814 |  | $ | 523 |  |  |  |  | 56 |  | % |  |  |  |
Loss ratio(a) |  | 59.3 |  |  | 72.2 |  | (12.9) |  |  |  |  | 64.6 |  |  | 68.0 |  |  |  |  | (3.4) |  |  |  |  |  |
Acquisition ratio |  | 12.1 |  |  | 12.7 |  | (0.6) |  |  |  |  | 12.3 |  |  | 12.9 |  |  |  |  | (0.6) |  |  |  |  |  |
General operating expense ratio |  | 11.2 |  |  | 10.6 |  | 0.6 |  |  |  |  | 10.5 |  |  | 10.5 |  |  |  |  | — |  |  |  |  |  |
Expense ratio |  | 23.3 |  |  | 23.3 |  | — |  |  |  |  | 22.8 |  |  | 23.4 |  |  |  |  | (0.6) |  |  |  |  |  |
Combined ratio(a) |  | 82.6 |  |  | 95.5 |  | (12.9) |  |  |  |  | 87.4 |  |  | 91.4 |  |  |  |  | (4.0) |  |  |  |  |  |
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe losses and reinstatement premiums |  | (3.1) |  |  | (13.3) |  | 10.2 |  |  |  |  | (6.6) |  |  | (8.2) |  |  |  |  | 1.6 |  |  |  |  |  |
Prior year development, net of reinsurance and prior year premiums |  | 5.9 |  |  | 2.9 |  | 3.0 |  |  |  |  | 4.5 |  |  | 2.0 |  |  |  |  | 2.5 |  |  |  |  |  |
Accident year loss ratio, as adjusted |  | 62.1 |  |  | 61.8 |  | 0.3 |  |  |  |  | 62.5 |  |  | 61.8 |  |  |  |  | 0.7 |  |  |  |  |  |
Accident year combined ratio, as adjusted |  | 85.4 |  |  | 85.1 |  | 0.3 |  |  |  |  | 85.3 |  |  | 85.2 |  |  |  |  | 0.1 |  |  |  |  |  |

(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.

70 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 2 | Business Segment Operations | General Insurance
Business and Financial Highlights
Net Premiums Written Comparison for the Three Months Ended September 30, 2025 and 2024
Net premiums written decreased by $10 million primarily due to lower production in Casualty, partially offset by growth in Financial Lines.
Net Premiums Written Comparison for the Nine Months Ended September 30, 2025 and 2024
Net premiums written increased by $244 million primarily due to growth in Casualty driven by new business production and strong retention, partially offset by lower production in Property.
Underwriting Income (Loss) Comparison for the Three Months Ended September 30, 2025 and 2024
Underwriting income increased by $288 million primarily due to:
•lower Catastrophe losses (10.2 points or $215 million); and
•higher net favorable prior year reserve development (3.0 points or $62 million), with favorable development driven by Casualty and Property.
Higher net premiums earned offset a higher accident year loss ratio, as adjusted (0.3 points) due to changes in business mix. The Expense ratio remained flat reflecting an increase in the general operating expense ratio (0.6 points), partially offset by a lower acquisition ratio (0.6 points), primarily driven by changes in business mix.
Underwriting Income (Loss) Comparison for the Nine Months Ended September 30, 2025 and 2024
Underwriting income increased by $291 million primarily due to:
•higher net favorable prior year reserve development (2.5 points or $176 million), with favorable development driven by Casualty and Property; and
•lower Catastrophe losses (1.6 points or $71 million).
Higher net premiums earned offset a higher accident year loss ratio, as adjusted (0.7 points) due to changes in business mix.
INTERNATIONAL COMMERCIAL RESULTS

| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |  |  |  |  |
(in millions) |  | 2025 |  | 2024 | Change |  |  |  | 2025 |  | 2024 |  |  |  | Change |  |  |  |  |
Underwriting results: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums written | $ | 2,115 |  | $ | 2,052 |  | 3 |  | % |  | $ | 6,467 |  | $ | 6,275 |  |  |  |  | 3 |  | % |  |  |  |
(Increase) decrease in unearned premiums |  | 73 |  |  | (13) |  | NM |  |  |  | (104) |  |  | (194) |  |  |  |  | 46 |  |  |  |  |  |
Net premiums earned |  | 2,188 |  |  | 2,039 |  | 7 |  |  |  |  | 6,363 |  |  | 6,081 |  |  |  |  | 5 |  |  |  |  |  |
Losses and loss adjustment expenses incurred |  | 1,167 |  |  | 1,092 |  | 7 |  |  |  |  | 3,515 |  |  | 3,381 |  |  |  |  | 4 |  |  |  |  |  |
Acquisition expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs |  | 285 |  |  | 259 |  | 10 |  |  |  |  | 799 |  |  | 753 |  |  |  |  | 6 |  |  |  |  |  |
Other acquisition expenses |  | 96 |  |  | 96 |  | — |  |  |  |  | 274 |  |  | 266 |  |  |  |  | 3 |  |  |  |  |  |
Total acquisition expenses |  | 381 |  |  | 355 |  | 7 |  |  |  |  | 1,073 |  |  | 1,019 |  |  |  |  | 5 |  |  |  |  |  |
General operating expenses |  | 310 |  |  | 272 |  | 14 |  |  |  |  | 905 |  |  | 801 |  |  |  |  | 13 |  |  |  |  |  |
Underwriting income | $ | 330 |  | $ | 320 |  | 3 |  | % |  | $ | 870 |  | $ | 880 |  |  |  |  | (1) |  | % |  |  |  |
Loss ratio |  | 53.3 |  |  | 53.6 |  | (0.3) |  |  |  |  | 55.2 |  |  | 55.6 |  |  |  |  | (0.4) |  |  |  |  |  |
Acquisition ratio |  | 17.4 |  |  | 17.4 |  | — |  |  |  |  | 16.9 |  |  | 16.8 |  |  |  |  | 0.1 |  |  |  |  |  |
General operating expense ratio |  | 14.2 |  |  | 13.3 |  | 0.9 |  |  |  |  | 14.2 |  |  | 13.2 |  |  |  |  | 1.0 |  |  |  |  |  |
Expense ratio |  | 31.6 |  |  | 30.7 |  | 0.9 |  |  |  |  | 31.1 |  |  | 30.0 |  |  |  |  | 1.1 |  |  |  |  |  |
Combined ratio |  | 84.9 |  |  | 84.3 |  | 0.6 |  |  |  |  | 86.3 |  |  | 85.6 |  |  |  |  | 0.7 |  |  |  |  |  |
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe losses and reinstatement premiums |  | (0.8) |  |  | (4.1) |  | 3.3 |  |  |  |  | (1.8) |  |  | (3.9) |  |  |  |  | 2.1 |  |  |  |  |  |
Prior year development, net of reinsurance and prior year premiums |  | 1.9 |  |  | 3.2 |  | (1.3) |  |  |  |  | 1.0 |  |  | 1.2 |  |  |  |  | (0.2) |  |  |  |  |  |
Accident year loss ratio, as adjusted |  | 54.4 |  |  | 52.7 |  | 1.7 |  |  |  |  | 54.4 |  |  | 52.9 |  |  |  |  | 1.5 |  |  |  |  |  |
Accident year combined ratio, as adjusted |  | 86.0 |  |  | 83.4 |  | 2.6 |  |  |  |  | 85.5 |  |  | 82.9 |  |  |  |  | 2.6 |  |  |  |  |  |

AIG | Third Quarter 2025 Form 10-Q | 71

TABLE OF CONTENTS
ITEM 2 | Business Segment Operations | General Insurance
Business and Financial Highlights
Net Premiums Written Comparison for the Three Months Ended September 30, 2025 and 2024
Net premiums written, excluding the favorable impact of foreign exchange ($46 million), increased by $17 million primarily due to growth in Global Specialty and Property driven by strength of new business production, partially offset by lower production in Financial Lines.
Net Premiums Written Comparison for the Nine Months Ended September 30, 2025 and 2024
Net premiums written, excluding the favorable impact of foreign exchange ($7 million), increased by $185 million primarily due to growth in Property, Global Specialty and Casualty driven by strength of renewal retentions and new business production, partially offset by lower production in Financial Lines.
Underwriting Income (Loss) Comparison for the Three Months Ended September 30, 2025 and 2024
Underwriting income increased by $10 million primarily due to lower catastrophe losses (3.3 points or $64 million). Higher net premiums earned offset a higher accident year loss ratio, as adjusted (1.7 points) due to changes in business mix.
This increase was partially offset by:
•a higher general operating expense ratio (0.9 points); and
•lower net favorable prior year development (1.3 points or $29 million), with favorable development driven by Property and Global Specialty, partially offset by unfavorable development in Casualty and Financial Lines.
Underwriting Income (Loss) Comparison for the Nine Months Ended September 30, 2025 and 2024
Underwriting income decreased by $10 million primarily due to:
•a higher expense ratio (1.1 points) reflecting an increase in the general operating expense ratio (1.0 point), as well as a higher acquisition ratio (0.1 points), primarily driven by changes in business mix; and
•lower net favorable prior year development (0.2 points or $11 million), with favorable development driven by Property and Global Specialty, partially offset by unfavorable development in Casualty and Financial Lines.
This decrease was partially offset by lower catastrophe losses (2.1 points or $116 million). Higher net premiums earned offset a higher accident year loss ratio, as adjusted (1.5 points) due to changes in business mix.
GLOBAL PERSONAL RESULTS

| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |  |  |  |  |
(in millions) |  | 2025 |  | 2024 | Change |  |  |  | 2025 |  | 2024 |  |  |  | Change |  |  |  |  |
Underwriting results: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums written | $ | 1,680 |  | $ | 1,883 |  | (11) |  | % |  | $ | 4,697 |  | $ | 5,322 |  |  |  |  | (12) |  | % |  |  |  |
(Increase) decrease in unearned premiums |  | (26) |  |  | (98) |  | 73 |  |  |  |  | 172 |  |  | 33 |  |  |  |  | 421 |  |  |  |  |  |
Net premiums earned |  | 1,654 |  |  | 1,785 |  | (7) |  |  |  |  | 4,869 |  |  | 5,355 |  |  |  |  | (9) |  |  |  |  |  |
Losses and loss adjustment expenses incurred |  | 909 |  |  | 987 |  | (8) |  |  |  |  | 2,889 |  |  | 2,982 |  |  |  |  | (3) |  |  |  |  |  |
Acquisition expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred policy acquisition costs |  | 345 |  |  | 398 |  | (13) |  |  |  |  | 1,069 |  |  | 1,164 |  |  |  |  | (8) |  |  |  |  |  |
Other acquisition expenses |  | 97 |  |  | 132 |  | (27) |  |  |  |  | 259 |  |  | 395 |  |  |  |  | (34) |  |  |  |  |  |
Total acquisition expenses |  | 442 |  |  | 530 |  | (17) |  |  |  |  | 1,328 |  |  | 1,559 |  |  |  |  | (15) |  |  |  |  |  |
General operating expenses |  | 224 |  |  | 247 |  | (9) |  |  |  |  | 674 |  |  | 754 |  |  |  |  | (11) |  |  |  |  |  |
Underwriting income (loss) | $ | 79 |  | $ | 21 |  | 276 |  | % |  | $ | (22) |  | $ | 60 |  |  |  |  | NM | % |  |  |  |
Loss ratio |  | 55.0 |  |  | 55.3 |  | (0.3) |  |  |  |  | 59.3 |  |  | 55.7 |  |  |  |  | 3.6 |  |  |  |  |  |
Acquisition ratio |  | 26.7 |  |  | 29.7 |  | (3.0) |  |  |  |  | 27.3 |  |  | 29.1 |  |  |  |  | (1.8) |  |  |  |  |  |
General operating expense ratio |  | 13.5 |  |  | 13.8 |  | (0.3) |  |  |  |  | 13.8 |  |  | 14.1 |  |  |  |  | (0.3) |  |  |  |  |  |
Expense ratio |  | 40.2 |  |  | 43.5 |  | (3.3) |  |  |  |  | 41.1 |  |  | 43.2 |  |  |  |  | (2.1) |  |  |  |  |  |
Combined ratio |  | 95.2 |  |  | 98.8 |  | (3.6) |  |  |  |  | 100.4 |  |  | 98.9 |  |  |  |  | 1.5 |  |  |  |  |  |
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe losses and reinstatement premiums |  | (0.8) |  |  | (2.9) |  | 2.1 |  |  |  |  | (5.1) |  |  | (2.3) |  |  |  |  | (2.8) |  |  |  |  |  |
Prior year development, net of reinsurance and prior year premiums |  | 1.1 |  |  | 1.9 |  | (0.8) |  |  |  |  | 0.4 |  |  | 0.7 |  |  |  |  | (0.3) |  |  |  |  |  |
Accident year loss ratio, as adjusted |  | 55.3 |  |  | 54.3 |  | 1.0 |  |  |  |  | 54.6 |  |  | 54.1 |  |  |  |  | 0.5 |  |  |  |  |  |
Accident year combined ratio, as adjusted |  | 95.5 |  |  | 97.8 |  | (2.3) |  |  |  |  | 95.7 |  |  | 97.3 |  |  |  |  | (1.6) |  |  |  |  |  |

72 | AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS
ITEM 2 | Business Segment Operations | General Insurance
Business and Financial Highlights
Net Premiums Written Comparison for the Three Months Ended September 30, 2025 and 2024
Net premiums written, excluding the favorable impact of foreign exchange ($61 million), decreased by $264 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($193 million), as well as U.S. high net worth due to changes in reinsurance structure, partially offset by growth in Accident & Health, Personal Auto and Property.
Net Premiums Written Comparison for the Nine Months Ended September 30, 2025 and 2024
Net premiums written, excluding the favorable impact of foreign exchange ($48 million), decreased by $673 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($594 million), as well as U.S. high net worth due to changes in reinsurance structure, partially offset by growth in Personal Auto from positive rate change and new business production.
Underwriting Income (Loss) Comparison for the Three Months Ended September 30, 2025 and 2024
Underwriting income increased by $58 million primarily due to:
•a lower expense ratio (3.3 points) reflecting a lower acquisition ratio (3.0 points), primarily driven by change in business mix and improved commission terms, as well as a decrease in the general operating expense ratio (0.3 points); and
•lower catastrophe losses (2.1 points or $38 million).
This increase was partially offset by:
•lower net premiums earned coupled with a higher accident year loss ratio, as adjusted (1.0 point) due primarily to the sale of AIG's global individual personal travel insurance and assistance business (1.9 points) partially offset by changes in business mix; and
•lower net favorable prior year development (0.8 points or $18 million), with favorable development driven by U.S. high net worth.
Underwriting Income (Loss) Comparison for the Nine Months Ended September 30, 2025 and 2024
Underwriting loss of $22 million in 2025 compared to underwriting income of $60 million in 2024 is primarily due to:
•lower net premiums earned coupled with a higher accident year loss ratio, as adjusted (0.5 points) due to changes in business mix;
•higher catastrophe losses (2.8 points or $129 million); and
•lower net favorable prior year development (0.3 points or $16 million), with favorable PYD driven by U.S. high net worth.
This decrease was partially offset by a lower expense ratio (2.1 points) reflecting a lower acquisition ratio (1.8 points), primarily driven by change in business mix and improved commission terms, as well as a decrease in the general operating expense ratio (0.3 points).

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ITEM 2 | Business Segment Operations | Other Operations

Other Operations

Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense.

OTHER OPERATIONS RESULTS

|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |  |  |
(in millions) |  | 2025 |  | 2024 | Change |  |  | 2025 |  | 2024 |  |  |  | Change |  |  |  |  |
Net investment income and other | $ | 72 |  | $ | 120 |  | (40) |  | % | $ | 274 |  | $ | 335 |  |  |  |  | (18) |  | % |  |  |  |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other general operating expenses |  | 86 |  |  | 144 |  | (40) |  |  |  | 261 |  |  | 486 |  |  |  |  | (46) |  |  |  |  |  |
Amortization of intangible assets |  | 4 |  |  | 4 |  | — |  |  |  | 13 |  |  | 13 |  |  |  |  | — |  |  |  |  |  |
Interest expense |  | 100 |  |  | 110 |  | (9) |  |  |  | 292 |  |  | 336 |  |  |  |  | (13) |  |  |  |  |  |
Total benefits, losses and expenses |  | 190 |  |  | 258 |  | (26) |  |  |  | 566 |  |  | 835 |  |  |  |  | (32) |  |  |  |  |  |
Adjusted pre-tax loss before consolidation and eliminations |  | (118) |  |  | (138) |  | 14 |  |  |  | (292) |  |  | (500) |  |  |  |  | 42 |  |  |  |  |  |
Consolidation and eliminations |  | 2 |  |  | 3 |  | (33) |  |  |  | — |  |  | (3) |  |  |  |  | NM |  |  |  |  |
Adjusted pre-tax loss* | $ | (116) |  | $ | (135) |  | 14 |  | % | $ | (292) |  | $ | (503) |  |  |  |  | 42 |  | % |  |  |  |

*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.
THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 COMPARISON
Adjusted pre-tax loss before consolidation and eliminations was $118 million in 2025 compared to $138 million in 2024, a decrease of $20 million, primarily due to:
•lower corporate and other general operating expenses of $58 million primarily driven by increased allocation of expenses to the business; and
•lower interest expense of $10 million primarily driven by interest savings from $2.0 billion debt repurchases, through cash tender offers and debt redemption in 2025 and 2024 partially offset by new issuance of $1.25 billion debt in 2025 and ¥100 billion debt in 2024.
This decrease was partially offset by lower net investment income and other of $48 million due to lower interest on AIG Parent portfolio as a result of lower yields and lower dividend income from Corebridge of $45 million.
NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 COMPARISON
Adjusted pre-tax loss before consolidation and eliminations was $292 million in 2025 compared to $500 million in 2024, a decrease of $208 million, primarily due to:
•lower corporate and other general operating expenses of $225 million primarily driven by increased allocation of expenses to the business; and
•lower interest expense of $44 million primarily driven by interest savings from $2.4 billion debt repurchases, through cash tender offers, debt redemption and maturities in 2025 and 2024 partially offset by new debt issuance of $1.25 billion in 2025 and ¥100 billion debt in 2024.
This decrease was partially offset by lower net investment income and other of $61 million due to lower interest on AIG Parent portfolio as a result of lower yields and lower dividend income from Corebridge of $55 million.

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ITEM 2 | Investments

Investments
OVERVIEW
Our investment strategies are tailored to the specific business needs of each segment by targeting an asset allocation mix that supports estimated cash flow needs of our outstanding liabilities and provides diversification from an asset class, sector, issuer, and geographic perspective. The primary objectives are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities.

INVESTMENT HIGHLIGHTS IN THE NINE MONTHS ENDED SEPTEMBER 30, 2025
•Blended investment yields on new investments are higher than blended rates on investments that were sold, matured or called during this period. We continued to make investments in structured securities and other fixed maturity securities with attractive risk-adjusted return characteristics to improve yields and increase net investment income. •Total Net investment income increased for the nine months ended September 30, 2025 compared to the same period in the prior year, primarily due to change in fair value and gain on sale of AIG’s equity in Corebridge, higher income on available for sale fixed maturity securities and Alternatives and lower expenses, partially offset by lower income from short term instruments, mortgage loans, other invested assets and lower dividends from Corebridge.

INVESTMENT STRATEGIES
Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance considerations.
Some of our key investment strategies are as follows:
•Our fundamental strategy across the portfolios is to seek investments with similar duration and cash flow characteristics to the associated insurance liabilities to the extent practicable.
•We seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and commercial mortgage loans, which also add portfolio diversification. These assets typically afford credit protections through covenants, ability to customize structures that meet our insurance liability needs, and deeper due diligence given information access.
•Given our global presence, we seek investments that provide diversification from investments available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk adjusted returns compared to investments in the functional currency.
•AIG Parent, included in Other Operations, actively manages its assets and liabilities, counterparties and duration. AIG Parent’s liquidity sources are held primarily in the form of cash and short-term investments. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity.
•Within the U.S., General Insurance investments are generally split between reserve backing and surplus portfolios.
–Insurance reserves are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, capital, tax, liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans, or structured products.
–Surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity, real estate equity, and hedge funds. Over the past few years, hedge fund investments have been reduced.
•Outside of the U.S., fixed maturity securities held by our insurance companies consist primarily of investment-grade securities generally denominated in the currencies of the countries in which we operate.
•We also utilize derivatives to manage our asset and liability duration as well as currency exposures.
Asset-Liability Management
The investment strategy within the General Insurance companies focuses on growth of surplus, maintenance of sufficient liquidity for unanticipated insurance claims, and preservation of capital. General Insurance invests primarily in fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential

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ITEM 2 | Investments
and commercial real estate; and commercial mortgage loans. Fixed maturity securities of the General Insurance companies have an average duration of 3.8 years, with an average of 4.2 years for North America and 3.1 years for International.
While assets backing reserves of the General Insurance companies are primarily invested in conventional liquid fixed maturity securities, we have also continued to allocate to asset classes that offer higher yields through structural and illiquidity premiums, particularly in our North America operations. In addition, we continue to invest in both fixed rate and floating rate asset-backed investments to manage our exposure to potential changes in interest rates and inflation. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks.
In addition, a portion of the surplus of General Insurance companies is invested in a diversified portfolio of alternative investments that seek to balance liquidity, volatility and growth of surplus. Although these alternative investments are subject to periodic earnings fluctuations, they have historically achieved yields in excess of the fixed maturity portfolio yields and have provided added diversification to the broader portfolio.
Available-for-Sale Investments
The following table presents the fair value of our available-for-sale securities:

(in millions) |  | September 30, 2025 |  |  | December 31, 2024
Bonds available for sale: |  |  |  |  |
U.S. government and government sponsored entities | $ | 3,787 |  |  | $ | 3,267 |
Obligations of states, municipalities and political subdivisions |  | 2,889 |  |  |  | 3,143 |
Non-U.S. governments |  | 6,613 |  |  |  | 8,107 |
Corporate debt |  | 36,951 |  |  |  | 31,826 |
Mortgage-backed, asset-backed and collateralized: |  |  |  |  |
RMBS - agency |  | 5,975 |  |  |  | 4,978 |
RMBS - non-agency |  | 4,328 |  |  |  | 3,626 |
CMBS |  | 4,190 |  |  |  | 3,926 |
CLO/ABS |  | 6,451 |  |  |  | 5,133 |
Total mortgage-backed, asset-backed and collateralized |  | 20,944 |  |  |  | 17,663 |
Total bonds available for sale* | $ | 71,184 |  |  | $ | 64,006 |

*At September 30, 2025 and December 31, 2024, the fair value of bonds available for sale we held that were below investment grade or not rated totaled $5.8 billion and $3.6 billion, respectively.
Our investments guidelines for investing in RMBS, collateralized loan obligations (CLO) and other asset-backed securities (ABS) take into consideration the quality of the originator, the manager, the servicer, security credit ratings, underlying characteristics of the mortgages, borrower characteristics, and the level of credit enhancement in the transaction.
The fair value of CMBS holdings remained stable during the nine months ended September 30, 2025. The majority of our investments in CMBS are in tranches that contain substantial credit protection features through collateral subordination. The majority of CMBS holdings are single asset single borrower and traditional conduit transactions, broadly diversified across property types and geographical areas.
The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:

(in millions) |  | September 30, 2025 |  |  | December 31, 2024
Canada | $ | 1,190 |  |  | $ | 1,384 |
Japan |  | 530 |  |  |  | 555 |
Germany |  | 448 |  |  |  | 834 |
United Kingdom |  | 347 |  |  |  | 416 |
Australia |  | 324 |  |  |  | 335 |
Israel |  | 320 |  |  |  | 312 |
Korea, Republic of |  | 292 |  |  |  | 268 |
Denmark |  | 244 |  |  |  | 205 |
Singapore |  | 227 |  |  |  | 204 |
Malaysia |  | 208 |  |  |  | 220 |
Other |  | 2,505 |  |  |  | 3,398 |
Total | $ | 6,635 |  |  | $ | 8,131 |

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ITEM 2 | Investments
The following table presents the fair value of our aggregate European credit exposures by major sector for our fixed maturity securities:

|  | September 30, 2025 |  | December 31, 2024 Total
(in millions) |  | Sovereign |  | Financial Institution |  | Non-Financial Corporates |  | Structured Products |  | Total |
Euro-Zone countries: |  |  |  |  |  |  |  |  |  |  |  |
France | $ | 137 |  | $ | 1,608 |  | $ | 486 |  | $ | 46 |  | $ | 2,277 |  | $ | 1,989 |
Germany |  | 448 |  |  | 271 |  |  | 946 |  |  | 62 |  |  | 1,727 |  |  | 1,863 |
Netherlands |  | 87 |  |  | 585 |  |  | 272 |  |  | 42 |  |  | 986 |  |  | 935 |
Ireland |  | 5 |  |  | 92 |  |  | 116 |  |  | 608 |  |  | 821 |  |  | 584 |
Spain |  | 7 |  |  | 331 |  |  | 114 |  |  | 69 |  |  | 521 |  |  | 321 |
Italy |  | 13 |  |  | 104 |  |  | 366 |  |  | 33 |  |  | 516 |  |  | 369 |
Denmark |  | 244 |  |  | 76 |  |  | 22 |  |  | — |  |  | 342 |  |  | 257 |
Belgium |  | 12 |  |  | 142 |  |  | 98 |  |  | 15 |  |  | 267 |  |  | 242 |
Luxembourg |  | — |  |  | 78 |  |  | 85 |  |  | 15 |  |  | 178 |  |  | 157 |
Finland |  | 6 |  |  | 81 |  |  | 3 |  |  | 1 |  |  | 91 |  |  | 79 |
Other Euro-Zone |  | 215 |  |  | 34 |  |  | 30 |  |  | 22 |  |  | 301 |  |  | 299 |
Total Euro-Zone | $ | 1,174 |  | $ | 3,402 |  | $ | 2,538 |  | $ | 913 |  | $ | 8,027 |  | $ | 7,095 |
Remainder of Europe: |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom | $ | 347 |  | $ | 1,536 |  | $ | 1,655 |  | $ | 418 |  | $ | 3,956 |  | $ | 3,262 |
Switzerland |  | 19 |  |  | 261 |  |  | 301 |  |  | — |  |  | 581 |  |  | 484 |
Sweden |  | 113 |  |  | 209 |  |  | 38 |  |  | — |  |  | 360 |  |  | 291 |
Norway |  | 49 |  |  | 63 |  |  | 7 |  |  | — |  |  | 119 |  |  | 110 |
Jersey (Channel Islands) |  | 3 |  |  | 3 |  |  | 1 |  |  | 82 |  |  | 89 |  |  | 94 |
Other - Remainder of Europe |  | 40 |  |  | 4 |  |  | 9 |  |  | — |  |  | 53 |  |  | 50 |
Total - Remainder of Europe | $ | 571 |  | $ | 2,076 |  | $ | 2,011 |  | $ | 500 |  | $ | 5,158 |  | $ | 4,291 |
Total | $ | 1,745 |  | $ | 5,478 |  | $ | 4,549 |  | $ | 1,413 |  | $ | 13,185 |  | $ | 11,386 |

Investments in Municipal Bonds
At September 30, 2025, the U.S. municipal bond portfolio was composed primarily of essential service revenue bonds and high-quality tax-exempt bonds with 98 percent of the portfolio rated A or higher.
The following table presents the fair values of our available for sale U.S. municipal bond portfolio by state and municipal bond type:

| September 30, 2025 |  |
(in millions) |  | State General Obligation |  | Local General Obligation |  | Revenue |  | Total Fair Value |  | December 31, 2024 Total Fair Value
California | $ | 212 |  | $ | 145 |  | $ | 334 |  | $ | 691 |  | $ | 716 |
New York |  | 28 |  |  | 89 |  |  | 293 |  |  | 410 |  |  | 422 |
Texas |  | 11 |  |  | 57 |  |  | 109 |  |  | 177 |  |  | 265 |
Massachusetts |  | 41 |  |  | 12 |  |  | 116 |  |  | 169 |  |  | 199 |
Florida |  | 1 |  |  | — |  |  | 139 |  |  | 140 |  |  | 143 |
Connecticut |  | 39 |  |  | 2 |  |  | 83 |  |  | 124 |  |  | 125 |
Pennsylvania |  | 34 |  |  | — |  |  | 84 |  |  | 118 |  |  | 133 |
Illinois |  | 4 |  |  | 26 |  |  | 54 |  |  | 84 |  |  | 110 |
Georgia |  | 50 |  |  | — |  |  | 24 |  |  | 74 |  |  | 79 |
Oregon |  | 7 |  |  | 45 |  |  | 15 |  |  | 67 |  |  | 71 |
Hawaii |  | 65 |  |  | — |  |  | 1 |  |  | 66 |  |  | 74 |
Virginia |  | 8 |  |  | 3 |  |  | 48 |  |  | 59 |  |  | 57 |
Alabama |  | — |  |  | — |  |  | 58 |  |  | 58 |  |  | 57 |
All other states |  | 50 |  |  | 33 |  |  | 569 |  |  | 652 |  |  | 692 |
Total | $ | 550 |  | $ | 412 |  | $ | 1,927 |  | $ | 2,889 |  | $ | 3,143 |

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ITEM 2 | Investments
Investments in Corporate Debt Securities
The following table presents the fair value of our available for sale corporate debt securities by industry categories:

Industry Category |  |  |  |  |
(in millions) |  | September 30, 2025 |  |  | December 31, 2024
Financial institutions: |  |  |  |  |
Money center/Global bank groups | $ | 4,826 |  |  | $ | 3,642 |
Regional banks – other |  | 2,813 |  |  |  | 2,129 |
Life insurance |  | 866 |  |  |  | 728 |
Securities firms and other finance companies |  | 807 |  |  |  | 669 |
Insurance non-life |  | 499 |  |  |  | 494 |
Regional banks – North America |  | 1,513 |  |  |  | 1,314 |
Other financial institutions |  | 4,987 |  |  |  | 4,116 |
Utilities |  | 3,253 |  |  |  | 2,659 |
Communications |  | 1,995 |  |  |  | 1,844 |
Consumer noncyclical |  | 2,765 |  |  |  | 2,715 |
Capital goods |  | 1,861 |  |  |  | 1,715 |
Energy |  | 1,958 |  |  |  | 1,702 |
Consumer cyclical |  | 3,734 |  |  |  | 3,284 |
Basic materials |  | 2,017 |  |  |  | 1,838 |
Other |  | 3,057 |  |  |  | 2,977 |
Total* | $ | 36,951 |  |  | $ | 31,826 |

*At September 30, 2025 and December 31, 2024, approximately 89 percent and 88 percent, respectively, of these investments were rated investment grade.
Unrealized Losses of Fixed Maturity Securities
The following table shows the aging of the unrealized losses of fixed maturity securities, the extent to which the fair value is less than amortized cost or cost, and the number of respective items in each category:

September 30, 2025 |  | Less Than or Equal |  | Greater Than 20% |  | Greater Than 50% |  |
|  | to 20% of Cost(b) |  | to 50% of Cost(b) |  | of Cost(b) |  | Total
Aging(a) |  |  | Unrealized |  |  |  | Unrealized |  |  |  | Unrealized |  |  |  | Unrealized |
(dollars in millions) |  | Cost(c) |  | Loss | Items(d) |  | Cost(c) |  | Loss | Items(d) |  | Cost(c) |  | Loss | Items(d) |  | Cost(c) |  | Loss | Items(d)
Investment grade bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-6 months | $ | 6,923 |  | $ | 104 |  | 2,134 |  | $ | 21 |  | $ | 6 |  | 7 |  | $ | — |  | $ | — |  | — |  | $ | 6,944 |  | $ | 110 |  | 2,141 |
7-11 months |  | 1,285 |  |  | 54 |  | 352 |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | 1,285 |  |  | 54 |  | 352 |
12 months or more |  | 12,895 |  |  | 986 |  | 3,722 |  |  | 1,617 |  |  | 526 |  | 313 |  |  | 361 |  |  | 214 |  | 32 |  |  | 14,873 |  |  | 1,726 |  | 4,067 |
Total | $ | 21,103 |  | $ | 1,144 |  | 6,208 |  | $ | 1,638 |  | $ | 532 |  | 320 |  | $ | 361 |  | $ | 214 |  | 32 |  | $ | 23,102 |  | $ | 1,890 |  | 6,560 |
Below investment grade bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-6 months | $ | 984 |  | $ | 13 |  | 577 |  | $ | 32 |  | $ | 9 |  | 31 |  | $ | 1 |  | $ | 1 |  | 3 |  | $ | 1,017 |  | $ | 23 |  | 611 |
7-11 months |  | 130 |  |  | 5 |  | 67 |  |  | — |  |  | — |  | 1 |  |  | — |  |  | — |  | 1 |  |  | 130 |  |  | 5 |  | 69 |
12 months or more |  | 836 |  |  | 49 |  | 408 |  |  | 53 |  |  | 16 |  | 21 |  |  | 1 |  |  | 1 |  | 2 |  |  | 890 |  |  | 66 |  | 431 |
Total | $ | 1,950 |  | $ | 67 |  | 1,052 |  | $ | 85 |  | $ | 25 |  | 53 |  | $ | 2 |  | $ | 2 |  | 6 |  | $ | 2,037 |  | $ | 94 |  | 1,111 |
Total bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-6 months | $ | 7,907 |  | $ | 117 |  | 2,711 |  | $ | 53 |  | $ | 15 |  | 38 |  | $ | 1 |  | $ | 1 |  | 3 |  | $ | 7,961 |  | $ | 133 |  | 2,752 |
7-11 months |  | 1,415 |  |  | 59 |  | 419 |  |  | — |  |  | — |  | 1 |  |  | — |  |  | — |  | 1 |  |  | 1,415 |  |  | 59 |  | 421 |
12 months or more |  | 13,731 |  |  | 1,035 |  | 4,130 |  |  | 1,670 |  |  | 542 |  | 334 |  |  | 362 |  |  | 215 |  | 34 |  |  | 15,763 |  |  | 1,792 |  | 4,498 |
Total | $ | 23,053 |  | $ | 1,211 |  | 7,260 |  | $ | 1,723 |  | $ | 557 |  | 373 |  | $ | 363 |  | $ | 216 |  | 38 |  | $ | 25,139 |  | $ | 1,984 |  | 7,671 |

(a)Represents the number of consecutive months that fair value has been less than cost by any amount.
(b)Represents the percentage by which fair value is less than cost.
(c)For bonds, represents amortized cost net of allowance.
(d)Item count is by CUSIP by subsidiary.
The allowance for credit losses was $3 million for investment grade bonds and $40 million for below investment grade bonds as of September 30, 2025.
Commercial Mortgage Loans
At September 30, 2025, we had direct commercial mortgage loan exposure of $2.9 billion.

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The following table presents the commercial mortgage loan exposure by location and class of loan based on amortized cost:

| Number of Loans |  | Class |  |  | Percent of Total |
(dollars in millions) |  | Apartments |  | Offices |  | Retail |  | Industrial |  | Hotel |  | Others |  | Total
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York | 19 |  | $ | 48 |  | $ | 202 |  | $ | 69 |  | $ | 20 |  | $ | 32 |  | $ | — |  | $ | 371 |  | 13 |  | %
California | 17 |  |  | 90 |  |  | 189 |  |  | 27 |  |  | 26 |  |  | 32 |  |  | — |  |  | 364 |  | 13 |  |
Texas | 19 |  |  | 78 |  |  | 135 |  |  | 2 |  |  | 30 |  |  | 21 |  |  | — |  |  | 266 |  | 9 |  |
Massachusetts | 7 |  |  | — |  |  | 175 |  |  | 48 |  |  | 7 |  |  | — |  |  | — |  |  | 230 |  | 8 |  |
Florida | 11 |  |  | 68 |  |  | — |  |  | 61 |  |  | 8 |  |  | 38 |  |  | — |  |  | 175 |  | 6 |  |
New Jersey | 17 |  |  | 76 |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  | 10 |  |  | 130 |  | 5 |  |
Pennsylvania | 9 |  |  | 26 |  |  | 68 |  |  | 16 |  |  | 18 |  |  | — |  |  | — |  |  | 128 |  | 4 |  |
Illinois | 5 |  |  | 88 |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 101 |  | 4 |  |
Ohio | 5 |  |  | 61 |  |  | — |  |  | 28 |  |  | — |  |  | — |  |  | — |  |  | 89 |  | 3 |  |
Washington | 3 |  |  | 49 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49 |  | 2 |  |
Other states | 24 |  |  | 102 |  |  | 33 |  |  | 62 |  |  | 27 |  |  | — |  |  | — |  |  | 224 |  | 7 |  |
Foreign | 26 |  |  | 222 |  |  | 218 |  |  | 78 |  |  | 28 |  |  | 80 |  |  | 116 |  |  | 742 |  | 26 |  |
Total* | 162 |  | $ | 908 |  | $ | 1,033 |  | $ | 391 |  | $ | 208 |  | $ | 203 |  | $ | 126 |  | $ | 2,869 |  | 100 |  | %

December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
California | 21 |  | $ | 97 |  | $ | 247 |  | $ | 30 |  | $ | 56 |  | $ | 32 |  | $ | — |  | $ | 462 |  | 14 |  | %
New York | 19 |  |  | 43 |  |  | 217 |  |  | 70 |  |  | 20 |  |  | 32 |  |  | — |  |  | 382 |  | 12 |  |
Texas | 19 |  |  | 78 |  |  | 201 |  |  | 2 |  |  | 31 |  |  | 22 |  |  | — |  |  | 334 |  | 10 |  |
Massachusetts | 9 |  |  | 94 |  |  | 156 |  |  | 49 |  |  | 7 |  |  | — |  |  | — |  |  | 306 |  | 9 |  |
Florida | 11 |  |  | 68 |  |  | — |  |  | 62 |  |  | 8 |  |  | 38 |  |  | — |  |  | 176 |  | 5 |  |
New Jersey | 18 |  |  | 78 |  |  | — |  |  | — |  |  | 43 |  |  | — |  |  | 10 |  |  | 131 |  | 4 |  |
Pennsylvania | 10 |  |  | 18 |  |  | 52 |  |  | 29 |  |  | 18 |  |  | — |  |  | — |  |  | 117 |  | 4 |  |
Illinois | 6 |  |  | 88 |  |  | 20 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 108 |  | 3 |  |
Ohio | 5 |  |  | 62 |  |  | — |  |  | 29 |  |  | — |  |  | — |  |  | — |  |  | 91 |  | 3 |  |
Washington | 5 |  |  | 49 |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | 60 |  | 2 |  |
Other states | 31 |  |  | 134 |  |  | 33 |  |  | 63 |  |  | 49 |  |  | 6 |  |  | — |  |  | 285 |  | 8 |  |
Foreign | 36 |  |  | 278 |  |  | 182 |  |  | 98 |  |  | 69 |  |  | 117 |  |  | 109 |  |  | 853 |  | 26 |  |
Total* | 190 |  | $ | 1,087 |  | $ | 1,108 |  | $ | 432 |  | $ | 301 |  | $ | 258 |  | $ | 119 |  | $ | 3,305 |  | 100 |  | %

*Does not reflect allowance for credit losses.
For additional information on commercial mortgage loans, see Note 7 to the Condensed Consolidated Financial Statements.
Net Realized Gains and Losses
The following table presents the components of Net realized gains (losses):

Three Months Ended September 30, |  | 2025 |  |  | 2024
(in millions) | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total
Sales of fixed maturity securities | $ | (96) |  | $ | (6) |  | $ | (102) |  |  | $ | (66) |  | $ | (18) |  | $ | (84) |
Change in allowance for credit losses on fixed maturity securities |  | 2 |  |  | — |  |  | 2 |  |  |  | 1 |  |  | (1) |  |  | — |
Change in allowance for credit losses on loans |  | (52) |  |  | 1 |  |  | (51) |  |  |  | (3) |  |  | (1) |  |  | (4) |
Foreign exchange transactions |  | (10) |  |  | (1) |  |  | (11) |  |  |  | 65 |  |  | 1 |  |  | 66 |
All other derivatives and hedge accounting |  | (11) |  |  | 2 |  |  | (9) |  |  |  | 7 |  |  | (2) |  |  | 5 |
Sales of alternative investments |  | (2) |  |  | — |  |  | (2) |  |  |  | (18) |  |  | — |  |  | (18) |
Other* |  | (262) |  |  | (1) |  |  | (263) |  |  |  | 22 |  |  | 3 |  |  | 25 |
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative |  | (431) |  |  | (5) |  |  | (436) |  |  |  | 8 |  |  | (18) |  |  | (10) |
Net realized losses on Fortitude Re funds withheld embedded derivative |  | — |  |  | (54) |  |  | (54) |  |  |  | — |  |  | (157) |  |  | (157) |
Net realized gains (losses) | $ | (431) |  | $ | (59) |  | $ | (490) |  |  | $ | 8 |  | $ | (175) |  | $ | (167) |

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Nine Months Ended September 30, | 2025 |  | 2024 |  |
(in millions) | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  |  |  |  |
Sales of fixed maturity securities | $ | (453) |  | $ | (62) |  | $ | (515) |  |  | $ | (320) |  | $ | (34) |  | $ | (354) |  |  |  |  |  |  |  |
Change in allowance for credit losses on fixed maturity securities |  | (5) |  |  | — |  |  | (5) |  |  |  | (18) |  |  | (1) |  |  | (19) |  |  |  |  |  |  |  |
Change in allowance for credit losses on loans |  | (2) |  |  | 10 |  |  | 8 |  |  |  | (23) |  |  | — |  |  | (23) |  |  |  |  |  |  |  |
Foreign exchange transactions |  | 183 |  |  | 18 |  |  | 201 |  |  |  | 176 |  |  | (2) |  |  | 174 |  |  |  |  |  |  |  |
All other derivatives and hedge accounting |  | (137) |  |  | (20) |  |  | (157) |  |  |  | (62) |  |  | — |  |  | (62) |  |  |  |  |  |  |  |
Sales of alternative investments |  | 1 |  |  | — |  |  | 1 |  |  |  | (4) |  |  | (1) |  |  | (5) |  |  |  |  |  |  |  |
Other* |  | (270) |  |  | (5) |  |  | (275) |  |  |  | 13 |  |  | — |  |  | 13 |  |  |  |  |  |  |  |
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative |  | (683) |  |  | (59) |  |  | (742) |  |  |  | (238) |  |  | (38) |  |  | (276) |  |  |  |  |  |  |  |
Net realized losses on Fortitude Re funds withheld embedded derivative |  | — |  |  | (109) |  |  | (109) |  |  |  | — |  |  | (158) |  |  | (158) |  |  |  |  |  |  |  |
Net realized losses | $ | (683) |  | $ | (168) |  | $ | (851) |  |  | $ | (238) |  | $ | (196) |  | $ | (434) |  |  |  |  |  |  |  |

*In the three and nine months ended September 30, 2025, Other increased primarily as a result of impairments on investments in real estate funds.
Higher Net realized losses excluding Fortitude Re funds withheld assets in the three months ended September 30, 2025 were primarily due to impairments on investments in real estate funds, higher losses on foreign exchange transactions, changes in allowance for credit losses on loans, higher losses on sales of securities and derivative and hedge activity, partially offset by lower losses on sales of alternative investments compared to the prior year period. Higher Net realized losses excluding Fortitude Re funds withheld assets in the nine months ended September 30, 2025 were primarily due to impairments on investments in real estate funds, higher losses on sales of securities and derivative and hedge activity, partially offset by changes in allowance for credit losses on loans compared to the prior year period.
Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to AIG as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to AIG as the depreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. For additional information on the impact of the funds withheld arrangements with Fortitude Re, see Note 8 to the Condensed Consolidated Financial Statements.
For additional information on our investment portfolio, see Note 6 to the Condensed Consolidated Financial Statements.
Change in Unrealized Gains and Losses on Investments
The change in net unrealized gains and losses on investments in the three and nine months ended September 30, 2025 was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended September 30, 2025, net unrealized gains related to fixed maturity securities were $543 million due primarily to lower interest rates and narrowing of credit spreads. For the nine months ended September 30, 2025, net unrealized gains were $1.4 billion due to lower interest rates and narrowing of credit spreads.
The change in net unrealized gains and losses on investments in the three and nine months ended September 30, 2024 was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended September 30, 2024, net unrealized gains related to fixed maturity securities were $1.6 billion due primarily to lower interest rates and narrowing of credit spreads. For the nine months ended September 30, 2024, net unrealized gains were $1.5 billion due to lower interest rates and narrowing of credit spreads.
For additional information on our investment portfolio, see Note 6 to the Condensed Consolidated Financial Statements.
CREDIT RATINGS
At September 30, 2025, approximately 61 percent of our fixed maturity securities were held by our U.S. entities. Approximately 91 percent of these securities were rated investment grade by one or more of the major rating agencies.
Moody’s Investors Service, Inc. (Moody’s), Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. (S&P), Fitch Ratings Inc. (Fitch), or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. We closely monitor the credit quality of the foreign portfolio’s non-rated fixed maturity securities. At September 30, 2025, approximately 93 percent of such investments were either rated investment grade or, on the basis of analysis of our investment managers, were equivalent from a credit standpoint to securities rated investment grade. Approximately 17 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance.

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Composite AIG Credit Ratings
With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the National Association of Insurance Commissioners (NAIC) Designation assigned by the NAIC Securities Valuation Office (SVO) (95 percent of total fixed maturity securities), or (ii) our internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category in those tables consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.
For information regarding credit risks associated with investments, see Part II, Item 7. MD&A – Enterprise Risk Management in the 2024 Annual Report.
The following table presents the composite AIG credit ratings of our fixed maturity securities calculated on the basis of their fair value:

|  | Available for Sale |  | Other |  | Total
(in millions) |  | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Rating: |  |  |  |  |  |  |  |  |  |  |  |
Other fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  |
AAA |  | $ | 4,081 |  |  | $ | 5,254 |  |  | $ | 14 |  |  | $ | 13 |  |  | $ | 4,095 |  |  | $ | 5,267 |
AA |  | 9,416 |  |  | 9,599 |  |  | 50 |  |  | 80 |  |  | 9,466 |  |  | 9,679 |
A |  | 17,833 |  |  | 14,420 |  |  | 132 |  |  | 114 |  |  | 17,965 |  |  | 14,534 |
BBB |  | 14,282 |  |  | 12,839 |  |  | 131 |  |  | 145 |  |  | 14,413 |  |  | 12,984 |
Below investment grade |  | 4,574 |  |  | 4,171 |  |  | 4 |  |  | 4 |  |  | 4,578 |  |  | 4,175 |
Non-rated |  | 54 |  |  | 60 |  |  | — |  |  | — |  |  | 54 |  |  | 60 |
Total |  | $ | 50,240 |  |  | $ | 46,343 |  |  | $ | 331 |  |  | $ | 356 |  |  | $ | 50,571 |  |  | $ | 46,699 |
Mortgage-backed, asset-backed and collateralized |  |  |  |  |  |  |  |  |  |  |  |
AAA |  | $ | 11,249 |  |  | $ | 8,757 |  |  | $ | 120 |  |  | $ | 134 |  |  | $ | 11,369 |  |  | $ | 8,891 |
AA |  | 7,310 |  |  | 6,765 |  |  | 52 |  |  | 89 |  |  | 7,362 |  |  | 6,854 |
A |  | 783 |  |  | 482 |  |  | 122 |  |  | 49 |  |  | 905 |  |  | 531 |
BBB |  | 467 |  |  | 470 |  |  | 82 |  |  | 88 |  |  | 549 |  |  | 558 |
Below investment grade |  | 1,135 |  |  | 1,189 |  |  | 36 |  |  | 29 |  |  | 1,171 |  |  | 1,218 |
Non-rated |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 20,944 |  |  | $ | 17,663 |  |  | $ | 412 |  |  | $ | 389 |  |  | $ | 21,356 |  |  | $ | 18,052 |
Total |  |  |  |  |  |  |  |  |  |  |  |
AAA |  | $ | 15,330 |  |  | $ | 14,011 |  |  | $ | 134 |  |  | $ | 147 |  |  | $ | 15,464 |  |  | $ | 14,158 |
AA |  | 16,726 |  |  | 16,364 |  |  | 102 |  |  | 169 |  |  | 16,828 |  |  | 16,533 |
A |  | 18,616 |  |  | 14,902 |  |  | 254 |  |  | 163 |  |  | 18,870 |  |  | 15,065 |
BBB |  | 14,749 |  |  | 13,309 |  |  | 213 |  |  | 233 |  |  | 14,962 |  |  | 13,542 |
Below investment grade |  | 5,709 |  |  | 5,360 |  |  | 40 |  |  | 33 |  |  | 5,749 |  |  | 5,393 |
Non-rated |  | 54 |  |  | 60 |  |  | — |  |  | — |  |  | 54 |  |  | 60 |
Total |  | $ | 71,184 |  |  | $ | 64,006 |  |  | $ | 743 |  |  | $ | 745 |  |  | $ | 71,927 |  |  | $ | 64,751 |

NAIC Designations of Fixed Maturity Securities
The SVO of the NAIC evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called NAIC Designations. In general, NAIC Designations of ‘1’ highest quality, or ‘2’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and CMBS are calculated using third-party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of AIG subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite AIG credit rating, which is generally based on ratings of the three major rating agencies. For fixed maturity securities where no NAIC Designation is assigned or able to be calculated using third-party data, the NAIC Designation category used in the first table below reflects an internal rating.
The NAIC Designations presented below do not reflect the added granularity to the designation categories adopted by the NAIC in 2020, which further subdivide each category of fixed maturity securities by appending letter modifiers to the numerical designations.

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The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value:

September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NAIC Designation |  | 1 |  | 2 |  | Total Investment Grade |  | 3 |  | 4 |  | 5 |  | 6 |  | Total Below Investment Grade |  | Total
Other fixed maturity securities | $ | 30,929 |  | $ | 15,040 |  | $ | 45,969 |  | $ | 2,705 |  | $ | 1,689 |  | $ | 147 |  | $ | 7 |  | $ | 4,548 |  | $ | 50,517 |
Mortgage-backed, asset-backed and collateralized |  | 20,686 |  |  | 552 |  |  | 21,238 |  |  | 54 |  |  | 51 |  |  | 11 |  |  | 2 |  |  | 118 |  |  | 21,356 |
Total* | $ | 51,615 |  | $ | 15,592 |  | $ | 67,207 |  | $ | 2,759 |  | $ | 1,740 |  | $ | 158 |  | $ | 9 |  | $ | 4,666 |  | $ | 71,873 |

*Excludes $54 million of fixed maturity securities for which no NAIC Designation is available.

Insurance Reserves
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)
The following table presents the components of our gross and net loss reserves by segment and major lines of business(a):

| September 30, 2025 |  | December 31, 2024
(in millions) | Net Loss Reserves | Reinsurance Recoverable | Gross Loss Reserves |  | Net Loss Reserves | Reinsurance Recoverable | Gross Loss Reserves
General Insurance: |  |  |  |  |  |  |  |  |  |  |  |
North America Commercial: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Workers' Compensation (net of discount) |  | $ | 2,421 |  |  | $ | 3,725 |  |  | $ | 6,146 |  |  | $ | 2,293 |  |  | $ | 3,916 |  |  | $ | 6,209 |
U.S. Excess Casualty |  | 3,108 |  |  | 3,104 |  |  | 6,212 |  |  | 3,208 |  |  | 3,139 |  |  | 6,347 |
U.S. Other Casualty |  | 4,871 |  |  | 3,099 |  |  | 7,970 |  |  | 4,387 |  |  | 3,416 |  |  | 7,803 |
U.S. Financial Lines |  | 5,432 |  |  | 1,381 |  |  | 6,813 |  |  | 5,422 |  |  | 1,614 |  |  | 7,036 |
U.S. Property and Special Risks |  | 4,174 |  |  | 896 |  |  | 5,070 |  |  | 4,297 |  |  | 1,233 |  |  | 5,530 |
Other product lines(b) |  | 3,460 |  |  | 2,610 |  |  | 6,070 |  |  | 3,747 |  |  | 2,947 |  |  | 6,694 |
Total North America Commercial |  | 23,466 |  |  | 14,815 |  |  | 38,281 |  |  | 23,354 |  |  | 16,265 |  |  | 39,619 |
International Commercial: |  |  |  |  |  |  |  |  |  |  |  |
UK/Europe Casualty and Financial Lines |  | 8,779 |  |  | 2,275 |  |  | 11,054 |  |  | 7,280 |  |  | 1,952 |  |  | 9,232 |
UK/Europe Property and Special Risks |  | 2,487 |  |  | 2,223 |  |  | 4,710 |  |  | 2,355 |  |  | 1,761 |  |  | 4,116 |
Other product lines(b) |  | 1,720 |  |  | 1,297 |  |  | 3,017 |  |  | 1,630 |  |  | 1,230 |  |  | 2,860 |
Total International Commercial |  | 12,986 |  |  | 5,795 |  |  | 18,781 |  |  | 11,265 |  |  | 4,943 |  |  | 16,208 |
Global Personal: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Personal Insurance |  | 782 |  |  | 1,980 |  |  | 2,762 |  |  | 836 |  |  | 2,048 |  |  | 2,884 |
UK/Europe and Japan Personal Insurance |  | 1,341 |  |  | 719 |  |  | 2,060 |  |  | 1,269 |  |  | 670 |  |  | 1,939 |
Other product lines(b) |  | 1,070 |  |  | 807 |  |  | 1,877 |  |  | 983 |  |  | 776 |  |  | 1,759 |
Total Global Personal |  | 3,193 |  |  | 3,506 |  |  | 6,699 |  |  | 3,088 |  |  | 3,494 |  |  | 6,582 |
Unallocated loss adjustment expenses(b) |  | 1,435 |  |  | 643 |  |  | 2,078 |  |  | 1,804 |  |  | 744 |  |  | 2,548 |
Total General Insurance |  | 41,080 |  |  | 24,759 |  |  | 65,839 |  |  | 39,511 |  |  | 25,446 |  |  | 64,957 |
Other Operations |  | 554 |  |  | 3,489 |  |  | 4,043 |  |  | 631 |  |  | 3,580 |  |  | 4,211 |
Total |  | $ | 41,634 |  |  | $ | 28,248 |  |  | $ | 69,882 |  |  | $ | 40,142 |  |  | $ | 29,026 |  |  | $ | 69,168 |

(a)Includes net loss reserve discount of $1.2 billion and $1.2 billion at September 30, 2025 and December 31, 2024, respectively. For information regarding loss reserve discount, see Note 12 to the Condensed Consolidated Financial Statements.
(b)Other product lines and Unallocated loss adjustment expenses includes Gross liability for unpaid losses and loss adjustment expense and Reinsurance recoverable on unpaid losses and loss adjustment expense for the Fortitude Re reinsurance of $2.3 billion and $2.7 billion at September 30, 2025 and December 31, 2024, respectively.

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ITEM 2 | Insurance Reserves
Prior Year Development
The following table summarizes incurred (favorable) unfavorable prior year development net of reinsurance by segment and major lines of business:

| Three Months Ended September 30, |  | Nine Months Ended September 30, |
(in millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
General Insurance: |  |  |  |  |  |  |  |  |  |  |
North America Commercial: |  |  |  |  |  |  |  |  |  |  |
U.S. Workers' Compensation | $ | (22) |  | $ | (11) |  |  | $ | (139) |  | $ | (102) |  |  |
U.S. Excess Casualty |  | (7) |  |  | 72 |  |  |  | 92 |  |  | 86 |  |  |
U.S. Other Casualty |  | (13) |  |  | (2) |  |  |  | 12 |  |  | (27) |  |  |
U.S. Financial Lines |  | (9) |  |  | (32) |  |  |  | (19) |  |  | (42) |  |  |
U.S. Property and Special Risks |  | (25) |  |  | (53) |  |  |  | (102) |  |  | (43) |  |  |
Other Product Lines |  | (63) |  |  | (35) |  |  |  | (152) |  |  | (35) |  |  |
Total North America Commercial | $ | (139) |  | $ | (61) |  |  | $ | (308) |  | $ | (163) |  |  |
International Commercial: |  |  |  |  |  |  |  |  |  |  |
UK/Europe Casualty and Financial Lines | $ | 216 |  | $ | 181 |  |  | $ | 216 |  | $ | 181 |  |  |
UK/Europe Property and Special Risks |  | (5) |  |  | (44) |  |  |  | (19) |  |  | (44) |  |  |
Other Product Lines |  | (258) |  |  | (199) |  |  |  | (266) |  |  | (208) |  |  |
Total International Commercial | $ | (47) |  | $ | (62) |  |  | $ | (69) |  | $ | (71) |  |  |
Global Personal: |  |  |  |  |  |  |  |  |  |  |
U.S. Personal Insurance | $ | (12) |  | $ | (1) |  |  | $ | (12) |  | $ | (1) |  |  |
UK/Europe and Japan Personal Insurance |  | 43 |  |  | (33) |  |  |  | 42 |  |  | (33) |  |  |
Other Product Lines |  | (50) |  |  | 4 |  |  |  | (50) |  |  | 2 |  |  |
Total Global Personal | $ | (19) |  | $ | (30) |  |  | $ | (20) |  | $ | (32) |  |  |
Total General Insurance* |  | (205) |  |  | (153) |  |  | $ | (397) |  | $ | (266) |  |  |
Other Operations Run-Off |  | — |  |  | 2 |  |  |  | — |  |  | 2 |  |  |
Total Prior Year (Favorable) Unfavorable Development | $ | (205) |  | $ | (151) |  |  | $ | (397) |  | $ | (264) |  |  |

*Includes the amortization attributed to the deferred gain at inception from the National Indemnity Company (NICO) adverse development reinsurance agreement of $31 million and $34 million for the three months ended September 30, 2025 and 2024, respectively, and $93 million and $102 million for the nine months ended September 30, 2025 and 2024, respectively. Consistent with our definition of APTI, the amount excludes the portion of (favorable)/unfavorable prior year reserve development for which we have ceded the risk under the NICO reinsurance agreements of $15 million and $304 million for the three months ended September 30, 2025 and 2024, respectively, and $137 million and $241 million for the nine months ended September 30, 2025 and 2024, respectively. Also excludes the related changes in amortization of the deferred gain, which were $23 million and $178 million for the three months ended September 30, 2025 and 2024, respectively, and $83 million and $175 million for the nine months ended September 30, 2025 and 2024, respectively.
Net Loss Development
In the three months ended September 30, 2025, we recognized favorable prior year loss reserve development of $205 million. The key components of this development were:
North America Commercial
•Favorable development in Other Product Lines, reflecting experience in several lines, most notably short-tail Property.
•Favorable development in U.S. Property and Special Risks primarily driven by U.S. Property.
•Favorable development in U.S. Workers’ Compensation primarily related to loss sensitive business.
•Benefit from the amortization of the deferred gain on the adverse development cover.
International Commercial
•Favorable development in Other Product Lines, primarily due to development in Global Specialty, notably within Energy and Trade Credit, as well as development in short-tail Property.
•Adverse development in UK/Europe Casualty and Financial Lines driven by UK Financial Lines, and EMEA Casualty, particularly within Auto and General Liability lines, partially offset by favorable development in EMEA Financial Lines.
In the nine months ended September 30, 2025, we recognized favorable prior year loss reserve development of $397 million. The key components of this development were:
North America Commercial
•Favorable development in U.S. Workers’ Compensation primarily driven by favorable experience within Excess of Loss Sensitive offset by adverse development within Primary Guaranteed Cost and Defense Base Act business.
•Favorable development in Other Product Lines, reflecting favorable experience in several lines, most notably short-tail Property.

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•Favorable development in U.S. Property and Special Risks primarily driven by U.S. Property and Programs.
•Adverse development in U.S. Excess Casualty primarily driven by unfavorable development in Mass Tort.
•Benefit from the amortization of the deferred gain on the adverse development cover.
International Commercial
•Favorable development in Other Product Lines, primarily due to development in Global Specialty, notably within Energy and Trade Credit, as well as development in short-tail Property.
•Adverse development in UK/Europe Casualty and Financial Lines driven by UK Financial Lines, and EMEA Casualty, particularly within Auto and General Liability lines, partially offset by favorable development in EMEA Financial Lines.
In the three months ended September 30, 2024, we recognized favorable prior year loss reserve development of $151 million. The key components of this development were:
North America Commercial
•Favorable development on U.S. Property and Special Risks reflecting favorable loss experience in Retail and Wholesale Property.
•Favorable development on Financial Lines in U.S. and Canada, reflecting favorable experience across most reserving classes, offset by unfavorable development in M&A and High Excess classes.
•Amortization benefit related to the deferred gain on the adverse development cover.
•Adverse development on U.S. Excess Casualty driven by a large settlement of a legacy mass tort claim with most of the gross loss in accident years covered under the Adverse Development Cover.
International Commercial
•Favorable development on Other Product Lines, primarily driven by Global Specialty which saw favorable development in Energy, Marine and Aviation lines.
•Adverse development on UK/Europe Casualty and Financial Lines driven by unfavorable development in UK Financial Lines partially offset by favorable development in EMEA Financial Lines, and unfavorable development in European Excess Casualty driven by claim-specific emergence on accident year 2016.
•Favorable development on UK/Europe Property and Special Risks reflecting favorable development across a majority of regions.
Global Personal
•Favorable development on UK/Europe and Japan Personal Insurance primarily driven by Japan A&H and Auto, partially offset by unfavorable Personal Auto in EMEA.
In the nine months ended September 30, 2024, we recognized favorable prior year loss reserve development of $264 million. The key components of this development were:
North America Commercial
•Favorable development on our U.S. Workers' Compensation reflecting continued favorable loss experience.
•Adverse development on U.S. Excess Casualty driven by a large settlement of a legacy mass tort claim with most of the gross loss in accident years covered under the Adverse Development Cover.
•Favorable development on U.S. Property and Special Risks reflecting favorable loss experience in Retail and Wholesale Property.
•Favorable development on Financial Lines in U.S. and Canada, reflecting favorable experience across most reserving classes, offset by unfavorable development in M&A and High Excess classes.
•Favorable development on U.S. Other Casualty, reflecting favorability across numerous Casualty reserving classes, partially offset by unfavorable development on Commercial Auto and Wholesale Primary General Liability.
•Amortization benefit related to the deferred gain on the adverse development cover.
International Commercial
•Favorable development on Other Product Lines, primarily driven by Global Specialty which saw favorable development across multiple lines.
•Adverse development on UK/Europe Casualty and Financial Lines driven by unfavorable development in UK Financial Lines partially offset by favorable development in EMEA Financial Lines, and unfavorable development in European Excess Casualty driven by claim-specific emergence on accident year 2016.
•Favorable development on UK/Europe Property and Special Risks reflecting favorable development across a majority of regions.
Global Personal
•Favorable development on UK/Europe and Japan Personal Insurance primarily driven by Japan A&H and Auto, partially offset by unfavorable Personal Auto in EMEA.

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ITEM 2 | Insurance Reserves
For certain categories of claims (e.g., construction defect claims and environmental claims) and for reinsurance recoverable, losses may sometimes be reclassified to an earlier or later accident year as more information about the date of occurrence becomes available to us.
Significant Reinsurance Agreements
In the first quarter of 2017, we entered into an adverse development reinsurance agreement with NICO, under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. Commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. We account for this transaction as retroactive reinsurance. This transaction resulted in a gain, which under GAAP retroactive reinsurance accounting is deferred and amortized into income over the settlement period. NICO created a collateral trust account as security for their claim payment obligations to us, into which they deposited the consideration paid under the agreement, and Berkshire Hathaway Inc. has provided a parental guarantee to secure NICO’s obligations under the agreement.
For a description of AIG’s catastrophe reinsurance protection for 2025, see Part II, Item 7. MD&A – Enterprise Risk Management – Insurance Risks – Natural Catastrophe Risk in the 2024 Annual Report.
The table below shows the calculation of the deferred gain on the adverse development reinsurance agreement, the effect of discounting of loss reserves and amortization of the deferred gain.

(in millions) | September 30, 2025 |  | December 31, 2024 |  |
Gross Covered Losses |  |  |  |  |
Covered reserves before discount | $ | 9,431 |  |  | $ | 9,823 |  |  |
Inception to date losses paid | 32,108 |  |  | 31,545 |  |  |
Attachment point | (25,000) |  |  | (25,000) |  |  |
Covered losses above attachment point | $ | 16,539 |  |  | $ | 16,368 |  |  |
Deferred Gain Development |  |  |  |  |
Covered losses above attachment ceded to NICO (80%) | $ | 13,231 |  |  | $ | 13,094 |  |  |
Consideration paid including interest | (10,188) |  |  | (10,188) |  |  |
Pre-tax deferred gain before discount and amortization | 3,043 |  |  | 2,906 |  |  |
Discount on ceded losses(a) | (909) |  |  | (936) |  |  |
Pre-tax deferred gain before amortization | 2,134 |  |  | 1,970 |  |  |
Inception to date amortization of deferred gain at inception | (1,657) |  |  | (1,564) |  |  |
Inception to date amortization attributed to changes in deferred gain(b) | (179) |  |  | (122) |  |  |
Deferred gain liability reflected in AIG's balance sheet | $ | 298 |  |  | $ | 284 |  |  |

(a)The accretion of discount and a reduction in effective interest rates is offset by changes in estimates of the amount and timing of future recoveries.
(b)Excluded from APTI.
The following table presents the rollforward of activity in the deferred gain from the adverse development reinsurance agreement:

| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(in millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
Balance at beginning of period, net of discount | $ | 316 |  | $ | 143 |  |  | $ | 284 |  | $ | 149 |  |  |
(Favorable) unfavorable prior year reserve development ceded to NICO(a) |  | 15 |  |  | 304 |  |  |  | 137 |  |  | 241 |  |  |
Amortization attributed to deferred gain at inception(b) |  | (31) |  |  | (34) |  |  |  | (93) |  |  | (102) |  |  |
Amortization attributed to changes in deferred gain(c) |  | (9) |  |  | (175) |  |  |  | (57) |  |  | (128) |  |  |
Changes in discount on ceded loss reserves |  | 7 |  |  | 22 |  |  |  | 27 |  |  | 100 |  |  |
Balance at end of period, net of discount | $ | 298 |  | $ | 260 |  |  | $ | 298 |  | $ | 260 |  |  |

(a)Prior year reserve development ceded to NICO under the retroactive reinsurance agreement is deferred under GAAP.
(b)Represents amortization of the deferred gain recognized in APTI.
(c)Excluded from APTI.
The lines of business subject to this agreement include those with longer tails, which carry a higher degree of uncertainty. Since inception, there have been periods of both favorable and unfavorable prior year development. This agreement will continue to reduce the impact of volatility in the development on our ultimate loss estimates over time.

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ITEM 2 | Insurance Reserves
Fortitude Re was established during the first quarter of 2018 in a series of reinsurance transactions related to our run-off operations. Those reinsurance transactions were designed to consolidate most of our insurance run-off lines into a single legal entity. As of September 30, 2025, $3.2 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.

Liquidity and Capital Resources
OVERVIEW
Liquidity refers to the ability to generate sufficient cash resources to meet the cash requirements of our business operations and payment obligations.
Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth and cover financial and operational needs that arise from adverse circumstances. Our primary source of ongoing capital generation is derived from the profitability of our insurance subsidiaries. We must comply with numerous constraints on our capital positions. These constraints drive the requirements for capital adequacy at AIG and the individual businesses and are based on internally defined risk tolerances, regulatory requirements, rating agency and creditor expectations and business needs.
For information regarding our liquidity risk framework, see Part II, Item 7. MD&A – Enterprise Risk Management – Risk Appetite, Limits, Identification and Measurement and Part II, Item 7. MD&A – Enterprise Risk Management – Liquidity Risk Management in the 2024 Annual Report.
We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events. Nevertheless, some circumstances may cause our cash or capital needs to exceed projected liquidity or readily deployable capital resources.
For information regarding risks associated with our liquidity and capital resources, see Part I, Item 1A. Risk Factors – Liquidity, Capital and Credit in the 2024 Annual Report.
Depending on market conditions, regulatory and rating agency considerations and other factors, we may take various liability and capital management actions. Liability management actions may include, but are not limited to, repurchasing or redeeming outstanding debt, issuing new debt or engaging in debt exchange offers. Capital management actions may include, but are not limited to, issuing preferred stock, paying dividends to our shareholders on AIG Common Stock, par value $2.50 per share (AIG Common Stock) and repurchases of AIG Common Stock.
LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS

SOURCES

Liquidity to AIG Parent from Subsidiaries
During the nine months ended September 30, 2025, our General Insurance companies distributed dividends of $2.3 billion to AIG Parent or applicable intermediate holding companies.
Sales of Corebridge Shares by AIG(a)
In May 2025, we sold approximately 13 million shares of Corebridge common stock at a per share purchase price of $32.15. The aggregate proceeds to AIG Parent were approximately $430 million.
In August and September 2025, we sold an aggregate of approximately 31.2 million shares of Corebridge common stock at a public offering price of $33.65 per share, which included 30 million shares initially offered and the partial exercise by the underwriters of their option to purchase additional shares. The aggregate proceeds to AIG Parent were approximately $1.0 billion.
Debt Issuance
In May 2025, AIG issued $625 million aggregate principal amount of 4.850% Notes Due 2030 and $625 million aggregate principal amount of 5.450% Notes Due 2035.

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USES

General Borrowings
During the nine months ended September 30, 2025, $1.1 billion of debt categorized as general borrowings matured, was repaid and/or redeemed, including:
•Repayment of ¥37.7 billion aggregate principal amount of AIG Japan Holdings Kabushiki Kaisha's borrowings, equivalent to approximately $250 million at the time of repayment.
•Repurchase, through cash tender offers, approximately $457 million aggregate principal amount of certain notes and debentures issued by AIG for an aggregate purchase price of approximately $448 million.
•Redemption of approximately $236 million aggregate principal amount of our 3.900% Notes Due 2026 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest.
•Repayment of $146 million aggregate principal amount of our 2.500% Notes due June 30, 2025.
We made interest payments on our general borrowings totaling $262 million during the nine months ended September 30, 2025.
Dividends
We made cash dividend payments in the amount of $0.45 per share on AIG Common Stock for the three months ended September 30, 2025 and June 30, 2025 (an increase of 12.5 percent from prior dividend payments), and $0.40 per share for the three months ended March 31, 2025, totaling $734 million.
Repurchases of Common Stock(b)
During the nine months ended September 30, 2025, AIG Parent repurchased approximately 66 million shares of AIG Common Stock, for an aggregate purchase price of approximately $5.3 billion.

(a)On November 4, 2025, AIG launched a secondary public offering to sell 32.6 million shares of Corebridge common stock at a public offering price of $31.10 per share, corresponding to approximately $1.0 billion of gross proceeds. Subject to the completion of the offering, Corebridge has announced that it intends to purchase approximately $500 million of common stock from the underwriter at the same per share price to be paid by the underwriter to AIG, net of underwriting discounts and commissions. The offering is expected to close on November 6, 2025.
(b)Pursuant to a Securities Exchange Act of 1934 (the Exchange Act) Rule 10b5-1 repurchase plan, from October 1, 2025 to October 30, 2025, AIG Parent repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $406 million.
ANALYSIS OF SOURCES AND USES OF CASH
Operating Cash Flow Activities
Insurance companies generally receive most premiums in advance of the payment of claims or policy benefits. The ability of insurance companies to generate positive cash flow is affected by the frequency and severity of losses under their insurance policies, policy retention rates, effective management of their investment portfolio and operating expense discipline.
Interest payments totaled $268 million and $581 million in the nine months ended September 30, 2025 and 2024, respectively. Excluding interest payments, AIG had operating cash inflows of $2.9 billion in the nine months ended September 30, 2025 compared to operating cash inflows of $3.7 billion, including $104 million outflow from discontinued operations, in the prior year period.
Investing Cash Flow Activities
Net cash provided by investing activities in the nine months ended September 30, 2025 was $3.3 billion, compared to net cash used in investing activities of $1.0 billion, including $4.2 billion used in discontinued operations, in the prior year period.
Financing Cash Flow Activities
Net cash used in financing activities in the nine months ended September 30, 2025 totaled $5.7 billion, reflecting:
•$734 million to pay dividends of $0.45 per share in the three months ended September 30, 2025 and June 30, 2025, and $0.40 per share for the three months ended March 31, 2025 on AIG Common Stock;
•$5.3 billion to repurchase approximately 66 million shares of AIG Common Stock; and
•$154 million in net inflows from the issuance and repayment of long-term debt.
Net cash used in financing activities in the nine months ended September 30, 2024 totaled $2.1 billion reflecting:
•$758 million to pay dividends of $0.40 per share in the three months ended September 30, 2024 and June 30, 2024, and $0.36 per share for the three months ended March 31, 2024 on AIG Common Stock;
•$22 million to pay a first quarter dividend of $365.625 per share on AIG’s Series A 5.85% Non-Cumulative Perpetual Preferred Stock and redemption premiums;

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•$4.8 billion to repurchase approximately 65 million shares of AIG Common Stock;
•$509 million in net outflows from the issuance and repayment of long-term debt; and
•$3.9 billion in net inflows from discontinued operations.
LIQUIDITY AND CAPITAL RESOURCES OF AIG PARENT AND SUBSIDIARIES
AIG Parent
As of September 30, 2025 and December 31, 2024, respectively, AIG Parent had approximately $8.3 billion and $10.7 billion in liquidity sources held in the form of cash, short-term investments and AIG Parent's committed, revolving syndicated credit facility of $3.0 billion. AIG Parent’s primary sources of liquidity are dividends, distributions, loans and other payments from subsidiaries and credit facilities. AIG Parent’s primary uses of liquidity are for debt service, capital and liability management, operating expenses and dividends on AIG Common Stock.
We expect to access the debt and preferred equity markets from time to time to meet funding requirements as needed.
We utilize our capital resources to support our businesses, with the majority of capital allocated to our insurance operations. Should we have or generate more capital than is needed to support our business strategies (including organic or inorganic growth opportunities) or mitigate risks inherent to our business, we may develop plans to distribute such capital to shareholders via dividends or AIG Common Stock repurchase authorizations or deploy such capital towards liability management.
Insurance Companies
We expect that our insurance companies will be able to continue to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets.
Our insurance companies’ liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade rated fixed maturity securities. Each of our material insurance companies’ liquidity is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, fees, reinsurance recoverables and investment income and maturities. Certain of our insurance companies have access to Federal Home Loan Bank (FHLB) borrowings as an additional source of funding.
The primary uses of liquidity are paid losses, reinsurance payments, interest payments, dividends, expenses, investment purchases and collateral requirements. Payments of dividends to AIG Parent or intermediate holding companies by insurance subsidiaries are subject to certain restrictions imposed by regulatory authorities. For information regarding restrictions on payments of dividends by our subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2024 Annual Report.
Our insurance companies may require additional funding to meet capital or liquidity needs under certain circumstances. For example, large catastrophes may require us to provide additional support to the affected operations of our insurance companies.
We are party to several letter of credit agreements with various financial institutions, which issue letters of credit from time to time in support of our insurance companies. These letters of credit are subject to reimbursement by us in the event of a drawdown of these letters of credit. Letters of credit issued in support of our insurance companies totaled approximately $2.4 billion at September 30, 2025.
CREDIT FACILITIES
We maintain a syndicated, multicurrency revolving credit facility (the Facility) as a potential source of liquidity for general corporate purposes with aggregate commitments by the bank syndicate to provide AIG Parent with unsecured revolving loans and/or standby letters of credit of up to $3.0 billion. The Facility is scheduled to expire in September 2029.
Our ability to utilize the Facility is conditioned on the satisfaction of certain legal, operating, administrative and financial covenants and other requirements contained in the Facility. These include covenants relating to our maintenance of a specified total consolidated net worth and total consolidated debt to total consolidated capitalization. Failure to satisfy these and other requirements contained in the Facility would restrict our access to the Facility and could have a material adverse effect on our financial condition, results of operations and liquidity.
As of September 30, 2025, a total of $3.0 billion remained available under the Facility.
CONTRACTUAL OBLIGATIONS
As of September 30, 2025, there have been no material changes in our contractual obligations from December 31, 2024, a description of which may be found in Part II, Item 7. MD&A – Liquidity and Capital Resources – Contractual Obligations in the 2024 Annual Report.

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OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS
As of September 30, 2025, there have been no material changes in our off-balance sheet arrangements and commercial commitments from December 31, 2024, a description of which may be found in Part II, Item 7. MD&A – Liquidity and Capital Resources – Off-Balance Sheet Arrangements and Commercial Commitments in the 2024 Annual Report.
DEBT
We expect to service and repay general borrowings through maturing investments and dispositions of invested assets, future cash flows from operations, cash flows generated from invested assets, future debt or preferred stock issuances and other financing arrangements.
The following table provides the rollforward of our total debt outstanding:

Nine Months Ended September 30, 2025 | Balance, Beginning of Year |  | Issuances |  | Maturities and Repayments |  |  | Effect of Foreign Exchange |  | Other Changes |  |  | Balance, End of Period
(in millions) |  |  |  |  |  |  |
General borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes and bonds payable | $ | 7,885 |  | $ | 1,241 |  | $ | (717) |  |  | $ | 157 |  | $ | 4 |  |  | $ | 8,570 |
Junior subordinated debt |  | 602 |  |  | — |  |  | (122) |  |  |  | — |  |  | 1 |  |  |  | 481 |
AIG Japan Holdings Kabushiki Kaisha |  | 239 |  |  | — |  |  | (247) |  |  |  | 8 |  |  | — |  |  |  | — |
Total general borrowings |  | 8,726 |  |  | 1,241 |  |  | (1,086) |  |  |  | 165 |  |  | 5 |  |  |  | 9,051 |
Borrowings supported by assets |  | 37 |  |  | — |  |  | (1) |  |  |  | — |  |  | — |  |  |  | 36 |
Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG |  | 1 |  |  | — |  |  | — |  |  |  | — |  |  | (1) |  |  |  | — |
Total long-term debt | $ | 8,764 |  | $ | 1,241 |  | $ | (1,087) |  |  | $ | 165 |  | $ | 4 |  |  | $ | 9,087 |
Debt of consolidated investment entities - not guaranteed by AIG(a) | $ | 158 |  | $ | — |  | $ | (2) |  |  | $ | — |  | $ | — |  |  | $ | 156 |

(a)Includes debt of consolidated investment entities primarily related to real estate investments of $156 million at September 30, 2025 and $158 million at December 31, 2024.
The following table summarizes maturing long-term debt at September 30, 2025 of AIG for the next four quarters:

|  | Fourth Quarter |  | First Quarter |  | Second Quarter |  | Third Quarter |  |
(in millions) |  | 2025 |  | 2026 |  | 2026 |  | 2026 |  | Total
Borrowings supported by assets |  | $ | 12 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |

The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):

September 30, 2025 |  |  |  | Remainder |  | Year Ending
(in millions) |  | Total |  | of 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter
General borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes and bonds payable | $ | 8,570 |  | $ | — |  | $ | 30 |  | $ | 963 |  | $ | 722 |  | $ | 209 |  | $ | 959 |  |  | $ | 5,687 |
Junior subordinated debt |  | 481 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 481 |
Total general borrowings |  | 9,051 |  |  | — |  |  | 30 |  |  | 963 |  |  | 722 |  |  | 209 |  |  | 959 |  |  | 6,168 |
Borrowings supported by assets |  | 36 |  |  | 12 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |
Total long-term debt* | $ | 9,087 |  | $ | 12 |  | $ | 37 |  | $ | 963 |  | $ | 722 |  | $ | 209 |  | $ | 959 |  |  | $ | 6,185 |

*Does not reflect $156 million of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG.

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ITEM 2 | Liquidity and Capital Resources
FINANCIAL STRENGTH RATINGS
Financial Strength ratings estimate an insurance company’s ability to pay its obligations under an insurance policy. The following table presents the ratings of our significant insurance subsidiaries as of the date of this filing.

| A.M. Best | S&P | Fitch | Moody’s
National Union Fire Insurance Company of Pittsburgh, Pa. | A | AA- | A+ | A1
Lexington Insurance Company | A | AA- | A+ | A1
American Home Assurance Company | A | AA- | A+ | A1
AIG Europe S.A. | NR | AA- | NR | A1
American International Group UK Limited | A | AA- | NR | A1
AIG General Insurance Company, Ltd. | NR | AA- | NR | NR

In May 2025, S&P upgraded the financial strength ratings of AIG’s significant insurance subsidiaries to AA- from A+.
In June 2025, Moody’s upgraded the financial strength ratings of AIG’s insurance subsidiaries to A1 from A2.
These financial strength ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.
CREDIT RATINGS
Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that company. The following table presents the credit ratings of AIG Parent as of the date of this filing. Figures in parentheses indicate the relative ranking of the ratings within the agency’s rating categories; that ranking refers only to the major rating category and not to the modifiers assigned by the rating agencies.

| Short-Term Debt |  | Senior Debt Rating
| Moody's | S&P |  | Moody's(a) | S&P(b) | Fitch(c)
American International Group, Inc. | P-2 (2nd of 4) | A-2 (2nd of 5) |  | Baa 1 (4th of 9) / Stable | A- (3rd of 9) / Stable | BBB+ (4th of 9) / Stable

(a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.
(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
(c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
In May 2025, S&P upgraded the Senior Debt Rating of AIG Parent to A- from BBB+ and revised the outlook to stable from positive.
In June 2025, Moody’s upgraded the Senior Debt Rating of AIG Parent to Baa1 from Baa2 and revised the outlook to stable from positive.
These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances. Ratings may also be withdrawn at our request.
We are party to some agreements that contain “ratings triggers.” Depending on the ratings maintained by one or more rating agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment, (ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.
In the event of a downgrade of our long-term senior debt ratings, certain AIG entities would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such entities would be permitted to terminate such transactions early.
The actual amount of collateral that we would be required to post to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at the time of the downgrade.
For information regarding the effects of downgrades in our credit ratings and financial strength ratings, see Part I, Item 1A. Risk Factors – Liquidity, Capital and Credit – “A downgrade by one or more of the rating agencies in the Insurer Financial Strength ratings of our insurance companies could limit their ability to write or prevent them from writing new business and impair their retention of customers and in-force business, and a downgrade in our credit ratings could adversely affect our business, results of operations, financial condition and liquidity” in the 2024 Annual Report and Note 11 to the Condensed Consolidated Financial Statements.

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ITEM 2 | Liquidity and Capital Resources
REGULATION AND SUPERVISION
For a discussion of our regulation and supervision by different regulatory authorities in the United States and abroad, including with respect to our liquidity and capital resources, see Part I, Item 1. Business – Regulation and Part I, Item 1A. Risk Factors – Regulation in the 2024 Annual Report and Executive Summary – Regulatory, Industry and Economic Factors – Regulatory Environment in this MD&A.
DIVIDENDS
On November 4, 2025, our Board of Directors (the Board) declared a cash dividend on AIG Common Stock of $0.45 per share, payable on December 30, 2025 to shareholders of record on December 16, 2025.
The payment of any future dividends will be at the discretion of our Board of Directors and will depend on various factors. For further detail on our dividends, see Note 14 to the Condensed Consolidated Financial Statements.
REPURCHASES OF AIG COMMON STOCK
The Board has authorized the repurchase of shares of AIG Common Stock through a series of actions. Effective April 1, 2025, the Board authorized the repurchase of $7.5 billion of AIG Common Stock (inclusive of the approximately $3.4 billion remaining under the Board's prior share repurchase authorization). During the nine months ended September 30, 2025, AIG Parent repurchased approximately 66 million shares of AIG Common Stock for an aggregate purchase price of $5.3 billion. Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from October 1, 2025 to October 30, 2025, AIG Parent repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $406 million. As of October 30, 2025, $4.1 billion remained under the Board's authorization.
The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors, as discussed further in Note 14 to the Condensed Consolidated Financial Statements.

Enterprise Risk Management
OVERVIEW
Risk management is an integral part of our business strategy and a key element of our approach to corporate governance. We have an integrated process for managing risks throughout our organization in accordance with our firm-wide risk appetite. Our Board of Directors has oversight responsibility for the management of risk. Our ERM Department oversees and integrates the risk management functions in our business entities and embeds risk management in our day-to-day business processes, providing senior management with a consolidated view of AIG’s major risk positions. Nevertheless, our risk management efforts may not always be successful and material adverse effects on our business, results of operations, cash flows, liquidity or financial condition may occur. For further information regarding the risks associated with our business and operations, see Part I, Item 1A. Risk Factors in the 2024 Annual Report.
AIG employs a Three Lines model. AIG’s business leaders assume full accountability for the risks and controls in their segments, and ERM performs a review, challenge and oversight function. The third line consists of our Internal Audit Group that provides independent assurance to AIG’s Board of Directors.
For additional information on AIG’s risk management program, see Part II, Item 7. MD&A ─ Enterprise Risk Management in the 2024 Annual Report.
The scope and magnitude of our market risk exposures is managed under a robust framework that contains defined risk limits and minimum standards for managing market risk in a manner consistent with our risk appetite statement. As of September 30, 2025, there have been no material changes in our market risk exposures, which may be found in Part II, Item 7. MD&A ─ Enterprise Risk Management in the 2024 Annual Report. See Part I, Item 1A. Risk Factors in the 2024 Annual Report on how difficult conditions in the financial markets and the economy generally may materially adversely affect our business and results of our operations.

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Glossary

Glossary
Accident year The annual calendar accounting period in which loss events occurred, regardless of when the losses are actually reported, booked or paid.
Accident year combined ratio, as adjusted (Accident year combined ratio, ex-CAT) The combined ratio excluding catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting.
Accident year loss ratio, as adjusted (Accident year loss ratio, ex-CAT) The loss ratio excluding catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting.
Acquisition ratio Acquisition costs divided by net premiums earned. Acquisition costs are those costs incurred to acquire new and renewal insurance contracts and also include the amortization of VOBA and DAC. Acquisition costs vary with sales and include, but are not limited to, commissions, premium taxes, direct marketing costs and certain costs of personnel engaged in sales support activities such as underwriting.
Attritional losses are losses recorded in the current accident year, which are not catastrophe losses.
Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.
Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.
Casualty insurance Insurance that is primarily associated with the losses caused by injuries to third persons, i.e., not the insured, and the legal liability imposed on the insured as a result.
Combined ratio Sum of the loss ratio and the acquisition and general operating expense ratios.
Credit Support Annex A legal document generally associated with an ISDA Master Agreement that provides for collateral postings which could vary depending on ratings and threshold levels.
DAC Deferred Policy Acquisition Costs Deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.
Deferred gain on retroactive reinsurance Retroactive reinsurance is a reinsurance contract in which an assuming entity agrees to reimburse a ceding entity for liabilities incurred as a result of past insurable events. If the amount of premium paid by the ceding reinsurer is less than the related ceded loss reserves, the resulting gain is deferred and amortized over the settlement period of the reserves. Any related development on the ceded loss reserves recoverable under the contract would increase the deferred gain if unfavorable, or decrease the deferred gain if favorable.
Expense ratio Sum of acquisition expenses and general operating expenses, divided by net premiums earned.
General operating expense ratio General operating expenses divided by net premiums earned. General operating expenses are those costs that are generally attributed to the support infrastructure of the organization and include but are not limited to personnel costs, projects and bad debt expenses. General operating expenses exclude losses and loss adjustment expenses incurred, acquisition expenses, and investment expenses.
IBNR Incurred But Not Reported Estimates of claims that have been incurred but not reported to us.

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Glossary
ISDA Master Agreement An agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, that generally provides for the net settlement of all or a specified group of these derivative transactions, as well as pledged collateral, through a single payment, in a single currency, in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions.
Loan-to-value ratio Principal amount of loan amount divided by appraised value of collateral securing the loan.
Loss Adjustment Expenses The expenses directly attributed to settling and paying claims of insureds and include, but are not limited to, legal fees, adjuster’s fees and the portion of general expenses allocated to claim settlement costs.
Loss ratio Losses and loss adjustment expenses incurred divided by net premiums earned.
Loss reserve development The increase or decrease in incurred losses and loss adjustment expenses related to prior years as a result of the re-estimation of loss reserves at successive valuation dates for a given group of claims.
Loss reserves Liability for unpaid losses and loss adjustment expenses. The estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date.
Master netting agreement An agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.
Natural catastrophe losses are generally weather or seismic events having a net impact on AIG in excess of $10 million each and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold.
Net premiums written represent the sales of an insurer, adjusted for reinsurance premiums assumed and ceded, during a given period. Net premiums earned are the revenue of an insurer for covering risk during a given period. Net premiums written are a measure of performance for a sales period, while net premiums earned are a measure of performance for a coverage period.
Noncontrolling interests The portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.
Pool A reinsurance arrangement whereby all of the underwriting results of the pool members are combined and then shared by each member in accordance with its pool participation percentage.
Prior year development See Loss reserve development.
Reinstatement premiums Premiums on an insurance policy over and above the initial premium imposed at the beginning of the policy payable to reinsurers or receivable from insurers to restore coverage limits that have been reduced or exhausted as a result of reinsured losses under certain excess of loss reinsurance contracts.
Reinsurance The practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.
Reinsurance recoverables are comprised of paid losses recoverable, ceded loss reserves, ceded reserves for unearned premiums.
Retroactive reinsurance See Deferred gain on retroactive reinsurance.
Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.
Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric will provide investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.
Subrogation The amount of recovery for claims we have paid our policyholders, generally from a negligent third party or such party’s insurer.
Unearned premium reserve Liabilities established by insurers and reinsurers to reflect unearned premiums, which are usually refundable to policyholders if an insurance or reinsurance contract is canceled prior to expiration of the contract term.
VOBA Value of Business Acquired Present value of future pre-tax profits from in-force policies of acquired businesses discounted at yields applicable at the time of purchase. VOBA is reported in DAC in the Condensed Consolidated Balance Sheets.

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Acronyms

Acronyms

A&H | Accident and Health Insurance | ISDA | International Swaps and Derivatives Association, Inc.
ABS | Asset-Backed Securities | Moody's | Moody's Investors Service, Inc.
APTI | Adjusted pre-tax income | NAIC | National Association of Insurance Commissioners
CDS | Credit Default Swap | NM | Not Meaningful
CLO | Collateralized Loan Obligations | ORR | Obligor Risk Ratings
CMBS | Commercial Mortgage-Backed Securities | RMBS | Residential Mortgage-Backed Securities
ERM | Enterprise Risk Management | S&P | Standard & Poor's Financial Services LLC
FASB | Financial Accounting Standards Board | SEC | Securities and Exchange Commission
GAAP | Accounting Principles Generally Accepted in the United States of America | VIE | Variable Interest Entity

ITEM 3 | Quantitative and Qualitative Disclosures About Market Risk
The information required by this item is set forth in the Enterprise Risk Management section of Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and is incorporated herein by reference.
ITEM 4 | Controls and Procedures
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by American International Group, Inc. (AIG) management, with the participation of AIG’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of September 30, 2025. Based on this evaluation, AIG’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2025.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II – Other Information

ITEM 1 | Legal Proceedings
For a discussion of legal proceedings, see Note 13 to the Condensed Consolidated Financial Statements, which is incorporated herein by reference.
ITEM 1A | Risk Factors
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A. Risk Factors in the 2024 Annual Report.
ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information about purchases made by or on behalf of AIG or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the Exchange Act)) of AIG Common Stock during the three months ended September 30, 2025:

Period | Total Number of Shares Repurchased |  | Average Price Paid per Share* |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)
July 1-31 | 5,503,291 |  | $ | 81.12 |  |  | 5,503,291 |  |  | $ | 5,266 |
August 1-31 | 4,982,554 |  |  | 80.12 |  |  | 4,982,554 |  |  |  | 4,867 |
September 1-30 | 4,954,462 |  |  | 78.26 |  |  | 4,954,462 |  |  |  | 4,479 |
Total | 15,440,307 |  | $ | 79.88 |  |  | 15,440,307 |  |  | $ | 4,479 |

*Excludes excise tax of $50 million due to the Inflation Reduction Act of 2022 for the nine months ended September 30, 2025.
During the three months ended September 30, 2025, American International Group, Inc. repurchased approximately 15 million shares of AIG Common Stock, par value $2.50 per share (AIG Common Stock) for an aggregate purchase price of $1.2 billion. From October 1, 2025 to October 30, 2025, we repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $406 million. Effective April 1, 2025, the Board of Directors authorized the repurchase of $7.5 billion of AIG Common Stock (inclusive of the approximately $3.4 billion remaining under the Board's prior share repurchase authorization).
Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

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ITEM 5 | Other Information
Not applicable.
ITEM 6 | Exhibits
Exhibit Index

Exhibit Number | Description | Location
10 | (1) Letter Agreement including Non-Solicitation and Non-Disclosure Agreement, effective September 24, 2025, between AIG and John Neal* | Filed herewith.
| (2) AIG Long Term Incentive Plan (as amended and restated effective October 15, 2025)* | Filed herewith.
| (3) AIG Annual Short-Term Incentive Plan (as amended and restated effective October 15, 2025)* | Filed herewith.
22 | Guaranteed Securities | None.
31 | Rule 13a-14(a)/15d-14(a) Certifications | Filed herewith.
32 | Section 1350 Certifications** | Furnished herewith.
101 | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, (ii) the Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2025 and 2024, (iii) the Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024, (iv) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024 and (vi) the Notes to the Condensed Consolidated Financial Statements | Filed herewith.
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) | Filed herewith.

*This exhibit is a management contract or a compensatory plan or arrangement.
** This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERICAN INTERNATIONAL GROUP, INC.
(Registrant)
/S/ KEITH WALSH
Keith Walsh
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
/S/ KATHLEEN CARBONE
Kathleen Carbone
Vice President and
Chief Accounting Officer
(Principal Accounting Officer)

Dated: November 5, 2025

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