AMERICAN INTERNATIONAL GROUP, INC.

American International Group, Inc. (AIG) is a leading global insurance organization providing 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. The company operates in a highly competitive industry against global, national and local insurers and reinsurers and underwriting syndicates in specific market areas and product types. General Insurance operates in a highly competitive industry where insurance companies compete through a combination of risk acceptance criteria, product pricing, service levels and terms and conditions.

AIG seeks to differentiate itself in the markets where it participates 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. The company leverages its world-class global franchise, multinational capabilities, balance sheet strength and financial flexibility. AIG has broad and long-standing distribution relationships with brokers, agents, advisors, marketplaces and other distributors strengthened through AIG's dedication to quality. The company's principal competitors are other property and casualty insurance organizations.

AIG earns revenues primarily from insurance premiums and income from investments. Its expenses consist of losses and loss adjustment expenses incurred, commissions and other costs of selling and servicing its products, interest expense and general operating expenses. Profitability is dependent on the company's ability to properly price and manage risk on insurance products, including establishing loss reserves, to manage its portfolio of investments effectively and to control costs through expense discipline. The company serves millions of clients in over 200 countries and jurisdictions, ranging from individuals to small and medium-sized businesses to multi-national Fortune 500 companies.

AIG's General Insurance business consists of three segments and the Net investment income related to its insurance operations. The three segments are North America Commercial, International Commercial and Global Personal. General Insurance includes the following major operating companies: National Union Fire Insurance Company of Pittsburgh, Pa.; American Home Assurance Company; Lexington Insurance Company; AIG General Insurance Company, Ltd.; AIG Asia Pacific Insurance Pte. Ltd.; AIG Europe S.A.; American International Group UK Limited; Talbot Underwriting Ltd.; Western World Insurance Company and Glatfelter Insurance Group. Commercial Lines products include Property & Short Tail (commercial and industrial property, business interruption, package insurance), Casualty (general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, crisis management), Financial Lines (professional liability, directors and officers, mergers and acquisitions, fidelity, employment practices, fiduciary liability, cyber risk, kidnap and ransom, errors and omissions), and Global Specialty (marine, energy-related property, aviation, political risk, trade credit, trade finance). Personal Insurance products include Global Accident & Health (group personal accident, business travel, voluntary and sponsor-paid personal accident and supplemental health) and Personal Lines (personal auto and homeowners in selected markets, comprehensive extended warranty, device protection, home warranty, high net-worth individuals through Private Client Select covering auto, homeowners, umbrella, yacht, fine art and collections).

Other Operations predominantly consists of Net investment income from AIG Parent liquidity portfolio, Corebridge Financial, Inc. dividend income, corporate General operating expenses, and Interest expense. AIG has a global workforce of more than 22,000 colleagues committed to taking ownership, setting the standard, winning together, being allies and doing what's right. As of December 31, 2025, AIG had approximately 22,100 ¹ employees based in approximately 45 countries, of which 27 percent ² are located in North America, 47 percent ³ are in the Asia Pacific region and the remaining 26 percent ⁴ are in the European, Middle East and Africa region and Latin America.

During the period, AIG completed the deconsolidation of Corebridge Financial, Inc. on June 9, 2024 ⁵, electing the fair value option to account for its remaining investment in Corebridge. AIG continued to sell down its interest in Corebridge through secondary offerings, including a secondary offering in August-September 2025 and another in November 2025. Effective April 1, 2025 ⁶, the Board of Directors authorized the repurchase of $7.5 billion ⁷ of AIG Common Stock (inclusive of the approximately $3.4 billion ⁸ remaining under the Board's prior share repurchase authorization). As of December 31, 2025, approximately $3.9 billion ⁹ remained under the authorization. During the three months ended December 31, 2025, AIG repurchased 7,099,899 ¹⁰ shares at an average price of $79.84 ¹¹ per share. In May 2025, AIG issued $1.0 billion ¹² aggregate principal amount of 5.250% Senior Notes due 2030 ¹³ and $1.0 billion ¹⁴ aggregate principal amount of 5.600% Senior Notes due 2035 ¹⁵. AIG also completed tender offers for certain notes and debentures. On October 27, 2025 ¹⁶, AIG entered into an agreement with Everest Group, Ltd. to sell renewal rights for certain programs. On October 30, 2025 ¹⁷, AIG completed the sale of Validus Re. On February 6, 2026 ¹⁸, AIG entered into an agreement to sell its interest in Convex Group Limited to Onex Corporation for total consideration of approximately $340 million ¹⁹.

AIG reported total revenues of $23.486 billion ²⁰ for the year ended December 31, 2025, compared to $21.765 billion ²¹ for the year ended December 31, 2024. Net income attributable to AIG was $4.218 billion ²² for 2025, compared to $4.575 billion ²³ for 2024. Diluted earnings per share was $6.37 ²⁴ for 2025, compared to $6.37 ²⁵ for 2024. AIG had approximately $41 billion ²⁶ in shareholders' equity and AIG Parent liquidity sources of $9.3 billion ²⁷ as of December 31, 2025.

The filing does not contain specific management guidance for revenue, margin, or EPS for the upcoming period in a formal guidance statement. The filing contains forward-looking statements regarding expectations for future operating and financial performance but does not provide specific numerical guidance ranges.

AIG intends to continue to grow its business in strategic markets internationally, as a substantial portion of its business is conducted outside the U.S. The company provides insurance solutions in over 200 countries and jurisdictions through AIG operations, licenses and authorizations as well as network partners. AIG's international operations are subject to various regulatory regimes including Solvency II in the EU, regulation by the Prudential Regulation Authority in the UK, the Bermuda Monetary Authority in Bermuda, the Monetary Authority of Singapore, and the Japan Financial Services Agency. The company continues to focus on its operating model and associated initiatives designed to reduce expenses and improve operational and organizational efficiency.

AIG has engaged in restructuring initiatives designed to reduce expenses and improve operational and organizational efficiency. The company may not be able to fully realize the anticipated expense reductions and operational and organizational efficiency improvements expected to result from its focus on its operating model and associated initiatives. Actual costs to implement these initiatives may exceed estimates or the company may be unable to fully implement and execute these initiatives as planned.

AIG relies on information technology systems, infrastructure, and networks to store, retrieve, evaluate and use customer, employee and company data and information. Some of the company's technology systems are older, legacy-type systems that are less efficient and require an ongoing commitment of significant resources to maintain or upgrade. AIG uses artificial intelligence in its business, including applying generative AI to certain aspects of the underwriting and claims processes in certain lines of business. The company has used and will continue to use outsourcing strategies and third-party providers to perform operational, middle- and back-office processes and deliver contracted services in a broad range of areas including administration or servicing of certain policies and contracts, finance, actuarial, information technology services related to infrastructure, and investment advisory and management services.

Effective April 1, 2025 ²⁸, the Board of Directors authorized the repurchase of $7.5 billion ²⁹ of AIG Common Stock (inclusive of the approximately $3.4 billion ³⁰ remaining under the Board's prior share repurchase authorization). As of December 31, 2025, approximately $3.9 billion ³¹ remained under the authorization. The filing does not specify R&D spending levels, capital expenditure plans, or dividend policy with exact figures.

AIG faces structural headwinds from the potential deterioration of economic conditions, geopolitical tensions, changes in market conditions or weakening global capital markets. The company is exposed to risks from fluctuations in interest rates, including a potential mismatch between the expected duration of liabilities and assets, changes in statutory reserve or capital requirements, increased financing costs, and lower investment income on floating rate investments. Inflationary pressures, including social inflation, present challenges to loss cost trends and pricing adequacy. The company also faces headwinds from the increasing frequency and severity of natural catastrophes potentially exacerbated by climate change, which presents challenges to effectively underwrite, model and price catastrophe risk. Regulatory developments, including the IAIS's global Insurance Capital Standard adopted in December 2024 ³² as a group-level prescribed capital requirement, and the NAIC's Group Capital Calculation requirements, may increase capital requirements or impose additional costs.

AIG faces material risk from the potential for adverse loss reserve development, particularly for long-tail and medium-tail liability lines of business, as estimation of ultimate net losses is a complex process and any deviation in loss cost trends might not be identified for an extended period of time. The company is exposed to significant catastrophe risk from natural and man-made events, with the frequency and severity of natural disasters potentially exacerbated by climate change, which presents challenges to effectively underwrite, model and price catastrophe risk. AIG's investment portfolio is concentrated in certain segments of the economy, including significant holdings of real estate and real estate-related investments such as residential mortgage-backed securities and commercial mortgage-backed securities, and the company had approximately $41 billion ³³ in shareholders' equity as of December 31, 2025. A downgrade by one or more rating agencies in the Insurer Financial Strength ratings of AIG's insurance companies could limit their ability to write new business and impair retention of customers, and a downgrade in credit ratings could increase financing costs. AIG Parent depends on dividends from its subsidiaries to meet obligations, and the ability of subsidiaries to pay dividends is subject to regulatory restrictions, including U.S. state insurance laws where dividends in excess of certain prescribed limits require prior approval from the applicable insurance regulator.

Management's message emphasizes AIG's position as a leading global insurance organization with world-class underwriting and claims expertise executed through franchises that are among the leaders in their geographies and segments. The key themes include the company's global reach and breadth of loyal customers including millions of clients in over 200 countries and jurisdictions, broad and long-standing distribution relationships, a global workforce of more than 22,000 colleagues, and balance sheet strength and financial flexibility with approximately $41 billion ³⁴ in shareholders' equity and AIG Parent liquidity sources of $9.3 billion ³⁵ as of December 31, 2025. Management's strategic priorities include focusing on underwriting excellence and value-driven insurance solutions, leveraging the company's global franchise and multinational capabilities, and continuing to execute on capital management including the share repurchase program authorized at $7.5 billion ³⁶ effective April 1, 2025 ³⁷. The filing contains forward-looking statements regarding expectations for future operating and financial performance but does not provide specific numerical guidance ranges.