| Metric | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------|---------|---------|---------|---------|---------|---------|---------|---------|
| Letters of Credit Issued ($ Billion) | **3.4** (General), **0.272** (Life) **[0000005272-23-000007_aig-20221231.htm:176]** | **3.1** (General), **0.207** (Life) **[0000005272-23-000023_aig-20230331.htm:174]** | **3.1** (General), **0.158** (Life) **[0000005272-23-000033_aig-20230630.htm:202]** | **3.0** (General), **0.150** (Life) **[0000005272-23-000045_aig-20230930.htm:207]** | **2.4** (General), **0.151** (Life) **[0000005272-24-000023_aig-20231231.htm:173]** | **2.2** (General), **0.191** (Life) **[0000005272-24-000051_aig-20240331.htm:144]** | **2.2** **[0000005272-24-000079_aig-20240630.htm:126]** | **2.3** **[0000005272-24-000126_aig-20240930.htm:127]** |
| Accident Year Combined Ratio (%) | **88.4** **[AIG_3228442_0]** | **88.7** **[0001104659-23-056045_tm2314544d1_ex99-1.htm:0]** **[0001104659-23-056045_tm2314544d1_ex99-1.htm:5]** **[0001104659-23-056045_tm2314544d1_ex99-1.htm:4]** | **88.0** **[0000005272-23-000029_q22023earningsrelease.htm:5]** | **86.3** **[0000005272-23-000041_q32023earningsrelease.htm:1]** | **87.9** **[0000005272-24-000017_q42023earningsrelease.htm:21]** | **88.4** **[AIG_3382321_10]** | **87.6** **[0000005272-24-000075_q22024earningsrelease.htm:1]** **[0000005272-24-000075_q22024earningsrelease.htm:5]** | **88.3** **[AIG_3405711_8]** |
| Accident Year Loss Ratio (%) | **57.0** **[0001104659-23-022410_tm236915d1_ex99-1.htm:5]** | **56.7** **[0001104659-23-056045_tm2314544d1_ex99-1.htm:4]** | **56.4** **[0000005272-23-000029_q22023earningsrelease.htm:5]** | **55.4** **[0000005272-23-000041_q32023earningsrelease.htm:5]** | **55.3** **[0000005272-24-000017_q42023earningsrelease.htm:4]** | **56.6** **[AIG_3382321_10]** | **56.1** **[0000005272-24-000075_q22024earningsrelease.htm:5]** | **56.4** **[AIG_3405711_8]** |
| Catastrophe Losses & Reinstatement Premiums ($ Million) | **235** **[0001104659-23-022410_tm236915d1_ex99-1.htm:4]** | **264** **[AIG_3249542_3]** **[0001104659-23-056045_tm2314544d1_ex99-1.htm:5]** | **250** **[0000005272-23-000029_q22023earningsrelease.htm:1]** | **462** **[AIG_3363844_1]** | **122** **[0000005272-24-000017_q42023earningsrelease.htm:5]** | **107** **[AIG_3382321_1]** **[0000005272-24-000051_aig-20240331.htm:110]** | **325** **[AIG_3395893_10]** | **417** **[0000005272-24-000121_q32024earningsrelease.htm:5]** |
| Favorable Prior Year Loss Reserve Development ($ Million) | **151** **[AIG_3228442_8]** **[0001104659-23-022410_tm236915d1_ex99-1.htm:4]** | **68** **[0000005272-23-000023_aig-20230331.htm:76]** | **115** **[AIG_3383256_9]** | **142** **[0000005272-23-000045_aig-20230930.htm:191]** **[0000005272-23-000045_aig-20230930.htm:192]** | **69** **[AIG_3373342_9]** | **34** **[0000005272-24-000051_aig-20240331.htm:134]** **[0000005272-24-000047_q12024earningsrelease.htm:6]** | **79** **[0000005272-24-000079_aig-20240630.htm:118]** **[0000005272-24-000075_q22024earningsrelease.htm:5]** | **151** **[0000005272-24-000126_aig-20240930.htm:117]** **[0000005272-24-000121_q32024earningsrelease.htm:5]** |
| Amortization from NICO Agreement ($ Million) | **167** **[0000005272-23-000007_aig-20221231.htm:156]** | **41** **[0000005272-23-000023_aig-20230331.htm:165]** **[0000005272-23-000023_aig-20230331.htm:162]** | **41** **[0000005272-23-000033_aig-20230630.htm:189]** | **41** **[0000005272-23-000045_aig-20230930.htm:191]** | **41** **[AIG_3373342_9]** | **34** **[0000005272-24-000051_aig-20240331.htm:136]** **[0000005272-24-000051_aig-20240331.htm:134]** | **34** **[0000005272-24-000079_aig-20240630.htm:118]** | **34** **[0000005272-24-000126_aig-20240930.htm:117]** |
| Core Operating Return on Equity (%) | **7.5** **[0001104659-23-022410_tm236915d1_ex99-1.htm:0]** | **8.7** **[AIG_3249542_8]** **[0001104659-23-056045_tm2314544d1_ex99-1.htm:0]** | **14.0** **[0000005272-23-000029_q22023earningsrelease.htm:1]** | **8.5** **[0000005272-23-000041_q32023earningsrelease.htm:1]** | **9.4** **[AIG_3373342_10]** | **9.3** **[0000005272-24-000047_q12024earningsrelease.htm:1]** | **8.9** **[AIG_3395893_11]** | **9.2** **[AIG_3405711_11]** |

28178688f54ef074a486f2ed6440d28106f6569c4f4170d87a61c3960a09af1c

| Metric [Unit: USD Million] | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| North America              | **2,980**  **[0000005272-23-000023_aig-20230331.htm:19]**  | **3,195**  **[0000005272-23-000033_aig-20230630.htm:23]**  | **3,079**  **[0000005272-23-000045_aig-20230930.htm:23]**  | N/A     | **2,502**  **[0000005272-24-000051_aig-20240331.htm:12]**  | **2,470**  **[0000005272-24-000079_aig-20240630.htm:14]**  | N/A     | N/A     |
| International              | **3,279**  **[0000005272-23-000023_aig-20230331.htm:19]**  | **3,302**  **[0000005272-23-000033_aig-20230630.htm:23]**  | **3,343**  **[0000005272-23-000045_aig-20230930.htm:23]**  | N/A     | **3,284**  **[0000005272-24-000051_aig-20240331.htm:12]**  | **3,279**  **[0000005272-24-000079_aig-20240630.htm:14]**  | N/A     | N/A     |

c8b71f233e48f38795c40f641c2949373a62b14fdd4d8cd9f8dbeac95e8ea82d

b73c45215fff20b3c6e6ab5d817dc2af7caeefb5981f81bccff126d41db9b47d

Cash and Cash Equivalents [USD, Millions]

Accounts Receivable [USD, Millions]

Short-term Debt [USD, Millions]

Long-term Debt [USD, Millions]

Shareholders' Equity [USD, Millions]

Retained Earnings [USD, Millions]

Common Stock [USD, Millions]

Additional Paid-in Capital [USD, Millions]

464b21886668b32001e011a99bfbd2e771e8a199bef5cc7a6c12fc0d0f8e941c

| Metric [USD Million] | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2023 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2022 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| General Insurance    | **6,548**  **[0000005272-24-000051_aig-20240331.htm:12]**  | **6,495**  **[0000005272-24-000079_aig-20240630.htm:14]**  | **6,720**  **[0000005272-24-000126_aig-20240930.htm:13]**  | N/A     | **7,005**  **[0000005272-23-000023_aig-20230331.htm:19]**  | N/A     | **7,178**  **[0000005272-23-000045_aig-20230930.htm:23]**  | N/A     |
| Life and Retirement  | **5,921**  **[0000005272-24-000051_aig-20240331.htm:12]**  | N/A     | N/A     | N/A     | **5,371**  **[0000005272-23-000023_aig-20230331.htm:19]**  | N/A     | **4,180**  **[0000005272-23-000045_aig-20230930.htm:23]**  | N/A     |
| Other Operations     | **96**  **[0000005272-24-000051_aig-20240331.htm:12]**     | **139**  **[0000005272-24-000079_aig-20240630.htm:14]**    | **123**  **[0000005272-24-000126_aig-20240930.htm:13]**    | N/A     | **68**  **[0000005272-23-000023_aig-20230331.htm:19]**     | N/A     | **82**  **[0000005272-23-000045_aig-20230930.htm:23]**     | N/A     |
| Total Adjusted Revenues | **12,565**  **[0000005272-24-000051_aig-20240331.htm:12]**  | **6,634**  **[0000005272-24-000079_aig-20240630.htm:14]**  | **6,843**  **[0000005272-24-000126_aig-20240930.htm:13]**  | N/A     | **12,444**  **[0000005272-23-000023_aig-20230331.htm:19]**  | **13,218**  **[0000005272-23-000033_aig-20230630.htm:5]**  | **11,440**  **[0000005272-23-000045_aig-20230930.htm:23]**  | N/A     |

55db52167b1fafdd92e090a012237dd4b7785cfe176173bac19ee972e26f168c

American International Group, Inc. (AIG) is a global insurance company that operates through three main business segments: General Insurance, Life and Retirement, and Other Operations. AIG provides a wide range of insurance products and services, including property, liability, financial lines, specialty insurance, annuities, and life insurance, primarily distributed through a broad network of banks, broker-dealers, and independent agents **[0000005272-24-000079_aig-20240630.htm:86]** **[0000005272-24-000126_aig-20240930.htm:86]** **[0000005272-24-000023_aig-20231231.htm:236]** **[0000005272-24-000023_aig-20231231.htm:122]** **[0000005272-24-000079_aig-20240630.htm:99]** **[0000005272-24-000126_aig-20240930.htm:97]** **[0000005272-24-000051_aig-20240331.htm:107]** **[0000005272-24-000023_aig-20231231.htm:5]** **[0000005272-24-000051_aig-20240331.htm:11]** **[0000005272-24-000023_aig-20231231.htm:130]** **[0000005272-24-000051_aig-20240331.htm:112]**. The company's profitability is driven by effective risk management and investment strategies, with significant revenues generated from insurance premiums, policy fees, and investment income **[0000005272-24-000023_aig-20231231.htm:5]** **[0000005272-24-000051_aig-20240331.htm:115]** **[0000005272-24-000051_aig-20240331.htm:121]**.

1. **General Insurance** - Offers property, liability, financial lines, and specialty insurance products for commercial and personal customers, leveraging a broad distribution network and strong risk management capabilities. This segment is divided into North America and International segments **[0000005272-24-000079_aig-20240630.htm:86]** **[0000005272-24-000126_aig-20240930.htm:86]** **[0000005272-24-000023_aig-20231231.htm:236]** **[0000005272-24-000023_aig-20231231.htm:122]** **[0000005272-24-000079_aig-20240630.htm:99]** **[0000005272-24-000126_aig-20240930.htm:97]** **[0000005272-24-000051_aig-20240331.htm:107]**.
   - **North America** - Provides insurance products tailored to the needs of customers in the United States and Canada.
   - **International** - Delivers insurance solutions to customers outside of North America, adapting to diverse market requirements.

2. **Life and Retirement** - Provides individual retirement, group retirement, life insurance, and institutional markets products, focusing on wealth accumulation and retirement income solutions. Products include fixed annuities, fixed index annuities, variable annuities, and life insurance, distributed through banks, broker-dealers, and independent agents **[0000005272-24-000023_aig-20231231.htm:5]** **[0000005272-24-000051_aig-20240331.htm:11]** **[0000005272-24-000023_aig-20231231.htm:130]** **[0000005272-24-000051_aig-20240331.htm:112]**.

3. **Other Operations** - Comprises income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets, corporate expenses, and results from consolidated investment entities. This segment also includes General Insurance portfolios in run-off and legacy insurance lines ceded to Fortitude Re **[0000005272-24-000079_aig-20240630.htm:86]** **[0000005272-24-000126_aig-20240930.htm:86]** **[0000005272-24-000023_aig-20231231.htm:5]** **[0000005272-24-000051_aig-20240331.htm:11]** **[0000005272-24-000051_aig-20240331.htm:121]**.

9289e1241198582a22ee339877b059b2a99723a6b63b5865f546582393ba8437

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD]

Earnings Per Share (EPS) - Diluted [USD]

49f5bff1e7547982f256e58007fd2a85052d1c09ba676d8ce9b81a8ea6e97855

4d4c0e9675eaf2e4c2631f4e6c77cdd6dea040c078caaf3aafcd5edb61e3687a

1. Given that you have excess capital for the size of your business today, beyond share buybacks and dividends, what specific growth opportunities do you plan to pursue to deploy this capital effectively?

2. Considering the favorable prior-year reserve development in short-tail lines but adverse development in older accident years for financial lines and casualty, how confident are you in the adequacy of your reserves, and what steps are you taking to mitigate potential reserve deficiencies?

3. With your peers achieving returns on equity in the mid to high teens while you target a 10% core operating ROE by 2025, what specific strategies do you have to close this gap and reach peer-level profitability, and over what time frame do you expect to achieve this?

4. Given that the improved ex-cat accident year loss ratio in North America Commercial was partially driven by one-off items and anomalies, how sustainable is this improvement, and what strategies do you have in place to maintain or enhance underwriting profitability in this segment amidst changing market dynamics?

5. You mentioned the integration of Gen AI into your underwriting processes; how are you addressing potential risks associated with data security and privacy, and what measures are in place to ensure that AI implementation does not compromise underwriting quality and decision-making?

88c3e3472233c4005c033699fe971c9fca918b6b7d2489c52eaf6da8bda78408

General Insurance

- North America

- International

U.S.

Europe

Japan

Other

Asia Pacific

Other Foreign

Americas

EMEA

Total Adjusted Revenue

Total Revenue

95354bfd827ecd9424a63aad01d1af965f917b825098d9bccfb2d626c62b8ee2

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

2233b37aa43fd04f70f345aeec4a43ec4218b42f35c84999a9eaf593a5c16389

21befc8e270cf8bde45277b6047edcd65009be543a82f69ace46bb29ce6cc37d

**Quarterly guidance for Q4 2024:**
- **General Insurance Investment Income**: $710 million  **[AIG_3405711_10]**  (no prior guidance)
- **Private Equity Returns**: 3.5%  **[AIG_3405711_10]**  (no prior guidance)

**Annual guidance for FY 2025:**
- **Core Operating ROE**: 10%  **[AIG_3405711_11]** **[AIG_3405711_6]** **[AIG_3405711_15]**  (no prior guidance)
- **Share Repurchase Authorization**: $10 billion  **[AIG_3405711_6]** **[AIG_3405711_16]**  (no prior guidance)
- **AIG Next Savings**: $500 million  **[AIG_3405711_4]**  (no prior guidance)
- **Parent Expense**: $350 million  **[AIG_3405711_4]**  (no prior guidance)

1ade0e53f01aed3fd285b0a89ffd45c584446a0fcdf68bcd090173a0fa331ea8

Letters of Credit Issued ($ Billion)

Accident Year Combined Ratio (%)

Accident Year Loss Ratio (%)

Catastrophe Losses & Reinstatement Premiums ($ Million)

Favorable Prior Year Loss Reserve Development ($ Million)

Amortization from NICO Agreement ($ Million)

Core Operating Return on Equity (%)

6eae3488acbc9caaacb150c3e2249305dc6ffc94a1ec1e5d83e6a8fb00ba28ac

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

c3bc24411bbef4a874fd2dc05b20d01426bd48e81f9aaabe8d43625719d6dc32

- **Banks** - Compete in the insurance and financial services industry.
- **Other life insurance companies** - Compete in the insurance and financial services industry.
- **Mutual fund companies** - Compete in the insurance and financial services industry.
- **Large multinational insurance organizations** - Compete in highly competitive environments both domestically and overseas.
- **Investment banks** - Compete in highly competitive environments both domestically and overseas.
- **Other nonbank financial institutions** - Compete in highly competitive environments both domestically and overseas.

5ff2d48d8f204e93257972e0e1e32b98cc869f245e982bb94527f1e1857cfe49

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2025
- **Guidance**:
  1. **Core Operating ROE**: Expectation of a **10% core operating ROE** for the full year 2025  **[AIG_3405711_11]** **[AIG_3405711_6]** **[AIG_3405711_15]** .
  2. **Share Repurchase Authorization**: Plan to execute a **$10 billion share repurchase authorization** over 2024 and 2025  **[AIG_3405711_6]** **[AIG_3405711_16]** .
  3. **AIG Next Savings**: Full realization of **$500 million in savings** from AIG Next in 2025  **[AIG_3405711_4]** .
  4. **Parent Expense**: Expected costs around **$350 million** going forward  **[AIG_3405711_4]** .
  5. **General Insurance Investment Income**: Projected to be approximately **$710 million** for Q4 2024  **[AIG_3405711_10]** .
  6. **Private Equity Returns**: Expected similar to the year-to-date annualized return of **3.5%**  **[AIG_3405711_10]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2025
- **Guidance**:
  1. **Combined Ratio for 2025**: Expected to be the same or lower than **91.6%**  **[AIG_3395893_16]** .
  2. **Expense Ratio**: Focus on improvements in the expense ratio  **[AIG_3395893_12]** .
  3. **Accident Year Loss Ratio Excluding Catastrophes**: Expected to remain strong in the second half of 2024  **[AIG_3395893_10]** .
  4. **Adjusted Tax Rate**: Expected to be about **24%** for 2024  **[AIG_3395893_11]** .
  5. **Share Count**: Target range of **550 million to 600 million** shares by end of 2025  **[AIG_3395893_5]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Net Premiums Written Growth**: Expectation of **high single-digit growth**  **[AIG_3382321_3]** .
  2. **Debt-to-Capital Ratio**: Targeting **15% to 20%**  **[AIG_3382321_6]** .
  3. **Share Repurchases**: About **$1.5 billion** per quarter for 2024  **[AIG_3382321_8]** .
  4. **Share Count Target**: **550 million to 600 million** shares by year-end 2025  **[AIG_3382321_8]** .
  5. **Return on Common Equity (ROCE)**: Committed to **10%-plus ROCE** post deconsolidation  **[AIG_3382321_8]** .
  6. **AIG Next Savings**: **$500 million** in annual run rate savings by end of 2025  **[AIG_3382321_8]** .
  7. **Dividend**: Increased to **$0.40 per share**  **[AIG_3382321_8]** .
  8. **Corebridge Deconsolidation**: Expected by end of Q2 2024  **[AIG_3382321_16]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Return on Common Equity (ROCE)**: Aim for **10%-plus ROCE**  **[AIG_3373342_10]** .
  2. **Capital Management**: Focus on share repurchases and dividends, targeting **600 million to 650 million** shares  **[AIG_3373342_7]** **[AIG_3373342_19]** .
  3. **Expense Savings**: Targeting **$500 million** in sustained annual run-rate savings  **[AIG_3373342_6]** .
  4. **Growth Expectations**: High single-digit growth in core businesses  **[AIG_3373342_16]** .
  5. **Reinsurance Strategy**: Maintain and optimize reinsurance placements  **[AIG_3373342_5]** **[AIG_3373342_6]** .
  6. **Corebridge Deconsolidation**: Progressing towards deconsolidation  **[AIG_3373342_8]** .

18f0ab9d59969afe573cf897292b8b780032d1eb186cba90eba69abcb440d2de

| Name               | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                 |
|--------------------|--------------------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Peter Zaffino      | Chairman, President & Chief Executive Officer                            | 2022               | Peter Zaffino has been serving as the **Chairman, President & Chief Executive Officer** of AIG since 2022. He became the CEO in 2021 and the President in 2020. Previously, he was the EVP & Global COO from 2017 to 2021  **[0000005272-24-000023_aig-20231231.htm:458]** **[0000005272-24-000034_aig-20240402.htm:18]** **[0000005272-23-000014_aig-20230329.htm:11]** .             |
| Don Bailey         | Executive Vice President and Chief Executive Officer, North America Insurance | 2023               | Don Bailey serves as the **Executive Vice President and Chief Executive Officer, North America Insurance** at AIG. He has been an officer since 2023. Previously, he was EVP, Global Head of Distribution and Field Operations in 2023  **[0000005272-24-000023_aig-20231231.htm:458]** .    |
| Thomas Bolt        | Executive Vice President, Chief Risk Officer                             | 2022               | Thomas Bolt has served as the **Executive Vice President and Chief Risk Officer** at AIG since 2022. Prior to this role, he was the SVP and Chief Underwriting Officer for General Insurance from 2018 to 2022  **[0000005272-24-000023_aig-20231231.htm:458]** **[0000005272-23-000014_aig-20230329.htm:94]** .                         |
| Ed Dandridge       | Executive Vice President and Chief Marketing & Communications Officer    | 2023               | Ed Dandridge serves as the **Executive Vice President and Chief Marketing & Communications Officer** at AIG. He started in this role in 2023. Previously, he was the President of ScaleWith in 2023 and SVP, Chief Communications Officer at Boeing from 2020 to 2022  **[0000005272-24-000023_aig-20231231.htm:458]** . |
| Ted Devine         | Executive Vice President, Chief Administrative Officer                   | 2024               | Ted Devine has been serving as an officer at AIG since 2023. He holds the position of **Executive Vice President, Chief Administrative Officer** since 2024. Previously, he was the Global Head of AIG 200 from 2021 to 2023  **[0000005272-24-000023_aig-20231231.htm:458]** .                |
| Charlie Fry        | Executive Vice President, Reinsurance and Risk Capital Optimization      | 2022               | Charlie Fry serves as the **Executive Vice President, Reinsurance and Risk Capital Optimization** at AIG. He has been in this role since 2022. Previously, he was the CEO of Acacia Holdings Ltd. from 2020 to 2022  **[0000005272-24-000023_aig-20231231.htm:458]** .                        |
| Rose Marie Glazer  | Executive Vice President, General Counsel and Interim Chief Human Resources & Diversity Officer | 2023               | Rose Marie Glazer has been serving as an Executive Vice President at AIG since 2022. She holds the position of General Counsel and Interim Chief Human Resources & Diversity Officer since 2023  **[0000005272-24-000023_aig-20231231.htm:458]** **[0000005272-23-000014_aig-20230329.htm:94]** .                                          |
| Jon Hancock        | Executive Vice President, Chief Executive Officer, International Insurance | January 1, 2024    | Jon Hancock serves as the **Executive Vice President and Chief Executive Officer, International Insurance** at AIG. He started in this role on January 1, 2024. Previously, he was the CEO of International General Insurance from 2020 to 2023  **[0000005272-24-000023_aig-20231231.htm:458]** **[0001225208-24-000235_xslF345X02/doc3.xml:0]** . |
| Kevin Hogan        | President & Chief Executive Officer, Corebridge Financial, Inc.          | 2022               | Kevin Hogan has been serving as the **President & Chief Executive Officer of Corebridge Financial, Inc.** since 2022. He has been an officer at AIG since 2013, previously holding the position of EVP & CEO of AIG Life & Retirement  **[0000005272-24-000023_aig-20231231.htm:459]** **[0000005272-23-000014_aig-20230329.htm:94]** .   |
| David McElroy      | Executive Vice President, Chairman, General Insurance                    | 2024               | David McElroy has served as an officer at AIG since 2020. He is currently the **Executive Vice President, Chairman, General Insurance** (since 2024). Previously, he was the EVP and CEO of General Insurance from 2020 to 2024  **[0000005272-24-000023_aig-20231231.htm:459]** .             |
| Roshan Navagamuwa  | Executive Vice President, Chief Information Officer                      | January 1, 2024    | Roshan Navagamuwa serves as the **Executive Vice President and Chief Information Officer** at AIG. He began his role at AIG on January 1, 2024. Previously, he was the EVP and CIO at CVS Health from 2012 to 2023  **[0000005272-24-000023_aig-20231231.htm:459]** **[0001225208-24-000402_xslF345X02/doc3.xml:0]** .                      |
| Sabra Purtill      | Executive Vice President, Chief Financial Officer                        | 2023               | Sabra Purtill has served as an officer at AIG since 2021. She is currently the EVP and CFO, a position she has held since 2023. Previously, she was the Chief Investment Officer at Corebridge Financial, Inc. from 2022 to 2023  **[0000005272-24-000023_aig-20231231.htm:459]** **[0000005272-23-000014_aig-20230329.htm:94]** .          |
| Chris Schaper      | Executive Vice President and Global Chief Underwriting Officer           | 2023               | Chris Schaper is the EVP and Global Chief Underwriting Officer at AIG. He has been serving in this role since 2023. Previously, he was the SVP, General Insurance and CEO at AIG Re from 2019 to 2023  **[0000005272-24-000023_aig-20231231.htm:459]** .                                       |
| Claude Wade        | Executive Vice President, Chief Digital Officer and Global Head of Business Operations | 2021               | Claude Wade has been serving as the **Executive Vice President, Chief Digital Officer, and Global Head of Business Operations** at AIG since 2021. Previously, he was the Head of Client Experience & Atlanta Innovation Hub Leader at BlackRock Inc. from 2017 to 2021  **[0000005272-24-000023_aig-20231231.htm:459]** **[0000005272-23-000014_aig-20230329.htm:94]** . |
| Keith Walsh        | Executive Vice President, Chief Financial Officer                        | November 8, 2024   | Keith Walsh joined AIG as EVP and CFO, effective November 8, 2024. Previously, he served as the CFO of Marsh, a subsidiary of Marsh & McLennan Companies, Inc., since 2017  **[0000005272-24-000126_q32024exhibit101.htm:1]** **[0000005272-24-000130_aig-20240918.htm:0]** **[0000005272-24-000101_a991-cfoupdate.htm:0]** .                                                          |

960a7213c8b10d0b50fce7370b1a2cb9e9e5ff73aa253302feb5f6c125c9ac86

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | April 30, 2024  **[0000005272-24-000126_aig-20240930.htm:146]** **[0000005272-24-000126_aig-20240930.htm:133]** **[0000005272-24-000126_aig-20240930.htm:68]**  |
| End Date/Duration        | N/A             |
| Total additional amount  | **$10.0 billion**  **[0000005272-24-000126_aig-20240930.htm:146]** **[0000005272-24-000126_aig-20240930.htm:133]** **[0000005272-24-000126_aig-20240930.htm:68]**  |
| Remaining authorization amount | **$7.0 billion** as of October 30, 2024  **[0000005272-24-000126_aig-20240930.htm:133]**  |
| Details                  | Part of capital management strategy to return capital to shareholders  **[0000005272-24-000126_aig-20240930.htm:146]**  |

e7da55b468a04e6e33a356ee35a1cfb753b0741da733948b4c03281a7af442a0

| Name                        | Start Date | End Date | Reason for Change |
|-----------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP | 1980  **[0000005272-24-000023_aig-20231231.htm:215]**    | Present  | Current auditor   |

c32053a6fa72da7cb6e24c8f78bee5d0e96693545647e27198d5302909993002

- Total Revenue: $6,751 million (−47% YoY from $12,774 million)  **[0000005272-24-000126_aig-20240930.htm:5]** **[0000005272-24-000126_aig-20240930.htm:13]** **[0000005272-23-000045_aig-20230930.htm:5]**   
- General Insurance: $6,720 million (−6% YoY from $7,178 million)  **[0000005272-24-000126_aig-20240930.htm:5]** **[0000005272-24-000126_aig-20240930.htm:13]** **[0000005272-23-000045_aig-20230930.htm:23]**   
  - North America: $2,638 million (−14% YoY from $3,079 million)  **[0000005272-24-000126_aig-20240930.htm:5]** **[0000005272-24-000126_aig-20240930.htm:13]** **[0000005272-23-000045_aig-20230930.htm:23]**   
  - International: $3,309 million (−1% YoY from $3,343 million)  **[0000005272-24-000126_aig-20240930.htm:5]** **[0000005272-24-000126_aig-20240930.htm:13]** **[0000005272-23-000045_aig-20230930.htm:23]**   
  - Net Investment Income: $773 million (+2% YoY from $756 million)  **[0000005272-24-000126_aig-20240930.htm:5]** **[0000005272-24-000126_aig-20240930.htm:13]** **[0000005272-23-000045_aig-20230930.htm:23]**   
- Other Operations: $123 million (**+50% YoY** from $82 million)  **[0000005272-24-000126_aig-20240930.htm:5]** **[0000005272-24-000126_aig-20240930.htm:13]** **[0000005272-23-000045_aig-20230930.htm:23]**   
- Net Income: $457 million (−95% YoY from $9,122 million)  **[0000005272-24-000126_aig-20240930.htm:5]** **[0000005272-23-000045_aig-20230930.htm:19]**   
- Basic EPS: $0.63 (−94% YoY from $10.14)  **[0000005272-24-000126_aig-20240930.htm:5]** **[0000005272-23-000045_aig-20230930.htm:19]**   
- SG&A: $1,346 million (−39% YoY from $2,197 million)  **[0000005272-24-000126_aig-20240930.htm:5]** **[0000005272-23-000045_aig-20230930.htm:19]**   

5859a4b88b0b7c2aa4342587d58257ec0d4cabb4061cbef1e2708af681635c25

- **Strong expected premium growth in 2024**, with management optimistic about achieving **high single-digit growth** driven by **strong new business and high retention rates** in core portfolios like Lexington and excess and surplus lines.  **[AIG_3373342_16]**
- **Stable accident year loss ratios expected in 2024**, as **remediation is largely behind them**, positioning the company for **growth and improved profitability**.  **[AIG_3373342_12]**
- **Renewed optimism in the Financial Lines business**, with management noting that **market conditions may have reached a floor**, leading to **potential growth opportunities** in areas like **primary business, private company business, professional indemnity, and fidelity businesses** in 2024.  **[AIG_3373342_20]**

b6c5ee5b8bfe042d618790a684144b8402cbac4f7b0d60596904fce509c51292

- **AIG's integration of GenAI into its underwriting processes has improved data collection accuracy rates from approximately 75% to upwards of 90%, while significantly reducing processing time**, enhancing growth and operating leverage.  **[AIG_3405711_5]**
- **AIG plans to return $10 billion to shareholders through share repurchases in 2024 and 2025**, leveraging strong liquidity and financial flexibility, while also exploring strategic M&A opportunities for inorganic growth.  **[AIG_3405711_16]**
- **AIG's Lexington E&S business experienced a 24% increase in new business and a 35% increase in submissions**, benefiting from a robust E&S market that has grown from $50 billion in 2018 to **$115 billion** today.  **[AIG_3405711_14]**

2a669329552af7ac1a70f0329bc13c39cc92e18d4065252560b222d312ae6877

- **Uncertainty around the timing and execution of the Corebridge deconsolidation** may impact AIG's strategic plans and financial performance. Peter Zaffino stated, "we would expect to try and do something before the end of the second quarter," but emphasized that it is "subject to market conditions" and there's "not a whole lot more I can offer" on the timeframe.  **[AIG_3382321_16]**
- **Potential increase in net retained risk due to plans to reduce reinsurance protection** may expose AIG to higher volatility and potential losses. While discussing reinsurance strategies, Peter Zaffino mentioned the possibility of taking "more net if we decide to as we enter 2025" and that the company is considering "where do we want to take more net."  **[AIG_3382321_19]**
- **AIG's share repurchase goals are dependent on successful sell-down of Corebridge stake**, which may be uncertain due to market conditions. Peter Zaffino acknowledged, "we would need to sell down to be able to do the $1.5 billion in the third and fourth quarter," and future share count reduction "does contemplate several transactions that would take place in the next 4 quarters."  **[AIG_3382321_17]**

7388004d27bdfc3e53254cbf7dc56178d4410a5c813884ab2ee880bb65d0c4cb

1. **ROE Aspirations**  
   **Q:** Can AIG reach peer-level ROEs, and what will it take?  
   **A:** AIG aims to achieve a **10% core ROE in 2025**.  **[AIG_3405711_15]**  They plan to get there through improved combined ratios, disciplined underwriting, growth in net investment income and net premiums written, optimizing reinsurance structures, and disciplined expense management. Capital management actions and initiatives like AIG Next are also contributing to this goal.  **[AIG_3405711_15]** 

2. **M&A and Capital Deployment**  
   **Q:** What's your appetite for M&A to reach premium leverage goals?  
   **A:** AIG is exploring inorganic growth opportunities with their financial strength and flexibility.  **[AIG_3405711_16]**  They plan to remain disciplined but may consider acquisitions to expand geographically or enhance product capabilities, including SME markets, to accelerate risk-adjusted returns.  **[AIG_3405711_16]**  They also plan **$10 billion in share repurchases** in 2024 and 2025.  **[AIG_3405711_16]** 

3. **Leverage and Dry Powder**  
   **Q:** Can leverage increase to capitalize on opportunities, including M&A?  
   **A:** AIG is comfortable with leverage in the high teens relative to total capital, including AOCI.  **[AIG_3405711_18]**  They have financial flexibility to increase leverage if attractive opportunities arise, enhancing capacity for growth and potential acquisitions.  **[AIG_3405711_18]** 

4. **Reserve Developments**  
   **Q:** What's happening with reserves in older accident years for financial lines?  
   **A:** AIG recognized **$300 million of favorable development** in short-tail lines this quarter.  **[AIG_3405711_12]**  Adverse development on financial lines was **$28 million** post-ADC, driven by older UK exposures.  **[AIG_3405711_12]**  Favorable development was recognized in U.S. and international portfolios for older accident years.  **[AIG_3405711_12]** 

5. **Market Conditions and Growth Opportunities**  
   **Q:** What's the outlook for casualty and E&S lines growth?  
   **A:** AIG sees strong growth opportunities in casualty and E&S lines heading into 2025.  **[AIG_3405711_14]**  They reported **22% overall new business growth** and a **24% increase in new business** for Lexington.  **[AIG_3405711_14]**  E&S submissions increased **35%**, indicating robust demand.  **[AIG_3405711_14]** 

6. **Property Reinsurance Strategy**  
   **Q:** Any changes expected in AIG's property reinsurance program?  
   **A:** AIG doesn't anticipate material changes to their reinsurance structures.  **[AIG_3405711_13]**  They prefer low attachment points for severity and aggregate protection for frequency.  **[AIG_3405711_13]**  They have the balance sheet strength and risk appetite to adjust if needed but plan to continue their current strategic approach.  **[AIG_3405711_13]** 

7. **North America Commercial Loss Ratio**  
   **Q:** What drove the improvement in the ex-cat accident year loss ratio?  
   **A:** The improvement to **61.1%** was due to favorable movements, excluding one-off adjustments.  **[AIG_3405711_20]**  The mix of business will continue to change, with growth opportunities in casualty and stabilizing financial lines pricing expected to sustain the loss ratio improvement.  **[AIG_3405711_20]** 

8. **Personal Lines Combined Ratio**  
   **Q:** Update on the MGA structure and combined ratio outlook in Personal Lines?  
   **A:** North America Personal Lines is transitioning, with meaningful improvement in attritional loss ratios and reduced GOE.  **[AIG_3405711_19]**  The acquisition expense ratio increased due to the MGU transition but is expected to improve in 2025 as ceding commissions decrease.  **[AIG_3405711_19]**  The E&S strategy is contributing positively, with **50% of new business** in E&S and top-line growth expected to be **10%** in 2025 from E&S alone.  **[AIG_3405711_19]** 

9. **GOE Improvement**  
   **Q:** Is the GOE improvement in General Insurance in line with expectations?  
   **A:** Management is pleased with the GOE improvement.  **[AIG_3405711_17]**  Despite absorbing **$50 million** more of costs into the business, the run rate is attractive.  **[AIG_3405711_17]**  Initiatives like the voluntary early retirement plan and international restructuring are beginning to contribute and will have a greater impact in Q4 and 2025.  **[AIG_3405711_17]** 

10. **Mix Shift Between Property and Casualty**  
    **Q:** How do you expect the mix between property and casualty to shift next year?  
    **A:** Property rate increases are expected to reverse in 2025 due to net retention and increased catastrophe frequency and severity.  **[AIG_3405711_21]**  Casualty remains strong with growth opportunities, and financial lines pricing is stabilizing.  **[AIG_3405711_21]**  Overall, they expect sustained performance with potential rate improvements in property.  **[AIG_3405711_21]** 

a7ec6bbe5b21c7ca01fab33c71ba262eb128e9da76f29d72bf9903533da6b51b

1. **2025 Combined Ratio Guidance**  
   **Q:** What is the 2023 adjusted combined ratio for guidance?  
   **A:** The adjusted 2023 combined ratio is **91.6%**.  **[AIG_3395893_16]**  AIG expects the full-year 2025 combined ratio to be the same or lower than this figure.  **[AIG_3395893_16]** 

2. **Loss Ratio Outlook**  
   **Q:** Will loss ratios improve in 2025 guidance?  
   **A:** The 2025 guidance does **not** assume any improvement in loss ratio; all improvements are expected in the expense ratio.  **[AIG_3395893_12]** 

3. **Property Pricing Trends**  
   **Q:** How will flat property rates affect loss ratios?  
   **A:** Property rates were flat this quarter  **[AIG_3395893_13]**  after several years of double-digit increases.  **[AIG_3395893_13]**  Despite this, AIG is comfortable with portfolio profitability and does not expect loss ratio deterioration.  **[AIG_3395893_13]** 

4. **Travel Insurance Sale Impact**  
   **Q:** What is the impact of the travel insurance sale?  
   **A:** The sale will reduce net premiums written by **$750 million**  **[AIG_3395893_14]** , but the impact on the overall combined ratio will be **de minimis** after adjustments.  **[AIG_3395893_14]** 

5. **Excess Casualty Reserve Development**  
   **Q:** Can you explain the reserve development in Excess Casualty?  
   **A:** There was **$66 million** adverse development in the 2021 accident year, offset by **$33 million** favorable development from years prior to 2016, netting to **$22 million** unfavorable.  **[AIG_3395893_15]** 

6. **Inorganic Growth Opportunities**  
   **Q:** What are your plans for inorganic growth?  
   **A:** AIG is exploring selective and disciplined inorganic opportunities, focusing on increasing scale in existing businesses, expanding in complementary geographies, and investing in fast-growing businesses like **AIG Tata in India**.  **[AIG_3395893_17]** 

7. **Accident Year Loss Ratio Guidance**  
   **Q:** What drives the loss ratio guidance for the back half?  
   **A:** It's driven by business mix.  **[AIG_3395893_18]**  Personal Insurance loss ratio improved over **400 basis points** in North America  **[AIG_3395893_18]** , while Commercial loss ratio remained flat.  **[AIG_3395893_18]**  Similar trends are expected to continue.  **[AIG_3395893_18]** 

8. **High Net Worth Business Expansion**  
   **Q:** Why invest more in high net worth now?  
   **A:** AIG is expanding in this area by building both admitted and nonadmitted platforms and partnering with **Ryan Specialty**.  **[AIG_3395893_18]**  This strategic approach allows access to **40,000** independent agents and growth in the nonadmitted property market.  **[AIG_3395893_18]** 

9. **Shift to Growth Mindset**  
   **Q:** How is AIG shifting back to growth?  
   **A:** AIG has pivoted to a growth mindset after transforming the business  **[AIG_3395893_20]** , focusing on retention and new business.  **[AIG_3395893_20]**  In North America, year-to-date submissions at Lexington are up **42%**.  **[AIG_3395893_20]**  Internationally, the Global Specialty business grew **8%** this quarter.  **[AIG_3395893_20]** 

10. **Executive Retirement Announcement**  
    **Q:** Any notable executive changes?  
    **A:** **Tom Bolt** is retiring at the end of the year after significant contributions to AIG's underwriting standards and governance.  **[AIG_3395893_20]** 

144d909605f57c60234830f54412468fac63ca7efc87bf8fc3e34ffacd73f323

- **AIG increased reserves by $75 million for Russia- and Ukraine-related claims**, indicating higher-than-expected exposure to geopolitical events.  **[AIG_3373342_18]**
- **Adverse prior year development in accident years 2018 and 2019** due to mergers and acquisitions-related exposures, suggesting potential underestimation of past liabilities.  **[AIG_3373342_18]**
- **The Financial Lines business is experiencing increased severity in securities class action claims in 2023**, which may pose a significant headwind to premium growth in 2024.  **[AIG_3373342_20]**

66d18183ccf6a41d0e9aad04bbe799ff18179cd5ea38004def05793ff2520c0f

b8fa38c8a81fefb29d9a814637deb0d60f57773c74554699fdd697f1f4f5046a

- AIG's target **core ROE of 10% by 2025** is lower than peers achieving **mid- to higher teens ROEs**, indicating potential underperformance compared to competitors.  **[AIG_3405711_15]**
- Management may **increase financial leverage** to pursue **M&A opportunities**, potentially raising financial risks and impacting shareholder value.  **[AIG_3405711_18]**
- A shift towards **casualty lines with higher loss ratios** could affect profitability due to potential increases in the **loss ratio**.  **[AIG_3405711_20]**

a67d26c5e1926d9edc4af7eccea017deeaad8d6bb6367eb39300807b21dd5701

1. **Capital Management and Share Repurchases**  
   **Q:** Will you go below 600 million shares? Other uses of capital?  
   **A:** Peter Zaffino stated that their capital management strategy aims to reduce the share count to the lower end of the **600 million to 650 million** range using proceeds from the Corebridge sell-down.  **[AIG_3373342_19]**  Once they reach that target, they will provide further guidance on capital use.  **[AIG_3373342_19]** 

2. **Expense Ratio Uptick**  
   **Q:** Why was the expense ratio higher than expected?  
   **A:** Peter Zaffino explained that the uptick was due to **additional costs** like cyber and cloud usage being absorbed by the business, which were previously held centrally.  **[AIG_3373342_11]**  There were also **one-time true-up adjustments** and profit sharing in Personal Insurance.  **[AIG_3373342_11]**  He is **not concerned** as the increase was **nominal**.  **[AIG_3373342_11]** 

3. **Underlying Loss Ratio Outlook**  
   **Q:** Will underlying loss ratios change as the year progresses?  
   **A:** Peter Zaffino does not expect changes in the accident year loss ratio for **2024**.  **[AIG_3373342_12]**  Despite mix changes like the Validus exit and property nonrenewals, unless there's a significant shift in business composition, the loss ratio should remain stable.  **[AIG_3373342_12]** 

4. **Casualty Loss Trends and Reserves**  
   **Q:** Do casualty loss trends match reserve assumptions?  
   **A:** Sabra Purtill explained they assume a **10%** casualty loss trend in reserves, varying between primary and excess.  **[AIG_3373342_13]**  They've proactively increased reserves in the past and completed recent reviews without meaningful changes.  **[AIG_3373342_13]** 

5. **Financial Lines Outlook**  
   **Q:** Is the Financial Lines business near a bottom?  
   **A:** David McElroy expressed cautious optimism, noting they've been prudent in letting underpriced business go while holding onto primary business.  **[AIG_3373342_20]**  Other products like private company business and professional indemnity remain strong.  **[AIG_3373342_20]**  Market conditions in **2023** may have put a floor on the market going into **2024**.  **[AIG_3373342_20]** 

6. **Top-Line Growth Expectations**  
   **Q:** Will adjusted top-line growth remain within range in 2024?  
   **A:** Peter Zaffino is optimistic about achieving **high single-digit growth** after adjustments.  **[AIG_3373342_16]**  Strong new business, high retention, and opportunities in excess and surplus lines and Personal Insurance support this outlook.  **[AIG_3373342_16]**  They will provide updates quarterly.  **[AIG_3373342_16]** 

7. **Adverse Prior Year Development**  
   **Q:** Details on adverse PYD in Russia and Ukraine?  
   **A:** Sabra Purtill reported an additional **$75 million** in reserves for Russia- and Ukraine-related claims based on ongoing evaluations.  **[AIG_3373342_18]**  There was also adverse development from **winter storm Elliott** and some M&A-related exposures in older accident years.  **[AIG_3373342_18]** 

8. **International Rate Environment**  
   **Q:** Commentary on International rates below loss cost?  
   **A:** Peter Zaffino acknowledged that the overall rate index was at or slightly below loss cost trend, influenced by the weighting of Specialty and Financial Lines.  **[AIG_3373342_17]**  However, they achieved strong rate increases in property and marine and see opportunities to improve in **2024**.  **[AIG_3373342_17]** 

9. **Equity and Parent Liquidity**  
   **Q:** Preferred parent liquidity after deconsolidation?  
   **A:** Sabra Purtill outlined a framework considering annual common dividends of roughly **$1 billion**, interest expense of **$500 million**, and reducing parent expenses to **1% to 1.5%** of net premiums earned.  **[AIG_3373342_15]**  They ended the year with higher liquidity due to timing of transactions.  **[AIG_3373342_15]** 

10. **North American Casualty Cessions**  
    **Q:** Why maintain proportional cessions despite better profitability?  
    **A:** Peter Zaffino explained they've reduced quota share cessions from over **50%** to **20%**, improving ceding commissions by over **800 basis points**.  **[AIG_3373342_14]**  They balance excess of loss and quota share placements and are comfortable with the current level of ceding.  **[AIG_3373342_14]** 

3d2406e292b68b87720197839e60f9e56a0fe8eeb60b190347fbdddad4946416

- **AIG's premiums in Excess Casualty were up 46% in the quarter**, with **rate increases of 16%**, indicating strong growth and pricing power in a market where competitors are pulling back.  **[AIG_3382321_21]**
- AIG plans to **retain more risk and reduce reliance on reinsurance** due to improved underwriting and volatility control, potentially enhancing earnings as they **take more net** in **2025**.  **[AIG_3382321_19]**
- **Deconsolidation of Corebridge** is expected **before the end of the second quarter**, allowing AIG to focus on core operations and unlock shareholder value.  **[AIG_3382321_16]**

a815ca73109b50f8b47ffa86760d3382cd8f0e4a6e3afd9e434a666b7ea4249a

1. **Corebridge Deconsolidation Timeline**  
   **Q:** Is the Corebridge deconsolidation still expected by Q2 end?  
   **A:** Yes, subject to market conditions, we expect to complete the Corebridge deconsolidation before the end of the second quarter, as previously guided.  **[AIG_3382321_16]** 

2. **Share Count Target and Corebridge Impact**  
   **Q:** What does the new share count target assume for Corebridge?  
   **A:** By continuing $1.5 billion in share repurchases per quarter, which includes further sell-downs of Corebridge, we aim to reduce our shares outstanding to **550–600 million** by end of 2025. This plan involves several transactions over the next four quarters but doesn't assume fully exiting our Corebridge stake.  **[AIG_3382321_17]** 

3. **$10 Billion Share Repurchase Authorization**  
   **Q:** Is the $10B buyback limit until 2025?  
   **A:** The $10 billion share repurchase authorization is based on our expected capital management strategy over the next six quarters. It's an update, not a hard cap beyond 2025.  **[AIG_3382321_18]** 

4. **Reinsurance Strategy and Retaining More Net Risk**  
   **Q:** Will you retain more net risk in underwriting?  
   **A:** We're comfortable taking more net risk and have strategically positioned our reinsurance to control volatility. As we enter 2025, we see opportunities to retain more net, depending on our portfolio and appetite for volatility.  **[AIG_3382321_19]** 

5. **Underwriting Leverage and Capital Position**  
   **Q:** How are you thinking about underwriting leverage?  
   **A:** We have the capital to grow, especially in Property, with significantly reduced PMLs. Our U.S. General Insurance pool has a risk-based capital ratio of around **460%**, well above peers, enabling us to support growth.  **[AIG_3382321_20]** 

6. **Excess Casualty Growth Opportunities**  
   **Q:** What opportunities are you seeing in Excess Casualty?  
   **A:** We see great opportunities in Casualty. Excess Casualty premiums increased **46%** this quarter, with rates up **16%**, the strongest in years. Despite reduced policy counts and limits compared to 3–4 years ago, we believe there are real opportunities for growth in the current market.  **[AIG_3382321_21]** 

7. **Market Conditions for Growth**  
   **Q:** Is it a conducive environment for opportunistic growth?  
   **A:** Yes, it's conducive to grow. We focus on profitable growth without sacrificing combined ratios. Our retention rates were **89%** in International and **88%** in North America this quarter, with good new business and investment in areas like Excess & Surplus lines.  **[AIG_3382321_15]** 

8. **Capital Management and Inorganic Opportunities**  
   **Q:** Will share repurchases remain the base case?  
   **A:** We're committed to our capital management structure, including share repurchases for 2024 and 2025. While we wouldn't rule out compelling inorganic opportunities that add product or geography, it's not a short-term priority.  **[AIG_3382321_14]** 

9. **Corebridge Sell-down Options and ASR**  
   **Q:** Could you do a significant Corebridge sell-down and an ASR?  
   **A:** We're considering all options for Corebridge sell-downs, depending on market conditions and stakeholder interests. Regarding accelerated share repurchases, we've preferred consistent daily repurchases via a 10b5-1 plan, but an ASR is a tool we could use if we wanted to redeploy proceeds quickly from a larger Corebridge sale.  **[AIG_3382321_22]** 

eb9f387a6605236e8d61179f32fb3c0bdc61b2005ab607ceb44fa470591d6ca6

- The sale of the travel insurance business is expected to reduce net premiums written by **$750 million**, potentially impacting growth in North America Personal Insurance.  **[AIG_3395893_14]**
- The projected combined ratio for 2025 is approximately **91.6%**, the same as 2023, indicating limited anticipated improvement in underwriting profitability.  **[AIG_3395893_16]**
- AIG is exploring inorganic growth opportunities, which may introduce execution risks and could strain capital resources if not managed carefully.  **[AIG_3395893_17]**

e575696bf2c42fc70f5b312ef9dfd51a267991c99f63072d22c5bc100822049d

- **Strong Growth in Key Business Segments**: AIG is experiencing significant growth, with **year-to-date submissions at Lexington up 42%**, building on **39% growth** through the same period last year, indicating a **flight to quality** in the market.  **[AIG_3395893_20]**  Internationally, the **Global Specialty business grew 8% in the quarter**, driven by **marine new business up 15%** and **energy new business up 13% year-over-year**.  **[AIG_3395893_20]**
- **Positive Underwriting Performance and Profitability**: AIG is achieving growth while maintaining **outstanding loss ratios in the core business**.  **[AIG_3395893_20]**  The company expects the **2025 calendar year combined ratio to be the same or lower than the full year 2023 adjusted figure of 91.6%**, demonstrating continued underwriting discipline and expense reduction efforts.  **[AIG_3395893_16]**
- **Strategic Flexibility and Potential for Inorganic Growth**: With significant **financial and strategic flexibility** from recent divestitures, AIG is exploring **inorganic opportunities** to expand in existing businesses and complementary geographies. This includes potentially investing further in successful ventures like **AIG Tata in India**, a **fast-growing, large-scale business and industry leader**.  **[AIG_3395893_17]**

f14c832a0286f4525409fa7cc823a3b63e20a2fa77a7eb95f50cdada0fa6ff64

American International Group Inc (AIG)

Financials