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, 2025 (the 2025 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 Note on Forward-Looking Statements 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,” "strive," “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “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. AIG | Second Quarter 2026 Form 10-Q 41 TABLE OF CONTENTS 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, a 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, pandemics, 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; •our ability to successfully complete strategic transactions, including to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof; •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; •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 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 address evolving global stakeholder expectations and regulatory requirements including with respect to environmental, social and governance matters and to effectively execute on sustainability targets and standards; •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; 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 2025 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. 42 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS INDEX TO ITEM 2 Page Executive Summary 44 Overview 44 Operating Structure 44 Critical Accounting Estimates 45 Consolidated Results of Operations 45 Business Segment Operations 46 General Insurance 47 Other Operations 52 Use of Non-GAAP Measures 53 Investments 57 Overview 57 Investment Highlights 58 Investment Strategies 58 Credit Ratings 63 Insurance Reserves 64 Loss Reserves 64 Liquidity and Capital Resources 67 Overview 67 Liquidity and Capital Resources Highlights 68 Analysis of Sources and Uses of Cash 68 Liquidity and Capital Resources of AIG Parent and Subsidiaries 69 Credit Facilities 69 Contractual Obligations 69 Off-Balance Sheet Arrangements and Commercial Commitments 69 Debt 70 Financial Strength Ratings 70 Credit Ratings 71 Regulation and Supervision 71 Dividends 71 Repurchases of AIG Common Stock 71 Enterprise Risk Management 72 Glossary 73 Acronyms 75 AIG | Second Quarter 2026 Form 10-Q 43 TABLE OF CONTENTS ITEM 2 | Executive Summary 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 2025 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 Financial, Inc. (Corebridge) dividend income, corporate General operating expenses, and Interest expense. Our general insurance business (General Insurance) consists of our three segments and the Net investment income and Amortization of intangible assets including renewal rights related to our insurance operations. General Insurance 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). Commercial Lines Products 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 and trade finance. Personal Insurance Products 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. Competition 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. 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. For additional information on our segments, see Note 3 to the Condensed Consolidated Financial Statements. 44 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS 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;•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 detailed discussion of our critical accounting estimates, see Part II, Item 7. MD&A – Critical Accounting Estimates in the 2025 Annual Report. 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 six months ended June 30, 2026 and 2025. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section. The following table presents our consolidated results of operations and other key financial metrics: Three Months Ended June 30, Percentage Six Months Ended June 30, Percentage (in millions) 2026 2025 Change 2026 2025 Change Revenues: Premiums $ 6,221 $ 5,877 6 % $ 12,293 $ 11,647 6 % Net investment income: Net investment income - excluding Fortitude Re funds withheld assets 1,091 1,427 (24) 1,780 2,492 (29) Net investment income - Fortitude Re funds withheld assets 36 39 (8) 59 79 (25) Total net investment income 1,127 1,466 (23) 1,839 2,571 (28) Net realized losses: Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative (208) (192) (8) (340) (252) (35) Net realized losses on Fortitude Re funds withheld assets (6) (52) 88 (19) (54) 65 Net realized losses on Fortitude Re funds withheld embedded derivative (51) (14) (264) (41) (55) 25 Total net realized losses (265) (258) (3) (400) (361) (11) Other income 2 6 (67) 3 17 (82) Total revenues 7,085 7,091 — 13,735 13,874 (1) Benefits, losses and expenses: Losses and loss adjustment expenses incurred 3,584 3,493 3 7,059 7,287 (3) Amortization of deferred policy acquisition costs 900 847 6 1,724 1,672 3 General operating and other expenses 1,231 1,162 6 2,368 2,277 4 Interest expense 100 100 — 200 192 4 (Gain) loss on extinguishment of debt — (5) NM — (5) NM Net (gain) loss on divestitures and other 6 (50) NM 133 (53) NM Total benefits, losses and expenses 5,821 5,547 5 11,484 11,370 1 AIG | Second Quarter 2026 Form 10-Q 45 TABLE OF CONTENTS ITEM 2 | Consolidated Results of Operations Three Months Ended June 30, Percentage Six Months Ended June 30, Percentage (in millions) 2026 2025 Change 2026 2025 Change Income before income tax expense 1,264 1,544 (18) 2,251 2,504 (10) Income tax expense 316 400 (21) 540 662 (18) Net income 948 1,144 (17) 1,711 1,842 (7) Less: Net income attributable to noncontrolling interests — — NM — — NM Net income attributable to AIG common shareholders $ 948 $ 1,144 (17) % $ 1,711 $ 1,842 (7) % NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS Three Months Ended June 30, 2026 and 2025 Comparison Net income (loss) attributable to AIG common shareholders decreased $196 million due to the following: •lower Net investment income of $339 million primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities of $295 million and lower income on Alternative investments and Mortgage loans of $53 million, partially offset by higher income from available for sale fixed maturity securities of $29 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements; and •higher underwriting income primarily driven by higher net favorable prior year reserve development of $33 million. For additional information, see Business Segment Operations – General Insurance. Six Months Ended June 30, 2026 and 2025 Comparison Net income (loss) attributable to AIG common shareholders decreased $131 million primarily driven by: •lower Net investment income of $732 million primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities of $744 million and lower income on Alternative investments and Mortgage loans of $101 million, partially offset by higher income from available for sale fixed maturity securities of $132 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements; and •higher underwriting income primarily driven by lower catastrophe losses of $305 million and higher net favorable prior year reserve development of $101 million. For additional information, see Business Segment Operations – General Insurance. 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. 46 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Business Segment Operations | General Insurance General Insurance General Insurance consists of our three segments and the Net investment income and Amortization of intangible assets including renewal rights related to our insurance operations. GENERAL INSURANCE Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Underwriting results: Net premiums written $ 7,516 $ 6,880 9 % $ 13,115 $ 11,406 15 % Net premiums written, on constant dollar basis 9 13 (Increase) decrease in unearned premiums (1,320) (1,002) (32) (867) 241 NM Net premiums earned 6,196 5,878 5 12,248 11,647 5 Losses and loss adjustment expenses incurred(a) 3,605 3,428 5 7,114 7,194 (1) Acquisition expenses: Amortization of deferred policy acquisition costs 894 846 6 1,712 1,671 2 Other acquisition expenses 220 201 9 453 433 5 Total acquisition expenses 1,114 1,047 6 2,165 2,104 3 General operating expenses 791 777 2 1,509 1,480 2 Underwriting income 686 626 10 1,460 869 68 Net investment income 871 871 — 1,735 1,607 8 Amortization of intangible assets including renewal rights(b) (11) (5) (120) (21) (9) (133) Adjusted pre-tax income $ 1,546 $ 1,492 4 % $ 3,174 $ 2,467 29 % Loss ratio(a) 58.2 58.3 (0.1) 58.1 61.8 (3.7) Acquisition ratio 18.0 17.8 0.2 17.7 18.1 (0.4) General operating expense ratio 12.8 13.2 (0.4) 12.3 12.7 (0.4) Expense ratio 30.8 31.0 (0.2) 30.0 30.8 (0.8) Combined ratio(a) 89.0 89.3 (0.3) 88.1 92.6 (4.5) Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted: Catastrophe losses and reinstatement premiums (3.4) (2.9) (0.5) (3.2) (6.0) 2.8 Prior year development, net of prior year premiums 2.5 2.0 0.5 2.4 1.6 0.8 Accident year loss ratio, as adjusted 57.3 57.4 (0.1) 57.3 57.4 (0.1) Accident year combined ratio, as adjusted 88.1 88.4 (0.3) 87.3 88.2 (0.9) (a)Consistent with our definition of Adjusted pre-tax income (APTI), excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain. (b)In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes. The following tables present General Insurance accident year catastrophes(a) by segment: (dollars in millions) North America Commercial InternationalCommercial Global Personal Total Three Months Ended June 30, 2026 Flooding, rainstorms and other(b) $ 42 $ 82 $ 8 $ 132 Windstorms and hailstorms 37 2 7 46 Winter storms 15 3 12 30 Reinstatement premiums — 2 — 2 Total catastrophe-related charges $ 94 $ 89 $ 27 $ 210 Three Months Ended June 30, 2025 Windstorms and hailstorms $ 79 $ 6 $ 39 $ 124 Winter storms 24 — 1 25 Wildfires (2) (1) (2) (5) Earthquakes — 24 2 26 Total catastrophe-related charges $ 101 $ 29 $ 40 $ 170 AIG | Second Quarter 2026 Form 10-Q 47 TABLE OF CONTENTS ITEM 2 | Business Segment Operations | General Insurance (dollars in millions) North America Commercial InternationalCommercial Global Personal Total Six Months Ended June 30, 2026 Flooding, rainstorms and other $ 42 $ 109 $ 9 $ 160 Windstorms and hailstorms 37 18 7 62 Winter storms 123 4 39 166 Reinstatement premiums — 2 — 2 Total catastrophe-related charges $ 202 $ 133 $ 55 $ 390 Six Months Ended June 30, 2025 Windstorms and hailstorms $ 104 $ 7 $ 41 $ 152 Winter storms 36 — 1 37 Wildfires 214 49 192 455 Earthquakes — 44 2 46 Reinstatement premiums 5 (1) 1 5 Total catastrophe-related charges $ 359 $ 99 $ 237 $ 695 (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. (b)Includes net losses related to the Middle East conflict of $75 million in the three months ended June 30, 2026. NORTH AMERICA COMMERCIAL The North America Commercial segment consists of insurance businesses and operations in the United States, Canada and Bermuda. Products include Property, Casualty and Financial Lines with clients ranging from small and medium-sized businesses to multinational companies. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Underwriting results: Net premiums written $ 3,125 $ 2,863 9 % $ 4,730 $ 4,037 17 % Net premiums written, on constant dollar basis 9 17 (Increase) decrease in unearned premiums (801) (730) (10) (153) 220 NM Net premiums earned 2,324 2,133 9 4,577 4,257 8 Losses and loss adjustment expenses incurred(a) 1,410 1,340 5 2,831 2,866 (1) Acquisition expenses: Amortization of deferred policy acquisition costs 248 206 20 461 433 6 Other acquisition expenses 38 46 (17) 106 93 14 Total acquisition expenses 286 252 13 567 526 8 General operating expenses 256 240 7 480 435 10 Underwriting income $ 372 $ 301 24 % $ 699 $ 430 63 % Loss ratio(a) 60.7 62.8 (2.1) 61.9 67.3 (5.4) Acquisition ratio 12.3 11.8 0.5 12.4 12.4 — General operating expense ratio 11.0 11.3 (0.3) 10.5 10.2 0.3 Expense ratio 23.3 23.1 0.2 22.9 22.6 0.3 Combined ratio(a) 84.0 85.9 (1.9) 84.8 89.9 (5.1) Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted: Catastrophe losses and reinstatement premiums (4.1) (4.7) 0.6 (4.5) (8.4) 3.9 Prior year development, net of prior year premiums 6.8 5.0 1.8 5.8 3.8 2.0 Accident year loss ratio, as adjusted 63.4 63.1 0.3 63.2 62.7 0.5 Accident year combined ratio, as adjusted 86.7 86.2 0.5 86.1 85.3 0.8 (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. Premiums Three Months Ended June 30, 2026 and 2025 Comparison Net premiums written increased by $262 million, or 9 percent, primarily due to the impact of strategic transactions and organic growth, notably in Casualty and Financial Lines, partially offset by lower production in certain Property lines. The increase in Net premiums earned is primarily driven by these same factors. 48 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Business Segment Operations | General Insurance Premiums Six Months Ended June 30, 2026 and 2025 Comparison Net premiums written increased by $693 million, or 17 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Casualty, Property and Financial Lines. The increase in Net premiums earned is primarily driven by these same factors. Underwriting Results Three Months Ended June 30, 2026 and 2025 Comparison North America Commercial produced underwriting income of $372 million from a combined ratio of 84.0, which was a 1.9 point improvement. This was driven by a lower loss ratio (2.1 points) from: •higher net favorable prior year reserve development (1.8 points), with favorable development driven by Casualty; and •lower catastrophe losses (0.6 points). This was partially offset by a higher accident year loss ratio, as adjusted (0.3 points) primarily due to changes in business mix. The expense ratio increased by 0.2 points, as a primarily mix-driven increase in the acquisition ratio (0.5 points) more than offset a lower general operating expense ratio (0.3 points). For additional information on prior year development, see Insurance Reserves. Underwriting Results Six Months Ended June 30, 2026 and 2025 Comparison North America Commercial produced underwriting income of $699 million from a combined ratio of 84.8, which was a 5.1 point improvement. This was driven by a lower loss ratio (5.4 points) from: •lower catastrophe losses (3.9 points); and •higher net favorable prior year reserve development (2.0 points), with favorable development primarily driven by Casualty and Property. This was partially offset by a higher accident year loss ratio, as adjusted (0.5 points) primarily due to changes in business mix. The expense ratio increased by 0.3 points from an increase in the general operating expense ratio (0.3 points). For additional information on prior year development, see Insurance Reserves. INTERNATIONAL COMMERCIAL The International Commercial segment consists of insurance businesses and operations in Europe, Middle East and Africa (EMEA region), the United Kingdom, Japan, Asia Pacific, Latin America and Caribbean, and China. The International Commercial segment also includes the results of Talbot Holdings Ltd. (Talbot) as well as AIG’s Global Specialty business. Products include Property, Casualty and Financial Lines, with clients ranging from small and medium-sized businesses to multinational companies. Global Specialty products include aviation, political risk, trade credit and trade finance. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Underwriting results: Net premiums written $ 2,588 $ 2,325 11 % $ 5,038 $ 4,352 16 % Net premiums written, on constant dollar basis 10 11 Increase in unearned premiums (316) (201) (57) (579) (177) (227) Net premiums earned 2,272 2,124 7 4,459 4,175 7 Losses and loss adjustment expenses incurred 1,344 1,170 15 2,590 2,348 10 Acquisition expenses: Amortization of deferred policy acquisition costs 304 269 13 582 514 13 Other acquisition expenses 102 84 21 187 178 5 Total acquisition expenses 406 353 15 769 692 11 General operating expenses 322 301 7 622 595 5 Underwriting income $ 200 $ 300 (33) % $ 478 $ 540 (11) % Loss ratio 59.2 55.1 4.1 58.1 56.2 1.9 Acquisition ratio 17.9 16.6 1.3 17.2 16.6 0.6 General operating expense ratio 14.2 14.2 — 13.9 14.3 (0.4) Expense ratio 32.1 30.8 1.3 31.1 30.9 0.2 Combined ratio 91.3 85.9 5.4 89.2 87.1 2.1 AIG | Second Quarter 2026 Form 10-Q 49 TABLE OF CONTENTS ITEM 2 | Business Segment Operations | General Insurance Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted: Catastrophe losses and reinstatement premiums (3.9) (1.4) (2.5) (3.0) (2.3) (0.7) Prior year development, net of prior year premiums (0.1) 0.5 (0.6) (0.1) 0.5 (0.6) Accident year loss ratio, as adjusted 55.2 54.2 1.0 55.0 54.4 0.6 Accident year combined ratio, as adjusted 87.3 85.0 2.3 86.1 85.3 0.8 Premiums Three Months Ended June 30, 2026 and 2025 Comparison Net premiums written, excluding the favorable impact of foreign exchange ($38 million), increased by $225 million, or 10 percent, primarily due to the impact of strategic transactions and organic growth, notably in Specialty and Property. The increase in Net premiums earned is primarily driven by these same factors. Premiums Six Months Ended June 30, 2026 and 2025 Comparison Net premiums written, excluding the favorable impact of foreign exchange ($200 million), increased by $486 million, or 11 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Property, Casualty and Specialty. The increase in Net premiums earned is primarily driven by these same factors. Underwriting Results Three Months Ended June 30, 2026 and 2025 Comparison International Commercial produced underwriting income of $200 million from a combined ratio of 91.3, which was a 5.4 point increase. This was driven by a higher loss ratio (4.1 points) from: •higher catastrophe losses (2.5 points); •higher accident year loss ratio, as adjusted (1.0 points) primarily due to changes in business mix; and •net adverse prior year reserve development (0.6 points), with unfavorable development driven by prior year premiums. The expense ratio increased by 1.3 points, from a primarily mix-driven increase in the acquisition ratio (1.3 points). For additional information on prior year development, see Insurance Reserves. Underwriting Results Six Months Ended June 30, 2026 and 2025 Comparison International Commercial produced underwriting income of $478 million from a combined ratio of 89.2, which was a 2.1 point increase. This was driven by a higher loss ratio (1.9 points) from: •higher catastrophe losses (0.7 points); •higher accident year loss ratio, as adjusted (0.6 points) primarily due to changes in business mix; and •net adverse prior year reserve development (0.6 points), with unfavorable development driven by prior year premiums. The expense ratio increased by 0.2 points, as a primarily mix-driven increase in the acquisition ratio (0.6 points) was partially offset by a lower general operating expense ratio (0.4 points). For additional information on prior year development, see Insurance Reserves. GLOBAL PERSONAL The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China. Global Accident & Health products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals. Personal Lines products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S. that covers auto, homeowners, umbrella, yacht, fine art and collections. 50 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Business Segment Operations | General Insurance Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Underwriting results: Net premiums written $ 1,803 $ 1,692 7 % $ 3,347 $ 3,017 11 % Net premiums written, on constant dollar basis 8 9 (Increase) decrease in unearned premiums (203) (71) (186) (135) 198 NM Net premiums earned 1,600 1,621 (1) 3,212 3,215 — Losses and loss adjustment expenses incurred 851 918 (7) 1,693 1,980 (14) Acquisition expenses: Amortization of deferred policy acquisition costs 342 371 (8) 669 724 (8) Other acquisition expenses 80 71 13 160 162 (1) Total acquisition expenses 422 442 (5) 829 886 (6) General operating expenses 213 236 (10) 407 450 (10) Underwriting income (loss) $ 114 $ 25 356 % $ 283 $ (101) NM % Loss ratio 53.2 56.6 (3.4) 52.7 61.6 (8.9) Acquisition ratio 26.4 27.3 (0.9) 25.8 27.6 (1.8) General operating expense ratio 13.3 14.6 (1.3) 12.7 14.0 (1.3) Expense ratio 39.7 41.9 (2.2) 38.5 41.6 (3.1) Combined ratio 92.9 98.5 (5.6) 91.2 103.2 (12.0) Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted: Catastrophe losses and reinstatement premiums (1.7) (2.4) 0.7 (1.7) (7.4) 5.7 Prior year development, net of prior year premiums — — — 1.1 0.1 1.0 Accident year loss ratio, as adjusted 51.5 54.2 (2.7) 52.1 54.3 (2.2) Accident year combined ratio, as adjusted 91.2 96.1 (4.9) 90.6 95.9 (5.3) Premiums Three Months Ended June 30, 2026 and 2025 Comparison Net premiums written, excluding the unfavorable impact of foreign exchange ($15 million), increased by $126 million, or 8 percent, primarily driven by reinsurance program changes and organic growth in U.S. high net worth and Accident & Health. The decrease in Net premiums earned was primarily driven by Warranty. Premiums Six Months Ended June 30, 2026 and 2025 Comparison Net premiums written, excluding the favorable impact of foreign exchange ($45 million) increased by $285 million, or 9 percent, primarily driven by reinsurance program changes and organic growth in U.S. high net worth and Accident & Health. The decrease in Net premiums earned was primarily driven by Warranty. Underwriting Results Three Months Ended June 30, 2026 and 2025 Comparison Global Personal produced underwriting income of $114 million from a combined ratio of 92.9, which was a 5.6 point improvement. This was driven by a lower loss ratio (3.4 points) from: •lower accident year loss ratio, as adjusted (2.7 points) primarily due to changes in business mix; and •lower catastrophe losses (0.7 points). The expense ratio improved by 2.2 points, reflecting a lower acquisition ratio (0.9 points) primarily driven by changes in business mix and improved commission terms and a lower general operating expense ratio (1.3 points). For additional information on prior year development, see Insurance Reserves. Underwriting Results Six Months Ended June 30, 2026 and 2025 Comparison Global Personal produced underwriting income of $283 million from a combined ratio of 91.2, which was an 12.0 point improvement. This was driven by a lower loss ratio (8.9 points) from: •lower catastrophe losses (5.7 points); •lower accident year loss ratio, as adjusted (2.2 points) primarily due to changes in business mix; and •higher net favorable prior year reserve development (1.0 points), with favorable development driven by prior year premiums. The expense ratio improved by 3.1 points, reflecting a lower acquisition ratio (1.8 points), primarily driven by changes in business mix and improved commission terms, and a lower general operating expense ratio (1.3 points). For additional information on prior year development, see Insurance Reserves. AIG | Second Quarter 2026 Form 10-Q 51 TABLE OF CONTENTS 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 Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Net investment income and other $ 39 $ 92 (58) % $ 93 $ 202 (54) % Benefits, losses and expenses: Corporate and other general operating expenses 82 90 (9) 161 175 (8) Interest expense 99 101 (2) 199 192 4 Total benefits, losses and expenses* 181 191 (5) 360 367 (2) Adjusted pre-tax loss before consolidation and eliminations (142) (99) (43) (267) (165) (62) Consolidation and eliminations — (2) NM — (2) NM Adjusted pre-tax loss $ (142) $ (101) (41) % $ (267) $ (167) (60) % *In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes. ADJUSTED PRE-TAX LOSS BEFORE CONSOLIDATION AND ELIMINATIONS Three Months Ended June 30, 2026 and 2025 Comparison Adjusted pre-tax loss before consolidation and eliminations increased $43 million primarily due to the following: •lower net investment income and other of $53 million due to lower short-term investment income and lower Corebridge dividend income of $27 million; and •lower corporate and other general operating expenses of $8 million. Six Months Ended June 30, 2026 and 2025 Comparison Adjusted pre-tax loss before consolidation and eliminations increased $102 million primarily due to the following: •lower net investment income and other of $109 million due to lower short-term investment income and lower Corebridge dividend income of $52 million; and •higher interest expense of $7 million primarily driven by new debt issuance of $1.25 billion in 2025 partially offset by interest savings from $0.8 billion debt repurchases, through cash tender offers and debt redemption in 2025. 52 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS 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 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. Adjusted pre-tax income (APTI) is derived by excluding the items set forth below from income 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 held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (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; and •non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles. Adjusted after-tax income attributable to AIG common shareholders is derived by excluding the tax effected APTI adjustments described above, 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; and •changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance. AIG | Second Quarter 2026 Form 10-Q 53 TABLE OF CONTENTS ITEM 2 | Use of Non-GAAP Measures The following table presents a reconciliation of pre-tax income (loss)/net income (loss) attributable to AIG to adjusted pre-tax income (loss)/adjusted after-tax income (loss) attributable to AIG: Three Months Ended June 30, 2026 2025 (in millions, except per common share data) Pre-tax Total Tax (Benefit) Charge After Tax Pre-tax Total Tax (Benefit) Charge After Tax Pre-tax income/Net income, including noncontrolling interests $ 1,264 $ 316 $ 948 $ 1,544 $ 400 $ 1,144 Noncontrolling interests — — Pre-tax income/Net income attributable to AIG common shareholders 1,264 316 $ 948 1,544 400 $ 1,144 Changes in uncertain tax positions and other tax adjustments (7) 7 (2) 2 Deferred income tax valuation allowance (releases) charges 2 (2) (11) 11 Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares (173) (37) (136) (464) (97) (367) Gain on extinguishment of debt — — — (5) (1) (4) Net investment income on Fortitude Re funds withheld assets (36) (7) (29) (39) (9) (30) Net realized losses on Fortitude Re funds withheld assets 6 1 5 52 11 41 Net realized losses on Fortitude Re funds withheld embedded derivative 51 11 40 14 3 11 Net realized losses(a) 208 38 170 191 33 158 Net (gain) loss on divestitures and other 6 1 5 (50) (10) (40) Non-operating litigation reserves and settlements — — — (2) (1) (1) Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements (67) (14) (53) 53 11 42 Net loss reserve discount charge 28 6 22 12 3 9 Net results of businesses in run-off(b) 1 — 1 (2) — (2) Non-operating pension expenses (1) — (1) 5 1 4 Integration and transaction costs associated with acquiring or divesting businesses 41 9 32 1 — 1 Restructuring and other costs 71 15 56 78 16 62 Non-recurring costs related to regulatory or accounting changes 5 1 4 3 — 3 Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders $ 1,404 $ 335 $ 1,069 $ 1,391 $ 347 $ 1,044 Weighted average diluted shares outstanding 533.6 577.9 Income per common share attributable to AIG common shareholders (diluted) $ 1.78 $ 1.98 Adjusted after-tax income per common share attributable to AIG common shareholders (diluted) $ 2.00 $ 1.81 Six Months Ended June 30, 2026 2025 (in millions, except per common share data) Pre-tax Total Tax (Benefit) Charge After Tax Pre-tax Total Tax (Benefit) Charge After Tax Pre-tax income/Net income, including noncontrolling interests $ 2,251 $ 540 $ 1,711 $ 2,504 $ 662 $ 1,842 Noncontrolling interests — — Pre-tax income/Net income attributable to AIG common shareholders 2,251 540 1,711 2,504 662 1,842 Changes in uncertain tax positions and other tax adjustments 86 (86) 4 (4) Deferred income tax valuation allowance charges (81) 81 (9) 9 Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares 64 13 51 (681) (143) (538) Gain on extinguishment of debt — — — (5) (1) (4) Net investment income on Fortitude Re funds withheld assets (59) (12) (47) (79) (17) (62) Net realized losses on Fortitude Re funds withheld assets 19 4 15 54 11 43 Net realized losses on Fortitude Re funds withheld embedded derivative 41 9 32 55 12 43 Net realized losses(a) 344 81 263 257 (5) 262 Net (gain) loss on divestitures and other(c) 133 28 105 (53) (11) (42) Non-operating litigation reserves and settlements — — — (13) (3) (10) Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements (75) (16) (59) 62 13 49 Net loss reserve discount (benefit) charge (20) (4) (16) 29 6 23 Net results of businesses in run-off(b) 6 1 5 (7) (1) (6) Non-operating pension expenses (2) — (2) 10 2 8 Integration and transaction costs associated with acquiring or divesting businesses 48 10 38 6 1 5 Restructuring and other costs 147 31 116 154 32 122 Non-recurring costs related to regulatory or accounting changes 10 2 8 7 1 6 Adjusted pre-tax income (loss)/Adjusted after-tax income (loss) attributable to AIG common shareholders $ 2,907 $ 692 $ 2,215 $ 2,300 $ 554 $ 1,746 Weighted average diluted shares outstanding 537.8 588.5 Income per common share attributable to AIG common shareholders (diluted) $ 3.18 $ 3.13 Adjusted after-tax income per common share attributable to AIG common shareholders (diluted) $ 4.12 $ 2.97 (a)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. (b)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. 54 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Use of Non-GAAP Measures (c)In the six months ended June 30, 2026, Net (gain) loss on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd. and global personal travel and assistance business. 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 (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)(a) $ 942 $ (522) $ 872 $ 1,137 $ 1,726 $ 819 $ 1,628 $ 1,986 Other income (expense) - net (1) — — — (3) — — — Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares (70) (70) (4) (4) 12 12 (24) (24) Net investment income on Fortitude Re funds withheld assets — — — — — — 1 1 Net realized (gains) losses on Fortitude Re funds withheld assets — (1) — 5 — (1) — 7 Net realized losses — 2,067 3 270 — 2,223 2 323 Net (gain) loss on divestitures and other — 14 — (43) — 11 — (37) Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements — (57) — 60 — (52) — 74 Net loss reserve discount (benefit) charge — 28 — 12 — (20) — 29 Non-operating pension expenses — 1 — 5 — 2 — 9 Integration and transaction costs associated with acquiring or divesting businesses — 33 — — — 65 — — Restructuring and other costs — 48 — 47 — 105 — 92 Non-recurring costs related to regulatory or accounting changes — 5 — 3 — 10 — 7 Net investment income and other, APTI basis/Adjusted pre-tax income (loss) $ 871 $ 1,546 $ 871 $ 1,492 $ 1,735 $ 3,174 $ 1,607 $ 2,467 Other Operations Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (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)(a) $ 186 $ 1,786 $ 600 $ 407 $ 115 $ 1,432 $ 960 $ 518 Consolidation and Eliminations (1) — 4 — — — 3 — Other income (expense) - net 2 — (2) — 3 — (11) — Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares (103) (103) (460) (460) 52 52 (657) (657) Gain on extinguishment of debt — — — (5) — — — (5) Net investment income on Fortitude Re funds withheld assets (36) (36) (39) (39) (59) (59) (80) (80) Net realized (gains) losses on Fortitude Re funds withheld assets — 7 — 47 — 20 — 47 Net realized losses on Fortitude Re funds withheld embedded derivative — 51 — 14 — 41 — 55 Net realized gains — (1,859) (3) (79) — (1,879) — (66) Net (gain) loss on divestitures and other — (8) — (7) — 122 — (16) Non-operating litigation reserves and settlements — — — (2) — — — (13) Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements — (10) — (7) — (23) — (12) Net results of businesses in run-off (9) 1 (8) (2) (18) 6 (13) (7) Non-operating pension expenses — (2) — — — (4) — 1 Integration and transaction costs associated with acquiring or divesting businesses — 8 — 1 — (17) — 6 Restructuring and other costs — 23 — 31 — 42 — 62 Net investment income and other, APTI basis/Adjusted pre-tax income (loss) $ 39 $ (142) $ 92 $ (101) $ 93 $ (267) $ 202 $ (167) (a)In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes. 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 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. AIG | Second Quarter 2026 Form 10-Q 55 TABLE OF CONTENTS ITEM 2 | Use of Non-GAAP Measures 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. 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. June 30, December 31, (in millions, except per share data) 2026 2025 Total AIG common shareholders' equity $ 40,606 $ 41,139 Less: Investments related AOCI (1,884) (1,376) Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (522) (523) Subtotal: Investments AOCI (1,362) (853) AIG adjusted common shareholders' equity $ 41,968 $ 41,992 Total AIG common shareholders' equity $ 40,606 $ 41,139 Less: AIG's ownership interest in Corebridge — 1,512 Less: Investments related AOCI - AIG (1,884) (1,376) Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG (522) (523) Subtotal: Investments AOCI - AIG (1,362) (853) Less: Deferred tax assets 2,912 3,278 AIG core operating shareholders' equity $ 39,056 $ 37,202 Total common shares outstanding 524.7 538.2 Book value per share $ 77.39 $ 76.44 Adjusted book value per share 79.98 78.02 Core operating book value per share 74.43 69.12 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 provides 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. 56 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Use of Non-GAAP Measures The following table presents reconciliations of Return on equity to Adjusted return on equity and Core operating return on equity, which are non-GAAP measures. Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2026 2025 2026 2025 Actual or annualized net income (loss) attributable to AIG common shareholders $ 3,792 $ 4,576 $ 3,422 $ 3,684 Actual or annualized adjusted after-tax income attributable to AIG common shareholders $ 4,276 $ 4,176 $ 4,430 $ 3,492 Average AIG common shareholders' equity $ 40,506 $ 41,466 $ 40,717 $ 41,818 Less: Average investments AOCI (1,409) (1,585) (1,224) (1,791) Average AIG adjusted common shareholders' equity $ 41,915 $ 43,051 $ 41,941 $ 43,609 Average AIG common shareholders' equity $ 40,506 $ 41,466 $ 40,717 $ 41,818 Less: Average AIG's ownership interest in Corebridge 304 4,031 706 3,957 Less: Average Investments AOCI - AIG (1,409) (1,585) (1,224) (1,791) Less: Average deferred tax assets 3,022 3,277 3,107 3,347 Average AIG core operating shareholders' equity $ 38,589 $ 35,743 $ 38,128 $ 36,305 Return on equity 9.4 % 11.0 % 8.4 % 8.8 % Adjusted return on equity 10.2 9.7 10.6 8.0 Core operating return on equity 11.1 11.7 11.6 9.6 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, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, 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 unrest 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. 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. Strategic Investments On February 6, 2026, AIG closed its previously announced acquisitions of (i) a 35 percent equity interest in Convex Group Limited (Convex), a global specialty insurer, for $2.1 billion and (ii) a 9.9 percent ownership stake in Onex Corporation (Onex), a global asset manager, for $642 million. AIG reflects its interest in Convex as an equity method investment in Other invested assets. The difference between the purchase price and the value of the underlying net assets acquired is primarily comprised of intangible assets and other basis differences of $520 million and goodwill of $440 million. AIG records its proportionate share of Convex’s net income less amortization of the basis differences described above as a component of Net investment income reported in General Insurance. AIG | Second Quarter 2026 Form 10-Q 57 TABLE OF CONTENTS ITEM 2 | Investments INVESTMENT HIGHLIGHTS Blended investment yields on new investments were 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 decreased for the six months ended June 30, 2026 compared to the prior year, primarily due to changes in the fair value of AIG's investment in Corebridge and Equity securities and lower income from alternative investments and mortgage loans, partially offset by higher income on available for sale fixed maturity securities. 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, where appropriate, 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. •Within General Insurance, investments generally consist of a split between reserve backing and surplus portfolios. –Insurance reserves are backed mainly by investment grade fixed maturity securities that meet our duration, currency, 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 and private credit. •We seek to purchase private equity and private credit assets that offer enhanced yield through illiquidity premiums and other portfolio diversification benefits. The private credit assets typically provide credit protections such as covenants along with other features that support insurance company needs. •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. 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 and commercial real estate; and commercial mortgage loans. Fixed maturity securities of the General Insurance companies have an average duration of 4 years. While assets backing reserves of the General Insurance companies are primarily invested in conventional liquid fixed maturity securities, we have also continued to allocate a portion of our portfolio 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. 58 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Investments Available-for-Sale Investments The following table presents the fair value of our available-for-sale securities: (in millions) June 30, 2026 December 31, 2025 Bonds available for sale: U.S. government and government sponsored entities $ 2,779 $ 3,298 Obligations of states, municipalities and political subdivisions 2,684 2,775 Non-U.S. governments 6,078 6,516 Corporate debt 38,277 37,235 Mortgage-backed, asset-backed and collateralized: RMBS - agency 6,271 5,988 RMBS - non-agency 4,797 4,180 CMBS 4,939 4,616 CLO/ABS 5,647 6,424 Total mortgage-backed, asset-backed and collateralized 21,654 21,208 Total bonds available for sale* $ 71,472 $ 71,032 *At June 30, 2026 and December 31, 2025, the fair value of bonds available for sale we held that were below investment grade or not rated totaled $5.7 billion and $5.9 billion, respectively. The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities: (in millions) June 30, 2026 December 31, 2025 Canada $ 1,047 $ 1,207 Japan 437 489 Germany 398 444 Australia 327 284 Israel 314 322 United Kingdom 307 344 Korea, Republic of 219 214 Malaysia 217 216 Singapore 190 206 Denmark 160 241 Other 2,484 2,572 Total $ 6,100 $ 6,539 The following table presents the fair value of our aggregate European credit exposures by major sector for our fixed maturity securities: June 30, 2026 December 31, 2025 Total (in millions) Sovereign Financial Institution Non-Financial Corporates Structured Products Total Euro-Zone countries: France $ 146 $ 1,533 $ 576 $ 39 $ 2,294 $ 2,258 Germany 398 306 878 47 1,629 1,660 Netherlands 66 609 225 49 949 1,061 Ireland 5 152 105 405 667 733 Italy 13 117 350 27 507 480 Spain 7 395 80 24 506 494 Denmark 160 110 48 — 318 337 Luxembourg 19 104 74 18 215 205 Belgium 9 88 54 14 165 216 Finland 9 68 1 1 79 93 Other Euro-Zone 199 39 31 39 308 310 Total Euro-Zone $ 1,031 $ 3,521 $ 2,422 $ 663 $ 7,637 $ 7,847 Remainder of Europe: United Kingdom $ 307 $ 1,747 $ 1,725 $ 406 $ 4,185 $ 4,017 Switzerland 19 177 272 — 468 534 Sweden 89 195 29 — 313 372 AIG | Second Quarter 2026 Form 10-Q 59 TABLE OF CONTENTS ITEM 2 | Investments June 30, 2026 December 31, 2025 Total (in millions) Sovereign Financial Institution Non-Financial Corporates Structured Products Total Norway 63 84 — — 147 136 Jersey (Channel Islands) 3 3 8 43 57 58 Other - Remainder of Europe 39 14 4 — 57 59 Total - Remainder of Europe $ 520 $ 2,220 $ 2,038 $ 449 $ 5,227 $ 5,176 Total $ 1,551 $ 5,741 $ 4,460 $ 1,112 $ 12,864 $ 13,023 Investments in Municipal Bonds At June 30, 2026, 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: June 30, 2026 (in millions) State General Obligation Local General Obligation Revenue Total Fair Value December 31, 2025 Total Fair Value California $ 207 $ 138 $ 321 $ 666 $ 690 New York 28 86 240 354 401 Massachusetts 40 12 105 157 167 Florida 1 — 129 130 127 Texas 10 30 88 128 144 Connecticut 26 2 86 114 111 Pennsylvania 34 — 72 106 118 Georgia 48 — 27 75 73 Illinois 4 17 52 73 84 Oregon 7 47 16 70 67 Michigan — — 69 69 51 Hawaii 63 — 1 64 66 Virginia — 3 54 57 60 All other states 31 32 558 621 616 Total $ 499 $ 367 $ 1,818 $ 2,684 $ 2,775 Investments in Corporate Debt Securities The following table presents the fair value of our available for sale corporate debt securities by industry categories: (in millions) June 30, 2026 December 31, 2025 Financial institutions: Banks $ 8,305 $ 8,086 Insurance 1,476 1,378 Securities firms and other finance companies 966 856 Other financial institutions 5,818 5,733 Utilities 3,369 3,231 Communications 2,334 2,188 Consumer noncyclical 2,737 2,706 Capital goods 1,724 1,805 Energy 2,182 2,010 Consumer cyclical 3,599 3,649 Basic materials 2,308 2,093 Other 3,459 3,500 Total* $ 38,277 $ 37,235 *At June 30, 2026 and December 31, 2025, approximately 89 percent and 88 percent, respectively, of these investments were rated investment grade. 60 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Investments Commercial Mortgage Loans At June 30, 2026, we had direct commercial mortgage loan exposure of $2.3 billion. 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 June 30, 2026 State: California 16 $ 88 $ 192 $ 26 $ 17 $ 15 $ — $ 338 15 % New York 17 50 183 44 19 32 — 328 14 Texas 18 62 134 1 30 — 40 267 12 Massachusetts 6 — 123 48 7 — — 178 8 Florida 11 67 — 59 7 38 — 171 8 Pennsylvania 9 30 58 15 18 — — 121 5 Illinois 5 88 9 — — — 5 102 5 New Jersey 4 56 — — — — 9 65 3 Washington 3 49 — — — — — 49 2 Colorado 3 7 20 15 — — — 42 2 Other states 20 99 3 66 3 — — 171 7 Foreign 20 133 153 40 26 79 — 431 19 Total* 132 $ 729 $ 875 $ 314 $ 127 $ 164 $ 54 $ 2,263 100 % December 31, 2025 State: California 17 $ 89 $ 190 $ 27 $ 18 $ 31 $ — $ 355 14 % New York 17 48 188 44 19 33 — 332 13 Texas 19 72 135 1 30 10 — 248 10 Massachusetts 7 — 175 48 7 — — 230 9 Florida 11 68 — 60 8 37 — 173 7 Pennsylvania 9 28 57 15 18 — — 118 5 Illinois 5 88 13 — — — — 101 4 New Jersey 8 55 — — 3 — 10 68 3 Washington 3 49 — — — — — 49 2 Colorado 3 7 20 16 — — — 43 2 Other states 23 109 12 68 28 — — 217 9 Foreign 23 180 196 78 27 80 — 561 22 Total* 145 $ 793 $ 986 $ 357 $ 158 $ 191 $ 10 $ 2,495 100 % *Does not reflect allowance for credit losses. For additional information on commercial mortgage loans, see Note 6 to the Condensed Consolidated Financial Statements. AIG | Second Quarter 2026 Form 10-Q 61 TABLE OF CONTENTS ITEM 2 | Investments Net Realized Gains and Losses The following table presents the components of Net realized gains (losses): Three Months Ended June 30, 2026 2025 (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 and impairments of fixed maturity securities $ (59) $ (4) $ (63) $ (102) $ (49) $ (151) Change in allowance for credit losses on fixed maturity securities 3 — 3 (15) — (15) Change in allowance for credit losses on loans (1) — (1) 45 5 50 Foreign exchange transactions (8) 1 (7) (27) 13 (14) Derivatives and hedge accounting (20) (2) (22) (98) (16) (114) Sales of alternative investments (38) — (38) 3 — 3 Other* (85) (1) (86) 2 (5) (3) Net realized losses – excluding Fortitude Re funds withheld embedded derivative (208) (6) (214) (192) (52) (244) Net realized losses on Fortitude Re funds withheld embedded derivative — (51) (51) — (14) (14) Net realized losses $ (208) $ (57) $ (265) $ (192) $ (66) $ (258) Six Months Ended June 30, 2026 2025 (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 and impairments of fixed maturity securities $ (174) $ (19) $ (193) $ (357) $ (56) $ (413) Change in allowance for credit losses on fixed maturity securities 1 1 2 (7) — (7) Change in allowance for credit losses on loans 32 1 33 50 9 59 Foreign exchange transactions (27) (2) (29) 193 19 212 Derivatives and hedge accounting (18) 2 (16) (126) (22) (148) Sales of alternative investments (16) — (16) 3 — 3 Other* (138) (2) (140) (8) (4) (12) Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (340) (19) (359) (252) (54) (306) Net realized losses on Fortitude Re funds withheld embedded derivative — (41) (41) — (55) (55) Net realized losses $ (340) $ (60) $ (400) $ (252) $ (109) $ (361) *Other includes impairments on investments in private equity and real estate funds. Higher Net realized losses excluding Fortitude Re funds withheld assets in the three months ended June 30, 2026 compared to 2025 were primarily due to losses on foreign exchange, partially offset by lower losses on fixed maturity securities. Higher Net realized losses excluding Fortitude Re funds withheld assets in the six months ended June 30, 2026 compared to 2025 were primarily due to losses on foreign exchange, partially offset by lower losses on fixed maturity securities. 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 7 to the Condensed Consolidated Financial Statements. For additional information on our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements. Unrealized Gains and Losses on Investments Net unrealized investment losses included in shareholders’ equity were $1.9 billion at June 30, 2026 compared with $2.0 billion at June 30, 2025. The change in net unrealized gains and losses on investments in the six months ended June 30, 2026 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to higher interest rates offset by slight narrowing of credit spreads. The change in net unrealized gains and losses on investments in the six months ended June 30, 2025 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to lower interest rates and narrowing of credit spreads. At June 30, 2026, the Company had $1.5 billion fixed maturity investments reported at fair value for which fair value was less than 80 percent of amortized cost. At December 31, 2025, the Company had $1.4 billion fixed maturity investments reported at fair value for which fair value was less than 80 percent of amortized cost. 62 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Investments At June 30, 2026 and December 31, 2025, below investment grade securities comprised 8 percent and 8 percent, respectively, of the fair value of our fixed maturity investment portfolio. Included in below investment grade securities at June 30, 2026 were securities in an unrealized loss position that, in the aggregate, had an amortized cost of $2.3 billion and a fair value of $2.2 billion, resulting in a net pre-tax unrealized investment loss of $100 million. For additional information on our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements. CREDIT RATINGS 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 June 30, 2026, approximately 63 percent of our fixed maturity securities were held by our U.S. entities. Approximately 92 percent of these securities were rated investment grade by one or more of the major rating agencies. At June 30, 2026, approximately 93 percent of our fixed maturity securities held by our foreign entities 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 16 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance. Composite AIG Credit Ratings With respect to our fixed maturity securities, the credit ratings in the table below 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) (96 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 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 2025 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 Bond Securities Total (in millions) June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Rating: Other fixed maturity securities AAA $ 3,507 $ 4,063 $ 14 $ 14 $ 3,521 $ 4,077 AA 8,257 8,693 50 50 8,307 8,743 A 17,473 17,679 115 173 17,588 17,852 BBB 15,819 14,565 98 100 15,917 14,665 Below investment grade 4,701 4,730 2 11 4,703 4,741 Non-rated 61 94 — — 61 94 Total $ 49,818 $ 49,824 $ 279 $ 348 $ 50,097 $ 50,172 Mortgage-backed, asset-backed and collateralized AAA $ 11,488 $ 11,198 $ 82 $ 102 $ 11,570 $ 11,300 AA 7,842 7,468 48 49 7,890 7,517 A 1,015 1,030 160 135 1,175 1,165 BBB 356 411 65 77 421 488 Below investment grade 953 1,101 31 30 984 1,131 Non-rated — — 2 — 2 — Total $ 21,654 $ 21,208 $ 388 $ 393 $ 22,042 $ 21,601 Total AAA $ 14,995 $ 15,261 $ 96 $ 116 $ 15,091 $ 15,377 AA 16,099 16,161 98 99 16,197 16,260 A 18,488 18,709 275 308 18,763 19,017 BBB 16,175 14,976 163 177 16,338 15,153 Below investment grade 5,654 5,831 33 41 5,687 5,872 Non-rated 61 94 2 — 63 94 Total $ 71,472 $ 71,032 $ 667 $ 741 $ 72,139 $ 71,773 AIG | Second Quarter 2026 Form 10-Q 63 TABLE OF CONTENTS ITEM 2 | Insurance Reserves 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): June 30, 2026 December 31, 2025 (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) $ 2,285 $ 3,462 $ 5,747 $ 2,273 $ 3,742 $ 6,015 U.S. Excess Casualty 3,163 2,794 5,957 3,153 2,961 6,114 U.S. Other Casualty 4,987 3,141 8,128 4,651 3,170 7,821 U.S. Financial Lines 5,108 1,403 6,511 5,270 1,516 6,786 U.S. Property and Special Risks 4,222 932 5,154 4,142 990 5,132 Other product lines(b) 3,768 2,632 6,400 4,356 2,947 7,303 Total North America Commercial 23,533 14,364 37,897 23,845 15,326 39,171 International Commercial: UK/Europe Casualty and Financial Lines 7,947 3,150 11,097 8,288 2,376 10,664 UK/Europe Property and Special Risks 3,188 1,424 4,612 2,176 2,214 4,390 Other product lines(b) 1,967 1,374 3,341 1,882 1,272 3,154 Total International Commercial 13,102 5,948 19,050 12,346 5,862 18,208 Global Personal: U.S. Personal Insurance 786 1,934 2,720 705 1,986 2,691 UK/Europe and Japan Personal Insurance 1,168 724 1,892 1,240 733 1,973 Other product lines(b) 1,177 822 1,999 1,109 750 1,859 Total Global Personal 3,131 3,480 6,611 3,054 3,469 6,523 Unallocated loss adjustment expenses(b) 1,620 547 2,167 1,965 629 2,594 Total General Insurance 41,386 24,339 65,725 41,210 25,286 66,496 Other Operations 608 3,519 4,127 585 3,585 4,170 Total $ 41,994 $ 27,858 $ 69,852 $ 41,795 $ 28,871 $ 70,666 (a)Includes net loss reserve discount of $1.3 billion and $1.2 billion at June 30, 2026 and December 31, 2025, respectively. For information regarding loss reserve discount, see Note 11 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 $2.3 billion at June 30, 2026 and December 31, 2025, respectively. 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 June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 General Insurance: North America Commercial: U.S. Workers' Compensation $ (177) $ (107) $ (185) $ (117) U.S. Excess Casualty 74 106 68 99 U.S. Other Casualty 17 32 11 25 U.S. Financial Lines (4) (5) (27) (10) U.S. Property and Special Risks (79) (56) (147) (77) Other Product Lines 1 (89) 8 (89) Total North America Commercial $ (168) $ (119) $ (272) $ (169) International Commercial: UK/Europe Casualty and Financial Lines $ 2 $ — $ 1 $ — UK/Europe Property and Special Risks (1) (1) 27 (14) Other Product Lines (4) (7) (56) (8) Total International Commercial $ (3) $ (8) $ (28) $ (22) 64 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Insurance Reserves Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Global Personal: U.S. Personal Insurance $ 7 $ — $ (15) $ — UK/Europe and Japan Personal Insurance (7) — (10) (1) Other Product Lines (1) (1) — — Total Global Personal $ (1) $ (1) $ (25) $ (1) Total Prior Year (Favorable) Unfavorable Development* $ (172) $ (128) $ (325) $ (192) *Includes the amortization attributed to the deferred gain at inception from the National Indemnity Company (NICO) adverse development reinsurance agreement of $26 million and $31 million for the three months ended June 30, 2026 and 2025, respectively, and $52 million and $62 million for the six months ended June 30, 2026 and 2025, 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 $(100) million and $122 million for the three months ended June 30, 2026 and 2025, respectively, and $(100) million and $122 million for the six months ended June 30, 2026 and 2025, respectively. Also excludes the related changes in amortization of the deferred gain, which were $(34) million and $69 million for the three months ended June 30, 2026 and 2025, respectively, and $(25) million and $60 million for the six months ended June 30, 2026 and 2025, respectively. Net Loss Development In the three months ended June 30, 2026, we recognized favorable prior year loss reserve development of $172 million, primarily driven by: North America Commercial •Favorable development in U.S. Workers’ Compensation driven by Excess of Loss Sensitive and Primary business. •Favorable development in U.S. Property and Special Risks primarily reflecting favorable experience in Programs. •Adverse development in U.S. Excess Casualty reflecting unfavorable experience in first-layer umbrella and high excess casualty. •Benefit from the amortization of the deferred gain on the adverse development cover. In the six months ended June 30, 2026, we recognized favorable prior year loss reserve development of $325 million, primarily driven by: North America Commercial •Favorable development in U.S. Workers’ Compensation driven by Excess of Loss Sensitive and Primary business. •Favorable development in U.S. Property and Special Risks primarily reflecting development in Programs, along with lower than expected non-CAT loss experience in Property Lines. •Favorable development in U.S. Financial Lines reflecting favorable experience in Directors and Officers in more mature accident years. •Benefit from the amortization of the deferred gain on the adverse development cover. International Commercial •Favorable development in Other Product Lines primarily driven by Energy and Cargo. •Adverse development in UK/Europe Property and Special Risks due to adverse development on prior year catastrophes, partially offset by favorable experience primarily concentrated in EMEA Property. Global Personal •Favorable development in U.S. Personal Insurance attributable to favorable development on prior year catastrophes. In the three months ended June 30, 2025, we recognized favorable prior year loss reserve development of $128 million, primarily driven by: 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. •Adverse development in U.S. Excess Casualty primarily driven by unfavorable development in Mass Tort. •Favorable Development in U.S. Property and Special Risks primarily driven by Programs. •Benefit from the amortization of the deferred gain on the adverse development cover. AIG | Second Quarter 2026 Form 10-Q 65 TABLE OF CONTENTS ITEM 2 | Insurance Reserves In the six months ended June 30, 2025, we recognized favorable prior year loss reserve development of $192 million, primarily driven by: 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. •Adverse development in U.S. Excess Casualty primarily driven by unfavorable development in Mass Tort. •Favorable Development in U.S. Property and Special Risks primarily driven by Programs. •Benefit from the amortization of the deferred gain on the adverse development cover. International Commercial •Favorable development in Global Specialty. 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 NICO 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 2026, see Part II, Item 7. MD&A – Enterprise Risk Management – Insurance Risk – Natural Catastrophe Risk in the 2025 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) June 30, 2026 December 31, 2025 Gross Covered Losses Covered reserves before discount $ 8,275 $ 8,907 Inception to date losses paid 33,095 32,588 Attachment point (25,000) (25,000) Covered losses above attachment point $ 16,370 $ 16,495 Deferred Gain Development Covered losses above attachment ceded to NICO (80%) $ 13,096 $ 13,196 Consideration paid including interest (10,188) (10,188) Pre-tax deferred gain before discount and amortization 2,908 3,008 Discount on ceded losses(a) (819) (891) Pre-tax deferred gain before amortization 2,089 2,117 Inception to date amortization of deferred gain at inception (1,740) (1,688) Inception to date amortization attributed to changes in deferred gain(b) (108) (156) Deferred gain liability reflected in AIG's balance sheet $ 241 $ 273 (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. 66 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Insurance Reserves The following table presents the rollforward of activity in the deferred gain from the adverse development reinsurance agreement: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Balance at beginning of period, net of discount $ 306 $ 268 $ 273 $ 284 (Favorable) unfavorable prior year reserve development ceded to NICO(a) (100) 122 (100) 122 Amortization attributed to deferred gain at inception(b) (26) (31) (52) (62) Amortization attributed to changes in deferred gain(c) 42 (62) 48 (48) Changes in discount on ceded loss reserves 19 19 72 20 Balance at end of period, net of discount $ 241 $ 316 $ 241 $ 316 (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. Fortitude Re 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 June 30, 2026, $3.0 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 and Part II, Item 7. MD&A – Enterprise Risk Management – Liquidity Risk in the 2025 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 2025 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. AIG | Second Quarter 2026 Form 10-Q 67 TABLE OF CONTENTS ITEM 2 | Liquidity and Capital Resources LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS Sources Liquidity to AIG Parent from Subsidiaries During the six months ended June 30, 2026, our General Insurance companies distributed dividends of $1.8 billion to AIG Parent or applicable intermediate holding companies. Sales of Corebridge Shares by AIG In February 2026, we sold 24.7 million shares of Corebridge common stock at a per share purchase price of $30.42. The aggregate proceeds to AIG Parent were $750 million. In May 2026, we sold 25.5 million shares of Corebridge common stock, representing our remaining interest in Corebridge, at a per share purchase price of $27.90. The aggregate proceeds to AIG Parent were approximately $710 million. Uses General Borrowings We made interest payments on our general borrowings totaling $202 million during the six months ended June 30, 2026. Dividends We made cash dividend payments in the amount of $0.50 per share on AIG Common Stock for the three month period ended June 30, 2026 (an increase of 11 percent from prior dividend payments), and $0.45 per share for the three months ended March 31, 2026, totaling $504 million in the aggregate. Repurchases of Common Stock During the six months ended June 30, 2026, AIG Parent repurchased approximately 15 million shares of AIG Common Stock, for an aggregate purchase price of approximately $1.2 billion. Pursuant to a Rule 10b5-1 plan, from July 1, 2026 to July 31, 2026, AIG Parent repurchased approximately 2 million shares of AIG Common Stock for an aggregate purchase price of approximately $195 million. Acquisition of Convex Group Limited (Convex) and Onex Corporation (Onex) On February 6, 2026, AIG closed its previously announced acquisitions of (i) a 35 percent equity interest in Convex for $2.1 billion and (ii) a 9.9 percent ownership stake in Onex, for $642 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 $205 million and $200 million in the six months ended June 30, 2026 and 2025, respectively. Excluding interest payments, AIG had operating cash inflows of $2.1 billion and $1.5 billion in the six months ended June 30, 2026 and 2025, respectively. Investing Cash Flow Activities Net cash provided by investing activities in the six months ended June 30, 2026 was $81 million compared to $3.3 billion in the prior year period. Financing Cash Flow Activities Net cash used in financing activities in the six months ended June 30, 2026 totaled $1.7 billion, reflecting: •$504 million to pay dividends of $0.50 per share in the three months ended June 30, 2026, and $0.45 per share for the three months ended March 31, 2026 on AIG Common Stock; and •$1.2 billion to repurchase approximately 15 million shares of AIG Common Stock. Net cash used in financing activities in the six months ended June 30, 2025 totaled $4.2 billion reflecting: •$488 million to pay dividends of $0.45 per share in the three months ended June 30, 2025, and $0.40 per share for the three months ended March 31, 2025 on AIG Common Stock; •$4.0 billion to repurchase approximately 50 million shares of AIG Common Stock; and •$154 million in net inflows from the issuance and repayment of long-term debt. 68 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Liquidity and Capital Resources LIQUIDITY AND CAPITAL RESOURCES OF AIG PARENT AND SUBSIDIARIES AIG Parent As of June 30, 2026 and December 31, 2025, respectively, AIG Parent had approximately $7.4 billion and $9.3 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 2025 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. Letters of credit issued in support of our insurance companies totaled approximately $2.2 billion at June 30, 2026. 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 June 30, 2026, a total of $3.0 billion remained available under the Facility. CONTRACTUAL OBLIGATIONS As of June 30, 2026, there have been no material changes in our contractual obligations from December 31, 2025, a description of which may be found in Part II, Item 7. MD&A – Liquidity and Capital Resources – Contractual Obligations in the 2025 Annual Report. OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS As of June 30, 2026, there have been no material changes in our off-balance sheet arrangements and commercial commitments from December 31, 2025, 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 2025 Annual Report. AIG | Second Quarter 2026 Form 10-Q 69 TABLE OF CONTENTS ITEM 2 | Liquidity and Capital Resources 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: Six Months Ended June 30, 2026 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 $ 8,529 $ — $ — $ (50) $ 3 $ 8,482 Junior subordinated debt 481 — — — — 481 Total general borrowings 9,010 — — (50) 3 8,963 Borrowings supported by assets 25 — (15) — — 10 Total long-term debt $ 9,035 $ — $ (15) $ (50) $ 3 $ 8,973 Debt of consolidated investment entities - not guaranteed by AIG(a) $ 156 $ — $ — $ — $ (2) $ 154 (a)Includes debt of consolidated investment entities related to real estate investments. Debt Maturities The following table summarizes maturing long-term debt at June 30, 2026 of AIG for the next four quarters: Third Quarter Fourth Quarter First Quarter Second Quarter (in millions) 2026 2026 2027 2027 Total General borrowings $ — $ 28 $ — $ 938 $ 966 The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable): June 30, 2026 Remainder Year Ending (in millions) Total of 2026 2027 2028 2029 2030 2031 Thereafter General borrowings: Notes and bonds payable $ 8,482 $ 28 $ 938 $ 675 $ 203 $ 959 $ — $ 5,679 Junior subordinated debt 481 — — — — — — 481 Total general borrowings 8,963 28 938 675 203 959 — 6,160 Borrowings supported by assets 10 — — — — — — 10 Total long-term debt* $ 8,973 $ 28 $ 938 $ 675 $ 203 $ 959 $ — $ 6,170 *Does not reflect $154 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. 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- AA- A1 Lexington Insurance Company A AA- AA- A1 American Home Assurance Company A AA- AA- A1 AIG Europe S.A. NR AA- AA- A1 American International Group UK Limited A AA- AA- A1 AIG General Insurance Company, Ltd. NR AA- NR NR In July 2026, Fitch assigned a financial strength rating of AA- to AIG Europe S.A. and American International Group UK Limited, the outlook of the ratings assigned is Stable for both subsidiaries. Both entities were previously unrated by Fitch. 70 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Liquidity and Capital Resources 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 A- (3rd 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. 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 2025 Annual Report and Note 10 to the Condensed Consolidated Financial Statements. 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 2025 Annual Report. DIVIDENDS On August 6, 2026, our Board of Directors (the Board) declared a cash dividend on AIG Common Stock of $0.50 per share, payable on September 30, 2026 to shareholders of record as of September 16, 2026. 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 13 to the Condensed Consolidated Financial Statements. REPURCHASES OF AIG COMMON STOCK The Board has authorized the repurchase of shares of AIG Common Stock and as of July 31, 2026, $2.6 billion remained under the Board's authorization. During the six months ended June 30, 2026, AIG Parent repurchased approximately 15 million shares of AIG Common Stock for an aggregate purchase price of $1.2 billion. Pursuant to a Rule 10b5-1 plan, from July 1, 2026 to July 31, 2026, AIG Parent repurchased approximately 2 million shares of AIG Common Stock for an aggregate purchase price of approximately $195 million. 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 13 to the Condensed Consolidated Financial Statements. AIG | Second Quarter 2026 Form 10-Q 71 TABLE OF CONTENTS ITEM 2 | Enterprise Risk Management Enterprise Risk Management 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 Enterprise Risk Management (ERM) Department oversees and integrates the risk management functions in our business 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 2025 Annual Report. AIG employs a Three Lines model. AIG’s business leaders assume full accountability for the risks and controls in their segments and functions, and ERM and other second line functions have 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 2025 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 June 30, 2026, 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 2025 Annual Report. See Part I, Item 1A. Risk Factors in the 2025 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. 72 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS 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, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, 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, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, 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 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. AIG | Second Quarter 2026 Form 10-Q 73 TABLE OF CONTENTS 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 unrest 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 provides 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. 74 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS 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