AIG

and income from investments. Our expenses consist of losses and loss adjustment expenses incurred, commissions and other costs of selling and servicing our products, interest expense and general operating expenses. Our profitability is dependent on our ability to properly price and manage risk on insurance products, including establishing loss reserves, to manage our portfolio of investments effectively and to control costs through expense discipline. For additional information on loss reserves and prior ye

of operations and cash flows. Adverse changes in the valuation of real estate and real estate-linked assets, volatility or deterioration of capital markets and widening credit spreads have in the past, and may in the future, materially adversely affect the liquidity and the value of our investment portfolios. In the event additional liquidity is required by one or more of our companies, it may be difficult for us to generate additional liquidity by selling, pledging or otherwise monetizing these or other inves

ITEM 7 | Enterprise Risk Management The changes in interest rates and credit spreads impact our ability to reinvest future cash flows at rates equal or greater than the rates on sales and maturities

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 Pittsbu

Losses and loss adjustment expenses incurred 3,475 3,794 Amortization of deferred policy acquisition costs 824 825 General operating and other expenses 1,137 1,115 Interest expense 100 92 Net (gain) loss on divestitures and other 127 ( 3 ) Total benefits, losses and expenses 5,663 5,823 Income before income tax expense 987 960 Income tax expense 224 262 Net income 763 698 Less: Net income (loss) attributable to noncontrolling interests — — Net income attributable to AIG common shareholders $ 763 $ 698

3,371 3,425 3,771 (2) (9) General operating and other expenses 5,053 5,529 5,399 (9) 2 Interest expense 396 462 516 (14) (10) (Gain) loss on extinguishment of debt (5) 14 (37) NM NM Net (gain) loss on divestitures and other (81) (616) 29 87 NM Total benefits, losses and expenses 22,896 23,381 25,071 (2) (7) Income from continuing operations before income tax expense 3,879 3,870 2,867 — 35 Income tax expense (benef

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 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 (Ame

• increased market volatility and uncertainty that could decrease liquidity, increase borrowing costs and limit access to capital markets

ITEM 7 | Enterprise Risk Management The changes in interest rates and credit spreads impact our ability to reinvest future cash flows at rates equal or greater than the rates on sales and maturities

ITEM 1A | Risk Factors We are exposed to certain risks arising from or exacerbated by fluctuations in interest rates, such as a potential mismatch between the expected duration of our liabilities and our assets, changes in certain statutory reserve or capital requirements that are based on formulas or models that consider interest rates or prescribed interest

or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals

to repay their contractual obligations when they become due. Credit risk may also result from a downgrade of a counterparty’s credit ratings or a widening of its credit spreads. Direct and indirect credit exposures may arise from, but are not limited to, fixed income investments, equity securities, deposits, commercial paper investments, securities purchased under agreements to resell and repurchase agreements, corporate and consumer loans, leases, reinsurance and retrocessional insurance recoverables

Our investments are also subject to market risks and uncertainties, including, in addition to interest rate risk, changes in the level of credit spreads, currency rates and equity prices, each of which has affected and will continue to affect the value of investments in our investment portfolio as well as the performance of, and returns generated by, s

Our hedging programs utilize various hedging and derivative instruments, including but not limited to interest rate swaps, credit default swaps and foreign exchange forwards, which may not effectively or completely reduce our risk

past been, and may in the future be, affected by elevated climate risks, regional economic downturns, changes in foreign currency exchange rates and foreign interest rates, geopolitical events or upheaval, sanctions policies, changes to international trade and/or tariff policies, nationalization and other restrictive government or regulatory actions, which could also affect our other operations

Derivative Transactions We utilize derivatives principally to enable us to hedge exposure associated with changes in levels of interest rates, currencies, credit, commodities, equity prices and other risks

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

our response to rate actions taken by competitors, legal and regulatory developments, the ability to obtain regulatory approval for rate changes and inflation

87 6,743,614 $ 3,394 * Excludes excise tax of $5 million due to the Inflation Reduction Act of 2022 for the three months ended March 31, 2026

ITEM 1A | Risk Factors We are exposed to certain risks arising from or exacerbated by fluctuations in interest rates, such as a potential mismatch between the expected duration of our liabilities and our assets, changes in certain statutory reserve or capital requirements that are based on formulas or models that consider interest rates or prescribed interest

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

Our investments are also subject to market risks and uncertainties, including, in addition to interest rate risk, changes in the level of credit spreads, currency rates and equity prices, each of which has affected and will continue to affect the value of investments in our investment portfolio as well as the performance of, and returns generated by, s

ITEM 7 | Enterprise Risk Management The changes in interest rates and credit spreads impact our ability to reinvest future cash flows at rates equal or greater than the rates on sales and maturities

catastrophe-related loss depends on various factors, including the frequency and severity of the catastrophes, the availability of reinsurance, the rate of inflation and the value and geographic or other concentrations of insured companies and individuals

Interest rate sensitivity is defined as the change in value with respect to a 100 basis point parallel shift up in the interest rate environment, calculated as: scenario value minus base value, where base value is the value under the yield curves as of the per

market conditions, including a lack of buyers, the inability of potential buyers to obtain financing on reasonable terms, volatility, credit spread changes, interest rate changes, foreign currency exchange rates and/or declines in collateral values have in the past impacted, and may in the future impact, the liquidity and value of our investments

or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals

Weaknesses in economic conditions, including a recessionary environment, poor capital markets performance, market volatility, volatility in interest rate levels and inflation have in the past led to, and may in the future lead to, among other consequences, a poor operating environment, erosion of consumer and investor confidence, reduced business volumes, deteriorating liquidity and declines in as

Additionally, we expect that developments in privacy and cybersecurity worldwide will increase financial and reputational implications in the event of a significant breach of our or our third-party suppliers’ information technology systems

foregoing activities may not be effective. If our products are distributed in a manner alleged to be inappropriate, or third-party distributors experience a security or data breach due to deficient operational controls, we could suffer reputational and/or other financial harm to our business. Our restructuring initiatives may not yield expected reductions in expenses and/or improvements in operational and organizational efficiency. From time to time, we engage in restructuring initiatives designed to reduce ou

to AI, third-party engagement, business resiliency and environmental, social and governance matters as well as matters relating to data protection and cybersecurity, which may impact the efficacy of our standardized risk management tools and techniques

significantly affect the insurance industry and certain of our operations, including regulation, legislation and administrative policies related to privacy, cybersecurity, government sanctions, anti-discrimination, financial services, securities, taxation and climate change

and to obtain consent for specific processing activities. We are also subject to laws and regulations requiring notification to affected individuals and regulators of security breaches and laws and regulations regarding data localization and the cross-border transfer of information. SUSTAINABILITY In recent years, federal- and state-level lawmakers and regulators in the United States and in other major countries in which we operate have increased their scrutiny on financial institutions and other companies

Supply chain disruptions or delays could prevent us from maintaining and implementing changes, updates and upgrades to our systems and networks in a timely manner or at all

and regulatory requirements on business investment, data protection, cybersecurity and artificial intelligence, hiring, migration, labor supply and global supply chains

in privacy and cybersecurity worldwide will increase financial and reputational implications in the event of a significant breach of our or our third-party suppliers’ information technology systems

In addition, such payments could be limited as a result of claims against our subsidiaries by their creditors, including suppliers, vendors, lessors and employees

Supply chain disruptions or delays could prevent us from maintaining and implementing changes, updates and upgrades to our systems and networks in a timely manner or at all

our corresponding reinsurance recoverable, or the risk that the reinsurance transaction does not operate as intended, including due to a change in laws and regulations or on account of court or arbitration panel interpretations, could have a material adverse effect on our results of operations and liquidity

to AIG Parent in the future will depend on their earnings, capital levels, tax considerations, covenants contained in any financing or other agreements, applicable regulatory restrictions and rating agency requirements. In addition, such payments could be limited as a result of claims against our subsidiaries by their creditors, including suppliers, vendors, lessors and employees. Additionally, our insurance subsidiaries may be limited in their ability to make dividend payments to AIG Parent in the future

international laws and regulations, including remediation or other expenses

data and information. Our business is highly dependent on our ability to access these systems and networks to perform necessary business functions. In the event of a natural disaster, unauthorized or fraudulent access, a terrorist attack, a major cyber-attack or other disruption, our systems, networks, and data may be inaccessible to our employees, customers or business partners for an extended period of time, and we may be unable to meet our business obligations and regulatory requirements for an extended

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: Product

in estimating losses may result in premiums that are inadequate to generate underwriting profit. Our business is exposed to various catastrophic events, including natural disasters, man-made catastrophes, or pandemic disease, in which multiple losses can occur and affect multiple lines of business in any calendar year, adversely affecting our business and operating results. Concentration of exposure in certain industries or geographies may cause us to suffer disproportionate losses. Our business is expos

• lower levels of consumer demand for and ability to afford our products and commercial business activities that have decreased and may continue to decrease revenues and profitability and thus impair goodwill, deferred tax assets or other long-term assets

with meeting customer needs in such regions, adverse impacts resulting from changes to international trade, tariff and monetary policies, and any potential U.S. government shutdowns, have had and could continue to have a material adverse effect on our businesses, results of operations, financial condition, capital and liquidity in many ways, including: • lower levels of consumer demand for and ability to afford our products and commercial business activities that have decreased and may continue to de

), civil unrest, pandemics, geopolitical tensions, changes to international trade and/or tariff policies, foreign investment restrictions, military action or armed conflicts and corresponding sanctions imposed by the U

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

Certain global benchmark interest rates continued to fluctuate in 2025 as markets reacted to change in inflation trends, geopolitical risk, trade and tariff uncertainties and the rate decisions of the global central banks

), civil unrest, pandemics, geopolitical tensions, changes to international trade and/or tariff policies, foreign investment restrictions, military action or armed conflicts and corresponding sanctions imposed by the U

in foreign currency exchange rates and foreign interest rates, geopolitical events or upheaval, sanctions policies, changes to international trade and/or tariff policies, nationalization and other restrictive government or regulatory actions, which could also affect our other operations

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

except for share data) March 31, 2026 December 31, 2025 Assets: Investments: Fixed maturity securities: Bonds available for sale, at fair value, net of allowance for credit losses of $ 38 in 2026 and $ 37 in 2025 (amortized cost: 2026 - $ 71,936 ; 2025 - $ 71,772 ) $ 70,528 $ 71,032 Other bond securities, at fair value 677 741 Equity securities, at fair value 1,616 502 Mortgage and other loans receivable, net of allowance for credit losses of $ 37,713 in 2026 and $ 37,747 in 2025 2,813 2,887 Other invested

has a positive fair value to us. All derivative transactions must be transacted within counterparty limits that have been approved by ERM. We evaluate counterparty credit quality via an internal analysis that is consistent with our organizational policies and, where necessary, we require credit enhancements for certain transactions and enter into offsetting and netting arrangements. For additional information related to derivative transactions, see Note 11 to the Consolidated Financial Statements. MARKET

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. Net Realized Gains and Losses The following table presents the components of Net realized gains (losses): Three Months Ended March 31, 2026 2025 (in millions) Excluding Fortitude Re Funds Withheld Assets Fortitu

31 134 33 63 49 6 — 285 8 Foreign 36 278 182 98 69 117 109 853 26 Total* 190 $ 1,087 $ 1,108 $ 432 $ 301 $ 258 $ 119 $ 3,305 100 % * Does not reflect allowance for credit losses. AIG | 2025 Form 10-K 57 TABLE OF CONTENTS ITEM 7 | Investments For additional information on commercial mortgage loans, see Note 7 to the Consolidated Financial Statements. Net Realized Gains and Losses The following table presents the components of Net realized gains (losses): Years Ended December 31, 2025 2024 2023 (in millions

due to lower gains on the changes in the fair value, lower gains on sale of shares, and lower dividends from AIG's investment in Corebridge, and lower income from mortgage loans, partially offset by higher income on available for sale fixed maturity securities and Alternatives investments. 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 a

$ 37 in 2025 (amortized cost: 2026 - $ 71,936 ; 2025 - $ 71,772 ) $ 70,528 $ 71,032 Other bond securities, at fair value 677 741 Equity securities, at fair value 1,616 502 Mortgage and other loans receivable, net of allowance for credit losses of $ 37,713 in 2026 and $ 37,747 in 2025 2,813 2,887 Other invested assets (portion measured at fair value: 2026 - $ 3,305 ; 2025 - $ 5,011 ) 7,015 6,696 Short-term investments, including restricted cash of $ 57 in 2026 and $ 55 in 2025 (portion measured at fair value: 2026

31, 2024 Sensitivity factor 100 bps parallel increase in all yield curves Interest rate sensitive assets: Fixed maturity securities $ 68,005 $ 61,408 $ (2,459) $ (2,248) Mortgage and other loans receivable (a) 3,748 3,057 (45) (61) Total interest rate sensitive assets (b) $ 71,753 $ 64,465 $ (2,504) $ (2,309) Interest rate sensitive liabilities: Long-term debt (a)(c) (9,035) (8,525) 634 628 Total interest rate sensitive liabilities $ (9,035) $ (8,525) $ 634 $ 628 Sensitivity factor 20% decline in equity prices

to EEA data subjects or monitoring the personal behavior of EEA data subjects (e.g., in an online context)). The GDPR was also onshored in the UK through the European Union (Withdrawal) Act 2018, with adjustments as provided in subsequent regulations. Sanctions for non-compliance with the GDPR are onerous, with the potential for fines of up to 4 percent of global revenue for the most serious infringements. We have sought to address the GDPR’s requirements by demonstrating accountability for compliance with

in the past been, and may in the future be, affected by elevated climate risks, regional economic downturns, changes in foreign currency exchange rates and foreign interest rates, geopolitical events or upheaval, sanctions policies, changes to international trade and/or tariff policies, nationalization and other restrictive government or regulatory actions, which could also aff

other investments ( 616 ) 425 Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts 4 6 Change in foreign currency translation adjustments ( 121 ) 194 Change in retirement plan liabilities adjustment 6 7 Other comprehensive income (loss) ( 728 ) 636 Comprehensive income 35 1,334 Less: Comprehensive income attributable to noncontrolling interests — 1 Comp

rates, credit spreads, foreign exchange, equity and commodity prices, residential and commercial real estate values, inflation, and their respective levels of uncertainty

(d) Most of the foreign currency exposure is reported on a one quarter lag

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

796 (648) (1,159) Total equity and alternative investments $ 7,198 $ 10,532 $ (1,439) $ (2,106) Sensitivity factor 10% depreciation of all FX rates against the U

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

a lack of buyers, the inability of potential buyers to obtain financing on reasonable terms, volatility, credit spread changes, interest rate changes, foreign currency exchange rates and/or declines in collateral values have in the past impacted, and may in the future impact, the liquidity and value of our investments

Our hedging programs utilize various hedging and derivative instruments, including but not limited to interest rate swaps, credit default swaps and foreign exchange forwards, which may not effectively or completely reduce our risk

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

other investments ( 616 ) 425 Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts 4 6 Change in foreign currency translation adjustments ( 121 ) 194 Change in retirement plan liabilities adjustment 6 7 Other comprehensive income (loss) ( 728 ) 636 Comprehensive income 35 1,334 Less: Comprehensive income attributable to noncontrolling interests — 1 Comp

in the past been, and may in the future be, affected by elevated climate risks, regional economic downturns, changes in foreign currency exchange rates and foreign interest rates, geopolitical events or upheaval, sanctions policies, changes to international trade and/or tariff policies, nationalization and other restrictive government or regulatory actions, which could also aff

796 (648) (1,159) Total equity and alternative investments $ 7,198 $ 10,532 $ (1,439) $ (2,106) Sensitivity factor 10% depreciation of all FX rates against the U

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

a lack of buyers, the inability of potential buyers to obtain financing on reasonable terms, volatility, credit spread changes, interest rate changes, foreign currency exchange rates and/or declines in collateral values have in the past impacted, and may in the future impact, the liquidity and value of our investments

Our hedging programs utilize various hedging and derivative instruments, including but not limited to interest rate swaps, credit default swaps and foreign exchange forwards, which may not effectively or completely reduce our risk

(d) Most of the foreign currency exposure is reported on a one quarter lag

rates, credit spreads, foreign exchange, equity and commodity prices, residential and commercial real estate values, inflation, and their respective levels of uncertainty

1-28 1,883,456 78.71 1,883,456 3,664 March 1-31 3,529,553 76.54 3,529,553 3,394 Total 6,743,614 $ 76.87 6,743,614 $ 3,394 * Excludes excise tax of $5 million due to the Inflation Reduction Act of 2022 for the three months ended March 31, 2026. During the three months ended March 31, 2026, American International Group, Inc. repurchased approximately 7 million shares of AIG common stock, par value $2.50 per share (AIG Common Stock) for an aggregate purchase price of $0.5 billion. From April 1, 2026 to April 24

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 March 31, 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 c

foundation of core skills including communication, collaboration, coaching, change agility and problem solving. In addition, we offer tuition and certification training reimbursement to encourage employees to enhance their education and skills. Additionally, we focus on building managerial capability for people managers through a series of interactive learning experiences focused on skills needed to lead teams effectively and achieve business priorities. To assess leadership skills and capabilities, we use dis

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 $2.3 billion at December 31, 2025. CREDIT FACILITIES We maintain a syndicated, multicurrency revolving credit facility (the Facility) as a potential source of liquidity for general corporate purposes with aggregat

harm, compromises to our data integrity, or suffer other negative consequences, including potential regulatory consequences, such as increased scrutiny and sanctions, all of which may have a material adverse effect on our business, consolidated results of operations, liquidity and financial condition

Market Conditions • Deterioration of economic conditions, geopolitical tensions, changes in market conditions or weakening global capital markets have affected and may continue to materially affect our businesses, results of operations, financial condition and liquidity

In addition, such failure has and could subject us to litigation, investigations, sanctions, and regulatory and law enforcement action and other liability under U

businesses and operations in Middle East and Africa (EMEA region), the United Kingdom, Japan, Europe, Asia Pacific, Latin America and Caribbean, and China

Estimating reserves is further complicated by unexpected claims or unintended coverages that may emerge due to unexpected events, such as pandemics or geopolitical conflicts

MARKET CONDITIONS Deterioration of economic conditions, geopolitical tensions, changes in market conditions or weakening global capital markets have affected and may continue to materially affect our businesses, results of operations, financial condition and liquidity

businesses and operations in Europe, Middle East and Africa (EMEA region), the United Kingdom, Japan, Asia Pacific, Latin America and Caribbean, and China

The MAS has authority to conduct inspections and investigations on insurers and to administer sanctions for regulatory non-compliance

in the Interest Rate Environment Certain global benchmark interest rates continued to fluctuate in 2025 as markets reacted to change in inflation trends, geopolitical risk, trade and tariff uncertainties and the rate decisions of the global central banks

may in the future be, affected by elevated climate risks, regional economic downturns, changes in foreign currency exchange rates and foreign interest rates, geopolitical events or upheaval, sanctions policies, changes to international trade and/or tariff policies, nationalization and other restrictive government or regulatory actions, which could also affect our other operations

Additionally, the frequency and sophistication of such threats continue to increase and often become further heightened in connection with geopolitical tensions

Sanctions for non-compliance with the GDPR are onerous, with the potential for fines of up to 4 percent of global revenue for the most serious infringements

businesses and operations in Europe, Middle East and Africa (EMEA region), the United Kingdom, Japan, Asia Pacific, Latin America and Caribbean, and China

insurance industry and certain of our operations, including regulation, legislation and administrative policies related to privacy, cybersecurity, government sanctions, anti-discrimination, financial services, securities, taxation and climate change

Business – Regulation – Privacy, Data Protection, Cybersecurity and Artificial Intelligence Requirements

• Our development and use of new technology, such as generative artificial intelligence, may present risks

• our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives

We are exposed to the risk that employee fraud or misconduct could occur despite extensive training for employees and fraud monitoring