American International Group (AIG) 10-K risk factor changes: FY2024 vs FY2023

[added: The laws and regulations that apply to] our [added: business and operations generally grant regulatory agencies and/or self-regulatory organizations broad rulemaking and enforcement powers, including the power to regulate the issuance, marketing, sale and distribution of our products, the manner in which we underwrite our policies, the delivery of our services, the nature or extent of disclosures that we give our] customers, the compensation of our distribution partners, the manner in which we handle claims on our policies and the administration of our policies and contracts, as well as the power to limit or restrict our business for failure to comply with applicable laws and regulations.

The relevant authorities may not agree with our interpretation of these laws and [removed: regulations, including, for example, our implementation of new or revised requirements related to the classification of debt securities that do not qualify as bonds,] [added: regulations] or with our policies and procedures adopted to address evolving industry practices or meet regulatory expectations.

It is also possible that the laws, regulations and interpretations across various jurisdictions in which we do business may conflict with one [removed: another and] [added: another, or] affect how we do business [added: beyond such jurisdictions’ borders, including] in the United States [removed: and] [added: and/or] globally.

Additionally, [removed: when] [added: in instances where] such authorities’ interpretation of new or revised requirements related to capital, accounting [removed: treatment and/or] [added: treatment,] valuation [removed: manual] or reserving [removed: (such as PBR)] [added: has] materially [removed: differs] [added: differed, or may in the future materially differ] from ours, we have [removed: incurred or] [added: incurred, and] may [removed: incur] [added: again incur,] higher operating costs, [removed: or] [added: and] sales of products subject to such requirements or treatment [added: have been and] may [added: again] be affected.

Regulators in jurisdictions in which we do business have adopted RBC, solvency and liquidity standards applicable to insurers [removed: and reinsurers] operating in their jurisdiction.

The NAIC [added: has] adopted [removed: in 2020, and the IAIS is developing and testing for implementation beginning in 2025,] methodologies for assessing group-wide regulatory capital, which [removed: might] [added: could] evolve into more formal group-wide prescribed capital requirements on certain insurance companies and/or their holding companies that may augment [removed: state-law] [added: jurisdictional] RBC [removed: standards, and similar international standards,] [added: or solvency standards] that apply at the legal entity level, and [added: the basis for] such capital calculations may [removed: be made,] [added: differ,] in whole or in part, [removed: on bases other than] [added: from] the statutory statements of our insurance [removed: and reinsurance subsidiaries.][added: subsidiaries used to calculate RBC.]

Furthermore, efforts to address systemic risks within the financial services industry, including insurance services, may lead regulators to apply new or heightened standards and safeguards for activities or practices that we and other insurers or other nonbank financial services [removed: companies, including insurers,] [added: companies] engage in.

[removed: In addition to the regulation of specific activities, the] [added: The] Financial Stability Oversight Council has authority under Dodd-Frank to determine that certain nonbank financial [removed: companies] [added: companies, including insurers,] be designated as nonbank SIFIs subject to supervision by the Board of Governors of the Federal Reserve System and enhanced prudential standards, and [removed: recently adopted revised] [added: has in place] guidance and procedures intended to govern any such designations.

There has also been increased regulatory scrutiny of the use of [removed: “big data” techniques,] [added: data,] machine learning, predictive models and artificial intelligence, including in the insurance industry.

Certain insurance regulators [removed: are developing, or] have developed, [added: and others are developing,] regulations or guidance applicable to insurance companies that use artificial intelligence, [removed: “big data” techniques,] [added: data analytics,] machine learning and predictive models in their operations.

We cannot predict [removed: what, if any,] [added: the impact of the] regulatory actions [added: that have been or] may [removed: be taken] in the future [added: be taken] with regard to [removed: “big data,”] [added: data analytics,] artificial intelligence, machine learning or predictive models, but any limitations or restrictions could have a material impact on our business, processes, results of operations and financial condition.

We also cannot predict the impact that laws and regulations adopted in foreign jurisdictions may have on [removed: the financial markets generally or] our businesses, results of operations or cash [removed: flows.][added: flows, or on the financial markets generally.]

It is possible such [removed: laws and regulations,] [added: laws, regulations or standards,] including, without limitation, Solvency II and European Data Protection Board Cross Border Data [removed: Transfer] [added: Transfer, Corporate Sustainability Reporting Directive (CSRD), and Corporate Sustainability Due Diligence Directive (CSDDD)] in the EU, and standard-setting initiatives by the FSB and the IAIS, including, but not limited to, the IAIS’ Common Framework for the Supervision of IAIGs, its [added: global Insurance Capital Standard, which was recently adopted as a group-level prescribed capital requirement, and its] holistic framework for the assessment and mitigation of systemic [removed: risk and the development and refinement of a risk-based global ICS,] [added: risk,] may significantly alter our business practices.

For example, regulators have imposed and may continue to impose new [removed: requirements or] [added: requirements, and regulators and other international organizations may continue to] issue [removed: new guidance] [added: guidance,] aimed at addressing or mitigating climate change-related risks.

| [removed: 34 | | |] AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [added: 27 | | |]

*For information regarding the regulatory response to the COVID-19 pandemic, see Business and Operations – “An epidemic, pandemic or other health crisis could materially and adversely affect our [removed: business] [added: business,] results of operations, financial condition [removed: and liquidity.][added: or liquidity” above*.]

Legislators, [removed: regulators and] [added: regulators,] self-regulatory [added: and other] organizations have in the past, and may in the future, periodically consider various proposals [removed: that] [added: that, if enacted,] may affect or restrict, among other things, our business practices and activities, product designs and distribution relationships, how we market, sell or service certain products we offer, the investment assets we hold and our investment management practices, our capital, reserving and accounting requirements, or the profitability of certain of our businesses.

Further, new [removed: laws and] [added: laws,] regulations [added: or guidance] may affect or significantly limit our ability to conduct certain businesses at all, including [removed: proposals relating to] restrictions on the type of activities in which financial institutions are permitted to [removed: engage into.][added: engage.]

[removed: These proposals or changes] [added: Changes] in legislation or regulation could also impose additional taxes on a limited subset of financial institutions and insurance companies (either based on size, activities, geography or other criteria), limit our ability to engage in capital or liability management, require us to raise additional capital, and impose burdensome requirements and additional costs.

It is uncertain whether and how these and other [removed: such proposals or] changes in legislation or regulation would apply to us, those who sell or service our products, or our competitors or how they could impact our ability to compete effectively, as well as our business, consolidated results of operations, liquidity and financial condition.

Our ability to use [removed: these tax attributes] [added: U.S. federal net operating loss carryforwards] to offset future taxable income may be significantly limited if we experience an “ownership change” as defined in Section 382 of the Internal Revenue Code.

In general, an ownership change will occur when the percentage of AIG Parent's ownership (measured by value) by one or more “5-percent shareholders” (as defined in [added: Section 382 of] the Internal Revenue Code) has increased by more than 50 percentage points over the lowest percentage owned by such shareholders at any time during the prior three years (calculated on a rolling basis).

An entity that experiences an ownership change generally will be subject to an annual limitation on its utilization of pre-ownership change tax loss and credit carryforwards equal to the equity value of the corporation immediately before the ownership change, multiplied by the [removed: long- term,] [added: long-term] tax-exempt rate posted monthly by the [removed: IRS] [added: Internal Revenue Service] (AFR) (subject to certain adjustments).

If we were to experience an “ownership change,” it is possible that a significant portion of our tax loss [removed: and credit] carryforwards could expire before we would be able to use them to offset future taxable income.

New and proposed changes to tax laws could increase our corporate [removed: taxes or make some of our products less attractive to consumers.][added: taxes.]

The Inflation Reduction Act of [removed: 2022,] [added: 2022] includes a 15 percent corporate alternative minimum tax (CAMT) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period.

New tax laws outside the U.S., in particular those enacted in response to proposals by the Organisation for Economic [removed: Cooperation] [added: Co-operation] and Development, could make substantive changes to the global international tax regime.

[removed: AIG continues] [added: We continue] to monitor and assess the impact of such proposals.

*For additional information, see Note [removed: 23] [added: 21] to the Consolidated Financial Statements.*

| [added: 28 | | |] AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [removed: 35 | | |]

Our [added: consolidated] financial statements are prepared in conformity with U.S. [removed: Generally Accepted Accounting Principles (U.S. GAAP),] [added: GAAP,] which requires the application of accounting policies that often involve a significant degree of judgment.

The accounting policies that we consider most dependent on the application of estimates and assumptions, and therefore may be viewed as critical accounting estimates, are described in [removed: Note 1 to the Consolidated Financial Statements and in] [added: Part II,] Item 7.

In addition, we employ models to price products, calculate reserves and [removed: future policy benefits and] value assets and execute hedging strategies, as well as to assess risk and determine statutory capital requirements, among other uses.

[removed: To the extent that] [added: Additionally, if] any of our modeling practices do not accurately produce, or reproduce, data that we use to conduct any or all aspects of our business, such errors may negatively impact our business, reputation, results of operations and financial condition.

Our [added: consolidated] financial statements are prepared in accordance with U.S. GAAP, which are periodically revised.

If our businesses do not perform well and/or their estimated fair values decline, we may be required to recognize an impairment of our goodwill or establish an additional valuation allowance against the [added: related] deferred income tax assets, which could have a material adverse effect on our results of operations and financial condition.

In [removed: 2023,] [added: 2024,] for substantially all of the reporting units we elected to bypass the qualitative assessment of whether goodwill impairment may exist and, therefore, performed quantitative assessments that supported a conclusion that the fair value of all of the reporting units tested exceeded their book value.

MD&A – Critical Accounting Estimates – Income Taxes and Note [removed: 23] [added: 21] to the Consolidated Financial Statements.*

| [removed: 36 | | |] AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [added: 29 | | |]

[removed: There have been a number of cases involving fraud or other misconduct by employees in recent years and we] [added: We] are exposed to the risk that employee fraud or misconduct could [removed: occur.][added: occur despite extensive training for employees and fraud monitoring.]

administrative authority to insurance departments and similar regulatory agencies.

While the U.S. Treasury and the Internal Revenue Service issued proposed regulations for CAMT during the third quarter of 2024, there are still certain details regarding the application of the CAMT that remain unclear and we continue to evaluate the impact of the proposed regulations along with any other guidance.

MD&A – Critical Accounting Estimates and in Note 1 to the Consolidated Financial Statements.

Our principal competitors are other property and casualty insurance organizations.

Our Life and Retirement companies and their distributors are also subject to laws and regulations governing the standard of care applicable to sales of our products, the provision of advice to our customers and the manner in which certain conflicts of interest arising from or related to such sales or giving of advice are to be addressed.

In addition, federal and state securities laws and regulations apply to certain of our insurance products that are considered ‘securities’ under such laws, including our variable annuity contracts, variable life insurance policies and the separate accounts that issue them, as well as our broker-dealer, investment advisor and mutual fund operations.

COVID-19 (including variants) has adversely affected and may continue to adversely affect our global business, results of operations, financial condition and liquidity.” above*.

As of December 31, 2023, on a U.S. GAAP basis, AIG Parent had U.S. federal net operating loss carryforwards of approximately $22.0 billion.

Although the U.S. Treasury and the Internal Revenue Service issued interim CAMT guidance during 2023, many details and specifics of application of the CAMT remain subject to future guidance.

We are subject to CAMT for 2023.

Our estimated CAMT liability will continue to be refined based on future guidance.

MD&A – Critical Accounting Estimates.

For our Life and Retirement companies, significant changes in policyholder behavior assumptions such as lapses, surrenders and withdrawal rates as well as the amount of withdrawals, fund performance, equity market returns and volatility, interest rate levels, the health habits of the insured population, technologies and treatments for disease or disability, the economic environment, or other factors could negatively impact our assumptions and estimates.

Our goodwill balance was $3.5 billion at December 31, 2023.

As of December 31, 2023, we had net deferred tax assets, after valuation allowance, of $14.1 billion, related to federal, foreign, and state and local jurisdictions.

Our informational technology, human resources and compliance departments work collaboratively to monitor for fraud and conduct extensive training for employees.

However, employee fraud or misconduct may still occur.

Our principal competitors are other large multinational insurance organizations, as well as banks, investment banks and other nonbank financial institutions.

Reinsurance is used primarily to manage overall capital adequacy and mitigate the insurance loss [removed: (Life and Non-Life)] exposure related to certain events, such as natural and man-made catastrophes, death events, or single policy level events.

At December 31, [removed: 2023,] [added: 2024,] total reinsurance recoverable assets were [removed: $67.5] [added: $38.0] billion.

These assets include general reinsurance paid losses recoverable of [removed: $4.6] [added: $3.8] billion, ceded loss reserves of [removed: $30.4] [added: $29.1] billion including reserves for IBNR claims, and ceded reserves for unearned premiums of $4.3 billion, as well as life reinsurance recoverable of [removed: $28.2] [added: $0.8] billion.

We believe that the amount recorded for ceded loss reserves at December 31, [removed: 2023] [added: 2024] reflects a reasonable estimate of the ultimate losses recoverable.

At December 31, [removed: 2023,] [added: 2024,] we held [removed: $70.1] [added: $20.1] billion of collateral, in the form of funds withheld, securities in reinsurance trust accounts and/or irrevocable letters of credit, in support of reinsurance recoverable assets from unaffiliated reinsurers.

At December 31, [removed: 2023,] [added: 2024,] we had no significant reinsurance recoverable due from any individual reinsurer that was financially troubled.

| AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [removed: 121] [added: 87] | | |

Book value per [removed: common] share, excluding [removed: accumulated] [added: 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 [removed: and deferred tax assets (DTA)] [added: (collectively, Investments AOCI)] (Adjusted book value per [removed: common] share) is [removed: a non-GAAP measure and is] used to show the amount of our net worth on a [removed: per-common] [added: per] share [removed: basis.][added: basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions.]

Adjusted book value per [removed: common] share is derived by dividing total AIG common shareholders’ equity, excluding [added: Investments] AOCI [added: (AIG] adjusted [removed: for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets and DTA (Adjusted] common [removed: shareholders’ equity),] [added: shareholders' equity)] by total common shares outstanding.

| [removed: 122] [added: 88] | | | AIG \| [removed: 2023] [added: 2024] Form 10-K | | |

Reinsurance recoverables are comprised of paid losses recoverable, ceded loss reserves, ceded reserves for unearned [removed: premiums, and Life and Annuity reinsurance recoverables (ceded policy and claim reserves and policyholder contract deposits).][added: premiums.]

| AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [removed: 123] [added: 89] | | |

Return on [removed: common] equity – Adjusted after-tax income excluding [added: Investments] AOCI [removed: adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets and DTA] (Adjusted return on [removed: common] equity) is [removed: a non-GAAP measure and is] used to show the rate of return on common shareholders’ [removed: equity.][added: equity excluding Investments AOCI.]

Adjusted return on [removed: common] equity is derived by dividing actual [removed: or] [added: or, for interim periods,] annualized adjusted after-tax income attributable to AIG common shareholders by average [removed: Adjusted] [added: AIG adjusted] common shareholders’ equity.

| [removed: ABS] [added: A&H] | | | [removed: Asset-Backed Securities] [added: Accident and Health Insurance] | | | ISDA | | | International Swaps and Derivatives Association, Inc. | | |

| CLO | | | Collateralized Loan Obligations | | | [removed: NM] [added: ORR] | | | [removed: Not Meaningful] [added: Obligor Risk Ratings] | | |

| CMBS | | | Commercial Mortgage-Backed Securities | | | [removed: ORR] [added: RMBS] | | | [removed: Obligor Risk Ratings] [added: Residential Mortgage-Backed Securities] | | |

| GAAP | | | Accounting Principles Generally Accepted in the United States of America | | | [removed: SEC] [added: VIE] | | | [removed: Securities and Exchange Commission] [added: Variable Interest Entity] | | |

enhancements.

For the International portfolio, we retained our core attachment points for Japan of $200 million and $125 million for rest of world.

We have also purchased property per risk covers that provide protection against large losses globally, which include those emanating from non-critical catastrophe events (all events except for named windstorm and earthquake) globally as well as critical catastrophe events (named windstorm and earthquake) outside North America.

Actual results in any period are likely to vary, perhaps materially, from the modeled scenarios.

The occurrence of one or more severe events could have a material adverse effect on our financial condition, results of operations and liquidity.

*For additional information, see also Part 1, Item 1A.

Risk Factors – Reserves and Exposures.*

Terrorism Risk

We actively monitor terrorism risk and manage exposures to losses from terrorist attacks.

Terrorism risks are modeled using a third-party vendor model for various terrorism attack modes and scenarios.

Adjustments are made to account for vendor model gaps and the nature of the General Insurance companies’ exposures.

Our largest terrorism concentrations are in New York City, and estimated losses are largely driven by the Property and Workers’ Compensation lines of business.

Our exposure to terrorism risk in the U.S. is mitigated by the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) in addition to limited private reinsurance protections.

TRIPRA covers certified terrorist attacks within the U.S. or U.S. missions and against certain U.S. carriers or vessels and excludes certain lines of business as specified by applicable law.

We offer terrorism coverage in many other countries through various insurance products and participate in country terrorism pools when applicable.

International terrorism exposure is estimated using scenario-based modeling and exposure concentration is monitored routinely.

Targeted reinsurance purchases are made for some lines of business to cover potential losses due to terrorist attacks.

We also rely on the government-sponsored and government-arranged terrorism reinsurance programs, including pools, in force in applicable non-U.S. jurisdictions.

Book Value per share, excluding Goodwill, Value of business acquired (VOBA), Value of distribution channel acquired (VODA) and Other intangible assets (Tangible book value per share) is used to provide a useful measure of the realizable shareholder value on a per share basis.

Tangible book value per share is derived by dividing Total AIG common shareholders’ equity, excluding intangible assets (AIG tangible common shareholders’ equity) by total common shares outstanding.

Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge.

We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions.

We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized.

Amounts for interim periods are estimates based on projections of full-year attribute utilization.

As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included.

We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG.

Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.

Book Value per share, excluding Investments AOCI, Goodwill, VOBA, VODA and Other intangible assets (Adjusted tangible book value per share) is used to provide a useful measure of the realizable shareholder value 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 and Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re.

Adjusted tangible book value per share is derived by dividing AIG adjusted common equity, excluding intangible assets, (AIG adjusted tangible common shareholders’ equity) by total common shares outstanding.

In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re.

Return on Equity – Adjusted After-tax Income, Excluding Goodwill, VOBA, VODA and Other Intangible assets (Return on tangible equity) is used to show the return on AIG tangible common shareholder’s equity, which we believe is a useful measure of realizable shareholder value.

We exclude Goodwill, VOBA, VODA and Other intangible assets from AIG common shareholders’ equity to derive AIG tangible common shareholders’ equity.

Return on AIG tangible common equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG tangible common shareholders' equity.

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.

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.

Our hedging programs utilize various derivative instruments, including but not limited to equity options, futures contracts, interest rate swaps and swaptions.

In addition, within the variable annuities hedging program, we purchase certain fixed income securities classified as available for sale.

The hedging programs are monitored on a daily basis to ensure that the economic liability hedge targets and the associated derivative portfolios stay within the threshold limits, pursuant to the approved hedging strategies.

In addition, monthly stress tests are performed to determine the program’s effectiveness relative to the applicable limits, under an array of combined severe market stresses in equity prices, interest rates, volatility and credit spreads.

Finally, hedging strategies are reviewed regularly to gauge their effectiveness in managing our market exposures in the context of our overall risk appetite.

*For information on the impact on our consolidated pre-tax income from the change in fair value of the embedded derivatives and the hedging portfolio, as well as additional discussion of differences between the economic hedge target and the valuation of the embedded derivatives, see Insurance Reserves – Life and Annuity Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits – Variable Annuity Guaranteed Benefits and Hedging Results.*

Adjusted revenues exclude Net realized gains (losses), income from non-operating litigation settlements (included in Other income for GAAP purposes), changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes) and income from elimination of the international reporting lag.

Adjusted revenues is a GAAP measure for our segments.

Assets under administration include assets under management and Group Retirement mutual fund assets that we sell or administer.

AUM *Assets under management* include assets in the general and separate accounts of our subsidiaries that support liabilities and surplus related to our life and annuity insurance products and the notional value of stable value wrap contracts.

Base yield Net investment income excluding income from alternative investments and other enhancements, as a percentage of average base invested asset portfolio, which excludes alternative investments, other bond securities and certain other investments for which the fair value option has been elected.

Credit Valuation Adjustment (CVA)/Non-Performance Risk Adjustment (NPA) The CVA/NPA adjusts the valuation of derivatives to account for nonperformance risk of our counterparty with respect to all net derivative assets positions.

The CVA/NPA also accounts for our own credit risk in the fair value measurement of all derivative net liability positions and liabilities where AIG has elected the fair value option, when appropriate.

DSI *Deferred Sales Inducements* Represents enhanced crediting rates or bonus payments to contract holders on certain annuity and investment contract products that meet the criteria to be deferred and amortized over the life of the contract.

GIC/GIA *Guaranteed Investment Contract/Guaranteed Investment Agreement* A contract whereby the seller provides a guaranteed repayment of principal and a fixed or floating interest rate for a predetermined period of time.

MRB *Market risk benefit* is an amount that a policyholder would receive in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from capital market risk.

Policy fees An amount added to a policy premium, or deducted from a policy cash value or contract holder account, to reflect the cost of issuing a policy, establishing the required records, sending premium notices and other related expenses.

Premiums and deposits – Life and Retirement includes direct and assumed amounts received and earned on traditional life insurance policies, group benefit policies and life-contingent payout annuities, as well as deposits received on universal life, investment-type annuity contracts, FHLB funding agreements and mutual funds.

Surrender charge A charge levied against an investor for the early withdrawal of funds from a life insurance or annuity contract, or for the cancellation of the agreement.

Surrender rate represents annualized surrenders and withdrawals as a percentage of average reserves and Group Retirement mutual fund assets under administration.

| A&H | | | Accident and Health Insurance | | | GMWB | | | Guaranteed Minimum Withdrawal Benefits | | |

| APTI | | | Adjusted pre-tax income | | | Moody's | | | Moody's Investors' Service Inc. | | |

| AUM | | | Assets Under Management | | | MRBs | | | Market Risk Benefits | | |

| CDS | | | Credit Default Swap | | | NAIC | | | National Association of Insurance Commissioners | | |

| ERM | | | Enterprise Risk Management | | | RMBS | | | Residential Mortgage-Backed Securities | | |

| FASB | | | Financial Accounting Standards Board | | | S&P | | | Standard & Poor's Financial Services LLC | | |

| GIA | | | Guaranteed Investment Agreements | | | URR | | | Unearned Revenue Reserve | | |

| GIC | | | Guaranteed Investment Contracts | | | VIE | | | Variable Interest Entity | | |

| GMDB | | | Guaranteed Minimum Death Benefits | | | | | | | | |

| [removed: 124] [added: 90] | | | AIG \| [removed: 2023] [added: 2024] Form 10-K | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i3bdcfcee27954b6aae3316a5ec2a29ce_904)] [added: Firm](#ibb0454018956415f90daa804e716b1b1_628)] (PCAOB ID 238) | | | | | | [removed: [126](#i3bdcfcee27954b6aae3316a5ec2a29ce_904)] [added: [92](#ibb0454018956415f90daa804e716b1b1_628)] | | |

| [Consolidated Balance Sheets at December [removed: 31,](#i3bdcfcee27954b6aae3316a5ec2a29ce_16) 2023] [added: 31,](#ibb0454018956415f90daa804e716b1b1_16) 2024] and [removed: 2022] [added: 2023] | | | | | | [removed: [130](#i3bdcfcee27954b6aae3316a5ec2a29ce_16)] [added: [94](#ibb0454018956415f90daa804e716b1b1_16)] | | |

| [Consolidated Statements of Income (Loss) for the years ended December [removed: 31,](#i3bdcfcee27954b6aae3316a5ec2a29ce_22) 2023, 2022] [added: 31,](#ibb0454018956415f90daa804e716b1b1_22) 2024, 2023] and [removed: 2021] [added: 2022] | | | | | | [removed: [131](#i3bdcfcee27954b6aae3316a5ec2a29ce_22)] [added: [95](#ibb0454018956415f90daa804e716b1b1_22)] | | |

| [Consolidated Statements of Comprehensive Income (Loss) for the years ended December [removed: 31,](#i3bdcfcee27954b6aae3316a5ec2a29ce_25) 2023, 2022] [added: 31,](#ibb0454018956415f90daa804e716b1b1_25) 2024, 2023] and [removed: 2021] [added: 2022] | | | | | | [removed: [132](#i3bdcfcee27954b6aae3316a5ec2a29ce_25)] [added: [96](#ibb0454018956415f90daa804e716b1b1_25)] | | |

| [Consolidated Statements of Equity for the years ended December [removed: 31,](#i3bdcfcee27954b6aae3316a5ec2a29ce_28) 2023, 2022] [added: 31,](#ibb0454018956415f90daa804e716b1b1_28) 2024, 2023] and [removed: 2021] [added: 2022] | | | | | | [removed: [133](#i3bdcfcee27954b6aae3316a5ec2a29ce_28)] [added: [97](#ibb0454018956415f90daa804e716b1b1_28)] | | |

| [Consolidated Statements of Cash Flows for the years ended December [removed: 31,](#i3bdcfcee27954b6aae3316a5ec2a29ce_37) 2023, 2022] [added: 31,](#ibb0454018956415f90daa804e716b1b1_37) 2024, 2023] and [removed: 2021] [added: 2022] | | | | | | [removed: [134](#i3bdcfcee27954b6aae3316a5ec2a29ce_37)] [added: [98](#ibb0454018956415f90daa804e716b1b1_37)] | | |

| Note 1. | | | [Basis of [removed: Presentation](#i3bdcfcee27954b6aae3316a5ec2a29ce_40)] [added: Presentation](#ibb0454018956415f90daa804e716b1b1_40)] | | | [removed: [136](#i3bdcfcee27954b6aae3316a5ec2a29ce_40)] [added: [100](#ibb0454018956415f90daa804e716b1b1_40)] | | |

| Note 2. | | | [Summary of Significant Accounting [removed: Policies](#i3bdcfcee27954b6aae3316a5ec2a29ce_55)] [added: Policies](#ibb0454018956415f90daa804e716b1b1_55)] | | | [removed: [138](#i3bdcfcee27954b6aae3316a5ec2a29ce_55)] [added: [102](#ibb0454018956415f90daa804e716b1b1_55)] | | |

| Note 3. | | | [Segment [removed: Information](#i3bdcfcee27954b6aae3316a5ec2a29ce_67)] [added: Information](#ibb0454018956415f90daa804e716b1b1_61)] | | | [removed: [144](#i3bdcfcee27954b6aae3316a5ec2a29ce_67)] [added: [104](#ibb0454018956415f90daa804e716b1b1_61)] | | |

| Note 5. | | | [Fair Value [removed: Measurements](#i3bdcfcee27954b6aae3316a5ec2a29ce_73)] [added: Measurements](#ibb0454018956415f90daa804e716b1b1_70)] | | | [removed: [149](#i3bdcfcee27954b6aae3316a5ec2a29ce_73)] [added: [110](#ibb0454018956415f90daa804e716b1b1_70)] | | |

| Note 9. | | | [Deferred Policy Acquisition [removed: Costs](#i3bdcfcee27954b6aae3316a5ec2a29ce_190)] [added: Costs](#ibb0454018956415f90daa804e716b1b1_184)] | | | [removed: [186](#i3bdcfcee27954b6aae3316a5ec2a29ce_190)] [added: [138](#ibb0454018956415f90daa804e716b1b1_184)] | | |

| Note 10. | | | [Variable Interest [removed: Entities](#i3bdcfcee27954b6aae3316a5ec2a29ce_196)] [added: Entities](#ibb0454018956415f90daa804e716b1b1_190)] | | | [removed: [188](#i3bdcfcee27954b6aae3316a5ec2a29ce_196)] [added: [139](#ibb0454018956415f90daa804e716b1b1_190)] | | |

| Note 11. | | | [Derivatives and Hedge [removed: Accounting](#i3bdcfcee27954b6aae3316a5ec2a29ce_211)] [added: Accounting](#ibb0454018956415f90daa804e716b1b1_199)] | | | [removed: [191](#i3bdcfcee27954b6aae3316a5ec2a29ce_211)] [added: [140](#ibb0454018956415f90daa804e716b1b1_199)] | | |

| Note 12. | | | [Goodwill and Other Intangible [removed: Assets](#i3bdcfcee27954b6aae3316a5ec2a29ce_802)] [added: Assets](#ibb0454018956415f90daa804e716b1b1_679)] | | | [removed: [194](#i3bdcfcee27954b6aae3316a5ec2a29ce_802)] [added: [143](#ibb0454018956415f90daa804e716b1b1_679)] | | |

| Note 13. | | | [Insurance [removed: Liabilities](#i3bdcfcee27954b6aae3316a5ec2a29ce_220)] [added: Liabilities](#ibb0454018956415f90daa804e716b1b1_208)] | | | [removed: [195](#i3bdcfcee27954b6aae3316a5ec2a29ce_220)] [added: [144](#ibb0454018956415f90daa804e716b1b1_208)] | | |

| Note [removed: 19.] [added: 17.] | | | [Earnings Per Common Share [removed: (EPS)](#i3bdcfcee27954b6aae3316a5ec2a29ce_271)] [added: (EPS)](#ibb0454018956415f90daa804e716b1b1_253)] | | | [removed: [241](#i3bdcfcee27954b6aae3316a5ec2a29ce_271)] [added: [174](#ibb0454018956415f90daa804e716b1b1_253)] | | |

| Note [removed: 20.] [added: 18.] | | | [Statutory Financial Data and [removed: Restrictions](#i3bdcfcee27954b6aae3316a5ec2a29ce_808)] [added: Restrictions](#ibb0454018956415f90daa804e716b1b1_748)] | | | [removed: [242](#i3bdcfcee27954b6aae3316a5ec2a29ce_808)] [added: [175](#ibb0454018956415f90daa804e716b1b1_748)] | | |

| [SCHEDULE [removed: I](#i3bdcfcee27954b6aae3316a5ec2a29ce_919)] [added: I](#ibb0454018956415f90daa804e716b1b1_826)] | | | [Summary of Investments – Other than Investments in Related Parties at December [removed: 31,](#i3bdcfcee27954b6aae3316a5ec2a29ce_919) 2023] [added: 31,](#ibb0454018956415f90daa804e716b1b1_826) 2024] | | | [removed: [269](#i3bdcfcee27954b6aae3316a5ec2a29ce_919)] [added: [199](#ibb0454018956415f90daa804e716b1b1_826)] | | |

| [SCHEDULE [removed: II](#i3bdcfcee27954b6aae3316a5ec2a29ce_922)] [added: II](#ibb0454018956415f90daa804e716b1b1_829)] | | | [Condensed Financial Information of Registrant at December [removed: 31,](#i3bdcfcee27954b6aae3316a5ec2a29ce_922) 2023] [added: 31,](#ibb0454018956415f90daa804e716b1b1_829) 2024] and [removed: 2022] [added: 2023] and for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] | | | [removed: [270](#i3bdcfcee27954b6aae3316a5ec2a29ce_922)] [added: [200](#ibb0454018956415f90daa804e716b1b1_829)] | | |

| [SCHEDULE [removed: III](#i3bdcfcee27954b6aae3316a5ec2a29ce_928)] [added: III](#ibb0454018956415f90daa804e716b1b1_835)] | | | [Supplementary Insurance Information at December [removed: 31,](#i3bdcfcee27954b6aae3316a5ec2a29ce_928) 2023] [added: 31,](#ibb0454018956415f90daa804e716b1b1_835) 2024] and [removed: 2022] [added: 2023] and for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] | | | [removed: [274](#i3bdcfcee27954b6aae3316a5ec2a29ce_928)] [added: [204](#ibb0454018956415f90daa804e716b1b1_835)] | | |

| [SCHEDULE [removed: IV](#i3bdcfcee27954b6aae3316a5ec2a29ce_931)] [added: IV](#ibb0454018956415f90daa804e716b1b1_838)] | | | [removed: [Reinsurance](#i3bdcfcee27954b6aae3316a5ec2a29ce_931)] [added: [Reinsurance](#ibb0454018956415f90daa804e716b1b1_838)] [for the years [removed: ended](#i3bdcfcee27954b6aae3316a5ec2a29ce_934)] [added: ended](#ibb0454018956415f90daa804e716b1b1_841)] [December [removed: 31,](#i3bdcfcee27954b6aae3316a5ec2a29ce_931) 2023, 2022] [added: 31,](#ibb0454018956415f90daa804e716b1b1_838) 2024, 2023] and [removed: 2021] [added: 2022] | | | [removed: [275](#i3bdcfcee27954b6aae3316a5ec2a29ce_931)] [added: [205](#ibb0454018956415f90daa804e716b1b1_838)] | | |

| [SCHEDULE [removed: V](#i3bdcfcee27954b6aae3316a5ec2a29ce_934)] [added: V](#ibb0454018956415f90daa804e716b1b1_841)] | | | [Valuation and Qualifying Accounts for the years ended December [removed: 31,](#i3bdcfcee27954b6aae3316a5ec2a29ce_934) 2023, 2022] [added: 31,](#ibb0454018956415f90daa804e716b1b1_841) 2024, 2023] and [removed: 2021] [added: 2022] | | | [removed: [275](#i3bdcfcee27954b6aae3316a5ec2a29ce_934)] [added: [205](#ibb0454018956415f90daa804e716b1b1_841)] | | |

| AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [removed: 125] [added: 91] | | |

We have audited the accompanying consolidated balance sheets of American International Group, Inc. and its subsidiaries (the "Company") as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the related consolidated statements of income (loss), of comprehensive income (loss), of equity and of cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] including the related notes and financial statement schedules listed in the accompanying index (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)*.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023] [added: 2024] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control - Integrated Framework (2013) issued by the COSO*.

| [removed: 126] [added: 92] | | | AIG \| [removed: 2023] [added: 2024] Form 10-K | | |

| Note 4. | | | [Discontinued Operations Presentation](#ibb0454018956415f90daa804e716b1b1_67) | | | [107](#ibb0454018956415f90daa804e716b1b1_67) | | |

| Note 6. | | | [Investments](#ibb0454018956415f90daa804e716b1b1_118) | | | [122](#ibb0454018956415f90daa804e716b1b1_118) | | |

| Note 7. | | | [Lending Activities](#ibb0454018956415f90daa804e716b1b1_160) | | | [131](#ibb0454018956415f90daa804e716b1b1_160) | | |

| Note 8. | | | [Reinsurance](#ibb0454018956415f90daa804e716b1b1_172) | | | [134](#ibb0454018956415f90daa804e716b1b1_172) | | |

| Note 14. | | | [Debt](#ibb0454018956415f90daa804e716b1b1_727) | | | [167](#ibb0454018956415f90daa804e716b1b1_727) | | |

| Note 15. | | | [Contingencies, Commitments and Guarantees](#ibb0454018956415f90daa804e716b1b1_220) | | | [169](#ibb0454018956415f90daa804e716b1b1_220) | | |

| Note 16. | | | [Equity](#ibb0454018956415f90daa804e716b1b1_226) | | | [171](#ibb0454018956415f90daa804e716b1b1_226) | | |

| Note 19. | | | [Share-Based Compensation Plans](#ibb0454018956415f90daa804e716b1b1_751) | | | [176](#ibb0454018956415f90daa804e716b1b1_751) | | |

| Note 20. | | | [Employee Benefits](#ibb0454018956415f90daa804e716b1b1_754) | | | [179](#ibb0454018956415f90daa804e716b1b1_754) | | |

| Note 21. | | | [Income Taxes](#ibb0454018956415f90daa804e716b1b1_259) | | | [186](#ibb0454018956415f90daa804e716b1b1_259) | | |

| Note 22. | | | [Quarterly Financial Information (Unaudited)](#ibb0454018956415f90daa804e716b1b1_3908) | | | [190](#ibb0454018956415f90daa804e716b1b1_3908) | | |

| Note 23. | | | [Subsequent Events](#ibb0454018956415f90daa804e716b1b1_274) | | | [190](#ibb0454018956415f90daa804e716b1b1_274) | | |

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | |

| Note 4. | | | [Held-For-Sale Classification](#i3bdcfcee27954b6aae3316a5ec2a29ce_70) | | | [148](#i3bdcfcee27954b6aae3316a5ec2a29ce_70) | | |

| Note 6. | | | [Investments](#i3bdcfcee27954b6aae3316a5ec2a29ce_121) | | | [168](#i3bdcfcee27954b6aae3316a5ec2a29ce_121) | | |

| Note 7. | | | [Lending Activities](#i3bdcfcee27954b6aae3316a5ec2a29ce_166) | | | [177](#i3bdcfcee27954b6aae3316a5ec2a29ce_166) | | |

| Note 8. | | | [Reinsurance](#i3bdcfcee27954b6aae3316a5ec2a29ce_178) | | | [181](#i3bdcfcee27954b6aae3316a5ec2a29ce_178) | | |

| Note 14. | | | [Market Risk Benefits](#i3bdcfcee27954b6aae3316a5ec2a29ce_238) | | | [229](#i3bdcfcee27954b6aae3316a5ec2a29ce_238) | | |

| Note 15. | | | [Separate Account Assets and Liabilities](#i3bdcfcee27954b6aae3316a5ec2a29ce_241) | | | [231](#i3bdcfcee27954b6aae3316a5ec2a29ce_241) | | |

| Note 16. | | | [Debt](#i3bdcfcee27954b6aae3316a5ec2a29ce_586) | | | [233](#i3bdcfcee27954b6aae3316a5ec2a29ce_586) | | |

| Note 17. | | | [Contingencies, Commitments and Guarantees](#i3bdcfcee27954b6aae3316a5ec2a29ce_244) | | | [235](#i3bdcfcee27954b6aae3316a5ec2a29ce_244) | | |

| Note 18. | | | [Equity](#i3bdcfcee27954b6aae3316a5ec2a29ce_247) | | | [237](#i3bdcfcee27954b6aae3316a5ec2a29ce_247) | | |

| Note 21. | | | [Share-Based Compensation Plans](#i3bdcfcee27954b6aae3316a5ec2a29ce_811) | | | [244](#i3bdcfcee27954b6aae3316a5ec2a29ce_811) | | |

| Note 22. | | | [Employee Benefits](#i3bdcfcee27954b6aae3316a5ec2a29ce_814) | | | [247](#i3bdcfcee27954b6aae3316a5ec2a29ce_814) | | |

| Note 23. | | | [Income Taxes](#i3bdcfcee27954b6aae3316a5ec2a29ce_277) | | | [254](#i3bdcfcee27954b6aae3316a5ec2a29ce_277) | | |

ITEM 8 | Report of Independent Registered Public Accounting Firm

*Change in Accounting Principle*

As discussed in Note 1 to the consolidated financial statements, the Company changed the manner in which it accounts for long-duration insurance contracts in 2023.

*Critical Audit Matters*

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

*Valuation of Certain Level 3 Fixed Maturity Securities*

As described in Note 5 to the consolidated financial statements, as of December 31, 2023, the total fair value of the Company’s level 3 fixed maturity securities, including bonds available for sale and other bond securities, was $28.4 billion, comprised of residential mortgage backed securities, commercial mortgage backed securities, collateralized loan obligations, other asset-backed securities, and fixed maturity securities issued by corporations (including private placements), states, municipalities, and other governmental agencies.

As the volume or level of market activity for these securities is limited, management determines fair value either by requesting brokers who are knowledgeable about the particular security to provide a price quote, which according to management is generally non-binding, or by employing market accepted valuation models.

In both cases, certain inputs used by management to determine fair value may not be observable in the market.

For certain private placement securities, fair value is determined by management based on discounted cash flow models using discount rates based on credit spreads, yields or price levels of comparable securities, adjusted for illiquidity and structure.

For other level 3 fixed maturity securities, such assumptions may include loan delinquencies and defaults, loss severity, and prepayments.

As disclosed by management, fair value estimates are subject to management review to ensure valuation models and related inputs are reasonable.

The principal considerations for our determination that performing procedures relating to the valuation of certain level 3 fixed maturity securities is a critical audit matter are (i) the significant judgment by management to determine the fair value of these securities, which in turn led to a high degree of auditor subjectivity and judgment in performing the audit procedures relating to the aforementioned assumptions that are used to determine the fair value, (ii) the significant audit effort and judgment in evaluating the audit evidence related to the valuation, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing the effectiveness of controls relating to the valuation of level 3 fixed maturity securities, including controls related to (i) management’s review over the pricing function and (ii) identifying and resolving pricing exceptions.

These procedures also included, among others, obtaining independent third-party vendor pricing, where available, and the involvement of professionals with specialized skill and knowledge to assist in developing an independent range of prices for a sample of securities.

Developing the independent range of prices involved testing the completeness and accuracy of data provided by management on a sample basis and evaluating the reasonableness of management’s assumptions noted above.

The independent third-party vendor pricing and the independently developed ranges were compared to management’s recorded fair value estimates.

*Valuation of Insurance Liabilities - Unpaid Losses and Loss Adjustment Expenses (Loss Reserves), Net of Reinsurance*

As described in Note 13 to the consolidated financial statements, loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount.

As of December 31, 2023, the Company’s net liability for unpaid losses and loss adjustment expenses was $40.1 billion.

As disclosed by management, the estimate of the loss reserves relies on several key judgments, including (i) actuarial methods, (ii) relative weights given to these methods by product line, (iii) underlying actuarial assumptions, and (iv) groupings of similar product lines.

Actuarial assumptions include (i) expected loss ratios and (ii) loss development factors.

During management’s actuarial reviews, various factors are considered, including economic conditions; the legal, regulatory, judicial and social environment; medical cost trends; policy pricing, terms and conditions; changes in the claims handling process; and the impact of reinsurance.

The GDPR imposes requirements on the transfer of personal data outside of the EEA, including via standard contractual clauses supplemented by an assessment and due diligence of the legal and regulatory landscape of the jurisdiction of the data importer, the channels used to transmit personal data and the processors or subprocessors [removed: that may process] [added: of] personal data.

[removed: In] [added: For example, in] December 2023, the NAIC adopted a model bulletin on the use of AI by insurers that sets forth governance, risk management and other requirements that insurers using AI are expected to establish.

[removed: On December 9, 2023, the European Parliament and European Council reached a provisional agreement on the] [added: The] European Union Artificial Intelligence Act, [removed: which, once formally adopted,] [added: which entered into force on August 1, 2024, and] will [added: be effective from August 2, 2026, will] broadly regulate the use of AI within the European Union.

European countries, and supranational political organizations like the EU and the Council of Europe, are expected to continue taking an active role in regulating AI in ways that may impact the insurance [removed: industry in the future.][added: industry.]

[removed: Throughout 2023, there] [added: There] have been active and significant regulatory developments on these issues in the form of newly proposed, issued or implemented laws, rules, regulations, guidance and frameworks regarding climate change that impose, or will impose if and when effective, new requirements and expectations, including in connection with [removed: climate-related] [added: climate- related] governance, risk management, disclosures, stress testing and scenario analysis.

Regulators in several jurisdictions are considering the so-called protection gap as it relates to climate – [added: instances in] which [removed: is the view that] populations are under-insured or [removed: that] there is insufficient coverage to protect policyholders against the risks associated with climate change.

| [removed: 12 | | |] AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [added: 9 | | |]

| [added: 10 | | |] AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [removed: 13 | | |]

| [removed: 14 | | |] AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [added: 11 | | |]

- Deterioration of economic conditions, geopolitical tensions, changes in market conditions or weakening in global capital markets [added: have and] may [added: continue to] materially affect our businesses, results of operations, financial condition and liquidity.

- The amount and timing of insurance [removed: and reinsurance] liability claims are difficult to predict and such claims may exceed the related liability for unpaid losses and loss adjustment [removed: expenses or future policy benefits, or the liabilities associated with certain guaranteed benefits and indexed features accounted for as embedded derivatives at fair value.][added: expenses.]

- Reinsurance may be unavailable or too expensive relative to its [removed: benefit,] [added: benefit] and may not be adequate to protect us against losses.

The historical performance of [removed: Blackstone, BlackRock or] any [removed: other] investment manager we engage should not be considered as indicative of the future results of our investment portfolio, our future results or any returns expected on [removed: AIG] [added: our] Common Stock.

- Our valuation of investments [removed: and derivatives] involves the application of methodologies and assumptions to derive estimates, which may differ from actual experience and could result in changes to investment valuations that may materially adversely affect our business, results of operations, financial condition and liquidity or lead to volatility in our net income.

| [added: 12 | | |] AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [removed: 15 | | |]

- Our restructuring initiatives may not yield [removed: our] expected reductions in expenses [removed: and] [added: and/or] improvements in operational and organizational efficiency.

- Increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, [removed: social and] [added: social,] governance [added: and sustainability] matters, including governmental responses to such matters, may adversely affect our reputation or otherwise adversely impact our business and results of operations.

- An epidemic, pandemic or other health crisis could materially and adversely affect our [removed: business] [added: business,] results of operations, financial condition [removed: and] [added: or] liquidity.

[removed: COVID-19 (including variants)] [added: This in turn] has [removed: adversely affected] [added: increased] and [removed: may] [added: could] continue to [added: increase the unrealized loss positions in our portfolio which could materially and] adversely affect our [removed: global] business, results of operations, financial condition and liquidity.

- New and proposed changes to tax laws could increase our corporate [removed: taxes or make some of our products less attractive to consumers.][added: taxes.]

- If our businesses do not perform well and/or their estimated fair values decline, we may be required to recognize an impairment of our goodwill or establish an additional valuation allowance against the [added: related] deferred income tax assets, which could have a material adverse effect on our results of operations and financial condition.

| [removed: 16 | | |] AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [added: 13 | | |]

Deterioration of economic conditions, geopolitical tensions, changes in market conditions or weakening in global capital markets [added: have and] may [added: continue to] materially affect our businesses, results of operations, financial condition and liquidity.

Weaknesses in economic conditions, including a recessionary environment, poor capital markets [removed: performance and] [added: performance,] market [added: volatility,] volatility [added: 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 [removed: liquidity,] [added: liquidity and] declines in asset [removed: valuations and impacts on policyholder behavior that could influence reserve] valuations.

Key ways in which we have [removed: in the past] been, and could [removed: in the future] be, negatively affected by economic conditions include:

Adverse economic conditions may result from a variety of factors including domestic and global economic and political developments, including [removed: elevated] [added: changes in] interest [removed: rates,] [added: rate levels,] plateauing or decreasing economic growth and business activity, recessions, social inflation, inflationary or deflationary pressures in developed economies, including the United States, civil unrest, pandemics, geopolitical tensions, [added: changes to international trade and/or tariff policies,] foreign investment restrictions, or military action, such as the armed conflict between Ukraine and Russia and corresponding sanctions imposed by the United States and other [removed: countries] [added: countries,] or the conflict in Israel and the surrounding areas, and new or evolving legal and regulatory requirements on business investment, hiring, migration, labor supply and global supply chains.

These and other market, economic, regulatory and political factors, including the [removed: prolonged] effects of [removed: elevated] inflation, [removed: turmoil in the global banking sector and related] macroeconomic uncertainty, [removed: and] domestic and international political [removed: tension, including] [added: tensions, disruption to our business operations in countries exposed to geopolitical risk, natural disasters and the increased costs associated with meeting customer needs in such regions, adverse impacts resulting from changes to international trade and tariff policies, and] any potential U.S. government shutdown, 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:

- increased credit impairments, downgrades and losses across single or numerous asset classes due to lower collateral values or deteriorating cash flow and profitability by borrowers that could lead to higher defaults on the Company’s investment portfolio, especially in geographic, industry or investment sectors where the Company has higher concentrations of exposure, [removed: such as real estate related borrowings,] and widening of credit spreads that could reduce investment asset [removed: valuations, decrease fee income] [added: valuations] and increase statutory capital requirements;

- the reduction of investment income generated [removed: by] [added: by, or the market value of,] our investment portfolio;

| [added: 14 | | |] AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [removed: 17 | | |]

In addition, if our investment [removed: managers, including Blackstone Inc. (Blackstone) and BlackRock, Inc. (BlackRock), or any other investment] managers [removed: we engage,] fail to react appropriately to difficult market or economic conditions, our investment portfolio could incur material losses.

[removed: Conversely, the sustained low interest rates we experienced through early 2022 negatively affected and, should] [added: Should] a low interest rate environment return, [added: it] could in the future negatively affect the performance of our investments and reduce the level of investment income earned on our investment [removed: portfolios, resulting in net investment spread compression.][added: portfolios.]

| [removed: 18 | | |] AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [added: 15 | | |]

The amount and timing of insurance [removed: and reinsurance] liability claims are difficult to predict and such claims may exceed the related liability for unpaid losses and loss adjustment [removed: expenses or future policy benefits, or the liabilities associated with certain guaranteed benefits and indexed features accounted for as embedded derivatives at fair value.][added: expenses.]

We regularly review the adequacy of the established liability for unpaid losses and loss adjustment [removed: expenses and future policy benefits, as well as liabilities associated with certain guaranteed benefits and indexed features accounted for as embedded derivatives at fair value.][added: expenses.]

We also conduct extensive analyses of our reserves [removed: and embedded derivatives] during the year.

Our liability for unpaid losses and loss adjustment expenses, [removed: future policy benefits and embedded derivatives,] however, has and may develop adversely and materially impact our businesses, results of operations, financial condition and liquidity.

[removed: For General Insurance, estimation] [added: Estimation] of ultimate net losses, loss expenses and the liability for unpaid losses and loss adjustment expenses is a complex process, particularly for both long-tail and medium-tail liability lines of business.

These emerging issues may increase the size or number of claims beyond our [removed: underwriting] intent [added: at the time of underwriting] and may not become apparent for many years after a policy is issued.

While we use a number of analytical reserve development techniques to project future loss development, the liability for unpaid losses and loss adjustment expenses has been and may continue to be significantly affected by changes in loss cost trends or loss development factors that [removed: were] [added: we] relied upon in setting the liability for unpaid losses and loss adjustment expenses.

In the EU, various Directives and Regulations affect our international insurance operations.

The Luxembourg insurance regulator, the Commissariat aux Assurances, is the insurance regulator for AIG Europe SA, which serves our European Economic Area (EEA) and Swiss policyholders.

In addition, financial companies that operate in the EU are subject to a range of regulations enforced by the national regulators in each member state in which that firm operates.

Solvency II governs the insurance industry’s solvency framework for the EU, including minimum capital and solvency requirements, governance requirements, risk management and public reporting standards applicable to AIG’s subsidiaries operating in the EU.

AIG’s operating insurance subsidiaries in Bermuda are regulated by the Bermuda Monetary Authority (BMA).

Bermuda’s Insurance Act 1978, the applicable Codes of Conduct and related regulations impose solvency and liquidity standards and auditing and reporting requirements on Bermuda insurance companies and grant the BMA powers to supervise, investigate and intervene in the affairs of insurance companies.

A variety of requirements and restrictions are imposed on our Bermuda operating insurance subsidiaries including: periodic financial reporting; corporate governance framework; solvency and financial performance; compliance with minimum enhanced capital requirements; minimum solvency margins and liquidity ratios; and limitations on dividends and distributions.

The Monetary Authority of Singapore (MAS) supervises AIG’s insurance subsidiary in Singapore.

It has broad authority under the Insurance Act 1966 to regulate insurance business in Singapore as well as insurers, insurance intermediaries and related institutions.

Our Singapore insurance operations are subject to minimum capital and solvency requirements as well as financial reporting, corporate governance and conduct of business requirements.

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

Our Singapore insurance subsidiary holds insurance entities in the Asia Pacific region.

The MAS holds the Chief Executive Officer of the Singapore insurance subsidiary principally responsible for the management and conduct of the business of the subsidiary, including the business of its subsidiaries and overseas branches.

The Japan Financial Services Agency (JFSA) regulates AIG’s operating insurance subsidiaries and insurance holding company in Japan.

The JFSA has extensive authority under the Insurance Business Act and related regulations to oversee licensing, sales practices, business conduct, investments, reserves and solvency, amongst other matters.

Our Japanese insurance operations are required to maintain a minimum solvency margin ratio (SMR), which is a measure of capital adequacy.

The failure to maintain an appropriate SMR, or comply with other similar indicators of financial health, could result in the JFSA imposing corrective actions on our operations.

FSB and IAIS

The Financial Stability Board (FSB) consists of representatives of national financial authorities of the G20 countries.

The FSB is not a regulator but is focused primarily on promoting international financial stability.

The FSB has issued a series of frameworks and recommendations to address such issues as systemic financial risk, financial group supervision, capital and solvency standards, effective recovery and resolution regimes, corporate governance including compensation, and a number of related issues associated with responses to the financial crisis.

The International Association of Insurance Supervisors (IAIS) represents insurance regulators and supervisors of more than 200 jurisdictions (including regions and states) in nearly 140 countries and seeks to promote globally consistent insurance industry supervision.

The IAIS is not a regulator, but one of its activities is to develop insurance regulatory standards for use by local authorities across the globe.

For example, the IAIS has adopted a Common Framework (ComFrame) for the Supervision of Internationally Active Insurance Groups (IAIGs).

ComFrame assists regulators in addressing an IAIG’s risks by providing supervisory standards for areas such as group supervision, governance and internal controls, enterprise risk management, and recovery and resolution planning.

We currently meet the criteria set forth to identify an IAIG, and the NYDFS, as our group-wide supervisor, has publicly disclosed us as an IAIG on the IAIS’ register of IAIGs.

While the FSB no longer identifies global systemically important insurers (G-SIIs); in its place the IAIS has adopted an enhanced set of supervisory policy measures for the assessment and mitigation of systemic risk in the insurance sector (Holistic Framework).

The Holistic Framework recognizes that systemic risk can emanate from specific activities and exposures arising from either sector-wide trends or concentrations in individual insurers.

The FSB has also been engaging with member jurisdictions in order to encourage greater adherence to its “Key Attributes for Effective Resolution Regimes for the Insurance Sector” to ensure that large, internationally active insurers can exit the market in an orderly fashion and avoid the need for taxpayer bailouts.

Starting in December 2024 the FSB began publishing an annual list of insurers, including AIG, that are subject to resolution planning requirements.

As part of ComFrame, the IAIS also developed a risk-based global Insurance Capital Standard (ICS) applicable to IAIGs.

The IAIS formally adopted the ICS at its annual general meeting in December 2024.

The ICS is intended to be applied as a group-wide prescribed capital requirement, defined as a solvency control level above which the supervisor does not intervene on capital adequacy grounds.

In parallel, the United States developed the Aggregation Method (AM) as an alternative approach to the consolidated ICS group-capital calculation.

Following a comparability assessment, the IAIS determined in November 2024 that the AM delivers comparable outcomes to the ICS and therefore provides the basis for implementation of the ICS.

The AM will be implemented in the United States through the GCC.

The standards issued by the FSB and/or the IAIS are not binding on the United States or other jurisdictions around the world unless and until the appropriate local governmental bodies or regulators adopt laws or regulations implementing such standards.

PRIVACY, DATA PROTECTION, CYBERSECURITY AND ARTIFICIAL INTELLIGENCE REQUIREMENTS

We are subject to various laws and regulations that require financial institutions and other businesses to protect and safeguard personal and other sensitive information and provide notice of their practices relating to the collection, disclosure and other processing of personal information.

We also are subject to U.S. federal and state laws and regulations requiring notification to affected individuals and regulators of a data breach.

For example, Colorado and New York have adopted regulations or guidance with respect to the use of external consumer data and information sources in underwriting for life insurance, including the use of algorithms and predictive models.

In addition, the SEC has proposed rule changes on climate-related disclosure.

The proposed rule would require registrants, including public issuers such as us, to include certain climate-related disclosures in registration statements and periodic reports.

These proposed disclosures include information about climate-related risks that are reasonably likely to have a material impact on the registrant’s business, results of operations, or financial condition, and include a new note to their audited financial statements that provides certain climate-related metrics and impacts on a line-item basis.

The proposed climate-related disclosures would also include disclosure of a registrant’s greenhouse gas emissions (including Scope 3 emissions) and attestation thereof, as well as information about climate-related targets, goals, and transition plan, if any.

If adopted as proposed, the rule changes are expected to result in additional compliance and reporting costs.

U.S. SECURITIES, INVESTMENT ADVISER, BROKER-DEALER AND INVESTMENT COMPANY REGULATION

Our investment products and services are subject to applicable federal and state securities, investment advisory, fiduciary, including the Employee Retirement Income Security Act of 1974, as amended (ERISA), and other laws and regulations.

The principal U.S. regulators of these operations include the SEC, Financial Industry Regulatory Authority (FINRA), Commodity Futures Trading Commission (CFTC), Municipal Securities Rulemaking Board, state securities commissions, state insurance departments and the Department of Labor (DOL).

Our variable life insurance, variable annuity and mutual fund products generally are subject to regulation as “securities” under applicable federal securities laws, except where exempt.

Such regulation includes registration of the offerings of these products with the SEC, unless exempt from such registration, and requirements of distribution participants to be registered as broker-dealers, as well as recordkeeping, reporting, and other requirements.

This regulation also involves the registration of mutual funds and other investment products offered by our businesses, and the separate accounts through which our variable life insurance and variable annuity products are issued, as investment companies under the Investment Company Act of 1940, as amended (Investment Company Act), except where exempt.

The Investment Company Act imposes requirements relating to compliance, corporate governance, disclosure, recordkeeping, registration and other matters.

In addition, the offering of these products may involve filing and other requirements under the securities laws of the states and other U.S. jurisdictions where offered.

Our separate account investment products are also subject to applicable state insurance regulation.

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

We have several subsidiaries that are registered as broker-dealers under the Securities Exchange Act of 1934, as amended (Exchange Act) and are members of FINRA, and/or are registered as investment advisers under the Investment Advisers Act of 1940, as amended (Advisers Act).

Certain of these broker-dealers and investment advisers are involved in our life and annuity product sales, including participating in their distribution and/or serving as an investment adviser to mutual funds that underlie variable products offered by us.

Certain of these broker-dealers and investment advisers are also involved in the management of the investment portfolios of our (re)insurance subsidiaries and other affiliates.

In addition to registration requirements, the Exchange Act, the Advisers Act, and the regulations thereunder, impose various compliance, disclosure, qualification, recordkeeping, reporting requirements and subject these subsidiaries and their operations to examination.

State securities laws also impose filing and other requirements on broker-dealers, investment advisers and/or their licensed representatives, except where exempt.

Further, our licensed sales professionals appointed with certain of our broker-dealer and/or investment adviser subsidiaries and our other employees, insofar as they sell products that are securities, including wholesale and retail activity, are subject to the Exchange Act and to examination requirements and regulation by the SEC, FINRA and state securities commissioners.

Regulation and examination requirements also extend to our subsidiaries that employ or control those individuals.

INTERNATIONAL SECURITIES, INVESTMENT ADVISER, BROKER-DEALER AND INVESTMENT COMPANY REGULATION

We operate investment-related businesses in, among other jurisdictions, the UK and Ireland.

These businesses may advise on and market investment management products and services, investment funds and separately managed accounts.

The regulatory authorities for these businesses include securities, investment advisory, financial conduct and other regulators that typically oversee such issues as: (1) company licensing; (2) the approval of individuals with positions of responsibility; (3) conduct of business to customers, including sales practices; (4) solvency and capital adequacy; (5) fund product approvals and related disclosures; and (6) securities, commodities and related laws, among other items.

We also participate in investment-related joint ventures in jurisdictions outside the United States, primarily in Europe and Asia.

In some cases, our international investment operations are also subject to U.S. securities laws and regulations.

ERISA

We provide products and services to certain employee benefit plans that are subject to ERISA and/or the Internal Revenue Code of 1986, as amended (the Internal Revenue Code).

Plans subject to ERISA include certain pension and profit-sharing plans and welfare plans, including health, life and disability plans.

As a result, our activities are subject to the restrictions imposed by ERISA and the Internal Revenue Code, including the requirement under ERISA that fiduciaries must perform their duties solely in the interests of ERISA plan participants and beneficiaries, and that fiduciaries may not cause a covered plan to engage in certain prohibited transactions.

The applicable provisions of ERISA and the Internal Revenue Code are subject to enforcement by the DOL, the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation.

STANDARD OF CARE DEVELOPMENTS

We and our distributors are subject to laws and regulations regarding the standard of care applicable to sales of our products and the provision of advice to our customers.

In recent years, many of these laws and regulations have been revised or reexamined while others have been newly adopted, such as:

- On October 31, 2023, the DOL announced proposed changes to the regulatory definition of an investment advice fiduciary for purposes of transactions with ERISA qualified plans, related plan participants and IRAs.

The proposed changes also included significant changes to existing prohibited transactions exemptions (PTEs) relating to such advice, including PTE 84-24 and PTE 2020-02.

*For a discussion of legal proceedings, see Note [removed: 17] [added: 15] to the Consolidated Financial Statements, which is incorporated herein by reference.*

For the fiscal year [removed: ended December] [added: ended December] 31, [removed: 2023][added: 2024]

[removed: ][added: ]

As of June 30, [removed: 2023,] [added: 2024,] the aggregate market value of the registrant's voting and nonvoting common equity held by nonaffiliates was approximately [removed: $36,903,000,000.][added: $42,903,000,000.]

As of February [removed: 8, 2024, 680,953,652] [added: 7, 2025, 593,332,964] shares of the registrant's Common Stock, $2.50 par value per share, were outstanding.

| Portions of the registrant’s definitive proxy statement for the [removed: 2024] [added: 2025] Annual Meeting of Shareholders | | | Part III, Items 10, 11, 12, 13 and 14 | | |

ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, [removed: 2023][added: 2024]

| | | | •[Our Global Business [removed: Overview](#i3bdcfcee27954b6aae3316a5ec2a29ce_835)] [added: Overview](#ibb0454018956415f90daa804e716b1b1_517)] | | | | | | [removed: [2](#i3bdcfcee27954b6aae3316a5ec2a29ce_835)] [added: [2](#ibb0454018956415f90daa804e716b1b1_517)] | | |

| | | | •[How We Generate Revenues and [removed: Profitability](#i3bdcfcee27954b6aae3316a5ec2a29ce_847)] [added: Profitability](#ibb0454018956415f90daa804e716b1b1_529)] | | | | | | [removed: [5](#i3bdcfcee27954b6aae3316a5ec2a29ce_847)] [added: [4](#ibb0454018956415f90daa804e716b1b1_529)] | | |

| | | | •[Human Capital [removed: Management](#i3bdcfcee27954b6aae3316a5ec2a29ce_850)] [added: Management](#ibb0454018956415f90daa804e716b1b1_532)] | | | | | | [removed: [5](#i3bdcfcee27954b6aae3316a5ec2a29ce_850)] [added: [5](#ibb0454018956415f90daa804e716b1b1_532)] | | |

| | | | •[Available Information about [removed: AIG](#i3bdcfcee27954b6aae3316a5ec2a29ce_856)] [added: AIG](#ibb0454018956415f90daa804e716b1b1_538)] | | | | | | [removed: [14](#i3bdcfcee27954b6aae3316a5ec2a29ce_856)] [added: [11](#ibb0454018956415f90daa804e716b1b1_538)] | | |

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| [ITEM [removed: 3](#i3bdcfcee27954b6aae3316a5ec2a29ce_553)] [added: 3](#ibb0454018956415f90daa804e716b1b1_457)] | | | [Legal [removed: Proceedings](#i3bdcfcee27954b6aae3316a5ec2a29ce_553)] [added: Proceedings](#ibb0454018956415f90daa804e716b1b1_457)] | | | | | | [removed: [40](#i3bdcfcee27954b6aae3316a5ec2a29ce_553)] [added: [32](#ibb0454018956415f90daa804e716b1b1_457)] | | |

| [ITEM [removed: 4](#i3bdcfcee27954b6aae3316a5ec2a29ce_568)] [added: 4](#ibb0454018956415f90daa804e716b1b1_550)] | | | [Mine Safety [removed: Disclosures](#i3bdcfcee27954b6aae3316a5ec2a29ce_568)] [added: Disclosures](#ibb0454018956415f90daa804e716b1b1_550)] | | | | | | [removed: [40](#i3bdcfcee27954b6aae3316a5ec2a29ce_568)] [added: [32](#ibb0454018956415f90daa804e716b1b1_550)] | | |

| [ITEM [removed: 5](#i3bdcfcee27954b6aae3316a5ec2a29ce_652)] [added: 5](#ibb0454018956415f90daa804e716b1b1_553)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i3bdcfcee27954b6aae3316a5ec2a29ce_652)] [added: Securities](#ibb0454018956415f90daa804e716b1b1_553)] | | | | | | [removed: [41](#i3bdcfcee27954b6aae3316a5ec2a29ce_652)] [added: [33](#ibb0454018956415f90daa804e716b1b1_553)] | | |

| [removed: [ITEM](#i3bdcfcee27954b6aae3316a5ec2a29ce_295) [7](#i3bdcfcee27954b6aae3316a5ec2a29ce_295)] [added: [ITEM](#ibb0454018956415f90daa804e716b1b1_277) [7](#ibb0454018956415f90daa804e716b1b1_277)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i3bdcfcee27954b6aae3316a5ec2a29ce_295)] [added: Operations](#ibb0454018956415f90daa804e716b1b1_277)] | | | | | | [removed: [43](#i3bdcfcee27954b6aae3316a5ec2a29ce_295)] [added: [35](#ibb0454018956415f90daa804e716b1b1_277)] | | |

| | | | •[Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future [removed: Results](#i3bdcfcee27954b6aae3316a5ec2a29ce_298)] [added: Results](#ibb0454018956415f90daa804e716b1b1_280)] | | | | | | [removed: [43](#i3bdcfcee27954b6aae3316a5ec2a29ce_298)] [added: [35](#ibb0454018956415f90daa804e716b1b1_280)] | | |

| | | | •[Use of Non-GAAP [removed: Measures](#i3bdcfcee27954b6aae3316a5ec2a29ce_304)] [added: Measures](#ibb0454018956415f90daa804e716b1b1_286)] | | | | | | [removed: [46](#i3bdcfcee27954b6aae3316a5ec2a29ce_304)] [added: [38](#ibb0454018956415f90daa804e716b1b1_286)] | | |

| | | | •[Critical Accounting [removed: Estimates](#i3bdcfcee27954b6aae3316a5ec2a29ce_307)] [added: Estimates](#ibb0454018956415f90daa804e716b1b1_289)] | | | | | | [removed: [48](#i3bdcfcee27954b6aae3316a5ec2a29ce_307)] [added: [40](#ibb0454018956415f90daa804e716b1b1_289)] | | |

| | | | •[Consolidated Results of [removed: Operations](#i3bdcfcee27954b6aae3316a5ec2a29ce_361)] [added: Operations](#ibb0454018956415f90daa804e716b1b1_310)] | | | | | | [removed: [60](#i3bdcfcee27954b6aae3316a5ec2a29ce_361)] [added: [48](#ibb0454018956415f90daa804e716b1b1_310)] | | |

| | | | •[Business Segment [removed: Operations](#i3bdcfcee27954b6aae3316a5ec2a29ce_388)] [added: Operations](#ibb0454018956415f90daa804e716b1b1_334)] | | | | | | [removed: [65](#i3bdcfcee27954b6aae3316a5ec2a29ce_388)] [added: [53](#ibb0454018956415f90daa804e716b1b1_334)] | | |

| | | | •[Liquidity and Capital [removed: Resources](#i3bdcfcee27954b6aae3316a5ec2a29ce_472)] [added: Resources](#ibb0454018956415f90daa804e716b1b1_382)] | | | | | | [removed: [104](#i3bdcfcee27954b6aae3316a5ec2a29ce_472)] [added: [74](#ibb0454018956415f90daa804e716b1b1_382)] | | |

| [removed: [ITEM](#i3bdcfcee27954b6aae3316a5ec2a29ce_544) [7A](#i3bdcfcee27954b6aae3316a5ec2a29ce_544)] [added: [ITEM](#ibb0454018956415f90daa804e716b1b1_448) [7A](#ibb0454018956415f90daa804e716b1b1_448)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i3bdcfcee27954b6aae3316a5ec2a29ce_544)] [added: Risk](#ibb0454018956415f90daa804e716b1b1_448)] | | | | | | [removed: [124](#i3bdcfcee27954b6aae3316a5ec2a29ce_544)] [added: [90](#ibb0454018956415f90daa804e716b1b1_448)] | | |

| [ITEM [removed: 8](#i3bdcfcee27954b6aae3316a5ec2a29ce_901)] [added: 8](#ibb0454018956415f90daa804e716b1b1_625)] | | | [Financial Statements and Supplementary [removed: Data](#i3bdcfcee27954b6aae3316a5ec2a29ce_901)] [added: Data](#ibb0454018956415f90daa804e716b1b1_625)] | | | | | | [removed: [125](#i3bdcfcee27954b6aae3316a5ec2a29ce_901)] [added: [91](#ibb0454018956415f90daa804e716b1b1_625)] | | |

| | | | [Reference to Financial Statements and [removed: Schedules](#i3bdcfcee27954b6aae3316a5ec2a29ce_901)] [added: Schedules](#ibb0454018956415f90daa804e716b1b1_625)] | | | | | | [removed: [125](#i3bdcfcee27954b6aae3316a5ec2a29ce_901)] [added: [91](#ibb0454018956415f90daa804e716b1b1_625)] | | |

| [ITEM [removed: 9](#i3bdcfcee27954b6aae3316a5ec2a29ce_910)] [added: 9](#ibb0454018956415f90daa804e716b1b1_781)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i3bdcfcee27954b6aae3316a5ec2a29ce_910)] [added: Disclosure](#ibb0454018956415f90daa804e716b1b1_781)] | | | | | | [removed: [259](#i3bdcfcee27954b6aae3316a5ec2a29ce_910)] [added: [191](#ibb0454018956415f90daa804e716b1b1_781)] | | |

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| [ITEM [removed: 9C](#i3bdcfcee27954b6aae3316a5ec2a29ce_913)] [added: 9C](#ibb0454018956415f90daa804e716b1b1_787)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i3bdcfcee27954b6aae3316a5ec2a29ce_913)] [added: Inspections](#ibb0454018956415f90daa804e716b1b1_787)] | | | | | | [removed: [260](#i3bdcfcee27954b6aae3316a5ec2a29ce_913)] [added: [192](#ibb0454018956415f90daa804e716b1b1_787)] | | |

| [ITEM [removed: 10](#i3bdcfcee27954b6aae3316a5ec2a29ce_604)] [added: 10](#ibb0454018956415f90daa804e716b1b1_793)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i3bdcfcee27954b6aae3316a5ec2a29ce_604)] [added: Governance](#ibb0454018956415f90daa804e716b1b1_793)] | | | | | | [removed: [261](#i3bdcfcee27954b6aae3316a5ec2a29ce_604)] [added: [193](#ibb0454018956415f90daa804e716b1b1_793)] | | |

| [ITEM [removed: 12](#i3bdcfcee27954b6aae3316a5ec2a29ce_610)] [added: 12](#ibb0454018956415f90daa804e716b1b1_799)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i3bdcfcee27954b6aae3316a5ec2a29ce_610)] [added: Matters](#ibb0454018956415f90daa804e716b1b1_799)] | | | | | | [removed: [262](#i3bdcfcee27954b6aae3316a5ec2a29ce_610)] [added: [194](#ibb0454018956415f90daa804e716b1b1_799)] | | |

| [ITEM [removed: 13](#i3bdcfcee27954b6aae3316a5ec2a29ce_613)] [added: 13](#ibb0454018956415f90daa804e716b1b1_802)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i3bdcfcee27954b6aae3316a5ec2a29ce_613)] [added: Independence](#ibb0454018956415f90daa804e716b1b1_802)] | | | | | | [removed: [262](#i3bdcfcee27954b6aae3316a5ec2a29ce_613)] [added: [194](#ibb0454018956415f90daa804e716b1b1_802)] | | |

| [ITEM [removed: 14](#i3bdcfcee27954b6aae3316a5ec2a29ce_616)] [added: 14](#ibb0454018956415f90daa804e716b1b1_805)] | | | [Principal Accountant Fees and [removed: Services](#i3bdcfcee27954b6aae3316a5ec2a29ce_616)] [added: Services](#ibb0454018956415f90daa804e716b1b1_805)] | | | | | | [removed: [262](#i3bdcfcee27954b6aae3316a5ec2a29ce_616)] [added: [194](#ibb0454018956415f90daa804e716b1b1_805)] | | |

| [ITEM [removed: 15](#i3bdcfcee27954b6aae3316a5ec2a29ce_940)] [added: 15](#ibb0454018956415f90daa804e716b1b1_811)] | | | [Exhibits and Financial Statement [removed: Schedules](#i3bdcfcee27954b6aae3316a5ec2a29ce_940)] [added: Schedules](#ibb0454018956415f90daa804e716b1b1_811)] | | | | | | [removed: [263](#i3bdcfcee27954b6aae3316a5ec2a29ce_940)] [added: [195](#ibb0454018956415f90daa804e716b1b1_811)] | | |

| AIG \| [removed: 2023] [added: 2024] Form 10-K | | | 1 | | |

| American International Group, Inc. (NYSE: AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in [removed: approximately 190] [added: over 200] countries and jurisdictions protect their assets and manage risks through AIG [removed: operations] [added: operations, licenses] and [added: authorizations as well as] network partners. AIG is building on its industry leadership and is positioned to become a top-performing company recognized for the value it provides stakeholders in an environment of profound, complex and dynamic risk. [removed: In 2023, AIG delivered an outstanding year, producing financial, strategic and operational] [added: AIG's] achievements [removed: that] [added: in 2024] demonstrate continued strength in executing multiple, complex initiatives simultaneously and with quality. [added: With the deconsolidation of Corebridge Financial, Inc. (Corebridge) complete, a strong underwriting portfolio and culture, and excellent financial strength, AIG enters 2025 with strong momentum.] | | |

| World-Class [removed: Insurance Franchises] [added: Underwriting and Claims Expertise executed through franchises] that are among the leaders in their geographies and segments, providing differentiated [removed: service and expertise.] [added: service.] | | | | | | [removed: Breadth] [added: Global Reach and Breadth] of Loyal Customers including millions of clients [added: in over 200 countries] and [removed: policyholders] [added: jurisdictions,] ranging from [added: individuals to small and medium-sized businesses to] multi-national Fortune 500 [removed: companies to individuals throughout the world.] [added: companies.] | | | | | | Broad and Long-Standing Distribution Relationships with brokers, agents, advisors, [removed: banks] [added: marketplaces] and other distributors strengthened through AIG’s dedication to quality. | | |

| 2 | | | AIG \| [removed: 2023] [added: 2024] Form 10-K | | |

[removed: ITEM 1] | [removed: Business][added: [ITEM 1](#ibb0454018956415f90daa804e716b1b1_517) | | | [Business](#ibb0454018956415f90daa804e716b1b1_517) | | | | | | [2](#ibb0454018956415f90daa804e716b1b1_517) | | |]

Unifying under [removed: one set of clear and directive] [added: our] Purpose and Values empowers AIG colleagues to be conduits of positive change – delivering exceptional client service, enhanced shareholder value and a better experience for [removed: everyone we serve.][added: all stakeholders.]

AIG’s five Values guide [removed: our] [added: colleagues'] actions:

| | | | •[Operating Structure](#ibb0454018956415f90daa804e716b1b1_526) | | | | | | [4](#ibb0454018956415f90daa804e716b1b1_526) | | |

| | | | •[Regulation](#ibb0454018956415f90daa804e716b1b1_535) | | | | | | [6](#ibb0454018956415f90daa804e716b1b1_535) | | |

| [ITEM 1C](#ibb0454018956415f90daa804e716b1b1_544) | | | [Cybersecurity](#ibb0454018956415f90daa804e716b1b1_544) | | | | | | [31](#ibb0454018956415f90daa804e716b1b1_544) | | |

| [ITEM 2](#ibb0454018956415f90daa804e716b1b1_547) | | | [Properties](#ibb0454018956415f90daa804e716b1b1_547) | | | | | | [32](#ibb0454018956415f90daa804e716b1b1_547) | | |

| [ITEM 6](#ibb0454018956415f90daa804e716b1b1_562) | | | [\[Reserved\]](#ibb0454018956415f90daa804e716b1b1_562) | | | | | | [34](#ibb0454018956415f90daa804e716b1b1_562) | | |

| | | | •[Executive Summary](#ibb0454018956415f90daa804e716b1b1_292) | | | | | | [47](#ibb0454018956415f90daa804e716b1b1_292) | | |

| | | | •[Investments](#ibb0454018956415f90daa804e716b1b1_355) | | | | | | [62](#ibb0454018956415f90daa804e716b1b1_355) | | |

| | | | •[Insurance Reserves](#ibb0454018956415f90daa804e716b1b1_373) | | | | | | [70](#ibb0454018956415f90daa804e716b1b1_373) | | |

| | | | •[Enterprise Risk Management](#ibb0454018956415f90daa804e716b1b1_433) | | | | | | [81](#ibb0454018956415f90daa804e716b1b1_433) | | |

| | | | •[Glossary](#ibb0454018956415f90daa804e716b1b1_442) | | | | | | [88](#ibb0454018956415f90daa804e716b1b1_442) | | |

| | | | •[Acronyms](#ibb0454018956415f90daa804e716b1b1_445) | | | | | | [90](#ibb0454018956415f90daa804e716b1b1_445) | | |

| [ITEM](#ibb0454018956415f90daa804e716b1b1_478) 9B | | | [Other Information](#ibb0454018956415f90daa804e716b1b1_478) | | | | | | [192](#ibb0454018956415f90daa804e716b1b1_478) | | |

| [ITEM 11](#ibb0454018956415f90daa804e716b1b1_796) | | | [Executive Compensation](#ibb0454018956415f90daa804e716b1b1_796) | | | | | | [194](#ibb0454018956415f90daa804e716b1b1_796) | | |

| [ITEM 16](#ibb0454018956415f90daa804e716b1b1_817) | | | [Form 10-K Summary](#ibb0454018956415f90daa804e716b1b1_817) | | | | | | [197](#ibb0454018956415f90daa804e716b1b1_817) | | |

| [Signatures](#ibb0454018956415f90daa804e716b1b1_820) | | | | | | | | | [198](#ibb0454018956415f90daa804e716b1b1_820) | | |


| Global Workforce of more than 22,000 colleagues committed to taking ownership, setting the standard, winning together, being allies and doing what's right. | | | | | | Balance Sheet Strength and Financial Flexibility with approximately $43 billion in shareholders’ equity and AIG Parent liquidity sources of $10.7 billion as of December 31, 2024. | | |

AIG's global team is both results oriented and focused on how we achieve positive outcomes.

This balance creates an aligned and inclusive culture that enables further progress.

2025 Priorities

Deliver Sustainable Underwriting Results and Profitability Growth - Continue to focus on a culture of underwriting excellence and prudent expense management to support profitable growth.

Unlock the Full Potential of AIG’s Less Complex Operating Structure - Continue to refine our new operating structure to operate efficiently as a lean, agile and high-performing company.

Invest in our Talent for the Future AIG - Foster a performance-driven culture built on quality, excellence and continuous improvement through ongoing education and workplace learning opportunities.

Expand our Data and Digital Strategies - Responsibly scale the use of generative artificial intelligence (AI), focus on continued enhancement of data quality to inform decision making and further strengthen workflow capabilities across the company to accelerate our strategic business objectives.

Preserve and Harness Balance Sheet Strength and Financial Flexibility - Execute on our balanced capital management plan in order to deliver shareholder value and support AIG's strategic flexibility.

Delivered Strong Financial Performance Driven by Underwriting Excellence

- Produced strong combined ratio of 91.8 and accident year combined ratio, as adjusted(a) of 88.2.

- Delivered $1.9 billion of underwriting income, which contributed to over $7 billion of cumulative underwriting income 2021-2024.

- Generated net premiums written of $23.9 billion, supported by new business growth, strong retention and rate discipline.

- Achieved 23 percent Net investment income growth year-over-year.

- Expanded capabilities in the non-admitted ultra and high-net-worth market through exclusive wholesale distribution partnership between Private Client Select (PCS) and Ryan Specialty.

Completed Multi-Year Strategies to Direct Focus to AIG’s Core Businesses

- Deconsolidated Corebridge from AIG and reduced AIG’s ownership of Corebridge common stock to 22.7 percent as of December 31, 2024 for aggregate gross proceeds of $6.0 billion through various sale transactions.

- Divested global individual personal travel insurance and assistance business for $600 million plus additional earn-out consideration, further enhancing AIG’s financial flexibility and sculpting our portfolio of businesses.

- Led the launch of Lloyd’s syndicate 2478 through multi-year Blackstone Inc. strategic relationship as part of AIG’s outwards reinsurance program.

Continued Balanced Capital Management Supporting Financial Strength, Growth and Shareholder Return

- Reduced general borrowings by $1.6 billion, which resulted in a debt-to-capital ratio of 17.0 percent.

- Repurchased $6.6 billion of AIG common stock, reducing outstanding shares by 12 percent.

- Paid $1.0 billion in AIG common stock dividends and increased quarterly common stock dividend amount by double digit percentage for the second consecutive year.

- Ended 2024 with parent liquidity of $7.7 billion.

| 4.875% Series A-3 Junior Subordinated Debentures | | | AIG 67EU | | | New York Stock Exchange | | |

| Depositary Shares Each Representing a 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred Stock | | | AIG PRA | | | New York Stock Exchange | | |

| | | | | | | | | | | | |

| [ITEM 1](#i3bdcfcee27954b6aae3316a5ec2a29ce_835) | | | [Business](#i3bdcfcee27954b6aae3316a5ec2a29ce_835) | | | | | | [2](#i3bdcfcee27954b6aae3316a5ec2a29ce_835) | | |

| | | | •[Operating Structure](#i3bdcfcee27954b6aae3316a5ec2a29ce_844) | | | | | | [4](#i3bdcfcee27954b6aae3316a5ec2a29ce_844) | | |

| | | | •[Regulation](#i3bdcfcee27954b6aae3316a5ec2a29ce_853) | | | | | | [7](#i3bdcfcee27954b6aae3316a5ec2a29ce_853) | | |

| [ITEM 1](#i3bdcfcee27954b6aae3316a5ec2a29ce_4572)[C](#i3bdcfcee27954b6aae3316a5ec2a29ce_4572) | | | [Cybersecurity](#i3bdcfcee27954b6aae3316a5ec2a29ce_4572) | | | | | | [38](#i3bdcfcee27954b6aae3316a5ec2a29ce_4572) | | |

| [ITEM 2](#i3bdcfcee27954b6aae3316a5ec2a29ce_862) | | | [Properties](#i3bdcfcee27954b6aae3316a5ec2a29ce_862) | | | | | | [40](#i3bdcfcee27954b6aae3316a5ec2a29ce_862) | | |

| [ITEM 6](#i3bdcfcee27954b6aae3316a5ec2a29ce_658) | | | [\[Reserved\]](#i3bdcfcee27954b6aae3316a5ec2a29ce_658) | | | | | | [42](#i3bdcfcee27954b6aae3316a5ec2a29ce_658) | | |

| | | | •[Executive Summary](#i3bdcfcee27954b6aae3316a5ec2a29ce_340) | | | | | | [57](#i3bdcfcee27954b6aae3316a5ec2a29ce_340) | | |

| | | | •[Investments](#i3bdcfcee27954b6aae3316a5ec2a29ce_433) | | | | | | [86](#i3bdcfcee27954b6aae3316a5ec2a29ce_433) | | |

| | | | •[Insurance Reserves](#i3bdcfcee27954b6aae3316a5ec2a29ce_451) | | | | | | [96](#i3bdcfcee27954b6aae3316a5ec2a29ce_451) | | |

| | | | •[Enterprise Risk Management](#i3bdcfcee27954b6aae3316a5ec2a29ce_526) | | | | | | [114](#i3bdcfcee27954b6aae3316a5ec2a29ce_526) | | |

| | | | •[Glossary](#i3bdcfcee27954b6aae3316a5ec2a29ce_538) | | | | | | [122](#i3bdcfcee27954b6aae3316a5ec2a29ce_538) | | |

| | | | •[Acronyms](#i3bdcfcee27954b6aae3316a5ec2a29ce_541) | | | | | | [124](#i3bdcfcee27954b6aae3316a5ec2a29ce_541) | | |

| [ITEM](#i3bdcfcee27954b6aae3316a5ec2a29ce_571) 9B | | | [Other Information](#i3bdcfcee27954b6aae3316a5ec2a29ce_571) | | | | | | [260](#i3bdcfcee27954b6aae3316a5ec2a29ce_571) | | |

| [ITEM 11](#i3bdcfcee27954b6aae3316a5ec2a29ce_607) | | | [Executive Compensation](#i3bdcfcee27954b6aae3316a5ec2a29ce_607) | | | | | | [262](#i3bdcfcee27954b6aae3316a5ec2a29ce_607) | | |

| [ITEM 16](#i3bdcfcee27954b6aae3316a5ec2a29ce_943) | | | [Form 10-K Summary](#i3bdcfcee27954b6aae3316a5ec2a29ce_943) | | | | | | [267](#i3bdcfcee27954b6aae3316a5ec2a29ce_943) | | |

| [Signatures](#i3bdcfcee27954b6aae3316a5ec2a29ce_949) | | | | | | | | | [268](#i3bdcfcee27954b6aae3316a5ec2a29ce_949) | | |

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| Highly Engaged Global Workforce of more than 25,000 colleagues committed to excellence who are providing insurance solutions that help businesses and individuals in approximately 190 countries and jurisdictions protect their assets and manage risks through AIG operations and network partners. | | | | | | Balance Sheet Strength and Financial Flexibility as demonstrated by approximately $45 billion in shareholders’ equity and AIG Parent liquidity sources of $12.1 billion as of December 31, 2023. | | |

As a leading global property, casualty and specialty insurance organization, we are results oriented and believe that focusing on how we achieve positive outcomes creates an aligned and inclusive culture that enables further progress.

| Execution of Multiple, Highly Complex Strategic Initiatives Repositioned AIG’s portfolio of businesses for sustainable, profitable growth with the divestitures of Validus Reinsurance, Ltd. (Validus Re) and Crop Risk Services, Inc. (CRS) and the transfer of Private Client Select to an independent Managing General Agent platform Closed sale of Validus Re, including AlphaCat Managers Ltd. and the Talbot Treaty reinsurance business, for $3.3 billion in cash including pre-closing dividend Closed sale of CRS for gross proceeds of $234 million United General Insurance and AIG Parent leadership teams and their organizations Debuted AIG Next, creating a leaner future-state business model and establishing enterprise-wide standards to drive better outcomes for all stakeholders | | | | | | Continued Balanced Capital Management Supporting Financial Strength, Growth and Shareholder Return Repurchased $3.0 billion of AIG's common stock, par value $2.50 per share (AIG Common Stock) and paid $1.0 billion of dividends Reduced weighted average diluted shares outstanding by 8 percent, reaching 725.2 million shares Increased quarterly common stock dividend payments by 12.5 percent $0.36 per share during the second quarter of 2023 Reduced general borrowings by $1.4 billion | | |

| Strong Performance Resulting from Significant Improvement in Underwriting Income General Insurance achieved $2.3 billion in underwriting income, up 15 percent year over year 2023 combined ratio of 90.6 compared to 91.9 in 2022, and sub-100 in every quarter of 2023 2023 accident year combined ratio, as adjusted(a) of 87.7 improved 1.0 point compared to 88.7 in 2022 | | | | | | Continued Progress Towards Deconsolidation and Separation of Corebridge Financial, Inc. (Corebridge) AIG sold 159.75 million shares of Corebridge common stock in secondary public offerings with gross proceeds of $2.9 billion Corebridge repurchased 17.2 million shares of its common stock from AIG for an aggregate purchase price of $315 million Corebridge distributed dividends on Corebridge common stock totaling $1.1 billion to AIG AIG’s ownership of Corebridge reduced to 52.2 percent as of December 31, 2023 Corebridge closed the sale of Laya Healthcare Limited (Laya) for €691 million ($731 million) and announced the sale of AIG Life Limited (AIG Life) for consideration of £460 million | | |

General Insurance consists of two operating segments – North America and International.

Life and Retirement consists of four operating segments – Individual Retirement, Group Retirement, Life Insurance and Institutional Markets.

Other Operations is primarily comprised of corporate, our institutional asset management business and consolidation and eliminations.

Business Segments

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | |  | | | | | | | | |  | | | | | |

| | | | Other Operations | | | | | | | | | | | | | | |

| | | | Other Operations primarily consists of income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, our institutional asset management business and results of our consolidated investment entities, General Insurance portfolios in run-off as well as the historical results of our legacy insurance lines ceded to Fortitude Reinsurance Company Ltd. (Fortitude Re). | | | | | | | | | | | | | | |

Our people are our greatest strength.

Occupational safety and health is a shared responsibility between employees and corporate stakeholders, which we implement through our Global Safety and Environment policy.

We take appropriate measures to prevent workplace injuries and illnesses, to provide a safe and healthy work environment, and to meet regulatory and duty of care responsibilities regarding the health, safety and welfare of employees engaging in AIG business activities.

The Fund has helped more than 1,600 employees overcome serious financial hardships and disasters.

In each of 2021, 2022 and 2023, AIG made a $2 million contribution to the Fund, and additional amounts were contributed by our colleagues through voluntary donations and our 2:1 matching grants program.

Employees in approximately 23 countries have contributed to the Fund and employees in 11 countries have received relief.

| [added: 30 | | |] AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [removed: 37 | | |]

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

ITEM 1C | Cybersecurity

CYBERSECURITY RISK MANAGEMENT

AIG maintains a documented Information Security Program (the Program) that includes risk assessments regularly conducted by us and third-party experts to evaluate potential security threats that may have a negative impact on the organization, detect potential vulnerabilities and mitigate any identified security risks.

The Program is informed by industry standards and frameworks and is designed to protect the confidentiality, integrity, and availability of AIG’s information assets and systems that store, process or transmit information.

The AIG Chief Information Security Officer (CISO) provides oversight and direction for the Program, including adjustments in response to changes in technology, internal or external threats, business processes, and regulatory or statutory requirements and communicates the information security risk posture of AIG to senior management and the AIG Board of Directors.

The Program includes the following key elements:

- Network, Systems and Data Security – The Company deploys technical and organizational safeguards that are designed to protect the Company’s networks, systems, and data from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality, and access controls.

- Threat and Vulnerability Management – The Company maintains a threat and vulnerability management program that leverages continuous threat intelligence to seek to proactively identify, assess, and mitigate evolving cybersecurity risks.

This program incorporates vulnerability scanning, remediation management, bug bounty, penetration testing, and threat response capabilities, all designed to safeguard our information assets and ensure business continuity.

- Cybersecurity Incident Monitoring and Response – The Company has established and maintains incident response plans that address the Company’s response to a cybersecurity incident, utilizing a cross-functional approach.

- Third Party Assessment and Oversight – The Company maintains a third-party risk management program designed to identify and manage cybersecurity risks from third-party service providers, including initial due diligence and assessment of the service provider’s control environment as well as periodic re-assessments.

- Security Training and Awareness – The Company provides ongoing education and training to employees regarding information security threats, and their role and responsibility in detecting and responding to such threats.

In addition to the above, where appropriate, AIG employs third-party experts to evaluate our cybersecurity risk management program.

The Company conducts annual external penetration tests to simulate real-world attacks against the Company’s networks and applications which supplement our continuous internal application security assessments.

These independent evaluations help uncover potential security vulnerabilities for remediation by our cybersecurity team.

We also operate a bug bounty program through a crowdsourced security platform to incentivize responsible disclosure of software defects by global security researchers.

The Program is evaluated on an ongoing basis both internally and through the use of third-party audit firms to address and protect against the evolving cyber threat landscape and seeks to align to industry standards such as the National Institute of Standards and Technology Cybersecurity Framework, as well as applicable legal and regulatory guidance and mandates related to all AIG stakeholders, including investors, customers, and employees.

Control adequacy and design are reviewed at least annually, and independent audits and penetration tests assist in identifying areas for continued focus, improvement and/or inclusion, and are designed to provide assurance that controls are appropriately designed and operating effectively.

Additionally, the Company's Internal Audit group performs independent testing of the Company’s control environment, including key components of the Program.

Board Oversight and Governance

AIG's Board of Directors (the Board) oversees the Program and management of risks from cybersecurity threats and reviews and monitors AIG's business and technology strategy, including the policies, processes and practices that the Company’s management implements to address risks from cybersecurity threats.

The Board believes that all directors are responsible for oversight of these matters given the increasing importance of cybersecurity to AIG’s risk profile, as well as the significant role the Company’s technology strategy plays in its strategic priorities.

The Chief Information Officer (CIO), CISO and Chief Risk Officer provide updates to the Board as appropriate.

Global Committees

Group Risk Committee (GRC): The GRC is a committee comprised of senior management and is responsible for assessing significant risk issues on a global basis to protect AIG’s financial strength, optimize AIG’s intrinsic value, and protect AIG’s reputation.

The risks considered by the GRC include those relating to cybersecurity.

| 38 | | | AIG \| 2023 Form 10-K | | |

It manages the risk assessment process, [removed: escalation] [added: escalation,] and implementation of risk acceptance thresholds with the help of the GRC.

[removed: The forums] [added: These committees] engage with [removed: the Company's] relevant IT leaders and functional leaders within Enterprise Risk Management, Legal, Compliance, and Internal Audit.

[removed: Each of the] [added: The] Board and regional and country leadership boards may receive periodic presentations and reports on cybersecurity risks.

[removed: The Company has] [added: We have] an established issue escalation protocol for technology incidents, including cyber related incidents.

[removed: The Company’s] [added: Our] technology incidents and risks are tracked and rated.

At least once each year, the Board discusses [removed: the Company’s] [added: our] approach to cybersecurity risk management with the [removed: Company’s Global Chief Information Security Officer.][added: CISO.]

The CISO and regional/country information security officers regularly present to the Company’s regional and country leadership boards on material cyber risks and [removed: the Company’s] [added: our] information security posture and strategy.

The CISO works collaboratively with business and functional colleagues to implement a program designed to protect [removed: the Company’s] [added: our] information [removed: system] [added: systems] from cybersecurity threats and promptly respond to potential cybersecurity incidents.

Multidisciplinary teams are deployed to respond to cybersecurity incidents in accordance with [removed: the Company’s] [added: our] incident response plans.

Through ongoing communication [removed: from] [added: with] these teams, the CISO monitors the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and reports such incidents to [added: senior management, who escalate to] the Board [removed: when] [added: as] appropriate.

[removed: The Company’s] [added: Our] cybersecurity personnel maintain current knowledge through specific training programs, professional certifications, and participation in industry groups (e.g., Financial Services Sector Coordinating Council, Financial Services Information Sharing and Analysis Center, Analysis and Resilience Center, Securities Industry and Financial Markets Association, Cybersecurity and Infrastructure Security Agency, etc.).

There have been no material cybersecurity incidents that have affected [removed: AIG] [added: the Company] for the period covered by this annual report.

| AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [removed: 39] [added: 31] | | |

CYBERSECURITY RISK MANAGEMENT

We maintain a documented Information Security Program (the Program) that is informed by industry standards, frameworks and best practices and is designed to protect the confidentiality, integrity, and availability of our information assets and systems that store, process or transmit information.

Our Chief Information Security Officer (CISO) oversees and directs the Program, including implementing adjustments in response to changes in technology, internal and external threats, business processes, and regulatory or statutory requirements and communicates our information security risk posture to senior management and the Board of Directors (the Board).

The Program includes the following key elements:

- Network, Systems and Data Security – Technical and organizational safeguards that are designed to protect our networks, systems, and data from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality, and access controls.

- Threat and Vulnerability Management – A threat and vulnerability management program that leverages continuous threat intelligence to seek to proactively identify, assess, and mitigate evolving cybersecurity risks.

This program incorporates vulnerability scanning, remediation management, bug bounty, penetration testing, and threat response capabilities, all designed to safeguard our information assets and ensure business continuity.

- Cybersecurity Incident Monitoring and Response – Incident response plans that address our response to a cybersecurity incident, utilizing a cross-functional approach.

- Third-Party Assessment and Oversight – A third-party risk management program designed to identify and manage cybersecurity risks from third-party service providers, including initial due diligence as well as initial and periodic re-assessments of the service provider’s control environment.

- Security Training and Awareness – Annual cybersecurity and awareness training for employees and contractors.

The Program is evaluated on an ongoing basis, both internally and through third-party audit firms, to address and protect against the evolving cyber threat landscape.

The Program seeks to align to industry standards such as the National Institute of Standards and Technology Cybersecurity Framework, as well as applicable legal and regulatory guidance and mandates applicable to all of our stakeholders, including investors, customers, and employees.

Control adequacy and design are reviewed at least annually.

Independent audits and penetration tests assist in identifying areas for continued focus, improvement and/or inclusion, and are designed to provide assurance that controls are appropriately designed and operating effectively.

Additionally, our Internal Audit group performs independent testing of our control environment, including key components of the Program.

We also operate a bug bounty program through a crowdsourced security platform to incentivize responsible disclosure of software defects.

These independent evaluations help uncover potential security vulnerabilities for remediation by our cybersecurity team.

Board Oversight

Our Board oversees the Program and the management of risks from cybersecurity threats.

The Board reviews and monitors our business and technology strategy, including the policies, processes, and practices that management implements to address risks from cybersecurity threats.

The Board believes that all directors are responsible for oversight of these matters given the increasing importance of cybersecurity to our risk profile, as well as the significant role our technology strategy plays in our strategic priorities.

The Chief Information Officer (CIO), CISO, and Chief Risk Officer provide updates to the Board as appropriate.

Global Committees

Group Risk Committee (GRC): The GRC is a committee comprised of senior management and is responsible for assessing significant risk issues on a global basis to protect our financial strength, optimize our intrinsic value, and protect our reputation.

The risks considered by the GRC include those relating to cybersecurity.

In addition, there are regional and country risk and IT risk committees, including in Asia Pacific, Europe, the Middle East and Africa, the United Kingdom, Latin America and the Caribbean.

ITEM 1C | Cybersecurity

Reporting and Governance

Our CISO has extensive cybersecurity experience, maintains multiple professional certifications and has served in various roles in information technology and information security for over 25 years.

Regional, Country Risk and IT Risk Committees

- Asia Pacific (APAC) Technology Risk and Controls (TRC) Forum

- APAC - TRC Zone / Country Monthly Forums

- Japan IT Risk Committee

- Europe, Middle East and Africa region/UK and Latin America and Caribbean TRC Forum

The above forums are set up for regional focus on IT, cybersecurity, regulations and overall issue management.

Company cybersecurity personnel expand and test their knowledge of cyber threats and countermeasures through additional on-the-job training and quarterly sponsored simulated exercises to practice their response to real-life threats.

In addition, personnel are encouraged to obtain industry approved certifications as appropriate for their roles and responsibilities.

Below are some examples of certifications held by the Company’s cybersecurity personnel: Certified in the Governance of Enterprise IT, Certified Information Systems Security Professional, Certified Information Security Manager, Certified Risk Information Systems Control, Global Information Assurance Certification (GIAC) Certified Incident Handler, GIAC Assessing and Auditing Wireless Networks, and GIAC Continuous Monitoring Certification.

Our CISO has more than 30 years’ leadership experience in the field of information technology, cybersecurity, and adjacent roles spanning both military, corporate, and advisory roles.

He maintains multiple professional certifications and has completed various academic and professional training courses, including the Federal Bureau of Investigation CISO Academy.

In addition, he continues to serve on cybersecurity advisory councils and on the faculty of educational institutions focused on network security and information technology.

ITEM 2 | Properties

We operate from approximately [removed: 130] [added: 50] offices in the United States and approximately [removed: 240] [added: 230] offices in approximately 40 foreign countries.

We own [removed: 9] [added: 3] offices in the United States and [removed: 40] [added: 43] offices in [removed: 7] [added: 10] foreign countries.

LOCATIONS OF CERTAIN ASSETS

As of December 31, 2023, approximately 8 percent of our consolidated assets were located outside the U.S. and Canada.

| [removed: 40] [added: 32] | | | AIG \| [removed: 2023] [added: 2024] Form 10-K | | |

There were approximately [removed: 18,502] [added: 17,624] shareholders of record of AIG Common Stock as of February [removed: 8, 2024.][added: 7, 2025.]

The following table provides information about purchases made by or on behalf of AIG or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the Exchange Act)) of AIG Common Stock during the three months ended December 31, [removed: 2023:][added: 2024:]

*Excludes excise tax of [removed: $27] [added: $69] million due to the Inflation Reduction Act of 2022 for the year ended December 31, [removed: 2023.][added: 2024.]

On [removed: August 1, 2023,] [added: April 30, 2024,] the Board of Directors authorized the repurchase of [removed: $7.5] [added: $10.0] billion of AIG Common Stock (inclusive of the approximately [removed: $2.15] [added: $3.9] billion [removed: of expected] remaining [removed: authorization] under the Board's prior share repurchase [removed: authorization upon expiration of the current 10b5-1 Plan as of August 7, 2023).][added: authorization).]

As of December 31, [removed: 2023,] [added: 2024,] approximately [removed: $6.2] [added: $5.6] billion remained under the authorization.

*For additional information on our share purchases, see Note [removed: 18] [added: 16] to the Consolidated Financial Statements.*

| AIG \| [removed: 2023] [added: 2024] Form 10-K | | | [removed: 41] [added: 33] | | |

The following [removed: Performance Graph] [added: performance graph] compares the cumulative total shareholder return on AIG Common Stock for a five-year period (December 31, [removed: 2018] [added: 2019] to December 31, [removed: 2023)] [added: 2024)] with the cumulative total return of the S&P’s 500 stock index (which includes [removed: AIG),] [added: AIG) and] the S&P Property and Casualty Insurance [removed: Index and the S&P Life and Health Insurance] Index.

Value of $100 Invested on December 31, [removed: 2018][added: 2019]

[removed: ][added: ]

| | | | | | | [removed: 2018] [added: 2019] | | | | | | | | | [removed: 2019] [added: 2020] | | | | | | | | | [removed: 2020] [added: 2021] | | | | | | | | | [removed: 2021] [added: 2022] | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | | | | [removed: 2023] [added: 2024] | | |

| October 1-31 | | | 6,851,580 | | | $ | | | 76.29 | | | | | | 6,851,580 | | | | | | $ | | | 6,934 | | |

| November 1-30 | | | 7,260,664 | | | | | | 75.91 | | | | | | 7,260,664 | | | | | | | | | 6,382 | | |

| December 1-31 | | | 10,166,225 | | | | | | 73.15 | | | | | | 10,166,225 | | | | | | | | | 5,639 | | |

| Total | | | 24,278,469 | | | $ | | | 74.86 | | | | | | 24,278,469 | | | | | | $ | | | 5,639 | | |

| AIG | | | $ | | | 100.00 | | | | | | $ | | | 76.75 | | | | | | $ | | | 118.13 | | | | | | $ | | | 134.37 | | | | | | $ | | | 147.43 | | | | | | $ | | | 161.81 | | |

| S&P 500 | | | | | | 100.00 | | | | | | | | | 118.40 | | | | | | | | | 152.39 | | | | | | | | | 124.79 | | | | | | | | | 157.59 | | | | | | | | | 197.02 | | |

| S&P 500 Property & Casualty Insurance Index | | | | | | 100.00 | | | | | | | | | 106.96 | | | | | | | | | 127.58 | | | | | | | | | 151.65 | | | | | | | | | 168.05 | | | | | | | | | 227.67 | | |

| October 1-31 | | | 2,787,099 | | | $ | | | 60.72 | | | | | | 2,787,099 | | | | | | $ | | | 7,038 | | |

| November 1-30 | | | 6,703,311 | | | | | | 64.26 | | | | | | 6,703,311 | | | | | | | | | 6,608 | | |

| December 1-31 | | | 6,685,175 | | | | | | 66.51 | | | | | | 6,685,175 | | | | | | | | | 6,163 | | |

| Total | | | 16,175,585 | | | $ | | | 64.58 | | | | | | 16,175,585 | | | | | | $ | | | 6,163 | | |

| AIG | | | $ | | | 100.00 | | | | | | $ | | | 133.58 | | | | | | $ | | | 102.52 | | | | | | $ | | | 157.80 | | | | | | $ | | | 179.49 | | | | | | $ | | | 196.94 | | |

| S&P 500 | | | | | | 100.00 | | | | | | | | | 131.49 | | | | | | | | | 155.68 | | | | | | | | | 200.37 | | | | | | | | | 164.08 | | | | | | | | | 207.21 | | |

| S&P 500 Property & Casualty Insurance Index | | | | | | 100.00 | | | | | | | | | 125.87 | | | | | | | | | 134.63 | | | | | | | | | 160.58 | | | | | | | | | 190.89 | | | | | | | | | 211.53 | | |

| S&P 500 Life & Health Insurance | | | | | | 100.00 | | | | | | | | | 123.18 | | | | | | | | | 111.51 | | | | | | | | | 152.41 | | | | | | | | | 168.18 | | | | | | | | | 176.00 | | |

| [removed: 42] [added: 34] | | | AIG \| [removed: 2023] [added: 2024] Form 10-K | | |

This Annual Report on Form 10-K and other publicly available documents may include, and members of [removed: AIG] 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 [removed: AIG’s] future operating and financial performance, based on assumptions currently believed to be valid and accurate.

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, [removed: such as] the [removed: separation of the Life and Retirement business from AIG, 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 \| [removed: 2023] [added: 2024] Form 10-K | | | [removed: 43] [added: 35] | | |

All forward-looking statements involve risks, uncertainties and other factors that may cause [removed: AIG’s] 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 [removed: AIG’s] 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 [removed: AIG and its businesses] [added: we] operate in the U.S. and globally, including [removed: adverse developments related to] financial market conditions, macroeconomic trends, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, [added: and] an economic slowdown or [removed: recession, any potential U.S. federal government shutdown] [added: recession] and geopolitical events or [removed: conflicts, including the conflict between Russia and Ukraine and the conflict in Israel and the surrounding areas;][added: conflicts;]

- [added: the] occurrence of catastrophic events, both natural and man-made, [removed: including] [added: which may be exacerbated by] the effects of climate [removed: change, geopolitical events and conflicts and civil unrest;][added: change;]

- disruptions in the availability or accessibility of [removed: AIG's] [added: 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 [removed: breaches,] [added: breaches] or infrastructure vulnerabilities;

- [removed: AIG’s] [added: our] ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;

- [removed: AIG's] [added: our] ability to effectively implement restructuring initiatives and potential cost-savings opportunities;

- [removed: AIG's] [added: our] ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives;

- [removed: AIG’s] [added: our] reliance on third-party investment managers;

- changes in the valuation of [removed: AIG’s] [added: our] investments;

- [removed: AIG’s] [added: our] reliance on third parties to provide certain business and administrative services;

- concentrations of [removed: AIG’s] [added: our] insurance, reinsurance and other risk exposures;

- [removed: AIG's] [added: our] ability to adequately assess risk and estimate related losses as well as the effectiveness of [removed: AIG’s] [added: our] enterprise risk management policies and [removed: procedures, including with respect to business continuity and disaster recovery plans;][added: procedures;]

- actions by rating agencies with respect to [removed: AIG’s] [added: our] credit and financial strength ratings as well as those of its businesses and subsidiaries;

- changes in accounting principles and financial reporting [removed: requirements;][added: requirements or their applicability to us;]

- the effects of [removed: sanctions, including those related to the conflict between Russia and Ukraine,] [added: sanctions] and the failure to comply with those sanctions;

- the effects of changes in laws and regulations, including those relating to [added: privacy, data protection, cybersecurity and AI, and] the regulation of insurance, in the U.S. and other countries in which [removed: AIG and its businesses] [added: we] operate;

- changes to tax laws in the U.S. and other countries in which [removed: AIG and its businesses] [added: we] operate;

- [removed: AIG’s] [added: our] ability to effectively execute on sustainability targets and standards;

- [removed: AIG’s] [added: our] ability to address evolving [added: global] stakeholder expectations and regulatory requirements with respect to environmental, social and governance matters;

Risk Factors of this Annual Report; [removed: and.]

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) of this Annual [removed: Report.][added: Report; and]

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 [removed: Securities and Exchange Commission (SEC).][added: SEC.]

| [removed: 44] [added: 36] | | | AIG \| [removed: 2023] [added: 2024] Form 10-K | | |

[added: ITEM 7] | [removed: [Use] [added: Use] of Non-GAAP [removed: Measures](#i3bdcfcee27954b6aae3316a5ec2a29ce_304) | | | [46](#i3bdcfcee27954b6aae3316a5ec2a29ce_304) | | |][added: Measures]

| [Critical Accounting [removed: Estimates](#i3bdcfcee27954b6aae3316a5ec2a29ce_307)] [added: Estimates](#ibb0454018956415f90daa804e716b1b1_289)] | | | [removed: [48](#i3bdcfcee27954b6aae3316a5ec2a29ce_307)] [added: [40](#ibb0454018956415f90daa804e716b1b1_289)] | | |

| [Regulatory, Industry and Economic [removed: Factors](#i3bdcfcee27954b6aae3316a5ec2a29ce_352)] [added: Factors](#ibb0454018956415f90daa804e716b1b1_304)] | | | [removed: [58](#i3bdcfcee27954b6aae3316a5ec2a29ce_352)] [added: [47](#ibb0454018956415f90daa804e716b1b1_304)] | | |

[added: ITEM 7] | [removed: [Consolidated] [added: Consolidated] Results of [removed: Operations](#i3bdcfcee27954b6aae3316a5ec2a29ce_361) | | | [60](#i3bdcfcee27954b6aae3316a5ec2a29ce_361) | | |][added: Operations]

| [Business Segment [removed: Operations](#i3bdcfcee27954b6aae3316a5ec2a29ce_388)] [added: Operations](#ibb0454018956415f90daa804e716b1b1_334)] | | | [removed: [65](#i3bdcfcee27954b6aae3316a5ec2a29ce_388)] [added: [53](#ibb0454018956415f90daa804e716b1b1_334)] | | |

| [removed: [General Insurance](#i3bdcfcee27954b6aae3316a5ec2a29ce_391)] [added: Total General Insurance*] | | | [removed: [66](#i3bdcfcee27954b6aae3316a5ec2a29ce_391)] | | | [added: | | | | | | | | | | | | $ | | | (368) | | | $ | | | (391) | | | $ | | | (518) | | |]

| [removed: [Overview](#i3bdcfcee27954b6aae3316a5ec2a29ce_436)] [added: [Overview](#ibb0454018956415f90daa804e716b1b1_436)] | | | [removed: [86](#i3bdcfcee27954b6aae3316a5ec2a29ce_436)] [added: [81](#ibb0454018956415f90daa804e716b1b1_436)] | | |

| [Liquidity and Capital [removed: Resources](#i3bdcfcee27954b6aae3316a5ec2a29ce_472)] [added: Resources](#ibb0454018956415f90daa804e716b1b1_382)] | | | [removed: [104](#i3bdcfcee27954b6aae3316a5ec2a29ce_472)] [added: [74](#ibb0454018956415f90daa804e716b1b1_382)] | | |

| [Liquidity and Capital Resources [removed: Highlights](#i3bdcfcee27954b6aae3316a5ec2a29ce_478)] [added: Highlights](#ibb0454018956415f90daa804e716b1b1_388)] | | | [removed: [104](#i3bdcfcee27954b6aae3316a5ec2a29ce_478)] [added: [74](#ibb0454018956415f90daa804e716b1b1_388)] | | |

| [Analysis of Sources and Uses of [removed: Cash](#i3bdcfcee27954b6aae3316a5ec2a29ce_484)] [added: Cash](#ibb0454018956415f90daa804e716b1b1_391)] | | | [removed: [106](#i3bdcfcee27954b6aae3316a5ec2a29ce_484)] [added: [75](#ibb0454018956415f90daa804e716b1b1_391)] | | |

| [Liquidity and Capital Resources of AIG Parent and [removed: Subsidiaries](#i3bdcfcee27954b6aae3316a5ec2a29ce_487)] [added: Subsidiaries](#ibb0454018956415f90daa804e716b1b1_394)] | | | [removed: [107](#i3bdcfcee27954b6aae3316a5ec2a29ce_487)] [added: [76](#ibb0454018956415f90daa804e716b1b1_394)] | | |

- concentrations in our investment portfolios, including our continuing equity market exposure to Corebridge Financial, Inc. (Corebridge);

- nonperformance or defaults by counterparties;

–our other filings with the Securities and Exchange Commission (SEC).

| [Use of Non-GAAP Measures](#ibb0454018956415f90daa804e716b1b1_286) | | | [38](#ibb0454018956415f90daa804e716b1b1_286) | | |

| [Overview](#ibb0454018956415f90daa804e716b1b1_295) | | | [47](#ibb0454018956415f90daa804e716b1b1_295) | | |

| [Consolidated Results of Operations](#ibb0454018956415f90daa804e716b1b1_310) | | | [48](#ibb0454018956415f90daa804e716b1b1_310) | | |

| [Investments](#ibb0454018956415f90daa804e716b1b1_355) | | | [62](#ibb0454018956415f90daa804e716b1b1_355) | | |

| [Overview](#ibb0454018956415f90daa804e716b1b1_358) | | | [62](#ibb0454018956415f90daa804e716b1b1_358) | | |

| [Investment Highlights](#ibb0454018956415f90daa804e716b1b1_361) in 2024 | | | [62](#ibb0454018956415f90daa804e716b1b1_361) | | |

| [Investment Strategies](#ibb0454018956415f90daa804e716b1b1_364) | | | [62](#ibb0454018956415f90daa804e716b1b1_364) | | |

| [Credit Ratings](#ibb0454018956415f90daa804e716b1b1_367) | | | [68](#ibb0454018956415f90daa804e716b1b1_367) | | |

| [Loss Reserves](#ibb0454018956415f90daa804e716b1b1_373) | | | [70](#ibb0454018956415f90daa804e716b1b1_373) | | |

| [Overview](#ibb0454018956415f90daa804e716b1b1_385) | | | [74](#ibb0454018956415f90daa804e716b1b1_385) | | |

| [Credit Facilities](#ibb0454018956415f90daa804e716b1b1_397) | | | [77](#ibb0454018956415f90daa804e716b1b1_397) | | |

| [Contractual Obligations](#ibb0454018956415f90daa804e716b1b1_400) | | | [77](#ibb0454018956415f90daa804e716b1b1_400) | | |

| [Debt](#ibb0454018956415f90daa804e716b1b1_406) | | | [79](#ibb0454018956415f90daa804e716b1b1_406) | | |

| [Credit Ratings](#ibb0454018956415f90daa804e716b1b1_412) | | | [79](#ibb0454018956415f90daa804e716b1b1_412) | | |

| [Financial Strength Ratings](#ibb0454018956415f90daa804e716b1b1_415) | | | [80](#ibb0454018956415f90daa804e716b1b1_415) | | |

| [Regulation and Supervision](#ibb0454018956415f90daa804e716b1b1_418) | | | [80](#ibb0454018956415f90daa804e716b1b1_418) | | |

| [Dividends](#ibb0454018956415f90daa804e716b1b1_421) | | | [80](#ibb0454018956415f90daa804e716b1b1_421) | | |

| [Dividend Restrictions](#ibb0454018956415f90daa804e716b1b1_427) | | | [81](#ibb0454018956415f90daa804e716b1b1_427) | | |

| [Risk Governance Structure](#ibb0454018956415f90daa804e716b1b1_601) | | | [81](#ibb0454018956415f90daa804e716b1b1_601) | | |

| [Credit Risk Management](#ibb0454018956415f90daa804e716b1b1_607) | | | [82](#ibb0454018956415f90daa804e716b1b1_607) | | |

| [Market Risk Management](#ibb0454018956415f90daa804e716b1b1_610) | | | [82](#ibb0454018956415f90daa804e716b1b1_610) | | |

| [Liquidity Risk Management](#ibb0454018956415f90daa804e716b1b1_613) | | | [84](#ibb0454018956415f90daa804e716b1b1_613) | | |

| [Operational Risk Management](#ibb0454018956415f90daa804e716b1b1_616) | | | [84](#ibb0454018956415f90daa804e716b1b1_616) | | |

| [Business and Strategy Risks](#ibb0454018956415f90daa804e716b1b1_4093) | | | [84](#ibb0454018956415f90daa804e716b1b1_4093) | | |

| [Insurance Risks](#ibb0454018956415f90daa804e716b1b1_619) | | | [85](#ibb0454018956415f90daa804e716b1b1_619) | | |

| [Glossary](#ibb0454018956415f90daa804e716b1b1_442) | | | [88](#ibb0454018956415f90daa804e716b1b1_442) | | |

| [Acronyms](#ibb0454018956415f90daa804e716b1b1_445) | | | [90](#ibb0454018956415f90daa804e716b1b1_445) | | |

Book Value per share, excluding Goodwill, Value of business acquired (VOBA), Value of distribution channel acquired (VODA) and Other intangible assets (Tangible book value per share) is used to provide a useful measure of the realizable shareholder value on a per share basis.

Tangible book value per share is derived by dividing Total AIG common shareholders’ equity, excluding intangible assets (AIG tangible common shareholders’ equity) by total common shares outstanding.

Book Value per share, excluding Investments AOCI, Goodwill, VOBA, VODA and Other intangible assets (Adjusted tangible book value per share) is used to provide a useful measure of the realizable shareholder value 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 and Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re.

Adjusted tangible book value per share is derived by dividing AIG adjusted common equity, excluding intangible assets, (AIG adjusted tangible common shareholders’ equity) by total common shares outstanding.

Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge.

We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions.

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.

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.

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

- AIG's ability to realize expected strategic, financial, operational or other benefits from the separation of Corebridge Financial, Inc. (Corebridge) as well as AIG’s equity market exposure to Corebridge;

- concentrations in AIG’s investment portfolios;

- nonperformance or defaults by counterparties, including Fortitude Reinsurance Company Ltd. (Fortitude Re);

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| [Executive Summary](#i3bdcfcee27954b6aae3316a5ec2a29ce_340) | | | [57](#i3bdcfcee27954b6aae3316a5ec2a29ce_340) | | |

| [Overview](#i3bdcfcee27954b6aae3316a5ec2a29ce_343) | | | [57](#i3bdcfcee27954b6aae3316a5ec2a29ce_343) | | |

| [Life and Retirement](#i3bdcfcee27954b6aae3316a5ec2a29ce_400) | | | [73](#i3bdcfcee27954b6aae3316a5ec2a29ce_400) | | |

| [Other Operations](#i3bdcfcee27954b6aae3316a5ec2a29ce_430) | | | [84](#i3bdcfcee27954b6aae3316a5ec2a29ce_430) | | |

| [Investments](#i3bdcfcee27954b6aae3316a5ec2a29ce_433) | | | [86](#i3bdcfcee27954b6aae3316a5ec2a29ce_433) | | |

| [Investment Highlights](#i3bdcfcee27954b6aae3316a5ec2a29ce_439) in 2023 | | | [86](#i3bdcfcee27954b6aae3316a5ec2a29ce_439) | | |

| [Investment Strategies](#i3bdcfcee27954b6aae3316a5ec2a29ce_442) | | | [86](#i3bdcfcee27954b6aae3316a5ec2a29ce_442) | | |

| [Credit Ratings](#i3bdcfcee27954b6aae3316a5ec2a29ce_445) | | | [88](#i3bdcfcee27954b6aae3316a5ec2a29ce_445) | | |

| [Insurance Reserves](#i3bdcfcee27954b6aae3316a5ec2a29ce_451) | | | [96](#i3bdcfcee27954b6aae3316a5ec2a29ce_451) | | |

| [Loss Reserves](#i3bdcfcee27954b6aae3316a5ec2a29ce_451) | | | [96](#i3bdcfcee27954b6aae3316a5ec2a29ce_451) | | |

| [Life and Annuity Future Policy Benefits, Policyholder Contract Deposits](#i3bdcfcee27954b6aae3316a5ec2a29ce_460) [and Market Risk Benefits](#i3bdcfcee27954b6aae3316a5ec2a29ce_460) | | | [100](#i3bdcfcee27954b6aae3316a5ec2a29ce_460) | | |

| [Overview](#i3bdcfcee27954b6aae3316a5ec2a29ce_475) | | | [104](#i3bdcfcee27954b6aae3316a5ec2a29ce_475) | | |

| [Liquidity and Capital Resources Highlights of Corebridge](#i3bdcfcee27954b6aae3316a5ec2a29ce_481) | | | [106](#i3bdcfcee27954b6aae3316a5ec2a29ce_481) | | |

| [Credit Facilities](#i3bdcfcee27954b6aae3316a5ec2a29ce_490) | | | [108](#i3bdcfcee27954b6aae3316a5ec2a29ce_490) | | |

| [Contractual Obligations](#i3bdcfcee27954b6aae3316a5ec2a29ce_493) | | | [109](#i3bdcfcee27954b6aae3316a5ec2a29ce_493) | | |

| [Debt](#i3bdcfcee27954b6aae3316a5ec2a29ce_499) | | | [111](#i3bdcfcee27954b6aae3316a5ec2a29ce_499) | | |

| [Credit Ratings](#i3bdcfcee27954b6aae3316a5ec2a29ce_505) | | | [112](#i3bdcfcee27954b6aae3316a5ec2a29ce_505) | | |

| [Financial Strength Ratings](#i3bdcfcee27954b6aae3316a5ec2a29ce_508) | | | [112](#i3bdcfcee27954b6aae3316a5ec2a29ce_508) | | |

| [Regulation and Supervision](#i3bdcfcee27954b6aae3316a5ec2a29ce_511) | | | [113](#i3bdcfcee27954b6aae3316a5ec2a29ce_511) | | |

| [Dividends](#i3bdcfcee27954b6aae3316a5ec2a29ce_514) | | | [113](#i3bdcfcee27954b6aae3316a5ec2a29ce_514) | | |

| [Dividend Restrictions](#i3bdcfcee27954b6aae3316a5ec2a29ce_520) | | | [113](#i3bdcfcee27954b6aae3316a5ec2a29ce_520) | | |

| [Enterprise Risk Management](#i3bdcfcee27954b6aae3316a5ec2a29ce_526) | | | [114](#i3bdcfcee27954b6aae3316a5ec2a29ce_526) | | |

| [Overview](#i3bdcfcee27954b6aae3316a5ec2a29ce_529) | | | [114](#i3bdcfcee27954b6aae3316a5ec2a29ce_529) | | |

| [Risk Governance Structure](#i3bdcfcee27954b6aae3316a5ec2a29ce_976) | | | [114](#i3bdcfcee27954b6aae3316a5ec2a29ce_976) | | |

| [Credit Risk Management](#i3bdcfcee27954b6aae3316a5ec2a29ce_982) | | | [115](#i3bdcfcee27954b6aae3316a5ec2a29ce_982) | | |

| [Market Risk Management](#i3bdcfcee27954b6aae3316a5ec2a29ce_532) | | | [115](#i3bdcfcee27954b6aae3316a5ec2a29ce_532) | | |

| [Liquidity Risk Management](#i3bdcfcee27954b6aae3316a5ec2a29ce_985) | | | [117](#i3bdcfcee27954b6aae3316a5ec2a29ce_985) | | |

| [Operational Risk Management](#i3bdcfcee27954b6aae3316a5ec2a29ce_988) | | | [117](#i3bdcfcee27954b6aae3316a5ec2a29ce_988) | | |

| [Insurance Risks](#i3bdcfcee27954b6aae3316a5ec2a29ce_991) | | | [118](#i3bdcfcee27954b6aae3316a5ec2a29ce_991) | | |

| [Glossary](#i3bdcfcee27954b6aae3316a5ec2a29ce_538) | | | [122](#i3bdcfcee27954b6aae3316a5ec2a29ce_538) | | |

| [Acronyms](#i3bdcfcee27954b6aae3316a5ec2a29ce_541) | | | [124](#i3bdcfcee27954b6aae3316a5ec2a29ce_541) | | |

This measure also eliminates the asymmetrical impact resulting from changes in fair value of our available for sale securities portfolio wherein there is largely no offsetting impact for certain related insurance liabilities.

As net operating loss carryforwards and foreign tax credits are utilized, the portion of the DTA utilized is included in these book value per common share metrics.

The principal considerations for our determination that performing procedures relating to the [removed: recoverability] [added: valuation] of [removed: the U.S. federal deferred tax asset] [added: insurance liabilities - loss reserves, net of reinsurance] is a critical audit matter are (i) the significant judgment by management when developing their [removed: estimate of the recoverability,] [added: estimate,] which in turn led to a high degree of auditor subjectivity and judgment in performing the audit procedures [removed: relating] [added: related] to the [removed: forecasts of future income for the non-life business, assumptions about future macroeconomic and company specific conditions and events, tax attribute carryforward periods, and tax planning strategies,] [added: estimate,] (ii) the significant audit effort and judgment in evaluating the audit evidence related to the [removed: recoverability] [added: actuarial methods, weights given to these methods by product line, groupings] of [added: similar product lines, and] the [removed: U.S. federal deferred tax asset,] [added: aforementioned actuarial assumptions,] and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

[removed: February 14, 2024][added: | 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| AIG \| [removed: 2023] [added: 2024] Form 10-K | | | 129 | | |

| *(in millions, except for share data)* | | | December 31, [removed: 2023] [added: 2024] | | | | | | [removed: December] [added: December] 31, [removed: 2022] [added: 2023] | | | | | |

| Bonds available for sale, at fair value, net of allowance for credit losses of [removed: $162] [added: $38] in [removed: 2023] [added: 2024] and [removed: $186] [added: $34] in [removed: 2022] [added: 2023] (amortized cost: [removed: 2023] [added: 2024] - [removed: $253,035; 2022] [added: $66,195; 2023] - [removed: $255,993)*] [added: $68,119)*] | | | $ | | | [removed: 231,733] [added: 64,006] | | | $ | | | [removed: 226,156] [added: 65,242] | | |

| Other bond securities, at fair value (See Note [removed: 6)*] [added: 6)] | | | | | | [removed: 5,241] [added: 745] | | | | | | [removed: 4,485] [added: 663] | | |

| Equity securities, at fair value (See Note [removed: 6)*] [added: 6)] | | | | | | [removed: 728] [added: 704] | | | | | | [removed: 575] [added: 665] | | |

| Mortgage and other loans receivable, net of allowance for credit losses [removed: of $38,473 in 2023 and $38,351 in 2022*] | | | | | | [removed: 51,553 | | | | | | 49,605] [added: 46,732] | | |

| Other invested assets (portion measured at fair value: [removed: 2023] [added: 2024] - [removed: $11,733; 2022] [added: $7,384; 2023] - [removed: $12,042)*] [added: $4,175)] | | | | | | [removed: 16,217] [added: 9,828] | | | | | | [removed: 15,953] [added: 6,368] | | |

| Short-term investments, including restricted cash of [removed: $4] [added: $55] in [removed: 2023] [added: 2024] and [removed: $140] [added: $1] in [removed: 2022] [added: 2023] (portion measured at fair value: [removed: 2023] [added: 2024] - [removed: $10,772; 2022] [added: $9,789; 2023] - [removed: $5,708)*] [added: $9,363)*] | | | | | | [removed: 17,200] [added: 14,462] | | | | | | [removed: 12,376] [added: 12,865] | | |

| Accrued investment [removed: income*] [added: income] | | | | | | [removed: 2,588] | | | | | | [removed: 2,376] | | | [added: 2 | | |]

| Premiums and other receivables, net of allowance for credit losses and disputes [removed: of $139 in 2023 and $169 in 2022] | | | | | | [removed: 10,561 | | | | | | 13,243] [added: 709] | | |

| Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes [removed: of $0 in 2023 and $0 in 2022] | | | | | | [removed: 30,612 | | | | | | 30,751] [added: 26,772] | | |

| Reinsurance assets - other, net of allowance for credit losses and disputes [removed: of $236 in 2023 and $295 in 2022] | | | | | | [removed: 36,914 | | | | | | 38,971] [added: 2,519] | | |

| Deferred income taxes | | | | | | [removed: 14,445 | | | | | | 14,804] [added: 8,307] | | |

| Deferred policy acquisition costs | | | | | | [removed: 12,085 | | | | | | 12,857] [added: 10,782] | | |

| Market risk benefit assets, at fair value | | | | | | [removed: 912 | | | | | | 796] [added: 912] | | |

| Separate account assets, at fair value | | | | | | [removed: 91,005 | | | | | | 84,853] [added: 91,005] | | |

| Assets held for sale | | | | | | [removed: 2,268] [added: —] | | | | | | [removed: —] [added: 30] | | |

| Total assets | | | $ | | | [removed: 539,306] [added: 161,322] | | | $ | | | [removed: 522,228] [added: 539,306] | | |

| Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in [removed: 2023] [added: 2024] and $14 in [removed: 2022] [added: 2023] | | | $ | | | [removed: 70,393] [added: 69,168] | | | $ | | | [removed: 75,167] [added: 70,393] | | |

| Unearned premiums | | | | | | [removed: 17,387 | | | | | | 18,338] [added: $] | [added: 65] | |

| Market risk benefit liabilities, at fair value | | | | | | [removed: 5,705 | | | | | | 4,736] [added: 5,705] | | |

| Other policyholder funds | | | | | | [removed: 3,356 | | | | | | 3,463] [added: 2,862] | | |

| Fortitude Re funds withheld payable (portion measured at fair value: [removed: 2023] [added: 2024] - [removed: $(1,226); 2022] [added: $(128); 2023] - [removed: $(2,235))] [added: $(148))] | | | | | | [removed: 29,484] [added: 3,207] | | | | | | [removed: 30,383] [added: 3,527] | | |

| Other liabilities (portion measured at fair value: [removed: 2023] [added: 2024] - [removed: $624; 2022] [added: $251; 2023] - [removed: $343)*] [added: $482)] | | | | | | [removed: 25,958] [added: 7,503] | | | | | | [removed: 26,757] [added: 7,496] | | |

| Debt of consolidated investment [removed: entities*] [added: entities] | | | | | | [removed: 2,591] | | | | | | [removed: 5,880] [added: $] | | | [added: 38 | | |]

| Separate account liabilities | | | | | | [removed: 91,005 | | | | | | 84,853] [added: 91,005] | | |

| Liabilities held for sale | | | | | | [removed: 1,775] [added: —] | | | | | | [removed: —] [added: 28] | | |

| Total liabilities | | | | | | [removed: 488,005] [added: 118,772] | | | | | | [removed: 478,774] [added: 488,005] | | |

| Contingencies, commitments and guarantees (See Note [removed: 17)] [added: 15)] | | | | | | | | | | | | | | |

| Series A non-cumulative preferred stock and additional paid in capital, $5.00 par value; 100,000,000 shares authorized; shares issued: [removed: 2023] [added: 2024] - [removed: 20,000] [added: 0] and [removed: 2022] [added: 2023] - 20,000; liquidation preference $500 | | | | | | [removed: 485] [added: —] | | | | | | 485 | | |

| Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: [removed: 2023] [added: 2024] - 1,906,671,492 and [removed: 2022] [added: 2023] - 1,906,671,492 | | | | | | 4,766 | | | | | | 4,766 | | |

| Treasury stock, at cost; [removed: 2023] [added: 2024] - [removed: 1,217,831,721] [added: 1,300,512,040] shares; [removed: 2022] [added: 2023] - [removed: 1,172,543,436] [added: 1,217,831,721] shares of common stock | | | | | | [removed: (59,189)] [added: (65,573)] | | | | | | [removed: (56,473)] [added: (59,189)] | | |

| Additional paid-in capital | | | | | | [removed: 75,810] [added: 75,348] | | | | | | [removed: 79,915] [added: 75,810] | | |

| Retained earnings | | | | | | [removed: 37,516] [added: 35,079] | | | | | | [removed: 34,893] [added: 37,516] | | |

| Accumulated other comprehensive loss | | | | | | [removed: (14,037)] [added: (7,099)] | | | | | | [removed: (22,616)] [added: (14,037)] | | |

| Total AIG shareholders’ equity | | | | | | [removed: 45,351] [added: 42,521] | | | | | | [removed: 40,970] [added: 45,351] | | |

| Non-redeemable noncontrolling interests | | | | | | [removed: 5,950] [added: 29] | | | | | | [removed: 2,484] [added: 5,950] | | |

| Total equity | | | | | | [removed: 51,301] [added: 42,550] | | | | | | [removed: 43,454] [added: 51,301] | | |