Financial Analysis

14. Debt Our long-term debt is denominated in various currencies, with both fixed and variable interest rates. Long-term debt is carried at the principal amount borrowed, including unamortized discounts, hedge accounting valuation adjustments and fair value adjustments, when applicable. The following table lists our total debt outstanding at December 31, 2025 and 2024. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2025, including fixed and variable-rates: At December 31, 2025 Range of Interest Rate(s) Maturity Date(s) Balance at December 31, 2025 Balance at December 31, 2024 (in millions) General borrowings: Notes and bonds payable 1.58% - 6.82% 2026 - 2055 $ 8,529 $ 7,885 Junior subordinated debt 5.75% - 8.18% 2037 - 2058 481 602 AIG Japan Holdings Kabushiki Kaisha 239 Total general borrowings 9,010 8,726 Borrowings supported by assets 3.77% - 7.00% 2026 - 2046 25 37 Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG 1 Total long-term debt 9,035 8,764 Debt of consolidated investment entities - not guaranteed by AIG* 4.15% - 4.48% 2026 - 2028 156 158 Total debt $ 9,191 $ 8,922 * Includes debt of consolidated investment entities related to real estate investments of $156 million at December 31, 2025 and $158 million at December 31, 2024. The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustme …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

19. Share-Based Compensation Plans The following table presents our total share-based compensation expense: Years Ended December 31, (in millions) 2025 2024 2023 Share-based compensation expense - pre-tax (a) $ 207 $ 211 $ 199 Share-based compensation expense - after tax (b) 164 167 157 (a) As a result of accelerated vesting events, such as retirement eligibility in the year of grant and involuntary terminations, we recognized $34 million, $52 million and $58 million in 2025, 2024 and 2023, respectively, prior to the end of the specified vesting periods. It is our policy to reverse compensation expense for forfeited awards when they occur. (b) We also recognized $11 million of tax benefit due to share settlements occurring in 2025. EMPLOYEE PLANS The Company sponsors several stock compensation programs under the AIG Long Term Incentive Plan (LTIP) (as amended) and its predecessor plan from which performance share units (PSUs), restricted stock units (RSUs), stock options and deferred stock units (DSUs) (collectively units) are issued. In addition, off-cycle grants are made from time to time during the year generally as sign-on awards to new hires or as a result of a change in employee status. The LTIP is governed by the AIG 2021 Omnibus Incentive Plan (2021 Plan), which was adopted at the annual shareholders meeting in May 2021, replacing the AIG 2013 Omnibus Incentive Plan (2013 Plan). Our share-settled awards are settled with previously acquired shares held in AIGs treasury …

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5. Fair Value Measurements FAIR VALUE MEASUREMENTS ON A RECURRING BASIS We carry certain of our financial instruments at fair value. We define the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We are responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions. The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, liquidity and general market conditions. Fair Value Hierarchy Assets and liabilities recorded at fair value in the Consolidated Balance …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

12. Goodwill and Other Intangible Assets Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is tested for impairment at the reporting unit level, which is defined as a segment or one level below, and the test is performed annually, or more frequently if circumstances indicate an impairment may have occurred. When a business is transferred from one reporting unit to another, goodwill from the original reporting unit is allocated among reporting units based on the fair value of business transferred, relative to business retained by a reporting unit. Goodwill impairment is first assessed using qualitative factors to determine if it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not performed, or the assessment is performed and the results indicate a potential impairment, a quantitative assessment is completed. We estimate the fair value of each reporting unit which involves management judgment and maybe based on one or a combination of approaches including discounted expected future cash flows, market-based earnings multiples of the units peer companies, external appraisals or, in the case of reporting units being considered for sale, third-party indications of fair value, if available. If the carrying value of a reporting unit exceeds its estimated fair value, g …

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"21. Income Taxes U.S. TAX LAW CHANGES On July 4, 2025, new U.S. tax legislation was signed into law (known as the ""One Big Beautiful Bill Act"" or ""OBBB Act"") which, among other provisions, makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. The OBBB Act does not have a material impact on our results of operations. BASIS OF PRESENTATION We file a consolidated U.S. federal income tax return with our eligible U.S. subsidiaries. Income earned by subsidiaries operating outside the U.S. is taxed, and income tax expense is recorded, based on applicable U.S. and foreign laws. We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. EFFECTIVE TAX RATE The following table presents income (loss) from continuing operations before income tax expense (benefit) by U.S. and fore …

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ACCOUNTING STANDARDS ADOPTED DURING 2025 Income Tax In December 2023, the Financial Accounting Standards Board (FASB) issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a companys effective tax rate reconciliation as well as information on income taxes paid. AIG adopted the applicable disclosures in Note 21 of its 2025 Annual Report on Form 10K on a prospective basis. The adoption of the standard did not have an impact on AIGs consolidated results of operations and financial condition. FUTURE APPLICATION OF ACCOUNTING STANDARDS Disaggregation of Income Statement Expenses On November 4, 2024, the FASB issued new guidance that is intended to improve disclosures regarding the nature of expenses included in the income statement. The standard will require companies to disaggregate certain expense captions into specified categories in disclosures within notes to the financial statements and provide qualitative descriptions for those that are not separately disclosed. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements can be applied prospectively or retrospectively for prior periods presented when adopted. We are assessing the impact of the standard. Improvements to Internal-use Software In September 2025, the FASB issued targeted improvements …

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20. Employee Benefits DEFINED CONTRIBUTION PLANS AIG Parent sponsors several defined contribution plans for U.S. employees that provide for pre-tax salary reduction contributions by employees. The most significant plan is the AIG Incentive Savings Plan (ISP), for which the matching contribution is 100 percent of the first 6% of a participants contributions, subject to the IRS-imposed limitations. Participants in the AIG ISP receive an additional fully vested, non-elective, non-discretionary contribution equal to 3% of the participants eligible compensation for the plan year, paid each pay period regardless of whether the participant currently contributes to the plan, and subject to the IRS-imposed limitations. Our pre-tax expenses associated with these plans were $72 million,$87 million and $95 million in 2025, 2024 and 2023, respectively. DEFINED BENEFIT PLANS We offer various defined benefit plans to eligible employees. Effective January 1, 2016, the U.S. defined benefit plans were frozen. Consequently, these plans are closed to new participants and current participants no longer earn benefits. Postretirement Plans We provide certain medical and life insurance benefits to retired eligible employees (postretirement). Medical benefits are contributory, while the life insurance benefits, which are closed to new employees, are generally non-contributory. As of December 31, 2025 and 2024, the total unfunded benefit obligations associated with these plans were $106 million and $1 …

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3. Segment Information AIG has three reportable segments, North America Commercial, International Commercial and Global Personal. Our chief executive officer and chief financial officer are our chief operating decision makers (CODMs) and use underwriting income (loss) measure to benchmark and assess AIG's performance by segment and in establishing managements compensation. Our General Insurance business (General Insurance) consists of our three segments and the Net investment income related to our insurance operations. NORTH AMERICA COMMERCIAL The North America Commercial segment consists of insurance businesses and operations in the United States, Canada and Bermuda. INTERNATIONAL COMMERCIAL The International Commercial segment consists of insurance businesses and operations in Middle East and Africa (EMEA region), the United Kingdom, Japan, Europe, Asia Pacific, Latin America and Caribbean, and China. The International Commercial segment also includes the results of Talbot Holdings Ltd. (Talbot) as well as AIGs Global Specialty business. GLOBAL PERSONAL The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China. PRODUCTS The segments consist of the following products: North America and International Commercial consists of Property & Short Tail, Casualty, Financial Lines and Global Specialty. Global …

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2. Summary of Significant Accounting Policies The following list identifies our significant accounting policies presented in other Notes to these Consolidated Financial Statements, with a reference to the Note where a detailed description can be found: Note 6. Investments Fixed maturity and equity securities Other invested assets Net investment income Net realized gains (losses) Allowance for credit losses Note 7. Lending Activities Mortgage and other loans receivable net of allowance Note 8. Reinsurance Reinsurance assets net of allowance Retroactive reinsurance Note 9. Deferred Policy Acquisition Costs Note 10. Variable Interest Entities Note 11. Derivatives and Hedge Accounting Derivative assets and liabilities, at fair value Note 12. Goodwill and Other Intangible Assets Note 13. Insurance Liabilities Liability for unpaid losses and loss adjustment expenses Discounting of reserves Note 14. Debt Long-term debt Note 15. Contingencies, Commitments and Guarantees Legal contingencies Note 17. Earnings Per Common Share (EPS) Note 21. Income Taxes OTHER SIGNIFICANT ACCOUNTING POLICIES Premiums are presented net of reinsurance, as applicable. Premiums for short-duration contracts are recorded as written on the inception date of the policy. Premiums are earned primarily on a pro rata basis over the term of the related coverage. Sales of extended services contracts are reflected as premiums written and earned on a pro rata basis over the term of the related coverage. In addition, ce …

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16. Equity SHARES OUTSTANDING Preferred Stock On March 14, 2019, we issued 20,000 shares of Series A 5.85% Non-Cumulative Perpetual Preferred Stock (Series A Preferred Stock) (equivalent to 20,000,000 Depositary Shares (the Depositary Shares), each representing a 1/1,000th interest in a share of Series A Preferred Stock), $5.00 par value and $25,000 liquidation preference per share (equivalent to $25 per Depositary Share). On March 15, 2024, we redeemed all 20,000 outstanding shares of our Series A Preferred Stock and all 20,000,000 of the corresponding Depositary Shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock, for a redemption price of $25,000 per share (equivalent to $25.00 per Depositary Share) for an aggregate redemption price of $500 million, paid in cash. The $15 million difference between the aggregate redemption price and the outstanding par and additional paid in capital amount of $485 million was recorded as a reduction of retained earnings and is presented on Dividends on preferred stock and preferred stock redemption premiums on the Consolidated Statements of Income. Common Stock The following table presents a rollforward of outstanding shares: Years Ended December 31, 2025 2024 2023 (in millions) Common Stock Issued Treasury Stock Common Stock Outstanding Common Stock Issued Treasury Stock Common Stock Outstanding Common Stock Issued Treasury Stock Common Stock Outstanding Shares, beginning of year 1,906.7 (1,300.6) 606.1 1, …

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22. Subsequent Events STRATEGIC INVESTMENTS On January 19, 2026, AIG announced a strategic partnership with CVC Capital Partners plc (CVC) to establish large-scale managed accounts (SMAs) across CVCs credit strategies and the launch of CVCs private equity secondaries evergreen platform with AIG as a cornerstone investor, contributing up to $1.5 billion from AIGs existing private equity portfolio. In parallel, AIG intends to allocate up to $2 billion to SMAs and funds managed by CVC, with an initial $1 billion to be deployed through 2026. …

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5. Fair Value Measurements FAIR VALUE MEASUREMENTS ON A RECURRING BASIS Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three levels based on the observability of valuation inputs: Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments. Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. The …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"16. Income Taxes U.S. TAX LAW CHANGES On July 4, 2025, new U.S. tax legislation was signed into law (known as the ""One Big Beautiful Bill Act"" or ""OBBB Act"") which, among other provisions, makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. We do not expect the OBBB Act to have a material impact on our results of operations. BASIS OF PRESENTATION We file a consolidated U.S. federal income tax return with our eligible U.S. subsidiaries. Income earned by subsidiaries operating outside the U.S. is taxed, and income tax expense is recorded, based on applicable U.S. and foreign laws. We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. INTERIM TAX CALCULATION METHOD We use the estimated annual effective tax rate method in computing our interim tax provision. Certa …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

FUTURE APPLICATION OF ACCOUNTING STANDARDS Income Tax In December 2023, the Financial Accounting Standards Board (FASB) issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a companys effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, which AIG plans to adopt on a prospective basis. The adoption of the standard will not have an impact on AIGs consolidated results of operations and financial condition as this standard is related to the disclosures in the Notes to the Consolidated Financial Statements. Disaggregation of Income Statement Expenses On November 4, 2024, the FASB issued new guidance that is intended to improve disclosures regarding the nature of expenses included in the income statement. The standard will require companies to disaggregate certain expense captions into specified categories in disclosures within notes to the financial statements and provide qualitative descriptions for those that are not separately disclosed. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements can be applied prospectively or retrospectively for prior periods presented when adopted. We are assessing the impact of the stand …

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3. Segment Information In the fourth quarter of 2024, the Company realigned its organizational structure and the composition of its reportable segments to reflect changes in how the Company manages its operations, specifically the level at which its chief operating decision makers (CODMs) regularly review operating results and allocate resources. Our CODMs are the chief executive officer (CEO) and chief financial officer (CFO). The CODMs evaluate performance of the segments based on underwriting income (loss). The CODMs use this measure to benchmark AIGs performance, assessing performance of the segments and in establishing managements compensation. AIG has three reportable segments: North America Commercial, International Commercial and Global Personal. Prior year's presentations have been recast to conform to the new reportable segments. Our General Insurance business (General Insurance) consists of our three segments and the Net investment income related to our insurance operations. NORTH AMERICA COMMERCIAL North America Commercial consists of insurance businesses in the United States, Canada and Bermuda. INTERNATIONAL COMMERCIAL International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Underwriting Ltd. as well as AIGs Global Specialty business. GLOBAL PERSONAL Global Personal consists primarily …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

2. Summary of Significant Accounting Policies FUTURE APPLICATION OF ACCOUNTING STANDARDS Income Tax In December 2023, the Financial Accounting Standards Board (FASB) issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a companys effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, which AIG plans to adopt on a prospective basis. The adoption of the standard will not have an impact on AIGs consolidated results of operations and financial condition as this standard is related to the disclosures in the Notes to the Consolidated Financial Statements. Disaggregation of Income Statement Expenses On November 4, 2024, the FASB issued new guidance that is intended to improve disclosures regarding the nature of expenses included in the income statement. The standard will require companies to disaggregate certain expense captions into specified categories in disclosures within notes to the financial statements and provide qualitative descriptions for those that are not separately disclosed. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements can be applied prospectively or retrospectively for prior periods presented when ado …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

14. Equity SHARES OUTSTANDING Common Stock The following table presents a rollforward of outstanding shares: Nine Months Ended September 30, 2025 Common Stock Issued Treasury Stock Common Stock Outstanding (in millions) Shares, beginning of year 1,906.7 (1,300.6) 606.1 Shares issued 4.2 4.2 Shares repurchased (65.8) (65.8) Shares, end of period 1,906.7 (1,362.2) 544.5 Dividends Dividends are payable on AIG common stock, par value $2.50 per share (AIG Common Stock) only when, as and if declared by our Board of Directors in its discretion, from funds legally available for this purpose. In considering whether to pay a dividend on or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to: the capital resources available to support our insurance operations and business strategies, AIGs funding capacity and capital resources in comparison to internal benchmarks, expectations for capital generation, rating agency expectations for capital, regulatory standards for capital and capital distributions, and such other factors as our Board of Directors may deem relevant. For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2024 Annual Report. Repurchase of AIG Common Stock Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurcha …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

17. Subsequent Events STRATEGIC INVESTMENTS On October 30, 2025, AIG announced strategic investments in Convex Group Limited (Convex), a global specialty insurer, and Onex Corporation (Onex), a global asset manager. AIG will acquire a 35 percent equity interest in Convex for approximately $2.1 billion as well as a 9.9 percent ownership stake in Onex, for approximately $646 million, with the intent to invest up to $2.0 billion over three years in Onexs investment funds. Both transactions are expected to close in first half of 2026, subject to regulatory approvals and other customary closing conditions. AIG will also participate directly in Convexs underwriting portfolio through a whole account quota share structure from January 1, 2026. RENEWAL RIGHTS ACQUISITION On October 27, 2025, AIG announced definitive agreements with Everest Group, Ltd. (Everest) to acquire the renewal rights of Everests global retail commercial insurance portfolios for an aggregate purchase price of $301 million. AIG will also pay Everest $30 million for originating and structuring the transaction and to reimburse Everest for certain expenses. The purchase price is subject to adjustment such that the final purchase price will be equal to 15 percent of the actual premiums written for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025 (aggregate premiums). If the gross written premium paid and paya …

SubsequentEventsTextBlock · excerpt; the full note is in the filing